分散持有大量便宜股票，是对自己无知的最好保护。

We diversify because we are not smart enough to know which one will work.

想抄底一只下跌的股票，就像想接住一把下落的飞刀。

Trying to catch the bottom on a falling stock is like trying to catch a falling knife.

我们从来不因为宏观经济的预测而买入或卖出一家企业。宏观经济变量太多，没有人能持续预测准确。

We don't buy or sell based on macroeconomic predictions. There are too many variables.

安全边际：用足够大的折扣买入，为判断失误留出缓冲。

Margin of safety: buy with a sufficient discount to allow room for error.