要获得卓越的长期回报，靠的是保住本金，再抓住几次全垒打。

The way to build superior long-term returns is through preservation of capital and home runs.

一个好的投资组合应该有大约15个不相关的回报流。当一些在亏钱的时候，另一些在赚钱——这就是免费的午餐。

A good portfolio should have about 15 uncorrelated return streams. When some are losing money, others are making money — that's the free lunch.

如果你不能简单解释你的投资，那么你可能不理解它。

If you can't explain it simply, you don't understand it well enough.

分散很重要，因为我们根本不知道自己在做什么。

Diversification is important because we don't know what we're doing.