投资者的主要问题——甚至可以说是最大的敌人——很可能就是他自己。

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

保住本金不是保守，而是理性的起点。没有本金，就没有下一次机会。永远先问“我会亏多少”，再问“我能赚多少”。

Preserving capital isn't being conservative; it's the starting point of reason. Without capital there's no next opportunity. Always ask 'how much can I lose' before 'how much can I make'.

成功的投资秘诀精炼成四个字安全边际。

The secret of successful investing can be condensed into four words: margin of safety.

影响合理决策的两个最大障碍是你的自我意识和思维盲点——它们让你看不到自己的弱点，也看不到更好的答案。

The two biggest barriers to good decision-making are your ego and your blind spots. Together, they make it hard for you to objectively see what is true about you and your circumstances and to make the best possible decisions.