当所有人都认为某件事没有风险时，那才是风险最大的时候——因为价格里已经没有任何'恐惧'的折扣了。

When everyone believes something is risk-free, that's when risk is highest — because the price no longer contains any discount for fear.

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?'

理解不同类型风险的特性是资产配置的基础。

Understanding the characteristics of different types of risk is the foundation of asset allocation.

风险和回报的关系比人们想象的要复杂得多。

The relationship between risk and return is much more complex than people think.