持有现金在市场狂热时让人不安，在市场恐慌时让人安心。

Cash is uncomfortable to hold during market manias, but incredibly comforting during panics.

上涨的股票风险增加而不是减少，下跌的股票风险减少而不是增加。

Rising stocks become riskier, not safer; falling stocks become less risky, not riskier.

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.

避免愚蠢比追求聪明更重要。

It is more important to avoid stupidity than to seek brilliance.