投资者最大的敌人不是股市，而是他自己。

The investor's chief problem — and even his worst enemy — is likely to be himself.

市场就像一个巨大的实验室，所有人都在里面做实验，但没有人知道实验的结果——因为实验者本身就在改变结果。

The market is a giant laboratory where everyone is experimenting, but no one knows the outcome — because the experimenters themselves are changing the results.

在投资中，防御性比进攻性重要得多。只要你不亏大钱，复利自然会帮你完成剩下的工作。

The most important thing is to avoid losers, not to find winners.

我们从不根据报纸头条做买卖。

We never buy or sell based on newspaper headlines.