最重要的事情是知道什么时候止损。

The most important thing is knowing when to stop losses.

过度干预往往使系统更加脆弱。

Excessive intervention often makes systems more fragile.

成功的投资在于管理风险，而非回避风险。

Successful investing is about managing risk, not avoiding it.

投资的四个维度是回报、风险、成本和时间。令人惊讶的是，绝大多数投资者只关注第一个维度。

The four dimensions of investing are return, risk, cost, and time. Remarkably, the vast majority of investors focus only on the first one.