我相信任何事情都有循环，成功的关键是顺应这些循环。

I believe everything has cycles, and the key to success is to go with these cycles.

如果市场总是有效的，我早就沦落街头拿着破杯子要饭了。

I'd be a bum on the street with a tin cup if the markets were always efficient.

整个基金行业的结构性问题在于：基金经理通过管理别人的钱变得富有，而投资者承担了全部的风险和大部分的费用。

The structural problem of the entire fund industry is this: fund managers get rich by managing other people's money, while investors bear all the risk and most of the costs.

市场的周期性是不可避免的，关键是知道我们在周期中的位置。

Market cyclicality is inevitable; the key is knowing where we are in the cycle.