也许我们永远不知道我们明天会去哪里，但我们必须非常清楚我们现在在哪里。知道你在周期中的位置，比预测下一阶段什么时候到来重要得多。

We may never know where we're going tomorrow, but we must be crystal clear about where we are now. Knowing your position in the cycle is far more important than predicting when the next phase will arrive.

在投资中，和在生活中一样，很少有确定的事情，价值可以消失，预测可以落空。

In investing, as in life, there are very few sure things.

不要因为一家公司的股价曾经到过50元就在它跌到10元时认为便宜。

Do not think a stock is cheap at 10 just because it was once at 50.

市场永远不会直线上升或下降，它总是曲折前进。

The market never rises or falls in a straight line; it always moves zigzag.