如果你买入你认为自己理解的公司，那么大部分风险就已经消失了。

If you buy companies you understand, most of the risk disappears.

如果你无法在一分钟内向11岁孩子解释清楚为什么持有这家公司，那就不应该买这只股票。

If you can't explain why you own a stock to an 11-year-old in a minute, you shouldn't buy it.

把股票看做你的孩子，但是养孩子不能太多，投资股票不能太多，太多你就根本照顾不过来了。

Think of stocks as your children, but don't have too many—you can't keep track of them all.

研究一家公司最好的方法不是坐在办公室里看数据，而是走出去和它的客户、供应商、竞争对手面对面交流。

The best way to research a company is not sitting in your office looking at data, but going out and talking to its customers, suppliers, and competitors face to face.