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.

如果投机者最终都赚不到钱，那投机本身就不会存在了。但事实是所有人都相信自己会是例外。

If all speculators lost money, speculation would disappear. But everyone thinks they will be the exception.

宏观经济预测不会让你赚钱。如果你把所有经济学家首尾相连排成一条线，他们还是指不出方向。

Macroeconomic predictions won't make you money. If you laid all the economists end to end, they still wouldn't reach a conclusion.

在市场顶部时，风险最大，回报最小。

At market tops, risk is highest and returns are smallest.