作为投资者，你必须应对两种风险：亏损的风险和错失机会的风险。一个好的投资者的工作就是平衡这两者⋯⋯我认为，宁可早些变得谨慎也不要晚了⋯⋯在人们看不到会导致情况恶化的因素时，风险最大。最终真正伤害我们的总是那些我们不了解的事情。

As an investor, you have to deal with two risks: The risk of losing money, and the risk of missing out on opportunities. It's the job of a good investor to balance the two... I think it's better to turn cautious too soon rather than too late... It's precisely when people can't see what it is that could make things turn down that risk is the highest. It's always the things we don't know about that really bite us in the end. - Howard Marks