The key to investing is to have a margin of safety.
投资的关键是拥有安全边际。
"Reading is the most powerful tool we have."
"What's terrible is to pretend that second-rate is first-rate. To pretend that you don't need love when you do; or you like your work when you know quite well you're capable of better."
When you start with a new team, you start from zero. No matter what you achieved in the past.
资本资产定价模型并非旨在成为资本市场的实证均衡理论，而是一种规范性理论，描述如果投资者以某种方式行事，价格应如何表现。