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CEO","person-tim-cook","段永平评价库克，核心是理性、理解乔布斯追求、延续苹果文化，并把苹果从乔布斯时代带入更大规模的长期经营。",5230,{"title":771,"slug":772,"description":773,"category":676,"order":774,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"马云：段永平为什么一直认为他了不起","person-mayun","段永平对马云的评价长期很高：他看重马云兼具理想主义和现实主义，也欣赏其勇气和企业文化意识；但这不等于他对阿里没有保留。",5240,{"title":776,"slug":777,"description":778,"category":676,"order":779,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"丁磊：段永平为什么说他很有悟性","person-dinglei","段永平评价丁磊，核心是“很有悟性”、单纯、不算计人，而且在网易现金很多时没有犯大错。",5250,{"title":781,"slug":782,"description":783,"category":676,"order":784,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"马化腾：段永平为什么正面评价他","person-mahuateng","段永平对马化腾的评价简洁但重要：人不错、年轻，并且微信和微信支付的影响非常大且深远。",5260,{"title":786,"slug":787,"description":788,"category":676,"order":789,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"俞敏洪：段永平为什么说他是条汉子","person-yuminhong","段永平欣赏俞敏洪的韧性和面对问题的能力，甚至说他是“条汉子”；但也认为俞离顶级企业家还有距离，新东方生意模式不是自己特别喜欢的类型。",5270,{"title":791,"slug":792,"description":793,"category":676,"order":794,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"季克良：段永平为什么说他对茅台至关重要","person-jikeliang","段永平评价季克良，核心是质量文化和造钟人作用：季克良让茅台成为今天的茅台，功不可没。",5280,{"title":796,"slug":797,"description":798,"category":676,"order":799,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"黄仁勋：段永平为什么欣赏他","person-huangrenxun","段永平欣赏黄仁勋，重点在真诚、有能量、长期方向一致，以及带领英伟达形成强生态；但他仍然区分“欣赏人”和“看懂英伟达十年护城河”。",5290,{"title":801,"slug":802,"description":803,"category":676,"order":804,"type":805,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平高度评价过的公司","topic-highly-rated-companies","段永平高度评价公司时，核心标准不是名气，而是能否长期做对事情：好产品、好商业模式、好文化、好管理层和可理解的未来现金流。",5300,"topic",{"title":807,"slug":808,"description":809,"category":676,"order":810,"type":805,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平高度评价过的人","topic-highly-rated-people","段永平评价人，重点不是名气，而是这个人是否理性、真诚、关注本质、能长期做对事情，并能把个人能力沉淀为组织能力。",5310,{"title":812,"slug":813,"description":814,"category":676,"order":815,"type":805,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平正在重估的公司","topic-revaluated-companies","段永平的重估案例最值得看的是变化过程：他会承认看不懂，也会在新证据出现后调整判断，但始终保留能力圈和长期现金流边界。",5320,{"id":817,"title":43,"body":818,"category":15,"chapterOrder":9,"date":9,"description":45,"editor":1493,"extension":1494,"meta":1495,"navigation":1496,"order":46,"path":1497,"publishedAt":9,"seo":1498,"seoDescription":45,"seoTitle":1499,"slug":44,"source":9,"sourceAuthor":9,"sourceDate":9,"sourceNote":1500,"sourceStatus":1501,"sourceUrl":9,"sources":1502,"stem":1511,"summary":45,"tags":9,"type":9,"updatedAt":1512,"volume":9,"volumeOrder":9,"__hash__":1513,"_collection":1514},"dao\u002Fdao\u002Fconcepts\u002Fbuzuo-yu-jingti.md",{"type":819,"value":820,"toc":1478},"minimark",[821,833,861,865,902,905,909,914,1166,1171,1174,1237,1239,1243,1246,1251,1270,1275,1297,1302,1318,1323,1339,1344,1362,1367,1389,1392,1423,1427,1445,1448,1466,1468,1471],[822,823,824],"blockquote",{},[825,826,827,828,832],"p",{},"人们关注我们往往是因为我们做了的那些事情，其实我们之所以成为我们，很大程度上还因为我们",[829,830,831],"strong",{},"不做","的那些事情。\n——段永平",[825,834,835,836,839,840,845,846,849,850,853,854,853,857,860],{},"段永平的决策框架可以拆成两份清单：一份是",[829,837,838],{},"主动不做的事","（",[841,842,844],"a",{"href":843},"\u002Fwenda-business-11","Stop Doing List \u002F 不为清单","），另一份是",[829,847,848],{},"要盯着看、看到就提高警觉的危险信号","（警惕清单）。前者是纪律，后者是排雷。这两份清单与",[841,851,38],{"href":852},"\u002Fbuzuoshenme","、",[841,855,12],{"href":856},"\u002Fbenfen",[841,858,23],{"href":859},"\u002Fzuoduideshiqing","是一体的。",[862,863,864],"h2",{"id":864},"底层逻辑",[866,867,868,872,879,886,893],"ul",{},[869,870,871],"li",{},"秘诀不是\"做了什么\"，而是\"不做什么\"——好公司都有一张长长的 Stop Doing List。",[869,873,874,875,878],{},"它不是技巧或公式，而是一种思维方式：",[829,876,877],{},"发现错了就立刻停","，因为这时成本最小，要抵抗短期诱惑。",[869,880,881,882,885],{},"不做的事分两类：① 谁都不该做的（如欺骗、不诚信）；② 与自己使命 \u002F ",[841,883,33],{"href":884},"\u002Fnengliquan","相违背的。",[869,887,888,889,892],{},"芒格：\"知道自己会死在哪里就坚决不去那里。\" 多数企业死在资金链断裂，所以",[829,890,891],{},"绝不借太多钱、不用 margin","。",[869,894,895,896,899,900,892],{},"\"做对的事情\"是通过",[829,897,898],{},"不做不对的事情","来实现的；学巴菲特、芒格，最该学的也是他们",[829,901,38],{},[903,904],"hr",{},[862,906,908],{"id":907},"一不做清单stop-doing-list","一、不做清单（Stop Doing List）",[910,911,913],"h3",{"id":912},"企业经营篇编者按相关问答整理19项","企业经营篇（编者按相关问答整理19项）",[915,916,917,933],"table",{},[918,919,920],"thead",{},[921,922,923,927,930],"tr",{},[924,925,926],"th",{},"#",[924,928,929],{},"不做的事",[924,931,932],{},"核心理由",[934,935,936,948,967,982,993,1004,1015,1034,1045,1056,1067,1078,1089,1100,1111,1122,1133,1144,1155],"tbody",{},[921,937,938,942,945],{},[939,940,941],"td",{},"1",[939,943,944],{},"不讨价还价（无销售部）",[939,946,947],{},"所有客户一个价，无折扣无返利；省下大量谈价时间，避免授权漏洞",[921,949,950,953,956],{},[939,951,952],{},"2",[939,954,955],{},"不做代工（OEM）",[939,957,958,959,962,963,966],{},"代工无",[841,960,146],{"href":961},"\u002Fchayihua","、难有利润；资源要投到自己的",[841,964,141],{"href":965},"\u002Fpinpai","上",[921,968,969,972,975],{},[939,970,971],{},"3",[939,973,974],{},"不借钱（无有息贷款）",[939,976,977,978,981],{},"\"",[841,979,64],{"href":980},"\u002Ffuzhai","的好处是发展快，不负债的好处是活得长\"；永远不会倒在资金链断裂上",[921,983,984,987,990],{},[939,985,986],{},"4",[939,988,989],{},"不赊账",[939,991,992],{},"\"收不到钱的生意我们不做，不管听起来多好\"",[921,994,995,998,1001],{},[939,996,997],{},"5",[939,999,1000],{},"不拖欠供应商货款",[939,1002,1003],{},"推崇\"不赚人便宜\"；财务逾期付款是\"没能力\"的表现",[921,1005,1006,1009,1012],{},[939,1007,1008],{},"6",[939,1010,1011],{},"不晚发 \u002F 克扣工资",[939,1013,1014],{},"契约精神，连离职员工年终奖照发",[921,1016,1017,1020,1023],{},[939,1018,1019],{},"7",[939,1021,1022],{},"不做不诚信的事",[939,1024,1025,1026,1030,1031],{},"对不诚信\"零容忍\"；",[841,1027,1029],{"href":1028},"\u002Fzhengzhi","正直诚信","才是真正的",[841,1032,74],{"href":1033},"\u002Fhuchenghe",[921,1035,1036,1039,1042],{},[939,1037,1038],{},"8",[939,1040,1041],{},"不攻击竞争对手",[939,1043,1044],{},"\"攻击对手恰恰是没有自信的表现\"；不把\"干倒谁\"当目标",[921,1046,1047,1050,1053],{},[939,1048,1049],{},"9",[939,1051,1052],{},"不打价格战",[939,1054,1055],{},"\"除非不得已，用价格武器总是错的\"；低价不会扩大份额",[921,1057,1058,1061,1064],{},[939,1059,1060],{},"10",[939,1062,1063],{},"不谈性价比",[939,1065,1066],{},"\"'性价比'就是为性能不够好找借口\"",[921,1068,1069,1072,1075],{},[939,1070,1071],{},"11",[939,1073,1074],{},"不做没有差异化的产品",[939,1076,1077],{},"没差异化只能靠价格竞争，很难赚钱",[921,1079,1080,1083,1086],{},[939,1081,1082],{},"12",[939,1084,1085],{},"不参加展会（含 CES）",[939,1087,1088],{},"对建立品牌事倍功半",[921,1090,1091,1094,1097],{},[939,1092,1093],{},"13",[939,1095,1096],{},"不弯道超车",[939,1098,1099],{},"\"捷径是迷路的最快办法\"；弯道超车 = 提高翻车率",[921,1101,1102,1105,1108],{},[939,1103,1104],{},"14",[939,1106,1107],{},"不收购兼并（M&A）",[939,1109,1110],{},"\"为做大而并购，结局一定很难看\"；靠自己滚雪球，长期反而最快",[921,1112,1113,1116,1119],{},[939,1114,1115],{},"15",[939,1117,1118],{},"不多元化",[939,1120,1121],{},"\"不为多元化而多元化\"；能做好一样，何必做做不好的",[921,1123,1124,1127,1130],{},[939,1125,1126],{},"16",[939,1128,1129],{},"不关注市场占有率 \u002F 销量排名",[939,1131,1132],{},"份额是果不是因；盯着份额会本末倒置（诺基亚之鉴）",[921,1134,1135,1138,1141],{},[939,1136,1137],{},"17",[939,1139,1140],{},"不盲目扩张",[939,1142,1143],{},"\"足够的最小发展速度\"，核心是安全；fast is slow（丰田之鉴）",[921,1145,1146,1149,1152],{},[939,1147,1148],{},"18",[939,1150,1151],{},"不赚快钱",[939,1153,1154],{},"\"三不嫌原则\"：违法的钱、违背道德的钱、超过自己能力的钱，都不赚",[921,1156,1157,1160,1163],{},[939,1158,1159],{},"19",[939,1161,1162],{},"不虚夸产品",[939,1164,1165],{},"\"最不好的广告就是夸大其词\"；营销最重要的是不能瞎说",[825,1167,1168,1169,892],{},"完整出处与问答见：",[841,1170,535],{"href":843},[910,1172,1173],{"id":1173},"投资篇",[866,1175,1176,1182,1188,1197,1210,1216,1222,1231],{},[869,1177,1178,1181],{},[829,1179,1180],{},"不用 margin \u002F 不借钱买股票","——\"赚的时候快，赔的时候更快；湿一回鞋就湿一辈子\"；满仓之后市场涨跌都与我无关。",[869,1183,1184,1187],{},[829,1185,1186],{},"不做空","——老巴的教导：\"不做空，不借钱，不做不懂的东西\"；\"做空是愚蠢的\"。",[869,1189,1190,1196],{},[829,1191,1192,1193],{},"不",[841,1194,125],{"href":1195},"\u002Ftouji","——投机会上瘾；\"用到融资就变成短期投机了\"；投资用闲钱。",[869,1198,1199,1205,1206,1209],{},[829,1200,1192,1201,1204],{},[841,1202,130],{"href":1203},"\u002Fzhisun","、不止盈","——\"止盈止亏都是投机的概念\"；",[841,1207,58],{"href":1208},"\u002Fjiazhitouzi","只有\"止错\"（生意变质才卖），与股价无关。",[869,1211,1212,1215],{},[829,1213,1214],{},"不预测短期、不猜牛熊周期","——\"赌牛市或熊市是危险的，看不懂就歇着\"。",[869,1217,1218,1221],{},[829,1219,1220],{},"不择时","——\"最好的办法是不择时，只想 10 年后的情况\"。",[869,1223,1224,1230],{},[829,1225,1226,1227,1229],{},"不投自己看不懂的（不出",[841,1228,33],{"href":884},"）","——\"知道能力圈有多大，比能力圈有多大更重要\"。",[869,1232,1233,1236],{},[829,1234,1235],{},"不频繁交易","——长期持有，频繁买卖是投机心态。",[903,1238],{},[862,1240,1242],{"id":1241},"二警惕清单危险信号-red-flags","二、警惕清单（危险信号 \u002F Red Flags）",[910,1244,1245],{"id":1245},"财务报表上要警惕的",[825,1247,1248],{},[829,1249,1250],{},"现金流 vs 利润背离（最核心）：",[866,1252,1253,1260,1267],{},[869,1254,1255,1256,1259],{},"\"好多公司看起来赚很多钱，",[841,1257,88],{"href":1258},"\u002Fxianjinliu","却一直在减少，那就有危险了。\"（2010-03-08）",[869,1261,1262,1263,1266],{},"\"净利润大于现金流时",[829,1264,1265],{},"一定要更小心","，要看清楚利润到底是些什么。\"（2010-05-08）",[869,1268,1269],{},"\"如果现金流少于利润就要小心了，要看他的钱花在哪里、是否真对未来有好处，不然会不见的。长期现金流少于利润不是好事。\"（2010-05-27）",[825,1271,1272],{},[829,1273,1274],{},"利润质量与管理层诚信：",[866,1276,1277,1291],{},[869,1278,1279,1280,1283,1284,1287,1288,1229],{},"\"我在乎利润、成本这些数据里",[829,1281,1282],{},"到底由哪些东西组成","，要知道它真实反映的是什么；要把数据",[829,1285,1286],{},"连续几个季度甚至几年","来看，跟踪久了就知道他是在说谎还是说真话。\"（2010-03-08，参见",[841,1289,92],{"href":1290},"\u002Fzhenshilirun",[869,1292,1293,1294,1296],{},"GE 教训：怀疑它的盈利**\"老是刚刚好\"**→ 警觉做假账；文化只挂在嘴上、网站上却找不到 → \"",[841,1295,217],{"href":1028},"必须体现在行为中，而非口号上\"。",[825,1298,1299],{},[829,1300,1301],{},"净资产 \u002F 总资产的水分：",[866,1303,1304,1315],{},[869,1305,1306,1307,1311,1312,892],{},"\"不能被'",[841,1308,1310],{"href":1309},"\u002Fjingzichan","净资产","'的表面数字迷惑\"——自创\"有效净资产\"，指真实盈利能力；",[829,1313,1314],{},"不赚钱的净资产是累赘，甚至是负价值",[869,1316,1317],{},"\"总资产是包括债务的\"——别被总资产迷惑（通用汽车、AIG 破产前总资产巨高、市值近乎 0）。",[825,1319,1320],{},[829,1321,1322],{},"价值陷阱（看着便宜其实不便宜）：",[866,1324,1325,1332],{},[869,1326,1327,1328,1331],{},"\"市值低于现金的公司",[829,1329,1330],{},"千万要小心","，一眼看上去便宜，多数情况下未必是便宜货。\"（2018-01-12）",[869,1333,1334,1335,1338],{},"市值低于净资产 \u002F ",[841,1336,79],{"href":1337},"\u002Fjingxianjin","\"特别容易陷于价值陷阱——账面看着有价值，实际有很多水分\"。",[825,1340,1341],{},[829,1342,1343],{},"负债要看\"有息负债\"：",[866,1345,1346,1352,1359],{},[869,1347,1348,1349,1351],{},"担心的是\"很多公司为了发展快去",[841,1350,64],{"href":980},"，结果某天因负债陷入麻烦\"。",[869,1353,1354,1355,1358],{},"看负债要算",[829,1356,1357],{},"有息负债","（银行借贷 \u002F 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