成功的投资在于管理风险，而非回避风险。

Successful investing is about managing risk, not avoiding it.

投资中最危险的一句话是：这次不一样。

The four most dangerous words in investing are: 'this time it's different.'

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.

在桥水我们有一个说法：如果你不介意公开你的错误那你的错误就不会变成秘密——而秘密才是真正能杀死一个组织的东西。

At Bridgewater we have a saying: if you don't mind making your mistakes public, they won't become secrets — and secrets are what truly kill an organization.