长期持有的前提：要么钱对你不重要，要么真懂公司，否则很难扛住波动。

你不需要做对很多事情，重要的是避免犯重大的错误。我们从不试图在7英尺高的栏上跳过去，我们寻找的是1英尺高的、我们能跨过去的栏。

You don't have to be right on everything. You just have to avoid the big mistakes. We don't jump over seven-foot bars. We look for one-foot bars that we can step over.

对于大多数投资者而言，重要的不是他知道什么，而是清醒地知道自己不知道什么。

What counts for most people in investing is not how much they know, but rather how realistically they define what they don't know.

我宁可持有几家我非常了解的公司，也不持有100家我不太懂的。

I'd rather own a few companies I understand deeply than many I don't.