很多人说价值投资很难。投机更难啊！投机百分之八九十的散户都是亏钱的，牛市、熊市都亏。然后他说我很难，我怎么就难了？我就买了一个茅台，一直拿着，拿了十几年了，我难在哪儿了？

Many people say value investing is hard. Speculation is even harder! Eighty to ninety percent of retail speculators lose money, in both bull and bear markets. They say it's hard — how is it hard for me? I just bought Moutai and held it for over ten years. Where's the hard part?

赚钱，要依靠正常价值的商品出现折扣以及押注意外事件。

Make money by discounting the obvious and betting on the unexpected.

一家公司如果每年都把每股收益的至少25%用来分红且持续提高了五年以上——这家公司不是在讲故事。

If a company has paid out at least 25% of its EPS as dividends and raised them for five consecutive years — this company isn't telling stories.

用合理的价格买一家优秀的公司，远胜过用便宜的价格买一家平庸的公司。

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.