在投资中，你得到了你没有付出的东西——这就是复利的魔力。但你也付出了你没有得到的东西——这就是成本的地狱。

In investing, you get what you don't pay for — that's the magic of compounding. But you also pay for what you don't get — that's the hell of costs.

如果你能理解到实际上不需要被市场证明对错的时候，你就是价值投资者了。

When you realize that you actually don't need the market to validate whether you're right or wrong, you've become a value investor.

股票市场充斥着知道一切的价格但不知道任何东西的价值的人。

The stock market is filled with individuals who know the price of everything, but the value of nothing.

我总是在寻找自我强化的过程——当价格上升吸引了更多买家，而更多买家又推动了价格上升。这就是趋势的本质。

I'm always looking for self-reinforcing processes — where rising prices attract more buyers, and more buyers push prices higher. That is the essence of trends.