投资的第一条规则：永远不要亏损；第二条规则：永远不要忘记第一条。

Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.

风吹灭蜡烛，却助长火焰。反脆弱性利用冲击和不确定性。

Wind extinguishes a candle and energizes fire. You want to be the fire and wish for the wind.

作为一个成功的投资者应遵循两个投资原则：一是严禁损失，二是不要忘记第一原则。

The successful investor should follow two principles: first, never lose money; second, never forget the first first principle.

做空比做多难得多，因为你的亏损理论上没有上限，而且市场保持非理性的时间可能比你保持偿付能力的时间更久。但我仍然做空，因为市场有时候就是错的。

Short selling is much harder than going long, because your losses are theoretically unlimited, and the market can stay irrational longer than you can stay solvent. But I still short, because sometimes the market is simply wrong.