巴菲特说过，他有很多很厉害的朋友最后都破产了，原因就是因为用了margin。margin有点像毒瘾，戒掉不容易。

Buffett said many of his very capable friends eventually went bankrupt, all because of using margin. Margin is a bit like an addiction — not easy to quit.

你必须接受不确定性——投资本质上是对不确定未来的下注。

You must accept uncertainty—investing is essentially betting on an uncertain future.

安全边际是投资中唯一真正的护城河。

Margin of safety is the central concept of investment.

风险不是股票的波动性，而是损失本金的可能性。

Risk is not the volatility of a stock, but the possibility of permanent loss of capital.