[{"data":1,"prerenderedAt":1873},["ShallowReactive",2],{"layout-dao":3,"dao-wenda-life-02":816,"qanda-chapter-navigation":1454,"dao-related-topics":1502},[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":648,"body":818,"category":427,"chapterOrder":21,"date":9,"description":650,"editor":1438,"extension":1439,"meta":1440,"navigation":1441,"order":651,"path":1442,"publishedAt":9,"seo":1443,"seoDescription":650,"seoTitle":1444,"slug":649,"source":9,"sourceAuthor":1445,"sourceDate":9,"sourceNote":1446,"sourceStatus":1447,"sourceUrl":9,"sources":1448,"stem":1449,"summary":650,"tags":1450,"type":435,"updatedAt":1451,"volume":646,"volumeOrder":51,"__hash__":1452,"_collection":1453},"dao\u002Fdao\u002Fqanda\u002Fwenda-life-02.md",{"type":819,"value":820,"toc":1432},"minimark",[821,826,830,840,848,856,862,867,870,873,876,881,884,889,896,904,907,912,915,920,926,933,936,944,947,950,953,956,964,967,975,982,987,990,999,1002,1005,1008,1013,1016,1021,1024,1029,1032,1037,1043,1048,1051,1058,1061,1064,1067,1070,1079,1082,1087,1090,1095,1098,1105,1108,1115,1118,1123,1137,1140,1145,1148,1153,1156,1159,1164,1167,1174,1177,1185,1188,1193,1196,1201,1204,1209,1212,1217,1220,1231,1234,1239,1242,1245,1250,1254,1257,1265,1268,1273,1283,1286,1291,1300,1307,1310,1315,1318,1321,1324,1327,1330,1333,1337,1340,1345,1355,1363,1369,1378,1381,1398,1405,1408,1411,1414,1417,1420,1423,1426,1429],[822,823,825],"h2",{"id":824},"第一节-正直与诚信","第一节 正直与诚信",[827,828,829],"p",{},"网友：吃亏就是舍得，先舍后有得，大舍大得！",[827,831,832,836,837],{},[833,834,835],"strong",{},"段永平："," ",[833,838,839],{},"舍不是为了得。(2010-03-12)",[827,841,842,843,847],{},"网友：你小时候愤青过么？在中国，",[844,845,217],"a",{"href":846},"\u002Fzhengzhi","、随和的人是会吃亏的。",[827,849,850,852,853,855],{},[833,851,835],{}," 我们小时候不敢愤青啊！能愤青就是社会的大进步。你要觉得随和吃亏那可就说明你骨子里不是随和的人，世界上哪里都一样，最后成事的人都还是",[844,854,217],{"href":846},"的人。(2010-03-30)",[827,857,858,859,861],{},"网友：段大哥特别强调诚信和",[844,860,217],{"href":846},"。",[827,863,864,866],{},[833,865,835],{}," 是的。我记得去上中欧的第一天，前院长张国华训话里讲过一个故事。他说有个著名商学院(我不记得名字了)曾经做过一个调查，想知道非常成功的人都有什么共同特性，结果发现什么特性的人都有，但他们唯一共有的特点就是integrity。(2010-04-02)",[827,868,869],{},"“成功的组成因素：10%的运气+30%的善良+60%的努力。”",[827,871,872],{},"今天从一个朋友那儿听来的，觉得很有道理。(2010-06-11)",[827,874,875],{},"网友：三要素里“善良”是最弱的、最可能被替代的吧。",[827,877,878,880],{},[833,879,835],{}," 呵呵，也许用30到50年的角度看你就明白了。(2010-06-12)",[827,882,883],{},"网友：善良的农夫在大雪中将冻得要死去的蛇放在了自己的怀中来拯救它，结果不言而喻。希望大家拥有善良禀性的同时也拥有一份思辨的智慧。",[827,885,886,888],{},[833,887,835],{}," 农夫那不叫善良，那叫愚蠢。(2010-07-12)",[827,890,891,892,895],{},"我认为逻辑很重要。善良不是把蛇放怀里。",[833,893,894],{},"善良体现最多的是不作恶","。看看现在社会上的那些现象。(2010-06-12)",[827,897,898],{},[833,899,900,901,903],{},"我不知道做个",[844,902,217],{"href":846},"的人会有什么回报，但至少让人一生坦然。(2011-07-25)",[827,905,906],{},"网友：我也不喜欢情商这种说法。我觉得真诚、诚信、理解、同理心、普世价值观是关键。情商本意是管理情绪的能力，可惜在中国，这个词彻底变了味。",[827,908,909,911],{},[833,910,835],{}," 很赞。(2019-05-21)",[827,913,914],{},"网友：有人曾说过一句话：“和别人合作，假如拿7分合理，拿8分也可以，那我们拿6分就可以了。”这样，生意才做得大，做得长远。",[827,916,917,919],{},[833,918,835],{}," 那是不赚人便宜的意思。拿6分是为了保险，确认没赚别人便宜，但他也没吃亏哈。事实上日积月累，他赚的便宜大了，但不是从对方身上赚的。(2023-05-09)",[827,921,922,923,925],{},"网友：30%的善良指的是",[844,924,217],{"href":846},"。诚实是最好的策略。",[827,927,928,930,931,861],{},[833,929,835],{}," 善良好像应该包括",[844,932,217],{"href":846},[827,934,935],{},"《今晚报》：（发布关于郑智化事件的时评《郑智化的尊严是我们共同的底线》）",[827,937,938,939],{},"链接：",[844,940,941],{"href":941,"rel":942},"https:\u002F\u002Fxueqiu.com\u002FS\u002FSZ000089\u002F358248030",[943],"nofollow",[827,945,946],{},"大道： 看上去有同理心的人真的不多。（2025-10-27）",[827,948,949],{},"网友：500多人点赞了，还同理心的人不多。",[827,951,952],{},"大道：我说错了，我其实想说的是没有同理心的人还真不少。（2025-10-27）",[827,954,955],{},"网友：莫忘世上苦人多，要尽所能帮助别人但不要成为负担。同理心的年轻人不多，但在这事情上，同理心的老年人大概率可不少啊。",[827,957,958,959,963],{},"大道：有点道理，可能确实跟年龄也有关。看来我不小心暴露年龄了",[960,961,962],"span",{},"滴汗","（2025-10-27）",[827,965,966],{},"网友：这个“青涩”是什么意思啊？",[827,968,969,836,971,974],{},[833,970,835],{},[833,972,973],{},"万科","的典故。(2010-04-26)",[827,976,977,978,981],{},"网友：网上找的一",[833,979,980],{},"王石",":“我虽然快60岁了，但对于大事情的处理，还是显得很青涩。”",[827,983,984,986],{},[833,985,835],{}," 我的理解“青涩”表示不“圆滑”。(2010-04-27)",[827,988,989],{},"网友：段总相对于那年被二柄男采访时，似乎谦逊了许多，这也是我佩服段总的原因，国内象这样实事求是的商人太少。",[827,991,992,994,995,998],{},[833,993,835],{}," 二柄男是谁？另外，说我谦逊可能是对我的误解。但我可能不像以前那么爱较劲了吧，这可能是“成熟”点的表现？",[833,996,997],{},"不过我觉得我还是很“青涩”"," 。（2010-03-26）",[827,1000,1001],{},"我不谦虚，也不喜欢别人谦虚。我喜欢比较客观的人，我自己大概也属于这类人。(2010-07-08)",[827,1003,1004],{},"大道谦虚的说法可能是误解。虽然大道也知道“谦虚使人进步”，但谦虚让大道觉得难受，也许大家对谦虚的定义不一样？不知道为什么，谦虚的虚总让人有点不舒服，不知道有没有“谦实”的说法？“谦实谨慎”看着舒服很多。(2021-06-29)",[827,1006,1007],{},"网友：您太谦虚了，您如果归功于运气的话，可能运气成分占了百分之十。",[827,1009,1010,1012],{},[833,1011,835],{}," 哈，您大概率没看到过我说我从来就不是个谦虚的人。（2025-10-18）",[827,1014,1015],{},"网友：什么叫帅才？",[827,1017,1018,1020],{},[833,1019,835],{}," 我一直以为大部分帅才都是“青涩”的。(2010-05-15)",[827,1022,1023],{},"网友：请问什么是人际关系？",[827,1025,1026,1028],{},[833,1027,835],{}," 你想问什么？你的人际关系的定义又是什么？我理解的“关系”其实就是信任度，不是吃吃喝喝的那种。(2022-10-20)",[827,1030,1031],{},"网友：大道您说过：我也曾试图告诉别人我的理解，结果发现好难。大道平常和不在一个频道上的朋友聊天，一般咋处理？我有时候老抬杠。",[827,1033,1034,1036],{},[833,1035,835],{}," 你为什么非要和不在一个频道的人聊天？（2025-10-19）",[827,1038,1039,1040,1042],{},"网友：做",[844,1041,217],{"href":846},"的人好难啊！",[827,1044,1045,1047],{},[833,1046,835],{}," 其实不难，但你如果希望因为这个得到什么可能会有点难。有时可能还要吃亏。如果你不肯吃亏，也会有点难。(2010-05-21)",[827,1049,1050],{},"好汉不吃眼前亏的原意好像是识时务的意思。这里要说的和原来那句话其实未必有关系。",[827,1052,1053,1054,1057],{},"不爱吃亏是人之常情，无可厚非。记得以前经常会有人提起双赢的说法，但有多少人真的想过到底什么才是双赢呢？当人们提起双赢时，可能本能会想只要不吃亏就行。后来发现，要想不吃亏的话，往往需要赚点便宜才能做到。于是我们公司便有了“不要赚人便宜”的文化。个人认为只有在不赚人便宜的心态下，才有可能做到双赢——所以不赚人便宜就成了",[844,1055,12],{"href":1056},"\u002Fbenfen","的内容之一。",[827,1059,1060],{},"顺便讲个小故事。记得很久很久以前(大概1989年)刚刚开始卖游戏机时，我们主要是靠进大散件来组装游戏机的。",[827,1062,1063],{},"有一次进了一个台商的一批货(好像是两千台)，合同价里包含有2%的备件，就是对方按2000套的价钱共给了我们2040套散件的意思。结果生产完了以后大概有50台坏机，所以结账时就少付了对方50台的钱。(当时好像确实没搞懂备件的意思。)后来再也没和这个台商打过交道了。",[827,1065,1066],{},"这事让我内疚至今，看来赚人便宜的事情其实是不便宜的。(2013-02-19)",[827,1068,1069],{},"网友：“建立自我，追求无我”是不要太看重别人想法，要追求自己内心真正想要的东西的意思吗？",[827,1071,1072,1074,1075,1078],{},[833,1073,835],{}," 差不多吧，还有就是要",[844,1076,18],{"href":1077},"\u002Fpingchangxin","的意思。(2010-05-22)",[827,1080,1081],{},"网友：你捐那么多款，会分一些给你亲戚吗？朋友或亲戚编理由来借钱，会拒绝吗？看来钱多也是一个麻烦事情。",[827,1083,1084,1086],{},[833,1085,835],{}," 呵呵，钱多有时确实是个麻烦。我可能运气好，好像还没有见过有亲戚编理由来借钱的。我的原则是不借钱给朋友和亲戚，但有急需我可以给他们。我对急需的定义是和疾病及教育有关的事，生意上的事我不愿意帮忙，不然就是个无底洞，也没有办法鉴别该给谁不该给谁。我在老家每年都会投些钱给直系亲属子女的教育。(2010-03-29)",[827,1088,1089],{},"网友：如果一个好友或亲人做生意遇到困难，想向你借钱，你是坚持原则，还是有可能破例？",[827,1091,1092,1094],{},[833,1093,835],{}," 我不借钱，但可以给。如果真是很特别的人，我就宁愿送。能到这份上的人是很少的。(2010-08-01)",[827,1096,1097],{},"网友：哎，有时候抹不开面子，更多的时候不借觉得对不起人似的。",[827,1099,1100,836,1102],{},[833,1101,835],{},[833,1103,1104],{},"呵呵，死要面子活受罪，有什么好抱怨的？你这么要面子，身边是不会有批评意见的。(2010-10-18)",[827,1106,1107],{},"网友：如果有亲戚朋友要你帮忙，还要不要厚道？有没有什么好办法？",[827,1109,1110,836,1112],{},[833,1111,835],{},[833,1113,1114],{},"该帮的忙当然要帮，不帮是不厚道。不该帮的忙帮了是没原则，也是不厚道。(2012-03-04)",[827,1116,1117],{},"网友：好汉不能占便宜。",[827,1119,1120,1122],{},[833,1121,835],{}," 不能占便宜的说法经典哈，能说出这话来不容易！(2013-02-21)",[827,1124,1125],{},[833,1126,1127,1128,1130,1131,1133,1134,1136],{},"你只要能坚持",[844,1129,12],{"href":1056},"，很多年后你会很厉害的。俗话说“有借有还再借不难”，其中“有借有还”就是",[844,1132,12],{"href":1056},"，“再借不难”其实是功利。当你不再想着“再借不难”时你就真的",[844,1135,12],{"href":1056},"了。(2013-02-24)",[827,1138,1139],{},"网友：好朋友想借钱买车，自己也没太多钱，该不该借呢？",[827,1141,1142,1144],{},[833,1143,835],{}," 非常不赞成借钱给朋友，如果你还想保住这个朋友的话。如果他值得，你就送给他吧，但即便如此，朋友恐怕也快到头了。(2013-05-07)",[827,1146,1147],{},"网友：朋友难免有困难，暂时借个钱应个急，人之常情，为什么大道认为借钱给朋友会保不住朋友呢？",[827,1149,1150,1152],{},[833,1151,835],{}," 50岁以后就明白了。",[827,1154,1155],{},"人都是需要钱的，所以需要不应该作为向朋友借钱的理由，尤其是在不知道自己是不是还得了的前提下。这里指的借钱不是指的那种因为身上忘了带而临时借个几十或几百，下次见面就能还上的那种。(2013-06-10)",[827,1157,1158],{},"网友：怎么看待情商？",[827,1160,1161,1163],{},[833,1162,835],{}," 我不懂情商，也不太用这个字。我觉得情商听着有点假，但懂得尊重人非常重要，不是假尊重那种，也不是因对方地位变化而变化的那种。",[827,1165,1166],{},"网友：借钱给人，一般我都希望给我借条，有时候对方不说借条，我自己提出要求时很尴尬别扭。",[827,1168,1169,836,1171],{},[833,1170,835],{},[833,1172,1173],{},"其实很简单，不借不就完了？你又不想借，又想当好人，怎么做得到？",[827,1175,1176],{},"网友：怎么看待别人对自己的看法，尤其是不太顺的时候。",[827,1178,1179,836,1181,1184],{},[833,1180,835],{},[833,1182,1183],{},"在乎别人的看法的人一般而言都是太把自己当回事了。跑几趟海边，你就明白其实没人真把你当回事，你也就不会太在乎别人的看法了。总而言之，事情的对错比别人怎么看要重要得多。","(2011-01-05)",[827,1186,1187],{},"网友：如何分辨哪些人可以交朋友，可以信任？一个人的道德水准比能力更难分辨。",[827,1189,1190,1192],{},[833,1191,835],{}," 我告诉不了你，但时间可以。不过你能想到一个人的道德水准比能力更难分辨，说明你已经开始明白了。另外，大概没人是可以绝对明白如何分辨的，我猜。(2013-02-13)",[827,1194,1195],{},"网友：意思是不是对人的判断需要一段长的时间去观察？",[827,1197,1198,1200],{},[833,1199,835],{}," 你已经50了？(2013-10-16)",[827,1202,1203],{},"网友：您怎么看待和处理别人对您的负面评价？",[827,1205,1206,1208],{},[833,1207,835],{}," 极少人是真的在乎你的，你也别在乎别人怎么评价你就是了。(2020-10-13)",[827,1210,1211],{},"网友：善良的人不一定成功，成功的人不一定善良。",[827,1213,1214,1216],{},[833,1215,835],{}," 我写这一条时就想到一定会有人说很多“不一定”。什么时候这些朋友能搞清楚“充要条件”啊。这世界没有成功的充分条件。",[827,1218,1219],{},"网友：如何建立长期友谊？",[827,1221,1222,836,1224,1227,1228],{},[833,1223,835],{},[833,1225,1226],{},"就是真诚和人打交道。我跟","巴菲特",[833,1229,1230],{},"学到的，人一辈子最重要的是友谊。所以要对朋友宽容，要友善，要诚实。但他也没说要有很多朋友，能有一打好朋友就足够了。",[827,1232,1233],{},"网友：如何找到正确的英雄？",[827,1235,1236,1238],{},[833,1237,835],{}," 到50岁时你就明白了。",[827,1240,1241],{},"网友：今天看到您转载的文章说OPPO发放离职员工年终奖，真的要给OPPO点无数个赞哈！后来看到您评论说你们20多年来都如此，真不知该用什么词来表达对您和您的企业敬意！借用网友的评价，真的把本分做到了极致！之所以会有这样的感想，是因为我工作的一个公司，说好的我拿所负责业务的30%提成，但是老板从去年三四季度的账没完全清要给我（只给了7成），今年一季度也没算。",[827,1243,1244],{},"之前都是季度末结清。老板是熟人，当时叫我过来做的时候我一直不来，因为怕有冲突的时候双方都没有能力处理好。我的问题是，该不该或者什么情况下走法律程序维权？",[827,1246,1247,1249],{},[833,1248,835],{}," 这个问题比较复杂。一般来说，恶人自有恶人磨，最重要的是远离他们就好。（2019-04-21）",[822,1251,1253],{"id":1252},"第二节-理性与原则","第二节 理性与原则",[827,1255,1256],{},"网友：生活交友或为人处事上有没有大原则可以分享？",[827,1258,1259,836,1261,1264],{},[833,1260,835],{},[833,1262,1263],{},"屏蔽你不喜欢的人和事可以节省很多时间","。我不喜欢用“拉黑”这两个字，因为拉黑有贬义，拉黑的时候自己有负担，也会引起对方更多的反感。(2024-08-08)",[827,1266,1267],{},"网友：您怎样理解不普通的人？",[827,1269,1270,1272],{},[833,1271,835],{}," 不那么理解“不普通的人”到底是什么意思。我觉得绝大多数人都是普通人，但普通人通过积累是可以做出不普通的成就的，比如梅西。当然有些天赋会让人不那么普通，比如姚明的高度(姚明的成就实际上也是有巨大的努力在里面的)，但那毕竟是极小比例的，也不是普通人能通过努力学到的东西。(2023-02-11)",[827,1274,1275,1276],{},"大道确实是个普通人，高考虽然算是小考区状元，但进浙大时在班里35个人中考分排第18。考人大研究生时全班25个人考分排名第25。所以大道能有今天绝对不是因为绝顶聪明，而是因为一些其他的因素。",[833,1277,1278,1279,1282],{},"比如，",[844,1280,222],{"href":1281},"\u002Flixing","想长远、不为清单…(2021-06-28)",[827,1284,1285],{},"网友：如何做到既不害怕得罪人，又能正确地说不？",[827,1287,1288,1290],{},[833,1289,835],{}," 我不是八面玲珑的人，也很容易得罪人。不过，如果能习惯从对方的角度看问题，误解的机会会小些。坚持原则有时确实会有人不高兴，但不坚持的话最后是大家都不高兴。(2010-11-07)",[827,1292,1293,1294,1296,1297,1299],{},"网友：",[833,1295,980],{},"说大道总是表现得举重若轻，我想这就是",[844,1298,222],{"href":1281},"想长远的结果啊，人无远虑 必有近忧，如果想得足够长远，好与不好都已在预期之中了，人自然也就洒脱了。",[827,1301,1302,1303,1306],{},"大道：举重若轻的真实原因其实是举轻若轻。举轻若轻的意思就是看起来毫不费力的意思，但那是竭尽全力的结果，全是功夫啊。竭尽全力才能看起来毫不费力。但需要先想一想是不是在",[844,1304,23],{"href":1305},"\u002Fzuoduideshiqing","。（2025-12-09）",[827,1308,1309],{},"网友：如果我们碰到一些避不开而又想要占我们便宜、甚至没有底线地对我们的利益进行侵害的人，该怎么做？",[827,1311,1312,1314],{},[833,1313,835],{}," 尽量不打交道吧？(2019-07-11)",[827,1316,1317],{},"网友：阿段，你去世界各地，如何确保在当地的安全？",[827,1319,1320],{},"大道：不立危墙之下，不安全的地方不去。（2025-12-05）",[827,1322,1323],{},"网友：老哥，您好，大道老师和王石在2025年的对谈，“理性想长远”中间没有顿号，这是大道老师自己回答网友说的，您说让我们反馈，所以我不敢不反馈",[827,1325,1326],{},"大道：是的，是理性地想长远的意思。其实中间有没有顿号都应该不会引起误解的，而且想长远本来就是理性的表现吧。（2026-09-02）",[827,1328,1329],{},"网友：想请问大道年轻时有没有去算过命，或者去看风水，对算命八字怎么看？如果有人当面给你看相 说你有灾 你会相信吗",[827,1331,1332],{},"大道：风水无非就是天时地利人和，我信风水但不信风水先生。我是个理性的人，对算命八字一无所知，也不会找人给自己看相。以前我们公司有个台湾供应商号称“X大仙”，老在公司里给人算这算那，我还蛮烦的。后来我直接说再这样这里就不再欢迎你了。（2026-09-28）",[822,1334,1336],{"id":1335},"第三节-长期视角与脚踏实地","第三节 长期视角与脚踏实地",[827,1338,1339],{},"网友：成功并能保持的人，都有他厉害的地方。",[827,1341,1342,1344],{},[833,1343,835],{}," 很多所谓厉害的人其实仅仅是因为他们一直在老老实实做他们该做的事情而已。单看每件事情是很难看出来他们厉害在哪里的。(2018-11-05)",[827,1346,1347,1348,1351,1352,1354],{},"网友：大道，您离开北京的国企、离开",[833,1349,1350],{},"小霸王","、去美国陪夫人，每一个决定换作别人都会纠结很久，但您能很",[844,1353,222],{"href":1281},"地处理沉没成本，这种能力是经过多少时间形成的，有没有突然“开悟”的诱因？",[827,1356,1357,836,1359,1362],{},[833,1358,835],{},[833,1360,1361],{},"也许是一种习惯，就是想长远的习惯。不知道怎么开始的了，回想起来也许是本科毕业考研时，找了3天找不到自己未来想做的事情(找不到想考的专业)，就把考研放弃了","。(2020-12-03)",[827,1364,1365,1366,1368],{},"网友：对",[844,1367,222],{"href":1281},"的定义是什么？",[827,1370,1371,836,1373],{},[833,1372,835],{},[833,1374,1375,1377],{},[844,1376,222],{"href":1281},"就是想长远啊。(2022-03-08)",[827,1379,1380],{},"网友：商业直觉是天赋吗？",[827,1382,1383,1385,1386,1388,1389,1391,1392,1394,1395,1397],{},[833,1384,835],{}," 所谓商业直觉其实就是",[844,1387,222],{"href":1281},"思考能力，",[833,1390,1227],{},"早就是顶级的了。当然，随着经验的积累，对不同公司的直觉的准确度肯定是会增加的。比如我能比较懂手机，",[833,1393,1227],{},"比较懂保险公司和银行等等。",[833,1396,1227],{},"懂的东西太多，我这么说不是很全面哈。(2023-01-11)",[827,1399,1400,1401,1404],{},"网友：此刻（浙江大学）求是大讲堂里任书记在讲大学精神，讲得很好，很多都是段先生以前讲过的。",[844,1402,227],{"href":1403},"\u002Fzhangqizhuyi","、理想主义，深以为然。\n大道：所见略同哈。应该说过：没有理想走不远，不现实很难活下去，所以需要理想主义和现实主义的结合。",[827,1406,1407],{},"我觉得几乎所有好的企业都是理想主义和现实主义的结合，大概就是既要想的很长远，又要能够脚踏实地地做好每件小事的意思。（2025-11-29）",[827,1409,1410],{},"网友：段哥，您觉得享受当下和想长远会不会是矛盾关系？",[827,1412,1413],{},"大道：我觉得不矛盾，除非你就是愿意苦哈哈的想长远，但这样的话你就会一直都苦哈哈的，因为一直要想长远的。（2026-08-09）",[827,1415,1416],{},"网友：您心目中的理想主义者有哪几位？乔布斯算一位吧",[827,1418,1419],{},"大道：乔不是的，他是理想主义和现实主义的结合者。 单纯的理想主义者大概率你是不记得的，因为他们很快就消失了。（2026-09-02）",[827,1421,1422],{},"网友：大道老师。我想问您一个问题。生活中有这么多的意外。一些突如其来的疾病。您总是说做对的事情，把事情做对。但是如果没有时间的复利。我觉得很难做到。既然我们不知道自己能活多久。那怎样去对待时间这个问题呢？我了解过查理老爷子的事迹。但我没有找到这个问题的答案。",[827,1424,1425],{},"大道：你这21年有很多意外吗？ 意外的意思就是小概率事件，虽然意外的确会改变你的生活轨迹，但从那一时刻起，一切都还是要找长期的最优解啊。（2026-09-28）",[827,1427,1428],{},"网友：有点宿命论，我不认同，人努力对人生的影响不可否认",[827,1430,1431],{},"大道：这句话怎么会理解成宿命论呢？这明明就是最反宿命的啊！ 这句话的意思是一个人最后会成为什么样的人，是由他之前的每个大大小小的决策累计完成的。理性想长远的人和短视的人很多决策都可能会不一样，最后成为的那个人就可能会很不一样的。（2026-09-15）",{"title":1433,"searchDepth":21,"depth":21,"links":1434},"",[1435,1436,1437],{"id":824,"depth":21,"text":825},{"id":1252,"depth":21,"text":1253},{"id":1335,"depth":21,"text":1336},"寻长坡以滚雪球","md",{},true,"\u002Fdao\u002Fqanda\u002Fwenda-life-02",{"title":648,"description":650},"段永平问答：正直、理性与长期视角｜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-life-02",[646,217,222,227],"2026-10-10","_uUVNKLN9c3bjW1gFDmh0HKWjfYzqd4eKf1040tfCP4","dao",[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],{"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},[1503,1504,1505,1506,1507,1508,1509,1510,1511,1512,1513,1514,1515,1516,1517,1518,1519,1520,1521,1522,1523,1524,1525,1526,1527,1528,1529,1530,1531,1532,1533,1534,1535,1536,1537,1538,1539,1540,1541,1542,1543,1544,1545,1546,1547,1548,1549,1550,1551,1552,1553,1554,1555,1556,1557,1558,1559,1560,1561,1562,1563,1564,1565,1566,1567,1568,1569,1570,1571,1572,1573,1574,1575,1576,1577,1578,1579,1580,1581,1582,1583,1584,1585,1586,1593,1597,1601,1604,1609,1614,1617,1622,1625,1627,1631,1634,1637,1641,1646,1651,1656,1659,1663,1667,1669,1673,1676,1680,1685,1691,1694,1698,1700,1703,1707,1709,1712,1716,1721,1724,1728,1733,1737,1744,1748,1755,1757,1759,1764,1769,1776,1782,1783,1788,1790,1794,1798,1803,1805,1807,1813,1816,1818,1823,1826,1831,1835,1837,1842,1844,1846,1849,1853,1855,1858,1862,1864,1867,1870],{"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":1587,"type":429,"volume":9,"order":428},[427,1588,1589,1590,1591,1592,646],"主题目录","投资认知","企业判断","财报估值","公司案例",{"title":431,"slug":432,"category":427,"tags":1594,"type":435,"volume":436,"order":434},[1595,1596,58],"投资原则","买股票就是买公司",{"title":438,"slug":439,"category":427,"tags":1598,"type":435,"volume":436,"order":441},[1595,1599,1600],"投资理解","投资者",{"title":443,"slug":444,"category":427,"tags":1602,"type":435,"volume":436,"order":446},[1595,33,1603],"看懂生意",{"title":448,"slug":449,"category":427,"tags":1605,"type":435,"volume":436,"order":451},[1595,1606,1607,1608],"风险控制","不做空","不加杠杆",{"title":453,"slug":454,"category":427,"tags":1610,"type":435,"volume":436,"order":456},[1595,1611,1612,1613],"宏观经济","市场波动","牛熊市",{"title":458,"slug":459,"category":427,"tags":1615,"type":435,"volume":436,"order":461},[1595,18,222,1616],"学习方法",{"title":463,"slug":464,"category":427,"tags":1618,"type":435,"volume":467,"order":466},[1619,1620,1621],"商业经营","伟大企业","长坡厚雪",{"title":469,"slug":470,"category":427,"tags":1623,"type":435,"volume":467,"order":472},[1619,70,1624],"投资确定性",{"title":474,"slug":475,"category":427,"tags":1626,"type":435,"volume":467,"order":477},[1619,74,146],{"title":479,"slug":480,"category":427,"tags":1628,"type":435,"volume":467,"order":482},[1619,1629,1630,53],"好产品","用户导向",{"title":484,"slug":485,"category":427,"tags":1632,"type":435,"volume":467,"order":487},[1619,141,1633],"产品",{"title":135,"slug":489,"category":427,"tags":1635,"type":435,"volume":467,"order":491},[1619,135,1636],"基业长青",{"title":493,"slug":494,"category":427,"tags":1638,"type":435,"volume":497,"order":496},[1595,1639,88,1640],"财务报表","ROE",{"title":499,"slug":500,"category":427,"tags":1642,"type":435,"volume":497,"order":502},[1595,1643,1644,1645],"定性判断","现金流折现","估值",{"title":504,"slug":505,"category":427,"tags":1647,"type":435,"volume":497,"order":507},[1595,1648,115,1649,1650],"折现率","市盈率","估值案例",{"title":509,"slug":510,"category":427,"tags":1652,"type":435,"volume":497,"order":512},[1595,1653,1654,1655],"分红","回购","资本配置",{"title":514,"slug":515,"category":427,"tags":1657,"type":435,"volume":497,"order":517},[1595,120,1658,115],"集中投资",{"title":519,"slug":520,"category":427,"tags":1660,"type":435,"volume":497,"order":522},[1595,1661,1662,1645],"买卖时机","持有",{"title":524,"slug":525,"category":427,"tags":1664,"type":435,"volume":497,"order":527},[1595,125,1665,1666],"套利","量化交易",{"title":529,"slug":530,"category":427,"tags":1668,"type":435,"volume":533,"order":532},[1619,12,18,186],{"title":535,"slug":536,"category":427,"tags":1670,"type":435,"volume":533,"order":538},[1619,1671,1672,227],"Stop Doing List","聚焦",{"title":540,"slug":541,"category":427,"tags":1674,"type":435,"volume":533,"order":543},[1619,1675,48],"创新",{"title":545,"slug":546,"category":427,"tags":1677,"type":435,"volume":533,"order":548},[1619,1678,1679,161],"营销","广告",{"title":550,"slug":551,"category":427,"tags":1681,"type":435,"volume":533,"order":553},[1619,1682,1683,1684],"管理层","团队","激励",{"title":555,"slug":556,"category":427,"tags":1686,"type":435,"volume":533,"order":558},[1619,1687,1688,1689,1690],"收购","并购","多元化","多品牌",{"title":560,"slug":561,"category":427,"tags":1692,"type":435,"volume":564,"order":563},[1592,1693,1633,171],"苹果",{"title":566,"slug":567,"category":427,"tags":1695,"type":435,"volume":564,"order":569},[1592,1693,1696,1697],"乔布斯","库克",{"title":571,"slug":572,"category":427,"tags":1699,"type":435,"volume":564,"order":574},[1592,1693,1645,1655],{"title":576,"slug":577,"category":427,"tags":1701,"type":435,"volume":564,"order":579},[1592,1702,141,70],"贵州茅台",{"title":581,"slug":582,"category":427,"tags":1704,"type":435,"volume":564,"order":584},[1592,1702,1705,1706],"公司治理","i茅台",{"title":586,"slug":587,"category":427,"tags":1708,"type":435,"volume":564,"order":589},[1592,1702,1645,120],{"title":591,"slug":592,"category":427,"tags":1710,"type":435,"volume":564,"order":594},[1592,1350,1711],"步步高",{"title":596,"slug":597,"category":427,"tags":1713,"type":435,"volume":564,"order":599},[1592,596,1714,1715],"丁磊","游戏",{"title":601,"slug":602,"category":427,"tags":1717,"type":435,"volume":564,"order":604},[1592,1718,1719,1720],"阿里巴巴","雅虎","马云",{"title":606,"slug":607,"category":427,"tags":1722,"type":435,"volume":564,"order":609},[1592,606,1723],"情绪价值",{"title":611,"slug":612,"category":427,"tags":1725,"type":435,"volume":615,"order":614},[1592,1726,1727],"消费电子","日本制造",{"title":617,"slug":618,"category":427,"tags":1729,"type":435,"volume":615,"order":620},[1592,1730,1731,1732],"游戏行业","游戏公司","中国游戏",{"title":622,"slug":623,"category":427,"tags":1734,"type":435,"volume":615,"order":625},[1592,1735,1736],"互联网平台","科技产业",{"title":627,"slug":628,"category":427,"tags":1738,"type":435,"volume":615,"order":630},[1592,1739,1740,1741,1742,1743],"零售","电商","服务业","教育培训","航空",{"title":632,"slug":633,"category":427,"tags":1745,"type":435,"volume":615,"order":635},[1592,1746,1747],"能源","工业企业",{"title":637,"slug":638,"category":427,"tags":1749,"type":435,"volume":615,"order":640},[1592,1750,1751,1752,973,1753,1754],"格力","美的","比亚迪","招商银行","瑞贝卡",{"title":642,"slug":643,"category":427,"tags":1756,"type":435,"volume":646,"order":645},[646,23,28],{"title":648,"slug":649,"category":427,"tags":1758,"type":435,"volume":646,"order":651},[646,217,222,227],{"title":653,"slug":654,"category":427,"tags":1760,"type":435,"volume":646,"order":656},[646,1761,1762,1763],"职业","创业","享受过程",{"title":658,"slug":659,"category":427,"tags":1765,"type":435,"volume":646,"order":661},[646,1766,1767,1768],"家庭","孩子","教育",{"title":663,"slug":664,"category":427,"tags":1770,"type":435,"volume":646,"order":666},[646,1771,1772,1773,1774,1775],"开放心态","阅读","AI","公益","社会责任",{"title":668,"slug":669,"category":427,"tags":1777,"type":435,"volume":646,"order":671},[646,1778,1779,1780,1781],"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":1784,"type":682,"volume":9,"order":681},[1785,1786,1445,1787],"公司","人物","投资案例",{"title":684,"slug":685,"category":676,"tags":1789,"type":688,"volume":9,"order":687},[1693,70,135,156,1697,1696],{"title":690,"slug":691,"category":676,"tags":1791,"type":694,"volume":9,"order":693},[1792,1793,12,135,23],"黄峥","拼多多",{"title":696,"slug":697,"category":676,"tags":1795,"type":688,"volume":9,"order":699},[606,1796,151,1723,1797,141,74],"王宁","IP",{"title":701,"slug":702,"category":676,"tags":1799,"type":694,"volume":9,"order":704},[1796,606,1800,1801,23,1802],"创始人","CEO","商业理解",{"title":706,"slug":707,"category":676,"tags":1804,"type":688,"volume":9,"order":709},[1702,141,88,33,120],{"title":711,"slug":712,"category":676,"tags":1806,"type":688,"volume":9,"order":714},[596,1714,1715,88,120],{"title":716,"slug":717,"category":676,"tags":1808,"type":688,"volume":9,"order":719},[1809,1810,1811,1812,70],"腾讯","马化腾","微信","微信支付",{"title":721,"slug":722,"category":676,"tags":1814,"type":688,"volume":9,"order":724},[1718,1720,135,70,1815],"保留",{"title":726,"slug":727,"category":676,"tags":1817,"type":688,"volume":9,"order":729},[1793,1792,12,161,70],{"title":731,"slug":732,"category":676,"tags":1819,"type":688,"volume":9,"order":734},[1820,1821,1822,1773,74,33],"英伟达","黄仁勋","CUDA",{"title":736,"slug":737,"category":676,"tags":1824,"type":688,"volume":9,"order":739},[1825,1715,161,176,33],"任天堂",{"title":741,"slug":742,"category":676,"tags":1827,"type":688,"volume":9,"order":744},[1828,1829,135,1689,33,1830],"GE","通用电气","反思",{"title":746,"slug":747,"category":676,"tags":1832,"type":688,"volume":9,"order":749},[1833,1834,1768,70,1815],"新东方","俞敏洪",{"title":751,"slug":752,"category":676,"tags":1836,"type":694,"volume":9,"order":754},[1227,58,1596,18,227],{"title":756,"slug":757,"category":676,"tags":1838,"type":694,"volume":9,"order":759},[1839,222,1840,33,1841],"芒格","逆向思维","Costco",{"title":761,"slug":762,"category":676,"tags":1843,"type":694,"volume":9,"order":764},[1696,1693,181,186,135],{"title":766,"slug":767,"category":676,"tags":1845,"type":694,"volume":9,"order":769},[1697,1693,1801,222,135],{"title":771,"slug":772,"category":676,"tags":1847,"type":694,"volume":9,"order":774},[1720,1718,135,18,1848],"理想主义",{"title":776,"slug":777,"category":676,"tags":1850,"type":694,"volume":9,"order":779},[1714,596,1715,1851,1852],"现金","企业家",{"title":781,"slug":782,"category":676,"tags":1854,"type":694,"volume":9,"order":784},[1810,1809,1811,1812,70],{"title":786,"slug":787,"category":676,"tags":1856,"type":694,"volume":9,"order":789},[1834,1833,1768,1857,1852],"韧性",{"title":791,"slug":792,"category":676,"tags":1859,"type":694,"volume":9,"order":794},[1860,1702,181,1861,141],"季克良","质量文化",{"title":796,"slug":797,"category":676,"tags":1863,"type":694,"volume":9,"order":799},[1821,1820,1773,1822,1852],{"title":801,"slug":802,"category":676,"tags":1865,"type":805,"volume":9,"order":804},[1866,1445,70,135,1787],"公司清单",{"title":807,"slug":808,"category":676,"tags":1868,"type":805,"volume":9,"order":810},[1869,1445,1852,58,1800],"人物清单",{"title":812,"slug":813,"category":676,"tags":1871,"type":805,"volume":9,"order":815},[1872,1445,33,70,1787],"重估案例",1791623726795]