你不必在每场游戏中都参与。事实上，只参与那些你明显有优势的游戏，是长期获胜的唯一途径。

You don't have to play every game. In fact, only playing the games where you have a clear edge is the only path to long-term victory.

多元化可以使你的投资组合取得更好的表现——这是一份免费午餐。

Diversification can improve portfolio performance — it's a free lunch.

做空比做多难得多，因为你的亏损理论上没有上限，而且市场保持非理性的时间可能比你保持偿付能力的时间更久。但我仍然做空，因为市场有时候就是错的。

Short selling is much harder than going long, because your losses are theoretically unlimited, and the market can stay irrational longer than you can stay solvent. But I still short, because sometimes the market is simply wrong.

先储蓄再消费，而不是消费后把剩下的储蓄。

Do not save what is left after spending, but spend what is left after saving.