理解债务和货币的运作原理是理解经济危机的关键。

Understanding how debt and money work is the key to understanding economic crises.

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.

长期来看，股票市场的回报与公司的盈利增长是一致的。

In the long run, stock market returns are consistent with company earnings growth.

也许我们永远不知道我们明天会去哪里，但我们必须非常清楚我们现在在哪里。知道你在周期中的位置，比预测下一阶段什么时候到来重要得多。

We may never know where we're going tomorrow, but we must be crystal clear about where we are now. Knowing your position in the cycle is far more important than predicting when the next phase will arrive.