持有现金不是缺乏想法，而是等待正确想法的纪律。现金是一种看涨期权——对未来的所有机会。

Holding cash is not a lack of ideas; it is the discipline of waiting for the right idea. Cash is a call option on all future opportunities.

投资的首要原则不是赚钱，而是不要亏钱。所有成功的投资策略都建立在这个基础之上。

The first principle of investing is not to make money, but to avoid losing money.

我刚入行时听到的第一句话就是：牛市赚钱，熊市赚钱，只有猪被宰。我告诉你，我就是一头猪。我坚信，获得长期超额回报的唯一方式就是做一头猪。

The first thing I heard when I got in the business — not from my mentor — was, 'Bulls make money, bears make money, and pigs get slaughtered.' I'm here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig.

你必须学会在不确定性中做出决定，这是投资的本质。

You must learn to make decisions under uncertainty; that is the nature of investing.