如果市场总是有效的，我只会成为一个在大街上手拎马口铁罐的流浪汉。

If the market were always efficient, I'd be a bum on the street with a tin cup.

不要用借来的钱投资。杠杆是唯一能让一个正确的判断变成一个灾难的东西——因为它会在你坚持到黎明之前就让你死在黑暗里。

Never invest with borrowed money. Leverage is the only thing that can turn a correct judgment into a disaster — because it can kill you in the dark before you make it to dawn.

股市短期是投票机，长期是称重器。

In the short run, the market is a voting machine but in the long run, it is a weighing machine.

投资的本质是以低于价值的价格购买证券，这样当价格回归价值时，你就获得了安全边际。

The essence of investing is buying securities at less than their value, so that when the price returns to value, you have a margin of safety.