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.

如果你不觉得一年前的自己是个傻瓜，你就没有学到足够多的东西。

If you don't look back at yourself a year ago and think you were stupid, you haven't learned enough.

真正伟大的公司不需要考虑卖出时机，因为它们的成长永无止境。

If the job has been correctly done when a common stock is purchased, the time to sell it is — almost never.

如果你买的东西不值你付的价，再怎么分散风险也没用。

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.