过去的投资记录，无论多么辉煌，都不能保证未来的表现。尤其是在市场风格切换时，历史收益往往是最危险的陷阱。

The fact that a security has risen in price or has paid a large dividend is not evidence of its investment merit.

我们永远无法精确知道风险在哪，但我们可以知道什么时候风险'不值那个价'——然后站在一旁什么都不做。

We can never know exactly where risks lie, but we can know when risks aren't being priced properly — and then stand aside and do nothing.

永远不要投资你看不懂的生意。

Never invest in a business you cannot understand.

在股票市场上，最重要的不是你赚了多少，而是你活了下来。

In the stock market, the most important thing is not how much you made, but that you survived.