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CEO","person-tim-cook","段永平评价库克，核心是理性、理解乔布斯追求、延续苹果文化，并把苹果从乔布斯时代带入更大规模的长期经营。",5230,{"title":771,"slug":772,"description":773,"category":676,"order":774,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"马云：段永平为什么一直认为他了不起","person-mayun","段永平对马云的评价长期很高：他看重马云兼具理想主义和现实主义，也欣赏其勇气和企业文化意识；但这不等于他对阿里没有保留。",5240,{"title":776,"slug":777,"description":778,"category":676,"order":779,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"丁磊：段永平为什么说他很有悟性","person-dinglei","段永平评价丁磊，核心是“很有悟性”、单纯、不算计人，而且在网易现金很多时没有犯大错。",5250,{"title":781,"slug":782,"description":783,"category":676,"order":784,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"马化腾：段永平为什么正面评价他","person-mahuateng","段永平对马化腾的评价简洁但重要：人不错、年轻，并且微信和微信支付的影响非常大且深远。",5260,{"title":786,"slug":787,"description":788,"category":676,"order":789,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"俞敏洪：段永平为什么说他是条汉子","person-yuminhong","段永平欣赏俞敏洪的韧性和面对问题的能力，甚至说他是“条汉子”；但也认为俞离顶级企业家还有距离，新东方生意模式不是自己特别喜欢的类型。",5270,{"title":791,"slug":792,"description":793,"category":676,"order":794,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"季克良：段永平为什么说他对茅台至关重要","person-jikeliang","段永平评价季克良，核心是质量文化和造钟人作用：季克良让茅台成为今天的茅台，功不可没。",5280,{"title":796,"slug":797,"description":798,"category":676,"order":799,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"黄仁勋：段永平为什么欣赏他","person-huangrenxun","段永平欣赏黄仁勋，重点在真诚、有能量、长期方向一致，以及带领英伟达形成强生态；但他仍然区分“欣赏人”和“看懂英伟达十年护城河”。",5290,{"title":801,"slug":802,"description":803,"category":676,"order":804,"type":805,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平高度评价过的公司","topic-highly-rated-companies","段永平高度评价公司时，核心标准不是名气，而是能否长期做对事情：好产品、好商业模式、好文化、好管理层和可理解的未来现金流。",5300,"topic",{"title":807,"slug":808,"description":809,"category":676,"order":810,"type":805,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平高度评价过的人","topic-highly-rated-people","段永平评价人，重点不是名气，而是这个人是否理性、真诚、关注本质、能长期做对事情，并能把个人能力沉淀为组织能力。",5310,{"title":812,"slug":813,"description":814,"category":676,"order":815,"type":805,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平正在重估的公司","topic-revaluated-companies","段永平的重估案例最值得看的是变化过程：他会承认看不懂，也会在新证据出现后调整判断，但始终保留能力圈和长期现金流边界。",5320,{"id":817,"title":509,"body":818,"category":427,"chapterOrder":31,"date":9,"description":511,"editor":1323,"extension":1324,"meta":1325,"navigation":1326,"order":512,"path":1327,"publishedAt":9,"seo":1328,"seoDescription":511,"seoTitle":1329,"slug":510,"source":9,"sourceAuthor":1086,"sourceDate":9,"sourceNote":1330,"sourceStatus":1331,"sourceUrl":9,"sources":1332,"stem":1333,"summary":511,"tags":1334,"type":435,"updatedAt":1339,"volume":497,"volumeOrder":26,"__hash__":1340,"_collection":1341},"dao\u002Fdao\u002Fqanda\u002Fwenda-invest-10.md",{"type":819,"value":820,"toc":1317},"minimark",[821,826,830,842,848,851,854,863,866,871,874,877,882,885,890,895,898,904,911,914,917,923,926,932,935,940,943,946,949,953,956,961,966,969,974,977,986,991,994,1003,1006,1011,1014,1019,1022,1027,1032,1035,1040,1045,1048,1053,1059,1062,1065,1070,1073,1079,1082,1088,1091,1096,1099,1104,1107,1113,1116,1121,1124,1130,1133,1138,1141,1144,1149,1152,1157,1160,1164,1167,1172,1175,1180,1186,1189,1193,1199,1207,1210,1218,1224,1229,1232,1238,1245,1248,1251,1254,1260,1267,1270,1276,1279,1284,1287,1298,1301,1306,1311,1314],[822,823,825],"h2",{"id":824},"第一节-资本配置原则","第一节 资本配置原则",[827,828,829],"p",{},"网友：段大哥：您说我个人观点，长期而言ga很难跑赢大市。那您还为什么要去买它。是不是您认为ga是烟屁股头，它是价值被低估但前景看不清。",[827,831,832,836,837,841],{},[833,834,835],"strong",{},"段永平："," 呵呵，我不知道烟蒂的定义到底是什么，也没见过老巴具体说啥，但直觉有点像你给的这个定义。以GA的目前的现金以及",[838,839,88],"a",{"href":840},"\u002Fxianjinliu","而言，我一直觉得有点便宜，但一直没办法看明白所谓10年以后的事。",[827,843,844,845],{},"前些天突然发现自己管的很多账号都多出来一笔现金，一查发现是GA的分红到了。",[833,846,847],{},"一直没太想明白为什么巨人在发行价以下选择分红而不是回购，有点像融了资以后拿融到的钱给新老股东分红一样（分红时还要被代管者扣掉5%），虽然自己是“新股东”，但也觉得不太舒服。一直觉得他们的“华尔街”的顾问的水平有问题，不然就是他们自己的信心不足。",[827,849,850],{},"巨人的49%对51%的招还是很厉害的，算是把保健因子的某些方面做得很好了，对留住以及吸引人才有很大的好处，如果行业不出问题的话，长期会有很大的竞争力。（2011-04-14）",[827,852,853],{},"网友G：有分红，企业又好，岂不是一举两得。对大道来说，分红也许是关注企业带来的附加收益。",[827,855,856,859,860,862],{},[833,857,858],{},"段永平：好公司当现金多于需要又不能有效利用时自然会分红的，不然就不算很好的公司。"," 有些公司抱着现金不放又不用是伤害股东利益的。你只要明白未来",[838,861,88],{"href":840},"折现的意思就明白我说啥了。（2012-03-07）",[827,864,865],{},"网友：巴菲特谈苹果股价低迷：我若是库克就回购……",[827,867,868,870],{},[833,869,835],{}," 苹果其实一直在回购，在前面100个亿没回购完以前是不应该出新的回购计划的。另外，这么大的回购计划可能也需要时间去制定，不能有纰漏。长期来讲，股价低对苹果没任何坏处，回购到便宜的股票实际上对长期股东也非常好。",[827,872,873],{},"举个极端的例子：假设苹果股价在这里不动3年，苹果每年赚450亿，3年后加上现在手里的现金资产近1400亿，手里留400亿周转，再去掉分红300亿，苹果可以投2000亿进去回购，那3年后苹果的市值就只有2000亿左右了。那个时候苹果可能一年可以赚500多亿或者600多亿（如果不是更多的话），很难再继续在2000亿市值上呆着吧？（2013-03-05）",[827,875,876],{},"网友：苹果手上持有越来越多的现金，是否存在无法有效利用的风险，跑不赢通胀呢？",[827,878,879,881],{},[833,880,835],{}," 所以他们分红和回购。我认为他们的分红会逐年提高的。（2012-04-11）",[827,883,884],{},"网友：说到这，茅台貌似也蛮多现金的，是否存在没有被有效利用而贬值的可能？",[827,886,887,889],{},[833,888,835],{}," 如果用不好贬得更快，不如分红。（2012-04-11）",[827,891,892,894],{},[833,893,835],{}," 有些公司拿着很多现金却无法有效利用的话，实际上这些现金是在贬值的。最好的状况是在不用分红的前提下可以维持资产回报率。（博文：《再更正》，2012-04-11）",[827,896,897],{},"网友：段总，假如苹果只宣布提高分红（每股多50美分或1美元），而不大量回购股票（一年至少200亿美元以上，去年宣布的三年回购100亿美元含金量较低因为它是用来neutralizing the impact of dilution），是否可以判断苹果对自己的前景不乐观？",[827,899,900,903],{},[833,901,902],{},"段永平：其实任何股票都只有一个真正的买家，那就是公司自己"," 。",[827,905,906,907,910],{},"苹果现在拥有远多于运营需要的现金，所以苹果一定会用他们认为合适的办法还给股东，这是人们在投资苹果时应该认定的，不然就是",[838,908,125],{"href":909},"\u002Ftouji","。之所以认为这是个好机会回购的理由，因为这个价位以上套住的人很多，股价很可能不会反弹得太快，所以苹果有机会买到好价钱。我如果是苹果，现阶段宁愿贷款也要回购，因为分红都比利息高了。等将来有窗口时再将海外的钱汇回来就行。",[827,912,913],{},"（2013-04-18）",[827,915,916],{},"网友：一直想请教一个企业盈利和分红的问题，万科不是很喜欢现金分红，而且a股有很多企业有类似的情况。不知段总如何看待这个问题？",[827,918,919,922],{},[833,920,921],{},"段永平：万科有贷款本来就不应该分红，不然就成了贷款分红了"," 。记得万科实际上还是分点红的，据说是为了满足配股或其它什么条件？有些监管条例怪怪的，不能怨万科。（2011-10-28）",[827,924,925],{},"网友：段总，您怎么看资本支出，你觉得怎么样的资本开销才算是合理的开销？",[827,927,928,931],{},[833,929,930],{},"段永平：只要是理性的开支就可称为合理。如果是受股东压力或者说受“成长”的压力而花钱则有危险"," 。（2010-11-01）",[827,933,934],{},"网友：企业受股东压力、“成长”压力而花钱怎样理解？能具体说说吗？",[827,936,937,939],{},[833,938,835],{}," 自己想，不能什么都喂到你嘴里，那样说了反正你也不明白。（2010-11-01）",[827,941,942],{},"【引用】巴菲特31年股东信精华（2012-02-17）",[827,944,945],{},"今天先不管价格多少，最值得拥有的企业是那种在一段长的期间可以将大笔的资金运用在相当高报酬的投资上，最不值得拥有的企业是那种跟前面那个例子完全相反的，在一段长的期间将大笔的资金运用在相当低报酬的投资之上。不幸的是，第一类的企业可遇不可求，大部分拥有高报酬的企业都不需要太多的资金，这类企业的股东通常会因为公司发放大量的股利或是买回自家公司的股份而大大地受惠。",[827,947,948],{},"（1992）",[822,950,952],{"id":951},"第二节-分红","第二节 分红",[827,954,955],{},"网友：刚才看到一篇报道，国内的几乎所有的上市银行都是一边分红一边发新股，如果一家银行分红100亿，同时发行100亿元的新股，股东作为一个总体手中没有多出一分钱还要交大笔的所得税和承销费用，银行这样做岂不是疯了？",[827,957,958,960],{},[833,959,835],{}," 这确实是比较怪异的现象。可能是由于规定不分红的公司不能配股，所以A股里这种情况很多。（2010-05-07）",[827,962,963,965],{},[833,964,835],{}," 国内经常有人把股东回报和分红混起来说，其实两者没有必然关系。（2010-05-23）",[827,967,968],{},"网友：巴菲特特别喜欢公司回购股票，回购会提升股票的内在价值吗？",[827,970,971,973],{},[833,972,835],{}," 回购其实也不提高整个公司的内在价值，但提高个股的内在价值，因为股票少了。（2011-03-02）",[827,975,976],{},"网友：10转3送5的意思是：每10股转增3股再送5股，即原来的10股变成了18股，不用股东交钱的，转增完后，股价会自动除权的。所以转增只是个游戏，但A股市场喜欢这种“朝三暮四”式的游戏，10股再派0.6元，1股得6分红利，扣除红利税后，以昨天的收盘价来计算，要低于银行的利息了，只有千分之4",[827,978,979,981,982,985],{},[833,980,835],{}," 10股派0.6？晕，看起来像是每股派0.6。",[833,983,984],{},"说利润时是每股获利，为什么派息时变成了每10股派息了？"," 如你所说，为什么不是10送8呢？非要说10转3送5，难道是为了考验大家的加法能力？（2011-03-02）",[827,987,988,990],{},[833,989,835],{}," 别的公司回购的真实理由可能有无穷个，但老巴回购的理由大概就只有一个，那就是他现在暂时很难找到比BRK更便宜的股票，也就是说他认为BRK确实很便宜了。我理解的老巴对很便宜的定义大概是安全的年复合回报率在10%或以上的意思。（2011-09-27）",[827,992,993],{},"网友：“安全的年复合回报率在10%或以上”，这个数据是怎么得来的？",[827,995,996,998,999,1002],{},[833,997,835],{}," 这个数字是猜的。",[833,1000,1001],{},"巴菲特一般安全回报8%或以上的可转换债券就愿意投了","。(2011-09-29)",[827,1004,1005],{},"网友：大股东的回购能被认为明显低估吗？",[827,1007,1008,1010],{},[833,1009,835],{}," 回购最多只能说明大股东认为其股票被低估了。很多时候公司的回购经常只是为了给市场一个姿态，实际上并不表示什么。大概只有一种情况能表示公司确实认为其股票真的被低估了，那就是完全私有化。即便如此，也不代表这个股票真的被低估了。（2012-02-11）",[827,1012,1013],{},"网友：我去开过几次股东大会，分别问过他们董事长，总经理，董秘，他们都说自己公司价格被低估了。",[827,1015,1016,1018],{},[833,1017,835],{}," 大概所有公司的人都会对外说自己的股票被低估了吧？问完之后你感觉好点儿了吗？（2012-02-13）",[827,1020,1021],{},"网友T：A股也如此？",[827,1023,1024,1026],{},[833,1025,835],{}," 不明真相的群众：分不到多少钱，没意义；而且市盈率这么高，应该增发才对，分什么红呀（2012-03-06）",[827,1028,1029,1031],{},[833,1030,835],{}," 4块多的股票分3毛居然还有嫌少的？可能看惯了a股那种蒙人的（每10股）分红3毛的了？（2012-03-07）",[827,1033,1034],{},"网友Z：那差不多，我关心分红方案，但不为了分红。",[827,1036,1037,1039],{},[833,1038,835],{}," 我连分红方案都不关心。（2012-03-07）",[827,1041,1042,1044],{},[833,1043,835],{}," 苹果会开始加大回购量；苹果已经拥有远多于运营需要的现金，库克也多次提到过。那么处理这些现金的最好办法大概就是在便宜的时候回购。当然，派息也是一个办法，但派息的问题是收到股息的股东要付税。苹果目前有一个3年100亿的回购计划，估计应该已经花得差不多了，所以近期应该就可以出新的回购计划。",[827,1046,1047],{},"对大的回购计划的最大障碍实际上是苹果海外现金如何回到美国的问题，这是个几乎所有有大量现金的美国公司都有的问题。有很多美国公司实际上是用发债的形式先借钱做想做的事情，等待政府的窗口把钱汇回来。由于债券的利息是如此之低，发债其实是个很好的低成本的办法。（2013-03-04）",[827,1049,1050,1052],{},[833,1051,835],{}," 茅台分了红了。居然只扣5%的税。不过持有短过一个月就卖的还要加缴15%，一个月到一年间的要加缴5%，所以持有满一年以上的只需要缴5%。这个办法很好，中国在进步啊。（2013-06-07）",[827,1054,1055,1058],{},[833,1056,1057],{},"段永平：其实最理想的公司是能把利润继续投入到原来的生意模式里的公司，分红是其次的选择。有些公司，比如苹果，就是已经没办法把利润再投入，所以才开始回购和分红的。当然，分红比乱花钱好100倍。"," （2013-09-28）",[827,1060,1061],{},"不明真相的群众：市盈率高于10倍的话，分红意思就不大。5-10倍之间分红比较理想。",[827,1063,1064],{},"网友G：这个分红比A股大方多了，很满意的分红。呵呵，算算分红年化收益比较高，还不说巨人的成长。",[827,1066,1067,1069],{},[833,1068,835],{}," 不过分不分红和股票价值无关。",[827,1071,1072],{},"网友：我想请教下，在美股市场，是否有很多金融企业不断增发、配股来融资？是常态还是个别现象。你怎么看待A股频繁的金融股再融资？",[827,1074,1075,1078],{},[833,1076,1077],{},"段永平：感觉美股里需要融资的企业都是不得已而为之的"," 。（2010-07-08）",[827,1080,1081],{},"网友：公司回购和高管增持是否可作为股价被低估的重要信号，并作为买入价的参考依据之一。",[827,1083,1084,1087],{},[833,1085,1086],{},"段永平"," ：我不看这种信号的。（2019-07-23）",[827,1089,1090],{},"网友：投资的最高境界是不是买了一家公司，即使它退市也不怕，可以靠分红等手段收回投资？",[827,1092,1093,1095],{},[833,1094,835],{}," 差不多是这个意思。（2010-03-31）",[827,1097,1098],{},"网友：你是如何看待上市公司再融资和分红的呢？",[827,1100,1101,1103],{},[833,1102,835],{}," 我觉得为了融资而分红是件非常怪异的事，或者说分了红后又马上融资是件非常怪异的事。更怪异的是，居然连我买过的公司也干这种事。我水平低，看不懂，总有围棋里自紧一气的感觉。（2010-05-11）",[827,1105,1106],{},"网友：你如何看待大股东的回购？",[827,1108,1109,1112],{},[833,1110,1111],{},"段永平：控股股东买自己的股票的原因大概有n种，常见的有：1．这个股东确实聪明，2，这个股东脑子坏了；结果一般也分为几种：1．确实买的便宜，2．其实买的不便宜，3．买的贵大发了。但不管谁买，其实都不会改变公司的内在价值，除非这种购买可以改变经营或文化等。"," （2011-10-28）",[827,1114,1115],{},"网友：问个弱智问题：国内股票分红很多都是送股转股，感觉增加了股份数量而没增加价值，而且要扣税，最终结果是亏的。国内股票基本没看到过回购的，这是怎么回事您知道吗？",[827,1117,1118,1120],{},[833,1119,835],{}," 把送股转股称为分红确实有点弱智。A股确实有点乱，但像茅台这种大股东增持大致可以视为回购了，只是用了比较笨的办法而已，不明白为什么这种情况不去回购，看起来比你那个问题还要弱智。不过，所有人都不做的事情大概是有原因的，投资A股的人大概是需要搞清楚才行。（2013-04-23）",[827,1122,1123],{},"网友：如果每年把钱除掉税之后分给股东，那比较容易预算大概的回报率；但如果每年都回购，感觉回报率就不知道怎么算了，只是感觉有可能会很大很大。",[827,1125,1126,1129],{},[833,1127,1128],{},"段永平：其实是否回购或分红都不是回报率的关键，但真正能赚到钱的好公司最后都一定会通过某个或某几个途径将利润给到股东的"," ，除非公司能像老巴那样用其多余的钱持续得到高于社会平均回报的投资……总有一天老巴的公司也会有用不完的钱的。（2015-11-16）",[827,1131,1132],{},"网友T：长期来看，股票的收益率就是企业的利润增长率，可口可乐现在的收入主要来自分红，除非回购否则不会在股价上体现出现。但斌有这个疑问是很应该的。不过仔细想想答案倒也明白了。",[827,1134,1135,1137],{},[833,1136,1086],{}," ：如果现在可口可乐既不分红也不回购，以后股价会怎样？",[827,1139,1140],{},"“巨人网络Q4净利润3920万美元，同比增6.6%。”(新闻)",[827,1142,1143],{},"网友Z：若果是在创业期，是可以不考虑。如果企业进入成熟期，分红方案不好的公司，就可能存在董事会侵占和业绩不真实的状况，怎么能够不关心。",[827,1145,1146,1148],{},[833,1147,835],{}," 这和分不分红无关。你要不相信他们就不该买他们股票。老巴从来没分过红。分不分红其实和公司价值无关。(2012-03-07)",[827,1150,1151],{},"网友：市盈率高于10倍的话，分红意思就不大。5-10倍之间分红比较理想。分不到多少钱，没意义。而且市盈率这么高，应该增发才对，分什么红呀。",[827,1153,1154,1156],{},[833,1155,835],{}," 4块多的股票分3毛居然还有嫌少的？可能看惯了A股那种蒙人的每10股分红3毛的了？",[827,1158,1159],{},"网友：这个分红比A股大方多了，很满意的分红。",[827,1161,1162,1069],{},[833,1163,835],{},[827,1165,1166],{},"网友：是挺高，但通胀也挺高的，扣除通胀率后，您还满意吗？",[827,1168,1169,1171],{},[833,1170,835],{}," 我根本就不关心分不分红，所以没有满不满意的问题。",[827,1173,1174],{},"网友：那差不多，我关心分红方案，但不为了分红。",[827,1176,1177,1179],{},[833,1178,835],{}," 我连分红方案都不关心。",[827,1181,1182,1183,1185],{},"网友：段总，我有个问题。有一家 A 股游戏上市公司，流通股大股东基本都是公司高层，每年股息率有 5%，",[838,1184,88],{"href":840},"也很稳定。您之前说过，真正看好自家公司的，要么是公司自己回购，要么是投资者分红后再买入。但这家公司分红之后，高管们并没有继续买入自家股票，只是把公司当成提款机。请问这样的企业，是不是存在风险？",[827,1187,1188],{},"大道：每家公司都是有风险的。公司高管买不买自己股票跟自己公司好不好的关心其实是很小的。简单讲，你搞不懂的公司都是风险很大的。（2025-12-04）",[822,1190,1192],{"id":1191},"第三节-回购债务与公司是唯一的买家","第三节 回购、债务与“公司是唯一的买家”",[827,1194,1195,1196,1198],{},"网友：GA分红策略让人很踏实，最近又分红0.42美元。有一个不成熟的思考，就是感觉股息折现模型比",[838,1197,88],{"href":840},"折现模型更合适，尤其在通胀隐忧很大的时候。茅台、苹果这些公司，如果在现金处理方面能够做一些调整，企业内在价值可以提升。老巴买中石油、ibm，都提到俩公司在分红回购方面的计划是他决策的一个依据。想听听段叔的看法。",[827,1200,1201,1203,1204,1206],{},[833,1202,835],{}," 按这个逻辑老巴的股票就不值钱了。关键看账上的现金能不能带来未来的",[838,1205,88],{"href":840},"，不能的就分掉或用于回购好。茅台的分红比例已经不低了，苹果会慢慢提高的。（2013-02-27）",[827,1208,1209],{},"网友H：“其实任何股票都只有一个真正的买家，那就是公司自己。”突然想明白这句话了，如拨云见日，茅塞顿开！",[827,1211,1212,1214,1215,1217],{},[833,1213,835],{}," 未来净",[838,1216,88],{"href":840},"就是这个意思啊。（2013-04-19）",[827,1219,1220,1221,1223],{},"网友S：段大哥，未来净",[838,1222,88],{"href":840},"应该是公司的生命期里挣的纯利吧。任何股票都只有一个真正的买家，那就是公司自己，我还是不太明白含义，能再给说说吗？",[827,1225,1226,1228],{},[833,1227,835],{}," 想不明白以前最好别碰股票，慢慢想吧。（2013-04-19）",[827,1230,1231],{},"网友：有个问题一直困扰着我，如果好公司主流资金不买它，它也不会涨。毕竟市场涨跌是由主流资金把控的，价值投资是赚企业自身盈利的钱。如果主流资金本身就是随大流，比如去年买蓝筹，今年买创业。相对应的去年蓝筹涨，今年创业涨。那价值投资这个逻辑还成立吗？或者说价值规律在股市中能体现吗？",[827,1233,1234,1237],{},[833,1235,1236],{},"段永平：其实会买公司股票的人只有一个，那就是公司自己，别人都是过客"," 。想通了这个道理，别的都不是问题了。",[827,1239,1240,1241,1244],{},"我讲的是事实。举个例子，假如",[833,1242,1243],{},"苹果","经营不变，但所有人都要把股票卖出来，那谁会买？用什么钱买？",[827,1246,1247],{},"再说一个简单的例子：好几年前，我在某个场合碰到Tim Cook。他问我你干嘛的，我说，投资。他问，投啥了？我说，苹果。他再问，还有呢？我说，没了，基本上都是苹果。然后他没接话，可能他觉得他见的投资人里没这样的。然后我说，如果苹果一直这个价钱，十来年后我可能就是苹果的唯一股东了哈，因为苹果的盈利会把除了我以外的所有股票都买回去的，他听了后微笑了一下，啥也没说。",[827,1249,1250],{},"大家都知道，很可惜这个事情没能发生，尤其是有个叫巴菲特的人跑进来把我的如意算盘给搅和了。（2020-10-18）",[827,1252,1253],{},"网友I：“任何股票都只有一个真正的买家，那就是公司自己。”我觉得这句话绝不是说只有公司自己才是价值投资者。而是指公司以外的任何人购买都不会增加每股的价值，只不过是从张三转让给李四而已，和公司没啥关系；而公司回购并注销长期来看才会增加每股的含金量，这才是唯一真正的买家。",[827,1255,1256,1259],{},[833,1257,1258],{},"段永平：其实只要把公司想象成非上市公司，而且只有一个股东，大概就能容易明白了？"," （2013-04-20）",[827,1261,1262,1263,1266],{},"（“公司是唯一的买家”这个说法，在谈股价究竟由什么决定时也反复出现过，见",[838,1264,453],{"href":1265},"\u002Fwenda-invest-05#%E7%AC%AC%E4%B8%80%E8%8A%82-%E6%8A%95%E7%A5%A8%E5%99%A8%E4%B8%8E%E7%A7%B0%E9%87%8D%E6%9C%BA%E8%82%A1%E4%BB%B7%E7%94%B1%E4%BB%80%E4%B9%88%E5%86%B3%E5%AE%9A","。）",[827,1268,1269],{},"网友：IBM这些年巴菲特在电视上其实谈的也挺多的。今年3月初他又接受CNBC直播采访时说“喜欢IBM”，现在IBM的股价，除了价格比4年前还低，股票总数也已经减少了将近25%！",[827,1271,1272,1275],{},[833,1273,1274],{},"段永平：股票减少的同时债务增加了多少？靠债务回购是件非常不舒服的事情"," 。（2015-04-08）",[827,1277,1278],{},"网友：如果一个企业回购自己的股票，是否就可以认为这家公司便宜了，是否该跟进买入？",[827,1280,1281,1283],{},[833,1282,835],{}," 任何“跟进”都是错的，因为你早晚会错。",[827,1285,1286],{},"跟进的意思就是自己不明白瞎买的意思，所以早晚会跟错的。而且，跟进也很难赚钱，因为不是很明白，所以拿不住。如果你也明白就不一样了。(2010-07-23)",[827,1288,1289,1290,1293,1294,1297],{},"网友：说下我的看法，跟着段总学了2年多，今年有点明白生意模式的事，万科这种生意模式不是很好，房地产行业属于资金密集型的，说白了就是要靠投钱来发展，你看国内的融资通道一关（融资成本太高，万科的借款年利率都到11点多了），房地产企业就要打通融资",[838,1291,161],{"href":1292},"\u002Fqudao","（香港上市，发债），万科在房地产行业内绝对算财务稳健的，你比较下其他房地产公司的",[838,1295,64],{"href":1296},"\u002Ffuzhai","，跟好的生意模式贵州茅台对比一下，茅台现在是200亿在银行躺着，不需要每年去投入资金发展，每年分红应该是沪深上市公司最高的（其实还可以更高），去年万科股东大会有股东提出要万科大比例分红，我是唯一一个举手反对说（夸张下哈）：你每年借债的年息都11点多，怎不能拿付着11点多的年息的资金来分红吧，要不是证监会规定，就不应该分红。",[827,1299,1300],{},"王石说，有反对意见是好事，但分红不能不分，还是要分一点的。（其实都是在段总这里学的，再感谢下）",[827,1302,1303,1305],{},[833,1304,835],{}," 国内上市公司的一个怪现象就是又借钱又分红，因为不分红就不能融资，这是很多年前我问王石时知道的。这种类型的分红是监管的问题，有点怪异。（2013-03-07）",[827,1307,1308,1310],{},[833,1309,835],{}," 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