投资的第一要务，是不要亏钱；第二要务是记住第一条。

The first duty of an investor is not to lose money; the second is to remember the first.

不要把愿望与事实混淆。不要让偏见阻碍你保持客观。想要取得好结果，你需要冷静而不是情绪化。

Don't confuse what you wish were true with what is really true. Don't let biases prevent you from being objective. To get good results, you need to be rational rather than emotional.

金融危机的发生往往是因为人们低估了尾部风险。

Financial crises often occur because people underestimate tail risk.

高风险高回报是个谎言——承担愚蠢的风险才会亏钱。

High risk, high return is a myth—only foolish risks result in losses.