大多数人犯的最大错误，是把过去当成未来的指南——但市场是一个不断自我进化的系统。

The biggest mistake most people make is using the past as a guide to the future — but the market is a constantly evolving system.

我一直在寻找某样东西的定价里有没有隐含一个逻辑上的不可能——如果有那我就找到了交易。

I'm always looking for whether the pricing of something contains a logical impossibility — if it does, I've found my trade.

在市场上，钱是从恐慌者手中转移到自信者手中的。

In the market, money transfers from panickers to the confident.

在周期的顶部，最容易做的事情往往最危险；在周期的底部，最不敢做的事情往往最有利可图。敢于逆势需要极大的勇气。

At the top of a cycle, the easiest things to do are the most dangerous. At the bottom, the hardest things to do are the most profitable. Contrarian courage is rare and valuable.