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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":474,"body":818,"category":427,"chapterOrder":26,"date":9,"description":476,"editor":2302,"extension":2303,"meta":2304,"navigation":2305,"order":477,"path":2306,"publishedAt":9,"seo":2307,"seoDescription":476,"seoTitle":2308,"slug":475,"source":9,"sourceAuthor":918,"sourceDate":9,"sourceNote":2309,"sourceStatus":2310,"sourceUrl":9,"sources":2311,"stem":2312,"summary":476,"tags":2313,"type":435,"updatedAt":2315,"volume":467,"volumeOrder":21,"__hash__":2316,"_collection":2317},"dao\u002Fdao\u002Fqanda\u002Fwenda-business-03.md",{"type":819,"value":820,"toc":2295},"minimark",[821,826,834,864,867,887,890,896,899,904,914,920,923,928,931,936,939,945,948,958,961,966,972,988,996,999,1004,1010,1015,1018,1027,1031,1037,1042,1045,1051,1054,1057,1060,1063,1070,1073,1076,1079,1082,1098,1101,1106,1111,1114,1123,1128,1131,1139,1142,1147,1150,1155,1158,1164,1167,1172,1175,1180,1187,1211,1221,1228,1233,1240,1243,1253,1260,1266,1287,1293,1304,1316,1328,1333,1338,1341,1344,1347,1350,1355,1359,1362,1378,1381,1390,1393,1399,1410,1416,1429,1432,1437,1440,1445,1451,1454,1463,1466,1469,1474,1477,1498,1506,1509,1512,1517,1524,1533,1536,1546,1549,1554,1565,1574,1587,1595,1603,1623,1626,1634,1643,1648,1658,1677,1688,1693,1705,1719,1724,1727,1733,1736,1739,1745,1748,1753,1757,1760,1763,1766,1773,1776,1779,1782,1785,1788,1797,1800,1805,1808,1814,1823,1826,1831,1834,1839,1842,1845,1848,1851,1857,1860,1865,1868,1873,1878,1881,1886,1889,1897,1915,1918,1923,1926,1931,1934,1939,1942,1947,1956,1964,1970,1982,2001,2016,2028,2037,2040,2053,2061,2073,2076,2087,2090,2098,2107,2118,2121,2129,2135,2146,2149,2157,2160,2168,2175,2186,2189,2200,2203,2214,2217,2220,2228,2234,2237,2242,2245,2253,2256,2264,2273,2281],[822,823,825],"h2",{"id":824},"第一节-护城河就是垄断","第一节 护城河就是垄断",[827,828,829,833],"p",{},[830,831,832],"strong",{},"段永平："," 护城河理论很重要。（2011-12-13）",[827,835,836,863],{},[830,837,838,842,843,846,847,849,850,852,853,855,856,859,860,862],{},[839,840,74],"a",{"href":841},"\u002Fhuchenghe","就是竞争优势，好的",[839,844,70],{"href":845},"\u002Fshangyemoshi","一般都有很强大的",[839,848,74],{"href":841},"。",[839,851,74],{"href":841},"不是一成不变的，看懂",[839,854,74],{"href":841},"对投资很重要。",[839,857,135],{"href":858},"\u002Fqiyewenhua","对建立和维护",[839,861,74],{"href":841},"有不可或缺的作用。"," （2019-10-03）",[827,865,866],{},"网友：我看到林园的一个访谈中说到：“巴菲特走的时候特别和赵丹阳说，投资没有什么，就是垄断。”您当年也在场，巴老当年有这样说吗？",[827,868,869,871,872,886],{},[830,870,832],{}," 没注意。但",[830,873,874,875,878,879,882,883,885],{},"投资确实就是买的未来的",[839,876,88],{"href":877},"\u002Fxianjinliu","（",[839,880,97],{"href":881},"\u002Fzhexian","），未来",[839,884,88],{"href":877},"（折现）最大的保障就是“商业模式”，商业模式里最强的就是垄断，或者叫“护城河”。"," （2012-03-30）",[827,888,889],{},"网友：生意模式就是护城河。",[827,891,892,895],{},[830,893,894],{},"段永平：护城河应该是生意模式的一部分。没有护城河的生意模式不是好的生意模式，但有护城河的生意未必就一定是好的生意模式。"," （2012-06-24）",[827,897,898],{},"网友：巴老说的生意模式最重要让您想了好几年那肯定很难的吧。是不是可以简单地说，就是巴老上次和赵丹阳吃饭时说的：买股票就是买垄断？",[827,900,901,903],{},[830,902,832],{}," 我没听到老巴讲这句话，但听起来觉得还是护城河的说法好点。（2012-06-26）",[827,905,906,907,909,910,913],{},"网友：10月6日我去上海参加了长期资本管理论坛，主持问了一个很有意思的问题：如何寻找企业的",[839,908,74],{"href":841},"？仁者见仁，智者见智：1.一个央企电力行业的人认为是垄断（这个我不认同）2.有人认为是有提价能力的",[839,911,141],{"href":912},"\u002Fpinpai","如喜诗糖果 3.低成本如沃尔玛、B夫人的家具公司（这个我不认同）4.顾客的转换成本……不知大道对此有何心得？",[827,915,916,919],{},[830,917,918],{},"段永平"," ：垄断不算还有啥能算？不过行政垄断不是好的商业行为而已。（2011-10-08）",[827,921,922],{},"网友：段总：生意模式是不是可以理解成垄断",[827,924,925,927],{},[830,926,832],{}," 垄断可以理解为好的生意模式。（2013-10-08）",[827,929,930],{},"网友：请教，巴菲特讲的“一生追求消费垄断企业。”和“必须是消费垄断企业。”该如何理解？“垄断”企业指的是有垄断潜力的还是指已经垄断了的？段大哥是如何理解这句话的？",[827,932,933,935],{},[830,934,832],{}," 垄断指的是“护城河”，不是“海关”。（2010-05-28）",[827,937,938],{},"【引用】巴菲特31年股东信精华（2012-02-17）",[827,940,941,944],{},[830,942,943],{},"一家真正伟大的公司必须有一条坚固持久的“护城河”来保护它的高投资回报"," 。但资本主义的“动力学”决定了竞争对手会不断进攻那些高回报的商业“城堡”。因此，一道难以逾越的屏障，例如成为低成本提供者，像汽车保险公司盖可（GEICO），好事多超市（COSTCO）或持拥有像可口可乐、吉列、美国运通这样享誉世界的强大品牌，才是企业获得持续成功来的根本。",[827,946,947],{},"商业史充斥着“罗马烟火筒”般光彩炫目的公司，它们所谓的“长沟深堑”最终被证明只是幻觉，很快就被对手跨越。（2007）",[827,949,950,953,954,957],{},[830,951,952],{},"我们对“持续性”的评判标准，使我们排除了许多处在发展迅速且变化不断行业里的公司。"," 虽然资本主义的“创造性破坏”对于社会发展很有利，但它排除了投资的确定性。",[830,955,956],{},"一道需要不断重复开挖的护城河，最后根本就等于没有护城河。"," （2007）",[827,959,960],{},"网友：“护城河”是一种隐喻，指的是公司拥有的，会让它的竞争对手日子难过的竞争优势。（2007）",[827,962,963,965],{},[830,964,918],{}," ：想想苹果的产品。（2012-02-17）",[827,967,968,971],{},[830,969,970],{},"段永平：核心竞争力是一个企业能够长期获得竞争优势的能力。是企业所特有的、能够经得起时间考验的、具有延展性，并且是竞争对手难以模仿的技术或能力。"," （2011-05-07）",[827,973,974,975,978,979,981,982,984,985,987],{},"网友：认识",[830,976,977],{},"步步高","是从",[830,980,977],{},"那首歌开始的。",[830,983,977],{},"在家电这个几乎没有",[839,986,74],{"href":841},"的行业里生存并一步步走得更高。",[827,989,990,992,993,995],{},[830,991,832],{}," 其实我们是有条看不见的",[839,994,74],{"href":841},"的。",[827,997,998],{},"网友X：如何理解垄断性优势呢？或者讲，如何能形成强大的垄断优势！有人讲选行业很重要！反过来看，几乎每个行业都有强者！那最核心最关键的因素是什么呢？",[827,1000,1001,1003],{},[830,1002,832],{}," 到目前为止还没学会如何形成强大的垄断优势。我觉得能形成长期垄断优势的企业是非常罕见的，国家垄断不算在内。老巴讲的护城河实际上指的是某种形式的垄断，往往是由生意模式决定的。当然，拥有一个好的生意模式需要有好的企业文化等等，不然很快就会搞得像雅虎一样。（2011-12-17）",[827,1005,1006,1007,1009],{},"网友：天然形成的低成本是",[839,1008,74],{"href":841},"吗？比如煤炭、石油，储存深浅加位置距离构成的低成本，是竞争对手用多大力气都无法达到的。",[827,1011,1012,1014],{},[830,1013,832],{}," 资源的低成本当然是的，制造业的不是，因为维持不了。(2025-04-04)",[827,1016,1017],{},"网友：企业里的问题，有时从外部很难看出来，或者说不能完全确定，因为经常会“心太软”地认为——“这是在中国，国情就是如此，可以理解”，那么就更没有准绳来判定企业的管理与文化了……明显时可以看出来，有时不那么明显，又该怎么办呢？",[827,1019,1020,1022,1023,1026],{},[830,1021,832],{}," 企业经营好坏很多时候是相对的概念，也就是说只要在你的“圈子里”比竞争对手好就行。",[830,1024,1025],{},"“国情”有时候会帮助国内很多企业在相当长的时间里避开来自更强竞争对手的压力。百度其实就是个很好的例子，我们这类企业能很好地生存到今天也和这个有关系。不过“国情就是如此”不能作为长期不能改善的借口，因为竞争对手有可能会改善。"," （2011-03-31）",[822,1028,1030],{"id":1029},"第二节-定价权护城河的试金石","第二节 定价权：护城河的试金石",[827,1032,1033,1034,1036],{},"网友A：有同感，他特别强调定价权，",[839,1035,88],{"href":877},"，盈利能力。",[827,1038,1039,1041],{},[830,1040,832],{}," 定价权就是“护城河”吧？（2010-05-18）",[827,1043,1044],{},"网友：昨天youku上看了林园的讲座，觉得他真的是一个很有价值投资精髓的人，他的一个关点多少解释了我的疑惑。他说他买的公司都是不降价的，茅台、五粮液、高速公路，不会因为市道不好就要参与竞争降价，不存在，所以能赚多少一调研就出来了。",[827,1046,1047,1050],{},[830,1048,1049],{},"段永平：能涨价的东西就表示他有“护城河”，能体会出这点来还是很有天赋的。"," （2010-05-28）",[827,1052,1053],{},"【引用】芒格主义（2012-06-26）\n”There are actually businesses，that you will find a few times in a lifetime，where any manager could raise the return enormously just by raising prices—and yet they haven't done it.",[827,1055,1056],{},"So they have huge untapped pricing power that they're not using. That is the ultimate no-brainer. … Disney found that it could raise those prices a lot and the attendance stayed right up.？",[827,1058,1059],{},"So a lot of the great record of Eisner and Wells … came from just raising prices at Disneyland and Disney World and through video cassette sales of classic animated movies… At Berkshire Hathaway，Warren and I raised the prices of See's Candy a little faster than others might have.",[827,1061,1062],{},"And，of course，we invested in Coca-Cola—which had some untapped pricing power. And it also had brilliant management. So a Goizueta and Keough could do much more than raise prices. It was perfect.”",[827,1064,1065,1066,1069],{},"（在成长股票模式中，有这样一个子模式：",[830,1067,1068],{},"在你们的一生当中，你们能够找到少数几家企业，它们的管理者仅通过提高价格就能极大地提升利润——然而他们还没有这么做。所以他们拥有尚未利用的提价能力。人们不用动脑筋也知道这是好股票。"," 迪士尼就是这样的。带你们的孙子去迪士尼乐园玩是非常独特的体验。你们不会经常去。全国有许许多多的人口。",[827,1071,1072],{},"迪士尼发现它可以把门票的价格提高很多，而游客的人数依然会稳定增长。",[827,1074,1075],{},"所以迪士尼公司的伟大业绩固然是因为艾斯纳和威尔斯极其出色，但也应该归功于迪士尼乐园和迪士尼世界的提价能力，以及其经典动画电影的录像带销售。",[827,1077,1078],{},"在伯克希尔·哈撒韦，沃伦和我很早就提高了喜诗糖果的价格。当然，我们投资了可口可乐——它也有一些尚未利用的提价能力。可口可乐也有出色的管理人员。除了提高价格之外，可口可乐的高层郭思达（Goizueta）和柯欧孚（Keough）还做了其他许多事情。那是很完美的（投资）。）",[827,1080,1081],{},"网友：关于阿胶的疑问：",[1083,1084,1085,1089,1092,1095],"ol",{},[1086,1087,1088],"li",{},"价格越来越高了，消费人群应该会相对少点吧。还是吃阿胶的人本来就不会在乎这样的价格？",[1086,1090,1091],{},"公司近些年推出了不少新产品，加价，库存也有积压，公司的策略是否有些短视？",[1086,1093,1094],{},"对于养生而言，坚持锻炼、注意休息、良好的生活习惯等可以代替阿胶吧。",[1086,1096,1097],{},"如果要买入，多大的价位合适啊。",[827,1099,1100],{},"请段总帮忙释疑。",[827,1102,1103,1105],{},[830,1104,832],{}," 我没仔细看过这家公司，只是看到这么多年他们都能一直提价且产品并没有不好卖。（2017-03-20）",[827,1107,1108,1110],{},[830,1109,832],{}," 阿胶我搞不懂，不知道人们为什么用。（2018-05）",[827,1112,1113],{},"网友：注意低价有轰动效应才给力，太高价会糟群众否定。",[827,1115,1116,1118,1119,1122],{},[830,1117,832],{}," 哈哈，说这话的居然来自iphone客户端。",[830,1120,1121],{},"记得中欧有个故事，有个EMBA童鞋上课时对老师说：老师你不懂，我们中国人都喜欢买便宜东西。然后老师问，在座的有多少是开便宜车的？"," （2012-09-26）",[827,1124,1125,1127],{},[830,1126,832],{}," 只要时间足够长，领头羊的降价只会带来所有人的降价，最后的结果是大家在新的价位下继续占有老的份额。这个和囚徒的困境有点像。（2012-10-24）",[827,1129,1130],{},"网友：优秀企业指的是格力，说股价低迷夸张了点，我理解格力开展促销活动巩固和扩大市场份额的做法。商业模式很好、成长空间巨大的公司目前还未找到。",[827,1132,1133,1135,1136],{},[830,1134,832],{}," 我不了解格力，但",[830,1137,1138],{},"除非不得已，用价格武器总是错的。很少人明白，低价是不会扩大市场份额的，但被迫降价有机会保住市场份额而已。",[827,1140,1141],{},"网友：假如某个企业预测两年大概每年有20%的增长，但突然有一年增长了80%，而行业也就20%不到的增长，大概增长的原因是因为降价打压对手，同时对手这一年也做的确实不好，那么此时是否可以认为企业有些急功近利了。",[827,1143,1144,1146],{},[830,1145,832],{}," 我认为，一般来讲，对企业而言降价就有点像核武器，能不用就别用，最后对谁都没好处。主动用核武的属于……（2011-01-05）",[827,1148,1149],{},"网友：最近有的企业领导要以价格战的方法逼一些品质差，性能差生产的小企业出局。我的问题是这个市场选择了价格战还是部分企业的主观做法。有点看不懂这种做法。",[827,1151,1152,1154],{},[830,1153,832],{}," 想想苹果如果也犯这个毛病会是什么结局。",[827,1156,1157],{},"网友：“低价是不会扩大市场份额的，但被迫降价有机会保住市场份额而已。”这句话应该怎么理解，麻烦段大哥再解释下好吗，我最近刚好有这样的迷惑，同行的同类产品以我们一半的价格在打，我们量下滑了，排名也下滑了。我想降价，但又担心陷入降价降质的恶性循环。另外，应该如何定合理的价格，或者说企业合理的利润应该是多少？",[827,1159,1160,1163],{},[830,1161,1162],{},"段永平：差异化越小的产品越容易陷入价格战。价格战会导致大家为了保持份额而降价，所以结果往往是大家份额不变的情况下价格下来了"," 。（2014-09）",[827,1165,1166],{},"怎么对待差异化定价（给不同的客户不同的价格）？",[827,1168,1169,1171],{},[830,1170,832],{}," 价格不一致，一是他们迟早会发现；二是客户发现能议价，会想尽办法跟你讨价还价，浪费你很多时间，这都是麻烦事。价格一致，会省很多麻烦。做产品主要是要抓住客户的需求，而不是价格。可以看看空客的John Leahy。（一个人打败了波音啊！当然背后靠的还是产品！）（2018-09-30）",[827,1173,1174],{},"网友：请问如何给自己的产品定价呢？在定价的时候最需要考虑的因素是什么呢？",[827,1176,1177,1179],{},[830,1178,832],{}," 理想主义和现实主义结合。单纯的理想主义走不远，单纯的现实主义做不大。（2013-07-04）",[827,1181,1182,1183,1186],{},"网友：消费类电子行业竞争这么激烈，为什么",[830,1184,1185],{},"苹果","的产品却有定价权呢？",[827,1188,1189,1191,1192,1194,1195,1198,1199,1202,1203,1206,1207,1210],{},[830,1190,832],{}," ",[830,1193,1185],{},"的",[839,1196,146],{"href":1197},"\u002Fchayihua","做得好，成本控制也非常好。类似的有",[830,1200,1201],{},"可口可乐","、",[830,1204,1205],{},"喜诗糖果","，国内的",[830,1208,1209],{},"茅台","也类似。(2011-02-24)",[827,1212,1213,1214,1216,1217,1220],{},"网友：1年多前我留意到，BBK（",[830,1215,977],{},"）推出了点读机，价格在1000多块，并且大量在卫视频道上做广告。跑到BBK在书店的",[839,1218,161],{"href":1219},"\u002Fqudao","看，BBK点读机周围充斥着大量杂牌，更令人不爽的是，价格都比BBK低，甚至有些还低了有一半。",[827,1222,1223,1224,1227],{},"虽然点读机的技术门槛不高，很容易杀进来竞争，但靠从小用",[830,1225,1226],{},"小霸王","的经验，相信BBK的质量肯定要好很多。但面对这些快速和大量的跟进，又要考虑质量的成本，点读机的这个价格，怎么定啊？这个相对的高价，能守得住吗？",[827,1229,1230,1232],{},[830,1231,832],{}," 呵呵，四个轮子的都是车，价格差的比这大多了。真正的用户一般是知道差别的。比如，我们的点读机里所有的地方都是原声的，都是在专业录音棚里录得。这还不包括硬件的质量差别等等。买我们的大多是老师推荐的，这里肯定是有点道理的。",[827,1234,1235,1236,1239],{},"买点读机的家长一般不会为了省钱而买个像点读机的点读机，大多数人会问清楚再买的。",[830,1237,1238],{},"要有合理价格最重要是产品要有差异化，有用户想要而别人又满足不了的东西。"," 今天我们开会时一个朋友告诉我，他非常喜欢ipad，因为It's not great for everything but extremely good for a few things.（2010-04-17）",[827,1241,1242],{},"网友：您怎么看产品很难提价？",[827,1244,1245,1191,1247],{},[830,1246,832],{},[830,1248,1249,1250,1252],{},"很难提价的原因很可能是产品",[839,1251,146],{"href":1197},"不够大，一旦提价用户就会买竞争对手的产品或服务。(2020-12-07)",[827,1254,1255,1256,1259],{},"网友：“股神”",[830,1257,1258],{},"巴菲特","在评估一家公司时最看重哪个因素？答案是企业的定价能力。",[827,1261,1262,1263,1265],{},"根据美国金融危机调查委员会上周五发布的谈话录影带，",[830,1264,1258],{},"指出，其在评估一家企业时主要看重企业提高产品价格的能力，有些时候他根本不关心这家公司到底由什么人管理。",[827,1267,1268,1270,1271,1273,1274,1276,1277,1279,1280,1283,1284,1286],{},[830,1269,1258],{},"表示，如果一家企业有能力提价而业务又不会流向竞争对手，这一定是很好的企业。据悉，",[830,1272,1258],{},"曾收购过铁路、燃气、电网等诸多公用类企业，这些企业的定价能力源自其客户几乎找不到其他选择。",[830,1275,1258],{},"还增持了",[830,1278,1201],{},"和",[830,1281,1282],{},"卡夫食品","等公司的股份，这些公司依靠良好的",[839,1285,141],{"href":912},"形象和口碑来吸引并留住客户。",[827,1288,1289],{},[1290,1291,1292],"em",{},"引用：Notes from meeting with Warren Buffett（2010-04-13）",[827,1294,1295],{},[1290,1296,1297,1298],{},"——我对具体业务完全不懂。在工厂车间里我找个男厕都费劲。",[830,1299,1300,1301,1303],{},"我只要知道两样：在竞争中的",[839,1302,74],{"href":841},"有多宽？还能涨价吗？",[827,1305,1306,1315],{},[830,1307,1308,1309,1311,1312,1314],{},"段永平：定价能力和",[839,1310,74],{"href":841},"其实是一回事。",[830,1313,1258],{},"说相对于管理能力他更看重定价能力，其实建立强的定价能力需要的时间非常长，没有好的管理能力根本做不到。所以他说的不矛盾","。(2011-02-22)",[827,1317,1318,1319,1321,1322,1324,1325,1327],{},"要确认谁有定价能力也非常难。",[830,1320,1258],{},"的例子有",[830,1323,1205],{},"，",[830,1326,1209],{},"也很像。(2011-02-21)",[827,1329,1330],{},[830,1331,1332],{},"引用：巴菲特31年股东信精华",[827,1334,1335],{},[830,1336,1337],{},"第一类你买到的（不管是有意或无意的）是那种特别能够适应通货膨胀的公司，通常他们又具备两种特征：一是容易去调升价格（即使是当产品需求平缓而产能未充分利用也一样）且不怕会失去市场占有率或销售量；二是只要增加额外少量的资本支出，便可以使营业额大幅增加（虽然增加的原因大部分是因为通货膨胀而非实际增加产出的缘故）。",[827,1339,1340],{},"近十几年来，只要符合以上两种条件，虽然这种情况不多，即使是能力普通的经理人也能使这项购并案圆满成功。（1981）",[827,1342,1343],{},"网友：借机会再向学长请教一个有关定价的具体问题：我组织制作了一款产品，选用了最好的材料和包装，所以实际成本比较高。而市面流行的同类产品主流价格只比我的成本价高一点。主流竞品的成本我也很清楚，是远低于我的，他们利润颇为可观。我们这款产品如果定价在竞品同档位，应该可以形成很好的口碑，但是利润比较鸡肋。",[827,1345,1346],{},"但如果我们把价格提到自己比较舒服的位置，就会进入一个空白档位，在那个档位几乎没人（再高一个档次反而又有了），团队都认为尝试的结果很可能是卖不出去。",[827,1348,1349],{},"我对学长帮丁磊出主意定价的事情印象很深刻，OPPO和vivo手机的定价也从不带有价格战色彩，所以我倾向于给自己产品的价格定得也高一些。但进入一个空白档位，确实会有些忐忑。想请教学长，您怎么看定价的问题，竞品现存的价格，对于快消品来说，是否一个绕不过的锚？",[827,1351,1352,1354],{},[830,1353,832],{}," 定价很简单，就是你给客户带来的价值的一部分，所以跟客户和价值都有关。（2017-11-15）",[822,1356,1358],{"id":1357},"第三节-差异化是护城河的来源","第三节 差异化是护城河的来源",[827,1360,1361],{},"网友：我想问关于差异化和护城河的关系？",[827,1363,1364,1366,1367,1377],{},[830,1365,918],{}," ：",[830,1368,1369,1371,1372,1374,1375,849],{},[839,1370,146],{"href":1197},"指的是产品能满足用户的某个或某些别人满足不了的需求。能够长期维持的",[839,1373,146],{"href":1197},"就是",[839,1376,74],{"href":841}," （2019-08-02）",[827,1379,1380],{},"网友：我对意识形态的理解是，腾讯对用户群的把握能力，或者说现有用户群的忠诚程度，不知道是否贴切。",[827,1382,1383,1385,1386,1389],{},[830,1384,832],{}," 所谓",[830,1387,1388],{},"客户忠诚度实际上是客户信任度（了解度），这个是护城河里很重要的一部分"," 。（2010-05-28）",[827,1391,1392],{},"网友：段大哥，在芒格的穷查理宝典书“普世的智慧”里讲到一个商业模型：就是一些竞争激烈的行业，比如麦片，经常做一些促销打折活动，但是大家都活得很好，而有一些行业最后都只剩下几个寡头，但是谁都不赚钱，芒格说品牌是麦片行业大家都活得不错的主要因素。但是我总体还是没有想通，为什么在竞争十分激烈的行业中会存在这两种截然不同的现象。",[827,1394,1395,1396,1398],{},"这对于我理解",[839,1397,70],{"href":845},"感觉还是挺重要的，请段大哥指点。",[827,1400,1401,1403,1404,1406,1407,1409],{},[830,1402,832],{}," 我觉得决定因素是",[839,1405,146],{"href":1197},"。比如航空公司，由于产品几乎没办法",[839,1408,146],{"href":1197},"，最后只能靠价钱。你可以查查从北京到广州的各航空公司的票价，我猜一定几乎是一样的。而麦片毕竟是吃的东西，不同牌子的东西口味不一样，买的人不会因为5%的折扣就换口味。",[827,1411,1412,1413,1415],{},"iPhone 也是类似的情况，习惯用iPhone的人是不大可能因为别的手机便宜一点而换的。以前人们常换手机，是因为各手机之间的",[839,1414,146],{"href":1197},"其实非常小，所以新的功能和外观会吸引人们去换。iPhone有可能会是实际上最便宜的手机，你只要看看你抽屉里那些已经不用了的手机就明白了。",[827,1417,1418,1419,1421,1422,1424,1425,1428],{},"网络游戏其实也是一个有相当",[839,1420,146],{"href":1197},"的产品，虽然不玩的人看起来都差不多，但对在游戏里面的中坚玩家而言，社区和感觉的差异实际上是巨大的，不那么容易换。能够持续有用户喜欢的",[839,1423,146],{"href":1197},"产品的公司往往就有了很好的",[830,1426,1427],{},"生意模式","。（2012-05-02）",[827,1430,1431],{},"网友：小米刚成立时说只做发烧手机，1年后做了青春版，现在又出了更低端的红米，不懂雷军想怎样，不看好！我看小米最值钱的也就是开发的一些软件。",[827,1433,1434,1436],{},[830,1435,918],{}," ：低价是条最容易的路，也是一条最难的路。（2013-08-04）",[827,1438,1439],{},"网友X：不是说低成本长久看靠不住么？怎么可以成为GEICO（汽车保险公司盖可）的护城河呢.",[827,1441,1442,1444],{},[830,1443,832],{}," 一般而言，我觉得长期靠低价抢市场靠不住。GEICO的低成本是相对传统保险业而言的。传统保险业需要很多人去卖保险，所以需要很高的费用。GEICO利用了很多网上的资源，客户自己上网上买就行，所以确实可以大幅度降低GEICO的成本。对销量比较大的车尤其方便。",[827,1446,1447,1448,1450],{},"GEICO的未来的竞争对手可能会来自于同样网上销售的保险公司，但GEICO的",[839,1449,141],{"href":912},"力量会非常大，因为买保险的客户大概不太愿意去一家没怎么听说过的公司买保险。（2012-02-17）",[827,1452,1453],{},"网友：老段，BYD（比亚迪）的成本优势应属于护城河，而且是比较重要的护城河，你认为呢？",[827,1455,1456,1458,1459,1462],{},[830,1457,832],{}," 呵呵，",[830,1460,1461],{},"还没见过成本优势可以成“护城河”的，很少有企业能长期维持低成本的，制造业好像没见过。而且靠自己产品卖低价的企业就很难有长久的，至少我没见过。这是我的观点，和BYD无关。"," （2010-05-18）",[827,1464,1465],{},"网友：不同白酒口感不一样，有用户粘性。喜欢喝茅台的，不会因为茅台涨价而买五粮液。另外高端白酒的跟风涨价，也许因为他是高端消费品，价格越高，请客送礼时越显气派。",[827,1467,1468],{},"家电是大众消费品，而且以功能取胜，用户粘性要差一些，谁价格便宜，就买谁的。同时，我想也与行业生态有关系。同样是家电行业，彩电行业就比冰箱更喜欢打价格战。90年代彩电行业老大长虹就率先进行价格战，挑起恶性竞争，而空调老大格力却没有这么做。",[827,1470,1471,1473],{},[830,1472,918],{}," ：价格战一般在产品差异化很小时容易发生。酒是有很大差异化的东西，至少感觉如此。See‘s candy也是有很大差异化的产品。",[827,1475,1476],{},"电子消费品，尤其是成熟的电子消费品的趋势往往是差异化越来越小，尤其在专利保护比较弱的国家里会更明显。（2011-01-14）",[827,1478,1479,1480,1482,1483,1485,1488,1489,1491,1492,1494,1495,1497],{},"网友：大道您好，想请教您一个关于生意本质的问题。",[830,1481,1201],{},"盲测时资深爱好者也难区分味道，说明产品本身同质化，但它却是",[830,1484,1258],{},[839,1486,120],{"href":1487},"\u002Fzhangqichiyou","的好生意。我理解其",[839,1490,74],{"href":841},"可能在",[839,1493,161],{"href":1219},"和以消费者为导向的",[839,1496,135],{"href":858},"，但总觉得理解不够透彻。",[827,1499,1500,1501,1194,1503,1505],{},"请教您",[830,1502,1201],{},[839,1504,74],{"href":841},"核心到底是什么？",[827,1507,1508],{},"大道：我盲测时就分出来了啊，实在是太明显了。百事显然要甜很多，而且甜味不一样。（2025-12-13）",[827,1510,1511],{},"网友：之前您讲过专业化之后才会有差异化（不是原话）。我想：小公司专业化后，只能是用极其有限的资源去解决一两项最能提高客户满意度的事情；长期坚持，或许这一两项事情上拿的高分，就算是差异化？我真的是似懂非懂，希望得到您的指导。",[827,1513,1514,1516],{},[830,1515,832],{}," “专业化之后才会有差异化”是什么意思？好像两者没有必然的关系。你买过东西吗？难道你没有发现很多时候你买东西的决策往往不是取决于价格？（2012-02-21）",[827,1518,1519,1520,1523],{},"网友H：企业可以通过三方面获得竞争优势：低成本、差异化和专一化。要看懂这个，需要很强的",[839,1521,33],{"href":1522},"\u002Fnengliquan","啊。",[827,1525,1526,1528,1529,1532],{},[830,1527,832],{}," 长期来讲，低成本是靠不住的，差异化最重要，",[830,1530,1531],{},"专一是产生差异化的基本点"," 。（2011-08-03）",[827,1534,1535],{},"网友：如何判断一个企业做一个产品差异化的正确与否",[827,1537,1538,1541,1542,1545],{},[830,1539,1540],{},"段永平：差异化其实就是顾客需要但别人没能满足的需求"," 。",[830,1543,1544],{},"千万别简单地理解成不一样。差异化的好产品一般都是长期积累厚积薄发出来的，当然偶尔也有运气的成分，但长期来讲，运气的成分可以忽略。"," （2011-08-16）",[827,1547,1548],{},"网友F：段总经常提到差异化。1. 差异化是否是好的生意模式的必要条件？2. 任何一个行业内的公司，如果能找到差异化竞争的模式，就有了一定宽度的护城河？3. 如果大家都找不到差异化的竞争模式，估计就只剩下价格战了。4. 任何一个行业，都有可能发展出好的生意模式，比如格力，苹果。",[827,1550,1551,1553],{},[830,1552,832],{}," 1. 很难说必要条件，比如某些垄断企业，如中石油；",[1083,1555,1556,1559,1562],{"start":21},[1086,1557,1558],{},"高质量的差异化确实可起到防护的作用；",[1086,1560,1561],{},"找不到差异化好像只能价格战，比如航空公司；",[1086,1563,1564],{},"有些行业是很难有差异化的，或者说用户不太在乎差异化，比如航空公司。（2013-03-31）",[827,1566,1567,1568,1570,1571,1573],{},"网友：能否讲讲您眼中的",[839,1569,146],{"href":1197},"，小公司该如何做好",[839,1572,146],{"href":1197},"?",[827,1575,1576,1191,1578],{},[830,1577,832],{},[830,1579,1580,1581,1583,1584,1586],{},"你自己眼里有",[839,1582,146],{"href":1197},"吗？如果没有，别人讲没用，如果你懂什么是",[839,1585,146],{"href":1197},"其实也不用别人说，呵呵。(2012-02-21)",[827,1588,1589],{},[830,1590,1591,1592,1594],{},"明白",[839,1593,146],{"href":1197},"最简单的办法就是把自己当消费者，想象一下自己的体验，自己常去哪里，因为什么而改变等等。(2012-05-18)",[827,1596,1597,1598,1600,1601,849],{},"网友：饮用水算不算没有",[839,1599,146],{"href":1197},"的产品？我对依云矿泉水能卖这么贵一直感到很神奇。从科学的角度看它不可能有什么差异，但是被赋予故事之后又俨然很有",[839,1602,74],{"href":841},[827,1604,1605,1607,1608,1610,1611,1613,1614,1616,1617,1619,1620,1622],{},[830,1606,832],{}," 人们对吃喝的东西的信任度是一个重要的",[839,1609,146],{"href":1197},"来源，而且这种差异不是空穴来风的。口感当然是另一个",[839,1612,146],{"href":1197},"的重要原因。从生意角度而言，销售",[839,1615,161],{"href":1219},"应该也算一种",[839,1618,146],{"href":1197},"吧。对卖水的企业而言，能把水卖成",[830,1621,1201],{},"那样全球都随处可见其实是相当难的。",[827,1624,1625],{},"(2024-03-07)",[827,1627,1628],{},[830,1629,1630,1631,1633],{},"产品要有",[839,1632,146],{"href":1197},"，不然最后就是惨烈的价格竞争。(2012-07-27)",[827,1635,1636,1637,1639,1640,1642],{},"网友：",[839,1638,146],{"href":1197},"是否是好的",[830,1641,1427],{},"的必要条件？",[827,1644,1645,1647],{},[830,1646,832],{}," 很难说必要条件，比如某些垄断企业，如中石油。(2013-03-31)",[827,1649,1650,1651,1653,1654,1194,1656,1573],{},"网友：好的",[830,1652,1427],{},"是否可以说是做出",[839,1655,146],{"href":1197},[830,1657,1427],{},[827,1659,1660,1191,1662],{},[830,1661,832],{},[830,1663,1664,1665,1667,1668,1670,1671,1673,1674,1676],{},"倒过来讲可能好点：没有",[839,1666,146],{"href":1197},"产品的",[839,1669,70],{"href":845},"基本不是好的",[839,1672,70],{"href":845},"。所以投资要尽量避开产品很难长期做出",[839,1675,146],{"href":1197},"的公司，比如航空公司，比如太阳能组件公司。(2015-04-20)",[827,1678,1636,1679,1681,1682,1684,1685,1687],{},[839,1680,146],{"href":1197},"要实际操作下来感觉难度比较大，公司投入大，工厂配合度要很高，市场还不一定认可，风险比较高。还不如直接抄袭爆款稍微改改。特别是在价格战面前，花费很大精力做的一点",[839,1683,146],{"href":1197},"都被秒成渣渣。目前公司就十来个人，所以我们现在都不追求",[839,1686,146],{"href":1197},"了。",[827,1689,1690,1692],{},[830,1691,832],{}," 不是被秒成渣渣的吧？",[827,1694,1695,1696,1698,1699,1701,1702,1704],{},"网友：大部分“",[839,1697,146],{"href":1197},"”本身就是渣渣，并不是“用户需要但同行满足不了的东西”。真正的",[839,1700,146],{"href":1197},"大部分都是厚积薄发的结果。小公司得想办法先活下来，国内大部分成功的公司早期都是从模仿成功产品起步的，产品",[839,1703,146],{"href":1197},"是发展的方向，需要功夫，只能慢慢来。",[827,1706,1707,1709,1710,1712,1713,1715,1716,1718],{},[830,1708,832],{}," 是啊，所谓“秒成”渣渣的实际上本来就是渣渣。",[839,1711,146],{"href":1197},"不是简单的不同，而是用户需要但同行还没满足的东西，潜在前提是至少要有同行已经满足了用户需要的东西。",[830,1714,1185],{},"这样的公司搞个有",[839,1717,146],{"href":1197},"的产品可能需要8年10年，我们凭什么就觉得自己想搞就能很快搞出来呢？",[827,1720,1721],{},[830,1722,1723],{},"用户买的从来就不是技术，也不是硬件，用户买的是好用的产品。",[827,1725,1726],{},"【引用】巴菲特：不要投资一门蠢人都可以做的生意，因为终有一日蠢人都会这样做。",[827,1728,1729,1732],{},[830,1730,1731],{},"段永平：产品要有差异化，不然最后就是惨烈的价格竞争"," 。目前国内在美国上市的那些个光伏企业就是很好的例子。",[827,1734,1735],{},"老巴引用过彼得林奇的一句话，说投资要投蠢人都能管好的企业因为早晚都会有个蠢人来管理，潜台词指的是要买生意模式好的企业。而且随后老巴还特别强调：即便如此，老巴还是希望有个好的管理层。",[827,1737,1738],{},"【引用】巴菲特31年股东信精华",[827,1740,1741,1744],{},[830,1742,1743],{},"在一个没有管制的商品标准化产业（没有差异化），一家公司不是降低成本增加竞争力，就是被迫倒闭关门"," 。（1994）",[827,1746,1747],{},"网友：很多竞争很激烈的行业。为啥有的公司可以胜出有的不行？难道生意特性不一样还是人不一样？",[827,1749,1750,1752],{},[830,1751,832],{}," 简单讲，没有差异化的产品是很难长期赚到大钱的。苹果之所以赚到大钱，是因为苹果是卖iphone的，其他同理哈。简单讲一下差异化：就是用户需要但其他竞争对手满足不了的某些东西。（2018-11）",[822,1754,1756],{"id":1755},"第四节-难以差异化的生意","第四节 难以差异化的生意",[827,1758,1759],{},"网友：您是怎么看行业竞争那个问题的（第75条）？您在一线做企业的时候，涉足的行业都是竞争很激烈的。我想您可能比芒格更有资格解释这个问题。",[827,1761,1762],{},"【引用】芒格主义 2012-06-26",[827,1764,1765],{},"75，这里有个模式一直让我们很困惑。也许你们能够更好地解决它。许多市场最终会变成两三个——或者五六个——大型竞争对手的天下。在一些那样的市场里面，没有哪家公司能赚到钱。但在其他市场中，每家公司都做得很好。",[827,1767,1768,1769,1772],{},"这些年来，我们总是试图弄清楚一个问题，为什么某些市场的竞争在投资者看来比较",[839,1770,222],{"href":1771},"\u002Flixing","，能给股东带来很多收益，而有些市场的竞争却是破坏性的，摧毁了股东的财富。",[827,1774,1775],{},"如果是像机票这样的纯粹商品，你们能够理解为什么没人能赚钱。我们坐在这里也能想像得到航空公司给世界带来的好处——安全的旅游、更丰富的体验、和爱人共度的美好时光，等等。然而，自从雏鹰号首航（注：世界上第一次成功载人飞行）以来，这些航空公司的股东净收益却是负数——非常可观的负数。航空业的竞争太过激烈，一旦政府管制放松，就会严重损害股东的财富。",[827,1777,1778],{},"然而，在其他领域，比如说麦片行业，几乎所有大公司都赚钱。如果你是一家中等规模的麦片制造商，你也许能够赚到15%的利润；如果你非常厉害，也许就能够赚到40%。在我看来，麦片厂商之间的竞争非常激烈，它们有很多促销活动，派发优惠券什么的，但为什么还能赚那么多钱呢？我无法完全理解。",[827,1780,1781],{},"很明显，麦片行业里存在着品牌认同的因素，这是航空业所缺乏的。这肯定是（麦片行业如此赚钱的）主要原因。",[827,1783,1784],{},"也有可能是大多数麦片制造商已经学到了教训，不会那么疯狂地去争夺市场份额——因为如果有某个厂家拼命想要抢占更多市场份额的话……例如，假使我是家乐氏，我觉得我必须占有60%的市场，我认为我能够拿走麦片制造业的大多数利润。那么我会在扩张过程中毁了家乐氏。但我认为我能抢到那么多市场份额。",[827,1786,1787],{},"在某些行业里，商家的行为像发神经的家乐氏，而其他行业则不会出现那种情况。可惜我并没有一个完美的模型来预测那种情况怎样就会发生。",[827,1789,1790,1792,1793,1796],{},[830,1791,832],{}," 我认为和产品的差异化程度有关。",[830,1794,1795],{},"产品差异化程度越低，行业内的企业越难赚到钱。"," 航空公司是极致，就是因为产品差异化小。还有一个极致的例子就是现在很多做太阳能硅片的，下场会比航空公司还惨。芒格说他不懂不知道是什么意思，或许是调侃的吧？（2012-07-11）",[827,1798,1799],{},"网友：本人很喜欢看电影，感觉视频这行业很难做到差异化。但不明白为什么国内那多公司都往里进，像百度、腾讯、搜狐、暴风、PPS等等。感觉这个行业难形成一个很好的盈利模式。",[827,1801,1802,1804],{},[830,1803,832],{}," 这些互联网公司大概是怕失去机会，或者是觉得不能没有。也许人们会觉得一个互联网公司如果没有视频就有差异化了（怕别人因为这个不来上网）？或者大家都是受到youtube的鼓励？本人不在其中，不是太能想明白，但绝对不建议投资专门做视频的网站，因为非常难知道谁将会胜出，而且胜出的公司也未必就有好日子过，结局很可能会像航空公司。",[827,1806,1807],{},"谁能明白航空公司这么难的生意为什么还是有那么多资本跳进去不？这个世界真奇妙啊。（2013-04-16）",[827,1809,1810,1811,1813],{},"网友：最近很困惑，经营的生意欠账太多，并且随着时间推移越来越深陷。在“做对的事来看，失去",[839,1812,88],{"href":877},"的控制明显不是对的事”，也不利于发展。我打算要么改变模式，要么退出行业。您认为呢？我这属于家具建材行业。",[827,1815,1816,1818,1819,1822],{},[830,1817,832],{}," 不了解你的行业，",[830,1820,1821],{},"感觉是难以差异化和难以规模化的行业，应该蛮辛苦的。不管什么生意，欠债多总是不舒服的，而且很可能早晚会出问题"," 。（2019-04-28）",[827,1824,1825],{},"网友：以30年的长度看，您觉得行业类别对于选择好公司是否重要？",[827,1827,1828,1830],{},[830,1829,832],{}," 有些行业里很难出好的投资标的，比如航空业。简而言之，产品差异化很小的行业难找到好的投资目标。（2015-09-16）",[827,1832,1833],{},"网友：诺基亚有很多品类产品，我印象里都有这个策略，低端占市场，中高端挣利润。如果没有APPLE，我觉得似乎nokia还在高端市场有好日子过。其实，早几年nokia也转向了移动互联网领域，战略上似乎没有错。只是迟迟没有打开这个市场大门，因为用的还是原来的常规武器，不是像apple这样的颠覆性的，重新定义了手机的iphone。",[827,1835,1836,1838],{},[830,1837,918],{}," ：这是诺基亚的大错之一。从他们推出低端机开始我就猜他们会有今天了。（2010-10-15）",[827,1840,1841],{},"网友：心中有一个疑惑，希望得到老段的指导：",[827,1843,1844],{},"Buffett（巴菲特）说过回避轮子上的公司，这里应该是指汽车行业，“回避”至少包含了两层意思，其一他搞懂了这个行业，其二汽车行业不是好的投资标的。2010年在央视2台的节目中，Buffett说“他和（芒格）观察这个行业50年了”，这也说明他对这个行业是非常了解的。",[827,1846,1847],{},"欧美日本走过的路表明，GDP（国内生产总值）每增长1个百分比，汽车行业就增长3个百分比。1916年的时候美国有五百多家汽车厂，现在只剩下3家，中国可能会走同样的路。从上面两点来看，一方面蛋糕越来越大，另一方面行业集中度越来越高，对于这个行业里的优势企业来说，按理来说应该是有机会的，为什么Buffett选择回避呢？",[827,1849,1850],{},"或许Buffett回避这个行业的原因只在美国存在？好像美国汽车行业从业人员的福利和待遇很高，也就是说管理费用高昂，但这个问题在中国是不存在的。或许是因为Buffett回避的原因是汽车行业是个重资产的行业？",[827,1852,1853,1856],{},[830,1854,1855],{},"段永平：这类企业的产品很难有差异化，所以长期而言很难赚钱。"," （2011-03-22）",[827,1858,1859],{},"网友w：汽车是差异化不大的产品？",[827,1861,1862,1864],{},[830,1863,832],{}," 差异化小是个重要方面。还有就是工会也是个麻烦，成本下不来，可能10来年后又要破产一次。如果不打算拿10年的企业为何要拿10天。非常可能这个决策不是巴菲特的决策，那可以看出老巴很宽容，但也看出老巴之后BRK的能力确实会下降。（2012-05-18）",[827,1866,1867],{},"网友：银行是不是也属于无法产生差异化的行业？",[827,1869,1870,1872],{},[830,1871,918],{}," ：银行产品非常复杂，差异化远大过航空公司，客户的转换成本也非常高。银行比较难懂的是风险因素。（2014-10-31）",[827,1874,1875,1877],{},[830,1876,832],{}," 突然想到老巴说过的那句话：如果你在坑里，至少别再往下挖了。产品完全没有差异化的公司，将来早晚都会出问题的。航空公司是非常好的例子，其他类似的50步和100步差别的就不细说了。（2015-12-02）",[827,1879,1880],{},"网友：同样是家电行业，为什么黑电，白电，厨电的净利率会相差这么大？",[827,1882,1883,1885],{},[830,1884,832],{}," 应该是商业模式造成的。彩电非常难有差异化，白电和厨电产品的差异化显然是要高些的。（2017-10-18）",[827,1887,1888],{},"网友：啤酒是门好生意吗？",[827,1890,1891,1893,1894,1896],{},[830,1892,832],{}," 不太了解，好像也不容易理解。如果能做成",[830,1895,1201],{},"那样的啤酒当然是厉害的，但好像没见到过。感觉啤酒的整体市场还是很大的。(2013-03-24)",[827,1898,1899,1900,1902,1903,1905,1906,1908,1909,1911,1912,1914],{},"啤酒和水差不多，运费很高，只能就地生产，所以好的地方",[839,1901,141],{"href":912},"未必就能跑到别的地方去卖。啤酒牌子多了去了，能够成为全国或世界",[839,1904,141],{"href":912},"的极少，不然",[830,1907,1201],{},"也能卖啤酒了。个人感觉见过最不聪明的啤酒",[839,1910,141],{"href":912},"叫“",[830,1913,1209],{},"啤酒”，真不知道他们是哪根神经起了主导作用才这么做的。(2013-03-22)",[827,1916,1917],{},"网友：太阳能转化效率越来越高，尤其是薄膜领域，最近深受追捧，未来太阳能发电看上去潜力很大，太阳能能源股可否作为重点研究领域？",[827,1919,1920,1922],{},[830,1921,832],{}," 产品没有差异化，最后看到的就是价格战。（2015-03-03）",[827,1924,1925],{},"网友：对啊，这让我想起了当年的彩电价格大战，那时我在赛格三星，其实就是产品没有差异化的同时产品还严重过剩，我们的玻壳合格率一步一步的提高，彩管厂，电视机厂就是不赚钱，想技术进步严重缺资金，价格战的大弊端。",[827,1927,1928,1930],{},[830,1929,832],{}," 没有差异化的工业品往往容易有价格战。资源性无差异化产品则偶尔会有惨烈的价格战，比如石油。",[827,1932,1933],{},"网友：中国的太阳能企业好多啊，我以前不懂投资，买的都是他们的股票，认为未来在他们手里，什么阳光能源、保利协鑫，后来仔细看了，其实只是生产多晶硅和单晶硅的工厂，拿个图纸买条生产线就能干了。技术在哪？研发在哪？全在美国，GE（通用电气）那一类的巨无霸已经把这个行业的未来五十年看在眼里了，而我们中国的企业只能看到明年硅原料的价格。",[827,1935,1936,1938],{},[830,1937,832],{}," 生产硅片的企业的股票要小心啊。长期而言，这类产品很难有差异化（也就是没有“护城河”），最后必然面临产品的剧烈价格战，从而企业会没钱赚，股票也会那个啥的。（2010-05-24）",[827,1940,1941],{},"网友：请教一个问题：虽然太阳能光伏产业的前景是非常光明的，我们该如何看待光伏产业链中的中国企业？在光伏产业链中，是否建设光伏电厂的企业其未来前景相对最好？",[827,1943,1944,1946],{},[830,1945,832],{}," 我没说过光伏产业的前景是光明的，我说的意思是太阳能的前景是光明的，但目前做太阳能产品（包括光伏）我还不太懂，同质化太厉害（尤其是硅系列），企业要大投入、长周期、进入门槛低、价格竞争厉害，最后这个行业里的企业能活下来的大概很少。（2012-01-13）",[827,1948,1949,1950,1952,1953,1955],{},"网友：造纸、纺织是不是和硅片一样？在我看来产品也没有太大",[839,1951,146],{"href":1197},"。饮用水或医药算不算没有",[839,1954,146],{"href":1197},"的行业？",[827,1957,1958,1960,1961,1963],{},[830,1959,832],{}," 感觉最没有",[839,1962,146],{"href":1197},"的产品就是硅片，因为用户最后只会关心每度电的成本，所以这个行业实际上是效率的竞争。长期而言，只有某些能真的做出高效率光电转换的产品的企业才能生存下来，而且它们的产品以后很可能就是发电厂。",[827,1965,1966,1967,1969],{},"航空公司的",[839,1968,146],{"href":1197},"也非常小，除非某航空公司的安全性被怀疑，否则消费者的关心点会主要集中在从a点到b点的成本。当然，服务态度会有一点点差异(如果服务态度很不好则会有很大差异)。所以以上两个行业的价格竞争会异常激烈。",[827,1971,1972,1973,1975,1976,1978,1979,1981],{},"你说的其他几个行业的",[839,1974,146],{"href":1197},"程度都比这两个行业或多或少要高一些。有些行业看起来",[839,1977,146],{"href":1197},"很小，其实有些“小东西”会造成很大的",[839,1980,146],{"href":1197},"，比如零售行业的地理位置，往往会让人们觉得方便比价钱重要，尤其是价钱不贵的东西。",[827,1983,1984,1201,1995,2000],{},[830,1985,1986,1987,1989,1990,1194,1992,1994],{},"吃喝的东西心理上的",[839,1988,146],{"href":1197},"其实很大的，当然",[839,1991,161],{"href":1219},[839,1993,146],{"href":1197},"也很厉害，比如",[830,1996,1194,1997,1999],{},[839,1998,74],{"href":841},"中，“在哪里都能买到”这点是非常厉害的","。(2012-07-13)",[827,2002,2003,2004,2006,2007,2009,2010,2012,2013,2015],{},"网友：请教段总关于光伏新能源的两个问题：1、您觉得",[830,2005,1258],{},"收购尚德电力的可能性大吗？2、目前的手机市场同质化也很严重，但",[830,2008,1185],{},"手机是其中的另类；在光伏产品同质化竞争中，第一太阳能（FSLR）是否类似",[830,2011,1185],{},"也是一个",[839,2014,146],{"href":1197},"的异类呢？",[827,2017,2018,2020,2021,2027],{},[830,2019,832],{}," 其实光伏能源早就不算新能源了吧？太阳能发电已经是很久很久以前的事情了。人们很可能会觉得意外的是，现在太阳能发电80-85%左右还是“光—热—电”的形式。",[830,2022,2023,2024,2026],{},"硅片产品没有",[839,2025,146],{"href":1197},"，这个行业里的公司日子会很难过的，其中相当部分会比很难过还难过。"," 老巴大概会对已经建好的发电厂有兴趣，个人认为老巴买尚德的概率比你买中六合彩的概率低。",[827,2029,2030,2031,2033,2034,2036],{},"手机里其实有很多",[839,2032,146],{"href":1197},"的，就像车一样。很多人其实也觉得车的",[839,2035,146],{"href":1197},"很小，那是因为他们没开过别的车。不知道第一太阳能是什么公司。（2013-04-11）",[827,2038,2039],{},"网友：如何看待券商？",[827,2041,2042,1191,2044],{},[830,2043,832],{},[830,2045,2046,2047,2049,2050,2052],{},"我对券商不了解，感觉产品",[839,2048,146],{"href":1197},"不太大，",[839,2051,74],{"href":841},"不太宽，不是我喜欢的生意。如果准入门槛非常高的话，可能也算一道门槛吧。(2020-12-02)",[827,2054,2055],{},[830,2056,2057,2058,2060],{},"券商的",[839,2059,146],{"href":1197},"一般很小而且转换成本也很小，所以一般来说很难是特别好的投资标的。(2023-03-14)",[827,2062,2063],{},[830,2064,2065,2066,2068,2069,2072],{},"一般来说，券商的",[839,2067,146],{"href":1197},"应该比航空公司还要小，转换成本非常低(换交易",[839,2070,166],{"href":2071},"\u002Fpingtai","是没有成本的)，价格战是难以避免的。我没有了解过任何具体的券商。(2024-01-21)",[827,2074,2075],{},"网友：您如何看待快递物流行业的前景？",[827,2077,2078,2080,2081,2083,2084,2086],{},[830,2079,832],{}," 行业很大但",[839,2082,146],{"href":1197},"不大，需要投入很多，投入期也可能很长。物流公司里，亚马逊似乎非常强大，20多年的持续投入也确实形成了自己的",[839,2085,74],{"href":841},"。(2020-12-03)",[827,2088,2089],{},"网友：汽车、手机、电脑、电视机这些行业中的公司绝大部分最后都会失败，幸存下来的几个进化成了最有效率的拼装工，拼装工是赚不了几个钱的。手机行业的下场不会比电脑和电视机行业好多少。",[827,2091,2092,2094,2095,2097],{},[830,2093,832],{}," 汽车有丰田，电脑有Mac。我见过真正没什么",[839,2096,146],{"href":1197},"的产品很少，比如航空业、光伏、纺织等。(2013-04-06)",[827,2099,2100,2101,2103,2104,2106],{},"网友：我所在的工业地坪涂料行业算不算没有",[839,2102,146],{"href":1197},"的行业？会不会像",[830,2105,1258],{},"的纺织业一样？",[827,2108,2109,2111,2112,2114,2115,2117],{},[830,2110,832],{}," 看上去有点像。不过像不等于是，比如3M的产品看起来都像",[839,2113,146],{"href":1197},"不大的产品，实际上很多都是",[839,2116,146],{"href":1197},"很大的产品，比如贴纸啥的。(2012-07-16)",[827,2119,2120],{},"网友：安卓阵营的手机商都成本价卖手机了，似乎小米真的开了一个坏头。如果现在大家都纷纷跟进的话，那安卓阵营最后会不会和美国的航空业一个结局？",[827,2122,2123,2125,2126,2128],{},[830,2124,832],{}," 安卓手机不赚钱吗？小米不赚钱吗？你听谁说的？手机产品的",[839,2127,146],{"href":1197},"还是不小的，所以应该总是有人能够赚到钱的。航空业长期确实很难赚到钱，投资者应该尽量避开。(2015-01-11)",[827,2130,2131,2132,2134],{},"网友：宠物用品企业的",[839,2133,70],{"href":845},"怎么样？",[827,2136,2137,2139,2140,2142,2143,2145],{},[830,2138,832],{}," 了解不细，直觉上觉得",[839,2141,70],{"href":845},"一般，产品很难有",[839,2144,146],{"href":1197},"。就算好吃宠物也无法表达出来。猫粮狗粮似乎都蛮标配的。(2019-10-09)",[827,2147,2148],{},"网友：您怎么看目前电视行业的格局？",[827,2150,2151,2153,2154,2156],{},[830,2152,832],{}," 我不了解电视机行业，感觉产品难有",[839,2155,146],{"href":1197},"，是个苦生意。(2020-10-10)",[827,2158,2159],{},"网友：您对屏幕行业有什么看法？",[827,2161,2162,2164,2165,2167],{},[830,2163,832],{}," 我对这个行业不了解，感觉像是重资产且产品",[839,2166,146],{"href":1197},"不太大的行业。(2020-11-27)",[827,2169,2170,2171,2174],{},"网友：给您推荐一只股票，A股宁德时代，您可以关注下，目前已经是新能源汽车电池的龙头企业，从长远看，电动车大概率还有十多倍的增长规模，宁德时代又是头部企业，符合您",[839,2172,58],{"href":2173},"\u002Fjiazhitouzi","的原则。",[827,2176,2177,2179,2180,2182,2183,2185],{},[830,2178,832],{}," 这类产品",[839,2181,146],{"href":1197},"小，变化快，建立",[839,2184,74],{"href":841},"有点难度。（2019-04-29）",[827,2187,2188],{},"网友：您看得懂宁德时代吗？",[827,2190,2191,2193,2194,2196,2197,2199],{},[830,2192,832],{}," 我不了解你问的公司，但你可以想想",[839,2195,70],{"href":845},"，想想产品的",[839,2198,146],{"href":1197},"是不是长期可以维持的，这么想可能会对理解公司有帮助。(2022-02-10)",[827,2201,2202],{},"网友：怎么看待新能源汽车以及锂电池呢？",[827,2204,2205,2207,2208,2210,2211,2213],{},[830,2206,832],{}," 目前为止我还看不出谁会是最后的赢家。汽车多少还是可以做出一些",[839,2209,146],{"href":1197},"的，所以汽车企业可能能活得稍微好一点。电池应该很难有",[839,2212,146],{"href":1197},"，所以最后的结局多是价格和规模的竞争。也许三两年，也许十年八年就能看到结果了。(2023-01-15)",[827,2215,2216],{},"我对电动车一直有个疑问：电动车减碳吗？不知道为什么我老觉得电动车其实增加了一道能量转换过程，至少是没有减少的，所以对减碳没啥帮助。（2021-05-03）",[827,2218,2219],{},"网友：您如何看储能？",[827,2221,2222,2224,2225,2227],{},[830,2223,832],{}," 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