短期债务周期通常持续5到8年，长期债务周期则持续50到75年。大多数人只经历过一个长周期的一半。

Short-term debt cycles typically last 5-8 years, while long-term debt cycles last 50-75 years. Most people have only lived through half of one long cycle.

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.

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.

股票市场短期是投票机，长期是称重机，最终会反映公司的内在价值。

In the short run the market is a voting machine, in the long run a weighing machine. It will ultimately reflect the intrinsic value of companies.