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.

经济史是一部基于假象和谎言的连续剧。要获得财富，就要认清假象，投入其中，然后在假象被公众认识之前退出。

Economic history is a never-ending series of episodes based on falsehoods and lies.

我不认为自己是一个投资者，我是一个试图发现市场错误定价的人。

I do not think of myself as an investor; I am someone trying to discover market mispricing.

投资专业的学生只需要两门课程：如何评估一家公司，以及如何考虑市场价格。

Students of investing need only two courses: how to value a business, and how to think about market prices.