我见过的最危险的毒品是海洛因，第二危险的是肾上腺素。

Heroin is the most dangerous drug, but the second most dangerous is adrenaline.

金融服务业每年从美国投资者口袋里拿走了大约5000亿美元——这不是服务的价格而是财富转移的规模。

The financial services industry takes roughly 500 billion dollars from American investors' pockets every year — that's not the price of service, that's the scale of wealth transfer.

成功的交易需要耐心、勇气和纪律。

Successful trading requires patience, courage, and discipline.

在商业世界里，我最惊讶的发现，是一种我称之为'机构惯性'的超级力量——它驱使管理层去模仿同行的行为，不管多么愚蠢。在抗拒机构惯性时，我的失败率比在收购好公司时还高。

My most surprising discovery: the overwhelming importance in business of an unseen force that we might call 'the institutional imperative.' In business, the institutional imperative drives managers to mindlessly imitate the behavior of their peers, no matter how foolish it may be. I have been more wrong about resisting the institutional imperative than I have been about buying good businesses.