投资的本质不是管理回报，而是管理风险。回报是风险管理的结果而非目标。

The essence of investing is not return management but risk management. Returns are the result of risk management, not the objective.

好的投资组合就像一个均衡的饮食——你不能只吃牛排也不能只吃沙拉。但大多数人要么全吃牛排要么全吃沙拉。

A good portfolio is like a balanced diet — you can't eat only steak, and you can't eat only salad. But most people either eat all steak or all salad.

与其预测风雨，不如造一艘不怕风雨的船。

Rather than predict the storm, build a boat that fears no storm.

长期来看，人们通过努力“不犯蠢”获得的好处，远比通过努力“变得聪明”获得的好处大得多。