当潮水退去，才知道谁在裸泳。

Only when the tide goes out do you discover who's been swimming naked.

安全边际，就是以远低于内在价值的价格买入，为人为错误、坏运气和极端波动留出缓冲。

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.

对待价格波动的态度，是检验一个人究竟是真正的投资者还是投机者的试金石。

The attitude of the investor toward price fluctuations is the true test of whether he is truly an investor or a speculator.

我认为如果你不能接受损失，就不要投资。

I think if you cannot accept losses, you should not invest.