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平理解好生意和护城河的重要指标。它不是随意卖高价的能力，而是因为产品差异化、用户信任和长期价值，让企业在合理范围内拥有不被价格战牵着走的能力。",22.5,{"title":150,"slug":151,"description":152,"category":132,"order":153,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"用户体验","yonghutiyan","段永平对用户体验的关注可以追溯到他做小霸王和步步高时期，那时他用\"消费者导向\"来表达类似的理念。2003年北大演讲中他说：\"对于企业来说，最重要的是产品，而产品又必须以消费者为导向，所以最终你要找准消...",23,{"title":155,"slug":156,"description":157,"category":132,"order":158,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"渠道","qudao","段永平对渠道的理解来源于他在步步高建立全国销售网络的实战经验。1999年在人民大学问答中，被问及步步高在管理上有什么特点时，他提到了\"地区唯一代理制\"的渠道管理模式。这是他最早公开谈论渠道策略的记录。",24,{"title":160,"slug":161,"description":162,"category":132,"order":163,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"平台","pingtai","段永平使用\"平台\"概念主要集中在分析苹果公司的商业模式时。最早出现在2011年他写的\"买入苹果思考\"中：",25,{"title":165,"slug":166,"description":167,"category":132,"order":168,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"生态系统","shengtaixitong","段永平使用\"生态系统\"这一概念主要是在分析苹果公司时。最早出现在2012年前后的投资问答中。当一位网友详细描述了苹果设备之间的联动体验（iPhone、iPad、Mac的无缝协作、App 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CEO、理解乔布斯追求、苹果文化与用户体验。",5230,{"title":848,"slug":849,"description":850,"category":753,"order":851,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"马云：段永平为什么一直认为他了不起","person-mayun","整理段永平对马云的评价：理想主义、现实主义、企业文化、勇气、阿里巴巴与保留。",5240,{"title":853,"slug":854,"description":855,"category":753,"order":856,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"丁磊：段永平为什么说他很有悟性","person-dinglei","整理段永平对丁磊的评价：很有悟性、网易、不卖公司、不会干傻事、单纯与现金克制。",5250,{"title":858,"slug":859,"description":860,"category":753,"order":861,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"马化腾：段永平为什么正面评价他","person-mahuateng","整理段永平对马化腾的评价：人不错、年轻、微信、微信支付、腾讯商业模式与长期影响。",5260,{"title":863,"slug":864,"description":865,"category":753,"order":866,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"俞敏洪：段永平为什么说他是条汉子","person-yuminhong","整理段永平对俞敏洪的评价：新东方、面对问题、韧性、好生意人、条汉子与能力边界。",5270,{"title":868,"slug":869,"description":870,"category":753,"order":871,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"季克良：段永平为什么说他对茅台至关重要","person-jikeliang","整理段永平对季克良的评价：茅台质量文化、造钟人、长期工艺、质量坚持与企业传承。",5280,{"title":873,"slug":874,"description":875,"category":753,"order":876,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"黄仁勋：段永平为什么欣赏他","person-huangrenxun","整理段永平对黄仁勋的评价：真诚、有能量、长期方向一致、英伟达、AI 与能力圈边界。",5290,{"title":878,"slug":879,"description":880,"category":753,"order":881,"type":882,"volume":10,"volumeOrder":10,"chapterOrder":10},"段永平高度评价过的公司","topic-highly-rated-companies","按段永平视角整理他高度评价过的公司，并区分高度评价、正面关注、曾评价后修正和仍需观察。",5300,"topic",{"title":884,"slug":885,"description":886,"category":753,"order":887,"type":882,"volume":10,"volumeOrder":10,"chapterOrder":10},"段永平高度评价过的人","topic-highly-rated-people","按段永平视角整理他高度评价过的人：投资大师、企业家、创始人和关键经营者。",5310,{"title":889,"slug":890,"description":891,"category":753,"order":892,"type":882,"volume":10,"volumeOrder":10,"chapterOrder":10},"段永平正在重估的公司","topic-revaluated-companies","整理段永平从看不懂、保留或低估，逐步重新评估的公司案例：泡泡玛特、英伟达、阿里、新东方等。",5320,{"id":894,"title":323,"body":895,"category":235,"chapterOrder":10,"date":10,"description":325,"extension":2320,"meta":2321,"navigation":2322,"order":326,"path":2323,"seo":2324,"seoDescription":325,"seoTitle":2325,"slug":324,"source":10,"sourceDate":10,"sourceUrl":10,"stem":2326,"tags":10,"type":10,"volume":10,"volumeOrder":10,"__hash__":2327,"_collection":2328},"dao\u002Fdao\u002Fspeeches\u002Fduanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang.md",{"type":896,"value":897,"toc":2317},"minimark",[898,913,929,933,951,956,959,962,966,977,985,993,1002,1008,1011,1020,1023,1026,1037,1045,1051,1057,1071,1090,1095,1098,1110,1120,1137,1143,1146,1154,1159,1165,1168,1171,1174,1181,1195,1203,1212,1226,1247,1253,1267,1280,1289,1293,1299,1304,1307,1310,1339,1342,1354,1357,1368,1373,1376,1379,1395,1401,1419,1422,1425,1436,1441,1444,1467,1485,1489,1497,1502,1505,1519,1548,1563,1572,1589,1598,1604,1607,1632,1638,1654,1666,1669,1674,1690,1693,1696,1704,1709,1712,1715,1718,1724,1735,1757,1773,1776,1779,1782,1785,1793,1808,1811,1825,1828,1837,1840,1848,1853,1856,1859,1862,1880,1883,1898,1910,1929,1938,1941,1949,1966,1973,1984,1989,2012,2015,2047,2050,2062,2067,2073,2076,2079,2092,2095,2103,2123,2126,2133,2139,2142,2153,2156,2159,2162,2165,2168,2179,2184,2187,2217,2220,2237,2243,2260,2263,2277,2295,2298,2301,2304,2307,2312],[899,900,901,905,906,909,910,912],"p",{},[902,903,904],"strong",{},"段永平","：2007年与",[902,907,908],{},"巴菲特","共进午餐后",[902,911,599],{},"专访",[899,914,915,916,918,919,909,921,923,924,928],{},"2007",[902,917,904],{},"与",[902,920,908],{},[902,922,599],{},"专访：对",[925,926,52],"a",{"href":927},"\u002Fjiazhitouzi","不能急，不能躁",[930,931,932],"h1",{"id":932},"见巴菲特前做了什么准备",[899,934,935,938,939,941,942,944,945,947,948,950],{},[902,936,937],{},"Q1","、",[902,940,599],{},"财经：在和您会面之前，",[902,943,908],{},"在接受美国媒体采访时笑着说：“听他的情况介绍，感觉他是个一流的人，我盼望着见到他”。可以看出",[902,946,908],{},"对与你的会面保持了很高的期望，那您在与",[902,949,908],{},"会面之前是否做过一些特别的准备呢？",[899,952,953,955],{},[902,954,904],{},"：其实也没有太多。会面之前我们通过一、两次电子邮件，介绍了一下我的情况。原来会面的时间是定在去年，但在今年5月份才见面。",[899,957,958],{},"原因主要是当时他在纽约，比较忙，而且是冬天，我自己也不太愿意去，所以我跟他商量能不能时间往后安排，最终确定在5月6号他开完股东大会。",[899,960,961],{},"这对我来说也很好，我可以多花一些时间提高我的英语，因为他老人家不讲中文，我得讲英语。",[930,963,965],{"id":964},"与巴菲特聚餐的期待-我的投资理念最早来自巴菲特","与巴菲特聚餐的期待 “我的投资理念最早来自巴菲特”",[899,967,968,938,971,973,974,976],{},[902,969,970],{},"Q2",[902,972,599],{},"财经：你花62万美元竞投",[902,975,908],{},"这次聚餐，是否对这次聚会有些特别的期待？",[899,978,979,981,982,984],{},[902,980,904],{},"：准确地讲我没有花一分钱，整个晚餐也没有花钱，唯一花钱的是",[902,983,908],{},"，因为小费是他给的。这个午餐实际上是个拍卖会，也没说花多少钱吃饭，跟吃饭也没太多的关系。严格的讲，这此会面是个慈善募捐活动。",[899,986,987,989,990,992],{},[902,988,908],{},"的太太在格莱德基金会做义工做了15-20年，做到15年的时候，她跟基金会领导介绍说她是",[902,991,908],{},"的太太。",[899,994,995,996,998,999,1001],{},"当时对方差点晕倒，认识15年都不知道这个情况。后来她把",[902,997,908],{},"介绍给这位基金领导，后来",[902,1000,908],{},"用午餐拍卖的方式帮基金募集资金，用这种形式支持他太太。老美确实很有意思，非常低调。",[899,1003,1004,1005,1007],{},"我算过",[902,1006,908],{},"的身价，按每年200天来计算，他每个小时的价值是300万美金，我们吃了三个小时，那就是900万美金。",[899,1009,1010],{},"所以花多少钱才能请他吃饭呢？如果用60万单纯请他吃一次饭，他应该不会去的。",[899,1012,1013,1014,1016,1017,1019],{},"我见",[902,1015,908],{},"不是一、二次，这次会面也没有特别企盼什么。但是对于我来讲，面对面的聊天也是很难的机会。一方面，我的投资理念就来自",[902,1018,908],{},"，有些东西如果当面聊一聊可能会有收获。",[899,1021,1022],{},"从另一个角度讲，支持他的慈善事业也是应该的。而且我太太和我每年都要做很多慈善事业，这个午餐连我们捐赠的十分之一都不到。",[930,1024,1025],{"id":1025},"投资就像打高尔夫",[899,1027,1028,938,1031,1033,1034,1036],{},[902,1029,1030],{},"Q3",[902,1032,599],{},"财经：通过这次会面，你从",[902,1035,908],{},"那里有什么收获？",[899,1038,1039,1041,1042,1044],{},[902,1040,904],{},"：首先，",[902,1043,908],{},"精彩的东西都说过了，有很多人看，关键是看完之后能否理解和接受。",[899,1046,1047,1048,1050],{},"我跟",[902,1049,908],{},"通电子邮件的时候，我说明了参加他的慈善事业竞投的原因，主要是想说一声“感谢”。因为确实是看了他的东西之后我才下决心做投资的。",[899,1052,1053,1054,1056],{},"以前我对投资的理解很含糊，当时跟很多人的想法一样，认为股市是一个赌场，有很多不确定东西在里面，投下去就睡不着觉，很紧张。直到了解",[902,1055,908],{},"之后，我才对投资有豁然开朗的心情。",[899,1058,1059,1060,1063,1064,1070],{},"我在电子邮件里说，我跟他学到的最重要的东西是：",[902,1061,1062],{},"买股票就像买一个公司的一部分","，",[902,1065,1066,1067],{},"买股票就要",[925,1068,114],{"href":1069},"\u002Fzhangqichiyou","。",[899,1072,1073,1075,1076,1063,1083,1063,1086,1089],{},[902,1074,908],{},"跟我回信说：“",[902,1077,1078,1079,1082],{},"你说的就是我当年跟本杰明.",[902,1080,1081],{},"格雷厄姆","学的",[902,1084,1085],{},"正是这个理念改变了我的看法",[902,1087,1088],{},"影响了我的一生","。”",[899,1091,1092,1094],{},[902,1093,908],{},"没有直接跟我说这个东西是好是坏，但说他因为学到了这一点而得到了很多。言下之意就是我的思想跟他很接近了。",[899,1096,1097],{},"这次聊天虽然只有3个小时左右，但聊的范围很广泛，我们谈到了投资、做慈善、谈到高尔夫，谈到桥牌，谈到女朋友，什么都谈。",[899,1099,1100,1101,1063,1104,1063,1107,1070],{},"比如说投资，我问了一个很小的问题，我问他犯过哪些错误？他说他犯了很多错误，比如",[902,1102,1103],{},"说10多年投资一家公司",[902,1105,1106],{},"本来只值4个亿",[902,1108,1109],{},"但他用了40亿",[899,1111,1112,1113,1063,1116,1119],{},"现在这家公司的价值是零，已经破产了。",[902,1114,1115],{},"投资犯错不可怕",[902,1117,1118],{},"最重要的是少犯错","，而且也不是说某一个项目做得漂亮就行。",[899,1121,1122,1063,1124,1063,1127,1070,1130,1063,1133,1136],{},[902,1123,1025],{},[902,1125,1126],{},"要是每一个都打得很好",[902,1128,1129],{},"那就不好玩了",[902,1131,1132],{},"高尔夫主要是要看整个成绩",[902,1134,1135],{},"而不是看某一个部分","。大部分人都更关注为什么你这一杆打得这么好，其实高尔夫是用全场来计算你的成绩。",[899,1138,1139,1140,1142],{},"我们有时候过于注重某个案子的成败，过于紧张，往往忽略了整体的东西。",[902,1141,908],{},"这方面说得很清楚。",[930,1144,1145],{"id":1145},"股市投资没有任何新东西",[899,1147,1148,938,1151,1153],{},[902,1149,1150],{},"Q4",[902,1152,599],{},"财经：您刚刚谈到3个小时的交流主题是非常广泛的，那么有没有聊到什么新的东西可以和大家分享？",[899,1155,1156,1158],{},[902,1157,904],{},"：我可以肯定的说，没有任何新东西。如果有什么新东西，60多万美元就卖了，也太便宜了。",[899,1160,1161,1162,1164],{},"股市很有意思，没有什么新东西。可能因为这",[902,1163,908],{},"没有写过一本书。会面时我还问了他，他说终于有人帮他写了一本书，花了5年的时间，明年就可以出版了。",[899,1166,1167],{},"书的内容主要是关于如何投资，投资的原理非常简单，没有什么新的东西，只是如何理解它，如何建立自己的技能，如何不犯大错。",[899,1169,1170],{},"我们还聊了我们公司的情况。我们公司这么多年做的也不错，但是我们不想上市，我觉得上市对我们不好。",[899,1172,1173],{},"他就说，他有一个朋友宁愿放弃自己一半的身价，让公司恢复到私有的形态。这对我来说很震撼，对于上市是否是一个错误，他没有肯定或者否定，但是从很侧面的角度给了我很大的肯定。",[930,1175,1177,1178,1180],{"id":1176},"巴菲特很风趣-价值投资不能急不能躁","巴菲特很风趣 ",[925,1179,52],{"href":927},"不能急不能躁",[899,1182,1183,938,1186,1188,1189,1191,1192,1194],{},[902,1184,1185],{},"Q5",[902,1187,599],{},"财经：您给",[902,1190,599],{},"财经提供了几张独家照片，我想知道，相片中",[902,1193,908],{},"跟您正在交流什么？",[899,1196,1197,1199,1200,1202],{},[902,1198,904],{},"：第一张照片，我可以给你们讲，就是开玩笑，就是做了一个姿势。他就在附在我耳边，说给小费的事情，其实什么都没讲。第二个就是把他的钱包拿出来，拍了一张照。",[902,1201,908],{},"很风趣，不像大家想的那样有什么特别的地方。",[899,1204,1205,1206,1208,1209,1211],{},"Q6、",[902,1207,599],{},"财经： 在您眼中，真实的",[902,1210,908],{},"与媒体刻划的“股神”有什么不同的地方？",[899,1213,1214,1216,1217,1219,1220,1222,1223,1225],{},[902,1215,904],{},"：我不知道你心目中媒体刻划的",[902,1218,908],{},"是什么样，我见到的",[902,1221,908],{},"和我想象中的",[902,1224,908],{},"没有太大区别，我觉得他就是一个普通人。他对这个事务的理解非常深刻，是比较聪明敏锐的人，看人、看事情长远性都非常好。",[899,1227,1228,1229,938,1232,1070,1235,1063,1238,1070,1241,1063,1244,1070],{},"而且这个人非常朴实，并不像什么有三头六臂的人物。",[902,1230,1231],{},"他给我的印象是非常低调",[902,1233,1234],{},"谦虚",[902,1236,1237],{},"我们平时见到一些富有的人都是趾高气扬的",[902,1239,1240],{},"但是他没有那样",[902,1242,1243],{},"巴菲特在大家的想象中应该是前仆后拥的",[902,1245,1246],{},"其实他没有",[899,1248,1249,1250,1252],{},"如果说",[902,1251,908],{},"有什么特别的东西？其实他已经早就说了，包括他给股民的信里都说得很清楚。但是听他用很精辟的话说出来感受还是不一样。",[899,1254,1255,1063,1258,1063,1261,1063,1264,1070],{},[902,1256,1257],{},"巴菲特不会跟你讲废话",[902,1259,1260],{},"他把他体会最深的东西会讲给你",[902,1262,1263],{},"我则要慢慢琢磨",[902,1265,1266],{},"他说的话会让人心里更坚定的",[899,1268,1269,1270,1063,1276,1279],{},"我们有聊天记录，我记忆比较深的一句话是：",[902,1271,1272,1273,1275],{},"对",[925,1274,52],{"href":927},"不能急",[902,1277,1278],{},"不能躁","。有时候我在翻来看看，就觉得这句话很有意思。",[899,1281,1282,1283,1063,1286,1089],{},"我后来给他回了一封信，用中国话来讲：“",[902,1284,1285],{},"听君一席话",[902,1287,1288],{},"胜读十年书",[930,1290,1292],{"id":1291},"相对我自己而言我已经做得很好","相对我自己而言，我已经做得很好",[899,1294,1295,1296,1298],{},"Q7、",[902,1297,599],{},"财经：这次会面最触动您的是什么？",[899,1300,1301,1303],{},[902,1302,904],{},"：我这个人本身是很麻木的，很少有什么特别感动的事情。",[899,1305,1306],{},"如果非要说有，就是他最后离开的时候，他的司机开了一辆特别像卡车的车过来，像美国最普通蓝领开的车，他老人家身手矫健的爬了进去，这让我印象非常深刻。",[899,1308,1309],{},"我虽然知道这个人不是个奢侈的人，但是也没想他开这种车来。他家我也去过，他的房子不是豪宅，只是一个很普通的房子（美国人都是这样的）他的房子座落在一大堆中产阶级房子中间，但是他的车对我还是有一些触动。",[899,1311,1312,1063,1315,1063,1318,1063,1321,1063,1324,1070,1327,1063,1330,1070,1333,1063,1336,1070],{},[902,1313,1314],{},"巴菲特值得学的东西的确非常多",[902,1316,1317],{},"这么成就的人",[902,1319,1320],{},"可以这么谦虚",[902,1322,1323],{},"这么平实",[902,1325,1326],{},"这么和蔼",[902,1328,1329],{},"他的幽默我们不一定可以学会",[902,1331,1332],{},"但是谦虚总可以学得会",[902,1334,1335],{},"所以",[902,1337,1338],{},"我觉得还是很触动的",[899,1340,1341],{},"回去我太太也这么对我讲：“你要学的东西还很多。”我说，对啊，确实是这样。我们见到有钱人很多，但是见过他这种平实的人很少。",[899,1343,1344,1345,1063,1348,1063,1351,1070],{},"我回国之后，看到一些稍微有点钱的人非常飞扬跋扈，包括吃饭，对服务员的态度，差异都非常大。",[902,1346,1347],{},"巴菲特对服务员的态度就非常好",[902,1349,1350],{},"这不是做给我看的",[902,1352,1353],{},"他不需要做给我看",[930,1355,1356],{"id":1356},"巴菲特让我找到更好的心态",[899,1358,1359,938,1362,1364,1365,1367],{},[902,1360,1361],{},"Q8",[902,1363,599],{},"财经：您这次有没有特别准备了一些问题，",[902,1366,908],{},"当时是怎么回答的？",[899,1369,1370,1372],{},[902,1371,904],{},"：有，但是我没有问，因为他答别的问题的时候，我发现那些问题不需要问。",[899,1374,1375],{},"原来我在媒体也讲过，我想问的问题是：“我们做股票经常会碰到这样的情况，有时发现一个好的目标，手里没有钱；",[899,1377,1378],{},"有时手里有很多钱，又没有目标的时候，这种情况下你是什么样的心态？\"",[899,1380,1381,1382,1063,1385,1063,1388,1070,1391,1394],{},"其实答案我是知道的，",[902,1383,1384],{},"有钱没目标就没办法",[902,1386,1387],{},"有目标没钱也没办法",[902,1389,1390],{},"但是心里面会着急",[902,1392,1393],{},"我就很想知道他是一个怎么样的心态","。他说了一些事之后，我觉得没必要问了。",[899,1396,1397,1398,1400],{},"当你问一些其他的问题时，",[902,1399,908],{},"就间接的回答了这个问题，比如说没钱有目标的，是否能借钱做股票投资等等。",[899,1402,1403,1063,1406,938,1409,1063,1412,1415,1416,1070],{},[902,1404,1405],{},"他说他只希望富一次",[902,1407,1408],{},"如果借钱可能会变成两次",[902,1410,1411],{},"三次富有了",[902,1413,1414],{},"然后又穷回去了","。他这话的意思是要",[902,1417,1418],{},"少犯错",[899,1420,1421],{},"我投资之后，白发比原来多了不少，有时候确实很紧张。跟他聊完之后，心情有很大的不一样的感觉。",[930,1423,1424],{"id":1424},"巴菲特如何回避风险",[899,1426,1427,938,1430,1432,1433,1435],{},[902,1428,1429],{},"Q9",[902,1431,599],{},"财经：",[902,1434,908],{},"也说自己犯过错误，如果遇到问题他会怎么办？",[899,1437,1438,1440],{},[902,1439,904],{},"：如果他回避了就不叫“风险”。如果已经碰上了，他投资是对价值的认定，他认为这个东西值1块，如果有人卖6毛，他就买。",[899,1442,1443],{},"那如果掉到5毛怎么办，他肯定会继续大量买。倒过来讲，1块钱的东西涨了10块钱他会卖掉，不会涨到9块钱还追买。",[899,1445,1446,1447,1063,1452,1063,1458,1063,1461,1063,1464,1070],{},"看很多人讲：“买高，卖得更高。”，",[902,1448,1449,1451],{},[925,1450,52],{"href":927},"的概念是“低买高卖”",[902,1453,1454,1455,1457],{},"真正的",[925,1456,52],{"href":927},"者卖的机会不多",[902,1459,1460],{},"真正想持有的话",[902,1462,1463],{},"很多股票很少有很严重的超值情况",[902,1465,1466],{},"因此没必要卖",[899,1468,1469,1063,1472,1070,1475,1063,1478,1481,1482,1484],{},[902,1470,1471],{},"但是有些股票严重超值",[902,1473,1474],{},"考虑到税收都可以接受的话才可以卖",[902,1476,1477],{},"巴菲特说过",[902,1479,1480],{},"最理想的股票是可以不卖的","。 当然他也卖过很多股票，有人说",[902,1483,908],{},"从来不卖，这是不对的。",[930,1486,1488],{"id":1487},"是否谈及了中国股市","是否谈及了中国股市？",[899,1490,1491,938,1494,1496],{},[902,1492,1493],{},"Q10",[902,1495,599],{},"财经：你们在聊天过程中是否涉及到中国股市？",[899,1498,1499,1501],{},[902,1500,904],{},"：没有，没有人提这个问题，自己也没有提这些问题，以我的理解，问不出什么东西来。",[930,1503,1504],{"id":1504},"学巴菲特就意味着不能炒短线",[899,1506,1507,938,1510,1512,1513,1515,1516,1518],{},[902,1508,1509],{},"Q11",[902,1511,599],{},"财经：现在模仿",[902,1514,908],{},"的人很多，但是",[902,1517,908],{},"只有一个，您认为这个问题出在什么地方？",[899,1520,1521,1523,1524,1526,1527,1529,1530,1532,1533,1535,1536,1538,1539,1541,1542,1544,1545,1547],{},[902,1522,904],{},"：这没什么问题，你也可以起名叫",[902,1525,908],{},"。你对",[902,1528,908],{},"的定义是什么？",[902,1531,908],{},"是",[925,1534,52],{"href":927},"者，",[925,1537,52],{"href":927},"者也不是",[902,1540,908],{},"一个人，我认为",[902,1543,908],{},"是非常好的有",[925,1546,52],{"href":927},"理念的人，他坚持的时间长，他有足够的时间展现他的能力。",[899,1549,1550,1551,1553,1554,1556,1557,1559,1560,1562],{},"有些人，像他的老师",[902,1552,1081],{},"，对",[925,1555,52],{"href":927},"的分析非常到位，非常清楚。像",[902,1558,908],{},"讲的，",[902,1561,1081],{},"写出了迄今为止他看到的最好的一本书。",[899,1564,1565,1566,1568,1569,1571],{},"但是",[902,1567,1081],{},"自己做投资并不多，我想跟他是教授的身份有很大的关系，但这样不等于说他就不是",[925,1570,52],{"href":927},"者，最早的理念就是从他这里出来的。",[899,1573,1574,1063,1577,1063,1580,1063,1583,1063,1586,1070],{},[902,1575,1576],{},"巴菲特讲",[902,1578,1579],{},"这个人是最典型的“前人栽树",[902,1581,1582],{},"后人乘凉”",[902,1584,1585],{},"他把价值理念很完整的阐述出来",[902,1587,1588],{},"巴菲特是树下乘凉的人",[899,1590,1591,1592,1594,1595,1597],{},"寻找",[902,1593,908],{},"，我个人认为，中国的大环境还没有到能够产生",[902,1596,908],{},"这样的人的地步，可能还需要很多年。因为整个股市的完善需要时间，大家的心态，所受的教育、对投资的理解，整体的理解差异还不是很大。",[899,1599,1600,1601,1603],{},"我在美国见过很多的普通投资者，他们对",[925,1602,52],{"href":927},"的理解都非常深刻，比如说我的一个家教，教我英语的，他这次也参与了对话。",[899,1605,1606],{},"回国后，我跟大家聊的时候，哪怕是已经做得很大很有名的人，聊起来都会让我哭笑不得。",[899,1608,1609,1610,1612,1613,1615,1616,1063,1619,1063,1622,1063,1625,1628,1629,1631],{},"比如，他会找到一些“短线",[902,1611,908],{},"”，这很搞笑，因为",[902,1614,908],{},"意味着不能短线。我举个例子，",[902,1617,1618],{},"我回报最快的是2个小时赚了50倍",[902,1620,1621],{},"去赌场赚的",[902,1623,1624],{},"这不叫投资",[902,1626,1627],{},"这叫赌博","。所以你不能说我这两个小时的表现比",[902,1630,908],{},"好，这样大家听起来就很晕。",[930,1633,1635,1637],{"id":1634},"价值投资没有地域特色",[925,1636,52],{"href":927},"没有地域特色",[899,1639,1640,938,1643,1645,1646,1648,1649,1651,1653],{},[902,1641,1642],{},"Q12",[902,1644,599],{},"财经：您心目中的",[925,1647,52],{"href":927},"理念与",[902,1650,908],{},[925,1652,52],{"href":927},"理念相比，是否有中国特色？",[899,1655,1656,1658,1659,1063,1662,1665],{},[902,1657,904],{},"：没有，",[902,1660,1661],{},"价值都是一样",[902,1663,1664],{},"最大的问题是你能否搞懂","。如果非要说说有特色的话，那是每个人的背景和条件不同。",[899,1667,1668],{},"比如说你的钱不是自由流通的，人不是国际化的，会受地域的限制。如果我是国际化的人，任何语言我都会，比如说印度的股市好，你会投吗？我肯定不会，因为不懂。",[899,1670,1671,1673],{},[902,1672,908],{},"也在中国做了一些投资，比如说买中石油，那是因为他搞懂了，他有足够的时间克服各种障碍。",[899,1675,1676,1677,1679,1680,1682,1683,1686,1687,1689],{},"比如说，",[902,1678,599],{},"他就搞不懂，他就不会投，他不但不投",[902,1681,599],{},"，他也不会投",[902,1684,1685],{},"Google","。有一次他打探",[902,1688,1685],{},"，但是他没有投，想来想去他没有搞懂，所以他没有买。",[899,1691,1692],{},"你非要问有什么特色？就是我的英语不好，我投的中国公司比较多。我也投美国公司，投资里的几家美国公司还表现得非常好，也有40倍，50倍的收益。这种情况是因为我不需要很长的语言背景，有一些基本的语言背景就可以理解这些企业。",[930,1694,1695],{"id":1695},"没有追加中国股市投资",[899,1697,1698,938,1701,1703],{},[902,1699,1700],{},"Q13",[902,1702,599],{},"财经：您刚才说到“只投资自己看的明白的项目，投资中国公司比较多”您是否会加大A股或H股的投资？",[899,1705,1706,1708],{},[902,1707,904],{},"：我肯定是没有，其实我的观点很含蓄，我认为现在很难找到值得花大力气买的股票，两年前确实有，现在确实难以找到，现在哪怕有一定价值都被挖掘出来了，全民在搞，有什么搞不出来？",[899,1710,1711],{},"如果一个太热的东西，大家都知道能赚钱，往往有难度。像我们这个行业，可能是自己擅长做。",[899,1713,1714],{},"像股票这个行业，如果你在玩就无所谓，如果你放了很多身家在里面，我认为还是安全为重。",[899,1716,1717],{},"至少不要因为这个事情搞到有一天跟儿子讲：“对不起，儿子，你上学的钱都被老爸赔光了。”我知道很多人股票赚了很多钱，但是我认为不要借钱炒股。",[930,1719,1721,1722],{"id":1720},"投资只有一种玩法价值投资","投资只有一种玩法：",[925,1723,52],{"href":927},[899,1725,1726,938,1729,1731,1732,1734],{},[902,1727,1728],{},"Q14",[902,1730,599],{},"财经：目前中国股市上，很多人觉得搞",[925,1733,52],{"href":927},"赚钱太慢了，你怎么看？",[899,1736,1737,1739,1740,938,1745,938,1748,1063,1751,1063,1754,1070],{},[902,1738,904],{},"：这话很对，我也很想快赚钱，他们会快赚钱，他们以前都干什么了？",[902,1741,1742,1744],{},[925,1743,52],{"href":927},"的概念是5年",[902,1746,1747],{},"10年",[902,1749,1750],{},"20年",[902,1752,1753],{},"不是5天",[902,1755,1756],{},"10天",[899,1758,1759,1760,1063,1763,1768,1769,1772],{},"股市中大家在玩不同的游戏，但",[902,1761,1762],{},"投资这个游戏其实只有一个玩法",[902,1764,1765,1766],{},"就是“",[925,1767,52],{"href":927},"”。",[925,1770,119],{"href":1771},"\u002Ftouji","则有不同的玩法，到赌场有很多玩法，可以玩“大小”等等，什么都可以玩，这个钱来得当然快。",[899,1774,1775],{},"但是这样钱来得快，去得也快。像这个疯狂的股市的结果，在美国等很多国家都发生了，在中国也不是没发生过，再发生也可能很快。",[899,1777,1778],{},"现在无非是个时间问题，最终的结果大家都知道，只是具体到来的时间谁都不知道。",[899,1780,1781],{},"如果大家知道这个股市后天会掉下来，大家提前都卖光了，股市一下子就掉下来了。其实我们对于股市短线走势谁都不知道。",[930,1783,1784],{"id":1784},"股东如何考察管理层",[899,1786,1787,938,1790,1792],{},[902,1788,1789],{},"Q15",[902,1791,599],{},"财经：有位网友问，作为小股东，如何考察公司？",[899,1794,1795,1797,1798,1063,1801,1804,1805,1070],{},[902,1796,904],{},"：我个人认为，你应该",[902,1799,1800],{},"投资你能搞得懂的公司",[902,1802,1803],{},"要事先考察","。小投资者也可以有很多途径了解上市公司，比如",[902,1806,1807],{},"观察公司的产品",[899,1809,1810],{},"以前有一家公司，我就看不懂，他的饮料投了这么大的广告，问所有人，都说没喝过，最后确实没做起来。",[899,1812,1813,1063,1816,1063,1819,1063,1822,1070],{},[902,1814,1815],{},"作为小股东来讲",[902,1817,1818],{},"做大投资确实要慎重",[902,1820,1821],{},"但一旦找到好的东西",[902,1823,1824],{},"不要轻易放掉",[899,1826,1827],{},"我看到很多小股民来回换股票，10年回来之后，除了他自己没有赚钱，别人都赚钱了。最终90%以上的投资者，投在股市上的钱都比放在银行拿利息要少。",[899,1829,1830,1831,1063,1834,1070],{},"所以我觉得小股东找到一个好股票，一直拿着，可能就能够赚钱。",[902,1832,1833],{},"股票一定要少换",[902,1835,1836],{},"不要道听途说",[930,1838,1839],{"id":1839},"不做专业的炒股人",[899,1841,1842,938,1845,1847],{},[902,1843,1844],{},"Q16",[902,1846,599],{},"财经：有网友问，如果想全职做投资，大概多少钱开始合适，原始资产是年收入的10倍时，是否合适做投资？",[899,1849,1850,1852],{},[902,1851,904],{},"：这个问题我确实不知道如何回答，全职投资是什么意思？（主持人：就是职业投资者。）",[899,1854,1855],{},"我不知道他说薪水的10倍是什么概念，假如是12万，你做一年的投资，能不能保证你有12万的回报，很难说。不管你有多少钱，我都劝你不做职业投资者，股票炒来炒去很危险。如果专业投资做一个基金的管理员，这个是可以的，因为它本身有收入。",[899,1857,1858],{},"很多时候你的股票并不是特别好，只是因为大家都涨所以你才涨，赚钱的原因不是因为你很懂股市。现在多数人看图看线做股票早晚要出问题，因为大家看的是一张图一条线，你凭什么能够赚到钱。",[899,1860,1861],{},"美国的股市平均PE只有15倍左右，中国的现在报道是50-60倍，美国的标准普尔是15倍，随着资本逐渐自由流动，总会有人把60倍的PE的股票卖掉投资到15倍的股票里面，所以只要市场足够长期，一定会回来。大家可以想像如果从60倍回到15倍是什么概念？",[899,1863,1864,1865,1867,1868,1063,1871,1063,1874,1063,1877,1070],{},"具体这个回归过程有多长时间不知道，有人跟我讲，",[902,1866,908],{},"曾经说过是4年，他没有见过超过4年。在我的经验上是没有超过3年的；",[902,1869,1870],{},"我认为一个有价值的股票",[902,1872,1873],{},"不到3年都会反映它的实际价值",[902,1875,1876],{},"那些我认为有大问题的公司",[902,1878,1879],{},"3-4年都会回到实际的价值",[930,1881,1882],{"id":1882},"怎么看步步高的前景",[899,1884,1885,938,1888,1890,1891,1894,1895,1897],{},[902,1886,1887],{},"Q17",[902,1889,599],{},"财经：有一位网友非常关心您的公司",[902,1892,1893],{},"步步高","，段总，您怎么看",[902,1896,1893],{},"的前景？",[899,1899,1900,1902,1903,1893,1906,1909],{},[902,1901,904],{},"：步步高",[902,1904,1905],{},"不是我个人的，我只是",[902,1907,1908],{},"创始人之一，我现在不担任","步步高的任何具体行政任务，我不知道他们现在具体卖什么，当然大的方面我知道。",[899,1911,1912,1063,1915,1063,1918,1063,1921,1924,1925,1928],{},[902,1913,1914],{},"我认为我们公司非常了解消费者的需求",[902,1916,1917],{},"我不敢说我们的公司做成怎么样",[902,1919,1920],{},"我认为只要这个行业还在",[902,1922,1923],{},"我们就会存在","。我早年就说过，我们会成为这个行业里面最后倒下来的公司。我们在企业核心价值观里面说：",[902,1926,1927],{},"我们要成为追求更健康最长久的企业","，而不是追求眼前的利益。",[899,1930,1931,1932,1063,1935,1070],{},"我一年99%的时间在美国，人家说我“遥控”企业发展，我说我家里没有遥控，不可能遥控的。我家里只有电视机的遥控。",[902,1933,1934],{},"步步高主要是靠自己经营的团队来运作",[902,1936,1937],{},"我觉得我们企业是我们国内比较少见的健康的企业",[930,1939,1940],{"id":1940},"买股票就是买公司",[899,1942,1943,938,1946,1948],{},[902,1944,1945],{},"Q18",[902,1947,599],{},"财经：一位网友问您对投资最深的体会是什么？",[899,1950,1951,1953,1954,1956,1957,1959,1960,1962,1963,1965],{},[902,1952,904],{},"：买股票跟你买公司是一样。现在",[902,1955,599],{},"是22亿市值，现金是5亿，因此投资决策就是：你有18亿美金现金愿意买股票吗？你花18亿买",[902,1958,599],{},"，你要想",[902,1961,599],{},"要多久能挣回这18亿，如果1万年那就算了。如果我今天买了，想着明天有机会就卖，这就是",[925,1964,119],{"href":1771},"了；如果说是我买了1千股，出了什么问题就可以跑，这只是一个游戏；比如说我有一个朋友说，我买了一个几十块的东西，要跑还是跑得掉的，所有人都是这样想的。",[930,1967,1969,1970,1972],{"id":1968},"如何转变成价值投资者","如何转变成",[925,1971,52],{"href":927},"者",[899,1974,1975,938,1978,1980,1981,1983],{},[902,1976,1977],{},"Q19",[902,1979,599],{},"财经：有一位网友说，我是一个短线投资客，怎么转变成",[925,1982,52],{"href":927},"者？",[899,1985,1986,1988],{},[902,1987,904],{},"：这是一个不同的游戏，短线没有什么错，这是好玩。去澳门不等于错，但是去澳门不是挣钱，而是玩，挣了钱很高兴，亏了也一定要亏得起，因此我不要网友卖房子炒股。",[899,1990,1991,1063,1994,1063,2000,1063,2003,1063,2006,1063,2009,1070],{},[902,1992,1993],{},"如果你是长线投资",[902,1995,1996,1997],{},"你就会有很好的",[925,1998,191],{"href":1999},"\u002Fnaixin",[902,2001,2002],{},"有潜心的研究",[902,2004,2005],{},"完全是另外一种游戏",[902,2007,2008],{},"如何转变我不知道",[902,2010,2011],{},"其实最重要的问题是你愿不愿意玩这个游戏",[899,2013,2014],{},"很多人愿意去澳门，我已经十多年没有去过澳门了，我以前记得在赌场有人喊，我觉得这是一种乐趣。",[899,2016,2017,1063,2020,1063,2023,1063,2026,1063,2029,1070,2032,1063,2035,1063,2038,1063,2041,1063,2044,1070],{},[902,2018,2019],{},"长线投资是另外一种东西",[902,2021,2022],{},"就像看巴菲特",[902,2024,2025],{},"他很平和",[902,2027,2028],{},"很简单",[902,2030,2031],{},"很常见",[902,2033,2034],{},"就像我们做企业",[902,2036,2037],{},"你要想到售后服务",[902,2039,2040],{},"产品设计",[902,2042,2043],{},"消费者需求",[902,2045,2046],{},"要想很多",[930,2048,2049],{"id":2049},"投资万科",[899,2051,2052,938,2055,2057,2058,2061],{},[902,2053,2054],{},"Q20",[902,2056,599],{},"财经：网友问上次说您投了",[902,2059,2060],{},"万科","，您是否打算卖掉？",[899,2063,2064,2066],{},[902,2065,904],{},"：我已经卖了，我卖的原因要讲一下。",[899,2068,2069,2070,2072],{},"我买",[902,2071,2060],{},"的时候，才2块多钱，当时觉得这个股再怎么样也值10多块，2块多钱没道理，后来涨到10多块的时候，正好那时候有别的需求就卖了。",[899,2074,2075],{},"从目前的结果看，证明卖错了，因为现在20多块了，少赚了一倍，但是后悔吗？不后悔。再涨不涨跟我也没关系了，因为我刚好需要这个钱。",[899,2077,2078],{},"因为我人不在国内。我买的时候有一个基本的了解，这个股票值这么多钱，到了这个价格时，我觉得已经满意了。",[899,2080,2081,2082,2085,2086,2088,2089,2091],{},"其实这只股票还该不该涨，我不知道，这跟",[925,2083,104],{"href":2084},"\u002Fjibenmian","有关，我没有很好的研究。我卖",[902,2087,2060],{},"，并不是意味着它超值了，网友决定留不留着是你的事情，有很多人跟我一起买",[902,2090,2060],{},"的人，他们现在还留着。",[930,2093,2094],{"id":2094},"关于慈善事业",[899,2096,2097,938,2100,2102],{},[902,2098,2099],{},"Q21",[902,2101,599],{},"财经：关于慈善的问题，这里网友问，您是单枪匹马做慈善还是有团队的支撑？慈善是很高尚的事情，在国内反而是弱势群体，这个是否会阻碍你在国内做慈善事业？",[899,2104,2105,2107,2108,1063,2111,1063,2114,1070,2117,1063,2120,1070],{},[902,2106,904],{},"：对于我来说，",[902,2109,2110],{},"做慈善是我一个家庭的事情",[902,2112,2113],{},"现在是我太太和我做",[902,2115,2116],{},"将来可能还有我们的孩子",[902,2118,2119],{},"当然这是从事务发展的角度来看",[902,2121,2122],{},"肯定是一个团队",[899,2124,2125],{},"我们这个基金主要投在教育上，我们已经投了不少，包括对浙大的捐款，包括在斯坦佛建了一个奖学金，专门给中国区的学生。",[899,2127,2128,2129,2132],{},"这个基金是我和",[902,2130,2131],{},"丁磊","建的。这次在斯坦佛大学还见了一个学生，我问他怎么来的，是否是自费，他说是奖学金。",[899,2134,2135,2136,2138],{},"我说这奖金是",[902,2137,2131],{},"的，他还不知道。 我这就觉得有效果了，中国的学生因为有了这个奖学金，可以到斯坦佛大学上本科了。",[899,2140,2141],{},"慈善是一个正常的行为。这些钱最后怎么办？给子女是害子女,你不能剥夺他的乐趣，如果你让他饭来张口、衣来伸手，他就没有乐趣了，要给他压力的。",[899,2143,2144,1063,2147,938,2150,1070],{},[902,2145,2146],{},"因此在你赚钱的时候",[902,2148,2149],{},"就要安排好钱的去处",[902,2151,2152],{},"要花在什么地方",[899,2154,2155],{},"对我来讲，为什么以花在国内为主？慈善最重要的是，你帮你能够帮助的人。你说有一个人很穷，我又不认识他，这怎么证明他需要帮助。",[899,2157,2158],{},"比如说我捐献给我的母校，中国这么多大校为什么只捐你的母校，是自私吗？不是，因为我对母校了解。",[899,2160,2161],{},"如果我成为被骂的目标，骂完之后能增进社会的和谐，我也很高兴，我也不是很受影响，我的心态在这一点没问题，还是很好的。",[899,2163,2164],{},"还没有人骂我太太，做慈善是一个家庭的事情，所以我们很多东西是商量做，不是说是我自己的事情。",[930,2166,2167],{"id":2167},"段永平如何评价自己",[899,2169,2170,938,2173,2175,2176,2178],{},[902,2171,2172],{},"Q22",[902,2174,599],{},"财经：《亚洲周刊》曾经如此评价您：“他是一名职业的、民营的慈善工作者，业界对",[902,2177,904],{},"的评价是两个字：‘保守’，但是，他的保守成就了他的事业”，您对这句话怎么看？",[899,2180,2181,2183],{},[902,2182,904],{},"：首先我不是职业的慈善家，我说的是我的工作是慈善，工作是不得不做的事情，赚钱对我来讲是爱好。",[899,2185,2186],{},"但是两者现在是一样，我做投资觉得很有意思，很好；但是做完之后赚了是麻烦，要解决这个麻烦，捐出去，帮助别人我就觉得很高兴。",[899,2188,2189,2190,1063,2193,1063,2196,1063,2199,1063,2202,1063,2205,1063,2208,1063,2211,1070],{},"“保守”的定义是什么？我认为我这个人从来不保守，",[902,2191,2192],{},"做投资要承担很多风险的",[902,2194,2195],{},"不管花多少钱都要承担风险",[902,2197,2198],{},"但是我不冒险",[902,2200,2201],{},"我们追求更健康",[902,2203,2204],{},"更长久",[902,2206,2207],{},"这不是“保守”",[902,2209,2210],{},"而是更健康",[902,2212,1532,2213,2216],{},[925,2214,12],{"href":2215},"\u002Fpingchangxin","的概念",[899,2218,2219],{},"就像我讲的打高尔夫球，你追求的是整体成绩，是乐趣，而不是一竿进洞，进洞之后，虽然这杆很漂亮，但是整体上没多大改善。",[899,2221,2222,908,2225,1063,2228,1063,2231,1063,2234,1070],{},[902,2223,2224],{},"就像",[902,2226,2227],{},"讲的",[902,2229,2230],{},"你可以99件事情做对了",[902,2232,2233],{},"1件小的错误就可以造成你所有的成就落空",[902,2235,2236],{},"最重要的就是不要让小的错误发生",[899,2238,2239,2242],{},[902,2240,2241],{},"我经营企业差不多20多年，竞争对手已经换了很多","，我们每次做的时候，别人都说这样不好，应该怎么做。我说冒风险几年后肯定会出问题的。几年后这个人找到我，就说，你这个人真厉害。",[899,2244,2245,1063,2248,1063,2251,2253,2254,1063,2257],{},[902,2246,2247],{},"企业也是一样",[902,2249,2250],{},"要看长远的发展",[902,2252,599],{},"有很多很好的地方。当然，确实也有待完善的东西，这个我能接受，关键是你有没有完善的能力？",[902,2255,2256],{},"投资做企业的想法都差不多:你是否真的20年之后",[902,2258,2259],{},"你还愿意拿着这个股票?",[930,2261,2262],{"id":2262},"巴菲特也做短线",[899,2264,2265,938,2268,2270,2271,2273,2274,2276],{},[902,2266,2267],{},"Q23",[902,2269,599],{},"财经：最后我们返回主题。关于",[902,2272,908],{},"的",[925,2275,52],{"href":927},"，您能给广大中国网民一个什么建议？",[899,2278,2279,2281,2282,2284,2285,1063,2288,1063,2291,2294],{},[902,2280,904],{},"：",[925,2283,52],{"href":927},"很简单，",[902,2286,2287],{},"你买股票的时候",[902,2289,2290],{},"就是买这个公司的一部分",[902,2292,2293],{},"你是在拥有它","。但是你现在要我提一个建议，对所有去澳门的人有什么样好的意见，我没有。",[899,2296,2297],{},"我自己也经常做短线，我的乐趣有时候从短线来，短线很好玩，比如说我拿某个金额，每个人得能承受的，短一把，赚到了很高兴。",[899,2299,2300],{},"我自己就有两个帐号，一个是长线帐号，一个是短线帐号。短线就是好玩，赚不赚钱呢？也赚，但是这里面有什么心得吗？也没有。",[899,2302,2303],{},"我对短线帐号的印象很深刻，每年家庭的开销都从这里面出，但是钱没有少过，很有意思，总有这么多钱，而且交税也是从这里面交，很有意思。我确实觉得没什么心得，但是我觉得很开心。",[899,2305,2306],{},"对于长线帐号，我有时候都不知道它赚钱了，最长线的是我买了之后就没动过，现在也没动，5年下来大概赚了50多倍，而短线5年下来也可能有2倍，你说哪个好？我也不知道。",[899,2308,2309,2311],{},[902,2310,908],{},"也做短线，他跟我的目的是一样：好玩，当然他是自己做，他的投资公司是不做的。",[899,2313,2314,2316],{},[902,2315,599],{},"财经：今天由于时间的关系，我们的访谈就到这里，感谢段先生！！",{"title":2318,"searchDepth":15,"depth":15,"links":2319},"",[],"md",{},true,"\u002Fdao\u002Fspeeches\u002Fduanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":323,"description":325},"2007年与巴菲特共进午餐后网易专访｜段永平投资问答录","dao\u002Fspeeches\u002Fduanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang","xhTQSJwpVZllYchglHTgecUIGKQTEL0859hiiSscGgE","dao",[2330,2331,2332,2333,2334,2335,2336,2337,2338,2339,2340,2341,2342,2343,2344,2345,2346,2347,2348,2349,2350,2351,2352,2353,2354,2355,2356,2357,2358,2359,2360,2361,2362,2363,2364,2365,2366,2367,2368,2369,2370,2371,2372,2373,2374,2375],{"title":420,"slug":421,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":9,"order":423},{"title":432,"slug":433,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":15,"order":435},{"title":441,"slug":442,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":20,"order":444},{"title":450,"slug":451,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":25,"order":453},{"title":459,"slug":460,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":30,"order":462},{"title":464,"slug":465,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":35,"order":467},{"title":473,"slug":474,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":45,"order":476},{"title":478,"slug":479,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":50,"order":481},{"title":483,"slug":484,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":56,"order":486},{"title":488,"slug":489,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":62,"order":491},{"title":493,"slug":494,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":71,"order":496},{"title":498,"slug":499,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":80,"order":501},{"title":503,"slug":504,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":9,"order":506},{"title":509,"slug":510,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":15,"order":512},{"title":5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