成功的投资不是靠预测未来，而是靠识别当下的错误定价——当市场因为恐惧或贪婪而偏离理性时，就是你的机会。

Successful investing is not about predicting the future, but identifying mispricing in the present — when fear or greed pushes the market away from rationality.

华尔街有一条铁律：如果每个人都喜欢某样东西，那么你最好避开它。大众的一致看好往往是泡沫的信号。

The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism.

股价短期跟着情绪跑，长期跟着业绩走；别把情绪的波动当成公司的价值。

Short-term prices chase sentiment; long-term they follow earnings. Don't mistake mood swings for a company's value.

风险不是波动性，风险是永久性损失的可能性。