持有大量现金不是保守，而是为机会做好准备。当别人被迫卖出时，手里有现金的人就成了拍卖会上唯一的出价者。

Holding cash in the absence of opportunity is a sound strategy. Cash gives you the ability to buy when others are forced to sell.

成功的交易需要耐心、勇气和资金管理。

Successful trading requires patience, courage, and money management.

风险不是波动率，风险是发生永久性资本损失的可能性。教科书上用标准差衡量风险是完全错误的。

Risk is not volatility. Risk is the probability of permanent capital loss. Using standard deviation to measure risk is fundamentally wrong.

我相信最好的钱是在市场拐点处赚到的。大家都说试图猜顶测底会死得很惨，应该在趋势中段赚钱。然而十二年来，我一直在错过中段行情，却在顶部和底部赚了很多钱。

I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.