知道自己的'能力圈'有多大比'能力圈'本身有多大要重要的多。

Knowing how big your 'circle of competence' is matters far more than how big it actually is.

止损是投机者的词，价值投资者只在看错生意时离场。

Stop-loss is a speculator's word; value investors exit only when they misjudge the business.

任何人都最好别做空。不喜欢的公司避开就好了，千万不要去做空，因为看错一次会让你难受很久甚至一辈子的。

No one should short sell. If you don't like a company, just avoid it. Never short it, because being wrong just once can make you suffer for a very long time, even a lifetime.

错过一个好机会的代价，远小于犯下一个致命错误的代价。

The cost of missing one good opportunity is far less than the cost of making one fatal mistake.