过去的投资记录，无论多么辉煌，都不能保证未来的表现。尤其是在市场风格切换时，历史收益往往是最危险的陷阱。

The fact that a security has risen in price or has paid a large dividend is not evidence of its investment merit.

安全边际让投资从一种预测游戏变成一种风险管理活动。

A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility.

投资的本质不是预测未来，而是为不确定的未来做准备。

Investing is the discipline of relative selection. It is about the process of identifying undervalued securities, not forecasting the future.

痛苦+反思=进步。

Pain + Reflection = Progress.