市场总是错的。

Markets are always wrong.

告诉我我会死在哪里，我就永远不会去那个地方。这是最简单的逆向思维——与其想怎么成功，不如想怎么避免失败。

Tell me where I'm going to die, and I'll never go there. That's the simplest form of inversion — instead of thinking about how to succeed, think about how to avoid failure.

大多数投资者最大的错误在于把价格当作价值的指标，而不是利用价格偏离价值的机会。

The prevailing view is that the market is efficient. I disagree. The market is often inefficient, and it is the exploitation of these inefficiencies that provides the returns.

如果你想成为一个成功的投资者，你必须独立思考。共识通常都是错的，你必须逆着人群的方向走。

To be a successful investor you have to bet against the consensus and be right.