[{"data":1,"prerenderedAt":440},["ShallowReactive",2],{"dao-zhangqichiyou":3},{"id":4,"title":5,"body":6,"category":428,"description":429,"extension":430,"meta":431,"navigation":432,"order":433,"path":22,"seo":434,"seoDescription":435,"seoTitle":436,"slug":437,"stem":438,"__hash__":439},"dao\u002Fdao\u002Fzhangqichiyou.md","长期持有",{"type":7,"value":8,"toc":400},"minimark",[9,12,16,34,54,57,62,74,79,87,91,105,116,120,125,135,139,156,159,166,179,186,200,207,221,225,230,235,238,242,253,257,270,273,277,282,285,297,306,318,338,341,349,359,364,368,372,379,390],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,23,24,28,29,33],"p",{},[20,21,5],"a",{"href":22},"\u002Fdao\u002Fzhangqichiyou","在",[25,26,27],"strong",{},"段永平","看来不是一个独立的投资策略，而是",[20,30,32],{"href":31},"\u002Fdao\u002Fjiazhitouzi","价值投资","的自然结果。他特别强调\"投资长期\"比\"长期投资\"更准确——重点不在于\"长期\"，而在于投的是值得长期拥有的好公司。",[17,35,36,37,40,41,43,44,46,47,49,50,53],{},"最早的明确表述见于2007年与",[25,38,39],{},"巴菲特","共进午餐后的网易专访。段永平回忆他给",[25,42,39],{},"写邮件说：\"我跟他学到的最重要的东西是：买股票就像买一个公司的一部分，买股票就要",[20,45,5],{"href":22},"。\"",[25,48,39],{},"回信说：\"你说的就是我当年跟本杰明.",[25,51,52],{},"格雷厄姆","学的，正是这个理念改变了我的看法，影响了我的一生。\"",[13,55,56],{"id":56},"核心要义",[58,59,61],"h3",{"id":60},"_1-价值投资不等于长期投资但价值投资一般都是长期投资","1. 价值投资不等于长期投资，但价值投资一般都是长期投资",[63,64,65],"blockquote",{},[17,66,67,68,70,71,73],{},"\"只想说一点:'长期投资'并不自动等于",[20,69,32],{"href":31},"，但",[20,72,32],{"href":31},"一般都是长期投资。\"",[63,75,76],{},[17,77,78],{},"\"也许'长期投资'这个说法有点问题，叫'投资长期'似乎不容易误解。\"",[63,80,81],{},[17,82,83,84,86],{},"\"我跟好多人讲，他就是讲不明白。说哎呀",[20,85,32],{"href":31},"就是长期投资，不是的。\"（2025年浙大演讲）",[58,88,90],{"id":89},"_2-好公司才值得长期持有","2. 好公司才值得长期持有",[63,92,93],{},[17,94,95,96,98,99,101,102,104],{},"\"",[20,97,32],{"href":31},"并不是盲目地买进并",[20,100,5],{"href":22},"。如果是好公司才值得在好价格时买进并",[20,103,5],{"href":22},"。当然，好价格并不一定是抄底的价格（如果是当然好），好价格指的是10年后回头看:哇塞，那真是好价格。\"",[63,106,107],{},[17,108,109,110,112,113,115],{},"\"好价和",[20,111,5],{"href":22},"的关系是什么呢?其实是好股",[20,114,5],{"href":22},"就是好价了，而不是买到了好价钱的意思。\"（2019-10-14）",[58,117,119],{"id":118},"_3-不打算拿十年就不要碰","3. 不打算拿十年就不要碰",[63,121,122],{},[17,123,124],{},"\"不打算拿10年的股票一定别去打算拿10天，不然就是'炒'了。\"（2011-12-13）",[63,126,127],{},[17,128,129,130,134],{},"\"不打算拿十年的'投资'最好就不要碰，不要想着市场或者风口啥的。打算拿十年的结果未必就一定要拿十年的，但不打算拿十年的心态会让你很容易做一个",[20,131,133],{"href":132},"\u002Fdao\u002Ftouji","投机","的决定。\"（2026-01-23）",[58,136,138],{"id":137},"_4-时间是好生意的朋友","4. 时间是好生意的朋友",[63,140,141],{},[17,142,143,144,146,147,149,150,152,153,155],{},"\"时间是好生意的朋友，烂生意的敌人。如果",[20,145,5],{"href":22},"一个烂生意，就算买得再便宜，最后也只能取得很烂的收益。如果",[20,148,5],{"href":22},"好生意，就算买得贵了一些，只要",[20,151,5],{"href":22},"，还是会取得出色的收益。\"（引用",[25,154,39],{},"演讲）",[13,157,158],{"id":158},"实战案例",[58,160,162,165],{"id":161},"苹果14年的持有",[25,163,164],{},"苹果","：14年的持有",[17,167,168,170,171,173,174,178],{},[25,169,27],{},"2011年买入",[25,172,164],{},"，到2025年已持有14年。他说：\"要是对这个生意理解不了，对文化理解不了，对",[20,175,177],{"href":176},"\u002Fdao\u002Fshangyemoshi","商业模式","理解不了，早就跑了，也不可能留到现在。\"（2025年浙大演讲）",[58,180,182,185],{"id":181},"茅台十几年的持有",[25,183,184],{},"茅台","：十几年的持有",[63,187,188],{},[17,189,190,191,193,194,196,197,199],{},"\"很多人说，",[20,192,32],{"href":31},"很难。但",[20,195,133],{"href":132},"更难！我买",[25,198,184],{},"一直拿着，拿了十几年，我难在哪儿了？\"（2025年）",[58,201,203,206],{"id":202},"网易赚了100多倍但最终卖出",[25,204,205],{},"网易","：赚了100多倍但最终卖出",[17,208,209,210,212,213,215,216,220],{},"段永平在",[25,211,205],{},"上赚了100多倍，但后来还是卖出了。他坦言：\"我卖肯定有我卖的原因，有卖的道理，而且我其实也没少赚，因为我有其他的也很好的投资标的。\"——这说明",[20,214,5],{"href":22},"不是永远不卖，而是基于对公司和",[20,217,219],{"href":218},"\u002Fdao\u002Fjihuichengben","机会成本","的判断。",[58,222,224],{"id":223},"被套时才想起长线最危险的情形","被套时才想起长线：最危险的情形",[63,226,227],{},[17,228,229],{},"\"长线持有一定是在买对好股票的前提下。有很多人往往只是在'被套'的时候才想起'长线'来。\"",[63,231,232],{},[17,233,234],{},"\"这里'被套'的意思是指有些人本来只打算拿10天的股票，结果因为'亏钱'了而决定改为拿10年，这种决定往往会让人亏更多。\"（2011-12-13）",[13,236,237],{"id":237},"常见误解",[58,239,241],{"id":240},"误解一长期持有就是价值投资","误解一：长期持有就是价值投资",[63,243,244],{},[17,245,246,247,249,250,252],{},"\"最危险的可能是一知半解的那种:比如号称自己是",[20,248,32],{"href":31},"者，也知道",[20,251,32],{"href":31},"要拿长线的道理（知其然不知其所以然），结果买错股票又坚持长线持有。\"",[58,254,256],{"id":255},"误解二长期持有意味着坚守","误解二：长期持有意味着坚守",[63,258,259],{},[17,260,261,262,264,265,269],{},"\"买了一个好生意一直拿着真的会觉得很难受吗?假设我们拥有整个",[25,263,184],{},"，每天",[20,266,268],{"href":267},"\u002Fdao\u002Fxianjinliu","现金流","杠杠的，你在坚守啥?\"",[17,271,272],{},"网友补充：\"'坚守'好像是在说抱着印钞机感觉很难受的样子。\"",[58,274,276],{"id":275},"误解三不应该做差价","误解三：不应该做差价",[63,278,279],{},[17,280,281],{},"\"我也想过这么做来着，谁不想赚差价啊，但这么做的结果基本上都是瞎忙半天还少赚了，所以以后就不再想干这种事情了。\"",[13,283,284],{"id":284},"思想演变",[17,286,287,290,291,293,294,296],{},[25,288,289],{},"2007年","：与",[25,292,39],{},"共进午餐后，明确了\"买股票就要",[20,295,5],{"href":22},"\"的理念。",[17,298,299,302,303,305],{},[25,300,301],{},"2010-2013年","：在雪球上大量讨论",[20,304,5],{"href":22},"的条件和注意事项。特别提出\"投资长期\"的说法来纠正\"长期投资\"的误解。",[17,307,308,311,312,314,315,317],{},[25,309,310],{},"2019-2020年","：提炼出\"好股",[20,313,5],{"href":22},"就是好价了\"的精妙表述，将好公司和",[20,316,5],{"href":22},"紧密联系。",[17,319,320,323,324,326,327,329,330,334,335,337],{},[25,321,322],{},"2025-2026年","：在多个场合重申",[20,325,5],{"href":22},"的前提是看懂公司的",[20,328,177],{"href":176},"和",[20,331,333],{"href":332},"\u002Fdao\u002Fqiyewenhua","企业文化","。同时明确\"不打算拿十年的心态会让你做出",[20,336,133],{"href":132},"的决定\"。",[13,339,340],{"id":340},"原话引用",[63,342,343],{},[17,344,345,346,348],{},"\"买股票就像买一个公司的一部分，买股票就要",[20,347,5],{"href":22},"。\"（2007年网易专访）",[63,350,351],{},[17,352,95,353,98,355,101,357,46],{},[20,354,32],{"href":31},[20,356,5],{"href":22},[20,358,5],{"href":22},[63,360,361],{},[17,362,363],{},"\"长线持有一定是在买对好股票的前提下。有很多人往往只是在'被套'的时候才想起'长线'来。\"（2011-12-13）",[63,365,366],{},[17,367,124],{},[63,369,370],{},[17,371,78],{},[63,373,374],{},[17,375,376,377,115],{},"\"好股",[20,378,5],{"href":22},[63,380,381],{},[17,382,383,384,386,387,389],{},"\"呵呵，最理想的就是可以",[20,385,5],{"href":22},"、永远不想卖的股票（",[25,388,39],{},"讲的）。\"（2010-05-16）",[63,391,392],{},[17,393,143,394,396,397,399],{},[20,395,5],{"href":22},"一个烂生意，就算买得再便宜，最后也只能取得很烂的收益。\"（引用",[25,398,39],{},"）",{"title":401,"searchDepth":402,"depth":402,"links":403},"",2,[404,405,412,421,426,427],{"id":15,"depth":402,"text":15},{"id":56,"depth":402,"text":56,"children":406},[407,409,410,411],{"id":60,"depth":408,"text":61},3,{"id":89,"depth":408,"text":90},{"id":118,"depth":408,"text":119},{"id":137,"depth":408,"text":138},{"id":158,"depth":402,"text":158,"children":413},[414,416,418,420],{"id":161,"depth":408,"text":415},"苹果：14年的持有",{"id":181,"depth":408,"text":417},"茅台：十几年的持有",{"id":202,"depth":408,"text":419},"网易：赚了100多倍但最终卖出",{"id":223,"depth":408,"text":224},{"id":237,"depth":402,"text":237,"children":422},[423,424,425],{"id":240,"depth":408,"text":241},{"id":255,"depth":408,"text":256},{"id":275,"depth":408,"text":276},{"id":284,"depth":402,"text":284},{"id":340,"depth":402,"text":340},"投资理念","长期持有在段永平看来不是一个独立的投资策略，而是价值投资的自然结果。他特别强调\"投资长期\"比\"长期投资\"更准确——重点不在于\"长期\"，而在于投的是值得长期拥有的好公司。","md",{},true,17,{"title":5,"description":429},"段永平谈长期持有：长期持有在段永平看来不是一个独立的投资策略，而是价值投资的自然结果。他特别强调\"投资长期\"比\"长期投资\"更准确——重点不在于\"长期\"，而在于投的是值得长期拥有的好公司。","长期持有｜大道总纲","zhangqichiyou","dao\u002Fzhangqichiyou","xTwxQiE7_ZpDdt9e9rJfYGiNGOBZU9VYpJa1OXPBX6g",1777884960161]