投资中最大的敌人是时间带来的浮躁。你越着急，就越容易做出糟糕的决定，然后因为糟糕的决定更加着急。

The biggest enemy of any investor is the impulse to do something.

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.

如果你想变得聪明，你需要的不是增加智商——而是系统地减少你做蠢事的频率。

If you want to be smart, what you need is not to increase your IQ — but to systematically reduce how often you do stupid things.

当事实发生变化，我改变主意。你呢，先生？

When the facts change, I change my mind. What do you do, sir?