对于价值投资者而言，股价的下跌不是风险——只要企业本身没有恶化，下跌只是给了你以更低价格加仓的机会。

Price fluctuations have only one significant meaning for the true investor: they provide him an opportunity to buy wisely when prices fall sharply.

我喜欢买入股价创新低的股票，前提是它资产扎实、负债干净，然后耐心等待。

I like to buy stocks making new lows, provided the company has clean balance sheets and solid assets, and then wait patiently.

低市盈率策略持续提供极好的胜算。

The low-P/E strategy continues to provide excellent odds.

一家真正伟大的企业，是那种不需要持续投入大量资本就能维持竞争优势的企业。资本是增长的燃料，但越省燃料的车跑得越远。

The truly great businesses are those that require very little capital to grow. The best business is one that produces a lot of cash and doesn't need much to keep growing.