价值投资的回报来自于价值发现。

Value investing returns come from value discovery.

从长期的角度看，市场是绝顶聪明的！其实很多'购买并持有'的人们实际上就是投机分子。

From a long-term perspective, the market is incredibly smart! In fact, many people who claim to be 'buy and hold' investors are actually speculators.

安全边际的目的是让准确的预测变得不必要。

The purpose of the margin of safety is to render accurate prediction unnecessary.

市场先生每天都来报价，但他情绪极不稳定——你可以利用他，但不要被他指导。

Mr. Market is there to serve you, not to guide you.