市场短期是投票机，长期是称重机。

In the short run, the market is a voting machine but in the long run, it is a weighing machine.

市场价格已经反映了大多数人的共识。

Market prices already reflect the consensus of most people.

赚大钱不在于单个股票的波动，而在于对大势的判断。

The big money is not in the individual fluctuations but in the main movements.

当所有人都认为某件事没有风险时，那才是风险最大的时候——因为价格里已经没有任何'恐惧'的折扣了。

When everyone believes something is risk-free, that's when risk is highest — because the price no longer contains any discount for fear.