[{"data":1,"prerenderedAt":1894},["ShallowReactive",2],{"layout-dao":3,"dao-wenda-company-netease":816,"qanda-chapter-navigation":1478,"dao-related-topics":1526},[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":596,"body":818,"category":427,"chapterOrder":56,"date":9,"description":598,"editor":1461,"extension":1462,"meta":1463,"navigation":1464,"order":599,"path":1465,"publishedAt":9,"seo":1466,"seoDescription":598,"seoTitle":1467,"slug":597,"source":9,"sourceAuthor":1081,"sourceDate":9,"sourceNote":1468,"sourceStatus":1469,"sourceUrl":9,"sources":1470,"stem":1471,"summary":598,"tags":1472,"type":435,"updatedAt":1475,"volume":564,"volumeOrder":36,"__hash__":1476,"_collection":1477},"dao\u002Fdao\u002Fqanda\u002Fwenda-company-netease.md",{"type":819,"value":820,"toc":1452},"minimark",[821,826,830,837,840,845,848,853,861,870,873,881,884,889,892,897,900,905,908,911,914,919,923,929,937,940,947,950,955,958,963,966,971,977,980,985,988,993,996,999,1002,1005,1010,1017,1022,1026,1044,1049,1052,1061,1064,1070,1092,1097,1109,1121,1127,1138,1141,1146,1149,1158,1167,1184,1188,1191,1196,1202,1207,1212,1215,1220,1223,1235,1238,1243,1246,1251,1254,1259,1265,1273,1286,1298,1309,1314,1320,1324,1330,1337,1342,1345,1348,1363,1381,1393,1399,1405,1409,1412,1418,1421,1424,1427,1430,1433,1446,1449],[822,823,825],"h2",{"id":824},"第一节-发现与买入网易","第一节 发现与买入网易",[827,828,829],"p",{},"网友：您怎么能等到1美元以下才下手呢，如果说低估十美元以下也可以算低估了，您恰恰又买在了最低价！这样也可能会错过一些不会这样大幅度低估的股票吧！",[827,831,832,836],{},[833,834,835],"strong",{},"段永平："," 因为我发现ntes的时候他就是在1美元以下，所以是运气。我有一个朋友就是在掉到2块多时开始买的，后来也等到30-40块才卖的。（2010-03-06）",[827,838,839],{},"网友：大道，再请教一个当年投资网易的问题。是你当年看好中国的网络游戏发展才特别注意到了网易，还是恰好机缘巧合先认识丁磊，从而了解到网易的好生意？换句话问，你认为投资方法应该从看好行业自上往下，还是自下往上，case by case？如果自上往下选，当年的盛大、九城是否考虑过并划掉？",[827,841,842,844],{},[833,843,835],{}," 是偶然机会了解网易的，多少有点运气。没看过其他游戏公司除了腾讯，一直很想投腾讯但直到去年才投了一些。（2019-03-16）",[827,846,847],{},"网友：你投资网易取得了成功，故在此请教一些相关的问题。我感觉互联网和媒体公司的点击率（或收视率），盈利能力，市场空间等等要素似乎是很难判断的。你当时是如何调研，分析，追踪网易公司的？",[827,849,850,852],{},[833,851,835],{}," 我就玩他们的游戏来着。（2010-04-01）",[827,854,855,856,860],{},"网友：大哥：你买网易时说它“企业里面的现金就有2块钱，股价不到1块钱”。请问大哥：这里的“现金”指的是净资产还是",[857,858,88],"a",{"href":859},"\u002Fxianjinliu","？当时网易亏损程度如何？",[827,862,863,865,866,869],{},[833,864,835],{}," 是账上现金。他们没有",[857,867,64],{"href":868},"\u002Ffuzhai","。不记得了，反正觉得他们能有机会赚钱。（2010-04-06）",[827,871,872],{},"网友X：我记得以前媒体报道说当时网易的现金比市值还高是你买他的触发点之一，不知是否是这样？还有我想知道当时网易的资产负债率是多少？PB多少？从这里触发，除了定性的因素外，在定量上要多注意哪些东西？请不吝赐教！",[827,874,875,877,878,880],{},[833,876,835],{}," 网易一直没有",[857,879,64],{"href":868},"。（2010-07-07）",[827,882,883],{},"网友K：请教段总你这里有没有当年（2001年）网易的财报？请教2001年买进网易时它的市值和PB大约是多少？",[827,885,886,888],{},[833,887,835],{}," 我买的时候市值大概在2000多万（不到3000万）。其他不记得了。（2010-05-28）",[827,890,891],{},"网友：那网易，段总是从多少块买到多少块再买到多少块的呢？",[827,893,894,896],{},[833,895,835],{}," 最早的大部位是从大概0.8-1块左右。后来又陆陆续续有进有出一些。（2010-03-26）",[827,898,899],{},"网友：虽然你是成功投资人，不过我认为你当年投资网易时，真那么确定他能有今天的成功？",[827,901,902,904],{},[833,903,835],{}," 我投资成功其实主要是靠运气，对吧？当年确实不知道网易会有今天这么成功，不然我会买更多的。不过，我当时确实把自己手头的活钱都放进去了。作为刚刚开始投资的第二年能这么做回想起来确实不容易，我觉得首先应该感谢…… 。事后很多人包括有媒体问过我当时为什么那么勇敢，我才知道原来我不光运气，还勇敢，呵呵。（2012-01-10）",[827,906,907],{},"网友：当年网易要是也卖put那就没有后来几十倍的传奇了",[827,909,910],{},"大道：你这是教条主义啊！我要再碰到网易那种机会会直接买下公司的。其实当年就是这么打算的，但碰到一些内部阻碍，才逼的我自己个人全仓买了网易，还借了一些钱（不是margin哈）。（2026-08-14）",[827,912,913],{},"网友：如何去寻找您投资网易那样的投资机会呢？",[827,915,916,918],{},[833,917,835],{}," 网易这种投资机会是可遇不可求的，再说就算买了也很难拿得住，如果不能很好地了解和理解的话。（2010-03-15）",[822,920,922],{"id":921},"第二节-看懂梦幻西游这门生意","第二节 看懂梦幻西游这门生意",[827,924,925,926,928],{},"网友：你",[833,927,596],{},"赚100多倍而没有中途卖掉，信仰是什么？",[827,930,931,933,934],{},[833,932,835],{}," ",[833,935,936],{},"主要取决于对其生意的理解。也可以说是信仰自己对生意的理解。(2010-07-07)",[827,938,939],{},"网友：什么是好游戏？",[827,941,942,933,944],{},[833,943,835],{},[833,945,946],{},"梦幻西游属于简单的“弱智”游戏。我喜欢那种简单的“弱智”游戏。(2016-07-14)",[827,948,949],{},"网友：段总，一款网易游戏有没有价值是谁定的啊？",[827,951,952,954],{},[833,953,835],{}," 玩家。（2010-04-16）",[827,956,957],{},"网友：相关网游的股票，不到大师级还是少碰为好。拿网易来说事，产品“大话西游”“梦幻西游”运营好多年了，严重老化！升级产品“大话3”玩家不买账！“天下贰”玩家还在观望！好不容易请来“魔兽世界”倒可以稳定几年，可是几年后呢？想想这些年自己的客户被“征途”“农场”“地下城”“问道”“天龙”。抢走许多？要是未来几年再抢下去。",[827,959,960,962],{},[833,961,835],{}," 梦幻西游严重老化？什么意思？我可是玩了很多年的玩家啊。不要想当然啊。好像梦幻西游刚刚有个新高，260万人同时在线，比新加坡人口多。（2010-07-09）",[827,964,965],{},"网友G：那我冒昧问了，梦幻还会不会再有新高了？280万。320万。有颠覆它应该有低谷了。",[827,967,968,970],{},[833,969,835],{}," 只要有人好好经营，这种社区游戏掉下去的机会很小。会不会创新高并不重要。我说的新高，没说是巅峰。",[827,972,973,976],{},[833,974,975],{},"段永平：梦幻西游顶级玩家路过"," ，对手机梦幻不需要跟别人组队，完全没了以前那种感觉表示一下不满。（2018-10-05）",[827,978,979],{},"网友：自己不太玩游戏，有一个问题，像游戏的研发团队这种的话段总会怎么去了解啊？",[827,981,982,984],{},[833,983,835],{}," 看产品其实就知道，不过花的时间多。有机会能接触最好，可以了解到他们的心态。我印象中网易游戏部门的几个头的心态真不错，不然我猜网易游戏很难有今天。（2010-07-09）",[827,986,987],{},"网友F：您说当年网易也做过和巨人一样的事，不知道当时，这些我目前听来也不太厚道（和巨人比数据，似乎也没有必要啊）的行为是否影响了您对于公司文化的判断。您说过，看企业，首先看他是否“健康”。您说的巨人，网易比人数的故事，我乍一听感觉都不太健康。这个尺度，需要长期和近距离观察来把握吧。",[827,989,990,992],{},[833,991,835],{}," 很久很久以前的当年征途可能是为了做成在线人数最高而搞了个促销，结果超过了梦幻当时的最高在线人数。梦幻大概是为了捍卫最高在线人数游戏随后也搞了个大活动，夺回了在线人数第一的“头衔”。不过，由于梦幻是时间收费游戏，那个在线人数是收费的，而征途当时应该有点赔本赚吆喝的意思。两家公司都还比较理性，后来没见再发生这类事情了。",[827,994,995],{},"很多人玩游戏时是有小号的，如果集中在某个时段给某种有吸引力的奖励时，玩家就会在这个时段集中上线，从而提高同时最高在线人数，但实际上一般而言真实玩家不会因为这个原因增加或增加玩的时间。",[827,997,998],{},"我知道的网易的游戏的头们是非常厚道和极为小心的，不是逼急了他们不会干这事。当然，逼急了是不是就该干则有点复杂，不在讨论范围内。",[827,1000,1001],{},"以上均为我们从看到的现象在外围推测出来的结论，我自己从来没有问过双方当事人，尽管双方我都认识，但不知道怎么开口问。（2011-09-28）",[827,1003,1004],{},"网友：偶尔玩德州扑克，如果一款游戏打打杀杀、单纯耗时练习的场面少一些，玩的过程中能导人向善、益智，并且还能粘住玩家，那就真是一款好游戏。",[827,1006,1007,1009],{},[833,1008,835],{}," 德州扑克导人向善了？不要说得像个伪君子嘛。游戏就是游戏，就像打麻将，打完了都无聊，但过程很快乐。其实人生也如此，结局都一样，过程最重要。(2011-12-06)",[827,1011,1012,1013,1016],{},"网友：那明天",[833,1014,1015],{},"腾讯","发布一款“梦幻东游”，场景更华丽，互动性可玩性更好的游戏呢？有多少玩家会继续“西游”？",[827,1018,1019,1021],{},[833,1020,835],{}," 呵呵，梦幻西游快八九年了，至少有五六年以来国内无数人都在想干这事啊。(2010-07-09)",[822,1023,1025],{"id":1024},"第三节-丁磊与网易的团队","第三节 丁磊与网易的团队",[827,1027,1028,1029,1032,1033,1036,1037,1040,1041,1043],{},"网友：看了",[833,1030,1031],{},"丁磊","在浙大的演讲，发现他和您的观点都是一个模子里刻出来的。关于创新和企业发展速度还有",[857,1034,23],{"href":1035},"\u002Fzuoduideshiqing","，",[857,1038,28],{"href":1039},"\u002Fbashiqingzuodui","等等，几乎都是您的原话。",[833,1042,1031],{},"是不是您带出来的徒弟啊？",[827,1045,1046,1048],{},[833,1047,835],{}," 可能是英雄所见略同吧。(2010-03-09)",[827,1050,1051],{},"网友：网易丁磊：活一千年的“不”哲学",[827,1053,1054,1055],{},"http：\u002F\u002F",[857,1056,1060],{"href":1057,"rel":1058},"http:\u002F\u002Fwww.ceconline.com\u002Fleadership\u002Fma\u002F8800053023\u002F01\u002F",[1059],"nofollow","www.ceconline.com\u002Fleadership\u002Fma\u002F8800053023\u002F01\u002F",[827,1062,1063],{},"反复看了几遍，真正的企业家，更看到段总思想的影子，喜欢这样的企业家，拥有这样的企业的股票也是最放心的。基业长青，成就百年老店。",[827,1065,1066,1069],{},[833,1067,1068],{},"段永平：丁磊是个很有悟性的人"," 。（2010-03-18）",[827,1071,1072,1073,1075,1076,1078,1079,1082,1083,1085,1086,1088,1089,1091],{},"网友：写中国互联网历史的《沸腾十五年》里提到",[833,1074,1031],{},"向段总请教出售",[833,1077,596],{},"的问题。",[833,1080,1081],{},"段永平","反问他：“卖了公司之后干嘛？”",[833,1084,1031],{},"说：“我卖了公司有钱后再开一家公司。”",[833,1087,1081],{},"笑了：“你现在不就在做一家公司，为何不做好呢？”听了这番话，",[833,1090,1031],{},"如梦初醒，决定放弃门户模式。想和段总求证下，大概的情形是这样吗？",[827,1093,1094,1096],{},[833,1095,835],{}," 所以说媒体有时候很可怕。在我的记忆当中，这段对话是有的，但对话后的“如梦初醒”则完全不知道别人是如何杜撰出来的。",[827,1098,1099,1100,1102,1103,1105,1106,1108],{},"客观讲，个人记忆当中，如果我对",[833,1101,596],{},"或",[833,1104,1031],{},"有过帮助的话，那可能就只有当年的这段对话，那就是劝他不要在2美元(相当于现在的0.5美元)一股的时候把",[833,1107,596],{},"卖给新浪。",[827,1110,1111,1112,1114,1115,1117,1118,1120],{},"至于如果没有这个对话是否",[833,1113,1031],{},"就一定会把",[833,1116,596],{},"卖给新浪，我们大概永远都无法知道了。我个人的猜测是即使没有我们的对话，",[833,1119,1031],{},"也是不大可能会卖的，因为他就是因为不想卖才会和我聊起这事的。也许我们的对话只是把他的想法从80%肯定到了100%而已。(2011-01-11)",[827,1122,1123,1124,1126],{},"网友：我猜测既然媒体会知道您二位的对话，那应该是",[833,1125,1031],{},"先生对他们讲的。",[827,1128,1129,1131,1132,1134,1135,1137],{},[833,1130,835],{}," 我想了一下，也不太可能是",[833,1133,1031],{},"讲的，因为",[833,1136,596],{},"根本就没有放弃过门户。(2011-01-12)",[827,1139,1140],{},"网友J：属于有合同，就直接确认了收入了。在国内合同没有用的，关键在于收款。国外人确很看重合同。网易是合同签订了，但是执行可能会有一点问题，结果丁磊主动发现了问题。这种东西还需要找律师咨询，老段在中国拼打了这么多年，中美差异了然于胸。这就是由于中美的信息不对称导致的估值差异。",[827,1142,1143,1145],{},[833,1144,835],{}," 是那么回事。当时最重要的是判断是否是有意作假以及以后是否还会做，官司的影响实际很小。（2011-09-27）",[827,1147,1148],{},"网友R：弱弱地求教下，大道当时是从什么地方怎么看懂他们不会这么干的？主要倒不是会计数据方面，这方面还可以猜猜，但道德水准就完全不懂了。",[827,1150,1151,1153,1154,1157],{},[833,1152,835],{}," 这个问题不容易回答，因为没有简单的解。不过，",[833,1155,1156],{},"你可以想象一下你认识的所有熟悉的人（或者公司），你会发现实际上很多情况下你是可以判断谁你能信得过谁你绝对信不过的。这种判断不是充分的，但概率上很重要"," 。（2012-05-22）",[827,1159,1160,1161,1163,1164,1166],{},"网友：《",[833,1162,1031],{},"，说不大师》这篇文章大意就是讲",[833,1165,1031],{},"很保守，导致了公司仅仅游戏项目成功，其他毫无亮点，你怎么看？",[827,1168,1169,1171,1172,1174,1175,1177,1178,1180,1181,1183],{},[833,1170,835],{}," 那些批评",[833,1173,1031],{},"的一定不如",[833,1176,1031],{},"。当然，",[833,1179,1031],{},"完全可以做得更好的，他现在高尔夫打不过我，电商做不过淘宝，跑步没有刘翔快。不知道有没有人去看看与",[833,1182,1031],{},"同期开始做企业的那些人里有多少比例是能活下来的？(2013-06-16)",[822,1185,1187],{"id":1186},"第四节-持有加仓与卖出","第四节 持有、加仓与卖出",[827,1189,1190],{},"网友：希望您能谈谈当初对网易的理解，为何能坚持到80多元？",[827,1192,1193,1195],{},[833,1194,835],{}," 你要了解一个公司才能坚持啊。我能坚持就是因为我了解。顺便说一下，其实当时70-80我也没卖，不知道为什么大家都说我卖了？（2010-03-26）",[827,1197,1198,1199,1201],{},"网友：您怎么判断出",[833,1200,596],{},"的价值呢？因为了解吗？",[827,1203,1204,1206],{},[833,1205,835],{}," 是的。就像自己经营的公司。(2010-03-27)",[827,1208,1209,1211],{},[833,1210,835],{}," 网易分过一次股，1分4。就是如果你原来有一股现在变成4股。所以现在的40块相当于最早的160块。（2010-03-27）",[827,1213,1214],{},"网友：段总您好！在《查理·芒格传》这本书里看到芒格先生很喜欢把自己估值的伯克希尔价位说给粉丝股东，我想知道，您在网易内在价值大大低估时和有很高的成长性时买入（雏形和市场空间都看清楚了），那在中间的每个年份里您是如何模糊地确认网易股价内在价值区间的呢？比如公司增长的第2年或第3年或第5年的内在价值和第一年都不一样了。您的网易就是一路在提升内在价值。",[827,1216,1217,1219],{},[833,1218,835],{}," 我从来就没认真估过所谓“内在价值”的区间。在卖出大部分网易之前，我一直理性考虑的问题主要是这家公司未来到底可以赚多少钱而不是想我的股票已经赚了多少钱的问题。要大致想明白这个问题，对公司、行业、产品等等的了解不深是做不到的。（2011-01-11）",[827,1221,1222],{},"网友：段总卖网易方显英雄本色，一般等到升到二三十倍卖就很厉害了，升一百倍过程之中怎么顶住没卖的？是心中有个确定的价值吗不到那个位（100倍左右）坚决不卖？如果是，这个价值位怎么估出来的？",[827,1224,1225,1227,1228,1231,1232,1234],{},[833,1226,835],{}," 事实上，网易涨到20-30倍时我们还追加了一些。能够拿得住的最主要原因还是对公司及其业务的了解，还有就是",[857,1229,18],{"href":1230},"\u002Fpingchangxin","了，不要去想买入的成本，把焦点放在能理解的未来",[857,1233,88],{"href":859},"上。（2010-05-13）",[827,1236,1237],{},"网友：您买了股票后，一般花多少时间和精力在该公司上？",[827,1239,1240,1242],{},[833,1241,835],{}," 呵呵，说不清楚。有时之前花得多，有时买后还要花很多时间，尤其是当标的已经达到基本目标价以后，对其价值的判断还是挺重要的。比如，我对网易后来的发展就花了很多时间，不然没可能大部分拿到120-140倍才卖。（2010-05-05）",[827,1244,1245],{},"网友J：这文章来源不明，好像有的地方说得不准确。“100多倍的利润，他居然无动于衷”，我记得@大道无形我有型不是全部都hold住到100多。另外，关于网易诉讼那个，好像判断是风险很小（即使败诉）因为不是故意造假，是收入确认的问题，而且是公司自己主动披露的，不是败诉的可能性很小。或许我记错了。",[827,1247,1248,1250],{},[833,1249,835],{}," 你记得也没错。不过我100倍时我确实绝大部分都没卖，只是人家问的时候刚好是哪个价格而已。今天我也依然是网易的股东，只是股票很少了而已。留下的这些网易光卖call都累计收了快20块／股了，也不知道是谁的钱。（2011-09-27）",[827,1252,1253],{},"网友：您坚守网易股票9年之久，利润也赚上百倍，我想请教的是：我听您说过卖了一部分网易而买YAHOO和GE，为什么是卖部分而不是全部呢？",[827,1255,1256,1258],{},[833,1257,1081],{}," ：没卖全部的意思是留了一些作纪念。网易对我还是很特别的，所以不想都卖了。（2010-03-28）",[827,1260,1261,1262,1264],{},"网友：为什么卖",[833,1263,596],{},"?",[827,1266,1267,1269,1270,1272],{},[833,1268,835],{}," 因为",[833,1271,1031],{},"就是个大孩子，那么多钱放他手里不放心，虽然股价证明我可能卖错了。",[827,1274,1275,1276,1278,1279,1281,1282,1285],{},"说",[833,1277,1031],{},"是个大孩子绝对不是贬义啊！大孩子的意思是虽然是大人，但非常单纯，不会算计人，做朋友很好啊。至于卖掉大部分",[833,1280,596],{},"股票，事实证明也是不对的哈，虽然当时卖是为了换雅虎，后来又都换了",[833,1283,1284],{},"苹果","，但要都留到今天似乎收益好像还要好点。(2018-10-05)",[827,1287,1288,1289,1291,1292,1294,1295,1297],{},"网友：段总您还一直拿着一部分",[833,1290,596],{},"的股票，目前也确实创新高了，是因为您看好它的管理层？还是您一直看好",[833,1293,596],{},"的业务模式？(因为除了游戏，感觉在门户竞争中",[833,1296,596],{},"已经败下阵来。)",[827,1299,1300,1302,1303,1305,1306,1308],{},[833,1301,835],{}," 最近又卖了些",[833,1304,596],{},"，换成",[833,1307,1284],{},"了。剩下得不多了，成本才1万美元左右。",[827,1310,1311,1313],{},[833,1312,596],{},"的游戏不错啊，和暴雪合作后对未来更好了。其他的部分我从来没注意过，没有发言权。",[827,1315,1316,1317,1319],{},"至于应该值多少钱我没啥概念。反正当年我不明白人们为什么死活都不肯买，也不太明白人们为什么现在那么起劲买，前几天还有人向我推销",[833,1318,596],{},"呢。(2011-03-29)",[822,1321,1323],{"id":1322},"第五节-现金回购与资本配置","第五节 现金、回购与资本配置",[827,1325,1326,1327,1329],{},"“盛大私有化或吸引",[833,1328,596],{},"完美世界跟风。”(新闻)",[827,1331,1332,933,1334,1336],{},[833,1333,835],{},[833,1335,1031],{},"不会干这种傻事的。(2011-10-19)",[827,1338,1339,1341],{},[833,1340,835],{}," 你能得出这个结论来说明你真不一般。（2011-10-19）",[827,1343,1344],{},"网易董事会批准股票回购计划价值5000万美元（2011-12-01）",[827,1346,1347],{},"网易今天宣布，公司董事会已经批准了一项新的股票回购计划，此次回购规模高达5000万美元。根据此新的股票回购计划，网易将在不超过三个月的时间内回购完价值5000万美元流通在外的美国存托股票……",[827,1349,1350,1351,1353,1354,1356,1357,1359,1360,1362],{},"网友：",[833,1352,596],{},"的这个回购太难令人理解了。难道自己觉得现在股价很低吗？整个",[833,1355,596],{},"历史上，现在45美元也算高价位了；而按网游股来估值，",[833,1358,596],{},"也不便宜啊。如果真的觉得自己被严重低估的话，为什么只回购5000万啊，那18亿现金，等着贬值？怎么看",[833,1361,596],{},"这个回购？",[827,1364,1365,1367,1368,1370,1371,1373,1374,1377,1378,1380],{},[833,1366,835],{}," 记得很久以前我就跟丁老大说",[833,1369,596],{},"的最大问题可能是现金太多。现在的现金显然已经比那个时候要多多了，但",[833,1372,1031],{},"似乎没有因为有这么多现金而犯什么大错，这是非常不容易的事情。连",[833,1375,1376],{},"巴菲特","都说以前他现金一多就容易犯错。如果",[833,1379,596],{},"对自己公司的未来有信心的话，回购永远是最好的消耗现金的办法(在价格过得去的情况下)。",[827,1382,1383,1384,1386,1387,1389,1390,1392],{},"目前",[833,1385,596],{},"的市值扣掉现金大概只有8到9倍的P\u002FE了吧？如果",[833,1388,596],{},"相信未来依然能赚这个利润，这个价钱回购应该还是相当有道理的，因为现金放在银行里实在是没啥回报，去投在自己不熟悉的地方会更糟，还要占用精力。所谓的5000万股只不过是阶段性的吧？如果",[833,1391,596],{},"觉得合适，还可以有第二个或更多个的。(2011-12-02)",[827,1394,1395,1396,1398],{},"网友：请教大道，您对",[833,1397,596],{},"买了9亿美金拼多多股票怎么看？",[827,1400,1401,1402,1404],{},"大道：我不知道啊。如果是真的也不难理解。",[833,1403,596],{},"现金多，也需要找合适的投资标的的吧？（2026-05-15）",[822,1406,1408],{"id":1407},"第六节-梦幻情缘与近况","第六节 梦幻情缘与近况",[827,1410,1411],{},"网友：（网友劝大道回归梦幻西游）",[827,1413,1414,1415,1417],{},"大道：真玩不了，太花时间。不过我很喜欢梦幻，但真的没办法每天花几个小时在里面。以前是因为拿着",[833,1416,596],{},"股票，有个了解公司的理由。也许哪天会再去买台PC，从新手区打到59级啥的，谁知道呢。（2026-04-02）",[827,1419,1420],{},"网友：想象大道在游戏里建了一个帮派的画面，仿佛老巴的格雷厄姆多德俱乐部。",[827,1422,1423],{},"大道：大道无形我有型就是我梦幻里的龙宫号的名字。（2026-04-03）",[827,1425,1426],{},"网友：我在游戏里喜欢买皮肤，也很好理解。",[827,1428,1429],{},"大道：是的，皮肤是个非常好的点，那个也是情绪价值。梦幻里皮肤已经卖了20多年了，到现在好像据说还经常创新高。（2026-08-15）",[827,1431,1432],{},"网友：大道老师会经常在国外论坛上分享投资看法吗？",[827,1434,1435,1436,1439,1440,1442,1443,1445],{},"大道：最早在",[833,1437,1438],{},"Yahoo","财经和seeking阿尔法上发表过一点点，但英文不够好，而且使用不方便。后来是在",[833,1441,596],{},"博客，再后来",[833,1444,596],{},"把博客关了，就只在雪球上了。（2026-04-14）",[827,1447,1448],{},"网友：问了一下Al:\n关于段永平买网易是否算“下重手”，答案可以从两个层面来看：在他个人可动用的资金里，这几乎是“All in”的重手；但放在他个人总资产里，这又算不上特别重的一笔。\n· 动用资金层面：几乎押上了全部“子弹”：段永平自己说“基本上把能动用的钱全部动用了”。他不仅把手头200多万美元现金全投了进去，甚至为凑足200万美元还借了100万。最终他分批买入共205万股，占网易总股本的6.8%，成为网易第二大个人股东。\n· 个人总资产层面：占总资产比例并不高：段永平后来坦言，这笔钱对他“并不多”。因为当时他早已通过创办小霸王和步步高实现财务自由，拿出200多万美元（含部分借款）对他来说风险完全可控。\n所以，“重仓”指的是投资仓位的比例很重（近乎全部可用资金），而非押上了全部身家。\n这笔投资最终成为经典，不仅因为“敢下重注”，更因为深入的调研（发现每股含2美元多现金且退市风险低）、对游戏行业的深刻理解，以及长达8-9年的坚定持有，最终获得了超100倍的回报。",[827,1450,1451],{},"大道：网易对我来说确实是重手。后来的投资不管赚了多少钱，在我心目当中网易还是我最大的投资，不是之一，和金额无关。我投资中的遗憾其实也跟网易有关，毕竟我卖早了。投资是个遗憾的艺术，一直都会是的，很像golf。（2026-08-29）",{"title":1453,"searchDepth":21,"depth":21,"links":1454},"",[1455,1456,1457,1458,1459,1460],{"id":824,"depth":21,"text":825},{"id":921,"depth":21,"text":922},{"id":1024,"depth":21,"text":1025},{"id":1186,"depth":21,"text":1187},{"id":1322,"depth":21,"text":1323},{"id":1407,"depth":21,"text":1408},"寻长坡以滚雪球","md",{},true,"\u002Fdao\u002Fqanda\u002Fwenda-company-netease",{"title":596,"description":598},"段永平问答：网易｜段永平投资问答录","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-netease",[1473,596,1031,1474],"公司案例","游戏","2026-10-10","Iz0RWHy-y0lj3INRbatokNZg5ru_ulfwraifsK2mCTY","dao",[1479,1480,1481,1482,1483,1484,1485,1486,1487,1488,1489,1490,1491,1492,1493,1494,1495,1496,1497,1498,1499,1500,1501,1502,1503,1504,1505,1506,1507,1508,1509,1510,1511,1512,1513,1514,1515,1516,1517,1518,1519,1520,1521,1522,1523,1524,1525],{"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},[1527,1528,1529,1530,1531,1532,1533,1534,1535,1536,1537,1538,1539,1540,1541,1542,1543,1544,1545,1546,1547,1548,1549,1550,1551,1552,1553,1554,1555,1556,1557,1558,1559,1560,1561,1562,1563,1564,1565,1566,1567,1568,1569,1570,1571,1572,1573,1574,1575,1576,1577,1578,1579,1580,1581,1582,1583,1584,1585,1586,1587,1588,1589,1590,1591,1592,1593,1594,1595,1596,1597,1598,1599,1600,1601,1602,1603,1604,1605,1606,1607,1608,1609,1610,1616,1620,1624,1627,1632,1637,1640,1645,1648,1650,1654,1657,1660,1664,1669,1674,1679,1682,1686,1690,1692,1696,1699,1703,1708,1714,1716,1720,1722,1725,1729,1731,1735,1737,1742,1745,1749,1754,1758,1765,1769,1777,1779,1781,1786,1791,1798,1804,1805,1810,1812,1816,1820,1825,1827,1829,1834,1837,1839,1844,1847,1852,1856,1858,1863,1865,1867,1870,1874,1876,1879,1883,1885,1888,1891],{"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":1611,"type":429,"volume":9,"order":428},[427,1612,1613,1614,1615,1473,646],"主题目录","投资认知","企业判断","财报估值",{"title":431,"slug":432,"category":427,"tags":1617,"type":435,"volume":436,"order":434},[1618,1619,58],"投资原则","买股票就是买公司",{"title":438,"slug":439,"category":427,"tags":1621,"type":435,"volume":436,"order":441},[1618,1622,1623],"投资理解","投资者",{"title":443,"slug":444,"category":427,"tags":1625,"type":435,"volume":436,"order":446},[1618,33,1626],"看懂生意",{"title":448,"slug":449,"category":427,"tags":1628,"type":435,"volume":436,"order":451},[1618,1629,1630,1631],"风险控制","不做空","不加杠杆",{"title":453,"slug":454,"category":427,"tags":1633,"type":435,"volume":436,"order":456},[1618,1634,1635,1636],"宏观经济","市场波动","牛熊市",{"title":458,"slug":459,"category":427,"tags":1638,"type":435,"volume":436,"order":461},[1618,18,222,1639],"学习方法",{"title":463,"slug":464,"category":427,"tags":1641,"type":435,"volume":467,"order":466},[1642,1643,1644],"商业经营","伟大企业","长坡厚雪",{"title":469,"slug":470,"category":427,"tags":1646,"type":435,"volume":467,"order":472},[1642,70,1647],"投资确定性",{"title":474,"slug":475,"category":427,"tags":1649,"type":435,"volume":467,"order":477},[1642,74,146],{"title":479,"slug":480,"category":427,"tags":1651,"type":435,"volume":467,"order":482},[1642,1652,1653,53],"好产品","用户导向",{"title":484,"slug":485,"category":427,"tags":1655,"type":435,"volume":467,"order":487},[1642,141,1656],"产品",{"title":135,"slug":489,"category":427,"tags":1658,"type":435,"volume":467,"order":491},[1642,135,1659],"基业长青",{"title":493,"slug":494,"category":427,"tags":1661,"type":435,"volume":497,"order":496},[1618,1662,88,1663],"财务报表","ROE",{"title":499,"slug":500,"category":427,"tags":1665,"type":435,"volume":497,"order":502},[1618,1666,1667,1668],"定性判断","现金流折现","估值",{"title":504,"slug":505,"category":427,"tags":1670,"type":435,"volume":497,"order":507},[1618,1671,115,1672,1673],"折现率","市盈率","估值案例",{"title":509,"slug":510,"category":427,"tags":1675,"type":435,"volume":497,"order":512},[1618,1676,1677,1678],"分红","回购","资本配置",{"title":514,"slug":515,"category":427,"tags":1680,"type":435,"volume":497,"order":517},[1618,120,1681,115],"集中投资",{"title":519,"slug":520,"category":427,"tags":1683,"type":435,"volume":497,"order":522},[1618,1684,1685,1668],"买卖时机","持有",{"title":524,"slug":525,"category":427,"tags":1687,"type":435,"volume":497,"order":527},[1618,125,1688,1689],"套利","量化交易",{"title":529,"slug":530,"category":427,"tags":1691,"type":435,"volume":533,"order":532},[1642,12,18,186],{"title":535,"slug":536,"category":427,"tags":1693,"type":435,"volume":533,"order":538},[1642,1694,1695,227],"Stop Doing List","聚焦",{"title":540,"slug":541,"category":427,"tags":1697,"type":435,"volume":533,"order":543},[1642,1698,48],"创新",{"title":545,"slug":546,"category":427,"tags":1700,"type":435,"volume":533,"order":548},[1642,1701,1702,161],"营销","广告",{"title":550,"slug":551,"category":427,"tags":1704,"type":435,"volume":533,"order":553},[1642,1705,1706,1707],"管理层","团队","激励",{"title":555,"slug":556,"category":427,"tags":1709,"type":435,"volume":533,"order":558},[1642,1710,1711,1712,1713],"收购","并购","多元化","多品牌",{"title":560,"slug":561,"category":427,"tags":1715,"type":435,"volume":564,"order":563},[1473,1284,1656,171],{"title":566,"slug":567,"category":427,"tags":1717,"type":435,"volume":564,"order":569},[1473,1284,1718,1719],"乔布斯","库克",{"title":571,"slug":572,"category":427,"tags":1721,"type":435,"volume":564,"order":574},[1473,1284,1668,1678],{"title":576,"slug":577,"category":427,"tags":1723,"type":435,"volume":564,"order":579},[1473,1724,141,70],"贵州茅台",{"title":581,"slug":582,"category":427,"tags":1726,"type":435,"volume":564,"order":584},[1473,1724,1727,1728],"公司治理","i茅台",{"title":586,"slug":587,"category":427,"tags":1730,"type":435,"volume":564,"order":589},[1473,1724,1668,120],{"title":591,"slug":592,"category":427,"tags":1732,"type":435,"volume":564,"order":594},[1473,1733,1734],"小霸王","步步高",{"title":596,"slug":597,"category":427,"tags":1736,"type":435,"volume":564,"order":599},[1473,596,1031,1474],{"title":601,"slug":602,"category":427,"tags":1738,"type":435,"volume":564,"order":604},[1473,1739,1740,1741],"阿里巴巴","雅虎","马云",{"title":606,"slug":607,"category":427,"tags":1743,"type":435,"volume":564,"order":609},[1473,606,1744],"情绪价值",{"title":611,"slug":612,"category":427,"tags":1746,"type":435,"volume":615,"order":614},[1473,1747,1748],"消费电子","日本制造",{"title":617,"slug":618,"category":427,"tags":1750,"type":435,"volume":615,"order":620},[1473,1751,1752,1753],"游戏行业","游戏公司","中国游戏",{"title":622,"slug":623,"category":427,"tags":1755,"type":435,"volume":615,"order":625},[1473,1756,1757],"互联网平台","科技产业",{"title":627,"slug":628,"category":427,"tags":1759,"type":435,"volume":615,"order":630},[1473,1760,1761,1762,1763,1764],"零售","电商","服务业","教育培训","航空",{"title":632,"slug":633,"category":427,"tags":1766,"type":435,"volume":615,"order":635},[1473,1767,1768],"能源","工业企业",{"title":637,"slug":638,"category":427,"tags":1770,"type":435,"volume":615,"order":640},[1473,1771,1772,1773,1774,1775,1776],"格力","美的","比亚迪","万科","招商银行","瑞贝卡",{"title":642,"slug":643,"category":427,"tags":1778,"type":435,"volume":646,"order":645},[646,23,28],{"title":648,"slug":649,"category":427,"tags":1780,"type":435,"volume":646,"order":651},[646,217,222,227],{"title":653,"slug":654,"category":427,"tags":1782,"type":435,"volume":646,"order":656},[646,1783,1784,1785],"职业","创业","享受过程",{"title":658,"slug":659,"category":427,"tags":1787,"type":435,"volume":646,"order":661},[646,1788,1789,1790],"家庭","孩子","教育",{"title":663,"slug":664,"category":427,"tags":1792,"type":435,"volume":646,"order":666},[646,1793,1794,1795,1796,1797],"开放心态","阅读","AI","公益","社会责任",{"title":668,"slug":669,"category":427,"tags":1799,"type":435,"volume":646,"order":671},[646,1800,1801,1802,1803],"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":1806,"type":682,"volume":9,"order":681},[1807,1808,1081,1809],"公司","人物","投资案例",{"title":684,"slug":685,"category":676,"tags":1811,"type":688,"volume":9,"order":687},[1284,70,135,156,1719,1718],{"title":690,"slug":691,"category":676,"tags":1813,"type":694,"volume":9,"order":693},[1814,1815,12,135,23],"黄峥","拼多多",{"title":696,"slug":697,"category":676,"tags":1817,"type":688,"volume":9,"order":699},[606,1818,151,1744,1819,141,74],"王宁","IP",{"title":701,"slug":702,"category":676,"tags":1821,"type":694,"volume":9,"order":704},[1818,606,1822,1823,23,1824],"创始人","CEO","商业理解",{"title":706,"slug":707,"category":676,"tags":1826,"type":688,"volume":9,"order":709},[1724,141,88,33,120],{"title":711,"slug":712,"category":676,"tags":1828,"type":688,"volume":9,"order":714},[596,1031,1474,88,120],{"title":716,"slug":717,"category":676,"tags":1830,"type":688,"volume":9,"order":719},[1015,1831,1832,1833,70],"马化腾","微信","微信支付",{"title":721,"slug":722,"category":676,"tags":1835,"type":688,"volume":9,"order":724},[1739,1741,135,70,1836],"保留",{"title":726,"slug":727,"category":676,"tags":1838,"type":688,"volume":9,"order":729},[1815,1814,12,161,70],{"title":731,"slug":732,"category":676,"tags":1840,"type":688,"volume":9,"order":734},[1841,1842,1843,1795,74,33],"英伟达","黄仁勋","CUDA",{"title":736,"slug":737,"category":676,"tags":1845,"type":688,"volume":9,"order":739},[1846,1474,161,176,33],"任天堂",{"title":741,"slug":742,"category":676,"tags":1848,"type":688,"volume":9,"order":744},[1849,1850,135,1712,33,1851],"GE","通用电气","反思",{"title":746,"slug":747,"category":676,"tags":1853,"type":688,"volume":9,"order":749},[1854,1855,1790,70,1836],"新东方","俞敏洪",{"title":751,"slug":752,"category":676,"tags":1857,"type":694,"volume":9,"order":754},[1376,58,1619,18,227],{"title":756,"slug":757,"category":676,"tags":1859,"type":694,"volume":9,"order":759},[1860,222,1861,33,1862],"芒格","逆向思维","Costco",{"title":761,"slug":762,"category":676,"tags":1864,"type":694,"volume":9,"order":764},[1718,1284,181,186,135],{"title":766,"slug":767,"category":676,"tags":1866,"type":694,"volume":9,"order":769},[1719,1284,1823,222,135],{"title":771,"slug":772,"category":676,"tags":1868,"type":694,"volume":9,"order":774},[1741,1739,135,18,1869],"理想主义",{"title":776,"slug":777,"category":676,"tags":1871,"type":694,"volume":9,"order":779},[1031,596,1474,1872,1873],"现金","企业家",{"title":781,"slug":782,"category":676,"tags":1875,"type":694,"volume":9,"order":784},[1831,1015,1832,1833,70],{"title":786,"slug":787,"category":676,"tags":1877,"type":694,"volume":9,"order":789},[1855,1854,1790,1878,1873],"韧性",{"title":791,"slug":792,"category":676,"tags":1880,"type":694,"volume":9,"order":794},[1881,1724,181,1882,141],"季克良","质量文化",{"title":796,"slug":797,"category":676,"tags":1884,"type":694,"volume":9,"order":799},[1842,1841,1795,1843,1873],{"title":801,"slug":802,"category":676,"tags":1886,"type":805,"volume":9,"order":804},[1887,1081,70,135,1809],"公司清单",{"title":807,"slug":808,"category":676,"tags":1889,"type":805,"volume":9,"order":810},[1890,1081,1873,58,1822],"人物清单",{"title":812,"slug":813,"category":676,"tags":1892,"type":805,"volume":9,"order":815},[1893,1081,33,70,1809],"重估案例",1791623726614]