市場是一個永遠(yuǎn)在不可持續(xù)的樂觀（使股票過于昂貴）和不合理的悲觀（使股票過于便宜）之間搖擺的鐘擺。聰明的投資者是現(xiàn)實主義者，他們向樂觀主義者出售并從悲觀主義者那里購買。
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.
學(xué)問的道理沒有別的，就是找回那喪失了的善心罷了。