持有现金不是缺乏想法，而是等待正确想法的纪律。现金是一种看涨期权——对未来的所有机会。

Holding cash is not a lack of ideas; it is the discipline of waiting for the right idea. Cash is a call option on all future opportunities.

我们之所以成功，不是因为我们解决了多少难题，而是因为我们避开了它们。聪明人知道自己的局限，笨蛋才会挑战所有困难。

It is remarkable how much long-term advantage people have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

在桥水我们不做“这事不可能出错“的假设。我们做“如果它出错了我们会怎么发现它“的假设。

At Bridgewater we don't assume 'this can't go wrong.' We assume 'if it goes wrong, how will we find out?'

你不会因为“大家同意你”就对，也不会因为“大家反对你”就错。你的对错取决于你的“事实和逻辑”。

You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.