企业分析
关于护城河、商业模式、竞争优势
共 181 条名言
以合理的价格买入伟大的公司，远胜于以便宜的价格买入平庸的公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
买股票就是买公司，买公司就是买它未来现金流的折现。
Buying a stock is buying a business, and buying a business is buying the discounted value of its future cash flows.
时间是优秀企业的朋友，是平庸企业的敌人。
Time is the friend of the wonderful company, the enemy of the mediocre.
不做研究就投资，和不看牌就玩扑克一样荒唐。
Investing without research is like playing stud poker and never looking at the cards.
对一家公司了解得太少是一种危险，了解得不多却自以为了解很多更加危险。
Knowing a great deal about a few things is better than knowing a little about a lot of things.
我们买股票的标准和我们全资收购一家公司的标准完全一样。
Our standard for buying a stock is exactly the same as our standard for acquiring the entire company.
估值不是科学，而是艺术。
Valuation is not a science; it is an art.
一个真正伟大的生意，必须有一条持久的护城河。
A truly great business must have a durable moat.
护城河的本质是结构性的竞争优势，是对手想抢也抢不走的。
The essence of a moat is a structural competitive advantage that competitors cannot take away even if they want to.
优秀企业的标志是它能在没有 CEO 的情况下仍然运作良好。
A mark of a great business is that it would still run well even without a CEO.
我们要找的是傻子都能管理的企业——因为早晚会碰上一个傻子当 CEO。
We look for businesses that even an idiot can run — because sooner or later, an idiot will end up as CEO.
以合理的价格买入一家伟大公司，远胜于以便宜的价格买入一家平庸公司。
A great business at a fair price is superior to a fair business at a great price.
宏观经济预测不会让你赚钱。如果你把所有经济学家首尾相连排成一条线，他们还是指不出方向。
Macroeconomic predictions won't make you money. If you laid all the economists end to end, they still wouldn't reach a conclusion.
不要因为一只股票涨了就觉得它好，也不要因为它跌了就觉得它差——价格不是质量，只是别人的情绪。
Don't think a stock is good because it went up, or bad because it went down. Price is not quality — it's just someone else's mood.
如果你用10分钟研究一只股票，你会比90%的投资者做得更好——因为大多数人连10分钟都不愿意花。
If you spend 10 minutes researching a stock, you'll do better than 90% of investors — because most people won't even spend 10 minutes.
不要试图预测经济走向。你只需要找到那些不管经济好还是不好，人们都需要的东西。
Don't try to predict the economy. Just find things people need whether the economy is good or bad.
投资不是关于'买好的东西'，而是关于'把东西买好'——再好的公司，在错误的价格买入都会变成一笔糟糕的投资。
Investing is not about buying good things, but about buying things well. Even the best company is a bad investment at the wrong price.
不要问'这只股票能不能涨'，要问'这家公司五年后会比现在强多少'。如果答案是'强很多'，股价自然会跟上来。
Don't ask 'will this stock go up?' Ask 'how much stronger will this company be in five years?' If the answer is 'much stronger,' the stock will follow.
如果一家公司你需要每天盯着股价才能安心，那说明你根本不了解这家公司——你对它的信任只是建立在K线图上。
If you need to check a company's stock price every day to feel comfortable, you don't truly understand the company — your trust is built only on a chart.
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.
以合理的价格买入一家优秀的公司，远胜过以便宜的价格买入一家平庸的公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
如果你把葡萄干和粪肥混在一起，得到的还是粪肥。
给我看激励，我就告诉你结果。
Show me the incentive and I'll show you the outcome.
投资你了解的东西。
Invest in what you know.
每只股票背后都是一家公司，去弄清楚它在做什么。
Behind every stock is a company. Find out what it's doing.
寻找一个傻瓜都能经营的公司，因为总有一天傻瓜会来经营。
Go for a business that any idiot can run, because sooner or later, any idiot probably is going to run it.
原则是有效应对现实的方式。
Principles are ways of successfully dealing with reality.
如果买入的时候研究工作做得足够好，卖出那个时机几乎永远不会到来。
If the job has been correctly done when a common stock is purchased, the time to sell it is almost never.
我不要大量的好投资，我要少数几个杰出的投资。
I don't want a lot of good investments; I want a few outstanding ones.
用闲聊法来了解一家公司——和竞争对手、供应商、客户、前员工聊天。
与其把鸡蛋放在不同的篮子里然后一个个盯着看，不如把所有鸡蛋放在一个篮子里然后看好那个篮子。
Diversification is protection against ignorance. It makes little sense if you know what you are doing.
以合理的价格买入一家优秀的企业，远胜于以便宜的价格买入一家平庸的企业。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
买入一家公司的股票，要像买入整个公司一样思考。
Investment is most intelligent when it is most businesslike.
投资你了解的东西。如果你无法用一支蜡笔在一张纸上解释清楚这家公司如何赚钱，就不要买它的股票。
Invest in what you know. If you can't explain in one sentence what a company does, don't buy it.
财报是投资世界里的侦探小说，数字背后藏着一个关于公司真实状况的故事。
The balance sheet is like a novel. It tells you a story.
真正伟大的公司不需要考虑卖出时机，因为它们的成长永无止境。
If the job has been correctly done when a common stock is purchased, the time to sell it is — almost never.
在投资中，闲聊是一种被严重低估的研究工具。
The business 'grapevine' is a highly worthwhile source of investment information.
如果你对一家公司的管理层没什么好感，那就不要买它的股票。
The management of a company is a vital factor in the investment equation.
利润率和研发投入是判断一家公司是否拥有护城河的最佳双指标。
The ability to maintain above-average profit margins over a period of years is an indication of a competitive advantage.
我们寻找的投资机会是：一家我们可以理解的、具有长期竞争优势的、由诚实能干的人管理的企业，而且价格合理。这是一切投资决策的起点。
We look for businesses we can understand, with favorable long-term economics, run by able and honest management, and available at a sensible price.
一家真正伟大的企业，是那种不需要持续投入大量资本就能维持竞争优势的企业。资本是增长的燃料，但越省燃料的车跑得越远。
The truly great businesses are those that require very little capital to grow. The best business is one that produces a lot of cash and doesn't need much to keep growing.
我最欣赏的企业是那种几乎不需要追加资本就能持续扩张的企业，这类企业可以用利润自我驱动增长。
The best business is a royalty on the growth of others, requiring little capital itself.
如果你把好东西和坏东西混在一起，你得到的还是坏东西。在投资中，一家糟糕的子公司可以拖垮整个集团。
If you mix raisins with turds, they're still turds.
人们计算得太多，思考得太少。在投资中，方向比精确更重要，逻辑比数字更值钱。
People calculate too much and think too little.
在一个增长缓慢甚至衰退的行业中，经营良好的公司反而是绝佳的投资标的——因为竞争对手正在离场。
A good company in a lousy industry is a far better investment than a lousy company in a great industry.
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.
六种值得关注的股票类型：缓慢增长型、稳健增长型、快速增长型、周期型、困境反转型和隐蔽资产型——不同类型需要不同的投资策略。
There are six categories of stocks: slow growers, stalwarts, fast growers, cyclicals, turnarounds, and asset plays. Each requires a different strategy.
我总是在寻找自我强化的过程——当价格上升吸引了更多买家，而更多买家又推动了价格上升。这就是趋势的本质。
I'm always looking for self-reinforcing processes — where rising prices attract more buyers, and more buyers push prices higher. That is the essence of trends.
第二层次思维是优秀投资者的标志：第一层次看'这是好公司'，第二层次看'市场对这个好公司的定价是否已经过高'。
Second-level thinking is the hallmark of superior investors. First-level says 'this is a good company'; second-level says 'has the market already priced in that goodness?'
一家公司是否伟大，很大程度上取决于管理层是否愿意为未来十年的利益，牺牲眼前三个季度的利润。
Whether a company is great depends largely on whether management is willing to sacrifice three quarters of profit today for the benefit of the next ten years.
寻找那些拥有'无形竞争优势'的公司——这种优势无法被竞争对手通过砸钱快速复制。
Look for companies with intangible competitive advantages — advantages that can't be quickly replicated by competitors just by throwing money at them.
要特别关注那些研发支出占比持续高于行业平均水平的公司。研发不是成本，而是对未来护城河的预先投资。
Pay special attention to companies that consistently spend a higher percentage of revenue on R&D than the industry average. R&D is not a cost — it's an upfront investment in the future moat.
在成长股投资中，买入的时机远没有你买的是什么以及你持有多久重要。好公司会帮你纠正买入价的小错误。
In growth stock investing, the timing of your purchase matters far less than what you buy and how long you hold it. A great company will correct small mistakes in your entry price.
研究一家公司最好的方法不是坐在办公室里看数据，而是走出去和它的客户、供应商、竞争对手面对面交流。
The best way to research a company is not sitting in your office looking at data, but going out and talking to its customers, suppliers, and competitors face to face.
对于复杂的社会系统，有一种非常强大的解决方案，叫做激励机制。
For complex social systems, there is a very powerful solution called incentive.
成功的企业家往往是最擅长发现和解决问题的人。
Successful entrepreneurs are often the best at discovering and solving problems.
简单的问题是，那些真正有才能的人往往不需要复杂的系统。
The simple truth is that those with real talent often dont need complex systems.
投资者应该把注意力放在公司的盈利能力上，而不是股价的波动上。
Investors should focus on the companys profitability, not stock price fluctuations.
一个公司如果长期没有盈利，就不应该被投资。
A company that has not been profitable for a long time should not be invested in.
股票投资应该基于公司的基本面，而不是市场的短期波动。
Stock investing should be based on company fundamentals, not short-term market fluctuations.
投资者应该关注公司的盈利能力、资产价值和财务稳定性。
Investors should focus on company profitability, asset value and financial stability.
关注公司的基本面，而不是股票价格的日常波动。
Focus on company fundamentals, not daily stock price movements.
不要试图预测利率或经济走势，专注于公司本身。
Do not try to predict interest rates or economic trends; focus on the company itself.
在决定是否卖出股票之前，先问自己：我现在会买这只股票吗？
Before deciding to sell a stock, ask yourself: would I buy this stock now?
一个公司的竞争优势来自于其独特的产品或服务。
A companys competitive advantage comes from its unique products or services.
关注公司的现金流，而不是会计利润。
Focus on cash flow, not accounting profits.
关注公司的管理层，优秀的管理层能创造优秀的公司。
Focus on company management; excellent management creates excellent companies.
一个公司如果有持续的盈利增长，就是一个好的投资标的。
A company with consistent earnings growth is a good investment candidate.
投资于那些有强大品牌优势的公司。
Invest in companies with strong brand advantages.
关注公司的市场份额增长，这是公司竞争力的体现。
Focus on market share growth; this reflects company competitiveness.
投资于那些有稳定客户群的公司。
Invest in companies with stable customer bases.
关注公司的创新能力，这是长期竞争力的来源。
Focus on company innovation capability; this is the source of long-term competitiveness.
一个公司的资产负债表是评估其健康状况的重要工具。
A companys balance sheet is an important tool for assessing its health.
投资于那些有定价权的公司。
Invest in companies with pricing power.
关注那些有重复性收入的公司，这种收入模式更稳定。
Focus on companies with recurring revenue; this income pattern is more stable.
投资于那些有良好企业文化的公司。
Invest in companies with good corporate culture.
投资于那些有突出管理层和独特竞争优势的公司。
Invest in companies with outstanding management and unique competitive advantages.
对公司管理层的深入了解是成功投资的关键。
Deep understanding of company management is the key to successful investing.
长期来看，最成功的投资是那些有持续竞争优势的公司。
In the long run, the most successful investments are those in companies with sustainable competitive advantages.
寻找那些有强大销售组织的公司。
Look for companies with strong sales organizations.
公司的技术优势是保持竞争优势的关键。
A companys technological advantage is the key to maintaining competitive advantage.
管理层必须有长期视角，不能只关注短期利润。
Management must have a long-term perspective, not just focus on short-term profits.
公司的利润率是评估其竞争力的重要指标。
A companys profit margin is an important indicator of its competitiveness.
寻找那些有定价权的公司。
Look for companies with pricing power.
公司的研发投入是未来增长的保证。
Company R&D investment is the guarantee of future growth.
不要只看财务数据，要了解公司的业务模式。
Do not just look at financial data; understand the companys business model.
投资于那些有良好企业文化和管理团队的公司。
Invest in companies with good corporate culture and management teams.
公司的护城河来自于技术、品牌或规模经济。
A companys moat comes from technology, brand, or economies of scale.
选择那些在一个领域做到极致的公司。
Choose companies that excel in one field.
管理层的诚信和能力是选择公司的首要标准。
Management integrity and ability are the primary criteria for choosing companies.
寻找那些有持续创新能力的企业。
Look for companies with continuous innovation capability.
了解公司的成本结构是评估竞争力的重要部分。
Understanding a companys cost structure is an important part of assessing competitiveness.
公司的行业地位决定了其长期盈利能力。
A companys industry position determines its long-term profitability.
投资于那些有长期竞争优势的公司，而不是追逐短期增长。
Invest in companies with long-term competitive advantages, not chasing short-term growth.
管理层的资本配置能力是企业成功的关键。
Management capital allocation capability is the key to business success.
寻找那些能够从行业增长中受益的公司。
Look for companies that can benefit from industry growth.
公司的客户忠诚度是竞争优势的体现。
Customer loyalty is an embodiment of competitive advantage.
了解管理层如何对待员工可以反映公司的文化。
Understanding how management treats employees can reflect the companys culture.
寻找那些有稳定现金流的公司。
Look for companies with stable cash flows.
公司的治理结构影响其长期发展。
Corporate governance structure affects its long-term development.
投资于那些专注于核心业务的公司。
Invest in companies that focus on their core business.
了解公司如何应对竞争挑战是评估其价值的重要方式。
Understanding how a company responds to competitive challenges is an important way to assess its value.
公司的品牌价值是其护城河的重要组成部分。
Brand value is an important part of a companys moat.
寻找那些有高度客户粘性的企业。
Look for companies with high customer stickiness.
管理层的激励机制应该与股东利益一致。
Management incentive mechanisms should align with shareholder interests.
公司的市场份额增长是其竞争力的体现。
Growth in market share is an embodiment of competitiveness.
投资于那些有明确战略的公司。
Invest in companies with clear strategies.
了解公司的供应链管理可以评估其运营效率。
Understanding a companys supply chain management can assess its operational efficiency.
寻找那些有强大分销网络的公司。
Look for companies with strong distribution networks.
公司的研发效率比研发投入更重要。
R&D efficiency is more important than R&D spending.
投资于那些能够适应变化的组织。
Invest in organizations that can adapt to change.
了解公司的资本开支计划可以预测其未来增长。
Understanding a companys capital expenditure plans can predict its future growth.
寻找那些有持续盈利能力的企业。
Look for companies with sustainable profitability.
公司的竞争优势必须难以复制。
A companys competitive advantage must be difficult to replicate.
投资者应该关注那些有持久竞争优势的公司。
Investors should focus on companies with durable competitive advantages.
投资于那些有强大现金流的公司。
Invest in companies with strong cash flows.
价值投资者应该关注公司的基本面。
Value investors should focus on company fundamentals.
投资于那些有稳定商业模式的公司。
Invest in companies with stable business models.
投资于那些有优秀管理层的公司。
Invest in companies with excellent management.
投资于那些资产负债表健康的公司。
Invest in companies with healthy balance sheets.
把股票当成生意的一部分，这是格雷厄姆教给我的最重要的事。
Treat stocks as part of the business, the most important thing Graham taught me.
我们不追求做非凡的事，我们的目标是把平凡的事做得非常不平凡。
We don't pursue extraordinary things; we aim to do ordinary things extraordinarily well.
银行是危险的生意——他们用别人的钱做赌注。
Banking is a dangerous business; they gamble with other people's money.
在商业中，找到一个好的护城河比找到一个大市场更重要。
In business, finding a good moat is more important than finding a big market.
商业中，激励机制是最强大的力量之一。
In business, incentives are one of the most powerful forces.
我宁愿在一个好生意上等很久，也不愿在一个坏生意上匆匆行动。
I'd rather wait a long time for a good business than rush into a bad one.
当一位声誉卓著的CEO去管理一家以糟糕经济特性闻名的企业时，最终不变的是企业的声誉。
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
我们喜欢那些能产生大量现金、却不需要把大部分现金再投回去维持增长的企业。
We like businesses that earn a lot of money, and don't have to reinvest a lot of it to keep growing.
永远不要投资你无法用蜡笔画出来的公司。
Never invest in any idea you can't illustrate with a crayon.
把系统当作机器来理解，找出其中的因果关系，然后你就可以预测它未来的行为。
Think of the economy as a machine, understand the cause-effect relationships, and you can predict what it will do.
股市里到处都是知道价格、却不知道价值的人。
The stock market is filled with individuals who know the price of everything, but the value of nothing.
真正出色的公司数量极少，当找到这样的公司时，要大量买入。
There are a very small number of truly outstanding companies. When you find one, buy in size.
在商业领域，我寻找的是由护城河环绕的经济城堡。
In business, I look for economic castles protected by unbreachable moats.
评价一家企业时，我最关心的是它的定价能力。
The single most important decision in evaluating a business is pricing power.
激励机制是世界上最强大的力量。给我看激励机制，我就能告诉你结果。
Show me the incentive and I will show you the outcome.
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.
可信度加权的决策系统——让最懂行的人有最大的话语权。
A believability-weighted decision-making system — giving the most knowledgeable people the loudest voice.
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.
寻找那些在研发上持续投入但不依赖一次研发突破的公司——真正伟大的公司每天都在改进一点点。
Look for companies that invest consistently in R&D but don't depend on a single breakthrough — truly great companies improve a little bit every day.
财务报表只能告诉你一家公司过去做了什么，但人——管理层——才能告诉你将来会做什么。
Financial statements can tell you what a company has done in the past, but people — the management — tell you what it will do in the future.
不要在一个行业中只选最好的公司——有时候第二名的股价被低估得更厉害。
Don't just pick the best company in an industry — sometimes the number two is more undervalued.
伯克希尔最被低估的资产不是我们的股票组合，而是我们的保险浮存金——它让我们能以负成本借钱投资。
Berkshire's most underrated asset isn't our stock portfolio — it's our insurance float, which lets us borrow money at a negative cost to invest.
检验一个人的人品不是看他在顺境中怎么做，而是看他在压力下怎么做。这一样适用于检验一家公司的管理层。
The test of a person's character is not how they act in good times, but how they act under pressure. The same goes for testing a company's management.
董事会的真正职责不是批准CEO的薪酬方案——而是确保公司始终做正确的事当CEO在做错事时解雇他。
The real job of a board is not to approve the CEO's pay package — it's to make sure the company does the right thing and fire the CEO when he's doing the wrong thing.
我非常喜欢“你想吃什么就能吃什么“这个商业模式——前提是你得先有一家糖果店。
I really like the 'you can eat whatever you want' business model — provided you own the candy store first.
一张漂亮的资产负债表不能弥补一张丑陋的损益表——因为前者迟早会被后者侵蚀。
A beautiful balance sheet cannot compensate for an ugly income statement — because the former will eventually be eroded by the latter.
如果你的小孩能一眼认出这家公司的产品并且想要它——这家公司值得你仔细研究。
If your kid can recognize this company's product at a glance and wants it — this company is worth your serious research.
一家公司如果每年都把每股收益的至少25%用来分红且持续提高了五年以上——这家公司不是在讲故事。
If a company has paid out at least 25% of its EPS as dividends and raised them for five consecutive years — this company isn't telling stories.
如果你和一个人共事三年从来没有激烈争吵过——你们中至少有一个人是在假装同意。
If you've worked with someone for three years and never had a heated argument — at least one of you is pretending to agree.
管理层的素质不是你可以从年报中读出来的——你必须和他们的竞争对手、前雇员、客户和供应商交谈。
The quality of management is not something you can read from an annual report — you have to talk to their competitors, former employees, customers, and suppliers.
大多数投资者花太多时间研究“这家公司值多少钱“而花太少时间研究“这家公司未来十年会变成什么样“。
Most investors spend too much time studying 'What is this company worth?' and too little time studying 'What will this company look like in ten years?'
有时候最好的投资行动就是去拜访一次工厂——看看工人脸上有没有笑容。
Sometimes the best investment action is to visit a factory — and see if the workers have smiles on their faces.
企业文化是一家公司最深的护城河，没有文化的公司走不远。
Corporate culture is a company's deepest moat; one without it won't go far.
所谓差异化，就是用户离开你会觉得不方便，或者觉得别家不够好。
Differentiation means users feel inconvenienced leaving you, or find rivals simply not as good.
茅台是个好生意，它的护城河是时间堆出来的。
Moutai is a good business; its moat was built by time itself.
买股票就像买下一个农场，你关心的是它每年产多少粮。
Buying a stock is like buying a farm; what you care about is how much grain it yields each year.
好生意的标准：投入少、产出多、可持续、竞争者难复制。
A good business: little input, much output, sustainable, hard for rivals to copy.
时间是好生意的朋友，烂生意的敌人。
Time is the friend of good businesses and the enemy of bad ones.
好的管理层，把股东当合伙人而不是提款机。
Good management treats shareholders as partners, not as an ATM.
企业最大的浪费，是把资源投到没有护城河的事情上。
A company's biggest waste is pouring resources into things with no moat.
我评估一门生意，先看它十年后还在不在、好不好。
When I assess a business, I first ask whether it'll still exist and thrive in ten years.
真正的护城河，是竞争对手看得到却学不会的东西。
A true moat is something rivals can see but cannot learn.
会计是商业的语言，你得学会读它才能看懂一门生意。
Accounting is the language of business; you have to learn it to understand a business.
衍生品是金融界的大规模杀伤性武器。
Derivatives are financial weapons of mass destruction.
今天的投资者，无法从昨天的增长中获利。
The investor of today does not profit from yesterday's growth.
当一家优秀公司以远低于内在价值的价格回购自己的股票时，这才是对股东最划算的回报。
When a wonderful company buys back its stock far below intrinsic value, that's the most rewarding use of capital for shareholders.
考察管理者，我看重正直、智慧与精力；若没有正直，后两者会害死你。
We look for integrity, intelligence, and energy in managers; if they lack integrity, the other two will kill you.
我们买下的，是一家企业未来几十年的盈利能力。
What we buy is a business's earning power for decades to come.
我们衡量成功，看的是内在价值的增长，而不是股价。
We measure our success by growth in intrinsic value, not by stock price.
当一个以辉煌名声著称的管理团队，接手一个以糟糕经济特征著称的企业时，最终完好无损的往往是后者的名声。
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
我们寻找的是那些我们能大致看清未来十年模样的企业。如果连十年后的轮廓都看不清，我们不会碰。
We look for businesses that we think we can reasonably project what they will look like ten years from now.
价格是你付出的，价值是你得到的。在购买任何东西时，记住你同时花掉的是你的钱和你的机会成本。
Price is what you pay. Value is what you get.
如果你花13分钟分析宏观经济和市场走势，你就浪费了10分钟。
If you spend 13 minutes analyzing the economy and the market you have wasted 10 minutes.
了解你持有的股票，就像了解你的孩子一样。你知道它为什么涨为什么跌，什么时候它病了需要治疗，什么时候只是打了个喷嚏。
Know what you own and know why you own it.
真正伟大的企业，必须拥有一条持久的“护城河”，保护其卓越的资本回报率不受竞争侵蚀。
A truly great business must have an enduring 'moat' that protects excellent returns on invested capital.
我从不试图通过预测股市赚钱。我买入的前提假设是：明天交易所关门，五年内都不再开门。
投资到最有智慧的程度，就是最像做生意的时候。
如果你花10分钟分析宏观经济，你就浪费了10分钟。
股价长期永远跟着盈利走，从来没有例外——这是股市里为数不多的铁律之一。
In the long term, stock prices follow earnings. There are no exceptions.
伟大的公司必须具备三大支柱：低成本的生产能力、强大的市场营销团队，以及持续超出行业平均水平的研发投入。
A great company must have three pillars: low-cost production capability, a strong marketing organization, and outstanding R&D that consistently outpaces the industry.
研发投入占总收入的比例本身没有意义。关键是研发的效率——同样的钱花出去，带来了多少新产品、多少新增增长。为研发而研发，不如不研发。
R&D spending as a percentage of revenue means nothing by itself. What matters is R&D efficiency — how many new products and incremental growth come from that spending. R&D for R&D's sake is worse than no R&D at all.