投资不是关于在市场中'击败别人'，而是关于'不打败自己'。大多数投资者的亏损，都源于自己的频繁交易和追涨杀跌。

Investing is not about beating others in the market, but about not beating yourself. Most investors' losses come from their own frequent trading and emotional decisions.

投资的回报来自于经济增长和企业盈利，而不是基金经理的能力。

Investment returns come from economic growth and corporate earnings, not from fund managers abilities.

在一个完全有效的市场中，指数基金是最优选择。

In a perfectly efficient market, index funds are the optimal choice.

我一直在寻找某样东西的定价里有没有隐含一个逻辑上的不可能——如果有那我就找到了交易。

I'm always looking for whether the pricing of something contains a logical impossibility — if it does, I've found my trade.