大多数投资者最大的错误在于把价格当作价值的指标，而不是利用价格偏离价值的机会。

The prevailing view is that the market is efficient. I disagree. The market is often inefficient, and it is the exploitation of these inefficiencies that provides the returns.

投资的回报来自于经济增长和企业盈利，而不是基金经理的能力。

Investment returns come from economic growth and corporate earnings, not from fund managers abilities.

投资者为防范市场回调所做的准备所损失的钱，比市场回调本身造成的损失还要多。

Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves.

市场的行为是由人性决定的。

Market behavior is determined by human nature.