将投资视为一种概率游戏而非确定性游戏。你不需要每次都对，你只需要在概率站在你这边时下重注。

View investing as a game of probabilities, not certainties. You don't need to be right every time; you just need to bet heavily when the odds are in your favor.

投资专业的学生只需要两门课程：如何评估一家公司，以及如何考虑市场价格。

Students of investing need only two courses: how to value a business, and how to think about market prices.

不要试图预测经济走向。你只需要找到那些不管经济好还是不好，人们都需要的东西。

Don't try to predict the economy. Just find things people need whether the economy is good or bad.

短期债务周期通常持续5到8年，长期债务周期则持续50到75年。大多数人只经历过一个长周期的一半。

Short-term debt cycles typically last 5-8 years, while long-term debt cycles last 50-75 years. Most people have only lived through half of one long cycle.