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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":329,"body":818,"category":241,"chapterOrder":9,"date":9,"description":331,"editor":2267,"extension":2268,"meta":2269,"navigation":2270,"order":332,"path":2271,"publishedAt":9,"seo":2272,"seoDescription":331,"seoTitle":2273,"slug":330,"source":9,"sourceAuthor":827,"sourceDate":9,"sourceNote":2274,"sourceStatus":2275,"sourceUrl":9,"sources":2276,"stem":2277,"summary":331,"tags":9,"type":9,"updatedAt":2278,"volume":9,"volumeOrder":9,"__hash__":2279,"_collection":2280},"dao\u002Fdao\u002Fspeeches\u002Fduanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang.md",{"type":819,"value":820,"toc":2240},"minimark",[821,836,852,856,874,879,882,885,889,900,908,916,925,931,934,943,946,949,960,968,974,980,994,1013,1018,1021,1033,1043,1060,1066,1069,1077,1082,1088,1091,1094,1097,1104,1118,1126,1135,1149,1170,1176,1190,1203,1212,1216,1222,1227,1230,1233,1262,1265,1277,1280,1291,1296,1299,1302,1318,1324,1342,1345,1348,1359,1364,1367,1390,1408,1412,1420,1425,1428,1442,1471,1486,1495,1512,1521,1527,1530,1555,1561,1577,1589,1592,1597,1613,1616,1619,1627,1632,1635,1638,1641,1647,1658,1680,1696,1699,1702,1705,1708,1716,1731,1734,1748,1751,1760,1763,1771,1776,1779,1782,1785,1803,1806,1821,1833,1852,1861,1864,1872,1889,1896,1907,1912,1935,1938,1970,1973,1985,1990,1996,1999,2002,2015,2018,2026,2046,2049,2056,2062,2065,2076,2079,2082,2085,2088,2091,2102,2107,2110,2140,2143,2160,2166,2183,2186,2200,2218,2221,2224,2227,2230,2235],[822,823,824,828,829,832,833,835],"p",{},[825,826,827],"strong",{},"段永平","：2007年与",[825,830,831],{},"巴菲特","共进午餐后",[825,834,596],{},"专访",[822,837,838,839,841,842,832,844,846,847,851],{},"2007",[825,840,827],{},"与",[825,843,831],{},[825,845,596],{},"专访：对",[848,849,58],"a",{"href":850},"\u002Fjiazhitouzi","不能急，不能躁",[853,854,855],"h2",{"id":855},"见巴菲特前做了什么准备",[822,857,858,861,862,864,865,867,868,870,871,873],{},[825,859,860],{},"Q1","、",[825,863,596],{},"财经：在和您会面之前，",[825,866,831],{},"在接受美国媒体采访时笑着说：“听他的情况介绍，感觉他是个一流的人，我盼望着见到他”。可以看出",[825,869,831],{},"对与你的会面保持了很高的期望，那您在与",[825,872,831],{},"会面之前是否做过一些特别的准备呢？",[822,875,876,878],{},[825,877,827],{},"：其实也没有太多。会面之前我们通过一、两次电子邮件，介绍了一下我的情况。原来会面的时间是定在去年，但在今年5月份才见面。",[822,880,881],{},"原因主要是当时他在纽约，比较忙，而且是冬天，我自己也不太愿意去，所以我跟他商量能不能时间往后安排，最终确定在5月6号他开完股东大会。",[822,883,884],{},"这对我来说也很好，我可以多花一些时间提高我的英语，因为他老人家不讲中文，我得讲英语。",[853,886,888],{"id":887},"与巴菲特聚餐的期待-我的投资理念最早来自巴菲特","与巴菲特聚餐的期待 “我的投资理念最早来自巴菲特”",[822,890,891,861,894,896,897,899],{},[825,892,893],{},"Q2",[825,895,596],{},"财经：你花62万美元竞投",[825,898,831],{},"这次聚餐，是否对这次聚会有些特别的期待？",[822,901,902,904,905,907],{},[825,903,827],{},"：准确地讲我没有花一分钱，整个晚餐也没有花钱，唯一花钱的是",[825,906,831],{},"，因为小费是他给的。这个午餐实际上是个拍卖会，也没说花多少钱吃饭，跟吃饭也没太多的关系。严格的讲，这此会面是个慈善募捐活动。",[822,909,910,912,913,915],{},[825,911,831],{},"的太太在格莱德基金会做义工做了15-20年，做到15年的时候，她跟基金会领导介绍说她是",[825,914,831],{},"的太太。",[822,917,918,919,921,922,924],{},"当时对方差点晕倒，认识15年都不知道这个情况。后来她把",[825,920,831],{},"介绍给这位基金领导，后来",[825,923,831],{},"用午餐拍卖的方式帮基金募集资金，用这种形式支持他太太。老美确实很有意思，非常低调。",[822,926,927,928,930],{},"我算过",[825,929,831],{},"的身价，按每年200天来计算，他每个小时的价值是300万美金，我们吃了三个小时，那就是900万美金。",[822,932,933],{},"所以花多少钱才能请他吃饭呢？如果用60万单纯请他吃一次饭，他应该不会去的。",[822,935,936,937,939,940,942],{},"我见",[825,938,831],{},"不是一、二次，这次会面也没有特别企盼什么。但是对于我来讲，面对面的聊天也是很难的机会。一方面，我的投资理念就来自",[825,941,831],{},"，有些东西如果当面聊一聊可能会有收获。",[822,944,945],{},"从另一个角度讲，支持他的慈善事业也是应该的。而且我太太和我每年都要做很多慈善事业，这个午餐连我们捐赠的十分之一都不到。",[853,947,948],{"id":948},"投资就像打高尔夫",[822,950,951,861,954,956,957,959],{},[825,952,953],{},"Q3",[825,955,596],{},"财经：通过这次会面，你从",[825,958,831],{},"那里有什么收获？",[822,961,962,964,965,967],{},[825,963,827],{},"：首先，",[825,966,831],{},"精彩的东西都说过了，有很多人看，关键是看完之后能否理解和接受。",[822,969,970,971,973],{},"我跟",[825,972,831],{},"通电子邮件的时候，我说明了参加他的慈善事业竞投的原因，主要是想说一声“感谢”。因为确实是看了他的东西之后我才下决心做投资的。",[822,975,976,977,979],{},"以前我对投资的理解很含糊，当时跟很多人的想法一样，认为股市是一个赌场，有很多不确定东西在里面，投下去就睡不着觉，很紧张。直到了解",[825,978,831],{},"之后，我才对投资有豁然开朗的心情。",[822,981,982,983,986,987,993],{},"我在电子邮件里说，我跟他学到的最重要的东西是：",[825,984,985],{},"买股票就像买一个公司的一部分","，",[825,988,989,990],{},"买股票就要",[848,991,120],{"href":992},"\u002Fzhangqichiyou","。",[822,995,996,998,999,986,1006,986,1009,1012],{},[825,997,831],{},"跟我回信说：“",[825,1000,1001,1002,1005],{},"你说的就是我当年跟本杰明.",[825,1003,1004],{},"格雷厄姆","学的",[825,1007,1008],{},"正是这个理念改变了我的看法",[825,1010,1011],{},"影响了我的一生","。”",[822,1014,1015,1017],{},[825,1016,831],{},"没有直接跟我说这个东西是好是坏，但说他因为学到了这一点而得到了很多。言下之意就是我的思想跟他很接近了。",[822,1019,1020],{},"这次聊天虽然只有3个小时左右，但聊的范围很广泛，我们谈到了投资、做慈善、谈到高尔夫，谈到桥牌，谈到女朋友，什么都谈。",[822,1022,1023,1024,986,1027,986,1030,993],{},"比如说投资，我问了一个很小的问题，我问他犯过哪些错误？他说他犯了很多错误，比如",[825,1025,1026],{},"说10多年投资一家公司",[825,1028,1029],{},"本来只值4个亿",[825,1031,1032],{},"但他用了40亿",[822,1034,1035,1036,986,1039,1042],{},"现在这家公司的价值是零，已经破产了。",[825,1037,1038],{},"投资犯错不可怕",[825,1040,1041],{},"最重要的是少犯错","，而且也不是说某一个项目做得漂亮就行。",[822,1044,1045,986,1047,986,1050,993,1053,986,1056,1059],{},[825,1046,948],{},[825,1048,1049],{},"要是每一个都打得很好",[825,1051,1052],{},"那就不好玩了",[825,1054,1055],{},"高尔夫主要是要看整个成绩",[825,1057,1058],{},"而不是看某一个部分","。大部分人都更关注为什么你这一杆打得这么好，其实高尔夫是用全场来计算你的成绩。",[822,1061,1062,1063,1065],{},"我们有时候过于注重某个案子的成败，过于紧张，往往忽略了整体的东西。",[825,1064,831],{},"这方面说得很清楚。",[853,1067,1068],{"id":1068},"股市投资没有任何新东西",[822,1070,1071,861,1074,1076],{},[825,1072,1073],{},"Q4",[825,1075,596],{},"财经：您刚刚谈到3个小时的交流主题是非常广泛的，那么有没有聊到什么新的东西可以和大家分享？",[822,1078,1079,1081],{},[825,1080,827],{},"：我可以肯定的说，没有任何新东西。如果有什么新东西，60多万美元就卖了，也太便宜了。",[822,1083,1084,1085,1087],{},"股市很有意思，没有什么新东西。可能因为这",[825,1086,831],{},"没有写过一本书。会面时我还问了他，他说终于有人帮他写了一本书，花了5年的时间，明年就可以出版了。",[822,1089,1090],{},"书的内容主要是关于如何投资，投资的原理非常简单，没有什么新的东西，只是如何理解它，如何建立自己的技能，如何不犯大错。",[822,1092,1093],{},"我们还聊了我们公司的情况。我们公司这么多年做的也不错，但是我们不想上市，我觉得上市对我们不好。",[822,1095,1096],{},"他就说，他有一个朋友宁愿放弃自己一半的身价，让公司恢复到私有的形态。这对我来说很震撼，对于上市是否是一个错误，他没有肯定或者否定，但是从很侧面的角度给了我很大的肯定。",[853,1098,1100,1101,1103],{"id":1099},"巴菲特很风趣-价值投资不能急不能躁","巴菲特很风趣 ",[848,1102,58],{"href":850},"不能急不能躁",[822,1105,1106,861,1109,1111,1112,1114,1115,1117],{},[825,1107,1108],{},"Q5",[825,1110,596],{},"财经：您给",[825,1113,596],{},"财经提供了几张独家照片，我想知道，相片中",[825,1116,831],{},"跟您正在交流什么？",[822,1119,1120,1122,1123,1125],{},[825,1121,827],{},"：第一张照片，我可以给你们讲，就是开玩笑，就是做了一个姿势。他就在附在我耳边，说给小费的事情，其实什么都没讲。第二个就是把他的钱包拿出来，拍了一张照。",[825,1124,831],{},"很风趣，不像大家想的那样有什么特别的地方。",[822,1127,1128,1129,1131,1132,1134],{},"Q6、",[825,1130,596],{},"财经： 在您眼中，真实的",[825,1133,831],{},"与媒体刻划的“股神”有什么不同的地方？",[822,1136,1137,1139,1140,1142,1143,1145,1146,1148],{},[825,1138,827],{},"：我不知道你心目中媒体刻划的",[825,1141,831],{},"是什么样，我见到的",[825,1144,831],{},"和我想象中的",[825,1147,831],{},"没有太大区别，我觉得他就是一个普通人。他对这个事务的理解非常深刻，是比较聪明敏锐的人，看人、看事情长远性都非常好。",[822,1150,1151,1152,861,1155,993,1158,986,1161,993,1164,986,1167,993],{},"而且这个人非常朴实，并不像什么有三头六臂的人物。",[825,1153,1154],{},"他给我的印象是非常低调",[825,1156,1157],{},"谦虚",[825,1159,1160],{},"我们平时见到一些富有的人都是趾高气扬的",[825,1162,1163],{},"但是他没有那样",[825,1165,1166],{},"巴菲特在大家的想象中应该是前仆后拥的",[825,1168,1169],{},"其实他没有",[822,1171,1172,1173,1175],{},"如果说",[825,1174,831],{},"有什么特别的东西？其实他已经早就说了，包括他给股民的信里都说得很清楚。但是听他用很精辟的话说出来感受还是不一样。",[822,1177,1178,986,1181,986,1184,986,1187,993],{},[825,1179,1180],{},"巴菲特不会跟你讲废话",[825,1182,1183],{},"他把他体会最深的东西会讲给你",[825,1185,1186],{},"我则要慢慢琢磨",[825,1188,1189],{},"他说的话会让人心里更坚定的",[822,1191,1192,1193,986,1199,1202],{},"我们有聊天记录，我记忆比较深的一句话是：",[825,1194,1195,1196,1198],{},"对",[848,1197,58],{"href":850},"不能急",[825,1200,1201],{},"不能躁","。有时候我在翻来看看，就觉得这句话很有意思。",[822,1204,1205,1206,986,1209,1012],{},"我后来给他回了一封信，用中国话来讲：“",[825,1207,1208],{},"听君一席话",[825,1210,1211],{},"胜读十年书",[853,1213,1215],{"id":1214},"相对我自己而言我已经做得很好","相对我自己而言，我已经做得很好",[822,1217,1218,1219,1221],{},"Q7、",[825,1220,596],{},"财经：这次会面最触动您的是什么？",[822,1223,1224,1226],{},[825,1225,827],{},"：我这个人本身是很麻木的，很少有什么特别感动的事情。",[822,1228,1229],{},"如果非要说有，就是他最后离开的时候，他的司机开了一辆特别像卡车的车过来，像美国最普通蓝领开的车，他老人家身手矫健的爬了进去，这让我印象非常深刻。",[822,1231,1232],{},"我虽然知道这个人不是个奢侈的人，但是也没想他开这种车来。他家我也去过，他的房子不是豪宅，只是一个很普通的房子（美国人都是这样的）他的房子座落在一大堆中产阶级房子中间，但是他的车对我还是有一些触动。",[822,1234,1235,986,1238,986,1241,986,1244,986,1247,993,1250,986,1253,993,1256,986,1259,993],{},[825,1236,1237],{},"巴菲特值得学的东西的确非常多",[825,1239,1240],{},"这么成就的人",[825,1242,1243],{},"可以这么谦虚",[825,1245,1246],{},"这么平实",[825,1248,1249],{},"这么和蔼",[825,1251,1252],{},"他的幽默我们不一定可以学会",[825,1254,1255],{},"但是谦虚总可以学得会",[825,1257,1258],{},"所以",[825,1260,1261],{},"我觉得还是很触动的",[822,1263,1264],{},"回去我太太也这么对我讲：“你要学的东西还很多。”我说，对啊，确实是这样。我们见到有钱人很多，但是见过他这种平实的人很少。",[822,1266,1267,1268,986,1271,986,1274,993],{},"我回国之后，看到一些稍微有点钱的人非常飞扬跋扈，包括吃饭，对服务员的态度，差异都非常大。",[825,1269,1270],{},"巴菲特对服务员的态度就非常好",[825,1272,1273],{},"这不是做给我看的",[825,1275,1276],{},"他不需要做给我看",[853,1278,1279],{"id":1279},"巴菲特让我找到更好的心态",[822,1281,1282,861,1285,1287,1288,1290],{},[825,1283,1284],{},"Q8",[825,1286,596],{},"财经：您这次有没有特别准备了一些问题，",[825,1289,831],{},"当时是怎么回答的？",[822,1292,1293,1295],{},[825,1294,827],{},"：有，但是我没有问，因为他答别的问题的时候，我发现那些问题不需要问。",[822,1297,1298],{},"原来我在媒体也讲过，我想问的问题是：“我们做股票经常会碰到这样的情况，有时发现一个好的目标，手里没有钱；",[822,1300,1301],{},"有时手里有很多钱，又没有目标的时候，这种情况下你是什么样的心态？\"",[822,1303,1304,1305,986,1308,986,1311,993,1314,1317],{},"其实答案我是知道的，",[825,1306,1307],{},"有钱没目标就没办法",[825,1309,1310],{},"有目标没钱也没办法",[825,1312,1313],{},"但是心里面会着急",[825,1315,1316],{},"我就很想知道他是一个怎么样的心态","。他说了一些事之后，我觉得没必要问了。",[822,1319,1320,1321,1323],{},"当你问一些其他的问题时，",[825,1322,831],{},"就间接的回答了这个问题，比如说没钱有目标的，是否能借钱做股票投资等等。",[822,1325,1326,986,1329,861,1332,986,1335,1338,1339,993],{},[825,1327,1328],{},"他说他只希望富一次",[825,1330,1331],{},"如果借钱可能会变成两次",[825,1333,1334],{},"三次富有了",[825,1336,1337],{},"然后又穷回去了","。他这话的意思是要",[825,1340,1341],{},"少犯错",[822,1343,1344],{},"我投资之后，白发比原来多了不少，有时候确实很紧张。跟他聊完之后，心情有很大的不一样的感觉。",[853,1346,1347],{"id":1347},"巴菲特如何回避风险",[822,1349,1350,861,1353,1355,1356,1358],{},[825,1351,1352],{},"Q9",[825,1354,596],{},"财经：",[825,1357,831],{},"也说自己犯过错误，如果遇到问题他会怎么办？",[822,1360,1361,1363],{},[825,1362,827],{},"：如果他回避了就不叫“风险”。如果已经碰上了，他投资是对价值的认定，他认为这个东西值1块，如果有人卖6毛，他就买。",[822,1365,1366],{},"那如果掉到5毛怎么办，他肯定会继续大量买。倒过来讲，1块钱的东西涨了10块钱他会卖掉，不会涨到9块钱还追买。",[822,1368,1369,1370,986,1375,986,1381,986,1384,986,1387,993],{},"看很多人讲：“买高，卖得更高。”，",[825,1371,1372,1374],{},[848,1373,58],{"href":850},"的概念是“低买高卖”",[825,1376,1377,1378,1380],{},"真正的",[848,1379,58],{"href":850},"者卖的机会不多",[825,1382,1383],{},"真正想持有的话",[825,1385,1386],{},"很多股票很少有很严重的超值情况",[825,1388,1389],{},"因此没必要卖",[822,1391,1392,986,1395,993,1398,986,1401,1404,1405,1407],{},[825,1393,1394],{},"但是有些股票严重超值",[825,1396,1397],{},"考虑到税收都可以接受的话才可以卖",[825,1399,1400],{},"巴菲特说过",[825,1402,1403],{},"最理想的股票是可以不卖的","。 当然他也卖过很多股票，有人说",[825,1406,831],{},"从来不卖，这是不对的。",[853,1409,1411],{"id":1410},"是否谈及了中国股市","是否谈及了中国股市？",[822,1413,1414,861,1417,1419],{},[825,1415,1416],{},"Q10",[825,1418,596],{},"财经：你们在聊天过程中是否涉及到中国股市？",[822,1421,1422,1424],{},[825,1423,827],{},"：没有，没有人提这个问题，自己也没有提这些问题，以我的理解，问不出什么东西来。",[853,1426,1427],{"id":1427},"学巴菲特就意味着不能炒短线",[822,1429,1430,861,1433,1435,1436,1438,1439,1441],{},[825,1431,1432],{},"Q11",[825,1434,596],{},"财经：现在模仿",[825,1437,831],{},"的人很多，但是",[825,1440,831],{},"只有一个，您认为这个问题出在什么地方？",[822,1443,1444,1446,1447,1449,1450,1452,1453,1455,1456,1458,1459,1461,1462,1464,1465,1467,1468,1470],{},[825,1445,827],{},"：这没什么问题，你也可以起名叫",[825,1448,831],{},"。你对",[825,1451,831],{},"的定义是什么？",[825,1454,831],{},"是",[848,1457,58],{"href":850},"者，",[848,1460,58],{"href":850},"者也不是",[825,1463,831],{},"一个人，我认为",[825,1466,831],{},"是非常好的有",[848,1469,58],{"href":850},"理念的人，他坚持的时间长，他有足够的时间展现他的能力。",[822,1472,1473,1474,1476,1477,1479,1480,1482,1483,1485],{},"有些人，像他的老师",[825,1475,1004],{},"，对",[848,1478,58],{"href":850},"的分析非常到位，非常清楚。像",[825,1481,831],{},"讲的，",[825,1484,1004],{},"写出了迄今为止他看到的最好的一本书。",[822,1487,1488,1489,1491,1492,1494],{},"但是",[825,1490,1004],{},"自己做投资并不多，我想跟他是教授的身份有很大的关系，但这样不等于说他就不是",[848,1493,58],{"href":850},"者，最早的理念就是从他这里出来的。",[822,1496,1497,986,1500,986,1503,986,1506,986,1509,993],{},[825,1498,1499],{},"巴菲特讲",[825,1501,1502],{},"这个人是最典型的“前人栽树",[825,1504,1505],{},"后人乘凉”",[825,1507,1508],{},"他把价值理念很完整的阐述出来",[825,1510,1511],{},"巴菲特是树下乘凉的人",[822,1513,1514,1515,1517,1518,1520],{},"寻找",[825,1516,831],{},"，我个人认为，中国的大环境还没有到能够产生",[825,1519,831],{},"这样的人的地步，可能还需要很多年。因为整个股市的完善需要时间，大家的心态，所受的教育、对投资的理解，整体的理解差异还不是很大。",[822,1522,1523,1524,1526],{},"我在美国见过很多的普通投资者，他们对",[848,1525,58],{"href":850},"的理解都非常深刻，比如说我的一个家教，教我英语的，他这次也参与了对话。",[822,1528,1529],{},"回国后，我跟大家聊的时候，哪怕是已经做得很大很有名的人，聊起来都会让我哭笑不得。",[822,1531,1532,1533,1535,1536,1538,1539,986,1542,986,1545,986,1548,1551,1552,1554],{},"比如，他会找到一些“短线",[825,1534,831],{},"”，这很搞笑，因为",[825,1537,831],{},"意味着不能短线。我举个例子，",[825,1540,1541],{},"我回报最快的是2个小时赚了50倍",[825,1543,1544],{},"去赌场赚的",[825,1546,1547],{},"这不叫投资",[825,1549,1550],{},"这叫赌博","。所以你不能说我这两个小时的表现比",[825,1553,831],{},"好，这样大家听起来就很晕。",[853,1556,1558,1560],{"id":1557},"价值投资没有地域特色",[848,1559,58],{"href":850},"没有地域特色",[822,1562,1563,861,1566,1568,1569,1571,1572,1574,1576],{},[825,1564,1565],{},"Q12",[825,1567,596],{},"财经：您心目中的",[848,1570,58],{"href":850},"理念与",[825,1573,831],{},[848,1575,58],{"href":850},"理念相比，是否有中国特色？",[822,1578,1579,1581,1582,986,1585,1588],{},[825,1580,827],{},"：没有，",[825,1583,1584],{},"价值都是一样",[825,1586,1587],{},"最大的问题是你能否搞懂","。如果非要说说有特色的话，那是每个人的背景和条件不同。",[822,1590,1591],{},"比如说你的钱不是自由流通的，人不是国际化的，会受地域的限制。如果我是国际化的人，任何语言我都会，比如说印度的股市好，你会投吗？我肯定不会，因为不懂。",[822,1593,1594,1596],{},[825,1595,831],{},"也在中国做了一些投资，比如说买中石油，那是因为他搞懂了，他有足够的时间克服各种障碍。",[822,1598,1599,1600,1602,1603,1605,1606,1609,1610,1612],{},"比如说，",[825,1601,596],{},"他就搞不懂，他就不会投，他不但不投",[825,1604,596],{},"，他也不会投",[825,1607,1608],{},"Google","。有一次他打探",[825,1611,1608],{},"，但是他没有投，想来想去他没有搞懂，所以他没有买。",[822,1614,1615],{},"你非要问有什么特色？就是我的英语不好，我投的中国公司比较多。我也投美国公司，投资里的几家美国公司还表现得非常好，也有40倍，50倍的收益。这种情况是因为我不需要很长的语言背景，有一些基本的语言背景就可以理解这些企业。",[853,1617,1618],{"id":1618},"没有追加中国股市投资",[822,1620,1621,861,1624,1626],{},[825,1622,1623],{},"Q13",[825,1625,596],{},"财经：您刚才说到“只投资自己看的明白的项目，投资中国公司比较多”您是否会加大A股或H股的投资？",[822,1628,1629,1631],{},[825,1630,827],{},"：我肯定是没有，其实我的观点很含蓄，我认为现在很难找到值得花大力气买的股票，两年前确实有，现在确实难以找到，现在哪怕有一定价值都被挖掘出来了，全民在搞，有什么搞不出来？",[822,1633,1634],{},"如果一个太热的东西，大家都知道能赚钱，往往有难度。像我们这个行业，可能是自己擅长做。",[822,1636,1637],{},"像股票这个行业，如果你在玩就无所谓，如果你放了很多身家在里面，我认为还是安全为重。",[822,1639,1640],{},"至少不要因为这个事情搞到有一天跟儿子讲：“对不起，儿子，你上学的钱都被老爸赔光了。”我知道很多人股票赚了很多钱，但是我认为不要借钱炒股。",[853,1642,1644,1645],{"id":1643},"投资只有一种玩法价值投资","投资只有一种玩法：",[848,1646,58],{"href":850},[822,1648,1649,861,1652,1654,1655,1657],{},[825,1650,1651],{},"Q14",[825,1653,596],{},"财经：目前中国股市上，很多人觉得搞",[848,1656,58],{"href":850},"赚钱太慢了，你怎么看？",[822,1659,1660,1662,1663,861,1668,861,1671,986,1674,986,1677,993],{},[825,1661,827],{},"：这话很对，我也很想快赚钱，他们会快赚钱，他们以前都干什么了？",[825,1664,1665,1667],{},[848,1666,58],{"href":850},"的概念是5年",[825,1669,1670],{},"10年",[825,1672,1673],{},"20年",[825,1675,1676],{},"不是5天",[825,1678,1679],{},"10天",[822,1681,1682,1683,986,1686,1691,1692,1695],{},"股市中大家在玩不同的游戏，但",[825,1684,1685],{},"投资这个游戏其实只有一个玩法",[825,1687,1688,1689],{},"就是“",[848,1690,58],{"href":850},"”。",[848,1693,125],{"href":1694},"\u002Ftouji","则有不同的玩法，到赌场有很多玩法，可以玩“大小”等等，什么都可以玩，这个钱来得当然快。",[822,1697,1698],{},"但是这样钱来得快，去得也快。像这个疯狂的股市的结果，在美国等很多国家都发生了，在中国也不是没发生过，再发生也可能很快。",[822,1700,1701],{},"现在无非是个时间问题，最终的结果大家都知道，只是具体到来的时间谁都不知道。",[822,1703,1704],{},"如果大家知道这个股市后天会掉下来，大家提前都卖光了，股市一下子就掉下来了。其实我们对于股市短线走势谁都不知道。",[853,1706,1707],{"id":1707},"股东如何考察管理层",[822,1709,1710,861,1713,1715],{},[825,1711,1712],{},"Q15",[825,1714,596],{},"财经：有位网友问，作为小股东，如何考察公司？",[822,1717,1718,1720,1721,986,1724,1727,1728,993],{},[825,1719,827],{},"：我个人认为，你应该",[825,1722,1723],{},"投资你能搞得懂的公司",[825,1725,1726],{},"要事先考察","。小投资者也可以有很多途径了解上市公司，比如",[825,1729,1730],{},"观察公司的产品",[822,1732,1733],{},"以前有一家公司，我就看不懂，他的饮料投了这么大的广告，问所有人，都说没喝过，最后确实没做起来。",[822,1735,1736,986,1739,986,1742,986,1745,993],{},[825,1737,1738],{},"作为小股东来讲",[825,1740,1741],{},"做大投资确实要慎重",[825,1743,1744],{},"但一旦找到好的东西",[825,1746,1747],{},"不要轻易放掉",[822,1749,1750],{},"我看到很多小股民来回换股票，10年回来之后，除了他自己没有赚钱，别人都赚钱了。最终90%以上的投资者，投在股市上的钱都比放在银行拿利息要少。",[822,1752,1753,1754,986,1757,993],{},"所以我觉得小股东找到一个好股票，一直拿着，可能就能够赚钱。",[825,1755,1756],{},"股票一定要少换",[825,1758,1759],{},"不要道听途说",[853,1761,1762],{"id":1762},"不做专业的炒股人",[822,1764,1765,861,1768,1770],{},[825,1766,1767],{},"Q16",[825,1769,596],{},"财经：有网友问，如果想全职做投资，大概多少钱开始合适，原始资产是年收入的10倍时，是否合适做投资？",[822,1772,1773,1775],{},[825,1774,827],{},"：这个问题我确实不知道如何回答，全职投资是什么意思？（主持人：就是职业投资者。）",[822,1777,1778],{},"我不知道他说薪水的10倍是什么概念，假如是12万，你做一年的投资，能不能保证你有12万的回报，很难说。不管你有多少钱，我都劝你不做职业投资者，股票炒来炒去很危险。如果专业投资做一个基金的管理员，这个是可以的，因为它本身有收入。",[822,1780,1781],{},"很多时候你的股票并不是特别好，只是因为大家都涨所以你才涨，赚钱的原因不是因为你很懂股市。现在多数人看图看线做股票早晚要出问题，因为大家看的是一张图一条线，你凭什么能够赚到钱。",[822,1783,1784],{},"美国的股市平均PE只有15倍左右，中国的现在报道是50-60倍，美国的标准普尔是15倍，随着资本逐渐自由流动，总会有人把60倍的PE的股票卖掉投资到15倍的股票里面，所以只要市场足够长期，一定会回来。大家可以想像如果从60倍回到15倍是什么概念？",[822,1786,1787,1788,1790,1791,986,1794,986,1797,986,1800,993],{},"具体这个回归过程有多长时间不知道，有人跟我讲，",[825,1789,831],{},"曾经说过是4年，他没有见过超过4年。在我的经验上是没有超过3年的；",[825,1792,1793],{},"我认为一个有价值的股票",[825,1795,1796],{},"不到3年都会反映它的实际价值",[825,1798,1799],{},"那些我认为有大问题的公司",[825,1801,1802],{},"3-4年都会回到实际的价值",[853,1804,1805],{"id":1805},"怎么看步步高的前景",[822,1807,1808,861,1811,1813,1814,1817,1818,1820],{},[825,1809,1810],{},"Q17",[825,1812,596],{},"财经：有一位网友非常关心您的公司",[825,1815,1816],{},"步步高","，段总，您怎么看",[825,1819,1816],{},"的前景？",[822,1822,1823,1825,1826,1816,1829,1832],{},[825,1824,827],{},"：步步高",[825,1827,1828],{},"不是我个人的，我只是",[825,1830,1831],{},"创始人之一，我现在不担任","步步高的任何具体行政任务，我不知道他们现在具体卖什么，当然大的方面我知道。",[822,1834,1835,986,1838,986,1841,986,1844,1847,1848,1851],{},[825,1836,1837],{},"我认为我们公司非常了解消费者的需求",[825,1839,1840],{},"我不敢说我们的公司做成怎么样",[825,1842,1843],{},"我认为只要这个行业还在",[825,1845,1846],{},"我们就会存在","。我早年就说过，我们会成为这个行业里面最后倒下来的公司。我们在企业核心价值观里面说：",[825,1849,1850],{},"我们要成为追求更健康最长久的企业","，而不是追求眼前的利益。",[822,1853,1854,1855,986,1858,993],{},"我一年99%的时间在美国，人家说我“遥控”企业发展，我说我家里没有遥控，不可能遥控的。我家里只有电视机的遥控。",[825,1856,1857],{},"步步高主要是靠自己经营的团队来运作",[825,1859,1860],{},"我觉得我们企业是我们国内比较少见的健康的企业",[853,1862,1863],{"id":1863},"买股票就是买公司",[822,1865,1866,861,1869,1871],{},[825,1867,1868],{},"Q18",[825,1870,596],{},"财经：一位网友问您对投资最深的体会是什么？",[822,1873,1874,1876,1877,1879,1880,1882,1883,1885,1886,1888],{},[825,1875,827],{},"：买股票跟你买公司是一样。现在",[825,1878,596],{},"是22亿市值，现金是5亿，因此投资决策就是：你有18亿美金现金愿意买股票吗？你花18亿买",[825,1881,596],{},"，你要想",[825,1884,596],{},"要多久能挣回这18亿，如果1万年那就算了。如果我今天买了，想着明天有机会就卖，这就是",[848,1887,125],{"href":1694},"了；如果说是我买了1千股，出了什么问题就可以跑，这只是一个游戏；比如说我有一个朋友说，我买了一个几十块的东西，要跑还是跑得掉的，所有人都是这样想的。",[853,1890,1892,1893,1895],{"id":1891},"如何转变成价值投资者","如何转变成",[848,1894,58],{"href":850},"者",[822,1897,1898,861,1901,1903,1904,1906],{},[825,1899,1900],{},"Q19",[825,1902,596],{},"财经：有一位网友说，我是一个短线投资客，怎么转变成",[848,1905,58],{"href":850},"者？",[822,1908,1909,1911],{},[825,1910,827],{},"：这是一个不同的游戏，短线没有什么错，这是好玩。去澳门不等于错，但是去澳门不是挣钱，而是玩，挣了钱很高兴，亏了也一定要亏得起，因此我不要网友卖房子炒股。",[822,1913,1914,986,1917,986,1923,986,1926,986,1929,986,1932,993],{},[825,1915,1916],{},"如果你是长线投资",[825,1918,1919,1920],{},"你就会有很好的",[848,1921,197],{"href":1922},"\u002Fnaixin",[825,1924,1925],{},"有潜心的研究",[825,1927,1928],{},"完全是另外一种游戏",[825,1930,1931],{},"如何转变我不知道",[825,1933,1934],{},"其实最重要的问题是你愿不愿意玩这个游戏",[822,1936,1937],{},"很多人愿意去澳门，我已经十多年没有去过澳门了，我以前记得在赌场有人喊，我觉得这是一种乐趣。",[822,1939,1940,986,1943,986,1946,986,1949,986,1952,993,1955,986,1958,986,1961,986,1964,986,1967,993],{},[825,1941,1942],{},"长线投资是另外一种东西",[825,1944,1945],{},"就像看巴菲特",[825,1947,1948],{},"他很平和",[825,1950,1951],{},"很简单",[825,1953,1954],{},"很常见",[825,1956,1957],{},"就像我们做企业",[825,1959,1960],{},"你要想到售后服务",[825,1962,1963],{},"产品设计",[825,1965,1966],{},"消费者需求",[825,1968,1969],{},"要想很多",[853,1971,1972],{"id":1972},"投资万科",[822,1974,1975,861,1978,1980,1981,1984],{},[825,1976,1977],{},"Q20",[825,1979,596],{},"财经：网友问上次说您投了",[825,1982,1983],{},"万科","，您是否打算卖掉？",[822,1986,1987,1989],{},[825,1988,827],{},"：我已经卖了，我卖的原因要讲一下。",[822,1991,1992,1993,1995],{},"我买",[825,1994,1983],{},"的时候，才2块多钱，当时觉得这个股再怎么样也值10多块，2块多钱没道理，后来涨到10多块的时候，正好那时候有别的需求就卖了。",[822,1997,1998],{},"从目前的结果看，证明卖错了，因为现在20多块了，少赚了一倍，但是后悔吗？不后悔。再涨不涨跟我也没关系了，因为我刚好需要这个钱。",[822,2000,2001],{},"因为我人不在国内。我买的时候有一个基本的了解，这个股票值这么多钱，到了这个价格时，我觉得已经满意了。",[822,2003,2004,2005,2008,2009,2011,2012,2014],{},"其实这只股票还该不该涨，我不知道，这跟",[848,2006,110],{"href":2007},"\u002Fjibenmian","有关，我没有很好的研究。我卖",[825,2010,1983],{},"，并不是意味着它超值了，网友决定留不留着是你的事情，有很多人跟我一起买",[825,2013,1983],{},"的人，他们现在还留着。",[853,2016,2017],{"id":2017},"关于慈善事业",[822,2019,2020,861,2023,2025],{},[825,2021,2022],{},"Q21",[825,2024,596],{},"财经：关于慈善的问题，这里网友问，您是单枪匹马做慈善还是有团队的支撑？慈善是很高尚的事情，在国内反而是弱势群体，这个是否会阻碍你在国内做慈善事业？",[822,2027,2028,2030,2031,986,2034,986,2037,993,2040,986,2043,993],{},[825,2029,827],{},"：对于我来说，",[825,2032,2033],{},"做慈善是我一个家庭的事情",[825,2035,2036],{},"现在是我太太和我做",[825,2038,2039],{},"将来可能还有我们的孩子",[825,2041,2042],{},"当然这是从事务发展的角度来看",[825,2044,2045],{},"肯定是一个团队",[822,2047,2048],{},"我们这个基金主要投在教育上，我们已经投了不少，包括对浙大的捐款，包括在斯坦佛建了一个奖学金，专门给中国区的学生。",[822,2050,2051,2052,2055],{},"这个基金是我和",[825,2053,2054],{},"丁磊","建的。这次在斯坦佛大学还见了一个学生，我问他怎么来的，是否是自费，他说是奖学金。",[822,2057,2058,2059,2061],{},"我说这奖金是",[825,2060,2054],{},"的，他还不知道。 我这就觉得有效果了，中国的学生因为有了这个奖学金，可以到斯坦佛大学上本科了。",[822,2063,2064],{},"慈善是一个正常的行为。这些钱最后怎么办？给子女是害子女,你不能剥夺他的乐趣，如果你让他饭来张口、衣来伸手，他就没有乐趣了，要给他压力的。",[822,2066,2067,986,2070,861,2073,993],{},[825,2068,2069],{},"因此在你赚钱的时候",[825,2071,2072],{},"就要安排好钱的去处",[825,2074,2075],{},"要花在什么地方",[822,2077,2078],{},"对我来讲，为什么以花在国内为主？慈善最重要的是，你帮你能够帮助的人。你说有一个人很穷，我又不认识他，这怎么证明他需要帮助。",[822,2080,2081],{},"比如说我捐献给我的母校，中国这么多大校为什么只捐你的母校，是自私吗？不是，因为我对母校了解。",[822,2083,2084],{},"如果我成为被骂的目标，骂完之后能增进社会的和谐，我也很高兴，我也不是很受影响，我的心态在这一点没问题，还是很好的。",[822,2086,2087],{},"还没有人骂我太太，做慈善是一个家庭的事情，所以我们很多东西是商量做，不是说是我自己的事情。",[853,2089,2090],{"id":2090},"段永平如何评价自己",[822,2092,2093,861,2096,2098,2099,2101],{},[825,2094,2095],{},"Q22",[825,2097,596],{},"财经：《亚洲周刊》曾经如此评价您：“他是一名职业的、民营的慈善工作者，业界对",[825,2100,827],{},"的评价是两个字：‘保守’，但是，他的保守成就了他的事业”，您对这句话怎么看？",[822,2103,2104,2106],{},[825,2105,827],{},"：首先我不是职业的慈善家，我说的是我的工作是慈善，工作是不得不做的事情，赚钱对我来讲是爱好。",[822,2108,2109],{},"但是两者现在是一样，我做投资觉得很有意思，很好；但是做完之后赚了是麻烦，要解决这个麻烦，捐出去，帮助别人我就觉得很高兴。",[822,2111,2112,2113,986,2116,986,2119,986,2122,986,2125,986,2128,986,2131,986,2134,993],{},"“保守”的定义是什么？我认为我这个人从来不保守，",[825,2114,2115],{},"做投资要承担很多风险的",[825,2117,2118],{},"不管花多少钱都要承担风险",[825,2120,2121],{},"但是我不冒险",[825,2123,2124],{},"我们追求更健康",[825,2126,2127],{},"更长久",[825,2129,2130],{},"这不是“保守”",[825,2132,2133],{},"而是更健康",[825,2135,1455,2136,2139],{},[848,2137,18],{"href":2138},"\u002Fpingchangxin","的概念",[822,2141,2142],{},"就像我讲的打高尔夫球，你追求的是整体成绩，是乐趣，而不是一竿进洞，进洞之后，虽然这杆很漂亮，但是整体上没多大改善。",[822,2144,2145,831,2148,986,2151,986,2154,986,2157,993],{},[825,2146,2147],{},"就像",[825,2149,2150],{},"讲的",[825,2152,2153],{},"你可以99件事情做对了",[825,2155,2156],{},"1件小的错误就可以造成你所有的成就落空",[825,2158,2159],{},"最重要的就是不要让小的错误发生",[822,2161,2162,2165],{},[825,2163,2164],{},"我经营企业差不多20多年，竞争对手已经换了很多","，我们每次做的时候，别人都说这样不好，应该怎么做。我说冒风险几年后肯定会出问题的。几年后这个人找到我，就说，你这个人真厉害。",[822,2167,2168,986,2171,986,2174,2176,2177,986,2180],{},[825,2169,2170],{},"企业也是一样",[825,2172,2173],{},"要看长远的发展",[825,2175,596],{},"有很多很好的地方。当然，确实也有待完善的东西，这个我能接受，关键是你有没有完善的能力？",[825,2178,2179],{},"投资做企业的想法都差不多:你是否真的20年之后",[825,2181,2182],{},"你还愿意拿着这个股票?",[853,2184,2185],{"id":2185},"巴菲特也做短线",[822,2187,2188,861,2191,2193,2194,2196,2197,2199],{},[825,2189,2190],{},"Q23",[825,2192,596],{},"财经：最后我们返回主题。关于",[825,2195,831],{},"的",[848,2198,58],{"href":850},"，您能给广大中国网民一个什么建议？",[822,2201,2202,2204,2205,2207,2208,986,2211,986,2214,2217],{},[825,2203,827],{},"：",[848,2206,58],{"href":850},"很简单，",[825,2209,2210],{},"你买股票的时候",[825,2212,2213],{},"就是买这个公司的一部分",[825,2215,2216],{},"你是在拥有它","。但是你现在要我提一个建议，对所有去澳门的人有什么样好的意见，我没有。",[822,2219,2220],{},"我自己也经常做短线，我的乐趣有时候从短线来，短线很好玩，比如说我拿某个金额，每个人得能承受的，短一把，赚到了很高兴。",[822,2222,2223],{},"我自己就有两个帐号，一个是长线帐号，一个是短线帐号。短线就是好玩，赚不赚钱呢？也赚，但是这里面有什么心得吗？也没有。",[822,2225,2226],{},"我对短线帐号的印象很深刻，每年家庭的开销都从这里面出，但是钱没有少过，很有意思，总有这么多钱，而且交税也是从这里面交，很有意思。我确实觉得没什么心得，但是我觉得很开心。",[822,2228,2229],{},"对于长线帐号，我有时候都不知道它赚钱了，最长线的是我买了之后就没动过，现在也没动，5年下来大概赚了50多倍，而短线5年下来也可能有2倍，你说哪个好？我也不知道。",[822,2231,2232,2234],{},[825,2233,831],{},"也做短线，他跟我的目的是一样：好玩，当然他是自己做，他的投资公司是不做的。",[822,2236,2237,2239],{},[825,2238,596],{},"财经：今天由于时间的关系，我们的访谈就到这里，感谢段先生！！",{"title":2241,"searchDepth":21,"depth":21,"links":2242},"",[2243,2244,2245,2246,2247,2249,2250,2251,2252,2253,2254,2255,2256,2258,2259,2260,2261,2262,2263,2264,2265,2266],{"id":855,"depth":21,"text":855},{"id":887,"depth":21,"text":888},{"id":948,"depth":21,"text":948},{"id":1068,"depth":21,"text":1068},{"id":1099,"depth":21,"text":2248},"巴菲特很风趣 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