1. Markets tend to return to the mean over tim.(均值回归）
2. Excesses in one direction will lead to an opposite excess in the other direction.
3. There are no new eras-----excesses are never permanent.
4. Exponentially rapid rising or falling markets usually go further than you think ,but they do not correct by going sideways.
5. The public buys the most at the top and the least at a bottom.（高点高仓位，低点低仓位）
6. Fear and greed are stronger than long-term resolve.
7.[Bull] markets are strongest when they are broad and weakest when they narrow to a handful of blue chip names.（百花齐放好过一枝独秀）
8. Bear markets have three stages----sharp down, reflexive rebound, and a drawn-out fundamental downtrend.
9. When the experts and forecasts agree------something else is going to happen.（预期一致时反转）
10. Bull markets are more fun than bear markets.
And his new rule：
11 Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains essentially the same.（人性永不变！）