投资的核心是理解风险与回报的关系。

The core of investing is understanding the relationship between risk and return.

风险不是股票的波动性，而是损失本金的可能性。

Risk is not the volatility of a stock, but the possibility of permanent loss of capital.

不要拿你拥有和需要的东西，去换你不需要和不想要的东西。

Don't risk what you have and need for what you don't have and don't need.

检验一个人的人品不是看他在顺境中怎么做，而是看他在压力下怎么做。这一样适用于检验一家公司的管理层。

The test of a person's character is not how they act in good times, but how they act under pressure. The same goes for testing a company's management.