好的投资策略应该简单明了，容易执行。

A good investment strategy should be simple and easy to execute.

低估不等于可以买，低估的好公司才值得出手。

Undervalued doesn't mean buyable; only an undervalued good company is worth acting on.

我买过一百多只股票其中大约十只是真正赚大钱的——这十个大赢家覆盖了其他九十个的亏损还有大量盈余。

I've bought over a hundred stocks in my career. About ten of them made the real money — and those ten winners covered the losses of the other ninety with plenty left over.

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.