赛思·卡拉曼

价值投资的核心纪律是：只在有安全边际时买入。

The central discipline of value investing is: buy only when there is a margin of safety.

大多数投资者无法区分概率和结果。

Most investors can't distinguish between probabilities and outcomes.

流动性不是免费的——当你想卖的时候，别人也想卖。

Liquidity is not free. When you want to sell, everyone else wants to sell too.

持有现金在市场狂热时让人不安，在市场恐慌时让人安心。

Cash is uncomfortable to hold during market manias, but incredibly comforting during panics.

投资的精髓不是追求回报，而是避免永久性资本损失。

The essence of investing is not maximizing returns, but avoiding permanent capital loss.

价值投资不是买便宜股票，而是用远低于内在价值的价格买入任何资产。

Value investing is not about buying cheap stocks — it is about buying any asset at a price substantially below its intrinsic value.

持有现金不是缺乏想法，而是等待正确想法的纪律。现金是一种看涨期权——对未来的所有机会。

Holding cash is not a lack of ideas; it is the discipline of waiting for the right idea. Cash is a call option on all future opportunities.

投资的本质不是管理回报，而是管理风险。回报是风险管理的结果而非目标。

The essence of investing is not return management but risk management. Returns are the result of risk management, not the objective.

投资者最大的敌人不是无知——无知可以通过学习消除。最大的敌人是以为自己知道但实际上不知道的幻觉。

The investor's greatest enemy is not ignorance — ignorance can be eliminated through learning. The greatest enemy is the illusion of knowledge when you actually don't know.

不投资和投资错误一样都是投资决策。什么都不做——当你找不到好机会时——就是正确的决策。

Not investing is as much an investment decision as investing. Doing nothing — when you cannot find good opportunities — is the right decision.

多数投资者把注意力集中在寻找能赚多少钱的机会上，而成功的投资者把注意力集中在可能亏多少钱的风险上。

持有现金在牛市中很痛苦，但在熊市中，现金让你成为国王。

投资中最贵的一句话，不是我错了——而是“市场会证明我是对的，只是现在还没到时候”。

当所有人都想卖出时，你要么不想买，要么想要买入——但绝不可能与此同时你也在卖出。

投资不是一场需要大量行动的竞赛。它是一场需要大量耐心的等待游戏。

安全边际不是一种策略，而是一种思维习惯。它不是你在买入前做的计算，而是你每天都在想的那件事。

Margin of safety is not a strategy, it's a mental habit. It's not a calculation you do before buying — it's the thing you think about every single day.

华尔街的商业模式是鼓励你频繁交易，因为那是它们赚钱的方式。你最好的策略恰恰相反——尽可能少交易。

Wall Street's business model is to encourage frequent trading because that's how they make money. Your best strategy is the exact opposite — trade as little as possible.

大多数投资者满脑子想的都是「我能赚多少」。成功的投资者满脑子想的却是「我最多会亏多少」。

Most investors focus on how much they can make. Successful ones focus on how much they can lose.

在牛市中持有现金是痛苦的，因为你每天都在「亏」掉别人赚到的利润。但在熊市中，现金让你成为国王。

Cash in a bull market is painful because you're 'losing' the profits others are making every day. But in a bear market, cash makes you king.

在投资领域，稀缺的不是聪明才智，而是纪律。市场上聪明的人遍地都是，但有纪律的人寥寥无几。

In investing, what's scarce is not intelligence, but discipline. The market is full of smart people, but very few disciplined ones.

你不需要买入每一只便宜的资产。你只需要买入那些你最有把握的少数几个。

You don't need to buy every cheap asset. Just the few you're most certain about.