基金行业的秘密是：它为投资者创造的价值远低于它收取的费用。

The mutual fund industry secret is: it creates far less value for investors than the fees it charges.

投资的本质不是预测未来，而是为不确定的未来做准备。

Investing is the discipline of relative selection. It is about the process of identifying undervalued securities, not forecasting the future.

经济史是一部基于假象和谎言的连续剧。要获得财富，就要认清假象，投入其中，然后在假象被公众认识之前退出。

Economic history is a never-ending series of episodes based on falsehoods and lies.

市场永远不会直线上升或下降，它总是曲折前进。

The market never rises or falls in a straight line; it always moves zigzag.