泡沫通常不是从外部被人捅破的，而是从内部因为自身逻辑崩溃而塌陷的。

Bubbles don't burst from the outside. They collapse from within when the narrative sustaining them breaks down.

金融市场远非均衡状态，它是一个由恐惧和贪婪交替主导的巨兽。

Financial markets are far from equilibrium; they are a monster driven by alternating fears and greed.

投资的本质是获得经济增长带来的收益。

The essence of investing is to obtain returns from economic growth.

在一个完全有效的市场中，指数基金是最优选择。

In a perfectly efficient market, index funds are the optimal choice.