当你买下一只指数基金，你就等于雇佣了整个美国企业界为你工作——你不需要挑选谁是最好的员工，你拥有整个公司。

When you buy an index fund, you're hiring the entire corporate sector to work for you. You don't need to pick the best employees — you own the whole company.

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.

寻找那些拥有'无形竞争优势'的公司——这种优势无法被竞争对手通过砸钱快速复制。

Look for companies with intangible competitive advantages — advantages that can't be quickly replicated by competitors just by throwing money at them.

如果你能识别出最优秀的几个机会，押上重注就能发财。

If you can identify the few great opportunities, you can bet big and get rich.