如果你能理解到实际上不需要被市场证明对错的时候，你就是价值投资者了。

When you realize that you actually don't need the market to validate whether you're right or wrong, you've become a value investor.

宏观是我们必须接受的，微观才是我们能有所作为的。

Macro is what we must accept, micro is what we can do something about.

市场收益是免费的午餐，但想通过择时来吃得更多，大多数人反而连免费的午餐都丢了。

Market returns are a free lunch, but by trying to time the market to eat more, most people end up losing even the free lunch.

市场不是一台计算器——它是一个由几百万个情绪不稳定的人在相互报价的集合。

The market is not a calculator — it's a collection of millions of emotionally unstable people quoting prices to each other.