如果你无法在一分钟内向11岁孩子解释清楚为什么持有这家公司，那就不应该买这只股票。

If you can't explain why you own a stock to an 11-year-old in a minute, you shouldn't buy it.

从长远来看，一只普通股的成功取决于它背后的人的能力。

In the long run, the success of a common stock is determined by the ability of the people behind it.

闲聊调研——和供应商、客户、前员工聊天——是获取投资真相最有效的方式。

The scuttlebutt method — talking to suppliers, customers, and former employees — is the most effective way to get the truth about an investment.

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.