约翰·梅纳德·凯恩斯

市场保持非理性的时间，可能比你保持不破产的时间更长。

Markets can remain irrational longer than you can remain solvent.

成功的投资，是预测他人如何预测：选美比赛中获胜的关键不是选你认为最美的，而是选大家认为最美的。

Successful investing is anticipating the anticipations of others.

宁可大致正确，也不要精确地错误。

It is better to be roughly right than precisely wrong.

宁要模糊的正确，也不要精确的错误。

It is better to be roughly right than precisely wrong.

投资就像选美比赛，你要猜的不是谁最美，而是大多数人认为谁最美。

It is not a case of choosing those which are really the prettiest, but those which average opinion expects the average opinion to be.

市场可以保持非理性的时间，比你保持偿付能力的时间更长。

The market can remain irrational longer than you can remain solvent.

投资就是预测普通人的预期。

Successful investing is anticipating the anticipations of others.

当事实发生变化，我改变主意。你呢，先生？

When the facts change, I change my mind. What do you do, sir?

专业投资可以比作那些报纸上的选美比赛，参赛者必须从一百张照片中选出六张最漂亮的面孔，奖品将授予那些选择最接近全体参赛者平均偏好的参赛者。

Professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole.

市场保持非理性的时间，可能长过你保持不破产的时间。

The market can stay irrational longer than you can stay solvent.

市场保持非理性的时间，可以长到让你破产。

The market can stay irrational longer than you can stay solvent.