大多数人犯的最大错误，是把过去当成未来的指南——但市场是一个不断自我进化的系统。

The biggest mistake most people make is using the past as a guide to the future — but the market is a constantly evolving system.

投资是艺术，不是科学。那些受过严格量化训练的人，在投资上往往有劣势。

Investing is an art, not a science. People who have been trained to rigidly quantify everything have a big disadvantage.

投资中最危险的一句话就是'这次不一样'。

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

你投资的是企业的未来收益，而不是市场的情绪波动。

Stock returns are driven by investment return — dividend yield and earnings growth — and speculative return.