金融创新就像炼金术，它声称能将风险消失，但实际上只是将风险转移和隐藏。

Financial innovation is like alchemy; it claims to make risk disappear, but actually only transfers and conceals it.

投资的本质是在不确定中寻找安全边际——用折扣价买好东西，给自己留犯错的空间。

The margin of safety is the difference between the intrinsic value and the price. It exists to protect us against errors in our analysis.

你不能预测未来，但你可以为未来做准备。我不需要知道暴风雨何时来，我只需要确保我的船能承受任何风浪。

You can't predict the future, but you can prepare for it. I don't need to know when the storm is coming. I just need to make sure my ship can weather any storm.

巴菲特说过，他有很多很厉害的朋友最后都破产了，原因就是因为用了margin。margin有点像毒瘾，戒掉不容易。

Buffett said many of his very capable friends eventually went bankrupt, all because of using margin. Margin is a bit like an addiction — not easy to quit.