我买苹果，是因为我真的看懂了它的生意模式。

I bought Apple because I truly understood its business model.

安全边际不是指股价便宜，真正的安全边际是你对这家公司生意的理解程度。

Safety margin isn't about cheap stock price. The real safety margin is how well you understand the company's business.

我们之所以成功，不是因为我们解决了多少难题，而是因为我们避开了它们。聪明人知道自己的局限，笨蛋才会挑战所有困难。

It is remarkable how much long-term advantage people have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

我在麦哲伦基金养成了一个习惯：每个月至少走访两三家我持有的公司，和一线员工聊天而不是坐在会议室听高管演讲。

I made it a habit to visit at least two or three companies I owned each month, talking to frontline employees rather than sitting in conference rooms listening to executives.