[{"data":1,"prerenderedAt":1797},["ShallowReactive",2],{"layout-dao":3,"dao-wenda-company-energy-industrial":816,"qanda-chapter-navigation":1381,"dao-related-topics":1429},[4,11,17,22,27,32,37,42,47,52,57,63,69,73,78,82,87,91,96,100,105,109,114,119,124,129,134,140,145,150,155,160,165,170,175,180,185,190,196,201,206,211,216,221,226,231,237,243,248,253,258,263,268,273,278,283,288,293,298,303,308,313,318,323,328,333,338,343,348,353,358,363,368,373,378,383,388,393,398,403,408,413,418,423,430,437,442,447,452,457,462,468,473,478,483,488,492,498,503,508,513,518,523,528,534,539,544,549,554,559,565,570,575,580,585,590,595,600,605,610,616,621,626,631,636,641,647,652,657,662,667,672,678,683,689,695,700,705,710,715,720,725,730,735,740,745,750,755,760,765,770,775,780,785,790,795,800,806,811],{"title":5,"slug":6,"description":7,"category":8,"order":9,"type":10,"volume":9,"volumeOrder":9,"chapterOrder":9},"关于本站、来源与更正","about-source-policy","段永平投资问答录是由寻长坡以滚雪球独立整理的中文阅读站。本文说明原文、编者概述、来源核验、日期与更正的处理方式。","关于本站",null,"site-policy",{"title":12,"slug":13,"description":14,"category":15,"order":16,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"本分","benfen","本分是要求自己做该做的事、坚持原则并求责于己。本文从步步高讲话与公开问答梳理五心、诚信和做对事情的关系，解释本分为什么不能用来评判别人。","核心哲学",1,{"title":18,"slug":19,"description":20,"category":15,"order":21,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"平常心","pingchangxin","平常心是回到事物本源、理性思考并把眼光放长远。本文从步步高讲话、投资访谈与王石对谈整理这一理念，解释平常心与进取、稳健经营和长期主义的关系。",2,{"title":23,"slug":24,"description":25,"category":15,"order":26,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"做对的事情","zuoduideshiqing","做对的事情先看方向和原则，发现不对的事情就及时停止。本文整理段永平对本分、不为清单与把事情做对的讨论，说明原则判断和执行能力怎样配合。",3,{"title":28,"slug":29,"description":30,"category":15,"order":31,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"把事情做对","bashiqingzuodui","做对的事情强调原则，把事情做对强调能力、学习与执行。本文整理段永平如何区分两者，为什么发现错误要及时回头，以及两者在经营和投资中的应用。",4,{"title":33,"slug":34,"description":35,"category":15,"order":36,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"能力圈","nengliquan","能力圈重在诚实知道自己懂什么、不懂什么，能判断生意与未来现金流的范围。本文整理段永平对看懂公司、学习扩展与不懂不碰的讨论，而非按行业机械画圈。",5,{"title":38,"slug":39,"description":40,"category":15,"order":41,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"不做什么","buzuoshenme","不做什么是先排除原则性错误，再讨论能力与机会。本文整理段永平的 Stop Doing List、投资三不和企业聚焦案例，说明知道边界如何帮助企业更健康、更长久。",6,{"title":43,"slug":44,"description":45,"category":15,"order":46,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"不做清单与警惕清单","buzuo-yu-jingti","本文分开整理明确不做的事情与需要继续核查的危险信号：不懂不碰、不借钱、不做空，以及现金流、负债和价值陷阱。清单中的概括由编者整理，具体表述见所附问答。",6.5,{"title":48,"slug":49,"description":50,"category":15,"order":51,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"敢为天下后","ganweitianxiahou","敢为天下后、后中争先强调看清用户需求与自身优势，再把产品做好。本文整理段永平对后来者、创新、品质和进入时机的讨论，解释它与盲目模仿的区别。",7,{"title":53,"slug":54,"description":55,"category":15,"order":56,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"消费者导向","xiaofeizhedaoxiang","消费者导向以最终使用者的体验和真实需求为出发点。本文整理段永平对用户导向、市场导向和利润导向的区分，讨论产品创新及长期经营中的取舍。",8,{"title":58,"slug":59,"description":60,"category":61,"order":62,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"价值投资","jiazhitouzi","价值投资从理解企业和未来现金流出发。本文整理段永平对买股票就是买公司、能力圈、价格与长期持有的讨论，说明投资与投机在判断依据上的差别。","投资理念",9,{"title":64,"slug":65,"description":66,"category":67,"order":68,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"负债","fuzhai","看负债需要区分有息负债、无息负债及其经营用途。本文整理段永平对低负债、企业价值和房地产财报的讨论，说明不能只用总负债率判断一门生意。","财务指标",10,{"title":70,"slug":71,"description":72,"category":61,"order":68,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"商业模式","shangyemoshi","生意模式就是公司赚钱的模式，判断时要看护城河、长期现金流和企业文化。本文整理段永平为何先用生意模式筛选公司，并对照苹果、网易、GE与Zoom案例。",{"title":74,"slug":75,"description":76,"category":61,"order":77,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"护城河","huchenghe","护城河是保护长期盈利与未来现金流的竞争优势，也属于生意模式的一部分。本文整理段永平对差异化、企业文化和可持续性的判断，以及苹果、茅台等案例。",11,{"title":79,"slug":80,"description":81,"category":67,"order":77,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"净现金","jingxianjin","净现金需要结合现金、负债及实际经营需要来理解。本文整理段永平对网易、苹果与企业价值的讨论，说明现金安全垫并不等于公司一定值得买。",{"title":83,"slug":84,"description":85,"category":67,"order":86,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"开销合理性","kaixiaohelixing","经营开销要看是否真正改善产品、效率与长期价值。本文整理段永平对广告、管理费用和扩张投入的讨论，区分必要支出与为了增长而盲目花钱。",12,{"title":88,"slug":89,"description":90,"category":67,"order":86,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"现金流","xianjinliu","现金流帮助判断利润质量和公司长期价值。本文整理段永平关于未来现金流、真实利润、护城河与资本支出的讨论，说明看现金流需要联系生意而非只看一个数字。",{"title":92,"slug":93,"description":94,"category":67,"order":95,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"真实利润","zhenshilirun","真实利润需要结合现金流、资产质量与经营持续性来理解。本文整理段永平对财报、折旧、资本支出和纸上盈利的讨论，帮助区分报表数字与实际生意。",13,{"title":97,"slug":98,"description":99,"category":61,"order":95,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"折现","zhexian","未来现金流折现是理解公司价值的一种思维方式。本文整理段永平对折现率、机会成本和毛估估的讨论，说明估值为何先依赖看懂生意，而非精确计算。",{"title":101,"slug":102,"description":103,"category":61,"order":104,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"安全边际","anquanbianji","在段永平的表述中，安全边际与对生意的理解、能力圈和未来现金流有关，不能只看股价便宜。本文整理相关问答、网易与苹果案例及常见误解。",14,{"title":106,"slug":107,"description":108,"category":67,"order":104,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"扣除商誉的净资产","jingzichan","净资产的数字需要联系资产能否产生现金流来判断。本文整理段永平对商誉、有效资产与企业价值的讨论，说明账面净资产为什么不能独立决定投资价值。",{"title":110,"slug":111,"description":112,"category":61,"order":113,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"基本面","jibenmian","基本面包括生意模式、企业文化、产品竞争力和长期盈利能力。本文整理段永平如何研究公司，为什么股价走势不能替代对生意本身的理解。",15,{"title":115,"slug":116,"description":117,"category":61,"order":118,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"机会成本","jihuichengben","机会成本是选择一项投资时放弃的其他机会，也影响估值的比较标准。本文整理段永平关于持有、换股与折现率的问答，解释不同投资者为何会作出不同判断。",16,{"title":120,"slug":121,"description":122,"category":61,"order":123,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"长期持有","zhangqichiyou","长期持有应以持续理解公司价值为前提。本文整理段永平对投资长期、持有就是买入、机会成本和卖出条件的讨论，说明持有时间本身不能替代投资判断。",17,{"title":125,"slug":126,"description":127,"category":61,"order":128,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"投机","touji","在段永平的投资框架中，关键是看判断来自生意价值还是价格变化。本文整理相关访谈和问答，讨论市场预测、短期交易与价值投资的区别。",18,{"title":130,"slug":131,"description":132,"category":61,"order":133,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"止损","zhisun","股价下跌本身与发现投资判断错误需要区分。本文整理段永平对止损、成本价和卖出条件的问答，说明价值投资中怎样从生意变化与机会成本重新审视持有。",19,{"title":135,"slug":136,"description":137,"category":138,"order":139,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"企业文化","qiyewenhua","企业文化体现为团队认同并坚持的价值观与行为。本文整理段永平对本分、诚信、用户导向和利润之上追求的讨论，以及文化如何保护或毁掉好生意。","企业经营",20,{"title":141,"slug":142,"description":143,"category":138,"order":144,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"品牌","pinpai","品牌是消费者对产品与服务的长期认知。本文整理段永平对广告、品质、信任和价格的讨论，以及小霸王、步步高与苹果案例，说明品牌如何建立和被破坏。",21,{"title":146,"slug":147,"description":148,"category":138,"order":149,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"差异化","chayihua","差异化来自满足用户真实需求，不能只追求与别人不同。本文整理段永平对产品、价格竞争和护城河的解释，以及苹果和消费电子的相关案例。",22,{"title":151,"slug":152,"description":153,"category":138,"order":154,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"定价权","dingjiaquan","定价权来自用户认可的差异化和长期价值。本文整理段永平有关提价、合理定价、价格战与护城河的问答，并对照苹果、喜诗糖果和可口可乐案例。",22.5,{"title":156,"slug":157,"description":158,"category":138,"order":159,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"用户体验","yonghutiyan","用户体验要从消费者真实使用产品的感受出发。本文整理段永平对功能、品质、产品成本与苹果生态的讨论，说明满足需求比追逐概念更值得关注。",23,{"title":161,"slug":162,"description":163,"category":138,"order":164,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"渠道","qudao","渠道要看产品如何到达用户、各方如何合作及总成本是否合理。本文整理段永平对步步高代理制、价格体系和苹果渠道的讨论，说明渠道与产品、品牌的关系。",24,{"title":166,"slug":167,"description":168,"category":138,"order":169,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"平台","pingtai","平台的价值需要联系用户体验、网络协作和持续盈利来判断。本文整理段永平分析苹果平台与生态的相关表述，讨论平台优势如何进入生意模式和护城河。",25,{"title":171,"slug":172,"description":173,"category":138,"order":174,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"生态系统","shengtaixitong","生态系统的价值来自产品、软件与服务相互协作形成的用户体验。本文整理段永平关于苹果生态、用户黏度和竞争优势的表述，讨论它与平台、护城河的关系。",26,{"title":176,"slug":177,"description":178,"category":138,"order":179,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"单一产品","danyichanpin","单一产品模式重在集中资源把产品做好，降低渠道和管理复杂度。本文整理段永平的消费电子经验与苹果案例，讨论聚焦的价值、适用范围和常见误解。",27,{"title":181,"slug":182,"description":183,"category":138,"order":184,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"造钟人","zaozhongren","造钟人建立能持续运转的组织、制度与文化，报时人更多依靠个人判断。本文整理段永平引用《基业长青》的框架及对乔布斯、苹果与企业传承的讨论。",28,{"title":186,"slug":187,"description":188,"category":138,"order":189,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"利润之上的追求","lirunzhishangdezhuiqiu","利润之上的追求关注企业为何存在、为用户创造什么价值。本文整理段永平对使命、产品和长期盈利的讨论，说明这一理念与赚钱的关系及苹果等案例。",29,{"title":191,"slug":192,"description":193,"category":194,"order":195,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"进取心","jinquxin","进取心与平常心共同构成本分文化：认真投入、提升能力，同时追求健康长久。本文整理步步高讲话与相关问答，讨论发展目标、拼搏精神和急功近利的边界。","品格与心性",30,{"title":197,"slug":198,"description":199,"category":194,"order":200,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"耐心","naixin","耐心既是企业长期积累的基础，也是投资中等待理解与机会的能力。本文整理步步高讲话、巴菲特午餐访谈和公开问答，讨论慢慢变富与盲目坚持的区别。",31,{"title":202,"slug":203,"description":204,"category":194,"order":205,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"责任心","zerenxin","责任心是对团队和家庭承担责任，也是本分五心的一部分。本文整理步步高讲话与相关问答，讨论合作、员工关怀及把责任落到日常行为中的含义。",32,{"title":207,"slug":208,"description":209,"category":194,"order":210,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"爱心","aixin","爱心在本分文化中连接团队、家庭与公益。本文整理段永平对关心员工、陪伴孩子和以身作则的讨论，并区分他的原话与编者解释。",33,{"title":212,"slug":213,"description":214,"category":194,"order":215,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"信誉","xinyu","信誉体现在履行承诺和为原则付出代价时。本文整理段永平的经营访谈、合同案例与相关问答，解释诚信为何应成为本分，而不是换取利益的手段。",34,{"title":217,"slug":218,"description":219,"category":194,"order":220,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"正直","zhengzhi","正直与诚信要求在利益冲突中坚持原则，并兑现承诺。本文整理段永平对 integrity、做人和企业文化的讨论，说明它与本分、理性及长期经营的关系。",35,{"title":222,"slug":223,"description":224,"category":194,"order":225,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"理性","lixing","理性意味着回到事实与本质，减少情绪、短期得失和外界干扰。本文整理段永平对平常心、长期主义和投资决策的讨论，并保留各段引文的具体语境。",36,{"title":227,"slug":228,"description":229,"category":194,"order":230,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"长期主义","zhangqizhuyi","长期主义强调关注行动的长远后果，追求更健康、更长久。本文整理段永平关于平常心、经营积累与王石对谈的表述，讨论长期视角与短期取舍的关系。",37,{"title":232,"slug":233,"description":234,"category":235,"order":236,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平推荐书单","tuijianshudan","本文区分段永平明确推荐、读过称赞及并不推荐的书，整理《巴菲特致股东的信》等阅读线索。推荐强度以正文原话为准，避免把所有提及过的书都列为推荐。","推荐书单",50,{"title":238,"slug":239,"description":240,"category":241,"order":242,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"1998年段永平对步步高所有营销人员的讲话","duanyongping-1998nian-bubugao-yingxiaorenyuan-jianghua","段永平面向步步高营销人员阐述本分、信誉、聚焦、敢为天下后与不攻击对手等经营原则。","访谈实录",98,{"title":244,"slug":245,"description":246,"category":241,"order":247,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"1998年巴菲特佛罗里达大学演讲","buffett-1998nian-foluolida-daxue-yanjiang","巴菲特1998年佛罗里达大学演讲及问答，讨论能力圈、企业价值、投资错误、集中投资与人生选择。",99,{"title":249,"slug":250,"description":251,"category":241,"order":252,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","段永平畅谈本分做人做企业的理念，回顾从小霸王到步步高的创业历程，强调信誉、股份制与平常心的重要性。",100,{"title":254,"slug":255,"description":256,"category":241,"order":257,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua","段永平阐述步步高企业的本分精神，强调平常心、进取心、耐心、责任心和爱心是企业生存发展的基本原则。",101,{"title":259,"slug":260,"description":261,"category":241,"order":262,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu","段永平在人民大学分享本分经营、敢为天下后、焦点法则等企业理念，并与学生互动探讨创业、品牌与人生。",102,{"title":264,"slug":265,"description":266,"category":241,"order":267,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang","段永平谈步步高的品牌定位、本分竞争哲学、广告策略，强调不创造利润的企业是罪恶的，反对盲目多元化。",103,{"title":269,"slug":270,"description":271,"category":241,"order":272,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang","段永平分享在央视投放广告的实战经验，强调广告只是经营环节之一，产品品质才是品牌根基。",104,{"title":274,"slug":275,"description":276,"category":241,"order":277,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing","全面回顾段永平从小霸王到步步高的创业历程，详述品牌运作、本分信誉、高速公路经营哲学与平常心理念。",105,{"title":279,"slug":280,"description":281,"category":241,"order":282,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong","段永平深度阐述诚信为本、安全发展、敢为天下后、反对盲目创新与多元化等企业经营核心理念。",106,{"title":284,"slug":285,"description":286,"category":241,"order":287,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan","段永平讲述在中欧商学院读MBA的原因：系统学习管理知识以应对WTO竞争，并推动全员学习降低沟通成本。",107,{"title":289,"slug":290,"description":291,"category":241,"order":292,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang","段永平详解敢为天下后战略：后来者如何通过综合素质、品质管理和平常心实现后来居上。",108,{"title":294,"slug":295,"description":296,"category":241,"order":297,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou","段永平作为嘉宾为创业公司把脉，建议先在专业市场站稳脚跟，通过差异化竞争和定向宣传求生存发展。",109,{"title":299,"slug":300,"description":301,"category":241,"order":302,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu","段永平在北大系统阐述诚信为本、平常心经营、消费者导向等理念，并就选人用人、企业管理等问题答疑。",110,{"title":304,"slug":305,"description":306,"category":241,"order":307,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang","段永平回顾明星广告策略的商业逻辑，讲述施瓦辛格广告风波中坚守本分、信守合同承诺的故事。",111,{"title":309,"slug":310,"description":311,"category":241,"order":312,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan","段永平在步步高十周年回顾企业理念，确立本分、诚信等核心价值观，提出“更健康更长久”的企业愿景。",112,{"title":314,"slug":315,"description":316,"category":241,"order":317,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu","段永平分享巴菲特午餐竞拍背后的故事，详述价值投资理念、网易投资经历及从做企业到做投资的转型心得。",113,{"title":319,"slug":320,"description":321,"category":241,"order":322,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu","段永平首次做客新浪聊天，谈与巴菲特午餐缘起、价值投资理念、投资网易始末及慈善观。",114,{"title":324,"slug":325,"description":326,"category":241,"order":327,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo","段永平捐赠浙大后座谈，谈教育捐赠初衷、求是精神、学生应脚踏实地而非空立大志，享受过程最重要。",115,{"title":329,"slug":330,"description":331,"category":241,"order":332,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang","段永平分享巴菲特午餐感悟，强调买股票就是买公司、耐心等待好价格、长期持有的价值投资原则。",116,{"title":334,"slug":335,"description":336,"category":241,"order":337,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan","段永平做客波士堂，谈步步高敢为天下后策略、消费者导向、追求健康长寿而非企业规模。",117,{"title":339,"slug":340,"description":341,"category":241,"order":342,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu","段永平深度访谈，谈成功定义、慈善理念、本分诚信的企业文化、家庭与事业的平衡。",118,{"title":344,"slug":345,"description":346,"category":241,"order":347,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus","段永平第二次与巴菲特午餐后受访，强调不要神化巴菲特、以平常心学习其投资智慧。",119,{"title":349,"slug":350,"description":351,"category":241,"order":352,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh","段永平浙大MBA分享，谈企业基本功、本分文化的核心价值、稳健发展胜过盲目扩张。",120,{"title":354,"slug":355,"description":356,"category":241,"order":357,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj","段永平向人大捐赠3000万美元，谈配比基金模式、教育慈善理念及校友回馈责任。",121,{"title":359,"slug":360,"description":361,"category":241,"order":362,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao","段永平分析苹果商业模式，论其单品策略、生态系统护城河、消费者导向及长期投资价值。",122,{"title":364,"slug":365,"description":366,"category":241,"order":367,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2011年浙大演讲","duanyongping-2013nianzhedayanjiang","段永平浙大演讲三要点：脚踏实地做事、知道什么不该做、做正直的人。",123,{"title":369,"slug":370,"description":371,"category":241,"order":372,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2015年库克乔治·华盛顿大学毕业典礼演讲：找到你的北斗星","tim-cook-2015nian-huashengdundaxue-biyeyanjiang","蒂姆·库克在2015年乔治·华盛顿大学毕业典礼上谈价值观、平等、乔布斯的影响与人生方向。本页为中文整理译文，原始报道和视频见来源链接。",124,{"title":374,"slug":375,"description":376,"category":241,"order":377,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2015年vivo 20周年晚宴沈炜讲话","shenwei-2015nian-vivo-20zhounian-wanyan-jianghua","沈炜在vivo二十周年晚宴回顾创业历程，讨论本分文化、用户导向、产品转型与企业愿景。",125,{"title":379,"slug":380,"description":381,"category":241,"order":382,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang","段永平回忆浙大岁月，阐述做对的事情哲学、北极星概念及人生选择建议。",126,{"title":384,"slug":385,"description":386,"category":241,"order":387,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2018年段永平斯坦福大学53问","duanyongping-2018nian-sitanfu-daxue-53wen","段永平在斯坦福大学回答53个问题，涉及人生、企业经营、产品、投资、家庭与黄峥等话题。",127,{"title":389,"slug":390,"description":391,"category":241,"order":392,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2024年费德勒达特茅斯毕业演讲（节译）：努力与失败","feidele-2024nian-biyeyanjiang","费德勒2024年达特茅斯学院毕业演讲的中文节译，选取“毫不费力是个神话”与“这只是一分”两课，谈训练、纪律和面对失败。完整演讲见校方原文。",128,{"title":394,"slug":395,"description":396,"category":241,"order":397,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban","段永平浙大2025年演讲，谈做对的事情、AI时代机遇、创业投资心得及本分文化实践。",129,{"title":399,"slug":400,"description":401,"category":241,"order":402,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu","段永平与王石对谈，论投资哲学、文化传承、营销本质、子女教育及平常心即长期主义。",130,{"title":404,"slug":405,"description":406,"category":241,"order":407,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2025年：方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing","段永平与方三文深度对话，谈个人经历、企业文化传承、苹果茅台投资逻辑及AI与教育。",131,{"title":409,"slug":410,"description":411,"category":241,"order":412,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2025年vivo 30周年纪念晚宴沈炜致辞","shenwei-2025nian-vivo-30zhounian-wanyan-zhici","沈炜在vivo三十周年晚宴回顾步步高与vivo发展，阐释本分、用户导向、平常心与企业长期健康。",132,{"title":414,"slug":415,"description":416,"category":241,"order":417,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平步步高内部讲话：道先于术","duanyongping-bubugao-neibujianghua-daoxianyushu","段永平在步步高内部讲话中谈道先于术、沉没成本、是非不给利益让路，以及企业文化是木桶的底板。",133,{"title":419,"slug":420,"description":421,"category":241,"order":422,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平投资问答录｜核心精简版","duanyongping-touzi-wendalu-hexin-jingjianban","编者从本站问答档案中精选214组问答与论述，按投资、经营与人生主题重排。适合先读核心观点，再通过完整章节核对提问语境；本页为编辑选编。",134,{"title":424,"slug":425,"description":426,"category":427,"order":428,"type":429,"volume":9,"volumeOrder":9,"chapterOrder":9},"投资问答录主题目录","wenda-topic-index","七卷主题目录按投资起点、理解企业、财报估值、经营、公司、行业和人生组织47章问答。读者可以沿主线阅读，也可按公司或小节直接查阅。","投资问答录",190,"topic-index",{"title":431,"slug":432,"description":433,"category":427,"order":434,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":16},"买股票就是买公司与价值投资","wenda-invest-01","买股票就是买公司，要先理解生意与长期价值。该章整理价值投资的定义、投资与经营的关系、没有捷径及好公司与好价格的问答。",200,"qanda-chapter","投资的起点与边界",{"title":438,"slug":439,"description":440,"category":427,"order":441,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":21},"投资为什么简单但不容易","wenda-invest-02","投资逻辑可以简单，长期坚持正确过程却不容易。该章整理价值投资的难点、悟性与实践、适合投资的人及小资金问题。",201,{"title":443,"slug":444,"description":445,"category":427,"order":446,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":26},"看懂生意与能力圈","wenda-invest-03","看懂生意需要背景知识和诚实的边界意识。该章整理商业模式、企业文化、研究公司、概率与能力圈的问答，说明不懂时为何可以放弃。",202,{"title":448,"slug":449,"description":450,"category":427,"order":451,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":31},"风险第一：不做空、不借钱、不懂不碰","wenda-invest-04","投资先考虑避免出局，再谈回报。该章整理不做空、不借钱、不用杠杆、不懂不碰和公司负债问题，以及段永平对错误的复盘。",203,{"title":453,"slug":454,"description":455,"category":427,"order":456,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":36},"市场波动、宏观与牛熊","wenda-invest-05","股价波动、宏观变化与公司价值需要分开理解。该章整理投票器与称重机、市场噪声、经济、通胀、汇率、指数及牛熊的问答。",204,{"title":458,"slug":459,"description":460,"category":427,"order":461,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":41},"投资心态、理性与学习方法","wenda-invest-12","理性与学习方法影响投资过程。该章整理平常心、投资经验、高尔夫启发和书籍选择，强调学习思考逻辑而非只复制别人的结论。",205,{"title":463,"slug":464,"description":465,"category":427,"order":466,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":16},"伟大企业与长坡厚雪","wenda-business-01","伟大企业要看长期竞争力、诚信和持续盈利。该章整理段永平对伟大企业标准、长坡厚雪与增长空间的问答，保留提问语境和原文日期。",206,"怎样看懂好企业",{"title":469,"slug":470,"description":471,"category":427,"order":472,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":21},"商业模式与投资确定性","wenda-business-02","生意模式是理解公司赚钱方式与长期确定性的起点。该章整理定义、护城河、未来现金流及苦生意特征的问答，帮助比较不同公司的模式。",207,{"title":474,"slug":475,"description":476,"category":427,"order":477,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":26},"护城河与差异化","wenda-business-03","护城河来自能够持续的竞争优势与差异化。该章整理垄断、定价权、用户需求和难以差异化行业的讨论，说明竞争优势需要继续检验。",208,{"title":479,"slug":480,"description":481,"category":427,"order":482,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":31},"好产品与用户导向","wenda-business-04","产品判断应先看最终消费者的真实体验。该章整理消费者导向与市场、利润导向的区别，以及好产品的标准、观察方法和实际案例。",209,{"title":484,"slug":485,"description":486,"category":427,"order":487,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":36},"品牌的本质","wenda-business-06","品牌是消费者长期认知的积累，需要产品和服务持续兑现。该章整理品牌、价格、名称、品牌建立及不容易形成品牌的生意等讨论。",210,{"title":135,"slug":489,"description":490,"category":427,"order":491,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":41},"wenda-business-08","企业文化要从企业长期的行为与选择中理解。该章整理文化的定义、判断方法、建立和传承，并保留具体公司案例及不同语境。",211,{"title":493,"slug":494,"description":495,"category":427,"order":496,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":16},"财报、现金流、ROE与净资产","wenda-invest-09","财报帮助核对一门生意的表现，不能用单个指标替代理解。该章整理现金流、真实利润、净资产、负债、ROE与指标边界的问答。",212,"财报、估值与投资决策",{"title":499,"slug":500,"description":501,"category":427,"order":502,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":21},"估值的起点：定性判断与现金流折现","wenda-invest-07","估值先依赖定性判断，再用毛估估理解内在价值。该章整理未来现金流折现、价值与价格的问答，说明估值是一种思维方式。",213,{"title":504,"slug":505,"description":506,"category":427,"order":507,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":26},"折现率、PE与估值案例","wenda-invest-07-cases","估值数字要与生意质量、负债和机会成本一起看。该章整理折现率、PE、EV的使用边界，以及万科、GE、茅台和现金流折现的案例。",214,{"title":509,"slug":510,"description":511,"category":427,"order":512,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":31},"分红、回购与资本配置","wenda-invest-10","资本配置要看资金如何为股东创造长期价值。该章整理分红、回购、债务和公司作为买家的讨论，保留价格、财务状况等判断前提。",215,{"title":514,"slug":515,"description":516,"category":427,"order":517,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":36},"长期持有、集中投资与机会成本","wenda-invest-06","长期持有、集中投资和卖出都需要回到公司价值与机会成本。该章整理持有期限、好公司与好价格、仓位和投资取舍的问答。",216,{"title":519,"slug":520,"description":521,"category":427,"order":522,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":41},"买卖时机与“持有就是买入”","wenda-invest-08","持有需要不断重新作出买入判断，卖出也应看价值与机会。该章整理买入与历史价格、卖出与成本价、持有就是买入及该卖的时候。",217,{"title":524,"slug":525,"description":526,"category":427,"order":527,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":51},"投机、套利、量化与衍生品","wenda-invest-11","该章区分投资、投机与套利的判断依据，整理期权、卖put、量化和衍生品的历史问答。操作细节须结合原问题和当时条件理解。",218,{"title":529,"slug":530,"description":531,"category":427,"order":532,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":16},"本分、平常心与利润之上的追求","wenda-business-09","本分要求自己坚持原则，平常心强调理性想长远。该章整理信誉、承诺、利润之上的追求及其长期结果，区分原话与问题中的假设。",219,"怎样经营企业",{"title":535,"slug":536,"description":537,"category":427,"order":538,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":21},"Stop Doing List、聚焦与更健康更长久","wenda-business-11","不为清单先排除不该做的事情，再集中资源把产品做好。该章整理价格战、份额、性价比、聚焦与更健康更长久的经营原则。",220,{"title":540,"slug":541,"description":542,"category":427,"order":543,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":26},"创新与敢为天下后","wenda-business-05","创新需要满足真实用户需求，敢为天下后也需要自己的差异化。该章整理创新边界、专利、环境与后中争先的经营问答。",221,{"title":545,"slug":546,"description":547,"category":427,"order":548,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":31},"营销、广告、渠道与出海","wenda-business-07","营销和广告需要表达产品价值，渠道需要匹配价格与合作关系。该章整理广告投入、代言、价格体系、渠道及国际市场的经营问答。",222,{"title":550,"slug":551,"description":552,"category":427,"order":553,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":36},"创始人、CEO、团队与激励","wenda-business-10","组织长期发展涉及创始人、管理层、授权、团队与公平激励。该章整理造钟人、CEO、董事会、选人育人和规矩的问答。",223,{"title":555,"slug":556,"description":557,"category":427,"order":558,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":41},"收购与多元化","wenda-business-12","多元化与收购要看企业是否懂得新业务、能否创造长期价值。该章整理业务边界、收购条件、多品牌与分拆的问答及案例。",224,{"title":560,"slug":561,"description":562,"category":427,"order":563,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":16},"苹果：产品、商业模式与生态","wenda-company-apple-01","该章整理段永平认识苹果产品和生意模式的过程，涉及单一产品、用户体验、生态、取舍，以及与安卓、三星的竞争。",225,"重点公司深读",{"title":566,"slug":567,"description":568,"category":427,"order":569,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":21},"苹果：管理层与企业文化","wenda-company-apple-02","该章整理段永平对乔布斯、库克与苹果企业文化的评价，讨论报时人和造钟人、接班、产品精神及利润之上的追求。",226,{"title":571,"slug":572,"description":573,"category":427,"order":574,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":26},"苹果：估值、持有与资本配置","wenda-company-apple-03","该章按历史语境整理段永平买入和持有苹果的判断，涉及估值指标、股价下跌、分红、回购、现金与成熟期的公司价值。",227,{"title":576,"slug":577,"description":578,"category":427,"order":579,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":31},"贵州茅台：产品、品牌与商业模式","wenda-company-maotai-01","该章整理段永平对茅台品质、品牌、消费者心智与生意模式的问答，讨论护城河及产品文化和企业文化的关系。",228,{"title":581,"slug":582,"description":583,"category":427,"order":584,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":36},"贵州茅台：治理、渠道与i茅台","wenda-company-maotai-02","该章整理茅台治理、多元化、假酒、渠道和i茅台相关问答，关注直购、直销与价格体系，保留历史背景和问题中的前提。",229,{"title":586,"slug":587,"description":588,"category":427,"order":589,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":41},"贵州茅台：估值与投资判断","wenda-company-maotai-03","该章整理段永平在塑化剂事件、买入增持及长期持有茅台时的判断，涉及估值、价格、分红、回购与资本配置。",230,{"title":591,"slug":592,"description":593,"category":427,"order":594,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":51},"小霸王与步步高","wenda-company-bbk","该章整理小霸王与步步高的创业和经营问答，涉及本分诚信、不上市、不为清单、产品品牌及长期发展，保留不同年份的语境。",231,{"title":596,"slug":597,"description":598,"category":427,"order":599,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":56},"网易","wenda-company-netease","该章整理段永平发现、买入与持有网易的过程，涉及梦幻西游、丁磊、团队、现金、回购和卖出，保留不同年份的判断。",232,{"title":601,"slug":602,"description":603,"category":427,"order":604,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":62},"阿里巴巴与雅虎","wenda-company-alibaba-yahoo","该章按历史语境整理段永平投资雅虎、理解阿里股权与评价阿里文化的问答，涉及管理层、使命、假货争议、电商竞争及卖出后的观察。",233,{"title":606,"slug":607,"description":608,"category":427,"order":609,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":68},"泡泡玛特","wenda-company-pop-mart","该章呈现段永平从看不懂到重新理解泡泡玛特的过程，涉及情绪价值、壁垒、王宁、门店体验与投资操作，保留观点变化的时间语境。",234,{"title":611,"slug":612,"description":613,"category":427,"order":614,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":16},"消费电子与日本制造","wenda-company-consumer-electronics","该章整理段永平对消费电子及日本制造的历史观察，涉及国产企业、诺基亚、摩托罗拉、联想及日本公司，重点关注产品与竞争。",235,"行业与公司对照",{"title":617,"slug":618,"description":619,"category":427,"order":620,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":21},"游戏行业与中国游戏公司","wenda-company-china-games","该章整理段永平对游戏生意、好游戏、玩家体验与行业变化的问答，保留社会争议、估值和中国游戏公司案例的具体语境。",236,{"title":622,"slug":623,"description":624,"category":427,"order":625,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":26},"互联网、科技与新产业","wenda-company-tech-platforms","该章整理互联网平台、科技与新产业的公开问答，关注产品、商业模式、长期竞争力与看不懂的边界，各公司判断保留历史语境。",237,{"title":627,"slug":628,"description":629,"category":427,"order":630,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":31},"零售与服务业案例","wenda-company-retail-services","该章整理零售、服务、教育培训及航空业的公司问答，关注用户需求、生意模式和能力圈，也包含投资卖出与反思案例。",238,{"title":632,"slug":633,"description":634,"category":427,"order":635,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":36},"能源与工业企业案例","wenda-company-energy-industrial","该章整理西方石油、GE、代工业和光伏等案例，关注看懂生意、行业周期与投资反思；各段判断应结合发言日期理解。",239,{"title":637,"slug":638,"description":639,"category":427,"order":640,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":41},"传统行业公司群像","wenda-company-traditional-industries","该章按行业整理家电、汽车、食品、地产、园林与银行案例，涉及国企机制、产品竞争和估值，帮助对照不同行业的生意特征。",240,{"title":642,"slug":643,"description":644,"category":427,"order":645,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":16},"做对的事情与把事情做对","wenda-life-01","该章整理做对的事情、把事情做对与不该做的事情，涉及巴菲特、芒格、个人经历、练习和面对质疑，保留平常心的生活语境。",241,"人生与成长",{"title":648,"slug":649,"description":650,"category":427,"order":651,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":21},"正直、理性与长期视角","wenda-life-02","该章整理段永平对正直、诚信、原则和理性的讨论，关注长期视角与脚踏实地，帮助理解本分如何进入日常选择。",242,{"title":653,"slug":654,"description":655,"category":427,"order":656,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":26},"职业、创业与享受过程","wenda-life-03","职业和创业需要理解自己，并找到愿意长期投入的事情。该章整理段永平对职业选择、创业、喜欢的工作与享受过程的问答。",243,{"title":658,"slug":659,"description":660,"category":427,"order":661,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":31},"家庭、孩子与教育","wenda-life-04","该章整理段永平的家庭与教育问答，涉及陪伴、安全感、学习、金钱、游戏、边界和传承，呈现个人经验及问题的具体背景。",244,{"title":663,"slug":664,"description":665,"category":427,"order":666,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":36},"学习、阅读与公益","wenda-life-05","该章整理开放学习、阅读、AI学习与公益相关问答，关注思考逻辑、教育公益和长期环境，保留推荐、转述与个人观点的区别。",245,{"title":668,"slug":669,"description":670,"category":427,"order":671,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":41},"运动、睡眠与高尔夫","wenda-life-06","该章保存段永平关于运动、力量训练、睡眠、体检和高尔夫的个人经验问答。健康相关发言保留日期与语境，不能据此替代个人医疗判断。",246,{"title":673,"slug":674,"description":675,"category":676,"order":677,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平如何研究一家公司：从产品、年报到企业文化","duanyongping-kan-dong-yijia-gongsi","根据段永平的公开问答，整理研究一家公司的资料清单、阅读顺序和判断框架：产品、商业模式、企业文化、财报、专项验证与估值。","公司与人物",417,{"title":676,"slug":679,"description":680,"category":676,"order":681,"type":682,"volume":9,"volumeOrder":9,"chapterOrder":9},"gongsi-yu-renwu","按段永平视角整理他高度评价、明显关注或正在重估的公司与人物，保留原文依据和边界条件。",5000,"index",{"title":684,"slug":685,"description":686,"category":676,"order":687,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"苹果：段永平为什么高度评价这家公司","company-apple","段永平最看重苹果的地方，不只是产品好，而是苹果在强企业文化下形成了强大的生态系统、商业模式和长期聚焦“做对的事情”的能力。",5010,"company",{"title":690,"slug":691,"description":692,"category":676,"order":693,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"黄峥：段永平为什么高度评价他","person-huangzheng","段永平评价黄峥，核心不是“聪明”或“年轻”，而是黄峥关注事物本质、有很强学习能力，并且对什么是对的事情有清醒认识。",5020,"person",{"title":696,"slug":697,"description":698,"category":676,"order":699,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"泡泡玛特有定价权吗：段永平视角下的提价能力","company-pop-mart","泡泡玛特已出现新品进入更高价格带与差异化需求的定价权迹象，但同款产品持续提价的能力仍待验证。本文结合财报与产品变化作编者分析，区分价格、产品升级和IP热度。",5030,{"title":701,"slug":702,"description":703,"category":676,"order":704,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"王宁：段永平为什么欣赏泡泡玛特创始人","person-wangning","段永平欣赏王宁，核心在于王宁对商业的理解、长期努力、做对事情的意识、细节能力，以及带领团队把情绪价值产品做成全球品牌的能力。",5040,{"title":706,"slug":707,"description":708,"category":676,"order":709,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"贵州茅台：段永平为什么高度评价这家公司","company-maotai","段永平看重茅台，不只是因为它贵或知名，而是因为它有稀缺产品、强品牌、长需求周期和优秀现金流，同时也需要警惕多元化、假酒和渠道问题。",5050,{"title":711,"slug":712,"description":713,"category":676,"order":714,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"网易：段永平为什么长期评价这家公司","company-netease","网易是段永平投资体系里的经典案例：低价只是入口，真正支撑他长期持有的是游戏业务、现金、朴实团队和丁磊没有乱花钱的克制。",5060,{"title":716,"slug":717,"description":718,"category":676,"order":719,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"腾讯：段永平为什么认为它是长坡厚雪","company-tencent","段永平认可腾讯，是因为它有强大的社交关系、微信和微信支付带来的深远影响，以及不错的商业模式和企业文化；但他也承认自己对腾讯的理解不如苹果。",5070,{"title":721,"slug":722,"description":723,"category":676,"order":724,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"阿里巴巴：段永平为什么曾高度评价又保留","company-alibaba","段永平曾高度评价阿里和马云，核心是企业文化、使命感和长坡厚雪；但后来对业务复杂度、公司问题和再现辉煌的不确定性保留明显。",5080,{"title":726,"slug":727,"description":728,"category":676,"order":729,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"拼多多：段永平如何看这家公司","company-pinduoduo","段永平对拼多多的判断，起点是黄峥和团队：他认可人、学习能力和本分文化，但也一直把拼多多放在“仍需继续看懂商业模式”的框架里。",5090,{"title":731,"slug":732,"description":733,"category":676,"order":734,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"英伟达：段永平为什么说它厉害但难看懂","company-nvidia","段永平承认英伟达非常厉害，甚至称其“堪称芯片界的苹果”；但他真正保留的是长期护城河、算力需求持续性和自己能否看懂十年。",5100,{"title":736,"slug":737,"description":738,"category":676,"order":739,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"任天堂：段永平从中学到什么","company-nintendo","任天堂在段永平体系里更像早期经营经验的参照物：他从任天堂理解了游戏行业、渠道成本和单一产品模式，也借此形成了后来理解苹果、网易的框架。",5110,{"title":741,"slug":742,"description":743,"category":676,"order":744,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"GE：段永平为什么后来修正这笔投资","company-ge","GE 是段永平体系里的反面教材：他曾因企业文化和韦尔奇叙事认可 GE，但后来发现生意太复杂、文化理解不够扎实、多元化并非例外。",5120,{"title":746,"slug":747,"description":748,"category":676,"order":749,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"新东方：段永平为什么既认可又保留","company-new-oriental","段永平认可新东方和俞敏洪的韧性，也认为新东方能做到今天很了不起；但他不太喜欢这类“力气活”生意模式，也难以找到愿意永远持有的感觉。",5130,{"title":751,"slug":752,"description":753,"category":676,"order":754,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"巴菲特：段永平为什么高度尊重他","person-buffett","段永平尊重巴菲特，不是因为“股神”光环，而是因为巴菲特把“买股票就是买公司”坚持到骨子里，并以朴实、谦虚、长期和理性的方式生活。",5200,{"title":756,"slug":757,"description":758,"category":676,"order":759,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"芒格：段永平为什么重视他的理性","person-munger","段永平重视芒格，核心在“理性”：芒格讲的 rationality，和段永平讲的平常心几乎是同一件事。",5210,{"title":761,"slug":762,"description":763,"category":676,"order":764,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"乔布斯：段永平为什么说他既是报时人也是造钟人","person-steve-jobs","段永平对乔布斯的评价，核心不是个人崇拜，而是乔布斯把“利润之上的追求”注入苹果文化，并留下了能继续运转的组织。",5220,{"title":766,"slug":767,"description":768,"category":676,"order":769,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"库克：段永平为什么认为他是更好的 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":632,"body":818,"category":427,"chapterOrder":36,"date":9,"description":634,"editor":1362,"extension":1363,"meta":1364,"navigation":1365,"order":635,"path":1366,"publishedAt":9,"seo":1367,"seoDescription":634,"seoTitle":1368,"slug":633,"source":9,"sourceAuthor":1369,"sourceDate":9,"sourceNote":1370,"sourceStatus":1371,"sourceUrl":9,"sources":1372,"stem":1373,"summary":634,"tags":1374,"type":435,"updatedAt":1378,"volume":615,"volumeOrder":41,"__hash__":1379,"_collection":1380},"dao\u002Fdao\u002Fqanda\u002Fwenda-company-energy-industrial.md",{"type":819,"value":820,"toc":1356},"minimark",[821,826,835,844,847,855,861,866,869,874,877,880,883,886,890,893,896,903,922,933,951,972,978,981,993,1005,1017,1032,1053,1062,1073,1081,1101,1121,1127,1138,1150,1162,1171,1178,1184,1192,1195,1200,1212,1215,1243,1246,1252,1270,1284,1299,1308,1312,1319,1324,1329,1334,1339,1345,1350,1353],[822,823,825],"h2",{"id":824},"第一节-oxy西方石油","第一节 OXY（西方石油）",[827,828,829,830,834],"p",{},"网友：能详细讲讲西方石油的逻辑吗？",[831,832,833],"strong",{},"巴菲特","这么长时间频频加仓，可是市场上都是看空原油的。",[827,836,837,840,841],{},[831,838,839],{},"段永平："," ",[831,842,843],{},"其实就是按不错的价钱买了个油田。石油资源大概率是会紧缺的，只是不知道什么时候而已。(2025-03-04)",[827,845,846],{},"网友：请问大道最近有减持或者清仓OXY的计划吗？",[827,848,849,851,852,854],{},[831,850,839],{}," 目前没有任何计划。原计划就是买个“油田”等个10年20年看看会发生什么。不过，如果",[831,853,833],{},"卖OXY我会跟。",[827,856,857,858,860],{},"网友：如何看待",[831,859,833],{},"对于OXY的收购？",[827,862,863,865],{},[831,864,839],{}," 刚刚查了一下AI才知道发生了什么。我觉得对OXY是好事，可以让OXY更聚焦，债务也降低了很多。（2025-10-02）",[827,867,868],{},"网友：对于长持股，例如OXY，您是否会卖出看涨期权（例如为期一个月，价外10%）的方式来增加收益。",[827,870,871,873],{},[831,872,839],{}," OXY的premium很低，不值得冒险。（2025-10-03）",[827,875,876],{},"网友：很多人以为抄作业就是抄个代码，其实真正能抄对的前提，是你打心底里认同那个做决定的人。大道当年跟着巴菲特买石油，理由特别实在：“我不懂石油，但我懂老巴。”说白了，如果你看不懂这门生意，那你至少得看懂这个人，否则你根本拿不住。",[827,878,879],{},"大道：即便如此，西方石油我也拿着不舒服，毕竟自己不懂， 有机会也会卖掉的。我基本上都已经卖了call了，就看懂王怎么表现了。（2026-08-29）",[827,881,882],{},"大道：我打算卖所有OXY的call，call走部分就直接换BRKb了。对我来说，石油公司搞懂的难度有点偏高。（2026-09-11）",[827,884,885],{},"大道：西方石油\n如果自己不是真懂，抄作业也是很难的。前段时间OXY掉到40块左右的时候我没敢加仓，说明我没真懂。今天我全覆盖卖call了，call走不心疼。（2026-09-16）",[822,887,889],{"id":888},"第二节-ge通用电气","第二节 GE（通用电气）",[827,891,892],{},"一直说有机会讲几个我自己的例子，但一直不知道该讲哪个好。",[827,894,895],{},"这些年我碰过的股票其实也不少了，有亏的有赚的，就是没有一个从一开始我就100%觉得自己一定能赚大钱的。不管买哪个，都觉得多少心里有些不踏实，呵呵。",[827,897,898,899,902],{},"想来想去，觉得",[831,900,901],{},"GE","可能比较有本人特色。",[827,904,905,906,909,910,912,913,915,916,918,919,921],{},"最早开始经营企业的时候，我最喜欢的可能是",[831,907,908],{},"松下","。后来慢慢对",[831,911,908],{},"有些失望，尤其是去大阪拜访过",[831,914,908],{},"总部以后，确实觉得",[831,917,908],{},"有些问题，慢慢自己也就不太再提",[831,920,908],{},"了。",[827,923,924,925,927,928,932],{},"大概也就是那段时间(应该是去",[831,926,908],{},"之前)，我们开始越来越多地反思我们自己，希望能建立和加强我们自己的",[929,930,135],"a",{"href":931},"\u002Fqiyewenhua","。那时我好像正在中欧读EMBA，同时还把中欧的一些课引进了公司内部。",[827,934,935,936,938,939,941,942,944,945,947,948,950],{},"在那段时间里给我印象最深的书就是",[831,937,901],{},"的上一个CEO韦尔奇写的自传。在那本书里我看到了",[929,940,135],{"href":931},"对建立好公司的强大作用，同时对",[831,943,901],{}," 强大的",[929,946,135],{"href":931},"留下了极为深刻的印象。之后又读了韦尔奇后来写的书《赢》，更进一步了解到他们是怎么建立",[929,949,135],{"href":931},"的。",[827,952,953,954,956,957,959,960,962,963,965,966,968,969,971],{},"从那个时候起，我还花过不少时间去了解和思考",[831,955,901],{},"。去想为什么",[831,958,901],{},"会是家百年老店，为什么",[831,961,901],{},"的董事会总是能选个好CEO 出来，为什么世界 500强里有170多个CEO来自",[831,964,901],{},"，等等。当时我其实就注意过",[831,967,901],{},"的股票，觉得",[831,970,901],{},"当时的股价并不便宜(好像40美元左右)，也就没再关心它的股价了。",[827,973,974,975,977],{},"从2008年9月雷曼倒下开始，金融危机的影响越来越大，整个市场风声鹤唳。到11月时我看到市场的恐慌情绪越来越厉害，当时就想，这大概就是",[831,976,833],{},"讲的人们的“恐惧”要来了，也就是轮到我该“贪婪”的时候了。",[827,979,980],{},"开始的时候我并没有特别明确的目标，只是觉得市场上到处都是便宜货，就是不知道哪个安全，好像每个都有很大问题，每个公司都可能要完蛋一样。我当时想得最多的就是如何把手里的所有资源调动起来去抓住这一生难遇一次的机会。",[827,982,983,984,986,987,989,990,992],{},"到2月时，",[831,985,901],{},"已经向下破了10美元。那时雷曼、AIG、花旗集团等很多和次贷有关的公司都已经破产或到了破产边缘，关于",[831,988,901],{},"的负面新闻也越来越多，华尔街上很多人都在说",[831,991,901],{},"将会是下一个雷曼。",[827,994,995,996,998,999,1001,1002,1004],{},"我知道",[831,997,901],{},"过去好的时候每股能有两块多钱利润，就算以后差一点，危机过去后怎么也会有个1.5美元\u002F股以上吧。如果我给他个12到15倍的 P\u002FE，怎么着这也应该是20美元以上的股票。所以，当",[831,1000,901],{},"到10美元左右时我已经开始着手买一些了，但还没有下大决心买。直到有一天当",[831,1003,901],{},"跌到9美元左右时，我看到了杰夫·伊梅尔特的一个讲话。",[827,1006,1007,1008,1010,1011,1013,1014,1016],{},"我忘了原话是怎么说的了，大致意思是，他认为",[831,1009,901],{},"的形象被破坏了，这都是他的错。",[831,1012,901],{},"将在未来几年调整其业务结构，让财务公司在整个公司中的比例降到30%以下。他还重申",[831,1015,901],{},"整体是安全健康的等等。",[827,1018,1019,1020,1022,1023,1025,1026,1028,1029,1031],{},"当时有问题的所有公司当中，好像我只见到",[831,1021,901],{},"出来承认错误并检讨对策，这大概就是",[929,1024,135],{"href":931},"不同的地方吧？",[831,1027,901],{},"是个巨大的公司，我也曾试图想看清楚",[831,1030,901],{},"到底都有哪些业务，也试图想分析清楚他所有的业务模式的优劣，但发现非常难。我能看到一些非常好的模式，同时也能看到一些不太好的模式。",[827,1033,1034,1035,1037,1039,1040,1042,1043,1045,1046,1048,1049,1052],{},"最后让我下决心出重手的决定因素还是我对",[831,1036,901],{},[929,1038,135],{"href":931},"的理解。我认为金融危机并不会摧毁",[831,1041,901],{},"强大的",[929,1044,135],{"href":931},"，",[831,1047,901],{},"的问题只是过去的一些策略错误造成的，假以时日一定可以改正。伟大公司的错误往往就是千载难逢的投资机会。(呵呵，有人也把这叫",[929,1050,125],{"href":1051},"\u002Ftouji","。)",[827,1054,1055,1056,1058,1059,1061],{},"想明白以后的事情就简单了，后面的一段时间我几乎每天都在忙着买",[831,1057,901],{},"，不停地想办法调集资源，从9美元左右买到6美元再买到10美元出头，好像到十二三美元后还买了些(有些钱是后来从别的股票调过来的)。直到",[831,1060,901],{},"股价比雅虎高以后才停了。当时还曾动过用margin的念头，后来觉得不对的事不做的原则不能破，就算了。",[827,1063,1064,1065,1067,1068,1070,1072],{},"回头来看，去年我买的股票当中",[831,1066,901],{},"并不是涨幅最大的，但确实是我出手最重、获利最多的且担心最少的股票，其原因只能说是我对",[831,1069,901],{},[929,1071,135],{"href":931},"的了解最后帮助我做出了一个很重要的决定。也许就是个运气？(2010-03-29)",[827,1074,1075,1076,1080],{},"（这篇长文后半段还“顺便提提创维”，谈了买创维的经过，见",[929,1077,1079],{"href":1078},"\u002Fwenda-company-traditional-industries#%E5%88%9B%E7%BB%B4%E9%95%BF%E8%99%B9%E4%B8%8E%E5%BD%A9%E7%94%B5%E5%90%8C%E8%A1%8C","创维、长虹与彩电同行","。）",[827,1082,1083,1084,1086,1087,1090,1091,1093,1094,1096,1097,1100],{},"网友：您觉得",[831,1085,901],{},"(通用电气)的投资和",[831,1088,1089],{},"苹果","的投资有什么不同吗？我觉得",[831,1092,901],{},"的投资更像是一次性的利润，而",[831,1095,1089],{},"看上去是那种长坡厚雪型的公司，是不需要卖的。我曾经在A股买过烟蒂，但是发现需要时常关注一些短期的东西，虽然也赚钱了，但投资过程并不省心。现在学乖了，知道",[929,1098,70],{"href":1099},"\u002Fshangyemoshi","最重要，所以只买好公司了。",[827,1102,1103,1105,1106,1108,1109,1111,1112,1114,1115,1117,1118,1120],{},[831,1104,839],{}," 如果放到今天来看，我大概不会买",[831,1107,901],{},"，而是应该那个时候就买",[831,1110,1089],{},"。因为回过头来想，我对",[831,1113,901],{},"的理解并不是很透，但",[831,1116,1089],{},"却是我能真的理解的公司。不过，当时我认为",[831,1119,901],{},"的文化很好，公司应该可以转危为安的。(2017-05-22)",[827,1122,1123,1124,1126],{},"网友：对现在的",[831,1125,901],{},"怎么看？",[827,1128,1129,840,1131,1133,1134,1137],{},[831,1130,839],{},[831,1132,901],{},"产品太复杂，",[929,1135,88],{"href":1136},"\u002Fxianjinliu","也不好，居然还一直分红，不容易搞懂。虽然现在价钱已经回到我几年前卖掉时的价钱了，我依然不太有兴趣，但作为基本文化不错的一家公司，还是可以关注一下的。(2017-10-22)",[827,1139,1140,1141,1143,1144,1146,1147,1149],{},"最近偶尔有人会问我",[831,1142,901],{},"掉下来了，是否值得关注。",[831,1145,901],{},"以前的文化我是喜欢的，前些年我也曾经买过不少",[831,1148,901],{},"的股票。",[827,1151,1152,1153,1155,1156,1158,1159,1161],{},"后来卖掉",[831,1154,901],{},"的一个很重要的原因是，有一天我去",[831,1157,901],{},"的公司主页看了一眼，发现根本找不到我在杰克·韦尔奇书上看到的他对",[831,1160,901],{},"文化的描述，后来发现当时的CEO 居然有“去韦尔奇化”的倾向，加上这家公司的生意实在是太复杂，所以我就统统卖了。现在价格已经显著低过我当时卖的价格，但我还是没提起兴趣来。(2018-01-20)",[827,1163,1164,1165,1167,1168,1170],{},"网友：",[831,1166,901],{},"是",[929,1169,135],{"href":931},"出现了问题？",[827,1172,1173,840,1175,1177],{},[831,1174,839],{},[831,1176,901],{},"这些年确实出了问题，CEO出差居然有另一架飞机随行，更恐怖的是CEO居然说不知道，还真没见过这么不靠谱的。(2018-07-01)",[827,1179,1180,1181],{},"不明真相的群众：",[831,1182,1183],{},"杰克·韦尔奇本人，他的“战略”我也是有疑惑的。他入主GE早期做的一些战略，看起来是不错的，主要是聚焦、做减法，但到了晚期，又走回去了。",[827,1185,1186,1188,1189,1191],{},[831,1187,839],{}," 这个我同意。我当时一直都说，从来没见过企业多元化成功的例子，",[831,1190,901],{},"是个例外。现在看来，时间长了都不行哈。(2018-09-21)",[827,1193,1194],{},"网友：你有没有做过这样的交易，赚了钱，事后却发现事实或逻辑搞错了？",[827,1196,1197,1199],{},[831,1198,839],{}," 我的特斯拉就是典型哈。",[827,1201,1202,1203,1205,1206,1208,1209,1211],{},"认真想来当年的",[831,1204,901],{},"也算是买错了，放在今天我大概会做不一样的决定。我们在",[831,1207,901],{},"上的收获也还是不错的，好像是6-9美元买的，20出头卖掉了。当时卖的原因就是我突然发现我买的",[831,1210,901],{},"和我的想象不一样。",[827,1213,1214],{},"网友：什么事让你发现不一样？",[827,1216,1217,1219,1220,1222,1223,1233,1234,1236,1237,1239,1240,1242],{},[831,1218,839],{}," 我是看着《基业长青》和韦尔奇的书买的",[831,1221,901],{},"哈。",[831,1224,1225,1226,1228,1229,1232],{},"杰克·韦尔奇说他们的",[929,1227,135],{"href":931},"里最重要的一条就是 integrity（",[929,1230,217],{"href":1231},"\u002Fzhengzhi","诚信）","，他还说过不少",[929,1235,135],{"href":931},"的东西，结果后来我发现在",[831,1238,901],{},"网站上居然都找不到。当然，还有一个很重要的原因是，",[831,1241,901],{},"的生意太复杂，我看不懂。",[827,1244,1245],{},"再就是，我有点怀疑这家公司 cooking book（做假账），因为他们的 earning 老是刚刚好。",[827,1247,1248,1251],{},[831,1249,1250],{},"简而言之，我觉得当初买GE是欠妥的。","（2018-09-21）",[827,1253,1254,1255,1257,1258,1260,1261,1263,1264,1266,1267,1269],{},"当年我对",[831,1256,901],{},"的理解可能是错的。因为发现自己一直没能完全看懂。目前",[831,1259,901],{},"的价钱已经到了我当年买",[831,1262,901],{},"的价钱，但我没啥兴趣，因为满足不了好的",[929,1265,70],{"href":1099},"，我当年卖掉",[831,1268,901],{},"其实也是这个原因。(2020-07-01)",[827,1271,1272],{},[831,1273,1274,1275,1277,1278,1280,1281,1283],{},"我买 GE 的时候，似乎还没有把",[929,1276,70],{"href":1099},"放在第一位。那时候觉得 GE 的",[929,1279,135],{"href":931},"很好，“世界在变，所有的东西都在变，但",[929,1282,217],{"href":1231},"诚信不变”这句话让我非常欣赏。",[827,1285,1286,1287,1289,1290,1292,1293,1295,1296,1298],{},"后来发现，",[831,1288,901],{},"官网上的",[929,1291,135],{"href":931},"都不再提",[929,1294,217],{"href":1231},"诚信了，觉得非常怪异，加上后来对",[929,1297,70],{"href":1099},"的重视度大幅提高，于是突然某一天就决定都卖了。记得当时卖在20-21美元之间，不知道相当于目前价位的多少。",[827,1300,1301,1302,1304,1305,1307],{},"好像是很久很久以前的事情了，很可能是在我打算买",[831,1303,1089],{},"的前后(2011-2012年的样子)?我记得我买入",[831,1306,901],{},"应该是在2008年底到2009年初的样子。(2023-06-05)",[822,1309,1311],{"id":1310},"第三节-代工业与光伏","第三节 代工业与光伏",[827,1313,1314,1315,1318],{},"网友：段总对",[831,1316,1317],{},"富士康","有啥看法？",[827,1320,1321,1323],{},[831,1322,839],{}," 一直不太喜欢。(2010-05-26)",[827,1325,1326,1328],{},[831,1327,839],{}," 老郭虽然在代工业世界顶尖，但对零售业完全没概念。不过，他是有资格尝试的人，不会因此出啥问题。(2011-12-11)",[827,1330,1331,1333],{},[831,1332,839],{}," 目前的光伏产业最后就会像加工业，一定是个拼得死去活来的结局。老郭在加工业里属于剩者，或许光伏产业他也有机会？不过，所谓的光伏产业和加工业不一样的地方是，几乎可以肯定加工业会一直以某种形式存在，但光伏产业却可能某天被替代。(2011-12-11)",[827,1335,1336,1338],{},[831,1337,839],{}," 所以说国内的晶硅光伏产业很惨啊，更惨的是，这情况啥时候到头呢？(2012-11-17)",[827,1340,1341,1342,1344],{},"网友：回头看13年前段总对太阳能光伏",[929,1343,70],{"href":1099},"的观点，再看看光伏企业的现状。",[827,1346,1347,1349],{},[831,1348,839],{}," 知道什么事情会发生远比知道什么时候会发生要容易得多。（2025-07-31）",[827,1351,1352],{},"网友（问题节录）：喜诗糖果好像没有一些光伏企业赚得多？还是说赚得多只是商业模式好的条件之一？差异化和护城河也是？",[827,1354,1355],{},"大道：光伏产品的差异化很小，除非长期供不应求，不然时间长了日子就会不好过的。（2026-09-09）",{"title":1357,"searchDepth":21,"depth":21,"links":1358},"",[1359,1360,1361],{"id":824,"depth":21,"text":825},{"id":888,"depth":21,"text":889},{"id":1310,"depth":21,"text":1311},"寻长坡以滚雪球","md",{},true,"\u002Fdao\u002Fqanda\u002Fwenda-company-energy-industrial",{"title":632,"description":634},"段永平问答：能源与工业企业案例｜段永平投资问答录","段永平","本章按主题重排已收集的公开问答，保留正文中的提问者、引文署名与发言日期；尚未逐条核对原始发布链接。本站编辑日期不代表原始发言日期。","unverified",[],"dao\u002Fqanda\u002Fwenda-company-energy-industrial",[1375,1376,1377],"公司案例","能源","工业企业","2026-10-10","WWk8UUWR2p4ygUxQc5ZW0kpoHCftGT1rAVEx9cwVkKM","dao",[1382,1383,1384,1385,1386,1387,1388,1389,1390,1391,1392,1393,1394,1395,1396,1397,1398,1399,1400,1401,1402,1403,1404,1405,1406,1407,1408,1409,1410,1411,1412,1413,1414,1415,1416,1417,1418,1419,1420,1421,1422,1423,1424,1425,1426,1427,1428],{"title":431,"slug":432,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":16,"order":434},{"title":438,"slug":439,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":21,"order":441},{"title":443,"slug":444,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":26,"order":446},{"title":448,"slug":449,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":31,"order":451},{"title":453,"slug":454,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":36,"order":456},{"title":458,"slug":459,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":41,"order":461},{"title":463,"slug":464,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":16,"order":466},{"title":469,"slug":470,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":21,"order":472},{"title":474,"slug":475,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":26,"order":477},{"title":479,"slug":480,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":31,"order":482},{"title":484,"slug":485,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":36,"order":487},{"title":135,"slug":489,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":41,"order":491},{"title":493,"slug":494,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":16,"order":496},{"title":499,"slug":500,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":21,"order":502},{"title":504,"slug":505,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":26,"order":507},{"title":509,"slug":510,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":31,"order":512},{"title":514,"slug":515,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":36,"order":517},{"title":519,"slug":520,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":41,"order":522},{"title":524,"slug":525,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":51,"order":527},{"title":529,"slug":530,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":16,"order":532},{"title":535,"slug":536,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":21,"order":538},{"title":540,"slug":541,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":26,"order":543},{"title":545,"slug":546,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":31,"order":548},{"title":550,"slug":551,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":36,"order":553},{"title":555,"slug":556,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":41,"order":558},{"title":560,"slug":561,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":16,"order":563},{"title":566,"slug":567,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":21,"order":569},{"title":571,"slug":572,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":26,"order":574},{"title":576,"slug":577,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":31,"order":579},{"title":581,"slug":582,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":36,"order":584},{"title":586,"slug":587,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":41,"order":589},{"title":591,"slug":592,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":51,"order":594},{"title":596,"slug":597,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":56,"order":599},{"title":601,"slug":602,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":62,"order":604},{"title":606,"slug":607,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":68,"order":609},{"title":611,"slug":612,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":16,"order":614},{"title":617,"slug":618,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":21,"order":620},{"title":622,"slug":623,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":26,"order":625},{"title":627,"slug":628,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":31,"order":630},{"title":632,"slug":633,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":36,"order":635},{"title":637,"slug":638,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":41,"order":640},{"title":642,"slug":643,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":16,"order":645},{"title":648,"slug":649,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":21,"order":651},{"title":653,"slug":654,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":26,"order":656},{"title":658,"slug":659,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":31,"order":661},{"title":663,"slug":664,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":36,"order":666},{"title":668,"slug":669,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":41,"order":671},[1430,1431,1432,1433,1434,1435,1436,1437,1438,1439,1440,1441,1442,1443,1444,1445,1446,1447,1448,1449,1450,1451,1452,1453,1454,1455,1456,1457,1458,1459,1460,1461,1462,1463,1464,1465,1466,1467,1468,1469,1470,1471,1472,1473,1474,1475,1476,1477,1478,1479,1480,1481,1482,1483,1484,1485,1486,1487,1488,1489,1490,1491,1492,1493,1494,1495,1496,1497,1498,1499,1500,1501,1502,1503,1504,1505,1506,1507,1508,1509,1510,1511,1512,1513,1519,1523,1527,1530,1535,1540,1543,1548,1551,1553,1557,1560,1563,1567,1572,1577,1582,1585,1589,1593,1595,1599,1602,1606,1611,1617,1619,1623,1625,1628,1632,1634,1638,1642,1647,1650,1654,1659,1663,1670,1672,1680,1682,1684,1689,1694,1701,1707,1708,1713,1715,1719,1723,1728,1730,1732,1738,1741,1743,1748,1751,1755,1759,1761,1766,1768,1770,1773,1777,1779,1782,1786,1788,1791,1794],{"title":5,"slug":6,"category":8,"tags":9,"type":10,"volume":9,"order":9},{"title":12,"slug":13,"category":15,"tags":9,"type":9,"volume":9,"order":16},{"title":18,"slug":19,"category":15,"tags":9,"type":9,"volume":9,"order":21},{"title":23,"slug":24,"category":15,"tags":9,"type":9,"volume":9,"order":26},{"title":28,"slug":29,"category":15,"tags":9,"type":9,"volume":9,"order":31},{"title":33,"slug":34,"category":15,"tags":9,"type":9,"volume":9,"order":36},{"title":38,"slug":39,"category":15,"tags":9,"type":9,"volume":9,"order":41},{"title":43,"slug":44,"category":15,"tags":9,"type":9,"volume":9,"order":46},{"title":48,"slug":49,"category":15,"tags":9,"type":9,"volume":9,"order":51},{"title":53,"slug":54,"category":15,"tags":9,"type":9,"volume":9,"order":56},{"title":58,"slug":59,"category":61,"tags":9,"type":9,"volume":9,"order":62},{"title":64,"slug":65,"category":67,"tags":9,"type":9,"volume":9,"order":68},{"title":70,"slug":71,"category":61,"tags":9,"type":9,"volume":9,"order":68},{"title":74,"slug":75,"category":61,"tags":9,"type":9,"volume":9,"order":77},{"title":79,"slug":80,"category":67,"tags":9,"type":9,"volume":9,"order":77},{"title":83,"slug":84,"category":67,"tags":9,"type":9,"volume":9,"order":86},{"title":88,"slug":89,"category":67,"tags":9,"type":9,"volume":9,"order":86},{"title":92,"slug":93,"category":67,"tags":9,"type":9,"volume":9,"order":95},{"title":97,"slug":98,"category":61,"tags":9,"type":9,"volume":9,"order":95},{"title":101,"slug":102,"category":61,"tags":9,"type":9,"volume":9,"order":104},{"title":106,"slug":107,"category":67,"tags":9,"type":9,"volume":9,"order":104},{"title":110,"slug":111,"category":61,"tags":9,"type":9,"volume":9,"order":113},{"title":115,"slug":116,"category":61,"tags":9,"type":9,"volume":9,"order":118},{"title":120,"slug":121,"category":61,"tags":9,"type":9,"volume":9,"order":123},{"title":125,"slug":126,"category":61,"tags":9,"type":9,"volume":9,"order":128},{"title":130,"slug":131,"category":61,"tags":9,"type":9,"volume":9,"order":133},{"title":135,"slug":136,"category":138,"tags":9,"type":9,"volume":9,"order":139},{"title":141,"slug":142,"category":138,"tags":9,"type":9,"volume":9,"order":144},{"title":146,"slug":147,"category":138,"tags":9,"type":9,"volume":9,"order":149},{"title":151,"slug":152,"category":138,"tags":9,"type":9,"volume":9,"order":154},{"title":156,"slug":157,"category":138,"tags":9,"type":9,"volume":9,"order":159},{"title":161,"slug":162,"category":138,"tags":9,"type":9,"volume":9,"order":164},{"title":166,"slug":167,"category":138,"tags":9,"type":9,"volume":9,"order":169},{"title":171,"slug":172,"category":138,"tags":9,"type":9,"volume":9,"order":174},{"title":176,"slug":177,"category":138,"tags":9,"type":9,"volume":9,"order":179},{"title":181,"slug":182,"category":138,"tags":9,"type":9,"volume":9,"order":184},{"title":186,"slug":187,"category":138,"tags":9,"type":9,"volume":9,"order":189},{"title":191,"slug":192,"category":194,"tags":9,"type":9,"volume":9,"order":195},{"title":197,"slug":198,"category":194,"tags":9,"type":9,"volume":9,"order":200},{"title":202,"slug":203,"category":194,"tags":9,"type":9,"volume":9,"order":205},{"title":207,"slug":208,"category":194,"tags":9,"type":9,"volume":9,"order":210},{"title":212,"slug":213,"category":194,"tags":9,"type":9,"volume":9,"order":215},{"title":217,"slug":218,"category":194,"tags":9,"type":9,"volume":9,"order":220},{"title":222,"slug":223,"category":194,"tags":9,"type":9,"volume":9,"order":225},{"title":227,"slug":228,"category":194,"tags":9,"type":9,"volume":9,"order":230},{"title":232,"slug":233,"category":235,"tags":9,"type":9,"volume":9,"order":236},{"title":238,"slug":239,"category":241,"tags":9,"type":9,"volume":9,"order":242},{"title":244,"slug":245,"category":241,"tags":9,"type":9,"volume":9,"order":247},{"title":249,"slug":250,"category":241,"tags":9,"type":9,"volume":9,"order":252},{"title":254,"slug":255,"category":241,"tags":9,"type":9,"volume":9,"order":257},{"title":259,"slug":260,"category":241,"tags":9,"type":9,"volume":9,"order":262},{"title":264,"slug":265,"category":241,"tags":9,"type":9,"volume":9,"order":267},{"title":269,"slug":270,"category":241,"tags":9,"type":9,"volume":9,"order":272},{"title":274,"slug":275,"category":241,"tags":9,"type":9,"volume":9,"order":277},{"title":279,"slug":280,"category":241,"tags":9,"type":9,"volume":9,"order":282},{"title":284,"slug":285,"category":241,"tags":9,"type":9,"volume":9,"order":287},{"title":289,"slug":290,"category":241,"tags":9,"type":9,"volume":9,"order":292},{"title":294,"slug":295,"category":241,"tags":9,"type":9,"volume":9,"order":297},{"title":299,"slug":300,"category":241,"tags":9,"type":9,"volume":9,"order":302},{"title":304,"slug":305,"category":241,"tags":9,"type":9,"volume":9,"order":307},{"title":309,"slug":310,"category":241,"tags":9,"type":9,"volume":9,"order":312},{"title":314,"slug":315,"category":241,"tags":9,"type":9,"volume":9,"order":317},{"title":319,"slug":320,"category":241,"tags":9,"type":9,"volume":9,"order":322},{"title":324,"slug":325,"category":241,"tags":9,"type":9,"volume":9,"order":327},{"title":329,"slug":330,"category":241,"tags":9,"type":9,"volume":9,"order":332},{"title":334,"slug":335,"category":241,"tags":9,"type":9,"volume":9,"order":337},{"title":339,"slug":340,"category":241,"tags":9,"type":9,"volume":9,"order":342},{"title":344,"slug":345,"category":241,"tags":9,"type":9,"volume":9,"order":347},{"title":349,"slug":350,"category":241,"tags":9,"type":9,"volume":9,"order":352},{"title":354,"slug":355,"category":241,"tags":9,"type":9,"volume":9,"order":357},{"title":359,"slug":360,"category":241,"tags":9,"type":9,"volume":9,"order":362},{"title":364,"slug":365,"category":241,"tags":9,"type":9,"volume":9,"order":367},{"title":369,"slug":370,"category":241,"tags":9,"type":9,"volume":9,"order":372},{"title":374,"slug":375,"category":241,"tags":9,"type":9,"volume":9,"order":377},{"title":379,"slug":380,"category":241,"tags":9,"type":9,"volume":9,"order":382},{"title":384,"slug":385,"category":241,"tags":9,"type":9,"volume":9,"order":387},{"title":389,"slug":390,"category":241,"tags":9,"type":9,"volume":9,"order":392},{"title":394,"slug":395,"category":241,"tags":9,"type":9,"volume":9,"order":397},{"title":399,"slug":400,"category":241,"tags":9,"type":9,"volume":9,"order":402},{"title":404,"slug":405,"category":241,"tags":9,"type":9,"volume":9,"order":407},{"title":409,"slug":410,"category":241,"tags":9,"type":9,"volume":9,"order":412},{"title":414,"slug":415,"category":241,"tags":9,"type":9,"volume":9,"order":417},{"title":419,"slug":420,"category":241,"tags":9,"type":9,"volume":9,"order":422},{"title":424,"slug":425,"category":427,"tags":1514,"type":429,"volume":9,"order":428},[427,1515,1516,1517,1518,1375,646],"主题目录","投资认知","企业判断","财报估值",{"title":431,"slug":432,"category":427,"tags":1520,"type":435,"volume":436,"order":434},[1521,1522,58],"投资原则","买股票就是买公司",{"title":438,"slug":439,"category":427,"tags":1524,"type":435,"volume":436,"order":441},[1521,1525,1526],"投资理解","投资者",{"title":443,"slug":444,"category":427,"tags":1528,"type":435,"volume":436,"order":446},[1521,33,1529],"看懂生意",{"title":448,"slug":449,"category":427,"tags":1531,"type":435,"volume":436,"order":451},[1521,1532,1533,1534],"风险控制","不做空","不加杠杆",{"title":453,"slug":454,"category":427,"tags":1536,"type":435,"volume":436,"order":456},[1521,1537,1538,1539],"宏观经济","市场波动","牛熊市",{"title":458,"slug":459,"category":427,"tags":1541,"type":435,"volume":436,"order":461},[1521,18,222,1542],"学习方法",{"title":463,"slug":464,"category":427,"tags":1544,"type":435,"volume":467,"order":466},[1545,1546,1547],"商业经营","伟大企业","长坡厚雪",{"title":469,"slug":470,"category":427,"tags":1549,"type":435,"volume":467,"order":472},[1545,70,1550],"投资确定性",{"title":474,"slug":475,"category":427,"tags":1552,"type":435,"volume":467,"order":477},[1545,74,146],{"title":479,"slug":480,"category":427,"tags":1554,"type":435,"volume":467,"order":482},[1545,1555,1556,53],"好产品","用户导向",{"title":484,"slug":485,"category":427,"tags":1558,"type":435,"volume":467,"order":487},[1545,141,1559],"产品",{"title":135,"slug":489,"category":427,"tags":1561,"type":435,"volume":467,"order":491},[1545,135,1562],"基业长青",{"title":493,"slug":494,"category":427,"tags":1564,"type":435,"volume":497,"order":496},[1521,1565,88,1566],"财务报表","ROE",{"title":499,"slug":500,"category":427,"tags":1568,"type":435,"volume":497,"order":502},[1521,1569,1570,1571],"定性判断","现金流折现","估值",{"title":504,"slug":505,"category":427,"tags":1573,"type":435,"volume":497,"order":507},[1521,1574,115,1575,1576],"折现率","市盈率","估值案例",{"title":509,"slug":510,"category":427,"tags":1578,"type":435,"volume":497,"order":512},[1521,1579,1580,1581],"分红","回购","资本配置",{"title":514,"slug":515,"category":427,"tags":1583,"type":435,"volume":497,"order":517},[1521,120,1584,115],"集中投资",{"title":519,"slug":520,"category":427,"tags":1586,"type":435,"volume":497,"order":522},[1521,1587,1588,1571],"买卖时机","持有",{"title":524,"slug":525,"category":427,"tags":1590,"type":435,"volume":497,"order":527},[1521,125,1591,1592],"套利","量化交易",{"title":529,"slug":530,"category":427,"tags":1594,"type":435,"volume":533,"order":532},[1545,12,18,186],{"title":535,"slug":536,"category":427,"tags":1596,"type":435,"volume":533,"order":538},[1545,1597,1598,227],"Stop Doing List","聚焦",{"title":540,"slug":541,"category":427,"tags":1600,"type":435,"volume":533,"order":543},[1545,1601,48],"创新",{"title":545,"slug":546,"category":427,"tags":1603,"type":435,"volume":533,"order":548},[1545,1604,1605,161],"营销","广告",{"title":550,"slug":551,"category":427,"tags":1607,"type":435,"volume":533,"order":553},[1545,1608,1609,1610],"管理层","团队","激励",{"title":555,"slug":556,"category":427,"tags":1612,"type":435,"volume":533,"order":558},[1545,1613,1614,1615,1616],"收购","并购","多元化","多品牌",{"title":560,"slug":561,"category":427,"tags":1618,"type":435,"volume":564,"order":563},[1375,1089,1559,171],{"title":566,"slug":567,"category":427,"tags":1620,"type":435,"volume":564,"order":569},[1375,1089,1621,1622],"乔布斯","库克",{"title":571,"slug":572,"category":427,"tags":1624,"type":435,"volume":564,"order":574},[1375,1089,1571,1581],{"title":576,"slug":577,"category":427,"tags":1626,"type":435,"volume":564,"order":579},[1375,1627,141,70],"贵州茅台",{"title":581,"slug":582,"category":427,"tags":1629,"type":435,"volume":564,"order":584},[1375,1627,1630,1631],"公司治理","i茅台",{"title":586,"slug":587,"category":427,"tags":1633,"type":435,"volume":564,"order":589},[1375,1627,1571,120],{"title":591,"slug":592,"category":427,"tags":1635,"type":435,"volume":564,"order":594},[1375,1636,1637],"小霸王","步步高",{"title":596,"slug":597,"category":427,"tags":1639,"type":435,"volume":564,"order":599},[1375,596,1640,1641],"丁磊","游戏",{"title":601,"slug":602,"category":427,"tags":1643,"type":435,"volume":564,"order":604},[1375,1644,1645,1646],"阿里巴巴","雅虎","马云",{"title":606,"slug":607,"category":427,"tags":1648,"type":435,"volume":564,"order":609},[1375,606,1649],"情绪价值",{"title":611,"slug":612,"category":427,"tags":1651,"type":435,"volume":615,"order":614},[1375,1652,1653],"消费电子","日本制造",{"title":617,"slug":618,"category":427,"tags":1655,"type":435,"volume":615,"order":620},[1375,1656,1657,1658],"游戏行业","游戏公司","中国游戏",{"title":622,"slug":623,"category":427,"tags":1660,"type":435,"volume":615,"order":625},[1375,1661,1662],"互联网平台","科技产业",{"title":627,"slug":628,"category":427,"tags":1664,"type":435,"volume":615,"order":630},[1375,1665,1666,1667,1668,1669],"零售","电商","服务业","教育培训","航空",{"title":632,"slug":633,"category":427,"tags":1671,"type":435,"volume":615,"order":635},[1375,1376,1377],{"title":637,"slug":638,"category":427,"tags":1673,"type":435,"volume":615,"order":640},[1375,1674,1675,1676,1677,1678,1679],"格力","美的","比亚迪","万科","招商银行","瑞贝卡",{"title":642,"slug":643,"category":427,"tags":1681,"type":435,"volume":646,"order":645},[646,23,28],{"title":648,"slug":649,"category":427,"tags":1683,"type":435,"volume":646,"order":651},[646,217,222,227],{"title":653,"slug":654,"category":427,"tags":1685,"type":435,"volume":646,"order":656},[646,1686,1687,1688],"职业","创业","享受过程",{"title":658,"slug":659,"category":427,"tags":1690,"type":435,"volume":646,"order":661},[646,1691,1692,1693],"家庭","孩子","教育",{"title":663,"slug":664,"category":427,"tags":1695,"type":435,"volume":646,"order":666},[646,1696,1697,1698,1699,1700],"开放心态","阅读","AI","公益","社会责任",{"title":668,"slug":669,"category":427,"tags":1702,"type":435,"volume":646,"order":671},[646,1703,1704,1705,1706],"健康","睡眠","Zone 2","高尔夫",{"title":673,"slug":674,"category":676,"tags":9,"type":9,"volume":9,"order":677},{"title":676,"slug":679,"category":676,"tags":1709,"type":682,"volume":9,"order":681},[1710,1711,1369,1712],"公司","人物","投资案例",{"title":684,"slug":685,"category":676,"tags":1714,"type":688,"volume":9,"order":687},[1089,70,135,156,1622,1621],{"title":690,"slug":691,"category":676,"tags":1716,"type":694,"volume":9,"order":693},[1717,1718,12,135,23],"黄峥","拼多多",{"title":696,"slug":697,"category":676,"tags":1720,"type":688,"volume":9,"order":699},[606,1721,151,1649,1722,141,74],"王宁","IP",{"title":701,"slug":702,"category":676,"tags":1724,"type":694,"volume":9,"order":704},[1721,606,1725,1726,23,1727],"创始人","CEO","商业理解",{"title":706,"slug":707,"category":676,"tags":1729,"type":688,"volume":9,"order":709},[1627,141,88,33,120],{"title":711,"slug":712,"category":676,"tags":1731,"type":688,"volume":9,"order":714},[596,1640,1641,88,120],{"title":716,"slug":717,"category":676,"tags":1733,"type":688,"volume":9,"order":719},[1734,1735,1736,1737,70],"腾讯","马化腾","微信","微信支付",{"title":721,"slug":722,"category":676,"tags":1739,"type":688,"volume":9,"order":724},[1644,1646,135,70,1740],"保留",{"title":726,"slug":727,"category":676,"tags":1742,"type":688,"volume":9,"order":729},[1718,1717,12,161,70],{"title":731,"slug":732,"category":676,"tags":1744,"type":688,"volume":9,"order":734},[1745,1746,1747,1698,74,33],"英伟达","黄仁勋","CUDA",{"title":736,"slug":737,"category":676,"tags":1749,"type":688,"volume":9,"order":739},[1750,1641,161,176,33],"任天堂",{"title":741,"slug":742,"category":676,"tags":1752,"type":688,"volume":9,"order":744},[901,1753,135,1615,33,1754],"通用电气","反思",{"title":746,"slug":747,"category":676,"tags":1756,"type":688,"volume":9,"order":749},[1757,1758,1693,70,1740],"新东方","俞敏洪",{"title":751,"slug":752,"category":676,"tags":1760,"type":694,"volume":9,"order":754},[833,58,1522,18,227],{"title":756,"slug":757,"category":676,"tags":1762,"type":694,"volume":9,"order":759},[1763,222,1764,33,1765],"芒格","逆向思维","Costco",{"title":761,"slug":762,"category":676,"tags":1767,"type":694,"volume":9,"order":764},[1621,1089,181,186,135],{"title":766,"slug":767,"category":676,"tags":1769,"type":694,"volume":9,"order":769},[1622,1089,1726,222,135],{"title":771,"slug":772,"category":676,"tags":1771,"type":694,"volume":9,"order":774},[1646,1644,135,18,1772],"理想主义",{"title":776,"slug":777,"category":676,"tags":1774,"type":694,"volume":9,"order":779},[1640,596,1641,1775,1776],"现金","企业家",{"title":781,"slug":782,"category":676,"tags":1778,"type":694,"volume":9,"order":784},[1735,1734,1736,1737,70],{"title":786,"slug":787,"category":676,"tags":1780,"type":694,"volume":9,"order":789},[1758,1757,1693,1781,1776],"韧性",{"title":791,"slug":792,"category":676,"tags":1783,"type":694,"volume":9,"order":794},[1784,1627,181,1785,141],"季克良","质量文化",{"title":796,"slug":797,"category":676,"tags":1787,"type":694,"volume":9,"order":799},[1746,1745,1698,1747,1776],{"title":801,"slug":802,"category":676,"tags":1789,"type":805,"volume":9,"order":804},[1790,1369,70,135,1712],"公司清单",{"title":807,"slug":808,"category":676,"tags":1792,"type":805,"volume":9,"order":810},[1793,1369,1776,58,1725],"人物清单",{"title":812,"slug":813,"category":676,"tags":1795,"type":805,"volume":9,"order":815},[1796,1369,33,70,1712],"重估案例",1791623726743]