牛市是普通投资者亏损的主要原因。

Bull markets are the main cause of ordinary investors' losses.

价值投资在根本上就是逆向主义——你要愿意与人群为敌。

Value investing is at root the practice of contrarianism.

如果你用10分钟研究一只股票，你会比90%的投资者做得更好——因为大多数人连10分钟都不愿意花。

If you spend 10 minutes researching a stock, you'll do better than 90% of investors — because most people won't even spend 10 minutes.

市场先生每天都来报价，但他情绪极不稳定——你可以利用他，但不要被他指导。

Mr. Market is there to serve you, not to guide you.