投资中最重要的事是确定能力圈的边界在哪里，而不是能力圈有多大。

What counts for most people in investing is not how much they know, but how realistically they define what they dont know.

我真正重仓的公司一辈子用不到二十个打孔位，不需要懂几千家公司。

I truly don't need 20 punch cards in my lifetime for the companies I heavily invest in. You don't need to understand thousands of companies.

投资你所了解的。

Invest in what you know.

我在麦哲伦基金养成了一个习惯：每个月至少走访两三家我持有的公司，和一线员工聊天而不是坐在会议室听高管演讲。

I made it a habit to visit at least two or three companies I owned each month, talking to frontline employees rather than sitting in conference rooms listening to executives.