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.

投资的真谛是承担市场风险，获得市场回报。

The essence of investing is taking market risk to get market returns.

如果买入的时候研究工作做得足够好，卖出那个时机几乎永远不会到来。

If the job has been correctly done when a common stock is purchased, the time to sell it is almost never.

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.