Deterioration of Portfolio Quality via Forced Sales (被迫抛售致使资产恶化)Gresham's Law in Investing (投资界的格雷欣法则)Rear-View Mirror Investing (后视镜投资)Volatility + Leverage = Dynamite (波动率+杠杆=炸药)
Capitulation of the Resistors (抵抗者的投降)Efficient means Speedy, not Right (有效代表迅速，而非正确)Forced Sellers (被迫卖家)Information isn't Knowledge (信息不等于知识)Lottery Ticket Mentality (买彩票心态)Mania-within-a-mania (狂热中的狂热)Over-generalization (过度概括)This time it'll be different (这次不一样)
Alpha as Scarce Commodity (Alpha的稀缺性)Defensive Asymmetry Principle (防御性不对称原则)Know Where You Are (知道你在哪里)Price-Value Equivalence (价格与价值的等量原则)Risk as Permanent Loss (风险即永久损失)The Cornerstones of Life (生活的基石)The Wise Man and the Fool (智者与愚者)The Worst Loans Are Made at the Best of Times (最差的贷款诞生在最好的时光)
Anti-Extrapolation Principle (反外推原则)Career Consistency over Single-Year Brilliance (终身一致性胜过单年辉煌)Defensive Supremacy (防守至上)Mutual Fund Industry as Money Machine (共同基金=圈钱机器)No Good Idea Regardless of Price (没有脱离价格的好主意)No Wisdom in 'Everyone Knows' (人人都知道的不是智慧)Risk Never Looks Like Risk (风险从不像风险)The Most Important Thing (最重要的事)+2
Reach for Yield Trap (追逐收益率陷阱)Stewardship Erosion (受托责任侵蚀)Success Breeds Self-Destruction (成功孕育自我毁灭)The Happy Medium Illusion ('合理中间值'幻觉)Us vs. Them Dichotomy ('我们'与'他们'的对立)
Anti-Growth Philosophy (反增长哲学)Capital Influx as Enemy (资本涌入=策略之敌)Good Ideas Are Never Secret (好想法永远不是秘密)Hindsight Contamination (后见之明污染)Pre-Hindsight Risk Vision (前瞻性风险视野)There They Go Again Cycle (他们又来了循环)Worst Loans in Best Times (最好时光的最差贷款)
Empty IRR (空洞的IRR)Leverage Consequence Magnifier (杠杆后果放大器)Making Money ≠ Good Investing (赚钱≠好投资)Market Givens (市场既定现实)New Label, Old Thing (新标签旧事物)Non-Consensus and Right (非共识且正确)Race to the Bottom (向底部赛跑)Risk Invisibility Paradox (风险的隐形悖论)+3
Liquidity Illusion (流动性幻觉)No Such Thing as a Good Idea (不存在好主意)Quantity over Quality Incentive Trap (量大于质的激励陷阱)Risk Paradox (风险悖论)This Time It's Different Fallacy (这次不一样的谬误)Winner's Curse in Credit (信贷市场的赢家诅咒)
Contagion Effect (传染效应)Credit Cycle (信贷周期)Error Tolerance (容错力)Intrinsic Value (内在价值)Macro-forecasting Limits (宏观预测的局限性)Regression to the Mean (均值回归)Sovereign Default (主权违约)
Efficiency vs. Security (效率与安全的权衡)Illusion of Knowledge (知识的幻觉)Non-consensus Correctness (非共识且正确)Reflexivity in Markets (市场的反身性)Sea Change (海变)Selling Out Myths (卖出的迷思)Suspension of Disbelief (暂时忘却怀疑)What Really Matters (真正重要的事)
Asset Allocation Pivot (资管配置重心转移)Certainty Illusion (确定性幻觉)Debt as Constraint (作为约束的债务)Easy Money Distortion (廉价货币扭曲)Economic vs Political Reality (经济现实 vs 政治现实)Indispensability of Risk (风险的不可或缺性)Yen Carry Trade Unwind (日元套利交易平仓)
Circular deals / Vendor financing (循环交易/供应商融资)Earning Power (盈利能力)INVESTCON (投资戒备状态)Inflection Bubbles vs. Mean-reversion Bubbles (拐点泡沫 vs 均值回归泡沫)Lottery-ticket thinking (彩票型思维)Sea Change in Interest Rates (利率海变)The Bezzle (贪污量)The Calculus of Value (价值微积分)+16