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.

金融市场绝不是教科书上描述的那种均衡系统，它是一个永远处于非均衡状态的复杂自适应系统。

Financial markets are not the equilibrium systems described in textbooks. They are complex adaptive systems, always in a state of disequilibrium.

基金持有人的最大敌人是基金业本身。

The biggest enemy of fund holders is the fund industry itself.

市场的行为是由人性决定的。

Market behavior is determined by human nature.