不要用借来的钱投资。杠杆是唯一能让一个正确的判断变成一个灾难的东西——因为它会在你坚持到黎明之前就让你死在黑暗里。

Never invest with borrowed money. Leverage is the only thing that can turn a correct judgment into a disaster — because it can kill you in the dark before you make it to dawn.

我们从来不试图成为非常聪明的人，而是持续地试图别变成蠢货，久而久之，我们这种人便能获得非常大的优势。

It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

当潮水退去，才知道谁在裸泳。

Only when the tide goes out do you discover who's been swimming naked.

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.