趋势是你的朋友，直到它拐弯的那一秒钟。追随趋势赚钱容易，难的是在趋势结束前离场。

The trend is your friend until the end when it bends. Making money by following the trend is easy; the hard part is getting out before it reverses.

历史会重复，但会以你想象不到的方式。

History repeats, but in ways you cannot imagine.

投资者应该抵制住追逐热门基金的诱惑。

Investors should resist the temptation to chase hot funds.

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.