市场行为越愚蠢，企业投资者的机会就越大。

The more foolish the market's behavior, the greater the opportunity for the business investor.

我们之所以成功，不是因为我们解决了多少难题，而是因为我们避开了它们。聪明人知道自己的局限，笨蛋才会挑战所有困难。

It is remarkable how much long-term advantage people have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

泡沫通常不是从外部被人捅破的，而是从内部因为自身逻辑崩溃而塌陷的。

Bubbles don't burst from the outside. They collapse from within when the narrative sustaining them breaks down.

股市下跌时，如果你持有的股票基本面没有变化，那下跌只是给了你更好的买入机会。

If the fundamentals of the stocks you hold haven't changed, a market decline is just a better buying opportunity.