[{"data":1,"prerenderedAt":3515},["ShallowReactive",2],{"library-duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie":3,"library-sidebar-buffett":1993,"library-sidebar-dao":2999,"library-sidebar-models":3283},{"id":4,"title":5,"body":6,"category":1979,"date":1980,"description":1981,"extension":1982,"meta":1983,"navigation":1984,"order":1985,"path":1986,"seo":1987,"seoDescription":1981,"seoTitle":1988,"slug":1989,"stem":1990,"__hash__":1991,"_collection":1992},"dao\u002Fdao\u002Finvestment-logic\u002Fduanyongping-touziluoji-di4zhang-caiwulijie.md","投资逻辑篇：第4章 财务理解",{"type":7,"value":8,"toc":1972},"minimark",[9,14,22,27,32,37,40,46,49,54,57,62,65,70,73,78,81,86,89,94,97,134,141,144,147,152,155,160,163,172,180,187,194,199,207,212,215,225,230,235,241,247,250,255,258,263,266,271,274,279,282,287,290,295,298,303,308,314,319,327,330,345,350,356,361,367,375,378,381,389,392,395,404,407,412,415,421,424,427,432,435,450,453,463,466,474,477,480,485,490,496,501,507,514,529,534,540,548,553,556,562,565,571,574,580,587,596,610,613,622,627,630,638,647,658,667,672,693,714,726,746,752,760,766,771,780,801,809,818,830,839,851,854,864,871,876,884,890,893,898,901,909,914,917,922,925,931,934,939,942,947,954,960,972,981,989,998,1006,1015,1026,1032,1047,1053,1059,1065,1070,1076,1082,1085,1088,1093,1096,1101,1108,1114,1123,1135,1149,1161,1182,1185,1194,1197,1218,1227,1233,1241,1244,1255,1258,1264,1267,1272,1278,1284,1290,1295,1298,1304,1307,1312,1315,1320,1328,1334,1337,1346,1349,1354,1357,1360,1363,1366,1369,1372,1381,1383,1389,1393,1399,1404,1407,1412,1415,1420,1423,1429,1432,1437,1440,1445,1450,1455,1458,1463,1468,1474,1477,1483,1486,1491,1496,1501,1504,1509,1512,1517,1525,1528,1536,1542,1547,1550,1556,1559,1565,1568,1576,1579,1582,1585,1588,1591,1594,1600,1603,1609,1612,1615,1621,1624,1627,1636,1639,1645,1650,1655,1660,1663,1671,1677,1680,1688,1691,1694,1697,1702,1705,1710,1713,1718,1721,1726,1729,1734,1737,1746,1749,1754,1759,1765,1773,1778,1781,1786,1789,1798,1801,1806,1811,1814,1819,1822,1827,1830,1836,1847,1852,1855,1861,1865,1870,1875,1880,1883,1886,1889,1894,1897,1906,1909,1912,1915,1918,1926,1929,1934,1937,1942,1945,1950,1956,1959,1964,1967],[10,11,13],"h1",{"id":12},"第四章-财务理解","第四章 财务理解",[15,16,17,21],"p",{},[18,19,20],"strong",{},"我看财报主要用于排除公司，也就是说如果看完财报就不喜欢或看不懂的话，就不看了。"," （2010-02-28）",[23,24,26],"h2",{"id":25},"第1节-财报的理解","第1节 财报的理解",[15,28,29],{},[18,30,31],{},"我觉得看财报最重要的就是剔除不想投的公司。（2011-01-27）",[15,33,34],{},[18,35,36],{},"【一】读财报概述",[15,38,39],{},"01．网友：段哥，您是否系统地学过会计啊？",[15,41,42,45],{},[18,43,44],{},"段永平："," 没系统学过，有点基本概念。（2010-04-25）",[15,47,48],{},"网友：我看报表都有点晕晕的，不知道从哪里下手。",[15,50,51,53],{},[18,52,44],{}," 我看报表也是晕晕的（2010-05-05）",[15,55,56],{},"网友：您认为看资产负债表有用吗？准备学习看资产负债表。",[15,58,59,61],{},[18,60,44],{}," 不知道看有没有用，但不看有危险。（2010-05-12）",[15,63,64],{},"02．网友：投资要学财务，您对学习财务有什么建议？",[15,66,67,69],{},[18,68,44],{}," 我也没学过财务。懂财务肯定有帮助，完全不懂就投资有点危险。我自己懂一些基本常识，觉得大致够用。（2010-04-30）",[15,71,72],{},"03．网友：我不怎么懂看年报，更不知道看那几个是关键点，段大哥能说一下怎么样看吗？",[15,74,75,77],{},[18,76,44],{}," 关心什么看什么或者担心什么看什么。（2011-04-06）",[15,79,80],{},"04．网友：段总，上市公司财报在股票投资中有多重要？个人学了很久，始终还是云里雾里。但给企业定性相对容易一些，比如它的口碑、名誉、企业赚钱如何、产品如何、犯过哪些错误、企业领导人的形象等等。如果定性了，在财务上只是大致了解的情况下，需要不需要非常深入的分析财报（毕竟没多少人是财务出身的），还是大致了解主要指标即可？",[15,82,83,85],{},[18,84,44],{}," 本人很少看财报，严格讲基本就没看过。但我经常会让别人帮我看，然后我会问一些我关心的数据。我个人认为能看财报还是很重要的，虽然一般很少有看了财报就能决定投资的机会，但看财报毕竟是开始了解企业的第一步。如果你觉得自己没办法看懂财报的公司，最好还是不要碰的好。如果你所有公司的财报都看不懂，那最好还是不要做投资的好，不然时间长了一定会亏的。（2011-01-27）",[15,87,88],{},"05．网友：我也不是太懂财报。我也是学习段大哥用毛估估。碰到不太懂的地方还是要搞明白才敢下重手的啊。",[15,90,91,93],{},[18,92,44],{}," 我自己确实很少看财报，主要是觉得有点繁琐。但是，我关注的公司是一定至少会找一个或以上的我了解和信任的人看财报，然后回答我关心的一些数据。千万别被我说的不看财报误导了，财报还是一定要看的，不然就无从毛“姑姑”了。（2010-12-10）",[15,95,96],{},"06．网友：您会把财报看的很细吗（除了3大表外）？会经常的参加股东大会？",[15,98,99,101,102,133],{},[18,100,44],{}," 我不是很经常看财报（所以说没有巴菲特用功。）",[18,103,104,105,110,111,110,115,119,120,110,124,110,128,132],{},"比较在意的数字是几个：",[106,107,109],"a",{"href":108},"\u002Flibrary\u002Ffuzhai","负债","、",[106,112,114],{"href":113},"\u002Flibrary\u002Fjingxianjin","净现金",[106,116,118],{"href":117},"\u002Flibrary\u002Fxianjinliu","现金流","、开销合",[106,121,123],{"href":122},"\u002Flibrary\u002Flixing","理性",[106,125,127],{"href":126},"\u002Flibrary\u002Fzhenshilirun","真实利润",[106,129,131],{"href":130},"\u002Flibrary\u002Fjingzichan","扣除商誉的净资产","，"," 好像没了。",[15,135,136,137,140],{},"不知道3大表是什么。",[18,138,139],{},"我看财报主要用于排除公司，也就是说如果看完财报就不喜欢或看不懂的话，就不看了"," 。决定投进去的原因往往是其他的因素，uhal是个例外。",[15,142,143],{},"也有没看过财报就投的，比如BRKA。去年买了些BRKA并且做成了certificate，就为了让Buffett签个名，呵呵，结果到现在为止，已经赚了几顿饭钱了。很少参加股东大会，但基本每年都去Omaha（去年由于流感没去）。（2010-03-08）",[15,145,146],{},"07．网友：想问问段总：在漫长的等待和寻找新目标的过程中，您会做些什么来打发时间？比如您会一直看上市公司的财务报表吗？",[15,148,149,151],{},[18,150,44],{}," 如果是完全新的公司，我会花些时间看财报。对比较了解的公司，财报以外的变化我觉得可能更重要些。当然，财报一直都是要看的。（2010-04-06）",[15,153,154],{},"08．网友：我猜，大部分人还是会打印复印的年报，因为电子年报，看着很累。",[15,156,157,159],{},[18,158,44],{}," 对你了解的公司有必要逐字逐句地去看报表吗？看看关键点就行了吧？如果你不了解的公司，怎么又会有他们的股票呢。（2011-04-05）",[15,161,162],{},"09．博文：《复习一下》（2013-09-03）",[15,164,165,168,169],{},[18,166,167],{},"段永平：沃伦·巴菲特曾经向股东推荐了几本书，有一本书是《杰克·韦尔奇自传》，你去看那本书，你会发现韦尔奇对企业的文化问题是很在意的，所以你可以想象巴菲特对此也很在乎。"," 他不是像有的人说的只看财报。只看财报只会看到一个公司的历史。我看财报不读得那么细，但是我找专业人士看，别人看完以后给我一个结论，对我来讲就OK了。",[18,170,171],{},"但是我在乎利润、成本这些数据里面到底是由哪些东西组成的，你要知道它真实反映的东西是什么。而且你要把数据连续几个季度甚至几年来看，你跟踪一家公司久了，你就知道他是在说谎还是说真话。",[15,173,174],{},[18,175,176,177,179],{},"好多公司看起来赚很多钱，",[106,178,118],{"href":117},"却一直在减少。那就有危险了。其实这些巴菲特早说过，人们都知道，但是投资的时候就会糊涂。很多人管他们自己叫投资，我却说他们只是for fun，他们很在乎别人满不满意（这家公司），真正的投资者绝对是“目中无人”的，脑子里盯的就是这个企业，他不看周围有没有人买，他最好希望别人都不买。同样，如果我做一个上市公司，我也不理（华尔街）他们，我该干吗干吗，股价高低跟我没有关系的。",[15,181,182,183,186],{},"所以我买公司的时候，",[18,184,185],{},"我有一个很大的鉴别因素就是，这家公司的行为跟华尔街对他的影响有多大的关联度？如果关联度越大，我买他的机会就越低。华尔街没什么错，华尔街永远是对的，它永远代表不同人的想法。但是你要自己****知道自己在干什么，你如果自己没了主见，你要听华尔街的，你就乱了。"," （2013-09-03）",[15,188,189],{},[18,190,191,192],{},"【二】资产与",[106,193,109],{"href":108},[15,195,196],{},[18,197,198],{},"1．总资产",[15,200,201,202,206],{},"01．网友：如果说某上市公司的市值只有总资产的50%时，问这家上市公司有",[106,203,205],{"href":204},"\u002Flibrary\u002Fjiazhitouzi","价值投资","的理由吗？",[15,208,209,211],{},[18,210,44],{}," 看看通用汽车就明白了。总资产是包括债务的，通用汽车公司破产前的市值好像只有总资产的几十分之一，后来就不说了，市值是0；AIG也是类似的情况，总资产巨高，市值极低。（2010-04-18）",[15,213,214],{},"02．网友：轻资产的公司是不是给高点溢价？特别是像贵州茅台这样，无形资产是很值钱的。",[15,216,217,219,220,224],{},[18,218,44],{}," 无形资产也是可以",[106,221,223],{"href":222},"\u002Flibrary\u002Fzhexian","折现","的，所以我不建议单独考虑无形资产，因为公司的获利能力里已经包含了。（2010-03-23）",[15,226,227],{},[18,228,229],{},"2．隐性资产",[15,231,232],{},[18,233,234],{},"案例点评（Uhal）",[15,236,237,238,240],{},"背景：UHAL是美国一家主做拖车租赁的公司，分店遍布全美各地乃至加拿大，占据相当市场份额。2000年前后，为了进一步扩大公司规模，该公司不惜代价举债多元化，成立保险子公司，进行高风险投资。结果，保险子公司给UHAL带来的是每年1亿多美元的损失。此外它还因扩张过度而",[106,239,109],{"href":108},"急升，陷入财务危机。2003年6月，UHAL进入破产保护。巨大的风险使该公司股价从几十美元一度跌倒4美元以下，许多人唯恐避之不及。",[15,242,243,244,246],{},"通过一系列调研，段永平发现UHAL公司的核心业务运营良好，竞争优势突出，销售收入稳定，",[106,245,118],{"href":117},"也很充沛。只要该公司能断臂求生，退出高风险的投资领域，同时出售部分商业地产，它的财务数字马上就能得到改善。",[15,248,249],{},"01．网友：您有投资过有隐性资产没有在账面体现的上市公司吗？",[15,251,252,254],{},[18,253,44],{}," 有，yahoo就是，当年Uhal也是。（2010-03-26）",[15,256,257],{},"网友：你前面的博文提到当初对UHAL估值时发现了其隐藏的价值，是不是指没在年报的报表里披露的价值？请问你怎么发现的，一般应该往哪儿看才能找到这样的好事呢？",[15,259,260,262],{},[18,261,44],{}," 我是朋友告诉我的。我告诉过很多朋友，好像没人把这个当好事。（2010-04-25）",[15,264,265],{},"网友：我目前总搞不懂为什么报表会不把全部的资产计算在内，段总说还有部分没有在报表内反映的“净资产”也很值钱，这意思应该不是说利润或分红的问题，而是“有部分”根本没算，我就困惑，为什么会有这情况，那以后我们怎么分辨这种情况。",[15,267,268,270],{},[18,269,44],{}," 有时候会有，比如当年我买Uhal时就是这种情况。Uhal拥有的地产很值钱，但报表没法反映出来。巴菲特买的BNI我觉得也有这种资产，但比例好像没那么高。（2010-05-11）",[15,272,273],{},"网友：有机会您给讲讲当初Uhal怎么发现的，是安龙出事后，您自己找人核算了一遍Uhal的资产么？我想了解一下您的算法。",[15,275,276,278],{},[18,277,44],{}," 我的算法很简单，就是朋友告诉我uhal有50块以上的净资产，我不太相信，因为当时股价在5块左右，然后找不同的人查了一下，自己也看了看，确实是有50左右，就买了。这种机会就是巴菲特讲的天上掉馅饼的事吧？最关键的是这时候你的水桶要够大，不然也接不到啥。（2010-03-09）",[15,280,281],{},"网友：关于投资UHAL，您从朋友口中知道这么一家公司到最终投资整整花了半年时间，我想问学长，您在这半年中，除了请会计师、律师调查资产状况、破产保护状况，以及亲自体验UHAL的服务之外，还做了什么，整个投资决定的做出真的需要这么长时间吗？还是有别的什么原因？能详细谈一下吗？",[15,283,284,286],{},[18,285,44],{}," 也就是半年中的某几天花了些时间。当自己觉得确实是那么回事后就开始买了。这股票成交量太小，买了很久。卖起来也很困难，现在还有不少呢。（2010-05-11）",[15,288,289],{},"网友：您真找会计师看过报表？还是自己看的呢？",[15,291,292,294],{},[18,293,44],{}," 是真找人看了。不过最关键的是一个朋友告诉我有这么大个馅饼在那儿，我不太信，所以才找人看其报表，主要是看他的资产是不是真有那么多。看的结果和朋友告诉我的一样。后来再从侧面去了解了一下这个公司，也大致明白为什么市场不喜欢，就毛估估下手了。遗憾的是正好买在了底部，所以买的不够多。（2012-02-02）",[15,296,297],{},"网友：UHAL-“许多人唯恐避之不及。也就是这时候，段永平请会计师审查财务报表，确定公司业绩没有造假”——光看财报无法确定公司业绩没有造假吧？而公司的原始凭证、业务往来之类如果它不配合也很难进行审计对吧？是不是大概判断、心里有数就ok啦？",[15,299,300,302],{},[18,301,44],{}," 找人看主要是看资产，不是看真假。美国这点好，假的概率小。Uhal的资产情况很复杂，花了很久（几个礼拜）才全面搞明白。uhal现在好像又快100了。（2012-02-02）",[15,304,305],{},[18,306,307],{},"后记：",[15,309,310,311,313],{},"网友：大道您好，再次感谢您的分享。请问一下，香港现在有一些类似烟蒂资产，譬如国电科环，营收一百多亿，经营",[106,312,118],{"href":117},"为正五亿以上，利润这几年算正负零，接近有80亿的净资产，但市值才十个亿。类似这种公司您怎么看？您还会买这类公司吗？记得您买过uhal，这算是同样概念的机会吗？",[15,315,316,318],{},[18,317,44],{}," 我现在不再买这种生意了。（2020-10-23）",[15,320,321,322,326],{},"网友：大道，有球友问你是否还会买UHAL这种公司，你回答说：“我现在不会再买这种生意”。我估计，可能是因为你现在资金量大了，以及投资方向转变为买好",[106,323,325],{"href":324},"\u002Flibrary\u002Fshangyemoshi","生意模式","、伟大公司。",[15,328,329],{},"我的问题是：你买UHAL是赚了大钱的，记得是几十倍收益，这种模式不合适“现在的你”，是因为你现在钱多了，还是因为你现在认知升级了，回头看发现这种投资模式有重大缺陷所以当初就不该买？",[15,331,332,344],{},[18,333,334,335,338,339,343],{},"段永平：我的过滤器里有",[106,336,337],{"href":324},"商业模式","和",[106,340,342],{"href":341},"\u002Flibrary\u002Fqiyewenhua","企业文化","两项，过不去的我就大概看不到了。Uhal某种角度属于烟蒂"," 。（2020-10-25）",[15,346,347],{},[18,348,349],{},"3．净资产（股东权益）",[15,351,352,353,355],{},"01．网友：请问段总平时说的净资产是指公司看得到的所有值钱的东西之和吗？例如：设备，厂房，办公大楼，现金，存货，原材料，等所有马上能换成现金的总和—",[106,354,109],{"href":108},"，是这意思吗？",[15,357,358,360],{},[18,359,44],{}," 是的。（2010-04-15）",[15,362,363,364,366],{},"02．网友：我很想知道对于购买市值低于净资产，甚至是",[106,365,114],{"href":113},"的公司，特别要注意哪些问题？",[15,368,369,371,372,374],{},[18,370,44],{}," 我觉得你需要对公司特别了解才行。这种情况特别容易陷于所谓的“价值陷阱”，就是看着便宜但永远也不涨的那种。如果从未来",[106,373,118],{"href":117},"折现的角度看则会容易理解些。（2010-10-21）",[15,376,377],{},"03．【转载】芒格主义（2012-06-26）",[15,379,380],{},"译文：（6）我们买过一个纺织厂（Berkshire Hathaway）和一个加州的存贷行（Wesco），这俩后来都带来了灾难。但是我们买的时候，价格都比清算价值打折还低。",[15,382,383,385,386,388],{},[18,384,44],{}," 这个大概就是人们常说的价值陷阱，如果理解未来",[106,387,118],{"href":117},"折现的概念就容易理解芒格说的是啥了。所以未必市值低过净资产甚至现金的股票就值得投资，除非你能看懂你买的是什么。（2012-06-26）",[15,390,391],{},"网友：关于第六条价值陷阱，我以前也不是很理解，心想股价如果低于每股现金的话总是安全的吧。昨天我忽然觉得这和废车回收有点儿像。一般的废车都有一吨多钢材，一吨废钢的价格是三、四千元，但是废车回收的价格往往都低很多（即使废车里除了废钢还有很多可以回收的零部件，有些甚至可以转卖到好几千元），因为把废车里的值钱部分变成钱这件事情本身也是花钱花工夫的。",[15,393,394],{},"在现实世界里，想把每股股票里的现金榨出来，很有可能需要花费很大的工夫和本事，没准儿还得花很多钱。这样想就能理解价值陷阱的存在了。",[15,396,397,403],{},[18,398,399,400,402],{},"段永平：如果真的明白了“未来",[106,401,118],{"href":117},"折现”的思维方式，你对“价值陷阱”就自然明白了"," 。（2012-06-29）",[15,405,406],{},"04．网友：请教一个问题，你有没有碰到过一直价值低估的股票，经过三五年，仍然没有涨起来，这时该怎么办？",[15,408,409,411],{},[18,410,44],{}," 其实没有人知道市场应该花多少时间去反映公司的价值。有时很快，有时很慢。价值低估的股票股价3-5年不涨确实很少见，尤其是一轮牛市后，但这也并不意味着价值低估的股票一定会涨。还有一种可能叫价值陷阱，就是账面看起来有价值而实际上有很多水分在里面。这种不涨就容易理解。（2010-02-26）",[15,413,414],{},"05．网友：经营稳健的公司跌破净资产了相当于贱卖资产，这么说吧，你自己新办一个公司需要100元，但是现在有同样的公司只要90元就卖给你了。这样的话你还要自己办公司吗？关键是这些资产在以后还会盈利的。不盈利的资产再便宜也要慎重，这是巴老说的。",[15,416,417,420],{},[18,418,419],{},"段永平：不赚钱的净资产有时候就是个累赘。比如在渺无人烟的地方建个酒店，花了一个亿，现在每年亏500w。重置成本还是一个亿，现在5000w想卖，这里谁要？"," （2010-04-25）",[15,422,423],{},"网友：曾看一个公司，净资产高，现金也高，公积金也高，但收益低，股票一直不涨反跌，后来才知道，大片厂房陈旧，地方很偏，租不出去，空置很长时间，还要还银行利息款。",[15,425,426],{},"网友：唉，郁闷啊，给您现身说法一个净资产不值钱的例子：我搬家，新家有床，搬之前在IKEA新买的床放在论坛上打五折都卖不出去。最后我直接贴出送床的布告，一位仁兄打电话来咨询了一下，最后嫌太远不肯要……",[15,428,429,431],{},[18,430,44],{}," （2010-04-30）",[15,433,434],{},"06．博文：《复习一下》（2013-09-03）",[15,436,437,449],{},[18,438,439,440,442,443,445,446,448],{},"段永平：计算价值只和未来总的",[106,441,118],{"href":117},"折现有关。其实净资产只是产生未来",[106,444,118],{"href":117},"的因素之一，所以我编了个“有效净资产”的名词。也就是说，不能产生",[106,447,118],{"href":117},"的净资产其实没有价值（有时还可能是负价值）"," 。",[15,451,452],{},"网友：这有点吃不透了，请段总点拨一下：财务报表中的净资产一般指股东对这个企业的投入成本，也称为这个企业的账面价值，企业在运作过程中，有可能一些资产沉淀下来，起不到赢利的作用了，这部分资产是否可以理解为无效资产？如果可以这样理解，那么，企业一般都会或多或少存在一些无效资产，剔除这些无效资产，剩余的就是有效资产，这样理解对吗？",[15,454,455,458,459,462],{},[18,456,457],{},"段永平：财务上好像没有“有效净资产”这个名词。有效净资产可能是我编出来的吧"," ，以前没见过。",[18,460,461],{},"编这个名词的目的就是不想让自己被“净资产”的表面数字所迷惑。“有效净资产”指的其实就是公司的真实盈利能力"," 。有效净资产只是一个概念，并不是定义为净资产减无效资产的那个东西。（2010-08-20）",[15,464,465],{},"网友：在评估一家公司的有效净资产时，大量的无形资产该如何评估？",[15,467,468,470,471,473],{},[18,469,44],{}," 只有一个标准，未来",[106,472,118],{"href":117},"，看不懂的就不要碰。（2012-02-28）",[15,475,476],{},"07．网友：段大哥你说过：“可以确认的净资产当然有价值！尤其是评估其向下空间时很有用。yahoo其实就是个例子。”",[15,478,479],{},"我的问题是，可以确认的净资产是否就是股价的向下空间的一条底线，一旦低于这个底线，就应该大量买入？这种情况A股中好像只有2008年底（金融危机最恐慌）的时候出现过，在美股中，这种情况很多吗，一般不太可能出现吧？",[15,481,482,484],{},[18,483,44],{}," 我的回答还是不一定。比如100块的东西，如果98块卖给你，你不一定合算，除非你马上倒手一下。（2010-04-27）",[15,486,487],{},[18,488,489],{},"4．现金资产",[15,491,492,493,495],{},"01．网友：在A股的财务报表中只有货币资金、经营活动现金净流量、现金净流量等这些，请教段总，您指的",[106,494,114],{"href":113},"指的就是货币资金吗？",[15,497,498,500],{},[18,499,44],{}," 应该也包括短期可以变现的一些东西，比如债券。（2010-02-13）",[15,502,503,504,506],{},"02．网友：段总您的",[106,505,114],{"href":113},"是大致怎样计算的，请不吝赐教。",[15,508,509,511,512],{},[18,510,44],{}," 大致就是账面现金（+短期可变现的如股票）-",[106,513,109],{"href":108},[15,515,516,517,519,520,522,523,525,526,528],{},"网友：”",[106,518,109],{"href":108},"”有很多含义，您指的是长期",[106,521,109],{"href":108},"、短期",[106,524,109],{"href":108},"、还是指的别的什么",[106,527,109],{"href":108},"项？",[15,530,531,533],{},[18,532,44],{}," 都是。（2010-04-26）",[15,535,536,537,539],{},"03．网友：你买网易时说它“企业里面的现金就有2块钱，股价不到1块钱”。请问大哥：这里的“现金”指的是净资产还是",[106,538,118],{"href":117},"？当时网易亏损程度如何？",[15,541,542,544,545,547],{},[18,543,44],{}," 是账上现金。他们没有",[106,546,109],{"href":108},"。不记得了，反正觉得他们能有机会赚钱。（2010-04-06）",[15,549,550,552],{},[18,551,44],{}," 市值低于现金的公司千万要小心，和投资别的公司一样小心就好！一眼看上去市值低于现金的公司确实经常是值得花时间去看的，但多数情况下这未必就是便宜货。（2018-01-12）",[15,554,555],{},"04．网友：如果一个企业手上的现金很少，是不是很危险和很被动？",[15,557,558,561],{},[18,559,560],{},"段永平：是的，因为人总会犯错。不要让一个错误就把你打倒。"," （2010-04-03）",[15,563,564],{},"05．网友：来自股东大会：上个世纪我们看到了无数伟大的公司，包括沃尔玛、IBM、微软这些公司，那么21世纪，进入了信息时代，什么样的公司会最受欢迎？",[15,566,567,570],{},[18,568,569],{},"段永平：很多上个世纪的伟大公司今天依然是伟大公司。有很多公司的实力也是难以想象的。刚刚不小心看到csco居然有$390亿现金，可以单独去救欧洲了"," 。（2010-05-15）",[15,572,573],{},"06．【引用】巴菲特31年股东信精华（2012-02-17）",[15,575,576,579],{},[18,577,578],{},"除非是经历销售量的巨幅成长，否则一家好的企业定义上应该是指那些可以产生大量现金的公司"," 。（1984）",[15,581,582],{},[18,583,584,585],{},"5．",[106,586,109],{"href":108},[15,588,589,590,592,593,595],{},"01．网友：段总，为什么有些企业都挺不错，还喜欢",[106,591,109],{"href":108},"啊？我个人感觉做企业尽量不要",[106,594,109],{"href":108},"。",[15,597,598,609],{},[18,599,600,601,595,603,605,606,608],{},"段永平：我们也不",[106,602,109],{"href":108},[106,604,109],{"href":108},"的好处是可以发展快些。不",[106,607,109],{"href":108},"的好处是可以活得长些。再说，一般来讲，银行都是要确认你不需要钱时才借钱给你的。"," （2010-04-21）",[15,611,612],{},"02．网友：您把小霸王和步步高从小做到大的过程中，资金的状况是怎么样的？大概在哪些阶段需要贷款和融资？还是说一直都是自己滚雪球？",[15,614,615,617,618,621],{},[18,616,44],{}," 基本上是靠滚雪球，钱多就多做些，没钱就不做。",[18,619,620],{},"我比较保守，老觉得借钱不太舒服"," 。再说，那时民营企业很难借到钱。（2011-05-12）",[15,623,624],{},[18,625,626],{},"03．案例点评（万科）",[15,628,629],{},"网友：先来抛个砖：万科109亿股本，市值870亿，2009年报存货900亿，且账上有230亿的货币资金，超强的管理层，超强的企业文化，各位有什么看法，说来听听？",[15,631,632,634,635,637],{},[18,633,44],{}," 之前经营和",[106,636,109],{"href":108},"情况如何？（2010-04-23）",[15,639,640,641,643,644,646],{},"网友：我也在8块多买了万科，我最担心的是",[106,642,109],{"href":108},"，2012年长期＋短期的",[106,645,109],{"href":108},"就达到了460亿，我也不知道他说的那个净负债率23.5%是怎么算出来的？",[15,648,649,651,652,654,655,657],{},[18,650,44],{}," 你要算他们的有息",[106,653,109],{"href":108},"。预收款也是",[106,656,109],{"href":108},"，但意义差很多。（2013-03-05）",[15,659,660,661,663,664,666],{},"网友：Debt（债务）与Liability（",[106,662,109],{"href":108},"）虽然都有一个”债”字，但在财务上却有不同的意义。Debt（债务）指一般需要支付利息的外部融资，而Liability（",[106,665,109],{"href":108},"）则包括正常的商业往来中的应付账款以及应付工资等，一般不需支付利息。",[15,668,669,671],{},[18,670,44],{}," 我的理解Debt一般指显性的债务，一般是可以数字化的。Liability应该包括Debt，同时还包括隐性的责任，比如法律责任等。有兴趣的可以去查字典。（2012-01-13）",[15,673,674,675,677,678,680,681,683,684,686,687,689,690,692],{},"网友B：不只是万科有",[106,676,109],{"href":108},"，每个公司都有",[106,679,109],{"href":108},"呀，只要是",[106,682,109],{"href":108},"不是很离谱就行了。一般来说",[106,685,109],{"href":108},"不能超过公司资产的50%，但有些公司",[106,688,109],{"href":108},"超过资产60%却是非常安全的。那你就要看它的",[106,691,109],{"href":108},"结构了。所以说我们首先是一定要看懂它的公司，然而才看它的财报，如果你不了解这个公司是经营情况，专看财报是看不懂的。",[15,694,695,713],{},[18,696,697,698,700,701,703,704,706,707,709,710,712],{},"段永平：每个公司都有",[106,699,109],{"href":108},"吗？每个”公司”都应该",[106,702,109],{"href":108},"吗？每个房地产公司都应该",[106,705,109],{"href":108},"吗？我记得美国有一家房地产公司，叫”NVR”，曾经因为太多",[106,708,109],{"href":108},"而差一点破产，股票掉到过0.2\u002F股，后来侥幸活过来以后就再也不借钱了，几十年以后的现在的股价大概在$700\u002F股上下。你再看看美国现在其他的房地产行业的公司。如果万科没",[106,711,109],{"href":108},"，我会给他们加很多分，但他们不懂","**，他们想快点发展嘛。** （2011-09-26）",[15,715,716,717,719,720,722,723,725],{},"网友B：请问段大哥：是不是关注有息金融",[106,718,109],{"href":108},"就行了，其他",[106,721,109],{"href":108},"就不用管了。我看到万科的有息",[106,724,109],{"href":108},"只有二百多亿，而它却有四百多亿现金，我以为很安全。请段大哥点评一下。",[15,727,728,730,731,733,734,449,743],{},[18,729,44],{}," 还没认真看过财报。如果现金超过",[106,732,109],{"href":108},"，那就应该很安全。",[18,735,736,737,739,740,742],{},"我对大多数公司的担心是很多公司为了发展快些而去",[106,738,109],{"href":108},"，结果某一天因为",[106,741,109],{"href":108},"而陷入麻烦。万科相对而言还是比较健康的，但似乎对营业额的增长也很有追求",[18,744,745],{},"我一般喜欢那些追求好产品，不太提营业额目标的公司，比如苹果。",[15,747,748,749,751],{},"网友J：现金400多亿，搞不懂你的有息",[106,750,109],{"href":108},"200多个亿怎么来的，这一切都不懂，看来还是不要碰了。",[15,753,754,756,757,759],{},[18,755,44],{}," 有息",[106,758,109],{"href":108},"大概就是银行借贷或债券类的东西，到期要还的。我说的少借债指的就是这类债。会计上的债务还包括预收类的款项，这类债务一般不会给企业带来风险。",[15,761,762,763,765],{},"网友S：现金超过",[106,764,109],{"href":108},"是不是有点怪啊。自己有钱放着不花，借别人的钱给别人利息。难道借别人的钱花着舒服？",[15,767,768,770],{},[18,769,44],{}," 很多很大的公司（比如跨国公司）由于周转等各种原因，有时候会有短期贷款的需求。（2011-09-26）",[15,772,773,774,776,777,779],{},"网友：”大多数优秀公司的",[106,775,109],{"href":108},"水平相对于其利息支付能力来说极低，真正好的企业常常并不需要",[106,778,109],{"href":108},"”",[15,781,782,783,785,786,788,789,791,792,794,795,797,798,800],{},"请问这里所说的好企业的",[106,784,109],{"href":108},"是指所有",[106,787,109],{"href":108},"还是单指有息",[106,790,109],{"href":108},"呢？比如万科、格力公司的负债率非常高，但其",[106,793,109],{"href":108},"主要是无息",[106,796,109],{"href":108},"（应付款、预收款），如何看待这些无息",[106,799,109],{"href":108},"占总资产非常高比例的公司的风险？",[15,802,803,805,806,808],{},[18,804,44],{}," 无息",[106,807,109],{"href":108},"多数情况为预收或应付类的东西，一般没啥短期风险吧？（2013-07-01）",[15,810,811,812,814,815,817],{},"网友：经营状况很稳健，不冒进，踩着节奏前进。",[106,813,109],{"href":108},"在合理水平，感觉A股很少公司不",[106,816,109],{"href":108},"的，不知道美国怎么样？",[15,819,820,822,823,829],{},[18,821,44],{}," 没统计过。",[18,824,825,826,828],{},"反正一般",[106,827,109],{"href":108},"多的公司我也不买"," ，GE例外了一次。（2010-04-24）",[15,831,832,833,835,836,838],{},"网友：当然还要看看段老师提到的负债率，我个人偏爱低",[106,834,109],{"href":108},"、零",[106,837,109],{"href":108},"的公司。还要看看资本开支，有不少公司是资本黑洞，利润只是纸上富贵。有些公司多年以来全部利润再投入都不够，还要增发或举债，我会避开此类公司，哪怕利润表很漂亮。",[15,840,841,844,845,847,848,850],{},[18,842,843],{},"段永平：我也尽量避开。"," GE对我来讲是个例外，但GE的",[106,846,109],{"href":108},"有点像银行的",[106,849,109],{"href":108},"。（2010-04-04）",[15,852,853],{},"03．网友：您认为一线城市房地产（例如广州的房产）符合巴老所说的长坡厚雪吗？长坡指国家、城市的不断发展和人口的不断流入，厚雪指在限购背景下多了一层安全垫。",[15,855,856,859,860,863],{},[18,857,858],{},"段永平"," ：我不懂房地产，",[18,861,862],{},"对这个行业普遍高举债感到困惑"," 。（2019-04-22）",[15,865,866],{},[18,867,868,869],{},"【三】利润与",[106,870,118],{"href":117},[15,872,873],{},[18,874,875],{},"1．销售额（营业额）",[15,877,878,879,883],{},"01．网友：据了解，2010年京东商城营业额预计108亿元，现已完成超过80亿元。分析称开放",[106,880,882],{"href":881},"\u002Flibrary\u002Fpingtai","平台","可为其带来较高毛利率，为上市做准备。",[15,885,886,889],{},[18,887,888],{},"段永平：不赚钱的生意多少营业额都是没用的"," 。（2010-09-16）",[15,891,892],{},"02．网友：段总当初买创维我记得是说一年销售额也比市值大很多了，凭这点判断低估了，是不是还有别的因素呢？我看TCL今天的市值是114.66亿，他去年销售额442亿，股东权利52.9亿，去年营业利润大概65亿，现在如果从价值判断是不是低估了呢？低估了多少呢？巴菲特“烟蒂”要低估50%，我还是理解不了怎么判断。",[15,894,895,897],{},[18,896,44],{}," 我没说过。通用汽车破产前的销售额还是非常大。（2010-06-18）",[15,899,900],{},"03．网友：请教个问题：您老讲500大，那能否对您认可的世界500强举例讲讲为什么？",[15,902,903,905,906,431],{},[18,904,44],{}," 500强就是500大，因为这是每年根据营业额统计出来的东西。",[18,907,908],{},"我认为如果为了追求进入500大而盲目追求营业额是危险的，但自然达到则是健康的。自然成长而进入500强的公司往往能呆在里面的时间要长很多，而为进500大而跑进去的往往呆不长就又出来了。",[15,910,911],{},[18,912,913],{},"2．应收账款",[15,915,916],{},"网友：怎么看那些应收账款比较高的公司？而且公司的成长性不错，管理层，企业文化不错的公司！",[15,918,919,921],{},[18,920,44],{}," 需要对公司特别了解。（2018-05-01）",[15,923,924],{},"网友：想问一下段大哥，您当年是怎么控制库存的，我们现在是生产一些款式的衣服，开始每一个款式都不多，有些卖的好，有些卖的不好，卖的不好的就会有积压，最可恨的是有些款式开始卖的好，等大批量生产后，就卖的不好了。这个库存现在挺头痛，您当年是怎么控制这个库存的？",[15,926,927,930],{},[18,928,929],{},"段永平：安全第一的原则。小步快跑，宁愿少赚些，不要出大问题。"," （2011-12-15）",[15,932,933],{},"02．网友：按照段总以前说的，那步步高的应收账款应该很少吧？在制造业来说能做到这点应该挺难的呀。",[15,935,936,938],{},[18,937,44],{}," 呵呵，真是很少。（2010-03-27）",[15,940,941],{},"业务员：我们现款或者预付款，不铺货的。",[15,943,944,946],{},[18,945,44],{}," 呵呵，开始卖手机后听说好像真是这样。（2010-03-28）",[15,948,949],{},[18,950,951,952],{},"3．",[106,953,118],{"href":117},[15,955,956,957,959],{},"01．网友：请教您一下，李嘉诚说：任何发展中的业务，一定要让业绩达致正数的",[106,958,118],{"href":117},"。这句话是什么意思啊？",[15,961,962,968,969,971],{},[18,963,964,965,967],{},"段永平：长期来讲，没有正的",[106,966,118],{"href":117},"的业务是不可能有利润的。"," 没有利润的业务当然是不行的。你可以看看什么叫",[106,970,118],{"href":117},"就明白了。（2010-04-19）",[15,973,974,975,977,978,980],{},"02．网友：对",[106,976,118],{"href":117},"的认识我也在学习中，经营",[106,979,118],{"href":117},"为负值的情况应＝企业在这一期中花的钱大于收到的钱，但并不说明企业状况就差。",[15,982,983,985,986,988],{},[18,984,44],{}," 是的。有时有些在投资期，",[106,987,118],{"href":117},"会有很长一段时间是负的。（2010-04-19）",[15,990,991,992,994,995,997],{},"03．网友：这家公司过去10年销售收入平均增长42%营业利润平均增长28.5%净利润平均增长29%而",[106,993,118],{"href":117},"量却增长了108%不明白，为什么经营",[106,996,118],{"href":117},"量会比净利润的平均增速要高3倍。还请段大哥点解啊。",[15,999,1000,1002,1003,1005],{},[18,1001,44],{}," 某一年有可能，年年如此不太可能吧？你搞明白",[106,1004,118],{"href":117},"是什么利润是什么就自然明白了。不懂基本概念怎么说你也还是不明白。（2012-03-01）",[15,1007,1008,1009,1011,1012,1014],{},"04．网友：最近学习过程中有个问题想不通，国内财报经营性",[106,1010,118],{"href":117},"是加了折旧和摊销的，但折旧和摊销并不实际的产生",[106,1013,118],{"href":117},"，怎么深入理解这点呢？",[15,1016,1017,1019,1020,1022,1023,1025],{},[18,1018,44],{}," 折旧和摊销是不能算为利润（或叫计入成本）的",[106,1021,118],{"href":117},"（如果这个公司有",[106,1024,118],{"href":117},"的话）。（2011-03-04）",[15,1027,1028,1029,1031],{},"05．网友：您一般认为，怎样的一种",[106,1030,118],{"href":117},"状况是比较安全和良性的？比如说与营收相比吧。如果认为每个行业差异性是很大的，可以用您原来作CEO时的BBK，或现在的GA、yahoo来举例说明。",[15,1033,1034,1043,1044,1046],{},[18,1035,1036,1037,1039,1040,1042],{},"段永平：很难说什么就一定安全，但不安全的很容易说。比如，一家公司营业额很大，但",[106,1038,118],{"href":117},"只有营业额的1-2%。我会觉得如果这种情况不是暂时的，这家公司就很危险，或者叫不安全。对没有债务的公司而言，短期的",[106,1041,118],{"href":117},"多少好像不会对安全形成威胁。"," GA和Yahoo的",[106,1045,118],{"href":117},"目前都还不错。（2010-04-04）",[15,1048,1049,1050,1052],{},"网友：段总，步步高是不是",[106,1051,118],{"href":117},"很充足啊？这是衡量一个企业健康的一方面？",[15,1054,1055,1058],{},[18,1056,1057],{},"段永平：我们这方面挺健康的"," 。（2010-04-06）",[15,1060,1061,1062,1064],{},"06．网友：段总，你觉得像万科等一些地产公司，他们的经营性",[106,1063,118],{"href":117},"经常为负的，你觉得这样会不会危险？",[15,1066,1067,1069],{},[18,1068,44],{}," 对有些公司而言总有一天会的。如果整个行业都如此，则对有些公司而言后果很严重。（2010-09-03）",[15,1071,1072,1073,1075],{},"07．网友：请教",[106,1074,118],{"href":117},"，应关注哪些方面，才能看出这个公司在作假呢？",[15,1077,1078,1081],{},[18,1079,1080],{},"段永平：假的真不了，时间会告诉你，但好像没有公式，否则就没人能作假了。不过，了解其产品，市场，竞争对手以及熟悉财务报表可能都能帮你发现可能的作假。"," （2010-09-21）",[15,1083,1084],{},"网友：总市值：263亿，净资产：160亿，净利润：12亿",[15,1086,1087],{},"按照购买一个公司来看溢价103亿，而每年可以赚到12个亿（不考虑每年增长和资产的增值），不用十年就可以收回成本。这只是商业地产股，段总这对你有吸引力吗？",[15,1089,1090,1092],{},[18,1091,44],{}," 如果你能保证里面没假账，净资产不贬值，利润不下降还不会用途不当，这个价格倒也不贵。呵呵，了解一家公司不容易的地方就是在这些地方。当然，有时了解也许没那么复杂。我记得当年我们买万科时就有人问过我，说万一万科假账怎么办。我说，以我认识的王石而言，他绝不是会关在房间里和财务商量个假账来蒙股东的人。其实那时和王石不熟，现在也不算熟，就是直觉而已。（2010-03-14）",[15,1094,1095],{},"08．网友：有没鉴别财务报表作假的化繁为简的招数？",[15,1097,1098,1100],{},[18,1099,44],{}," 这个我不懂，我投资是不太看财报的（早期看过一点点，不觉得有用）。一般来说，不了解的公司不要碰，了解的公司不太可能不知道他们是不是有意做假的。如果你连业务的作假都看不到，那财报做假就更难看到了。（2019-09-19）",[15,1102,1103],{},[18,1104,1105,1106],{},"4．利润与",[106,1107,118],{"href":117},[15,1109,1110,1111,1113],{},"01．网友：报表中的净利润能看成是净",[106,1112,118],{"href":117},"量吗？",[15,1115,1116,1122],{},[18,1117,1118,1119,1121],{},"段永平：不能。但一般如果净利润大于",[106,1120,118],{"href":117},"时一定要更小心，要看清楚利润到底是些什么（当然平时也要看）"," 。（2010-05-08）",[15,1124,1125,1126,1128,1129,1131,1132,1134],{},"02．网友：上次有人问您潍柴动力，我看了一下过去六七年的报表，",[106,1127,118],{"href":117},"的总和是利润总和的一半左右。如果一个公司持续这样",[106,1130,118],{"href":117},"是利润的一半，您会看它的利润还是",[106,1133,118],{"href":117},"？",[15,1136,1137,449],{},[18,1138,1139,1140,1142,1143,1145,1146,1148],{},"段永平：如果",[106,1141,118],{"href":117},"少于利润的话就要小心了，要看他的钱花在哪里，是否确实对未来的发展有好处，不然会不见的。长期",[106,1144,118],{"href":117},"少于利润不是一件好事，要仔细看财报。",[106,1147,118],{"href":117},"多于利润这往往是由于折旧或预收等原因。不管是什么原因，最好能明白",[15,1150,1151,1152,1154,1155,1157,1158,1160],{},"网友：我能看到的部分大概是存货和应收账款变多了，没有很仔细地看．以后看到",[106,1153,118],{"href":117},"长期少于利润的我直接把它滤过去呗，不用小心了，直接省心，那您经常说的这个",[106,1156,118],{"href":117},"的确是财务上的那个",[106,1159,118],{"href":117},"吧？",[15,1162,1163,1165,1166,1175,1176,1178,1179,1181],{},[18,1164,44],{}," 还有别的意思吗？一般财务不理解的地方时，",[18,1167,1168,1169,1171,1172,1174],{},"时间足够长的情况下，",[106,1170,118],{"href":117},"实际上就是利润（或叫基本等于），你想想看什么道理。我有时会把两个东西混一起说是因为我总是假设很长的时间。如果只看一年或几年，他的差别可以很大，有差别时往往要小心，尤其是",[106,1173,118],{"href":117},"老是远小于利润时。"," 但是，有些公司在投放期的利润往往是大于",[106,1177,118],{"href":117},"的，比如淘宝头几年，",[106,1180,118],{"href":117},"有可能是负的（花的钱比进来的钱多，不算发行股票的话），现在情况怎么样不知道。（2010-05-27）",[15,1183,1184],{},"03．网友：向您请教两个问题；",[15,1186,1187,1188,1190,1191,1193],{},"1、您在谈及网易、yahoo时谈了市值与现金，没有谈",[106,1189,109],{"href":108},"，是否您认为",[106,1192,109],{"href":108},"与企业价值无关。",[15,1195,1196],{},"2、您认为ebit、净利润等等，从哪个方面考虑利润好些。",[15,1198,1199,1201,1202,1204,1205,1207,1208,1217],{},[18,1200,44],{}," 如果只讲现金的话，我指的就是",[106,1203,114],{"href":113},"，就是减去",[106,1206,109],{"href":108},"后的。你的第2个问题我不太懂。",[18,1209,1210,1211,1213,1214,1216],{},"我一般看",[106,1212,118],{"href":117},"和利润。有些公司的利润挺假的，从",[106,1215,118],{"href":117},"能看出来。"," 有空你可以看看Buffett写给股东的信，里面都有，我不可能解释的比他好。（2010-02-14）",[15,1219,1220,1226],{},[18,1221,1222,1223,1225],{},"段永平：好多公司看起来赚很多钱，",[106,1224,118],{"href":117},"却一直在减少。那就有危险了。其实这些巴菲特早说过，人们都知道，但是投资的时候就会糊涂。很多人管他们自己叫投资，我却说他们只是for fun，他们很在乎别人满不满意（这家公司），真正的投资者绝对是“目中无人”的，脑子里盯的就是这个企业，他不看周围有没有人买，他最好希望别人都不买。同样，如果我做一个上市公司，我也不理（华尔街）他们，我该干吗干吗，股价高低跟我没有关系的"," 。（2013-09-03）",[15,1228,1229,1230,1232],{},"04．网友：贝索斯一直强调自己的自由",[106,1231,118],{"href":117},"，这点大道怎么看？",[15,1234,1235,1237,1238,1240],{},[18,1236,44],{}," 自由",[106,1239,118],{"href":117},"好一定会反映在利润上，不知道为什么看不到。我还没读财报，回头有空再慢慢看。觉得amzn的生意模式确实不错，但再好的东西也得有个好价钱才行。（2012-04-27）",[15,1242,1243],{},"05．网友：有些公司赚了钱还要追加投入才能保证再赚，有的公司可以把赚的钱大量分红，而公司赚钱能力不受影响。",[15,1245,1246,1248,1249,1251,1252,1254],{},[18,1247,44],{}," 未来",[106,1250,118],{"href":117},"的意思是扣除了再投资以后的现金增加量。长期来讲未来",[106,1253,118],{"href":117},"是最说明问题的。（2011-09-07）",[15,1256,1257],{},"06．【转载】芒格主义（2012-06-26）",[15,1259,1260,1261],{},"译文：",[18,1262,1263],{},"有两种生意：第一种每年挣12%，年底可以把钱拿回来；第二种每年挣12%，但是利润必须重新投入运营---永远也看不到现金。这让我想到了一个家伙，他看着自己所有（不能变现的）陈旧设备说：“这就是我的全部利润了。”我们可不喜欢这种生意。",[15,1265,1266],{},"07．网友：请问段总：“增收不增利”是成长型公司的普遍特点吗？？",[15,1268,1269,1271],{},[18,1270,44],{}," 不是！（2018-03-21）",[15,1273,1274,1275,1277],{},"08．网友：请教学长一个关于EBITDA的问题。我们自己公司最近要融资，投行建议我们使用的估值依据是EV\u002FEBITDA倍数。EV（Enterprise Value）好理解，就是市值加",[106,1276,109],{"href":108},"减现金。这个您在研究雅虎的时候就是这么考虑的。",[15,1279,1280,1281,1283],{},"但是EBITDA和EV的倍数关系有什么逻辑我就想不明白了。芒格很干脆说过EBI TDA就是狗屎。我自己感觉跟EV做除法的应该是",[106,1282,118],{"href":117},"。税、利息、摊销、折旧扣掉以后的东西那么理论化，参考价值到底在哪儿呢？",[15,1285,1286,1289],{},[18,1287,1288],{},"段永平：芒格都说ebitda是狗屎咯，狗屎的参考价值是什么？"," （2015-12-02）",[15,1291,1292],{},[18,1293,1294],{},"5．开销与支出",[15,1296,1297],{},"01．网友：段总，您怎么看资本支出，你觉得怎么样的资本开销才算是合理的开销？",[15,1299,1300,1303],{},[18,1301,1302],{},"段永平：只要是理性的开支就可称为合理。如果是受股东压力或者说受“成长”的压力而花钱则有危险"," 。（2010-11-01）",[15,1305,1306],{},"网友：企业受股东压力、“成长”压力而花钱怎样理解？能具体说说吗？",[15,1308,1309,1311],{},[18,1310,44],{}," 自己想，不能什么都喂到你嘴里，那样说了反正你也不明白。（2010-11-01）",[15,1313,1314],{},"02．网友：我想问段总的是，步步高最近的生活电器产品的广告都是在央视播放的，代言人还都是韩国的一线明星，广告费和代言费都不是小数目，能不能保本呢？是不是会大副抬高步步高电器的价格呢？",[15,1316,1317,1319],{},[18,1318,44],{}," 广告费只可能占价格的很小一部分。消费者的眼睛是雪亮的，价格太贵他们会不知道？（2010-03-27）",[15,1321,1322,1323,1327],{},"03．网友：刚刚看到库克对于现金的一些评论，我必须说我爱上了库克了。舒普问及库克为什么在利用现金储备时依旧“十分谨慎”时，库克对此措辞表现地不以为然。库克表示：“的确，我们的现金储备很充足。但是我想表达的是，我们会明智地进行开销。我会把每一笔花出去的钱都当作是我们兜里的最后一分钱。我认为股东会希望我们这样做。我不认为他们希望我们挥霍摆阔。同时我们也从来没有觉得自己是阔佬。”他进一步指出：“我并不是死抱着这笔钱不放，我们会在董事会上对这些自己的使用展开积极的讨论，我们不会把这些钱拿来随便开个派对或者做些古怪的事情。大家也不必担心我们会感到钱多到烧包。”当舒普询问库克，如果有人认为现金储备“没有有效地发挥效能”怎么办。库克承认苹果现在的现金储备已经远远超过了运营业务所需的数量。但是他还是表示：“希望大家再多一点点",[106,1324,1326],{"href":1325},"\u002Flibrary\u002Fnaixin","耐心","。”",[15,1329,1330,1333],{},[18,1331,1332],{},"段永平：（微笑）"," （2012-02-14）",[15,1335,1336],{},"04．网友：巴菲特说过，喜诗是好生意，飞行安全公司是一般生意，航空公司是糟糕的生意。我理解的是资本支出大的行业不容易出现好企业。不知道对不对，请大道指点一下。",[15,1338,1339,1341,1342,1345],{},[18,1340,44],{}," “",[18,1343,1344],{},"资本支出大的行业不容易出现好企业”，我同意这个观点。"," （2019-3-16）",[15,1347,1348],{},"05．网友：每次我读到某家公司削减成本的计划书时，我都想到这并不是一家真正懂得成本为何物的公司，短期内毕其功于一役的做法在削减成本领域是不起作用的，一位真正出色的经理不会在早晨醒来之后说今天是我打算削减成本的日子，就像他不会在一觉醒来后决定进行呼吸一样。这句话我不是很明白。",[15,1350,1351,1353],{},[18,1352,44],{}," 你自己削减一下自己的开销试试？两年后你就明白了。（2016-05-28）",[15,1355,1356],{},"网友S：大家探讨，个人理解是：",[15,1358,1359],{},"1．真正懂得成本控制的企业或者组织，这个是渗透到骨子和企业文化中的。",[15,1361,1362],{},"类似于个人——基本上平时就该花的钱花，不该花的钱一分钱也不应该多花。当然什么该花什么不该花这不未必容易达成一致。好的企业文化会更容易达成默契。",[15,1364,1365],{},"2．在这种情况下，如果去硬砍开支，硬拧毛巾，可能就意味着在损毁自己的“肌肉”了，那实际短期表现出的成本减少损失的是长远利益，得不偿失；这样的“成本控制”，持续两年，企业的肌肉和竞争力会受到很大影响。",[15,1367,1368],{},"3．题外话：最大的成本，我有时候觉得是战略成本——战略失误带来的不可见的损失，可能更大。",[15,1370,1371],{},"网友L：的确啊，成本控制是日常基本功。",[15,1373,1374,1376,1377,1380],{},[18,1375,44],{}," 对的，控制成本和经济好坏无关，是个一直要做的事情。",[18,1378,1379],{},"最好笑的就是经常看到上市公司为了满足华尔街的预期去减成本，尤其是为了减成本而裁员。"," （2016-05-30）",[15,1382,573],{},[15,1384,1385,1388],{},[18,1386,1387],{},"依我们过去的经验显示，一家高成本结构公司的经营者，永远找得到增加公司开支的理由；而相对的，一家低成本结构公司的经营者，永远找得到节省公司开支的方法，即使后者的成本早已远低于前者。"," （1978）",[23,1390,1392],{"id":1391},"第2节-回购与分红","第2节 回购与分红",[15,1394,1395,1398],{},[18,1396,1397],{},"其实最理想的公司是能把利润继续投入到原来的生意模式里的公司，分红是其次的选择。有些公司，比如苹果，就是已经没办法把利润再投入，所以才开始回购和分红的。当然，分红比乱花钱好100倍。"," （2013-9-28）",[15,1400,1401],{},[18,1402,1403],{},"1．对增持与回购的看法",[15,1405,1406],{},"01．网友：我去开过几次股东大会，分别问过他们董事长，总经理，董秘，他们都说自己公司价格被低估了。",[15,1408,1409,1411],{},[18,1410,44],{}," 大概所有公司的人都会对外说自己的股票被低估了吧？问完之后你感觉好点儿了吗？（2012-02-13）",[15,1413,1414],{},"02．网友：公司回购和高管增持是否可作为股价被低估的重要信号，并作为买入价的参考依据之一。",[15,1416,1417,1419],{},[18,1418,858],{}," ：我不看这种信号的。（2019-07-23）",[15,1421,1422],{},"03．网友：你如何看待大股东的回购？",[15,1424,1425,1428],{},[18,1426,1427],{},"段永平：控股股东买自己的股票的原因大概有n种，常见的有：1．这个股东确实聪明，2，这个股东脑子坏了；结果一般也分为几种：1．确实买的便宜，2．其实买的不便宜，3．买的贵大发了。但不管谁买，其实都不会改变公司的内在价值，除非这种购买可以改变经营或文化等。"," （2011-10-28）",[15,1430,1431],{},"网友：大股东的回购能被认为明显低估吗？",[15,1433,1434,1436],{},[18,1435,44],{}," 回购最多只能说明大股东认为其股票被低估了。很多时候公司的回购经常只是为了给市场一个姿态，实际上并不表示什么。大概只有一种情况能表示公司确实认为其股票真的被低估了，那就是完全私有化。即便如此，也不代表这个股票真的被低估了。（2012-02-11）",[15,1438,1439],{},"04．网友：巴菲特特别喜欢公司回购股票，回购会提升股票的内在价值吗？",[15,1441,1442,1444],{},[18,1443,44],{}," 回购其实也不提高整个公司的内在价值，但提高个股的内在价值，因为股票少了。（2011-03-02）",[15,1446,1447],{},[18,1448,1449],{},"2．（回购与分红）的正确做法",[15,1451,1452,1454],{},[18,1453,44],{}," 别的公司回购的真实理由可能有无穷个，但老巴回购的理由大概就只有一个，那就是他现在暂时很难找到比BRK更便宜的股票，也就是说他认为BRK确实很便宜了。我理解的老巴对很便宜的定义大概是安全的年复合回报率在10%或以上的意思。（2011-09-27）",[15,1456,1457],{},"01．网友：“安全的年复合回报率在10%或以上”这个数据是怎么得来的，是你做生意的经验还是参考了美国30年国债的到期收益率（9%）？",[15,1459,1460,1462],{},[18,1461,44],{}," 这个数字是猜的。老巴一般安全回报8%或以上的可转换债券就愿意投了。（2011-09-29）",[15,1464,1465],{},[18,1466,1467],{},"案例分析（苹果回购）",[15,1469,1470,1473],{},[18,1471,1472],{},"段永平：其实最理想的公司是能把利润继续投入到原来的生意模式里的公司，分红是其次的选择。有些公司，比如苹果，就是已经没办法把利润再投入，所以才开始回购和分红的。当然，分红比乱花钱好100倍。"," （2013-09-28）",[15,1475,1476],{},"01．网友：段哥说了，今天的苹果依然便宜。那么苹果的超额现金是否应该优先回购自家股票呢？当然确实没有以前便宜了。",[15,1478,1479,1482],{},[18,1480,1481],{},"段永平：对于管理层而言，回购的问题是需要判断股价是否便宜，但派息则更简单"," 。我估计苹果在留够现金后会有个派息和回购的计划，回购只是在一定情况下实施。如果我是苹果的CEO，就简单宣布以后每年的获利拿40%出来回购，40%派息，20%留下。（2012-02-07）",[15,1484,1485],{},"网友：苹果手上持有越来越多的现金，是否存在无法有效利用的风险，跑不赢通胀呢？",[15,1487,1488,1490],{},[18,1489,44],{}," 所以他们分红和回购。我认为他们的分红会逐年提高的。（2012-04-11）",[15,1492,1493],{},[18,1494,1495],{},"02．关于苹果的几点猜想：（2013.03.04）",[15,1497,1498,1500],{},[18,1499,44],{}," 苹果会开始加大回购量；苹果已经拥有远多于运营需要的现金，库克也多次提到过。那么处理这些现金的最好办法大概就是在便宜的时候回购。当然，派息也是一个办法，但派息的问题是收到股息的股东要付税。苹果目前有一个3年100亿的回购计划，估计应该已经花得差不多了，所以近期应该就可以出新的回购计划。对大的回购计划的最大障碍实际上是苹果海外现金如何回到美国的问题，这是个几乎所有有大量现金的美国公司都有的问题。有很多美国公司实际上是用发债的形式先借钱做想做的事情，等待政府的窗口把钱汇回来。由于债券的利息是如此之低，发债其实是个很好的低成本的办法。（2013-03-04）",[15,1502,1503],{},"03．网友：巴菲特谈苹果股价低迷：我若是库克就回购……",[15,1505,1506,1508],{},[18,1507,44],{}," 苹果其实一直在回购，在前面100个亿没回购完以前是不应该出新的回购计划的。另外，这么大的回购计划可能也需要时间去制定，不能有纰漏。长期来讲，股价低对苹果没任何坏处，回购到便宜的股票实际上对长期股东也非常好。举个极端的例子：假设苹果股价在这里不动3年，苹果每年赚450亿，3年后加上现在手里的现金资产近1400亿，手里留400亿周转，再去掉分红300亿，苹果可以投2000亿进去回购，那3年后苹果的市值就只有2000亿左右了。那个时候苹果可能一年可以赚500多亿或者600多亿（如果不是更多的话），很难再继续在2000亿市值上呆着吧？（2013-03-05）",[15,1510,1511],{},"04．网友：段总，假如苹果只宣布提高分红（每股多50美分或1美元），而不大量回购股票（一年至少200亿美元以上，去年宣布的三年回购100亿美元含金量较低因为它是用来neutralizing the impact of dilution），是否可以判断苹果对自己的前景不乐观？",[15,1513,1514,449],{},[18,1515,1516],{},"段永平：其实任何股票都只有一个真正的买家，那就是公司自己",[15,1518,1519,1520,1524],{},"苹果现在拥有远多于运营需要的现金，所以苹果一定会用他们认为合适的办法还给股东，这是人们在投资苹果时应该认定的，不然就是",[106,1521,1523],{"href":1522},"\u002Flibrary\u002Ftouji","投机","。之所以认为这是个好机会回购的理由，因为这个价位以上套住的人很多，股价很可能不会反弹得太快，所以苹果有机会买到好价钱。我如果是苹果，现阶段宁愿贷款也要回购，因为分红都比利息高了。等将来有窗口时再将海外的钱汇回来就行。（2013-04-18）",[15,1526,1527],{},"网友H：“其实任何股票都只有一个真正的买家，那就是公司自己。”突然想明白这句话了，如拨云见日，茅塞顿开！",[15,1529,1530,1532,1533,1535],{},[18,1531,44],{}," 未来净",[106,1534,118],{"href":117},"就是这个意思啊。（2013-04-19）",[15,1537,1538,1539,1541],{},"网友S：段大哥，未来净",[106,1540,118],{"href":117},"应该是公司的生命期里挣的纯利吧。任何股票都只有一个真正的买家，那就是公司自己，我还是不太明白含义，能再给说说吗？",[15,1543,1544,1546],{},[18,1545,44],{}," 想不明白以前最好别碰股票，慢慢想吧。（2013-04-19）",[15,1548,1549],{},"网友Z：请教一下，如何想明白这句话的？",[15,1551,1552,1555],{},[18,1553,1554],{},"段永平：把这个博客从头看一遍，问答看三遍，还不明白就再来一次，直到明白了。"," （2013-04-19）",[15,1557,1558],{},"网友I：“任何股票都只有一个真正的买家，那就是公司自己。”我觉得这句话绝不是说只有公司自己才是价值投资者。而是指公司以外的任何人购买都不会增加每股的价值，只不过是从张三转让给李四而已，和公司没啥关系；而公司回购并注销长期来看才会增加每股的含金量，这才是唯一真正的买家。",[15,1560,1561,1564],{},[18,1562,1563],{},"段永平：其实只要把公司想象成非上市公司，而且只有一个股东，大概就能容易明白了？"," （2013-04-20）",[15,1566,1567],{},"网友J：这里说到的东西值得反复琢磨，很精炼。我是用非上市公司来帮助理解这里说到的一些概念的，比如说是三个人共同持有一家非上市公司的情况，觉得理解起来有可能容易些。",[15,1569,1570,1572,1573,1564],{},[18,1571,44],{}," 用非上市公司的办法非常好，不然容易忽略本质的东西。",[18,1574,1575],{},"只要抽象到只有一个股东的时候就明白了。",[15,1577,1578],{},"网友J：对啊，一个股东的理解才到位。市场消失了，股东也不存在，只有公司自身，以及公司的运营。这样才可能大致都通了。非常感谢！想了好一阵子才明白了一些。（2013-04-21）",[1580,1581],"hr",{},[15,1583,1584],{},"05．网友：前些日子和一位朋友讨论到苹果，朋友提出了一个有趣的观点，部分观点与“seeking bargains”的比较接近。苹果业绩从高增长转向向低增长，在这个过程中难免会有不少对回报率要求比较高的对冲基金和科技股投资者离场。即使假设这批人会沽出的总量只有发行量的20%，这个也是一个巨大的绝对金额。",[15,1586,1587],{},"苹果股票面对的不是有没有投资价值的问题，而是最简单的“谁是买家？”这个老掉牙的问题。",[15,1589,1590],{},"以前苹果的主要投资者是对冲基金与科技股投资者，这些投资者看中的是高增长，对股息并不太在乎，现在苹果已经转为“价值股”了，没有既定的派息政策，确实会令对股息有一定要求，价值股的主要投资者退休基金却步。如果连老巴也不投资苹果，谁来接货是一个与价值无关但与价值回归所需要的时间有关的现实问题。",[15,1592,1593],{},"我个人也是认为苹果如果能够落实股息政策对股价有帮助。不知道段总怎么看这个问题呢？",[15,1595,1596,1599],{},[18,1597,1598],{},"段永平：其实所有的股票都只有一个真正的买家会最终影响到股价，其他人对股价的影响都是浮云。这个真正的买家就是公司自己，买股票的钱来自于盈利。"," 苹果不存在“如果”落实股息政策的问题，只有“怎么”的问题。（2013-03-02）",[15,1601,1602],{},"06．网友：有个问题一直困扰着我，如果好公司主流资金不买它，它也不会涨。毕竟市场涨跌是由主流资金把控的，价值投资是赚企业自身盈利的钱。如果主流资金本身就是随大流，比如去年买蓝筹，今年买创业。相对应的去年蓝筹涨，今年创业涨。那价值投资这个逻辑还成立吗？或者说价值规律在股市中能体现吗？",[15,1604,1605,1608],{},[18,1606,1607],{},"段永平：其实会买公司股票的人只有一个，那就是公司自己，别人都是过客"," 。想通了这个道理，别的都不是问题了。",[15,1610,1611],{},"再说一个简单的例子：好几年前，我在某个场合碰到Tim Cook。他问我你干嘛的，我说，投资。他问，投啥了？我说，苹果。他再问，还有呢？我说，没了，基本上都是苹果。然后他没接话，可能他觉得他见的投资人里没这样的。然后我说，如果苹果一直这个价钱，十来年后我可能就是苹果的唯一股东了哈，因为苹果的盈利会把除了我以外的所有股票都买回去的，他听了后微笑了一下，啥也没说。大家都知道，很可惜这个事情没能发生，尤其是有个叫巴菲特的人跑进来把我的如意算盘给搅和了。（2020-10-18）",[15,1613,1614],{},"07．网友：如果每年把钱除掉税之后分给股东，那比较容易预算大概的回报率；但如果每年都回购，感觉回报率就不知道怎么算了，只是感觉有可能会很大很大。",[15,1616,1617,1620],{},[18,1618,1619],{},"段永平：其实是否回购或分红都不是回报率的关键，但真正能赚到钱的好公司最后都一定会通过某个或某几个途径将利润给到股东的"," ，除非公司能像老巴那样用其多余的钱持续得到高于社会平均回报的投资……总有一天老巴的公司也会有用不完的钱的。（2015-11-16）",[15,1622,1623],{},"08．【引用】巴菲特31年股东信精华（2012-02-17）",[15,1625,1626],{},"今天先不管价格多少，最值得拥有的企业是那种在一段长的期间可以将大笔的资金运用在相当高报酬的投资上，最不值得拥有的企业是那种跟前面那个例子完全相反的，在一段长的期间将大笔的资金运用在相当低报酬的投资之上。不幸的是，第一类的企业可遇不可求，大部分拥有高报酬的企业都不需要太多的资金，这类企业的股东通常会因为公司发放大量的股利或是买回自家公司的股份而大大地受惠。（1992）",[15,1628,1629,1631,1632,1635],{},[18,1630,44],{}," 前面提到苹果的回购问题，最后苹果真的像我认为的那样举债回购了（由于境外的钱暂时回不来）。",[18,1633,1634],{},"好公司是知道怎么花钱的那些公司。这点上网易不算好公司，账上躺太多现金。账上的现金不用是会贬值的！茅台在这点上做得也不太好，虽然他们比下还有很多“余”。"," （2014-06-06）",[15,1637,1638],{},"09．网友：IBM这些年巴菲特在电视上其实谈的也挺多的。今年3月初他又接受CNBC直播采访时说“喜欢IBM”，现在IBM的股价，除了价格比4年前还低，股票总数也已经减少了将近25%！",[15,1640,1641,1644],{},[18,1642,1643],{},"段永平：股票减少的同时债务增加了多少？靠债务回购是件非常不舒服的事情"," 。（2015-04-08）",[15,1646,1647],{},[18,1648,1649],{},"3．分红",[15,1651,1652,1654],{},[18,1653,44],{}," 国内经常有人把股东回报和分红混起来说，其实两者没有必然关系。（2010-05-23）",[15,1656,1657],{},[18,1658,1659],{},"案例分析（巨人网络）",[15,1661,1662],{},"01．网友：段大哥：您说我个人观点，长期而言ga很难跑赢大市。那您还为什么要去买它。是不是您认为ga是烟屁股头，它是价值被低估但前景看不清。",[15,1664,1665,1667,1668,1670],{},[18,1666,44],{}," 呵呵，我不知道烟蒂的定义到底是什么，也没见过老巴具体说啥，但直觉有点像你给的这个定义。以GA的目前的现金以及",[106,1669,118],{"href":117},"而言，我一直觉得有点便宜，但一直没办法看明白所谓10年以后的事。",[15,1672,1673,1674],{},"前些天突然发现自己管的很多账号都多出来一笔现金，一查发现是GA的分红到了。",[18,1675,1676],{},"一直没太想明白为什么巨人在发行价以下选择分红而不是回购，有点像融了资以后拿融到的钱给新老股东分红一样（分红时还要被代管者扣掉5%），虽然自己是“新股东”，但也觉得不太舒服。一直觉得他们的“华尔街”的顾问的水平有问题，不然就是他们自己的信心不足。",[15,1678,1679],{},"巨人的49%对51%的招还是很厉害的，算是把保健因子的某些方面做得很好了，对留住以及吸引人才有很大的好处，如果行业不出问题的话，长期会有很大的竞争力。（2011-04-14）",[15,1681,1682,1683,1687],{},"02．巨人网络（GA） ",[1684,1685,1686],"em",{},"详讯：巨人网络Q4净利润3920万美元同比增6.6%"," ……",[15,1689,1690],{},"不明真相的群众：市盈率高于10倍的话，分红意思就不大。5-10倍之间分红比较理想。",[15,1692,1693],{},"网友T：A股也如此？",[15,1695,1696],{},"不明真相的群众：分不到多少钱，没意义；而且市盈率这么高，应该增发才对，分什么红呀（2012-03-06）",[15,1698,1699,1701],{},[18,1700,44],{}," 4块多的股票分3毛居然还有嫌少的？可能看惯了a股那种蒙人的（每10股）分红3毛的了？（2012-03-07）",[15,1703,1704],{},"网友G：这个分红比A股大方多了，很满意的分红。呵呵，算算分红年化收益比较高，还不说巨人的成长。",[15,1706,1707,1709],{},[18,1708,44],{}," 不过分不分红和股票价值无关。",[15,1711,1712],{},"网友Z：是挺高，但通胀也挺高的，扣除通胀率后，您还满意吗？",[15,1714,1715,1717],{},[18,1716,44],{}," 我根本就不关心分不分红，所以没有满不满意的问题。",[15,1719,1720],{},"网友Z：那差不多，我关心分红方案，但不为了分红。",[15,1722,1723,1725],{},[18,1724,44],{}," 我连分红方案都不关心。（2012-03-07）",[15,1727,1728],{},"网友Z：若果是在创业期，是可以不考虑。如果企业进入成熟期，分红方案不好的公司，就可能存在董事会侵占和业绩不真实的状况，怎么能够不关心。",[15,1730,1731,1733],{},[18,1732,44],{}," 这和分不分红无关。你要不相信他们就不该买他们股票。老巴从来没分过红。分不分红其实和公司价值无关。",[15,1735,1736],{},"网友G：有分红，企业又好，岂不是一举两得。对大道来说，分红也许是关注企业带来的附加收益。",[15,1738,1739,1742,1743,1745],{},[18,1740,1741],{},"段永平：好公司当现金多于需要又不能有效利用时自然会分红的，不然就不算很好的公司。"," 有些公司抱着现金不放又不用是伤害股东利益的。你只要明白未来",[106,1744,118],{"href":117},"折现的意思就明白我说啥了。（2012-03-07）",[15,1747,1748],{},"网友：说到这，茅台貌似也蛮多现金的，是否存在没有被有效利用而贬值的可能？",[15,1750,1751,1753],{},[18,1752,44],{}," 如果用不好贬得更快，不如分红。（2012-04-11）",[15,1755,1756,1758],{},[18,1757,44],{}," 茅台分了红了。居然只扣5%的税。不过持有短过一个月就卖的还要加缴15%，一个月到一年间的要加缴5%，所以持有满一年以上的只需要缴5%。这个办法很好，中国在进步啊。（2013-06-07）",[15,1760,1761,1762,1764],{},"03．网友：GA分红策略让人很踏实，最近又分红0.42美元。有一个不成熟的思考，就是感觉股息折现模型比",[106,1763,118],{"href":117},"折现模型更合适，尤其在通胀隐忧很大的时候。茅台、苹果这些公司，如果在现金处理方面能够做一些调整，企业内在价值可以提升。老巴买中石油、ibm，都提到俩公司在分红回购方面的计划是他决策的一个依据。想听听段叔的看法。",[15,1766,1767,1769,1770,1772],{},[18,1768,44],{}," 按这个逻辑老巴的股票就不值钱了。关键看账上的现金能不能带来未来的",[106,1771,118],{"href":117},"，不能的就分掉或用于回购好。茅台的分红比例已经不低了，苹果会慢慢提高的。（2013-02-27）",[15,1774,1775],{},[18,1776,1777],{},"4．送股",[15,1779,1780],{},"01．网友：送股的意义何在？",[15,1782,1783,1785],{},[18,1784,44],{}," 长期而言，送股除了能增加一点交易费用外是没有任何意义的！（2014-03-25）",[15,1787,1788],{},"02．网友：10转3送5的意思是：每10股转增3股再送5股，即原来的10股变成了18股，不用股东交钱的，转增完后，股价会自动除权的。所以转增只是个游戏，但A股市场喜欢这种“朝三暮四”式的游戏，10股再派0.6元，1股得6分红利，扣除红利税后，以昨天的收盘价来计算，要低于银行的利息了，只有千分之4",[15,1790,1791,1793,1794,1797],{},[18,1792,44],{}," 10股派0.6？晕，看起来像是每股派0.6。",[18,1795,1796],{},"说利润时是每股获利，为什么派息时变成了每10股派息了？"," 如你所说，为什么不是10送8呢？非要说10转3送5，难道是为了考验大家的加法能力？（2011-03-02）",[15,1799,1800],{},"03．网友：问个弱智问题：国内股票分红很多都是送股转股，感觉增加了股份数量而没增加价值，而且要扣税，最终结果是亏的。国内股票基本没看到过回购的，这是怎么回事您知道吗？",[15,1802,1803,1805],{},[18,1804,44],{}," 把送股转股称为分红确实有点弱智。A股确实有点乱，但像茅台这种大股东增持大致可以视为回购了，只是用了比较笨的办法而已，不明白为什么这种情况不去回购，看起来比你那个问题还要弱智。不过，所有人都不做的事情大概是有原因的，投资A股的人大概是需要搞清楚才行。（2013-04-23）",[15,1807,1808],{},[18,1809,1810],{},"5．再融资与分红",[15,1812,1813],{},"01．网友：刚才看到一篇报道，国内的几乎所有的上市银行都是一边分红一边发新股，如果一家银行分红100亿，同时发行100亿元的新股，股东作为一个总体手中没有多出一分钱还要交大笔的所得税和承销费用，银行这样做岂不是疯了？",[15,1815,1816,1818],{},[18,1817,44],{}," 这确实是比较怪异的现象。可能是由于规定不分红的公司不能配股，所以A股里这种情况很多。（2010-05-07）",[15,1820,1821],{},"02．网友：你是如何看待上市公司再融资和分红的呢？",[15,1823,1824,1826],{},[18,1825,44],{}," 我觉得为了融资而分红是件非常怪异的事，或者说分了红后又马上融资是件非常怪异的事。更怪异的是，居然连我买过的公司也干这种事。我水平低，看不懂，总有围棋里自紧一气的感觉。（2010-05-11）",[15,1828,1829],{},"03．网友：一直想请教一个企业盈利和分红的问题，万科不是很喜欢现金分红，而且a股有很多企业有类似的情况。不知段总如何看待这个问题？",[15,1831,1832,1835],{},[18,1833,1834],{},"段永平：万科有贷款本来就不应该分红，不然就成了贷款分红了"," 。记得万科实际上还是分点红的，据说是为了满足配股或其它什么条件？有些监管条例怪怪的，不能怨万科。（2011-10-28）",[15,1837,1838,1839,1843,1844,1846],{},"04．网友：说下我的看法，跟着段总学了2年多，今年有点明白生意模式的事，万科这种生意模式不是很好，房地产行业属于资金密集型的，说白了就是要靠投钱来发展，你看国内的融资通道一关（融资成本太高，万科的借款年利率都到11点多了），房地产企业就要打通融资",[106,1840,1842],{"href":1841},"\u002Flibrary\u002Fqudao","渠道","（香港上市，发债），万科在房地产行业内绝对算财务稳健的，你比较下其他房地产公司的",[106,1845,109],{"href":108},"，跟好的生意模式贵州茅台对比一下，茅台现在是200亿在银行躺着，不需要每年去投入资金发展，每年分红应该是沪深上市公司最高的（其实还可以更高），去年万科股东大会有股东提出要万科大比例分红，我是唯一一个举手反对说（夸张下哈）：你每年借债的年息都11点多，怎不能拿付着11点多的年息的资金来分红吧，要不是证监会规定，就不应该分红。王石说，有反对意见是好事，但分红不能不分，还是要分一点的。（其实都是在段总这里学的，再感谢下）",[15,1848,1849,1851],{},[18,1850,44],{}," 国内上市公司的一个怪现象就是又借钱又分红，因为不分红就不能融资，这是很多年前我问王石时知道的。这种类型的分红是监管的问题，有点怪异。（2013-03-07）",[15,1853,1854],{},"05．网友：我想请教下，在美股市场，是否有很多金融企业不断增发、配股来融资？是常态还是个别现象。你怎么看待A股频繁的金融股再融资？",[15,1856,1857,1860],{},[18,1858,1859],{},"段永平：感觉美股里需要融资的企业都是不得已而为之的"," 。（2010-07-08）",[23,1862,1864],{"id":1863},"第3节-净资产收益率roe","第3节 净资产收益率（ROE）",[15,1866,1867],{},[18,1868,1869],{},"“净资产收益率”是个很好的指标，可以用来排除那些你不喜欢的公司，但不能作为“核心指标”去决定你是否要投的公司。这个指标如果好的话，你首先要看的是债务；如果没有债务问题则马上要看文化，看这种获利是否可以持续。最后还是要回到“ right business，right people，right price”。",[15,1871,1872],{},[18,1873,1874],{},"（2015-02-12）",[15,1876,1877],{},[18,1878,1879],{},"1、净资产收益率ROE",[15,1881,1882],{},"01．【引用】巴菲特31年股东信精华（2012-02-17）",[15,1884,1885],{},"我们判断一家公司经营的好坏，取决于其净资产收益率（排除不当的财务杠杆或会计做账），而非每股收益的成长与否，因为即使把钱固定存在银行不动，也能达到像后者一样的目的。（1979）",[15,1887,1888],{},"02．网友：段大哥：怎么理解巴菲特衡量一家公司的核心指标净资产收益率。最近忽然对这个熟悉的问题有点困惑。您看这个指标吗？",[15,1890,1891,1893],{},[18,1892,44],{}," 你确定你是突然困惑的吗？一般来说，拿着“核心指标”说事的人应该是一直困惑着的。你知道GM破产前的“净资产收益率”是多少吗？",[15,1895,1896],{},"03．网友：巴菲特老是在提净资产收益率。我想问一下段大哥，净资产收益率高是不是买入公司的一大因素吗？（排除它使用贷款作扛杆）。或者说净资产收益低的公司能不能买。",[15,1898,1899,1905],{},[18,1900,1901,1902,1904],{},"段永平：在没有贷款的前提下，净资产收益率高的公司当然是不错的，说明公司的盈利能力强。净资产收益率低的公司一般都不太好，但成长型公司的初期可能净资产收益率会很低。关键还是看你能不能看懂公司的未来（",[106,1903,118],{"href":117},"）"," 。（2011-02-13）",[15,1907,1908],{},"04．网友：举个例：",[15,1910,1911],{},"A公司净利润1元，净资产15元，ROE是6.66%，价格是12元；",[15,1913,1914],{},"B公司净利润1元，净资产7元，ROE是14.2%，价格12元。",[15,1916,1917],{},"都是同一行业，B比A的经营质量好，你会选择哪个？",[15,1919,1920,1922,1923,1925],{},[18,1921,44],{}," roe的e是总资产还是净资产？我很少看这个指标，不太有概念。如果roe是return on净资产，或叫净资产收益率，没有",[106,1924,109],{"href":108},"情况怎么搞？再说，往往非数字的东西往往比眼前数字的东西重要，无法根据你给的东西判断。",[15,1927,1928],{},"网友S：都没提公司经营产品、经营管理者、企业文化，光数字。",[15,1930,1931,1933],{},[18,1932,44],{}," 这个提得好。（2010-04-24）",[15,1935,1936],{},"05．网友：你曾买过创维，但创维是一个ROE低于10%的股票，一般好企业要大于15%，我想问的是，你投资的企业你看它的ROE指标吗？",[15,1938,1939,1941],{},[18,1940,44],{}," 没看过roe。我就觉得只要彩电市场还有的话，创维就死不了。（2010-04-21）",[15,1943,1944],{},"06．网友：近期总看到文章或经济学专家，说巴老非常喜欢ROE这个指标，您对此有了解吗？在我的印象中，我只在巴老的致股东信中看到过有形资产回报率这个词，并且做了比较生动的解释，并没有哪次他提及过ROE，而且巴老也一再强调不会通过指标选股。",[15,1946,1947,1949],{},[18,1948,44],{}," 我也喜欢ROE这个指标。一般来说，ROE高的公司商业模式好。",[15,1951,1952,1955],{},[18,1953,1954],{},"其实我想说的是ROA，因为ROE好像没包括债务？"," （2019-06-01）",[15,1957,1958],{},"网友m：毛利率是不是比roe更直接反映商业模式的好坏？",[15,1960,1961,1963],{},[18,1962,44],{}," 显然不是，大把亏大钱的公司都可以有高毛利率，但没营业额。（2019-05-31）",[15,1965,1966],{},"07．网友：ROE不是一个筛选指标，和内在价值一样，ROE是一个思维方式。",[15,1968,1969,1971],{},[18,1970,44],{}," Roe或Roa在了解一个公司的生意模式时是有帮助的，但不是充分条件。（2019-06-02）",{"title":1973,"searchDepth":1974,"depth":1974,"links":1975},"",2,[1976,1977,1978],{"id":25,"depth":1974,"text":26},{"id":1391,"depth":1974,"text":1392},{"id":1863,"depth":1974,"text":1864},"投资问答录",null,"段永平详解如何通过财报排除公司，强调现金流、负债、净资产等关键财务指标的理解","md",{},true,413,"\u002Fdao\u002Finvestment-logic\u002Fduanyongping-touziluoji-di4zhang-caiwulijie",{"title":5,"description":1981},"投资逻辑篇：第4章 财务理解｜大道总纲","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie","dao\u002Finvestment-logic\u002Fduanyongping-touziluoji-di4zhang-caiwulijie","pDPU-jPor7eF78LBtzTLu0xeTH-fKeY49poZ2nk7Kaw","dao",[1994,1999,2003,2007,2010,2013,2016,2020,2023,2026,2030,2033,2036,2040,2043,2046,2050,2053,2056,2060,2063,2066,2070,2073,2076,2080,2083,2086,2090,2093,2096,2100,2103,2106,2110,2113,2116,2120,2123,2126,2130,2133,2136,2140,2143,2146,2150,2153,2156,2160,2163,2166,2170,2173,2176,2180,2183,2186,2190,2193,2196,2200,2203,2206,2210,2213,2216,2220,2223,2226,2230,2233,2236,2240,2243,2246,2250,2253,2256,2260,2263,2266,2270,2273,2276,2280,2283,2286,2290,2293,2296,2300,2303,2306,2310,2313,2316,2320,2323,2326,2330,2333,2337,2340,2344,2347,2351,2354,2358,2361,2365,2368,2372,2375,2379,2382,2386,2389,2393,2396,2400,2403,2407,2410,2414,2417,2421,2424,2428,2431,2435,2438,2442,2445,2449,2452,2456,2459,2463,2466,2470,2473,2477,2480,2484,2487,2491,2494,2498,2501,2505,2508,2512,2515,2519,2522,2526,2529,2533,2536,2540,2543,2547,2550,2554,2557,2561,2564,2568,2571,2575,2578,2582,2585,2589,2592,2596,2599,2603,2606,2610,2613,2617,2620,2624,2627,2631,2634,2638,2641,2645,2648,2652,2655,2659,2662,2666,2669,2673,2676,2680,2683,2687,2690,2694,2697,2701,2704,2708,2711,2715,2718,2722,2725,2729,2732,2736,2739,2743,2746,2750,2753,2757,2760,2764,2767,2771,2774,2778,2781,2785,2788,2792,2795,2799,2803,2807,2811,2815,2819,2823,2827,2831,2835,2839,2843,2847,2851,2855,2859,2863,2867,2871,2875,2879,2883,2887,2891,2895,2899,2903,2907,2911,2915,2919,2923,2927,2931,2935,2939,2943,2947,2951,2955,2959,2963,2967,2971,2975,2979,2983,2987,2991,2995],{"title":1995,"slug":1996,"category":1997,"order":1998},"1956 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巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":2301,"slug":2302,"category":2002,"order":2299},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":2304,"slug":2305,"category":2006,"order":2299},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2307,"slug":2308,"category":1997,"order":2309},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":2311,"slug":2312,"category":2002,"order":2309},"巴菲特：1999年内布拉斯加教育论坛演讲","ba-fei-te-1999nian-nei-bu-la-si-jia-jiao-yu-lun-tan-yan-jiang",{"title":2314,"slug":2315,"category":2006,"order":2309},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2317,"slug":2318,"category":1997,"order":2319},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":2321,"slug":2322,"category":2002,"order":2319},"巴菲特：1999年巴菲特太阳谷演讲","ba-fei-te-1999nian-ba-fei-te-tai-yang-gu-yan-jiang",{"title":2324,"slug":2325,"category":2006,"order":2319},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2327,"slug":2328,"category":1997,"order":2329},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":2331,"slug":2332,"category":2002,"order":2329},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":2334,"slug":2335,"category":1997,"order":2336},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":2338,"slug":2339,"category":2002,"order":2336},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":2341,"slug":2342,"category":1997,"order":2343},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":2345,"slug":2346,"category":2002,"order":2343},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":2348,"slug":2349,"category":1997,"order":2350},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":2352,"slug":2353,"category":2002,"order":2350},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":2355,"slug":2356,"category":1997,"order":2357},"1969年12月26日 巴菲特致合伙人信","1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin",38,{"title":2359,"slug":2360,"category":2002,"order":2357},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":2362,"slug":2363,"category":1997,"order":2364},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":2366,"slug":2367,"category":2002,"order":2364},"巴菲特：2001年给全体经理人备忘录","ba-fei-te-2001nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":2369,"slug":2370,"category":1997,"order":2371},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":2373,"slug":2374,"category":2002,"order":2371},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":2376,"slug":2377,"category":1997,"order":2378},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":2380,"slug":2381,"category":2002,"order":2378},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":2383,"slug":2384,"category":1997,"order":2385},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":2387,"slug":2388,"category":2002,"order":2385},"巴菲特：2002年谁是真正的账房先生","ba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng",{"title":2390,"slug":2391,"category":1997,"order":2392},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":2394,"slug":2395,"category":2002,"order":2392},"巴菲特：2003年《美国正滑向贸易赤字的危险边缘》","ba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan",{"title":2397,"slug":2398,"category":1997,"order":2399},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":2401,"slug":2402,"category":2002,"order":2399},"巴菲特：2003年内布拉斯加大学 林肯分校--领导力课程演讲","ba-fei-te-2003nian-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-ling-dao-li-ke-cheng-yan-jiang",{"title":2404,"slug":2405,"category":1997,"order":2406},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":2408,"slug":2409,"category":2002,"order":2406},"巴菲特：2003年对话沃顿商学院学生","ba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":2411,"slug":2412,"category":1997,"order":2413},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":2415,"slug":2416,"category":2002,"order":2413},"巴菲特：2003年对话田纳西大学学生","ba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng",{"title":2418,"slug":2419,"category":1997,"order":2420},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":2422,"slug":2423,"category":2002,"order":2420},"巴菲特：2003年我为什么不看好美元","ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan",{"title":2425,"slug":2426,"category":1997,"order":2427},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":2429,"slug":2430,"category":2002,"order":2427},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":2432,"slug":2433,"category":1997,"order":2434},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":2436,"slug":2437,"category":2002,"order":2434},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":2439,"slug":2440,"category":1997,"order":2441},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":2443,"slug":2444,"category":2002,"order":2441},"2004年：《巴菲特：2004年与塔克商学院学生对谈》","ba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":2446,"slug":2447,"category":1997,"order":2448},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":2450,"slug":2451,"category":2002,"order":2448},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":2453,"slug":2454,"category":1997,"order":2455},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":2457,"slug":2458,"category":2002,"order":2455},"巴菲特：2004年对话奥奎尔俱乐部","ba-fei-te-2004nian-dui-hua-ao-kui-er-ju-le-bu",{"title":2460,"slug":2461,"category":1997,"order":2462},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":2464,"slug":2465,"category":2002,"order":2462},"巴菲特：2004年对话沃顿商学院学生","ba-fei-te-2004nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":2467,"slug":2468,"category":1997,"order":2469},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":2471,"slug":2472,"category":2002,"order":2469},"巴菲特：2004年模糊数学与股票期权","ba-fei-te-2004nian-mo-hu-shu-xue-yu-gu-piao-qi-quan",{"title":2474,"slug":2475,"category":1997,"order":2476},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":2478,"slug":2479,"category":2002,"order":2476},"与沃伦·巴菲特的问答纪要 2005年","ba-fei-te-2005nian-jia-zhou-da-xue-luo-shan-ji-fen-xiao-an-de-sen-guan-li-xue-yuan-nan-jia-zhou-da-xue-ma-xie-er-shang-xue-yuan-wen-da-ji-yao",{"title":2481,"slug":2482,"category":1997,"order":2483},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":2485,"slug":2486,"category":2002,"order":2483},"2005年：《巴菲特：2005年与塔克商学院学生对谈》","ba-fei-te-2005nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":2488,"slug":2489,"category":1997,"order":2490},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2492,"slug":2493,"category":2002,"order":2490},"巴菲特：2005年回忆进入证券行业","ba-fei-te-2005nian-hui-yi-jin-ru-zheng-quan-xing-ye",{"title":2495,"slug":2496,"category":1997,"order":2497},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2499,"slug":2500,"category":2002,"order":2497},"巴菲特：2005年对话内布拉斯加大学学生","ba-fei-te-2005nian-dui-hua-nei-bu-la-si-jia-da-xue-xue-sheng",{"title":2502,"slug":2503,"category":1997,"order":2504},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2506,"slug":2507,"category":2002,"order":2504},"巴菲特：2005年对话堪萨斯大学学生","ba-fei-te-2005nian-dui-hua-kan-sa-si-da-xue-xue-sheng",{"title":2509,"slug":2510,"category":1997,"order":2511},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2513,"slug":2514,"category":2002,"order":2511},"巴菲特：2005年对话范德比尔特大学学生","ba-fei-te-2005nian-dui-hua-fan-de-bi-er-te-da-xue-xue-sheng",{"title":2516,"slug":2517,"category":1997,"order":2518},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2520,"slug":2521,"category":2002,"order":2518},"巴菲特：2006年与沃顿商学院学生问答","ba-fei-te-2006nian-yu-wo-dun-shang-xue-yuan-xue-sheng-wen-da",{"title":2523,"slug":2524,"category":1997,"order":2525},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2527,"slug":2528,"category":2002,"order":2525},"巴菲特：2006年巴菲特慈善捐赠专访","ba-fei-te-2006nian-ba-fei-te-ci-shan-juan-zeng-zhuan-fang",{"title":2530,"slug":2531,"category":1997,"order":2532},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2534,"slug":2535,"category":2002,"order":2532},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":2537,"slug":2538,"category":1997,"order":2539},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":2541,"slug":2542,"category":2002,"order":2539},"巴菲特：2006年我为什么慷慨解囊","ba-fei-te-2006nian-wo-wei-shi-me-kang-kai-jie-nang",{"title":2544,"slug":2545,"category":1997,"order":2546},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":2548,"slug":2549,"category":2002,"order":2546},"巴菲特：2006年给全体经理人备忘录","ba-fei-te-2006nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":2551,"slug":2552,"category":1997,"order":2553},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":2555,"slug":2556,"category":2002,"order":2553},"巴菲特：2007年11月和比尔·盖茨、大学生对话实录（节目《富豪面对面》）","ba-fei-te-2007nian-11yue-he-bi-er-gai-ci-da-xue-sheng-dui-hua-shi-lu-jie-mu-fu-hao-mian-dui-mian",{"title":2558,"slug":2559,"category":1997,"order":2560},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":2562,"slug":2563,"category":2002,"order":2560},"巴菲特：2007年对话佐治亚大学学生","ba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng",{"title":2565,"slug":2566,"category":1997,"order":2567},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":2569,"slug":2570,"category":2002,"order":2567},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":2572,"slug":2573,"category":1997,"order":2574},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":2576,"slug":2577,"category":2002,"order":2574},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":2579,"slug":2580,"category":1997,"order":2581},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":2583,"slug":2584,"category":2002,"order":2581},"巴菲特：2007年接受欧洲MBA学生专访（珍贵精彩实录）","ba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu",{"title":2586,"slug":2587,"category":1997,"order":2588},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":2590,"slug":2591,"category":2002,"order":2588},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":2593,"slug":2594,"category":1997,"order":2595},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":2597,"slug":2598,"category":2002,"order":2595},"巴菲特：2008年21 世纪经济领导者采访","ba-fei-te-2008nian-21-shi-ji-jing-ji-ling-dao-zhe-cai-fang",{"title":2600,"slug":2601,"category":1997,"order":2602},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":2604,"slug":2605,"category":2002,"order":2602},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":2607,"slug":2608,"category":1997,"order":2609},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":2611,"slug":2612,"category":2002,"order":2609},"巴菲特：2008年对话IVEY 商学院学生","ba-fei-te-2008nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":2614,"slug":2615,"category":1997,"order":2616},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":2618,"slug":2619,"category":2002,"order":2616},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":2621,"slug":2622,"category":1997,"order":2623},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":2625,"slug":2626,"category":2002,"order":2623},"巴菲特：2008年对话瑞士洛桑国际管理学院","ba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan",{"title":2628,"slug":2629,"category":1997,"order":2630},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":2632,"slug":2633,"category":2002,"order":2630},"巴菲特：2008年怀念恩师格雷厄姆","ba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu",{"title":2635,"slug":2636,"category":1997,"order":2637},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2639,"slug":2640,"category":2002,"order":2637},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2642,"slug":2643,"category":1997,"order":2644},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2646,"slug":2647,"category":2002,"order":2644},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2649,"slug":2650,"category":1997,"order":2651},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2653,"slug":2654,"category":2002,"order":2651},"巴菲特：2008年财富杂志：沃伦之思","ba-fei-te-2008nian-cai-fu-za-zhi-wo-lun-zhi-si",{"title":2656,"slug":2657,"category":1997,"order":2658},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2660,"slug":2661,"category":2002,"order":2658},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2663,"slug":2664,"category":1997,"order":2665},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2667,"slug":2668,"category":2002,"order":2665},"巴菲特：2009年对话六所商学院学生","ba-fei-te-2009nian-dui-hua-liu-suo-shang-xue-yuan-xue-sheng",{"title":2670,"slug":2671,"category":1997,"order":2672},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2674,"slug":2675,"category":2002,"order":2672},"巴菲特：2009年对话哥大商学院学生","ba-fei-te-2009nian-dui-hua-ge-da-shang-xue-yuan-xue-sheng",{"title":2677,"slug":2678,"category":1997,"order":2679},"2013 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