人群集体癫狂抢购时，往往是理性投资者该安静离场的时候；人群绝望抛售时，反而是该出手捡便宜的时机。

When the crowd is maniaically buying is often when the rational investor should quietly step aside; when they despair and sell is when bargains appear.

华尔街没有新事物。因为投机像山丘一样古老。

There is nothing new in Wall Street. There can't be because speculation is as old as the hills.

市场的行为是由人性决定的。

Market behavior is determined by human nature.

基金行业的商业模式是建立在投资者亏钱的基础上的。

The mutual fund industry business model is built on investors losing money.