我们关注的是总回报，也就是增长率加上股息收益率。

We focus on total return, which, of course, is defined as growth rate plus dividend yield.

不要问'这只股票能不能涨'，要问'这家公司五年后会比现在强多少'。如果答案是'强很多'，股价自然会跟上来。

Don't ask 'will this stock go up?' Ask 'how much stronger will this company be in five years?' If the answer is 'much stronger,' the stock will follow.

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.

知道什么事情会发生远比知道什么时候会发生要容易得多。

Knowing what will happen is far easier than knowing when it will happen.