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Meaning of 胜者王侯败者寇

Lookup via: Pinyin | Radicals
胜 shèng 者 zhě 王 wáng 侯 hóu 败 bài 者 zhě 寇 kòu (Trad.: 勝者王侯敗者寇)
the winners become princes and marquises, the losers are vilified as bandits (idiom); history is written by the victors