投资中最危险的一句话就是'这次不一样'——这四个字摧毁的财富比任何市场崩盘都多。

The most dangerous words in investing are 'this time is different.' These four words have destroyed more wealth than any market crash.

如果你买入你认为自己理解的公司，那么大部分风险就已经消失了。

If you buy companies you understand, most of the risk disappears.

多数投资者只盯着能赚多少的回报，却很少关注风险。

Most investors are primarily oriented toward return, how much they can make, and pay little attention to risk.

投资的终极目标不是追求高回报，而是追求非对称回报——在市场上涨时充分参与，在市场下跌时尽量回避。

The ultimate goal isn't high return; it's asymmetric return — full participation on the upside, minimal exposure on the downside.