市场是一个永远在不可持续的乐观（使股票过于昂贵）和不合理的悲观（使股票过于便宜）之间摇摆的钟摆。聪明的投资者是现实主义者，他们向乐观主义者出售并从悲观主义者那里购买。
The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
Reality is not something we perceive, but something we create with our stories.
恐惧追随罪行，这是它的惩罚。
最成功的企业是那些能够快速适应变化，同时忠于其核心价值观的企业。