如果你的投资论题没有明确的证伪条件，那它就不是一个论题，只是一个信念。

If your investment thesis has no clear falsification condition, it is not a thesis — it is just a belief.

真正的多样化不在于持有大量不同的证券，而在于持有彼此不相关的资产。相关性才是多样化的灵魂。

True diversification is not about holding a large number of different securities. It's about holding assets that are uncorrelated with each other. Correlation is the soul of diversification.

投资者最大的敌人不是无知——无知可以通过学习消除。最大的敌人是以为自己知道但实际上不知道的幻觉。

The investor's greatest enemy is not ignorance — ignorance can be eliminated through learning. The greatest enemy is the illusion of knowledge when you actually don't know.

在桥水我们有一个说法：如果你不介意公开你的错误那你的错误就不会变成秘密——而秘密才是真正能杀死一个组织的东西。

At Bridgewater we have a saying: if you don't mind making your mistakes public, they won't become secrets — and secrets are what truly kill an organization.