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.

华尔街没有新事物。因为投机像山丘一样古老。

There is nothing new in Wall Street. There can't be because speculation is as old as the hills.

在市场繁荣时要想到风险，在市场萧条时要想到机会。

Think about risk when the market is booming, and think about opportunities when the market is depressed.

宏观是我们必须接受的，微观才是我们能有所作为的。

Macro is what we must accept, micro is what we can do something about.