聪明
An intelligent investing is value investing, acquiring more than you are paying for.
We recognized early on that smart people do very dumb things, and we wanted to know why and who, so that we could avoid them.
It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be intelligent.
You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time.
I am so clever that sometimes I don’t understand a single word of what I am saying.
