在过去的几十年里我在完全不懂的行业里赚的钱比在我自认为懂的行业里赚得还要多——因为不懂的时候我会更谨慎。

Over the decades I've made more money in industries I knew nothing about than in ones I thought I understood — because not knowing made me more cautious.

远比试图预测市场时机更有效的方法是，找到被低估的好公司。

Far more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves.

也许我们永远不知道我们明天会去哪里，但我们必须非常清楚我们现在在哪里。知道你在周期中的位置，比预测下一阶段什么时候到来重要得多。

We may never know where we're going tomorrow, but we must be crystal clear about where we are now. Knowing your position in the cycle is far more important than predicting when the next phase will arrive.

历史不会简单地重复，但人性会——投资中最可靠的规律就是人会一再犯同样的错误。

History doesn't repeat itself, but human nature does. The most reliable pattern in investing is that people make the same mistakes over and over.