在投资中，你得到的是你没有付出的代价。

In investing, you get what you don't pay for.

安全边际让投资从一种预测游戏变成一种风险管理活动。

A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility.

宏观经济无法被可靠预测，靠猜GDP、利率或指数点位赚钱，长期看是徒劳的。把精力放在你能判断的微观价值上。

The macro economy can't be reliably forecast. Trying to profit from guesses about GDP, rates or index levels is futile over time. Spend your energy on micro value you can judge.

在投资中，简单是最好的策略。

In investing, simplicity is the best strategy.