你该赌赛道还是赌骑师？

Should you bet on the track or the jockey?

晨星公司的帕特·多尔西认为，赌马比赌骑师更重要。

Pat Dorsey of Morningstar believes that horse bet is more important than jockey bet.

投资界有谚语：“赌骑师，而非赌马。”

There is a proverb in the investment world: "Bet on jockeys, not horses."

即：是管理团队的素质比企业的质量更为重要。

That is, the quality of the management team is more important than the quality of the enterprise.

帕特·多尔西说：投资人的任务是把焦点放在马匹上而非骑师的身上。因为护城河最重要的特质是它们可能持续多年的企业结构性特质，这不是竞争对手可以轻易模仿的。

Pat Dorsey said: The task of investors is to focus on horses rather than jockeys. Because the most important characteristic of moats is their structural characteristics that may last for many years. This is not something that competitors can easily imitate.

赛马的比喻不够精确，因为在马场上，骡子和矮种马不会和纯种马一起比赛。

The metaphor of horse racing is not accurate, because mules and ponies do not compete with thoroughbreds on the racetrack.

而在商界，骡子与矮种马的确是和纯种马一起较量的。

In the business world, mules and ponies compete with thoroughbreds.

进而言之，公司怎么玩手上的牌，还没有一开始拿到的牌来得重要。最棒的扑克牌高手拿到一对牌，他没什么机会取胜拿同花顺的业余玩家。

In addition, how the company plays its cards is not as important as the cards it gets at the beginning. The best poker player gets a pair of cards, and he has no chance to win the amateur player who wins the flush.

有时候精明的策略虽然可以在经营困难的产业中创造竞争优势（例如戴尔或西南航空），但市场上有个残酷的事实：有些企业在结构上就是比其他企业好。制药厂或银行即使管理不当，其长期资本回报率还是比最好的炼油厂或汽车零件公司好。

Sometimes smart strategies can create competitive advantages in industries with difficult operation (such as Dell or Southwest Airlines), but there is a cruel fact in the market: some enterprises are better than others in structure. Even if the pharmaceutical factory or bank is mismanaged, its long-term return on capital is better than the best refinery or auto parts company.

牛牵到哪里还是牛。

Where the cow is led is still the cow.

难道本文只是想说明：女怕嫁错郎，男怕入错行？

Is this article just to explain that women are afraid of marrying the wrong man and men are afraid of entering the wrong line?