安全边际让投资从一种预测游戏变成一种风险管理活动。

A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility.

发现错了马上改，不管多大的代价都是最小的代价。

If you find you've made a mistake, correct it immediately. No matter how big the cost, it will be the smallest cost.

从错误中学习比从成功中学习重要得多。成功可能只是运气，但错误往往指向了系统的缺陷。

Learning from mistakes is far more important than learning from successes. Success may just be luck, but mistakes usually point to systemic flaws.

永远不要涉水过一条平均水深四英尺的河。

Never cross a river if it is on average four feet deep.