II. Risk Management**

1. **“Rule No.1: Never lose money; Rule No.2: Never forget rule No.1.”**

*（Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.）*

**Interpretation**: Emphasizes the importance of protecting principal and avoiding blind risks.

2. **“Only when the tide goes out do you discover who’s been swimming naked.”**

*（Only when the tide goes out do you discover who’s been swimming naked.）*

**Interpretation**: Market crises expose the risks of speculators, only businesses that operate steadily can last long.