宏观是我们必须接受的，微观才是我们能有所作为的。

Macro is what we must accept, micro is what we can do something about.

当所有人都认为某件事没有风险时，那才是风险最大的时候——因为价格里已经没有任何'恐惧'的折扣了。

When everyone believes something is risk-free, that's when risk is highest — because the price no longer contains any discount for fear.

不要试图预测经济走向。你只需要找到那些不管经济好还是不好，人们都需要的东西。

Don't try to predict the economy. Just find things people need whether the economy is good or bad.

我不在乎市场是涨是跌，我在乎的是是否在合理价格买到了好企业。

I don't care whether the market goes up or down; I care whether I'm buying a good business at a fair price.