转自沈良-宏观价值投资：索罗斯：不要在趋势中途下车，也不要在趋势末期上车

1.经验有用，但不能固守经验。
Experience helps, but you must not stick to it rigidly.

2.反身性循环有两种：自我强化的繁荣，与自我毁灭的萧条。
Reflexive loops come in two forms: self-reinforcing booms and self-destructive busts.

3.反身性让价格塑造现实，现实再塑造价格，市场永远无法达到完美均衡。
Reflexivity makes prices shape reality, and reality shapes prices back; markets never reach perfect equilibrium

4.不要和市场争辩，趋势是唯一的裁判，逆势而行必受惩罚。
Do not argue with the market; the trend is the sole judge, and fighting it brings punishment.

5.均衡是经济学的幻觉，非均衡、波动与偏离才是市场的真实状态。
Equilibrium is an illusion in economics; disequilibrium, volatility, and deviation are the market's true state

6.市场越疯狂、越一致，离转折点就越近。
The more manic and unanimous the market, the closer it is to a turning point.

7.金融市场是历史的实验室，每一次泡沫都是一次社会实验。
Financial markets are a laboratory of history; every bubble is a social experiment.

8.不确定性是市场的本质，试图预测精确点位是徒劳的。
Uncertainty is the essence of the market; trying to predict precise levels is futile

9.投资要先看大宏观：货币、信贷、利率、汇率、政策，再看微观标的。
Invest first by looking at the big macro: money, credit, interest rates, exchange rates, policies, then micro assets.

10.不要在趋势中途下车，也不要在趋势末期上车。
Do not get off the trend midway, nor get on at the end of the trend.

以上内容为索罗斯经典语录整理