优质资产可以变成糟糕的投资——如果价格太高。垃圾资产也可以是绝佳的投资——如果价格足够低。

A great asset can be a terrible investment — if the price is too high. And a junk asset can be a brilliant investment — if the price is low enough.

如果你想变得聪明，你需要的不是增加智商——而是系统地减少你做蠢事的频率。

If you want to be smart, what you need is not to increase your IQ — but to systematically reduce how often you do stupid things.

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.

当事情看起来好到不像真的时，它们通常不是真的。

When things look too good to be true, they usually are.