在投资中，要避免那些只有小概率大收益的投资。

In investing, avoid investments with low-probability, high-return profiles.

成功的交易者不是那些预测最准确的人，而是那些风险管理最好的人。

Successful traders are not those who predict most accurately, but those who manage risk best.

安全边际不是精确计算，而是给自己留犯错的空间。

Margin of safety isn't precise calculation; it's leaving room for being wrong.

在所有投资错误中，最大的一个就是让情绪替代理性做出决策——而情绪最危险的时候，恰恰是它感觉最正确的时候。

Of all investment mistakes, the biggest is letting emotion override reason — and emotion is most dangerous when it feels most right.