投资的精髓不是追求回报，而是避免永久性资本损失。

The essence of investing is not maximizing returns, but avoiding permanent capital loss.

我是一个糟糕的交易员——总是在趋势确认之前进场。但我是一个好投资人——因为砍仓够快。

I'm a lousy trader because I enter before trend confirmation, but a good investor because I cut losses immediately.

所谓的最佳买入时机——就是所有人都在卖出而你可以用不到其价值一半的价格买到优质资产的时候。但你不知道那个时刻什么时候来所以你现在就要开始攒钱。

The best time to buy is when everyone is selling and you can get quality assets for less than half their value. But you don't know when that moment will come — so start saving now.

如果你不感到担忧，你担忧得还不够；如果你过于担忧，你就做不成任何事。

If you're not worried, you need to worry — and if you're worried, you don't need to worry.