我总是在寻找自我强化的过程——当价格上升吸引了更多买家，而更多买家又推动了价格上升。这就是趋势的本质。

I'm always looking for self-reinforcing processes — where rising prices attract more buyers, and more buyers push prices higher. That is the essence of trends.

股票市场短期是投票机，长期是称重机，最终会反映公司的内在价值。

In the short run the market is a voting machine, in the long run a weighing machine. It will ultimately reflect the intrinsic value of companies.

泡沫通常不是从外部被人捅破的，而是从内部因为自身逻辑崩溃而塌陷的。

Bubbles don't burst from the outside. They collapse from within when the narrative sustaining them breaks down.

历史会重复，但会以你想象不到的方式。

History repeats, but in ways you cannot imagine.