第二层次思维：第一层次思维说这是一家好公司买吧；第二层次思维说这是一家好公司但人人都知道所以股价可能已经太高了卖吧。

我最想知道的是我会在哪里死，然后我永远不去那里。

All I want to know is where I'm going to die, so I'll never go there.

泡沫通常不是从外部被人捅破的，而是从内部因为自身逻辑崩溃而塌陷的。

Bubbles don't burst from the outside. They collapse from within when the narrative sustaining them breaks down.

持有大量现金不是保守，而是为机会做好准备。当别人被迫卖出时，手里有现金的人就成了拍卖会上唯一的出价者。

Holding cash in the absence of opportunity is a sound strategy. Cash gives you the ability to buy when others are forced to sell.