在周期的顶部，最容易做的事情往往最危险；在周期的底部，最不敢做的事情往往最有利可图。敢于逆势需要极大的勇气。

At the top of a cycle, the easiest things to do are the most dangerous. At the bottom, the hardest things to do are the most profitable. Contrarian courage is rare and valuable.

大多数投资者最大的错误在于把价格当作价值的指标，而不是利用价格偏离价值的机会。

The prevailing view is that the market is efficient. I disagree. The market is often inefficient, and it is the exploitation of these inefficiencies that provides the returns.

不要因为一家公司的股价曾经到过50元就在它跌到10元时认为便宜。

Do not think a stock is cheap at 10 just because it was once at 50.

我不会花一秒钟去预测利率或股市的走向。我甚至不知道下周、下个月、甚至明年股市会怎样。

I dont spend a second trying to predict interest rates or the stock market.