优质资产可以变成糟糕的投资——如果价格太高。垃圾资产也可以是绝佳的投资——如果价格足够低。

A great asset can be a terrible investment — if the price is too high. And a junk asset can be a brilliant investment — if the price is low enough.

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.

比特币是一种反常的发明，我永远不会投资它。

Bitcoin is an aberrant invention, and I will never invest in it.

第一层思维说'前景好，买'；第二层思维说'大家都觉得好，股价已高，卖'。

First-level thinking says 'it's a good company, buy.' Second-level thinking says 'everyone thinks it's great, so it's overpriced, sell.'