金融创新就像炼金术，它声称能将风险消失，但实际上只是将风险转移和隐藏。

Financial innovation is like alchemy; it claims to make risk disappear, but actually only transfers and conceals it.

安全边际不是一种策略，而是一种思维习惯。它不是你在买入前做的计算，而是你每天都在想的那件事。

Margin of safety is not a strategy, it's a mental habit. It's not a calculation you do before buying — it's the thing you think about every single day.

风险和回报的关系比人们想象的要复杂得多。

The relationship between risk and return is much more complex than people think.

市场大幅下跌时，你真正需要做的是重新审视自己持有股票的基本面，而不是整天盯着K线图焦虑。

The key to making money in stocks is not to get scared out of them. Corrections are part of the territory.