流动性不是免费的——当你想卖的时候，别人也想卖。

Liquidity is not free. When you want to sell, everyone else wants to sell too.

我刚入行时听到的第一句话就是：牛市赚钱，熊市赚钱，只有猪被宰。我告诉你，我就是一头猪。我坚信，获得长期超额回报的唯一方式就是做一头猪。

The first thing I heard when I got in the business — not from my mentor — was, 'Bulls make money, bears make money, and pigs get slaughtered.' I'm here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig.

在桥水我们不做“这事不可能出错“的假设。我们做“如果它出错了我们会怎么发现它“的假设。

At Bridgewater we don't assume 'this can't go wrong.' We assume 'if it goes wrong, how will we find out?'

投资的终极目标不是追求高回报，而是追求非对称回报——在市场上涨时充分参与，在市场下跌时尽量回避。

The ultimate goal isn't high return; it's asymmetric return — full participation on the upside, minimal exposure on the downside.