心态修炼
关于情绪控制、纪律、理性
共 250 条名言
别人贪婪时我恐惧，别人恐惧时我贪婪。
Be fearful when others are greedy and greedy when others are fearful.
投资者最大的敌人不是股票市场，而是他自己。
The investor's chief problem — and even his worst enemy — is likely to be himself.
股市下跌就像科罗拉多一月的暴风雪一样寻常，如果你有准备，它不会伤害你。
A stock market decline is as routine as a January blizzard in Colorado. If you're prepared, it can't hurt you.
时间是你的朋友，冲动是你的敌人。
Time is your friend; impulse is your enemy.
投资者最大的敌人不是股票市场，而是他自己。
The investor's chief problem — and even his worst enemy — is likely to be himself
我比别人更会赚钱，是因为我更快地承认自己的错误。
I'm only rich because I know when I'm wrong… I basically have survived by recognizing my mistakes
做对的事情，然后把事情做对。
Do the right things, and do things right.
本分和平常心，是投资中最重要的两件事。
Integrity and an ordinary mind are the two most important things in investing.
在投资中，最重要的品质不是智力，而是气质。
The most important quality for an investor is temperament, not intellect.
那些不能控制自己情绪的人，不适合从投资中获利。
Individuals who cannot master their emotions are ill-suited to profit from the investment process.
对待价格波动的正确态度是所有成功投资的试金石。
The correct attitude toward price fluctuations is the touchstone of successful investing.
在股票市场上，最重要的器官是胃而不是脑。
The key organ for investing is the stomach, not the brain.
如果你不感到担忧，你担忧得还不够；如果你过于担忧，你就做不成任何事。
If you're not worried, you need to worry — and if you're worried, you don't need to worry.
耐心是价值投资者最宝贵的资产。
Patience is one of the most valuable assets a value investor can have.
投资者最大的敌人不是市场，而是他自己。
An investor's greatest enemy is not the market — it is himself.
投资成功不靠智商也不靠情商，靠的是时间与纪律。
Investment success does not depend on IQ or EQ — it depends on time and discipline.
投资不是短跑而是马拉松，途中最重要的不是速度而是节奏。
Investing is not a sprint but a marathon; what matters most along the way is not speed but pace.
等待是投资中最难的部分——你必须愿意什么都不做。
Waiting is the hardest part of investing — you have to be willing to do nothing.
在你买入一只股票之后，下跌 50% 的概率其实并不低。
After you buy a stock, the probability of a 50% drop is actually not low.
投资者最常犯的错误是让情绪影响买卖决策。
The most common mistake investors make is letting emotions influence their buy and sell decisions.
在投资中，你只需要等待那个'最甜的好球'再挥棒——你一生中不需要击出很多好球，只需要击出几个。
You don't have to swing at everything — you can wait for your pitch. The trick in investing is to sit on your ass and wait.
如果你发现自己在一个洞里，最重要的事情就是停止挖洞。
The most important thing to do if you find yourself in a hole is to stop digging.
别人同意与否，与你是否正确毫无关系。重要的是你的推理和事实是否正确。
The fact that other people agree or disagree with you doesn't make you right or wrong. Only the facts and your reasoning do.
把问题反过来想，总是反过来想。如果你想知道怎样才能过上悲惨的一生，那很简单：嫉妒、怨恨、不靠谱。
Invert, always invert: If you want to know how to live a miserable life, it's easy — be envious, resentful, and unreliable.
我不和40岁以下的人讨论价值投资——不是因为他们不聪明，而是因为他们还没经历过一轮完整的牛熊。
I don't discuss value investing with anyone under 40 — not because they're not smart, but because they haven't lived through a full cycle.
投资者和投机者之间最根本的区别，在于他们对待市场波动的态度：投资者利用波动，投机者被波动利用。
The fundamental difference between investors and speculators is their attitude toward market fluctuations. The investor uses them; the speculator is used by them.
市场就像一位商业伙伴，他每天都会告诉你一个价格，要么买你的股份，要么卖给你他的股份——你不必每天回应他。
The market is like a business partner who offers you a price every day — you don't have to respond to him every day.
在你买入一只股票之前，先问自己：如果这只股票明天跌了50%，我是会恐慌卖出，还是会加仓？如果答案是前者，那你根本不应该买。
Before buying a stock, ask yourself: if it drops 50% tomorrow, would I sell in panic or buy more? If the answer is the former, you shouldn't buy it at all.
我之所以能赚钱，不是因为我更聪明，而是因为我比别人更早意识到自己错了。
I make money not because I'm smarter, but because I recognize my mistakes earlier than others.
历史不会简单地重复，但人性会——投资中最可靠的规律就是人会一再犯同样的错误。
History doesn't repeat itself, but human nature does. The most reliable pattern in investing is that people make the same mistakes over and over.
如果你的投资让你晚上睡不着觉，那就卖掉一部分，直到你能安然入睡为止。活着比赚更多钱重要。
If your investments keep you up at night, sell enough so you can sleep well. Survival is more important than making more money.
如果你不把自己的想法写下来并在现实中检验，那你只是在和自己下棋——你永远都是赢家，但你永远也赢不了真正的比赛。
If you don't write down your ideas and test them against reality, you're just playing chess against yourself — you'll always win, but you'll never win the real game.
最好的想法往往来自最激烈的辩论。如果你不能容忍别人质疑你的观点，你的观点就不值得被持有。
The best ideas often come from the most heated debates. If you can't tolerate having your ideas challenged, your ideas aren't worth holding.
在所有投资错误中，最大的一个就是让情绪替代理性做出决策——而情绪最危险的时候，恰恰是它感觉最正确的时候。
Of all investment mistakes, the biggest is letting emotion override reason — and emotion is most dangerous when it feels most right.
卓越的投资业绩不是来自'做对了什么了不起的事'，而是来自'没有做那些会让人破产的蠢事'。
Superior investment performance doesn't come from doing brilliant things — it comes from not doing the stupid things that bankrupt people.
如果一家公司你需要每天盯着股价才能安心，那说明你根本不了解这家公司——你对它的信任只是建立在K线图上。
If you need to check a company's stock price every day to feel comfortable, you don't truly understand the company — your trust is built only on a chart.
投资不是关于在市场中'击败别人'，而是关于'不打败自己'。大多数投资者的亏损，都源于自己的频繁交易和追涨杀跌。
Investing is not about beating others in the market, but about not beating yourself. Most investors' losses come from their own frequent trading and emotional decisions.
当市场出现危机、所有人都在恐慌出逃时，关闭你的交易软件。你不需要做什么，你只需要不做什么。
When the market is in crisis and everyone is panicking, close your trading app. You don't need to do anything — you just need to not do anything.
价值投资不是寻找'便宜货'的技术，而是一种全面的人生哲学——它教导你耐心、纪律和独立思考。
Value investing is not a technique for finding bargains — it's a comprehensive philosophy of life that teaches patience, discipline, and independent thinking.
投资中最被低估的品质是'强烈的风险厌恶'——看起来像胆小，实际上正是这种'胆小'保护了你。
The most underrated quality in investing is strong risk aversion — it looks like cowardice, but that very 'cowardice' is what protects you.
大钱不在于买入和卖出，而在于等待。
The big money is not in the buying and selling, but in the waiting.
市场先生是你的仆人，不是你的向导。
Mr. Market is your servant, not your guide.
投资者为防范市场回调所做的准备所损失的钱，比市场回调本身造成的损失还要多。
Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves.
最好的股票可能就是你已经持有的那一只。
The best stock to buy may be the one you already own.
我之所以富有，只是因为我比别人更早知道自己的错误。
I'm only rich because I know when I'm wrong.
如果我做一笔交易，必须先有一个假设，然后市场会告诉我这个假设是对是错。
痛苦+反思=进步。
Pain + Reflection = Progress.
不要担心看起来好不好，要担心是否实现了目标。
Don't worry about looking good; worry about achieving your goals.
有老的投资者，也有胆大的投资者，但没有又老又胆大的投资者。
保守的投资者在晚上睡得着觉。
坚持到底，保持航向。
Stay the course.
投资的终极目标不是赚最多的钱，而是赚足够的钱，同时避免毁灭性的损失。
我们不需要比最聪明的人更聪明，只需要比大多数人更有纪律。
把投资当成一门生意来做，而不是当成一场赌博。
Investment is most intelligent when it is most businesslike.
投资者的主要问题——甚至可以说是最大的敌人——很可能就是他自己。
The investor's chief problem - and even his worst enemy - is likely to be himself.
在投资中，生存下来是第一要务。只有活着，你才能从错误中学习。
投资成功的秘诀是：当市场急跌时，无视恐慌的声音，继续定投。
只要做好少数几件事，就足以成功。关键在于——大多数人都做不到这少数几件事。
You only have to do a very few things right in your life so long as you don't do too many things wrong.
你不需要非凡的智慧，只需要不犯蠢的纪律。
It is not necessary to do extraordinary things to get extraordinary results.
投资者最大的敌人不是股市，而是他自己。
The investor's chief problem — and even his worst enemy — is likely to be himself.
在股市里，耐心是最稀缺的美德。大多数人总是因为过早卖出而错失了最大的涨幅。
The real key to making money in stocks is not to get scared out of them.
市场大幅下跌时，你真正需要做的是重新审视自己持有股票的基本面，而不是整天盯着K线图焦虑。
The key to making money in stocks is not to get scared out of them. Corrections are part of the territory.
我之所以富有，只是因为我知道自己什么时候错了。
I'm only rich because I know when I'm wrong.
一旦我们意识到认知的不完美是人类处境的组成部分，犯错就不再那么羞耻，不改正错误才是。
Once we realize that imperfect understanding is the human condition, there is no shame in being wrong, only in failing to correct our mistakes.
投资中最具破坏性的情感不是恐惧，而是对错失机会的焦虑。
The most destructive emotion in investing is not fear, but the anxiety of missing out on opportunities.
痛苦加反思等于进步。如果你不反思痛苦，它就只是一种折磨。
Pain plus reflection equals progress. If you don't reflect, the pain is just suffering.
如果你不觉得自己在犯错，那你就不够激进；如果你不在不断学习，那你很快就会落后。
If you're not failing, you're not pushing your limits, and if you're not pushing your limits, you're not maximizing your potential.
投资中最简单的事就是什么也不做。投资中最难的事也是什么也不做。
The great thing about indexing is that it works by doing virtually nothing. The great curse is that it works by doing virtually nothing.
停止错误的行为，比发现新的正确行为重要得多。当你发现自己在洞中时，最重要的是停止挖掘。
The most important thing to do if you find yourself in a hole is to stop digging.
如果你想说服别人，诉求于利益比诉求于理性更有效。理解人性是投资中最被低估的技能。
If you want to persuade, appeal to interest, not to reason.
真正的投资者几乎从来不需要被迫卖出他的股票，因此他可以完全忽略市场的短期价格波动。
The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation.
对于价值投资者而言，股价的下跌不是风险——只要企业本身没有恶化，下跌只是给了你以更低价格加仓的机会。
Price fluctuations have only one significant meaning for the true investor: they provide him an opportunity to buy wisely when prices fall sharply.
如果你只是为了一夜暴富而进入股市，你几乎一定会遭受惨重的损失。投资不是赌博，心态决定结局。
The investor who permits himself to be stampeded by unjustified market declines into selling is perversely transforming his basic advantage into a basic disadvantage.
投资中最大的敌人是时间带来的浮躁。你越着急，就越容易做出糟糕的决定，然后因为糟糕的决定更加着急。
The biggest enemy of any investor is the impulse to do something.
从错误中学习比从成功中学习重要得多。成功可能只是运气，但错误往往指向了系统的缺陷。
Learning from mistakes is far more important than learning from successes. Success may just be luck, but mistakes usually point to systemic flaws.
你最大的竞争优势不在于你知道什么，而在于你清楚地知道你不知道什么。承认无知是智慧的开端。
Your greatest competitive advantage lies not in what you know, but in knowing clearly what you don't know. Acknowledging ignorance is the beginning of wisdom.
在投资中，时间是你的朋友，冲动是你的敌人。大多数投资损失不是因为判断错误，而是因为在不该行动的时候行动了。
In investing, time is your friend, impulse is your enemy. Most investment losses come not from bad judgment, but from acting when you shouldn't have acted.
如果你整天盯着市场报价，你几乎一定会做出糟糕的决策。短期的噪音会淹没有价值的长期信号。
If you watch the market tick by tick, you are almost guaranteed to make bad decisions. Short-term noise drowns out valuable long-term signals.
投资成功最重要的不是智商，而是性格——一种让你能够在别人恐慌时不恐慌、在别人贪婪时不贪婪的性格。
The most important quality for investment success is not IQ, but temperament — the ability to not panic when others panic, and not get greedy when others get greedy.
在投资界，耐心不仅是一种美德，更是一种最被低估的竞争优势——当所有人都在追逐热点时，能静下来的人已经赢了一半。
In investing, patience is not just a virtue; it's the most underrated competitive advantage. When everyone is chasing hot trends, the one who can sit still has already won half the battle.
永远不要混淆运气和技能。在牛市中，每只猴子都是股神。只有潮水退去，才能分辨谁穿了泳裤。
Never confuse luck with skill. In a bull market, every monkey is a stock market genius. Only when the tide goes out do you discover who's been swimming naked.
在投资中，最重要的品质不是智力，而是气质。
The most important quality for an investor is temperament, not intellect.
避免嫉妒的最佳方法是让自己值得嫉妒。
The best way to avoid jealousy is to make yourself worthy of it.
人类大脑的报酬系统会让你在正确的时候感觉良好，即使你是错的。
The human brains reward system can make you feel good when you are right even when you are wrong.
你必须学会处理生活中的遗憾，不能让遗憾阻止你做出正确的决定。
You must learn to handle regrets and not let them prevent you from making right decisions.
我认为最危险的偏见是过度自信。
I think the most dangerous bias is overconfidence.
最好的决策往往是那些不需要马上做出决定的决策。
The best decisions are often those that dont need to be made immediately.
当你意识到自己错了的时候，立即承认并纠正。
When you realize you are wrong, admit it immediately and correct.
你不应该为了行动而行动，有时候最好的行动就是不行动。
You should not act just for the sake of acting; sometimes the best action is no action.
投资成功的关键是耐心和纪律，而不是智慧。
The key to investment success is patience and discipline, not intelligence.
投资者应该定期检查他们的投资组合，确保投资目标没有改变。
Investors should regularly review their portfolios to ensure investment objectives have not changed.
投资成功的关键是控制情绪，理性决策。
The key to investment success is controlling emotions and making rational decisions.
投资者应该学会耐心等待，等待合适的价格出现。
Investors should learn to wait patiently for the right price.
如果你在股票下跌时恐慌性地卖出，你就不应该持有股票。
If you panic and sell when stocks fall, you should not own stocks.
如果一只股票让你睡不着觉，就卖掉它。
If a stock keeps you up at night, sell it.
如果你在股票市场上感到恐惧，就退出市场。
If you feel fear in the stock market, get out of the market.
我的成功来自于对错误的快速承认和纠正。
My success comes from quickly acknowledging and correcting mistakes.
我从不固守任何一笔交易，如果市场证明我错了，我会立即退出。
I never cling to any trade; if the market proves me wrong, I exit immediately.
成功的人不是没有失败，而是能够从失败中快速恢复。
Successful people are not those without failures, but those who recover quickly from failures.
我在市场上生存的秘诀是知道自己什么时候是错的。
The secret to my survival in the market is knowing when I am wrong.
当我交易时，我总是假设我是错的。
When I trade, I always assume I am wrong.
我不在乎别人怎么看我，我只在乎我怎么看市场。
I do not care what others think of me; I only care about how I see the market.
如果你发现自己在市场上追涨杀跌，那是你亏钱的捷径。
If you find yourself chasing rises and cutting losses in the market, that is a shortcut to losing money.
最重要的是保持灵活性，随时准备改变观点。
The most important thing is to stay flexible and be ready to change your views.
在市场上，最大的错误是坚持错误。
In the market, the biggest mistake is persisting in errors.
我相信极度求真，极度透明。
I believe in being radically truthful and radically transparent.
大多数人在决策时会受到情绪的影响。
Most people are influenced by emotions when making decisions.
不要把希望和现实混为一谈。
Do not confuse hope with reality.
我相信通过数据和逻辑做决策，而不是通过情绪。
I believe in making decisions through data and logic, not through emotions.
我相信极度开放，同时极度有原则。
I believe in being radically open-minded while being radically principled.
我相信在决策时要保持冷静，不受情绪影响。
I believe in staying calm when making decisions and not being influenced by emotions.
在投资中，过度自信是最大的敌人。
In investing, overconfidence is the biggest enemy.
好的投资需要耐心和纪律。
Good investing requires patience and discipline.
在投资中，情绪是最大的敌人。
In investing, emotions are the biggest enemy.
在投资中，最重要的不是你的看法对不对，而是你知道你可能是错的。
In investing, the most important thing is not whether your view is right, but knowing you might be wrong.
理解心理因素在投资中的作用是至关重要的。
Understanding the role of psychological factors in investing is crucial.
在投资中，最重要的品质是耐心和理性。
In investing, the most important qualities are patience and rationality.
在投资中，你需要知道什么时候应该坚持，什么时候应该放弃。
In investing, you need to know when to persist and when to give up.
在投资中，耐心和纪律是成功的关键。
In investing, patience and discipline are the keys to success.
耐心等待是交易中最重要的品质。
Patience is the most important quality in trading.
不要听别人的建议，坚持自己的判断。
Do not listen to others advice; stick to your own judgment.
在交易中，情绪是最大的敌人。
In trading, emotions are the biggest enemy.
成功的交易者知道什么时候应该休息。
Successful traders know when they should take a break.
不要爱上你的头寸。
Do not fall in love with your positions.
成功的交易需要耐心、勇气和纪律。
Successful trading requires patience, courage, and discipline.
在交易中，不要追求完美，而是追求一致。
In trading, do not pursue perfection, pursue consistency.
不要把运气当作技能。
Do not mistake luck for skill.
在投资中，损失厌恶是理性决策的最大障碍。
In investing, loss aversion is the biggest obstacle to rational decision-making.
投资者应该学会在压力下保持冷静。
Investors should learn to stay calm under pressure.
在投资中，情绪是最大的敌人。
In investing, emotions are the biggest enemy.
在投资中，最重要的品质是耐心和纪律。
In investing, the most important qualities are patience and discipline.
不为清单往往比要做的清单更重要。
A stop-doing list is often more important than a to-do list.
平常心就是回到事物的本质去思考问题。
An ordinary mind means going back to the essence of things when you think.
我们老得太快，聪明得太迟。
We get old too soon and wise too late.
我们需要的是有效的思想，而不是更多的思想。
We need ideas that can be implemented, not just more ideas.
大多数人高估自己在一年内能做到的事，低估自己在十年内能做到的事。
Most people overestimate what they can do in one year and underestimate what they can do in ten years.
有三种东西可以帮我在生活中取得成功：理性、诚实和不断学习。
Three things help me succeed in life: rationality, honesty, and never stop learning.
在你的人生中，你只需要做对几个决定，就能让一切不同。
In your life, you only need to make a few correct decisions to make a big difference.
唯一的成功方法，是先做大量的工作，然后让命运来找你。
The only way to succeed is to do a lot of work, then wait for fate to find you.
我喜欢和聪明的人一起工作，我讨厌和蠢人一起工作。
I like working with smart people; I hate working with stupid people.
嫉妒是七宗罪里最愚蠢的一个，它不会给你带来任何快乐。
Envy is the stupidest of the seven deadly sins; it brings you no pleasure.
不断学习，不断思考，持续地用纪律和耐心来约束自己。
Constant learning, constant thinking, and constant self-discipline.
生活不仅仅是追逐幸福，更是避免愚蠢。
Life is more about avoiding stupidity than seeking happiness.
你的思想会欺骗你，所以对自己的观点保持怀疑。
Your thoughts can deceive you; remain skeptical of your own beliefs.
我从来没见过一个能持续预测市场走势的人。
I have never met anyone who could consistently predict market trends.
投资并不难。难的是它不像看起来那么简单。
Investing is not that hard. The problem is that it is not as simple as it looks.
我见过的最危险的毒品是海洛因，第二危险的是肾上腺素。
Heroin is the most dangerous drug, but the second most dangerous is adrenaline.
如果你能识别出最优秀的几个机会，押上重注就能发财。
If you can identify the few great opportunities, you can bet big and get rich.
我们不追逐平庸的机会，这正是我今天有成就的原因。
We don't chase mediocre opportunities, and that is why we are successful today.
投资的最高境界，就是不做蠢事。
The highest form of investment is to avoid doing stupid things.
避免愚蠢比追求聪明容易得多，回报却大得多。
Avoiding stupidity is much easier than seeking brilliance, and the payoff is much greater.
我从不试图跨过 7 英尺的栅栏，我到处寻找 1 英尺高的机会。
I never try to jump over a 7-foot fence; I look for the 1-foot fences.
聪明的投资人既直面风险也直面机会，从不冒没必要的险。
Smart investors face both risk and opportunity, and never take unnecessary risks.
投资最忌讳的就是被情绪左右。
The most dangerous thing in investing is being controlled by emotions.
没人能完全排除情绪，但能管理好情绪的就是高手。
No one can completely eliminate emotions, but those who manage them are masters.
不要和一头猪摔跤，你只会弄脏自己，而猪乐在其中。
Never wrestle with a pig. You both get dirty, and the pig enjoys it.
把事情简单化——这是查理·芒格一生的信条。
Simplicity is Charlie Munger's lifelong creed.
我宁愿因为太懒而失去机会，也不愿因为太勤快而犯错。
I'd rather miss opportunities from laziness than make mistakes from overactivity.
我从来不羡慕任何人，因为我知道他们的痛苦。
I never envy anyone, because I know their pain.
在近百年的生命里，我从来没见过谁靠嫉妒自己的人生变好。
In nearly a century of life, I have never seen anyone improve their life by envying others.
我宁愿因为过于谨慎而错失机会，也不愿因为莽撞而亏钱。
I would rather miss opportunities from caution than lose money from recklessness.
钱多并不是幸福的根本原因——看看那些因钱而崩溃的家庭。
Money itself is not the root of happiness; look at families broken by money.
在机会面前，果断和谨慎一样重要。
In the face of opportunity, decisiveness is as important as caution.
在投资中，坐得住比什么都重要。
In investing, the ability to sit still is more important than anything.
宏观是我们必须接受的，微观才是我们能有所作为的。
Macro is what we must accept, micro is what we can do something about.
真正的投资者几乎从不被迫卖出，而其他时候他都可以无视市场报价。
The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation.
投资是艺术，不是科学。那些受过严格量化训练的人，在投资上往往有劣势。
Investing is an art, not a science. People who have been trained to rigidly quantify everything have a big disadvantage.
承担风险本身无可指责，但承担了自己都不知道的风险才是问题。
It's not whether you're right or wrong, but how much you make when right and how much you lose when wrong.
如果你在投资中感到乐趣，那你很可能没有赚到钱。好的投资是无聊的。
If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring.
我生来一贫如洗，但决不能死时仍旧贫困潦倒。
I was born into poverty, but I will not die that way.
如果你不觉得去年的自己是个傻瓜，那说明你今年没有学到足够多的东西。
If you don't look back on yourself and think how stupid I was a year ago, then you haven't learned much.
在投资中，做正确的事情和赚钱之间没有必然联系。
There's no necessary connection between being right and making money in investing.
保守型投资者夜夜安枕。
The conservative investor sleeps well.
永远不要在听到好消息时买入，也不要在听到坏消息时卖出。
Never buy on good news and never sell on bad news.
如果你在投资，就要学会耐心。如果你做不到，那就不是投资，只是赌博。
If you are investing, you must learn patience. If you can't, you are not investing — you are gambling.
不要让完美的投资计划成为良好计划的敌人。
Don't let the perfect be the enemy of the good.
你不需要成为每个领域的专家，你只需要在你了解的领域做出正确的判断。
You don't need to be an expert on everything. You just need to be right on the things you know.
如果你一直在学习，你会不断地否定一年前的自己。这就是进步的代价。
If you keep learning, you will constantly repudiate what you thought a year ago. That is the price of progress.
当世界给聪明人发牌时，你最好不是那个最笨的人，而是那个最耐心的人。
When the world deals cards to smart people, you better not be the dumbest but the most patient.
我们所有明智的决策，都是在等待中做出的。
All of our wise decisions were made while waiting.
如果投机者最终都赚不到钱，那投机本身就不会存在了。但事实是所有人都相信自己会是例外。
If all speculators lost money, speculation would disappear. But everyone thinks they will be the exception.
在股市中，重要的不是你知道什么，而是你知道的东西中有多少是正确的。
In the stock market, it's not what you know that matters — it's how much of what you know is actually right.
我之所以富有，只因为我知道自己什么时候会犯错。
I am rich only because I know when I am wrong.
如果你的投资论题没有明确的证伪条件，那它就不是一个论题，只是一个信念。
If your investment thesis has no clear falsification condition, it is not a thesis — it is just a belief.
区分你想要的和你真正需要的，是成熟投资者的标志。
The ability to distinguish between what you want and what you actually need is the hallmark of a mature investor.
如果你不觉得一年前的自己是个傻瓜，你就没有学到足够多的东西。
If you don't look back at yourself a year ago and think you were stupid, you haven't learned enough.
投资者把大部分时间花在担心股价上，而不是去了解他买的那些公司到底在做什么。
Investors spend most of their time worrying about stock prices instead of trying to understand what the companies they own actually do.
金融世界在变得越来越复杂，但智慧的世界在变得越来越简单。
The financial world is getting more complex, but the world of wisdom is getting simpler.
投资者最大的敌人不是无知——无知可以通过学习消除。最大的敌人是以为自己知道但实际上不知道的幻觉。
The investor's greatest enemy is not ignorance — ignorance can be eliminated through learning. The greatest enemy is the illusion of knowledge when you actually don't know.
不投资和投资错误一样都是投资决策。什么都不做——当你找不到好机会时——就是正确的决策。
Not investing is as much an investment decision as investing. Doing nothing — when you cannot find good opportunities — is the right decision.
投资就像种树——最好的时机是二十年前，其次是现在。
The best time to plant a tree was twenty years ago. The second best time is now.
我宁愿大致正确，也不要精确地错误。
I'd rather be approximately right than precisely wrong.
不要用你最宝贵的资产——时间——去换取你不需要的钱。
Don't trade your most valuable asset — time — for money you don't need.
如果你想变得聪明，你需要的不是增加智商——而是系统地减少你做蠢事的频率。
If you want to be smart, what you need is not to increase your IQ — but to systematically reduce how often you do stupid things.
任何比你聪明的想法都应该引起你的极度警惕——尤其是当这个想法是从你自己的脑子里蹦出来的时候。
Any idea that seems smarter than you should make you deeply suspicious — especially when it came from your own head.
在我的一生中我不记得有哪一次我是因为说了“我不知道“而后悔的。但有很多次我因为假装知道而后悔。
In my whole life, I don't recall ever regretting saying 'I don't know.' But I regret many times when I pretended to know.
多学科思维模型比单一模型好十倍——不是因为它更聪明而是因为它更不容易被一门学科的理论骗到。
A multidisciplinary mental model is ten times better than a single model — not because it's smarter, but because it's harder to be fooled by one discipline's theory.
投资者最大的优势不是比别人聪明，而是可以自由地说“这太复杂了我放弃“。
The investor's greatest advantage is not being smarter than others, but the freedom to say 'This is too complicated, I pass.'
防御型投资者的最佳武器不是深入的研究——而是承认自己没有深入研究的能力。
The defensive investor's best weapon is not deep research — it's admitting the inability to do deep research.
在过去的几十年里我在完全不懂的行业里赚的钱比在我自认为懂的行业里赚得还要多——因为不懂的时候我会更谨慎。
Over the decades I've made more money in industries I knew nothing about than in ones I thought I understood — because not knowing made me more cautious.
我买过一百多只股票其中大约十只是真正赚大钱的——这十个大赢家覆盖了其他九十个的亏损还有大量盈余。
I've bought over a hundred stocks in my career. About ten of them made the real money — and those ten winners covered the losses of the other ninety with plenty left over.
在投资中犯错不可怕。可怕的是在犯错之后加重了那个错误的赌注。
Making a mistake in investing is not scary. What's scary is doubling down on that mistake after you've made it.
你的生活质量取决于你做出的决定的质量——而你决定的质取决于你把多少不同的好角度放在桌面上。
The quality of your life depends on the quality of the decisions you make — and the quality of your decisions depends on how many different good perspectives you put on the table.
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.
如果你和一个人共事三年从来没有激烈争吵过——你们中至少有一个人是在假装同意。
If you've worked with someone for three years and never had a heated argument — at least one of you is pretending to agree.
市场不是一台计算器——它是一个由几百万个情绪不稳定的人在相互报价的集合。
The market is not a calculator — it's a collection of millions of emotionally unstable people quoting prices to each other.
没有人会因为承认自己“不知道市场接下来会怎样“而破产。但很多人因为假装知道而破产。
No one has ever gone bankrupt from admitting they don't know what the market will do next. But many have gone bankrupt from pretending they do.
投资者最大的悲剧不是不知道什么是好投资——而是知道什么是好投资但在它最便宜的时候不敢买。
The greatest tragedy for investors isn't not knowing what a good investment is — it's knowing what a good investment is but being too scared to buy it when it's cheapest.
有时候最好的投资行动就是去拜访一次工厂——看看工人脸上有没有笑容。
Sometimes the best investment action is to visit a factory — and see if the workers have smiles on their faces.
投资成功的概率和你做交易的频率成反比。交易越少成功的概率越大。
The probability of investment success is inversely proportional to the frequency of your trading. The fewer trades you make, the higher your probability of success.
过去五十年来我没有见过任何人能持续准确地预测市场——但我见过成千上万的人因为尝试预测市场而赔了钱。
In the past fifty years, I haven't seen anyone who could consistently predict the market accurately — but I've seen thousands who lost money trying.
我一年看盘的次数，大概用手指头数得过来。
I check the market maybe a handful of times a year.
我不预测宏观，宏观太复杂，我也没那个本事。
I don't forecast the macro; it's too complex and beyond my ability.
平常心看待涨跌，涨不喜跌不悲，回到生意本身。
View rises and falls with an ordinary mind—no joy in ups, no sorrow in downs—and return to the business itself.
不要和股票谈恋爱，但要对好生意保持忠诚。
Don't fall in love with a stock, but stay loyal to a good business.
少即是多，少决策、少交易、少焦虑。
Less is more—fewer decisions, fewer trades, less anxiety.
市场的报价是别人的情绪，你可以利用它，但别听它的命令。
The market's quote is someone else's mood; you may use it, but don't take orders from it.
别赚最后一个铜板，留点利润给别人，也留条退路给自己。
Don't grab the last coin; leave some profit for others and an exit for yourself.
频繁交易是焦虑的出口，却是收益的黑洞。
Frequent trading is an outlet for anxiety, yet a black hole for returns.
我们从历史中学到的，就是人们从不吸取历史的教训。
What we learn from history is that people don't learn from history.
预测能告诉你很多关于预测者的事，却对未来的事一无所知。
Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.
股市预测师唯一的价值，就是让算命先生显得靠谱。
The only value of stock forecasters is to make fortune tellers look good.
市场像上帝，只帮助那些自助的人。
The market, like the Lord, helps those who help themselves.
我们从不根据报纸头条做买卖。
We never buy or sell based on newspaper headlines.
伯克希尔的成功，来自我们愿意显得“无聊”。
Berkshire's success comes from our willingness to be boring.
市场是为你服务的，不是来指挥你的。
The market is there to serve you, not to instruct you.
我从小就知道我会富有，所以对挥霍从没兴趣。
I always knew I would be rich, so it never interested me to be extravagant.
市场是在不可持续的乐观与不合理的悲观之间摆动的钟摆。
The market is a pendulum swinging between unsustainable optimism and unjustified pessimism.
民意调查不能替代思考。
A public-opinion poll is no substitute for thought.
持有大量现金却什么都不做，需要的是品格。
It takes character to sit with all that cash and do nothing.
金钱不幸的地方，是它常常让人做蠢事。
The unfortunate thing about money is that it makes people do foolish things.
真正的风险不是股价上上下下，而是你被迫在错误的时点退出。
The real risk is not the stock price bobbing up and down, but being forced to exit at the wrong time.
我不会花一秒钟去预测利率或股市的走向。我甚至不知道下周、下个月、甚至明年股市会怎样。
I dont spend a second trying to predict interest rates or the stock market.
市场波动不是你的敌人，而是你的朋友——前提是你能控制自己不在情绪低落时割肉。
Look at market fluctuations as your friend rather than your enemy.
我这辈子没见过一个不读书的智者。一个都没有。巴菲特读的书之多，我读的书之多，都会让你吃惊。
In my whole life I have known no wise people who didnt read all the time — none zero.
拿到你想要的东西，最可靠的办法，是让自己配得上它。
The safest way to get what you want is to try and deserve what you want.
嫉妒是七宗罪里唯一一个你永远无法从中获得任何乐趣的罪。因为嫉妒别人，你只会痛苦，而别人毫发无伤。
Envy is the only one of the seven deadly sins that is no fun at all.
把市场想象成一个叫市场先生的合伙人。他每天都跑来给你报价，有时兴高采烈地出高价，有时垂头丧气地出低价。
Imagine that in some private business you own a small share. One of your partners named Mr. Market is very obliging indeed.
股市的下跌就像科罗拉多州的暴风雪一样，是不可避免的。如果你准备好了，它们不会伤害你。
Stock market declines are as inevitable as Colorado snowstorms. If you are prepared they cannot hurt you.
我之所以富有，仅仅是因为我知道自己在什么时候错了。我基本上是一个善于认错的人。
I am only rich because I know when I am wrong. I basically have survived by recognizing my mistakes.
一旦我们意识到我们的理解具有固有的不完美性，我们就拥有了真正有用的知识。
Once we realize that our understanding is inherently imperfect we have true knowledge.
重要的不是你判断对的频率有多高，而是你对的时候赚了多少，错的时候亏了多少。
It is not whether you are right or wrong but how much money you make when you are right and how much you lose when you are wrong.
如果我必须用一个词来概括我成功的秘诀，那就是：生存。先确保你能活下来，再谈收益。
If I had to sum up my success in one word it would be: survival.
痛苦+反思=进步。如果你没有感到痛苦，你可能没有在真正的边界上推进自己。
Pain plus reflection equals progress.
比知道自己正确更重要的，是清楚自己在什么情况下会是错的。真理不是一个固定答案，而是一个动态探索过程。
It is more important to know when you are wrong than to know when you are right.
通往幸福生活的第一条规则，就是降低你的期望值。
投资者最主要的问题——甚至是他最大的敌人——很可能就是他自己。
痛苦+反思=进步。
人群集体癫狂抢购时，往往是理性投资者该安静离场的时候；人群绝望抛售时，反而是该出手捡便宜的时机。
When the crowd is maniaically buying is often when the rational investor should quietly step aside; when they despair and sell is when bargains appear.
这个世界不是靠“贪婪”驱动的，而是靠“嫉妒”驱动的。想要别人拥有的东西，是人类痛苦的根源。
The world is not driven by greed. It's driven by envy.