止损是投机事业的核心。

Cut your losses quickly.

构建投资组合的目标不是创造最高回报，而是让你在最艰难的环境中也能活下来，然后自然地增长。

The goal of a portfolio is not to create the highest return, but to survive the toughest environments so you can grow naturally.

杠铃策略：把大部分钱放最安全处，小部分用于高不对称的赌注。

Barbell strategy: put most capital in safe assets, a little in high-asymmetry bets.

我宁愿因为过于谨慎而错失机会，也不愿因为莽撞而亏钱。

I would rather miss opportunities from caution than lose money from recklessness.