管理层质量是一家公司最重要的护城河。伟大的管理者可以把一家平庸的企业变成优秀的企业，而糟糕的管理者可以把一家优秀的企业拖入深渊。

Management quality is a company's most important moat. Great managers can turn an average business into an excellent one, while poor managers can drag an excellent business into the abyss.

搞清楚某样东西的价值，然后付少得多的钱。

Figure out what something is worth and pay a lot less.

宏观经济无法被可靠预测，靠猜GDP、利率或指数点位赚钱，长期看是徒劳的。把精力放在你能判断的微观价值上。

The macro economy can't be reliably forecast. Trying to profit from guesses about GDP, rates or index levels is futile over time. Spend your energy on micro value you can judge.

投资中常识就是公司的真正买家只有公司自己。也可以说，买股票就是买公司，就是买公司的未来现金流折现。

The common sense in investing is that a company's only true buyer is the company itself. In other words, buying stocks is buying the company, which is buying the company's discounted future cash flow.