如果你不把自己的想法写下来并在现实中检验，那你只是在和自己下棋——你永远都是赢家，但你永远也赢不了真正的比赛。

If you don't write down your ideas and test them against reality, you're just playing chess against yourself — you'll always win, but you'll never win the real game.

分散投资是降低风险的有效方法，但不应该以牺牲质量为代价。

Diversification is an effective way to reduce risk, but should not come at the expense of quality.

一个好的投资组合应该有大约15个不相关的回报流。当一些在亏钱的时候，另一些在赚钱——这就是免费的午餐。

A good portfolio should have about 15 uncorrelated return streams. When some are losing money, others are making money — that's the free lunch.

我寻找的是极端的失衡，而不是小幅的偏差。

I look for extreme disequilibrium, not small deviations.