在商业世界里，我最惊讶的发现，是一种我称之为'机构惯性'的超级力量——它驱使管理层去模仿同行的行为，不管多么愚蠢。在抗拒机构惯性时，我的失败率比在收购好公司时还高。

My most surprising discovery: the overwhelming importance in business of an unseen force that we might call 'the institutional imperative.' In business, the institutional imperative drives managers to mindlessly imitate the behavior of their peers, no matter how foolish it may be. I have been more wrong about resisting the institutional imperative than I have been about buying good businesses.

你投资1000美元在一支股票上，最多损失1000美元；但若有耐心，随时间可能赚1万甚至5万美元。

If you invest $1,000 in a stock, the most you can lose is $1,000; but with patience, over time you might make $10,000 or even $50,000.

不要拿你拥有和需要的东西，去换你不需要和不想要的东西。

Don't risk what you have and need for what you don't have and don't need.

唯一真正重要的风险，是永久性损失的可能。

The possibility of permanent loss is the risk that matters most.