很多人说价值投资很难。投机更难啊！投机百分之八九十的散户都是亏钱的，牛市、熊市都亏。然后他说我很难，我怎么就难了？我就买了一个茅台，一直拿着，拿了十几年了，我难在哪儿了？

Many people say value investing is hard. Speculation is even harder! Eighty to ninety percent of retail speculators lose money, in both bull and bear markets. They say it's hard — how is it hard for me? I just bought Moutai and held it for over ten years. Where's the hard part?

最明智的投资是最像生意经营的投资。

Investment is most intelligent when it is most businesslike.

投资的本质不是管理回报，而是管理风险。回报是风险管理的结果而非目标。

The essence of investing is not return management but risk management. Returns are the result of risk management, not the objective.

我从不试图通过预测股市赚钱。我买入的前提假设是：明天交易所关门，五年内都不再开门。