The market portfolio is efficient if and only if all investors hold mean-variance efficient portfolios.
当且仅当所有投资者都持有均值-方差有效的投资组合时，市场组合才是有效的。
写作的行为是一种记忆的行为。
When you open paint， even a tiny bit， it will always find its way to your clothes no matter how careful you are. Dress accordingly.
当没有人相信你时，你必须相信自己——这会让你成为赢家。
The ideas of economists and political philosophers， both when they are right and when they are wrong， are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men， who believe themselves to be quite exempt from any intellectual influence， are usually the slaves of some defunct economist.
The greatest courage is to love in spite of everything.