1. 经验显示，市场自己会说话，市场永远是对的，凡是轻视市场能力的人，终究会吃亏的！

1. Experience shows that the market speaks for itself, and the market is always right. Anyone who belittles the market's capabilities will eventually suffer losses!

2. 如果市场总是有效的，我只会成为一个在大街上手拎马口铁罐的流浪汉。

2. If the market is always efficient, I would only become a tramp on the streets, carrying a tin can in my hand.

3. 不要费尽心思去抄底和逃顶，顶部和底部是自然形成的，不是人为设定的，能够吃到中间一段已经算是成功。

3. Do not strain yourself trying to buy at the bottom and sell at the top. The tops and bottoms are naturally formed, not artificially set. Being able to capture the middle segment already counts as a success.

4. 不要相信各种理论。多少世纪以前，人们听到公鸡叫后太阳升起，于是认为太阳之所以升起是由于公鸡打鸣。今天，鸡叫如故。但是每天为解释股市上涨的原因及华尔街产生影响的新论点，却总让人困惑不已。比如：某一会议赢得大酒杯奖啦，日本人不高兴啦，某种趋势线被阻断啦，"每当我听到此类理论。我总是想起那打鸣的公鸡"。

4. Do not believe in various theories. Centuries ago, people heard the rooster crow and saw the sun rise, and thus believed that the sun rose because of the rooster's crowing. Today, the rooster still crows as it did before. However, every day, there are always confusing new theories explaining the reasons for the stock market's rise and the new arguments that have an impact on Wall Street. For example: some conference won a big cup award, the Japanese are not happy, some trend line was blocked, "Every time I hear such theories, I always think of the crowing rooster."

5. 仅交易活跃的股票，避免介入那些运动缓慢，成交稀少的股票！

5. Trade only actively traded stocks and avoid getting involved with those that move slowly and have sparse trading volumes!

6. 持有股票就像养育孩子，不要超出力所能及的范围。业余选段人大概有时间追踪8～12家公司。不要同时拥有5种以上的股票。

6. Holding stocks is like raising a child; do not exceed what you are capable of. An amateur investor may have the time to track 8 to 12 companies. Do not simultaneously hold more than 5 stocks.

7. 不要懵懵懂懂的随意买股票，要在投资前扎实的做一些功课，才能成功！——[美国]威廉欧奈尔

7. Do not buy stocks in a confused and arbitrary manner; you must do some solid research before investing to ensure success! - [United States] William O'Neil

8. 现在回过头来看，“十倍基”的短期排名并不靠前，但它们在牛市里能跟得上市场上涨，在熊市里能较小控制回撤，积小胜为大胜，最终才在投资长跑中获胜。

8. Looking back now, the short-term rankings of the "tenfold base" were not among the top, but they were able to keep pace with the market's rise during bull markets and control drawdowns to a lesser extent during bear markets. By accumulating small victories into big ones, they eventually won in the long-distance race of investment.

9. 投资者从别人的错误中赚钱，从自己的错误中赔钱。

9. Investors make money from others' mistakes and lose money from their own mistakes.

10. 必须要忍受偏离你的指导方针的诱惑：如果你不愿意拥有一家公司十年，那就不要考虑拥有它十分钟。

10. You must endure the temptation to deviate from your guiding principles: if you are not willing to own a company for ten years, then don't consider owning it for ten minutes.

11. 股市下跌时成交量可以不用放大，股市上长是成交量必须放大。

11. When the stock market falls, it is not necessary for trading volume to increase. However, when the stock market is on a long-term uptrend, trading volume must increase.

12. 如果你有买股票的肚量，但却没有时间也不想做家庭作业，你就投资证券互助基金好了。当然，这也要分散投资。你应该买几只不同的基金，它们的经理追求不同的投资风格：价值型、小型公司、大型公司等。投资六只相同风格的基金不叫分散投资。

12. If you have the stomach for buying stocks but don't have the time or don't want to do homework, you should invest in a mutual fund. Of course, this also requires diversification. You should buy several different funds, each with a manager pursuing a different investment style: value, small-cap, large-cap, etc. Investing in six funds with the same style does not constitute diversification.

13. 眼睛仅盯在自己小口袋的是小商人，眼光放在世界大市场的是大商人。同样是商人，眼光不同，境界不同，结果也不同。——李嘉诚

13. Those who focus only on their own small pockets are small merchants, while those who have their sights set on the vast global market are great merchants. The same being merchants, the difference in vision leads to different levels and outcomes. — Li Ka-shing

14. 巨大的市场波动率带来的另一个副产品，是投资者对于收益不切实际的预期。可能每天10%的涨幅才能满足部分投资者那挑剔的胃口。

14. Another byproduct of the high market volatility is the unrealistic expectations of investors for returns. Perhaps a daily increase of 10% might satisfy the picky appetites of some investors.

15. 景顺长城环保优势基金成立于2016年03月15日，杨锐文自成立日开始管理本基金，本基金2016315-

15. The CSI Long River Environmental Fund was established on March 15, 2016, and Yang Ruwen has been managing this fund since its inception. This fund is identified as 2016315-.

16. 得心应手时，不可得意忘形；老手多等到，新手多无奈。

16. When things are going smoothly, one should not get overconfident; veterans often wait longer, while beginners often feel helpless.

17. 对于此方面知识的补充可在霍华德马斯克的知识体系中予以借鉴。

17. For the supplement of this knowledge, it can be referred to Howard Musk's knowledge system.

18. 不过，仔细研究这些十倍基，会发现他们的年化收益率可能并不如你想象中的那样突出，约莫处于14%-25%之间。可是要知道，股神巴菲特的传奇投资生涯里，年化收益率也就是20%出头啊。

18. However, upon careful study of these tenfold bases, it will be found that their annualized return rates may not be as outstanding as you might imagine, hovering around 14%-25%. But keep in mind that during the legendary investment career of Warren Buffett, the Oracle of Omaha, the annualized return rate was only slightly over 20%.

19. 同时由于此君对于风险的理解与把控高人一筹，能够帮助投资新手突破投资中的误区。

19. Moreover, due to his superior understanding and control of risks, he can help investment novices break through the misconceptions in investment.

20. 当你持有好公司股票时，时间站在你这一边，你要有耐心即使你在头5年中错过了沃尔玛特股票，但在下一个5年它仍是大赢家。

20. When you hold stocks of good companies, time is on your side. Be patient, even if you miss out on the Walmart stock in the first 5 years, it is still a big winner in the next 5 years.

21. 学习这些经典而伟大书籍能够让我们更好地理解劳动、资本、土地以及劳动工资、资本得利、土地地租所组成的市场。

21. Studying these classic and great books can enable us to better understand the market composed of labor, capital, land, as well as labor wages, capital profits, and land rent.

22. 购买股票的最佳时段是在股市崩溃或股价出现暴跌时。

22. The best time to buy stocks is during market crashes or when stock prices experience a sharp decline.

23. 因此本人建议此门学科可与古典经济学一起学习相互印证，这会让我们更好地理解资本市场。

23. Therefore, I suggest that this discipline should be studied in conjunction with classical economics, which will allow us to better understand the capital market.

24. 笑在最后才笑得最好，盈利与否最终结算时见分晓。

24. Laughter is the best at the end, and whether there is a profit or not will be clear at the final settlement.

25. 在过去70多年历史上发生的40次股市暴跌中，即使其中39次我提前预测到，而且在暴跌前卖掉了所有的股票，我最后也会后悔万分。因为即使是跌幅最大的那次股灾，股价最终也涨回来了，而且涨得更高。

25. In the 40 stock market crashes that have occurred over the past 70-plus years, even if I had predicted 39 of them and sold off all my stocks before the crashes, I would still be extremely remorseful in the end. Because even in the worst of the stock market disasters where the price fell the most, the stock prices eventually rebounded and reached even higher levels.

26. 切记利润的来源绝对不是美好的愿望，而是顺应市场！

26. Always remember that the source of profits is not absolute good wishes, but to adapt to the market!

27. 一位所有者或投资者，如果尽量把他自己和那些管理着好业务的经理人结合在一起，也能成就伟业。

27. An owner or investor, if he tries to combine himself with those managers who are running good businesses, can also achieve great things.

28. 股市下跌就象科罗拉多一月的暴风雪一样平常，如果你有准备，它并不能伤害你。下跌正是好机会，去捡那些慌忙逃离风暴的投资者丢下的廉价货。

28. A stock market downturn is as common as a blizzard in Colorado in January. If you're prepared, it can't harm you. A downturn is actually a great opportunity to pick up cheap goods left behind by investors who are in a hurry to flee the storm.

29. 拥有一颗钻石的一部分，也要比完全拥有一块莱茵石好得多。

29. Having a part of a diamond is far better than having the whole of a rhinestone.

30. 杨锐文于2014年10月25日开始管理景顺长城优选混合基金，本基金2010-2019年、2020上半年的收益率/同期业绩比较基准分别为-109%、770%，-1982%、-1876%，1429%、307%，3969%、-104%，940%、3995%，6102%、2058%，-828%、-990%，2772%、643%，-1964%、-2085%，4703%、2766%，2196%、395%。本基金的晨星风险评级为中高风险，适合激进型、积极型投资者。

30. Yang Ruwen began managing the Jinshun Changcheng优选 Mixed Fund on October 25, 2014. The fund's yield/performance against the benchmark for the years 2010-2019 and the first half of 2020 were -109%, 770%, -1982%, -1876%, 1429%, 307%, 3969%, -104%, 940%, 3995%, 6102%, 2058%, -828%, -990%, 2772%, 643%, -1964%, -2085%, 4703%, 2766%, 2196%, 395%, respectively. The Morningstar risk rating of this fund is medium to high risk, suitable for aggressive and active investors.

31. 投资股市绝不是为了赚一次钱，而是要持续赚钱。如果想靠一博而发财，你大可离开股市，去赌场好了。

31. Investing in the stock market is not about making a profit just once, but about making continuous profits. If you are looking to get rich by taking a chance, you might as well leave the stock market and go to the casino.

32. 彼得林奇的书籍和理念是最适合投资入门者进行学习的，深入浅出并配有许多实例。

32. Peter Lynch's books and ideas are the most suitable for beginners to learn investment, being both in-depth and straightforward with numerous examples.

33. 投资并非一个智商为的人就一定能击败智商为的人的游戏。

33. Investment is not a game where a person with an IQ of X is sure to beat a person with an IQ of Y.

34. 就成长为“十倍基”。现任基金经理刘彦春是景顺长城新一代明星基金经理代表，致力于寻找高投入资本产出、高成长潜力的优秀公司长期投资。自2018年2月10日接手管理景顺长城内需增长以来，刘彦春任职回报为14214%，同期业绩比较基准增长率为2168%，景顺长城内需增长在上一轮牛市过后净值更上一层楼，成长为一只“二十倍基”。（数据来源银河证券、Wind，截至2020年8月31日）

34. As a "Tenfold Fund." The current fund manager, Liu Yan春, is a representative of the new generation of star fund managers at Jhengshun Changcheng, dedicated to finding excellent companies with high capital investment returns and high growth potential for long-term investment. Since taking over the management of Jhengshun Changcheng's Internal Demand Growth on February 10, 2018, Liu Yan春's tenure return has reached 14,214%, while the performance benchmark growth rate during the same period was 2,168%. After the last bull market, the net value of Jhengshun Changcheng's Internal Demand Growth has soared even higher, growing into a "Twentyfold Fund". (Data source: Galaxy Securities, Wind, as of August 31, 2020)

35. 你了解的细节越多，你对公司的分析就越透彻。

35. The more details you know, the more in-depth your analysis of the company will be.

36. 也正是他们不理智，不善于控制情绪，才让我们有低吸高抛的机会，才会有市场周期的存在。

36. It is precisely because they are irrational and not good at controlling their emotions that we have the opportunity to buy low and sell high, and it is the existence of market cycles.

37. 打造一只“十倍基”需要很长时间，这就要求基金管理人拥有一支实力雄厚、投资理念能够传承的投研团队。这样在时间的洗礼中，产品的每一位历任基金经理都能延续优秀的主动管理能力，带领基金净值曲线持续向上。纵观市场上的十倍基，基本都是主动权益型基金，而买主动基金就是买基金经理，需要选择主动管理能力优秀、投资风格稳健的基金经理。优秀的基金经理拥有持续赚取超额收益的能力，中长期业绩出色。因此选基金要看其三年、五年甚至更长时间内的表现。

37. Building a "Tenfold Base" fund requires a considerable amount of time, which demands that the fund manager have a strong and experienced investment research team with an investment philosophy that can be passed on. This way, in the test of time, each former fund manager of the product can maintain excellent active management capabilities and lead the fund's net value curve to continue rising. Looking at the tenfold base funds in the market, most are active equity funds, and buying an active fund is essentially buying the fund manager. It is necessary to choose a fund manager with excellent active management capabilities and a stable investment style. Outstanding fund managers have the ability to consistently generate excess returns, with impressive long-term and medium-term performance. Therefore, when selecting a fund, one should look at its performance over a period of three, five years, or even longer.

38. 价格是你所付出去的，价值是你所得到的，评估一家企业的价值部分是艺术部分是科学。

38. Price is what you pay, value is what you get; assessing the value of a company is partly an art and partly a science.

39. 没有人能预测利率、经济或股市未来的走向，抛开这样的预测，注意观察你已投资的公司究竟在发生什么事。

39. No one can predict the future trends of interest rates, the economy, or the stock market. Disregard such predictions and pay attention to what is actually happening within the companies you have invested in.

40. 在全国的每一行业和地区，仔细观察的业余投资者都可以在职业投资者之前发现有增长前景的公司。

40. In every industry and region across the nation, careful amateur investors can identify companies with growth prospects before professional investors.

41. 关注一定数量的企业，并把自己的交易限制在这些股票上面，是一种很好的策略。每买进一种股票，你应当对这个行业以及该公司在其中的地位有所了解，对它在经济萧条时的应对、影响收益的因素都要有所了解。

41. Focusing on a certain number of companies and limiting your trades to these stocks is a good strategy. With each stock you buy, you should have an understanding of the industry and the company's position within it, as well as its response to economic downturns and the factors that affect its earnings.

42. 我们也会有恐惧和贪婪，只不过在别人贪婪的时候我们恐惧，在别人恐惧的时候我们贪婪。

42. We also have fear and greed, but it's just that when others are greedy, we are fearful, and when others are fearful, we are greedy.

43. 重复的犯一个错误，这可能是最让人沮丧的经历了。

43. Repeating the same mistake can be one of the most frustrating experiences.