我们从来不因为宏观经济的预测而买入或卖出一家企业。宏观经济变量太多，没有人能持续预测准确。

We don't buy or sell based on macroeconomic predictions. There are too many variables.

华尔街没有新事物。因为投机像山丘一样古老。

There is nothing new in Wall Street. There can't be because speculation is as old as the hills.

投资者应该避免追逐过去业绩最好的基金。

Investors should avoid chasing funds with the best past performance.

一旦我们意识到我们的理解具有固有的不完美性，我们就拥有了真正有用的知识。

Once we realize that our understanding is inherently imperfect we have true knowledge.