你不必在每场游戏中都参与。事实上，只参与那些你明显有优势的游戏，是长期获胜的唯一途径。

You don't have to play every game. In fact, only playing the games where you have a clear edge is the only path to long-term victory.

投资的诀窍是不要亏钱。

The investment trick is not to lose money.

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?'

分散持有大量便宜股票，是对自己无知的最好保护。

We diversify because we are not smart enough to know which one will work.