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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":463,"body":818,"category":427,"chapterOrder":16,"date":9,"description":465,"editor":1167,"extension":1168,"meta":1169,"navigation":1170,"order":466,"path":1171,"publishedAt":9,"seo":1172,"seoDescription":465,"seoTitle":1173,"slug":464,"source":9,"sourceAuthor":1174,"sourceDate":9,"sourceNote":1175,"sourceStatus":1176,"sourceUrl":9,"sources":1177,"stem":1178,"summary":465,"tags":1179,"type":435,"updatedAt":1183,"volume":467,"volumeOrder":21,"__hash__":1184,"_collection":1185},"dao\u002Fdao\u002Fqanda\u002Fwenda-business-01.md",{"type":819,"value":820,"toc":1162},"minimark",[821,826,835,840,846,849,862,865,870,884,890,897,904,910,922,928,936,946,949,963,970,976,983,990,1003,1013,1016,1022,1026,1031,1034,1058,1064,1069,1075,1080,1083,1086,1093,1096,1099,1102,1107,1117,1122,1125,1130,1133,1136,1142,1151,1154,1157],[822,823,825],"h2",{"id":824},"第一节-伟大企业的标准","第一节 伟大企业的标准",[827,828,829,830,834],"p",{},"引用：",[831,832,833],"strong",{},"巴菲特","语录",[827,836,837],{},[831,838,839],{},"伟大企业的定义如下：在25年或30年仍然能够保持其伟大企业地位的企业。",[827,841,842,845],{},[831,843,844],{},"段永平："," 这个定义好！（2012-07-28）",[827,847,848],{},"网友：其实我最想问的问题是选企业的“漏斗”，就是哪些原则是企业不能违背的。这个问题好像很难说清，简单说说您的看法就行。",[827,850,851,853,854,861],{},[831,852,844],{}," ",[831,855,856,860],{},[857,858,217],"a",{"href":859},"\u002Fzhengzhi","和诚信--integrity。这是所有great企业的共性，也是出问题的企业的最大“漏斗”。"," （2010-10-22）",[827,863,864],{},"网友：段总，一般来说，企业在哪些方面出现问题呢？请列举一些。",[827,866,867,869],{},[831,868,844],{}," 任何方面都会出问题。你查查所有倒闭的公司，看看他们都出的啥问题就行了。",[827,871,872,873,876,877,876,880,883],{},"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",[831,874,875],{},"沃尔玛","、",[831,878,879],{},"IBM",[831,881,882],{},"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？",[827,885,886,889],{},[831,887,888],{},"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）",[827,891,892,893,896],{},"网友：看段总这么明白地谈论",[857,894,58],{"href":895},"\u002Fjiazhitouzi","，真有一种豁然开朗的感觉。",[827,898,899,900,903],{},"第一，价值投资者所投资的公司无所谓伟大的，平庸的。你眼中伟大的公司并非就是伟大的公司，现在伟大的公司未来未必会继续伟大，还要看公司未来",[857,901,88],{"href":902},"\u002Fxianjinliu","情况。",[827,905,906,907,909],{},"第二，价值投资者关注的是公司未来",[857,908,88],{"href":902},"的折现。用四毛钱买入一元钱的公司股票着眼的是公司低估现状，未来公司是不是继续低估抑或价值回归，投资者并未给予相当的认知。",[827,911,912,913,916,917,919,920,903],{},"具有经济城堡和",[857,914,74],{"href":915},"\u002Fhuchenghe","的公司并非一定具有未来",[857,918,88],{"href":902},"，也并非一定会成为价值投资的获取目标，也要看公司",[857,921,88],{"href":902},[827,923,924,925,927],{},"第三，价值投资者的水平高低体现在对该公司未来",[857,926,88],{"href":902},"折现的理解范围上，换句话说，体现了对标的公司的认知水平上。",[827,929,930,932,933,935],{},[831,931,844],{}," 1. 没有未来",[857,934,88],{"href":902},"的公司不可能是伟大的公司；",[937,938,939],"ol",{"start":21},[940,941,942,943,945],"li",{},"并非具有未来",[857,944,88],{"href":902},"的“护城河”是干什么用的？（2011-01-09）",[827,947,948],{},"【引用】巴菲特31年股东信精华-（2012-02-17）",[827,950,951,952,955,956,959,960],{},"真正",[831,953,954],{},"伟大的生意"," ，不但能从有形资产中获得巨大收益，而且",[831,957,958],{},"在任何持续期内，都不用把收益中很大的一部分进行内部再投资以维持其原有的高回报率"," 。成长中的业务，既会因销售额的上升需要更多的营运资金，也会需要更多对固定资产的投资。",[831,961,962],{},"一个公司为满足它的成长，对资本的需求是否有大幅增长，正好证明它是否能成为一项满意的投资。",[827,964,965,966,969],{},"拥有一项不需要大量资金投入，就能带来滚滚财源的业务，这真是太棒了！不信的话，你去问问微软或谷歌。",[831,967,968],{},"所以，从利润产出的大小，我们仅仅可以衡量一个公司是否优秀，而不能判断其是否卓越。"," 高投入高产出，是大多数公司所面临的情况。例如，我们对公共事业公司的大量投资都是如此。未来十年，我们会从这些业务中赢得不小的回报，但同时也要投入大量资本才能做到这点。",[827,971,972,975],{},[831,973,974],{},"最差的"," 一种公司是那种发展很快，并需要大量资本投入来维持其发展，但利润却少得可怜甚至根本赚不到钱的公司。",[827,977,978,979,982],{},"总结一下，考虑这三类“储蓄账户”，",[831,980,981],{},"伟大的账户支付非常可观的利息，而且会随着时间不断地增长；优秀的账户如果你不断增加存款的话，利息也会很具吸引力；最后，糟糕的账户不但利息令人失望，你还要不断的掏钱来维持这种少得可怜的回报"," 。（2007）",[827,984,985,986,989],{},"网友：",[831,987,988],{},"苹果","算不算傻瓜也可以经营好的公司？",[827,991,992,994,995,998,999,1002],{},[831,993,844],{}," 其实我并不知道彼得·林奇的定义到底是什么意思，因为现实里没有什么企业是傻瓜摧毁不了的，关键是看给这个傻瓜多长时间。我猜，这里傻瓜都能经营的企业指的是这个企业既有着强大的",[857,996,70],{"href":997},"\u002Fshangyemoshi","，能经得起傻瓜折腾“一小会儿”，同时有好的",[857,1000,135],{"href":1001},"\u002Fqiyewenhua","能够很快纠偏。",[827,1004,1005,1006,1008,1009,1012],{},"就算好的企业经营者也会有犯傻的时候，但好的",[857,1007,135],{"href":1001},"会让企业在比较短的时间里改正。比如当年",[831,1010,1011],{},"谷歌","买了摩托罗拉，结果很快就发现不合适，然后一年多就改了。(2024-05-17)",[827,1014,1015],{},"网友：穷查理宝典中，查理说：一家价格公平的伟大企业好于价格高高在上的好企业。这句话中伟大企业和好企业分别指什么？有什么区别？能不能这样理解，一家价格公平的稳定增长型企业好于价格高高在上的快速增长型企业？",[827,1017,1018,1021],{},[831,1019,1020],{},"段永平：基业长青里对伟大企业和好企业有定义"," 。（2010-08-20）",[822,1023,1025],{"id":1024},"第二节-长坡厚雪","第二节 长坡厚雪",[827,1027,1028,1030],{},[831,1029,844],{}," 虽然打雪仗也需要厚厚的雪，但大概没办法形成大大的雪球。",[827,1032,1033],{},"什么公司是在长长的坡上滚着厚厚的雪呢？我举几个我看着像的，博友们也可以举例子。",[827,1035,1036,1038,1039,1041,1042,876,1045,876,1048,1051,1052,1054,1055,1057],{},[831,1037,988],{},"是吧？",[831,1040,988],{},"是在一个长长的坡上，似乎雪也是厚厚的。",[831,1043,1044],{},"三星",[831,1046,1047],{},"OPPO",[831,1049,1050],{},"vivo"," 以及华为这类公司呢？似乎也都在长长的坡上，但雪没那么厚。不过这些公司还是要感谢",[831,1053,988],{},"的，因为",[831,1056,988],{},"，所以长长的坡上有时候雪也不薄。当然，那些追求“性价比”的公司恐怕是既没有长长的坡更没有厚厚的雪的。",[827,1059,1060,1063],{},[831,1061,1062],{},"茅台","当然是吧？!长长的坡，厚厚的雪，虽然偶尔会损失一点点雪。",[827,1065,1066,1068],{},[831,1067,596],{},"也应该算吧？游戏做成这个样子？!有谁不玩游戏呢？大家玩不同的游戏而已。",[827,1070,1071,1074],{},[831,1072,1073],{},"腾讯","应该也算吧？有疑问吗？",[827,1076,1077,1079],{},[831,1078,1011],{},"应该也算吧？绝对是长长的坡，厚厚的雪。",[827,1081,1082],{},"亚马逊？当然是长长的坡，但上面的雪不太厚啊，不然人家怎么能坚持亏20年？京东不会比亚马逊好的。",[827,1084,1085],{},"阿胶、片仔癀之类有点像？",[827,1087,1088,1089,1092],{},"阿里应该也算吧？虽然我很钦佩",[831,1090,1091],{},"马云","，也觉得他们怎么看都有些在长长的坡上，但有些业务已经超出我这种早已退出江湖的人的理解范围了。",[827,1094,1095],{},"脸书？微博？YY(欢聚时代)?陌陌？我看这些公司时偶尔会觉得自己已经不再年轻了(就是因为自己不用，所以看不懂的意思)。",[827,1097,1098],{},"短短的坡、雪也少少的例子其实也很多的，那时啥反应都是没用的哈。有意思的是，对这种公司有兴趣的人也不少。因为大家觉得坡比较陡吗？滚起来快？没雪的时候滚的是啥呢？……大家自己举例吧。(2017-03-17)",[827,1100,1101],{},"网友：那些追求“性价比”的公司恐怕是既没有长长的坡也更没有厚厚的雪的。段大哥，追求“性价比”的公司为什么会没有好的结果呢？我以前买过“性价比高”的手机，发现手机质量不够好，经常出一些小毛病。",[827,1103,1104,1106],{},[831,1105,844],{}," 说追求“性价比”的公司大多是在为自己的低价找借口。长寿公司大概是不太强调“性价比”这个概念的，老百姓心里有杆秤。好货不便宜啊。（2017-03-25）",[827,1108,1109,1110,1112,1113,1116],{},"网友：打扰大道了，想请教下离行业天花板的这段距离如何毛估？再好的老生意也不是上不封顶的吧。还是说只能每年出年报之后，事后评估",[857,1111,74],{"href":915},"？deepseek的回答是，通过全球化潜力、",[857,1114,151],{"href":1115},"\u002Fdingjiaquan","、抗颠覆、roe等方面持续不断地定性评估。",[827,1118,1119,1121],{},[831,1120,844],{}," 不要讨论这种没有定义的东西，过去50年股市涨了多少，你的天花板是什么意思？（2025-09-18）",[827,1123,1124],{},"网友：感觉投资伟大公司与投资普通公司相比一个巨大的优势是省心，不太需要另外寻找投资目标，也不太需要时时关注市场给的价格是不是太贵。",[827,1126,1127,1129],{},[831,1128,844],{}," 是的，享受公司成长远好过心随股动。（2017-03-16）",[827,1131,1132],{},"网友：海康威视、大华股份这种也算，坡很长（城市化就是陌生人化，就会出现各种安全问题，而且产品会和手机一样不断升级，需求永远存在，而且强劲）、雪很厚（随着视频监控行业越来越注重软件，粘性越来越大，外在进入者越来越难），也就是说，这两大巨头会在一家需求强劲而持续的市场中拥有越来越大的垄断力。",[827,1134,1135],{},"作为一个在一家号称最国际化央企工作过超十年的人，我对海康威视的长跑能力有点担心……",[827,1137,1138,1141],{},[831,1139,1140],{},"段永平：这里长长的坡其实不光指的是行业，而是包括企业本身能否长跑，所以企业文化很重要。"," 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