我们非常努力地避免愚蠢，我们花在避免错误上的时间比花在寻找机会上的时间多得多。

We spend a lot of time trying to avoid mistakes, more time than we spend looking for opportunities.

价值投资不是买便宜的东西，而是买那些价格远低于内在价值的东西——而内在价值本身也是不确定的。

Value investing isn't about buying cheap things; it's about buying things for less than they're worth. And intrinsic value itself is uncertain.

错过一个好机会的代价，远小于犯下一个致命错误的代价。

The cost of missing one good opportunity is far less than the cost of making one fatal mistake.

投资不是关于在市场中'击败别人'，而是关于'不打败自己'。大多数投资者的亏损，都源于自己的频繁交易和追涨杀跌。

Investing is not about beating others in the market, but about not beating yourself. Most investors' losses come from their own frequent trading and emotional decisions.