1.A climate of fear is the best friend. Those who invest only when commentators are optimistic end up paying a heavy price for meaningless reassurances.

恐惧的气氛是最好的朋友。那些只在评论员乐观时才投资的人最终会为毫无意义的保证付出沉重的代价。

2.When we buy a stock, we have to stick to the margin of safety; if our calculated value is only a little higher than its price, we will not consider buying it.

我们在买股票时，必须要坚持安全边际，若是我们所计算出来的价值只比其价格高一点，我们不会考虑买进。

3.Patience is key, impatience will ruin your money.

耐心是关键，急躁会毁了你的钱。

4.We believe that the term "value investing" itself is redundant. If "investing" is not an act of seeking value, or at least not enough to justify the amount paid, then what is "investing"?

我们认为“价值投资”这个词本身是多余的。如果“投资”不是一种寻求价值的行为，至少不足以证明支付的金额是合理的，那么“投资”是什么？

5.Our policy is to concentrate our holdings. We buy "big" when we decide, rather than buying a little of this and a little of that and then not caring about it afterwards.

我们的政策是集中持股。当我们决定了后便买进“一大笔”，而非这也买一点那也买一点，但事后却漠不关心。

6.We believe that concentration of holdings can also significantly reduce risk, provided that the investor strengthens his or her knowledge of the company and familiarity with its competitive capabilities before buying shares.

我们相信集中持股的做法同样可以大幅降低风险，只要投资人在买进股份之前，能够加强本身对于企业的认知以及对于其竞争能力熟悉的程度。

7.We look for businesses that have a long-term competitive advantage in a stable industry.

我们寻找的生意，需要在一个稳定行业中具有长期竞争优势。

8.In my opinion, the people who get things done are not the "most powerful" but the most efficient.

在我看来，能做好事情的人并不是“马力最大的”，是效率最高的。

9.Patience to buy, determination to sell.

买进靠耐心，卖岀靠决心。

10.A person& #39;s intuition is often very accurate, and this is especially important for stock investing.

一个人的直觉往往是非常准确的，对股票投资来说，这一点特别重要。

11.Don& #39;t give up what is attractive today because you think you will find something better tomorrow.

不要因为你认为明天会找到更好的东西而放弃今天有吸引力的东西。

12.When reviewing my on-again, off-again investment track record, I& #39;ve come to the conclusion that acquisitions are akin to marriages: sure, they& #39;re delightful at first, but then reality starts to veer away from the pre-marriage expectations.

回顾我时好时坏的投资记录时，我得出的结论是，收购就好比婚姻：当然，一开始婚姻是令人开心的，但随后，现实开始偏离婚前的期望。