我们的投资有三个篮子：投，不投，不懂。

We have three baskets: in, out, and too hard.

一家企业的成功被市场认可的速度其实并不那么重要——只要其内在价值在以令人满意的速度增长就行。

如果你无法用一支蜡笔说清楚一家公司的业务，就不要买它的股票。复杂是分析的敌人，简洁是决策的朋友。

If you can't explain a company's business in one sentence with a crayon, you don't understand it well enough to invest.

在投资中，防御性比进攻性重要得多。只要你不亏大钱，复利自然会帮你完成剩下的工作。

The most important thing is to avoid losers, not to find winners.