“Getting money requires taking risks, being optimistic, and putting yourself out there. But keeping money requires the opposite of taking risk. It requires humility, and fear that what you’ve made can be taken away from you just as fast. It requires frugality and an acceptance that at least some of what you’ve made is attributable to luck, so past success can’t be relied upon to repeat indefinitely.”

打天下和守天下需要的是两种思维模式，如何做到自由地切换真的很难。

“Not “growth” or “brains” or “insight.” The ability to stick around for a long time, without wiping out or being forced to give up, is what makes the biggest difference. This should be the cornerstone of your strategy, whether it’s in investing or your career or a business you own.” – Michael Moritz, the billionaire head of Sequoia Capital

现在人们会被如何成功吸引，但”成功”之后如何保持不被踢出局是非常难的。

“Say cash earns 1% and stocks return 10% a year. That 9% gap will gnaw at you every day. But if that cash prevents you from having to sell your stocks during a bear market, the actual return you earned on that cash is not 1% a year—it could be many multiples of that, because preventing one desperate, ill-timed stock sale can do more for your lifetime returns than picking dozens of big-time winners.”

这段话其实蛮打动我的。我们投资的时候考虑放多少现金及等价物总是考虑收益率，感觉太低了（低于通膨），所以不愿意放过多的现金。一般美国的FA都是建议放5%~10%(除了紧急备用金外)。但作者说的如果现金太少导致很多时候你需要卖出股票来应急，那其实现金的收益率就不能只算纸面上的。

“Many bets fail not because they were wrong, but because they were mostly right in a situation that required things to be exactly right. Room for error—often called margin of safety—is one of the most underappreciated forces in finance. It comes in many forms: A frugal budget, flexible thinking, and a loose timeline—anything that lets you live happily with a range of outcomes. It’s different from being conservative. Conservative is avoiding a certain level of risk. Margin of safety is raising the odds of success at a given level of risk by increasing your chances of survival. Its magic is that the higher your margin of safety, the smaller your edge needs to be to have a favorable outcome.”

多给自己留一些放错的空间。这就和工作有些类似，也许你觉得你加加班1周能做完一件事，但防止有任何突发情况，在做计划的时候可以先预估两周。

“Optimism is usually defined as a belief that things will go well. But that’s incomplete. Sensible optimism is a belief that the odds are in your favor, and over time things will balance out to a good outcome even if what happens in between is filled with misery.”

乐观主义是相信长期来说事物向好的方向发展的可能性更大，虽然中间会有很多曲折。

“A barbelled personality—optimistic about the future, but paranoid about what will prevent you from getting to the future—is vital.”

对未来乐观但处处小心谨慎。记得有种杠铃投资法则，90%低风险(全球化的指数基金组合)+10%超高风险(VC, PE, Angel investing, start-ups)，对于90%的组合不需要你太多的精力，无论是涨还是跌，都不需要动，让复利和时间工作，对于10%的投资组合，需要你花大量的时间，因为其实就是一种赌博，需要投入时间研究来获得insights and edges。但无论是90%还是10%，都需要多元化，小额买入很多的资产，比如天使投资人不会把所有钱就压1家公司，一般种子轮的公司都会投个30~40家甚至更多，然后追加投资给胜出者。