我们寻找的投资机会是：一家我们可以理解的、具有长期竞争优势的、由诚实能干的人管理的企业，而且价格合理。这是一切投资决策的起点。

We look for businesses we can understand, with favorable long-term economics, run by able and honest management, and available at a sensible price.

如果你在投资中需要一个计算器来算到小数点后两位，那你大概率已经走错了方向。

If you need a calculator to compute to two decimal places in investing, you're probably already heading in the wrong direction.

投资成功的秘诀在于：当价格远低于内在价值时买入，其他时间什么都不做。

The secret to investment success is to buy when prices are far below intrinsic value and do nothing the rest of the time.

市场先生是一位情绪化的伙伴时而狂热时而沮丧。

Mr. Market is an emotional fellow, sometimes euphoric, sometimes depressed.