如果你的投资论题没有明确的证伪条件，那它就不是一个论题，只是一个信念。

If your investment thesis has no clear falsification condition, it is not a thesis — it is just a belief.

在投资中，过度自信是最大的敌人。

In investing, overconfidence is the biggest enemy.

我买过一百多只股票其中大约十只是真正赚大钱的——这十个大赢家覆盖了其他九十个的亏损还有大量盈余。

I've bought over a hundred stocks in my career. About ten of them made the real money — and those ten winners covered the losses of the other ninety with plenty left over.

痛苦+反思=进步。