一张漂亮的资产负债表不能弥补一张丑陋的损益表——因为前者迟早会被后者侵蚀。

A beautiful balance sheet cannot compensate for an ugly income statement — because the former will eventually be eroded by the latter.

我们在一切决策中都先问：如果错了，后果我承受得起吗？

In every decision we ask first: if we're wrong, can we survive it?

多数投资者只盯着能赚多少的回报，却很少关注风险。

Most investors are primarily oriented toward return, how much they can make, and pay little attention to risk.

当所有人都认为某件事没有风险时，那才是风险最大的时候——因为价格里已经没有任何'恐惧'的折扣了。

When everyone believes something is risk-free, that's when risk is highest — because the price no longer contains any discount for fear.