如果你的决策建立在市场昨天做了什么上，你不是在投资，是在投机。

If your decision is based on what the market did yesterday, you're not investing, you're speculating.

如果你想说服别人，诉求于利益比诉求于理性更有效。理解人性是投资中最被低估的技能。

If you want to persuade, appeal to interest, not to reason.

基金行业的商业模式是建立在投资者亏钱的基础上的。

The mutual fund industry business model is built on investors losing money.

如果你整天盯着市场报价，你几乎一定会做出糟糕的决策。短期的噪音会淹没有价值的长期信号。

If you watch the market tick by tick, you are almost guaranteed to make bad decisions. Short-term noise drowns out valuable long-term signals.