获得令人满意的投资回报，远比追求卓越的投资回报更容易实现，也更可持续。

Satisfactory results are easier to achieve than superior results.

我职业生涯中见过的最严重的投资损失——不是来自买入了错误的资产而是来自在正确的资产上用了过高的杠杆然后被迫在错误的时间卖出。

The worst investment losses I've seen in my career didn't come from buying the wrong asset — they came from using too much leverage on the right asset and being forced to sell at the wrong time.

分析一家公司时不要问“我会赚多少钱”，要问“我会怎么亏钱”。

When analyzing a company, don't ask 'How much will I make?' Ask 'How can I lose money?'

不要在不了解其财务状况的公司上投资。股票中最大的损失，多数来自财务状况不佳的公司。

Don't invest in a company whose finances you don't understand. Most of the big losses in stocks come from companies with poor finances.