在桥水我们有一个说法：如果你不介意公开你的错误那你的错误就不会变成秘密——而秘密才是真正能杀死一个组织的东西。

At Bridgewater we have a saying: if you don't mind making your mistakes public, they won't become secrets — and secrets are what truly kill an organization.

投资就是一门先求存、再求胜的生意。

绝不要平摊亏损一定要牢牢记住这个原则。

Never average down a loss. Remember this principle firmly.

持有大量现金不是保守，而是为机会做好准备。当别人被迫卖出时，手里有现金的人就成了拍卖会上唯一的出价者。

Holding cash in the absence of opportunity is a sound strategy. Cash gives you the ability to buy when others are forced to sell.