债券投资比股票投资更安全，但回报也更低。

Bond investing is safer than stock investing, but the returns are also lower.

优质资产可以变成糟糕的投资——如果价格太高。垃圾资产也可以是绝佳的投资——如果价格足够低。

A great asset can be a terrible investment — if the price is too high. And a junk asset can be a brilliant investment — if the price is low enough.

利润率和研发投入是判断一家公司是否拥有护城河的最佳双指标。

The ability to maintain above-average profit margins over a period of years is an indication of a competitive advantage.

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.