价值投资不是买便宜的东西，而是买那些价格远低于内在价值的东西——而内在价值本身也是不确定的。

Value investing isn't about buying cheap things; it's about buying things for less than they're worth. And intrinsic value itself is uncertain.

投资的本质是在不确定中寻找安全边际——用折扣价买好东西，给自己留犯错的空间。

The margin of safety is the difference between the intrinsic value and the price. It exists to protect us against errors in our analysis.

你不能预测，但你可以做好准备。

You can't predict. You can prepare.

风险不是投资本身固有的，而是由投资者的行为创造的。

Risk is not inherent in an investment; it is created by the behavior of investors.