趋势开始时很温和，结束时很剧烈。

Trends start gentle and end violently.

当所有人都认为某件事没有风险时，那才是风险最大的时候——因为价格里已经没有任何'恐惧'的折扣了。

When everyone believes something is risk-free, that's when risk is highest — because the price no longer contains any discount for fear.

大多数投资者无法区分概率和结果。

Most investors can't distinguish between probabilities and outcomes.

过去的投资记录，无论多么辉煌，都不能保证未来的表现。尤其是在市场风格切换时，历史收益往往是最危险的陷阱。

The fact that a security has risen in price or has paid a large dividend is not evidence of its investment merit.