成功的投资者知道什么时候应该逆向而行。

Successful investors know when they should go against the grain.

我职业生涯中见过的最严重的投资损失——不是来自买入了错误的资产而是来自在正确的资产上用了过高的杠杆然后被迫在错误的时间卖出。

The worst investment losses I've seen in my career didn't come from buying the wrong asset — they came from using too much leverage on the right asset and being forced to sell at the wrong time.

卓越的投资不是来自买入好东西，而是来自买得好。

Superior investing is not about buying good things, but buying things well.

大多数投资者最大的错误在于把价格当作价值的指标，而不是利用价格偏离价值的机会。

The prevailing view is that the market is efficient. I disagree. The market is often inefficient, and it is the exploitation of these inefficiencies that provides the returns.