[{"data":1,"prerenderedAt":548},["ShallowReactive",2],{"dao-huchenghe":3},{"id":4,"title":5,"body":6,"category":536,"description":537,"extension":538,"meta":539,"navigation":540,"order":541,"path":22,"seo":542,"seoDescription":543,"seoTitle":544,"slug":545,"stem":546,"__hash__":547},"dao\u002Fdao\u002Fhuchenghe.md","护城河",{"type":7,"value":8,"toc":509},"minimark",[9,12,16,37,55,68,71,76,105,120,124,149,153,172,180,184,195,198,205,222,246,253,261,274,278,286,289,297,300,303,307,315,318,322,328,332,338,341,356,373,399,402,414,432,442,468,474,482,489],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,23,24,28,29,32,33,36],"p",{},[20,21,5],"a",{"href":22},"\u002Fdao\u002Fhuchenghe","的概念源自",[25,26,27],"strong",{},"巴菲特","，",[25,30,31],{},"段永平","在其投资框架中将其视为",[25,34,35],{},"生意模式","的一部分。在投资问答录中，段永平最早系统阐述这一概念大约在2010年前后。",[38,39,40],"blockquote",{},[17,41,42,43,45,46,48,49,51,52,54],{},"\"",[20,44,5],{"href":22},"实际上我觉得是",[25,47,35],{},"的一部分，好的",[25,50,35],{},"往往具有很宽的",[20,53,5],{"href":22},"。\"",[38,56,57],{},[17,58,42,59,61,62,64,65,67],{},[25,60,27],{},"讲的",[20,63,5],{"href":22},"实际上指的是某种形式的垄断，往往是由",[25,66,35],{},"决定的。\"（2011-12-17）",[13,69,70],{"id":70},"核心要义",[72,73,75],"h3",{"id":74},"_1-护城河是竞争优势本质是差异化","1. 护城河是竞争优势，本质是差异化",[38,77,78],{},[17,79,42,80,82,83,87,88,90,91,93,94,96,97,101,102,104],{},[20,81,5],{"href":22},"就是竞争优势，好的",[20,84,86],{"href":85},"\u002Fdao\u002Fshangyemoshi","商业模式","一般都有很强大的",[20,89,5],{"href":22},"。",[20,92,5],{"href":22},"不是一成不变的，看懂",[20,95,5],{"href":22},"对投资很重要。",[20,98,100],{"href":99},"\u002Fdao\u002Fqiyewenhua","企业文化","对建立和维护",[20,103,5],{"href":22},"有不可或缺的作用。\"（2019-10-03）",[38,106,107],{},[17,108,42,109,113,114,116,117,119],{},[20,110,112],{"href":111},"\u002Fdao\u002Fchayihua","差异化","指的是产品能满足用户的某个或某些别人满足不了的需求。能够长期维持的",[20,115,112],{"href":111},"就是",[20,118,5],{"href":22},"。\"（2019-08-02）",[72,121,123],{"id":122},"_2-护城河与生意模式的关系","2. 护城河与生意模式的关系",[38,125,126],{},[17,127,42,128,130,131,133,134,136,137,139,140,142,143,145,146,148],{},[20,129,5],{"href":22},"应该是",[25,132,35],{},"的一部分。没有",[20,135,5],{"href":22},"的",[25,138,35],{},"不是好的",[25,141,35],{},"，但有",[20,144,5],{"href":22},"的生意未必就一定是好的",[25,147,35],{},"。\"（2012-06-24）",[72,150,152],{"id":151},"_3-企业文化是护城河的重要组成","3. 企业文化是护城河的重要组成",[38,154,155],{},[17,156,42,157,159,160,162,163,165,166,168,169,171],{},[20,158,5],{"href":22},"是用来判断公司内在价值的一个重要手段（不是唯一的）。",[20,161,100],{"href":99},"是",[20,164,5],{"href":22},"的重要部分。很难想象一个没有很强",[20,167,100],{"href":99},"的企业可以有个很宽的",[20,170,5],{"href":22},"。\"（2010-05-25）",[38,173,174],{},[17,175,176,177,179],{},"\"技术的优势从来就很少是",[20,178,5],{"href":22},"，形成技术的文化才是。\"（2013-08-17）",[72,181,183],{"id":182},"_4-定价能力是护城河的体现","4. 定价能力是护城河的体现",[38,185,186],{},[17,187,188,189,191,192,194],{},"\"定价能力和",[20,190,5],{"href":22},"其实是一回事。",[25,193,27],{},"说相对于管理能力他更看重定价能力，其实建立强的定价能力需要的时间非常长，没有好的管理能力根本做不到。所以他说的不矛盾。\"（2011-02-22）",[13,196,197],{"id":197},"实战案例",[72,199,201,204],{"id":200},"苹果平台生态系统",[25,202,203],{},"苹果","：平台+生态系统",[38,206,207],{},[17,208,42,209,136,211,215,216,218,219,221],{},[25,210,203],{},[20,212,214],{"href":213},"\u002Fdao\u002Fpingtai","平台","建立起来了，或者说",[25,217,35],{},"或者说",[20,220,5],{"href":22},"已经形成了（光软件一年都几十亿的收入了）。\"（2011年）",[17,223,224,226,227,229,230,42,232,136,234,236,237,240,241,243,244,90],{},[25,225,31],{},"2025年在浙大分享了与",[25,228,27],{},"的对话：他告诉",[25,231,27],{},[25,233,203],{},[25,235,35],{},"比",[25,238,239],{},"可口可乐","好\"，因为Android手机价格远低于iPhone，但真正的",[25,242,203],{},"用户\"who cares？没有人在乎\"——这种价格不敏感性展示了极强的",[20,245,5],{"href":22},[72,247,249,252],{"id":248},"步步高看不见的护城河",[25,250,251],{},"步步高","：看不见的护城河",[38,254,255],{},[17,256,257,258,260],{},"\"其实我们是有条看不见的",[20,259,5],{"href":22},"的。\"",[17,262,263,264,136,266,268,269,273],{},"网友问",[25,265,251],{},[20,267,5],{"href":22},"要素是什么，段永平回答：\"最重要的是",[20,270,272],{"href":271},"\u002Fdao\u002Fzhengzhi","正直","和诚信。\"（2010-09-22）",[72,275,277],{"id":276},"facebookmeta护城河被证伪","Facebook（Meta）：护城河被证伪",[38,279,280],{},[17,281,282,283,285],{},"\"FB真的是我糊里糊涂买、糊里糊涂赚，但很清楚卖掉的公司之一吧。我还记得当时看到'小扎'在国会质询回答问题时，我突然感觉到FB的",[20,284,5],{"href":22},"其实很浅，面对抖音他们完全没有招架能力，连阴招都上了。看完第二天就基本清仓了。\"（2022-10-09）",[72,287,288],{"id":288},"成本优势不是护城河",[38,290,291],{},[17,292,293,294,296],{},"\"还没见过成本优势可以成",[20,295,5],{"href":22},"的，很少有企业能长期维持低成本的，制造业好像没见过。而且靠自己产品卖低价的企业就很难有长久的，至少我没见过。\"（2010-05-24）",[17,298,299],{},"但\"资源的低成本当然是的，制造业的不是，因为维持不了。\"（2025-04-04）",[13,301,302],{"id":302},"常见误解",[72,304,306],{"id":305},"误解一管理好就有护城河","误解一：管理好就有护城河",[38,308,309],{},[17,310,311,312,314],{},"\"管理层不好的公司怎么会有很深的",[20,313,5],{"href":22},"呢?费解。\"（2013-04-02）",[17,316,317],{},"护城河和管理能力是互相依存的：\"这就像打仗一样，是能打仗的军队重要还是好的战壕重要?没有好的防护，再好的军队也不经打。光有战壕显然也是不行的。\"（2010-04-14）",[72,319,321],{"id":320},"误解二重资产就是护城河","误解二：重资产就是护城河",[17,323,324,325,327],{},"网友问化工类重资产公司是否有",[20,326,5],{"href":22},"，段永平回答：\"一般不会。\"（2019-05-31）",[72,329,331],{"id":330},"误解三技术就是护城河","误解三：技术就是护城河",[38,333,334],{},[17,335,176,336,179],{},[20,337,5],{"href":22},[13,339,340],{"id":340},"思想演变",[17,342,343,346,347,349,350,352,353,355],{},[25,344,345],{},"2010年前后","：",[25,348,31],{},"开始在网络上系统讨论",[20,351,5],{"href":22},"，主要是翻译和引用",[25,354,27],{},"的概念，结合自己做企业的理解。",[17,357,358,361,362,364,365,367,368,162,370,372],{},[25,359,360],{},"2011-2015年","：通过投资",[25,363,203],{},"，对",[20,366,5],{"href":22},"有了更深的理解。特别强调",[20,369,100],{"href":99},[20,371,5],{"href":22},"不可或缺的组成部分。",[17,374,375,378,379,381,382,384,385,387,388,390,391,395,396,398],{},[25,376,377],{},"2019-2025年","：表述更加简洁和直接。将",[20,380,5],{"href":22},"、",[20,383,86],{"href":85},"和",[20,386,100],{"href":99},"融为一个整体框架。\"好的",[20,389,86],{"href":85},"很简单，就是利润和净",[20,392,394],{"href":393},"\u002Fdao\u002Fxianjinliu","现金流","一直都是杠杠的，而且竞争对手哪怕用很长的时间也很难抢。\"——\"很难抢\"就是",[20,397,5],{"href":22},"的通俗表达。",[13,400,401],{"id":401},"原话引用",[38,403,404],{},[17,405,42,406,45,408,48,410,51,412,54],{},[20,407,5],{"href":22},[25,409,35],{},[25,411,35],{},[20,413,5],{"href":22},[38,415,416],{},[17,417,42,418,130,420,133,422,136,424,139,426,142,428,145,430,148],{},[20,419,5],{"href":22},[25,421,35],{},[20,423,5],{"href":22},[25,425,35],{},[25,427,35],{},[20,429,5],{"href":22},[25,431,35],{},[38,433,434],{},[17,435,42,436,113,438,116,440,119],{},[20,437,112],{"href":111},[20,439,112],{"href":111},[20,441,5],{"href":22},[38,443,444],{},[17,445,446,447,449,450,454,455,449,457,459,460,28,462,464,465,467],{},"\"我没注意。但投资确实就是买的未来",[20,448,394],{"href":393},"（",[20,451,453],{"href":452},"\u002Fdao\u002Fzhexian","折现","），未来",[20,456,394],{"href":393},[20,458,453],{"href":452},"）最大的保障就是",[20,461,86],{"href":85},[20,463,86],{"href":85},"里最强的就是垄断，或者叫",[20,466,5],{"href":22},"。\"（2012-03-30）",[38,469,470],{},[17,471,176,472,179],{},[20,473,5],{"href":22},[38,475,476],{},[17,477,478,479,481],{},"\"所谓客户忠诚度实际上是客户信任度（了解度），这个是",[20,480,5],{"href":22},"里很重要的一部分。\"（2010-05-30）",[38,483,484],{},[17,485,188,486,488],{},[20,487,5],{"href":22},"其实是一回事。\"（2011-02-22）",[38,490,491],{},[17,492,493,494,496,497,136,501,503,504,136,506,508],{},"\"吃喝的东西心理上的",[20,495,112],{"href":111},"其实很大的，当然",[20,498,500],{"href":499},"\u002Fdao\u002Fqudao","渠道",[20,502,112],{"href":111},"也很厉害，比如",[25,505,239],{},[20,507,5],{"href":22},"中，'在哪里都能买到'这点是非常厉害的。\"（2012-07-13）",{"title":510,"searchDepth":511,"depth":511,"links":512},"",2,[513,514,521,529,534,535],{"id":15,"depth":511,"text":15},{"id":70,"depth":511,"text":70,"children":515},[516,518,519,520],{"id":74,"depth":517,"text":75},3,{"id":122,"depth":517,"text":123},{"id":151,"depth":517,"text":152},{"id":182,"depth":517,"text":183},{"id":197,"depth":511,"text":197,"children":522},[523,525,527,528],{"id":200,"depth":517,"text":524},"苹果：平台+生态系统",{"id":248,"depth":517,"text":526},"步步高：看不见的护城河",{"id":276,"depth":517,"text":277},{"id":288,"depth":517,"text":288},{"id":302,"depth":511,"text":302,"children":530},[531,532,533],{"id":305,"depth":517,"text":306},{"id":320,"depth":517,"text":321},{"id":330,"depth":517,"text":331},{"id":340,"depth":511,"text":340},{"id":401,"depth":511,"text":401},"投资理念","护城河的概念源自巴菲特，段永平在其投资框架中将其视为生意模式的一部分。在投资问答录中，段永平最早系统阐述这一概念大约在2010年前后。","md",{},true,11,{"title":5,"description":537},"段永平谈护城河：护城河的概念源自巴菲特，段永平在其投资框架中将其视为生意模式的一部分。在投资问答录中，段永平最早系统阐述这一概念大约在2010年前后。","护城河｜大道总纲","huchenghe","dao\u002Fhuchenghe","WxRn0Oao95uPMDggsKmPwX8X3_dqNNQBYdzC0BrAU9Y",1777884960046]