与一般投资者只关注股价是否便宜完全不同,巴菲特最关注公司的持续竞争优势。他在反思前25年投资生涯所犯错误盾得出结论:以一般的价格买入一家非同一般的好公司(基于持续竞争优势的价值投资策略)要比用非同一般的好价格买下一家一般的公司(格雷厄姆价值投资策略)要好得多 In contrast to the general investor’s concern over whether the share price is cheap, Buffett is most concerned about the company’s continued competitive advantage. His reflection of the mistakes he made in his first 25 years in his investment career concluded that buying a good company at a fair price (a value-investing strategy based on a sustainable competitive advantage) is better than buying at an unusual price An average company (Graham Value Investing Strategy) is much better