预测能告诉你很多关于预测者的事，却对未来的事一无所知。

Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.

投资的真谛是承担市场风险，获得市场回报。

The essence of investing is taking market risk to get market returns.

市场短期是投票机，长期是称重机。

In the short run, the market is a voting machine, but in the long run it is a weighing machine.

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.