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.

利润总是能自己照顾自己，而亏损永远不会自动了结。

Profits always take care of themselves but losses never do.

股市下跌和经济衰退都会发生；若你不懂这点，就还没准备好在市场中获利。

You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, and you won't do well in the markets.

将投资视为一种概率游戏而非确定性游戏。你不需要每次都对，你只需要在概率站在你这边时下重注。

View investing as a game of probabilities, not certainties. You don't need to be right every time; you just need to bet heavily when the odds are in your favor.