投资的本质不是预测未来，而是为不确定的未来做准备。

Investing is the discipline of relative selection. It is about the process of identifying undervalued securities, not forecasting the future.

投资的回报来自于经济增长和企业盈利，而不是基金经理的能力。

Investment returns come from economic growth and corporate earnings, not from fund managers abilities.

在一个完全有效的市场中，指数基金是最优选择。

In a perfectly efficient market, index funds are the optimal choice.

过去的投资记录，无论多么辉煌，都不能保证未来的表现。尤其是在市场风格切换时，历史收益往往是最危险的陷阱。

The fact that a security has risen in price or has paid a large dividend is not evidence of its investment merit.