把系统当作机器来理解，找出其中的因果关系，然后你就可以预测它未来的行为。

Think of the economy as a machine, understand the cause-effect relationships, and you can predict what it will do.

没有人会因为承认自己“不知道市场接下来会怎样“而破产。但很多人因为假装知道而破产。

No one has ever gone bankrupt from admitting they don't know what the market will do next. But many have gone bankrupt from pretending they do.

持有现金在牛市中看起来像放弃机会，在熊市中却是最宝贵的资产。

投资中残酷的讽刺是：我们投资者作为一个整体，得到的回报恰好是扣除费用之后的市场回报——不多不少。