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.

抽象允许一种自由，而具象有时无法做到。

唯一真正的发现之旅不在于寻找新的风景，而在于拥有新的眼光。

The past is a foreign country; they do things differently there.