风险不是波动，风险是永久性损失本金的可能性。

Risk means more things can happen than will happen — and the risk that matters is the probability of permanent loss.

分析一家公司时不要问“我会赚多少钱”，要问“我会怎么亏钱”。

When analyzing a company, don't ask 'How much will I make?' Ask 'How can I lose money?'

当事实发生变化，我改变主意。你呢，先生？

When the facts change, I change my mind. What do you do, sir?

市场就像一个巨大的实验室，所有人都在里面做实验，但没有人知道实验的结果——因为实验者本身就在改变结果。

The market is a giant laboratory where everyone is experimenting, but no one knows the outcome — because the experimenters themselves are changing the results.