成功的投资者是那些能够在黑天鹅事件中幸存的人。

Successful investors are those who can survive black swan events.

费用是投资收益的隐形杀手。你在基金上支付的成本，最终都是从你自己的口袋里掏出来的。

The magic of compounding returns is overwhelmed by the tyranny of compounding costs.

我职业生涯中见过的最严重的投资损失——不是来自买入了错误的资产而是来自在正确的资产上用了过高的杠杆然后被迫在错误的时间卖出。

The worst investment losses I've seen in my career didn't come from buying the wrong asset — they came from using too much leverage on the right asset and being forced to sell at the wrong time.

在投资中，重要的是不要被黑天鹅事件摧毁。

In investing, what matters is not to be destroyed by black swan events.