大多数投资者最大的错误在于把价格当作价值的指标，而不是利用价格偏离价值的机会。

The prevailing view is that the market is efficient. I disagree. The market is often inefficient, and it is the exploitation of these inefficiencies that provides the returns.

第一层思维说'前景好，买'；第二层思维说'大家都觉得好，股价已高，卖'。

First-level thinking says 'it's a good company, buy.' Second-level thinking says 'everyone thinks it's great, so it's overpriced, sell.'

泡沫不是由估值驱动的，而是由叙事驱动的。

Bubbles are not driven by valuations but by narratives.

第二层思考者要问的不是'这是一家好公司吗？'而是'这家好公司的股价是否已经充分反映了它的优秀？'

Second-level thinking is deep, complex and convoluted.