安全边际让投资从一种预测游戏变成一种风险管理活动。

A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility.

在股市上，一鸟在手胜过两鸟在林。

A bird in the hand is worth two in the bush.

多元化可以使你的投资组合取得更好的表现——这是一份免费午餐。

Diversification can improve portfolio performance — it's a free lunch.

我职业生涯中见过的最严重的投资损失——不是来自买入了错误的资产而是来自在正确的资产上用了过高的杠杆然后被迫在错误的时间卖出。

The worst investment losses I've seen in my career didn't come from buying the wrong asset — they came from using too much leverage on the right asset and being forced to sell at the wrong time.