整个基金行业的结构性问题在于：基金经理通过管理别人的钱变得富有，而投资者承担了全部的风险和大部分的费用。

The structural problem of the entire fund industry is this: fund managers get rich by managing other people's money, while investors bear all the risk and most of the costs.

风吹灭蜡烛，却助长火焰。反脆弱性利用冲击和不确定性。

Wind extinguishes a candle and energizes fire. You want to be the fire and wish for the wind.

只要做好少数几件事，就足以成功。关键在于——大多数人都做不到这少数几件事。

You only have to do a very few things right in your life so long as you don't do too many things wrong.

过度依赖模型会导致系统性风险。

Over-reliance on models leads to systemic risk.