我的投资生涯可以用一个词概括：生存。如果你能活下来剩下的自然会好起来。

My entire investment career can be summarized in one word: survival. If you can survive, the rest will take care of itself.

投资的四个维度——回报、风险、成本和时间——只有成本是你可以完全控制的。

Of the four dimensions of investing — return, risk, cost, and time — cost is the only one you can fully control.

我们只买那些即使股市关闭十年也不会担心的公司。

We only buy companies we wouldn't worry about even if the stock market closed for ten years.

我从不因为一家公司规模小就轻视它——事实上我最赚钱的投资大多数都是在它还很小的时候就开始的。

I never dismiss a company just because it's small — in fact, most of my most profitable investments started when the company was still tiny.