持有现金不是缺乏想法，而是等待正确想法的纪律。现金是一种看涨期权——对未来的所有机会。

Holding cash is not a lack of ideas; it is the discipline of waiting for the right idea. Cash is a call option on all future opportunities.

在市场恐慌时，价值投资者应该寻找机会。

When the market panics, value investors should look for opportunities.

在投资中，你必须独立思考，逆向而动。

In investing, you must think independently and act in the opposite direction.

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.