金融市场是一个巨大的实验室，测试你的理论。

Financial markets are a huge laboratory testing your theories.

过去的投资记录，无论多么辉煌，都不能保证未来的表现。尤其是在市场风格切换时，历史收益往往是最危险的陷阱。

The fact that a security has risen in price or has paid a large dividend is not evidence of its investment merit.

如果市场总是有效的，我早就沦落街头拿着破杯子要饭了。

I'd be a bum on the street with a tin cup if the markets were always efficient.

赚大钱不在于单个股票的波动，而在于对大势的判断。

The big money is not in the individual fluctuations but in the main movements.