一笔投资赚不赚钱，往往在买入的那一刻就已大致决定：买得足够便宜，后续只需时间；买得太贵，再好的资产也难逃平庸。

Whether an investment makes money is largely decided at the moment of purchase: buy cheap enough and time does the rest; buy too dear and even a great asset yields only mediocrity.

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.

我们不追求做非凡的事，我们的目标是把平凡的事做得非常不平凡。

We don't pursue extraordinary things; we aim to do ordinary things extraordinarily well.

价值投资者的首要目标不是赚钱，而是避免亏损。

Avoiding loss should be the primary goal of every investor.