当你听到专家的观点和市场的狂热保持一致时，特别要保持警惕。

Be especially wary when you hear experts echoing the market's frenzy.

最成功的投资往往是在别人都不看好的时候做出的。

The most successful investments are often made when no one else is optimistic.

第二层次思维是优秀投资者的标志：第一层次看'这是好公司'，第二层次看'市场对这个好公司的定价是否已经过高'。

Second-level thinking is the hallmark of superior investors. First-level says 'this is a good company'; second-level says 'has the market already priced in that goodness?'

泡沫通常不是从外部被人捅破的，而是从内部因为自身逻辑崩溃而塌陷的。

Bubbles don't burst from the outside. They collapse from within when the narrative sustaining them breaks down.