安全边际不是精确计算，而是给自己留犯错的空间。

Margin of safety isn't precise calculation; it's leaving room for being wrong.

投资的终极目标不是追求高回报，而是追求非对称回报——在市场上涨时充分参与，在市场下跌时尽量回避。

The ultimate goal isn't high return; it's asymmetric return — full participation on the upside, minimal exposure on the downside.

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.

如果你发现自己在一个洞里，最重要的事情就是停止挖洞。

The most important thing to do if you find yourself in a hole is to stop digging.