投资并不难。难的是它不像看起来那么简单。

Investing is not that hard. The problem is that it is not as simple as it looks.

不要追逐最热门的行业中最热门的股票。当一只股票连出租车司机都在推荐的时候，买点已经过去了。

Never invest in any idea you can't illustrate with a crayon. By the time you hear about the hottest stock from your barber, it's too late.

基金行业收取的费用远超过它提供的价值。

The mutual fund industry charges far more than the value it provides.

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.