我一直在寻找某样东西的定价里有没有隐含一个逻辑上的不可能——如果有那我就找到了交易。

I'm always looking for whether the pricing of something contains a logical impossibility — if it does, I've found my trade.

所谓的最佳买入时机——就是所有人都在卖出而你可以用不到其价值一半的价格买到优质资产的时候。但你不知道那个时刻什么时候来所以你现在就要开始攒钱。

The best time to buy is when everyone is selling and you can get quality assets for less than half their value. But you don't know when that moment will come — so start saving now.

投资者应该学会在别人恐惧时买入。

Investors should learn to buy when others are fearful.

第二层次思维是优秀投资者的标志：第一层次看'这是好公司'，第二层次看'市场对这个好公司的定价是否已经过高'。

Second-level thinking is the hallmark of superior investors. First-level says 'this is a good company'; second-level says 'has the market already priced in that goodness?'