长期持有股票是积累财富的最有效方式之一。

Holding stocks for the long term is one of the most effective ways to build wealth.

构建投资组合的目标不是创造最高回报，而是让你在最艰难的环境中也能活下来，然后自然地增长。

The goal of a portfolio is not to create the highest return, but to survive the toughest environments so you can grow naturally.

从错误中学习比从成功中学习重要得多。成功可能只是运气，但错误往往指向了系统的缺陷。

Learning from mistakes is far more important than learning from successes. Success may just be luck, but mistakes usually point to systemic flaws.

在投资中，防御性比进攻性重要得多。只要你不亏大钱，复利自然会帮你完成剩下的工作。

The most important thing is to avoid losers, not to find winners.