[{"data":1,"prerenderedAt":352},["ShallowReactive",2],{"dao-zhisun":3},{"id":4,"title":5,"body":6,"category":340,"description":341,"extension":342,"meta":343,"navigation":344,"order":345,"path":22,"seo":346,"seoDescription":347,"seoTitle":348,"slug":349,"stem":350,"__hash__":351},"dao\u002Fdao\u002Fzhisun.md","止损",{"type":7,"value":8,"toc":316},"minimark",[9,12,16,42,45,54,57,62,74,83,87,98,108,112,122,128,132,137,140,143,147,152,158,161,177,181,195,213,216,220,225,229,234,238,241,244,256,265,274,283,286,292,300,306,311],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,23,24,28,29,31,32,36,37,41],"p",{},[20,21,5],"a",{"href":22},"\u002Fdao\u002Fzhisun","是股票交易中的常见术语，指当股价下跌到一定程度时卖出以限制损失。",[25,26,27],"strong",{},"段永平","对",[20,30,5],{"href":22},"有明确的态度：这是一个",[20,33,35],{"href":34},"\u002Fdao\u002Ftouji","投机","概念，不属于",[20,38,40],{"href":39},"\u002Fdao\u002Fjiazhitouzi","价值投资","的范畴。",[17,43,44],{},"这一观点在文档中最明确的表述出现在2025年底的雪球问答中。",[46,47,48],"blockquote",{},[17,49,50,51,53],{},"\"是的，止盈止亏都是",[20,52,35],{"href":34},"的概念。\"（2025-12-01）",[13,55,56],{"id":56},"核心要义",[58,59,61],"h3",{"id":60},"_1-价值投资没有止损只有止错","1. 价值投资没有止损，只有止错",[17,63,64,65,67,68,70,71,73],{},"网友提出：\"我认为",[20,66,40],{"href":39},"没有",[20,69,5],{"href":22},"，只有止错。因为股价波动只是他人的看法并不是生意本身变了。但",[20,72,40],{"href":39},"者关注的是生意本身，卖出往往是因为生意本身变质了。这种情况下本来对的生意变的错了，只能止错。\"",[46,75,76],{},[17,77,78,80,81,53],{},[25,79,27],{},"回复：\"是的，止盈止亏都是",[20,82,35],{"href":34},[58,84,86],{"id":85},"_2-发现错了马上改就是最小的代价","2. 发现错了马上改就是最小的代价",[17,88,89,91,92,94,95,97],{},[25,90,27],{},"虽然不认同技术层面的\"",[20,93,5],{"href":22},"\"，但他非常强调\"发现错了马上改\"的原则——这不是基于股价的",[20,96,5],{"href":22},"，而是基于对生意判断的\"止错\"。",[46,99,100],{},[17,101,102,103,107],{},"\"我对",[20,104,106],{"href":105},"\u002Fdao\u002Fzuoduideshiqing","做对的事情","的看法是：发现错了马上改，不管多大的代价都是最小的代价。\"（2010-03-14）",[58,109,111],{"id":110},"_3-卖出与买入成本无关","3. 卖出与买入成本无关",[46,113,114],{},[17,115,116,117,121],{},"\"每天的收盘价就是我们的",[20,118,120],{"href":119},"\u002Fdao\u002Fjihuichengben","机会成本","，没有卖就等于买了。\"——网友总结，段永平表示认同。",[17,123,124,125,127],{},"这意味着卖出的决策应该基于当前的",[20,126,120],{"href":119},"判断，而非买入价格。所谓\"止损\"（即股价跌破买入成本就卖出）在这个框架下毫无意义。",[58,129,131],{"id":130},"_4-被套时想起长线最危险","4. 被套时想起长线最危险",[46,133,134],{},[17,135,136],{},"\"有很多人往往只是在'被套'的时候才想起'长线'来……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）",[17,138,139],{},"这说明\"不止损硬扛\"和\"随意止损\"都是错的。关键不在于止损不止损，而在于你是否真正理解这家公司的生意。",[13,141,142],{"id":142},"实战案例",[58,144,146],{"id":145},"做空百度该止错而没有及时止","做空百度：该\"止错\"而没有及时止",[46,148,149],{},[17,150,151],{},"\"开始还是想小玩玩，后来又不服输，最后被夹空而投降。\"（2010-03-07）",[17,153,154,155,157],{},"段永平做空百度亏了1.5-2亿美元。这个案例说明，问题不在于是否设了\"",[20,156,5],{"href":22},"\"，而在于做空本身就是\"做错了的事情\"，应该在发现错误的第一时间就\"止错\"。",[58,159,160],{"id":160},"卖出投资判断改变的公司",[17,162,163,164,166,167,171,172,176],{},"段永平卖出Facebook（Meta）的决定就是典型的\"止错\"而非\"",[20,165,5],{"href":22},"\"：\"我突然感觉到FB的",[20,168,170],{"href":169},"\u002Fdao\u002Fhuchenghe","护城河","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）——这里的卖出与股价无关，而是因为对公司",[20,173,175],{"href":174},"\u002Fdao\u002Fjibenmian","基本面","的判断发生了变化。",[58,178,180],{"id":179},"网友问止损段永平反问","网友问止损，段永平反问",[46,182,183],{},[17,184,185,186,188,189,191,192,194],{},"网友：\"",[20,187,40],{"href":39},"者的投资体系中有",[20,190,5],{"href":22},"或者动态止盈的概念吗？\"\n段永平：\"",[20,193,40],{"href":39},"的定义是什么？需要先搞清楚定义哈。\"（2025-12-01）",[17,196,197,198,200,201,205,209,210,212],{},"这个反问揭示了他的核心立场：如果你真的理解了",[20,199,40],{"href":39},"的定义（买未来",[20,202,204],{"href":203},"\u002Fdao\u002Fxianjinliu","现金流",[20,206,208],{"href":207},"\u002Fdao\u002Fzhexian","折现","），就不会问出关于",[20,211,5],{"href":22},"的问题。",[13,214,215],{"id":215},"常见误解",[58,217,219],{"id":218},"误解一价值投资者也需要止损","误解一：价值投资者也需要止损",[17,221,222,224],{},[25,223,27],{},"明确否定了这一点。如果你买入是基于对生意的理解，那么股价下跌只是别人的看法，不影响生意本身。你应该关注的是生意有没有变质，而不是股价有没有跌。",[58,226,228],{"id":227},"误解二卖covered-call是止盈","误解二：卖covered call是止盈",[46,230,231],{},[17,232,233],{},"网友：\"个人愚见，我觉得您卖covered call本质上也是一种止盈手段。\"\n段永平：\"哈，确实是愚见。\"（2025-12-04）",[58,235,237],{"id":236},"误解三不止损就是死扛","误解三：不止损就是死扛",[17,239,240],{},"不止损不等于无条件持有。段永平的做法是：如果发现自己对公司的判断错了，立刻修正（\"止错\"），不管亏了多少。但如果公司的生意没变，股价下跌反而可能是加仓的好机会。",[13,242,243],{"id":243},"思想演变",[17,245,246,247,249,250,252,253,255],{},"在",[25,248,27],{},"的投资体系中，",[20,251,5],{"href":22},"概念的演变其实是他对",[20,254,40],{"href":39},"理解深化的一个侧面。",[17,257,258,261,262,264],{},[25,259,260],{},"早期","：他没有专门讨论",[20,263,5],{"href":22},"，但在2006年的访谈中已经暗含了\"发现错了就改\"的思路。",[17,266,267,270,271,273],{},[25,268,269],{},"2010年前后","：通过做空百度的教训，深刻理解了\"不对的事情马上停\"的重要性——这不是",[20,272,5],{"href":22},"，而是\"止错\"。",[17,275,276,279,280,282],{},[25,277,278],{},"2025年底","：在雪球上首次明确表态\"止盈止亏都是",[20,281,35],{"href":34},"的概念\"，给出了最清晰的判断。",[13,284,285],{"id":285},"原话引用",[46,287,288],{},[17,289,50,290,53],{},[20,291,35],{"href":34},[46,293,294],{},[17,295,296,297,299],{},"\"",[20,298,40],{"href":39},"的定义是什么？需要先搞清楚定义哈。\"（2025-12-01，回应网友关于止损的提问）",[46,301,302],{},[17,303,102,304,107],{},[20,305,106],{"href":105},[46,307,308],{},[17,309,310],{},"\"有很多人往往只是在'被套'的时候才想起'长线'来。\"（2011-12-13）",[46,312,313],{},[17,314,315],{},"\"你要短线能赚钱那当然做短线啊！最短的短线在澳门。\"（2026-01-22）",{"title":317,"searchDepth":318,"depth":318,"links":319},"",2,[320,321,328,333,338,339],{"id":15,"depth":318,"text":15},{"id":56,"depth":318,"text":56,"children":322},[323,325,326,327],{"id":60,"depth":324,"text":61},3,{"id":85,"depth":324,"text":86},{"id":110,"depth":324,"text":111},{"id":130,"depth":324,"text":131},{"id":142,"depth":318,"text":142,"children":329},[330,331,332],{"id":145,"depth":324,"text":146},{"id":160,"depth":324,"text":160},{"id":179,"depth":324,"text":180},{"id":215,"depth":318,"text":215,"children":334},[335,336,337],{"id":218,"depth":324,"text":219},{"id":227,"depth":324,"text":228},{"id":236,"depth":324,"text":237},{"id":243,"depth":318,"text":243},{"id":285,"depth":318,"text":285},"投资理念","止损是股票交易中的常见术语，指当股价下跌到一定程度时卖出以限制损失。段永平对止损有明确的态度：这是一个投机概念，不属于价值投资的范畴。","md",{},true,19,{"title":5,"description":341},"段永平谈止损：止损是股票交易中的常见术语，指当股价下跌到一定程度时卖出以限制损失。段永平对止损有明确的态度：这是一个投机概念，不属于价值投资的范畴。","止损｜大道总纲","zhisun","dao\u002Fzhisun","qWa7uAvb-PXNF94umyw2p29Fg6_UiJAlE4mVB_v44-g",1777884960165]