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.

在桥水我们不做“这事不可能出错“的假设。我们做“如果它出错了我们会怎么发现它“的假设。

At Bridgewater we don't assume 'this can't go wrong.' We assume 'if it goes wrong, how will we find out?'

逆向投资意味着在别人卖出时买入，在别人买入时卖出。

Contrarian investing means buying when others sell and selling when others buy.

当一位声誉卓著的CEO去管理一家以糟糕经济特性闻名的企业时，最终不变的是企业的声誉。

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.