便宜货的必要条件是该资产不被看好——不被看好通常意味着它最近表现糟糕。

The necessary condition for a bargain is that the asset is out of favor — which usually means it has performed poorly recently.

我不在乎市场是涨是跌，我在乎的是是否在合理价格买到了好企业。

I don't care whether the market goes up or down; I care whether I'm buying a good business at a fair price.

一家持续“支付并增加股息”的公司，是在用“真金白银”证明它的利润是真实的。

The true investor will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.

真正出色的公司数量极少，当找到这样的公司时，要大量买入。

There are a very small number of truly outstanding companies. When you find one, buy in size.