理解风险溢价是理解投资回报的基础。

Understanding risk premium is the foundation of understanding investment returns.

影响合理决策的两个最大障碍是你的自我意识和思维盲点——它们让你看不到自己的弱点，也看不到更好的答案。

The two biggest barriers to good decision-making are your ego and your blind spots. Together, they make it hard for you to objectively see what is true about you and your circumstances and to make the best possible decisions.

如果你发现自己在一个洞里，最重要的事情就是停止挖洞。

The most important thing to do if you find yourself in a hole is to stop digging.

先护住下行，上行自会照顾自己。若一个投资在坏情形下仍能保本，好情形下的收益只是额外的奖赏。

Protect the downside first; the upside will take care of itself. If an investment can preserve capital even in the bad case, the good-case gain is just a bonus.