防御型投资者的最佳武器不是深入的研究——而是承认自己没有深入研究的能力。

The defensive investor's best weapon is not deep research — it's admitting the inability to do deep research.

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.

投资者最大的敌人不是市场，而是他自己。

An investor's greatest enemy is not the market — it is himself.

我从来不羡慕任何人，因为我知道他们的痛苦。

I never envy anyone, because I know their pain.