基金行业的秘密是：它为投资者创造的价值远低于它收取的费用。

The mutual fund industry secret is: it creates far less value for investors than the fees it charges.

亏损的原因往往是过早地买入或卖出。

The cause of losses is often buying or selling too early.

如果你整天盯着市场报价，你几乎一定会做出糟糕的决策。短期的噪音会淹没有价值的长期信号。

If you watch the market tick by tick, you are almost guaranteed to make bad decisions. Short-term noise drowns out valuable long-term signals.

市场就像一位商业伙伴，他每天都会告诉你一个价格，要么买你的股份，要么卖给你他的股份——你不必每天回应他。

The market is like a business partner who offers you a price every day — you don't have to respond to him every day.