华尔街有一条铁律：如果每个人都喜欢某样东西，那么你最好避开它。大众的一致看好往往是泡沫的信号。

The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism.

市场的记忆是短暂的，这创造了重复的机会。

The markets memory is short, which creates repeated opportunities.

投资者和投机者之间最根本的区别，在于他们对待市场波动的态度：投资者利用波动，投机者被波动利用。

The fundamental difference between investors and speculators is their attitude toward market fluctuations. The investor uses them; the speculator is used by them.

在周期的顶部，最容易做的事情往往最危险；在周期的底部，最不敢做的事情往往最有利可图。敢于逆势需要极大的勇气。

At the top of a cycle, the easiest things to do are the most dangerous. At the bottom, the hardest things to do are the most profitable. Contrarian courage is rare and valuable.