永远不要涉水过一条平均深度四英尺的河。

Never cross a river if it is on average four feet deep.

当别人都认为某种东西有风险时，他们的不愿购买反而把价格压到了几乎没有风险的水平。

When everyone believes something is risky, their unwillingness to buy usually reduces its price to the point where it is not risky at all.

防御型投资者的最佳武器不是深入的研究——而是承认自己没有深入研究的能力。

The defensive investor's best weapon is not deep research — it's admitting the inability to do deep research.

风险不是波动性，风险是永久性损失的可能性。