宏观是我们必须接受的，微观才是我们能有所作为的。

Macro is what we must accept, micro is what we can do something about.

我们可能永远不知道要去哪里，但最好知道我们现在在哪里。

We may never know where we're going, but we'd better know where we are.

大多数人犯的最大错误，是把过去当成未来的指南——但市场是一个不断自我进化的系统。

The biggest mistake most people make is using the past as a guide to the future — but the market is a constantly evolving system.

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.