投资中最重要的事情是对风险的理解。

The most important thing is understanding risk.

真正的问题不在于预测黑天鹅事件，而在于建立对黑天鹅事件的稳健性。

The problem is not predicting black swans, but building robustness to them.

将投资视为一种概率游戏而非确定性游戏。你不需要每次都对，你只需要在概率站在你这边时下重注。

View investing as a game of probabilities, not certainties. You don't need to be right every time; you just need to bet heavily when the odds are in your favor.

检验一个人的人品不是看他在顺境中怎么做，而是看他在压力下怎么做。这一样适用于检验一家公司的管理层。

The test of a person's character is not how they act in good times, but how they act under pressure. The same goes for testing a company's management.