风险不是波动性，风险是永久性损失的可能性。

最危险的事情是认为没有风险。

The riskiest thing in the world is the belief that there is no risk.

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.

我宁愿大致正确，也不要精确地错误。

I'd rather be approximately right than precisely wrong.