我不关心我对市场的看法，我只关心市场对事件的反应。

I do not care about my view of the market; I only care about how the market reacts to events.

在投资中，好消息不一定是好投资——如果市场已经提前消化了所有好消息，买入反而会亏钱。

In investing, good news doesn't necessarily mean a good investment. If the market has already priced in all the good news, buying can still lose you money.

过去的投资记录，无论多么辉煌，都不能保证未来的表现。尤其是在市场风格切换时，历史收益往往是最危险的陷阱。

The fact that a security has risen in price or has paid a large dividend is not evidence of its investment merit.

在一个增长缓慢甚至衰退的行业中，经营良好的公司反而是绝佳的投资标的——因为竞争对手正在离场。

A good company in a lousy industry is a far better investment than a lousy company in a great industry.