[{"data":1,"prerenderedAt":2055},["ShallowReactive",2],{"layout-dao":3,"dao-wenda-business-02":893,"qanda-chapter-navigation":2008},[4,11,16,21,26,31,36,41,46,51,57,63,67,72,76,81,85,90,94,99,103,108,113,118,123,128,134,139,144,149,154,159,164,169,174,179,184,190,195,200,205,210,215,220,225,231,237,242,247,252,257,262,267,272,277,282,287,292,297,302,307,312,317,322,327,332,337,342,347,352,357,362,367,372,377,382,387,392,397,402,407,412,419,426,431,436,440,445,449,454,458,463,468,472,477,482,487,492,497,502,508,513,518,523,528,533,538,542,547,552,557,562,568,573,578,583,588,593,598,603,608,613,618,623,628,633,638,643,649,654,659,664,669,674,679,684,689,694,699,704,709,714,719,724,729,734,739,744,749,755,760,766,772,777,782,787,792,797,802,807,812,817,822,827,832,837,842,847,852,857,862,867,872,877,883,888],{"title":5,"slug":6,"description":7,"category":8,"order":9,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"本分","benfen","\"本分\"最早作为步步高核心理念出现在段永平1999年步步高讲话中。他将其定义为五种心态的合一：","核心哲学",1,null,{"title":12,"slug":13,"description":14,"category":8,"order":15,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"平常心","pingchangxin","\"平常心\"最早出现在段永平1999年步步高内部讲话中，是本分的五个组成部分之一。段永平在那次讲话中首次系统阐述了平常心对企业的意义：",2,{"title":17,"slug":18,"description":19,"category":8,"order":20,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"做对的事情","zuoduideshiqing","\"做对的事情\"这一概念最早可追溯到段永平大学时期。他在2016年浙大60周年专访中回忆：",3,{"title":22,"slug":23,"description":24,"category":8,"order":25,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"把事情做对","bashiqingzuodui","\"把事情做对\"与\"做对的事情\"成对出现，最早可追溯到段永平浙大求学时期（约1981-1982年大三时）：",4,{"title":27,"slug":28,"description":29,"category":8,"order":30,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"能力圈","nengliquan","\"能力圈\"（Circle of Competence）是巴菲特提出的投资概念，段永平在学习巴菲特投资理念后将其吸收并发展。段永平最早系统阐述能力圈是在投资问答录中：",5,{"title":32,"slug":33,"description":34,"category":8,"order":35,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"不做什么","buzuoshenme","\"不做什么\"是段永平经营哲学和投资哲学的核心概念之一，与\"Stop Doing List\"（不为清单）密切相关。这一思想受巴菲特和芒格影响，并在步步高系企业经营中得到长期实践。段永平最早在投资问答录中...",6,{"title":37,"slug":38,"description":39,"category":8,"order":40,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"不做清单与警惕清单","buzuo-yu-jingti","汇总段永平的「Stop Doing List（不为清单）」与「警惕清单（危险信号）」：从企业经营 19 条不做的事、投资上的不做空不借钱不投机，到财报上现金流与利润背离、价值陷阱、有息负债等需要提高警觉的信号。",6.5,{"title":42,"slug":43,"description":44,"category":8,"order":45,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"敢为天下后","ganweitianxiahou","\"敢为天下后\"是段永平在1990年代提出的企业经营策略，最早的公开记录出现在1999年《都市快报》采访中。完整表述为\"敢为天下后，后中争先\"。段永平将老子\"敢为天下先\"反转，表达了后发制人的经营智慧。",7,{"title":47,"slug":48,"description":49,"category":8,"order":50,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"消费者导向","xiaofeizhedaoxiang","消费者导向也被称为\"用户导向\"，两者在段永平的表述中含义相同。段永平有时用\"消费者导向\"，有时用\"用户导向\"，但他特别区分了\"消费者导向\"与\"客户导向\"的不同。",8,{"title":52,"slug":53,"description":54,"category":55,"order":56,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"价值投资","jiazhitouzi","段永平接触价值投资的起点是阅读巴菲特的著作和理论。他在2006年网易证券访谈中回忆：\"我想这也是很久以来的一个想法吧。因为从我一开始做投资，我就从他那里学到很多东西，而且很重要的是他的投资理论给了我很...","投资理念",9,{"title":58,"slug":59,"description":60,"category":61,"order":62,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"负债","fuzhai","负债是段永平特别关注的财务指标之一，强调低负债或无负债的重要性，区分有息负债和无息负债。","财务指标",10,{"title":64,"slug":65,"description":66,"category":55,"order":62,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"商业模式","shangyemoshi","段永平对商业模式的重视源于2006年与巴菲特共进午餐时的关键对话。这是他在投资理念上最重要的一次进化。",{"title":68,"slug":69,"description":70,"category":55,"order":71,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"护城河","huchenghe","护城河的概念源自巴菲特，段永平在其投资框架中将其视为生意模式的一部分。在投资问答录中，段永平最早系统阐述这一概念大约在2010年前后。",11,{"title":73,"slug":74,"description":75,"category":61,"order":71,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"净现金","jingxianjin","净现金是段永平特别关注的财务指标之一，指公司账上的现金减去负债，是评估公司安全性的重要指标。",{"title":77,"slug":78,"description":79,"category":61,"order":80,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"开销合理性","kaixiaohelixing","开销合理性是段永平特别关注的财务指标之一，强调理性支出，反对为了成长而盲目花钱。",12,{"title":82,"slug":83,"description":84,"category":61,"order":80,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"现金流","xianjinliu","现金流是段永平投资哲学中最基础的概念。他将整个投资体系建立在\"未来现金流折现\"这一核心思维方式之上。这一理念直接来源于巴菲特和格雷厄姆的价值投资理论。",{"title":86,"slug":87,"description":88,"category":61,"order":89,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"真实利润","zhenshilirun","真实利润是段永平特别关注的财务指标之一，强调利润的真实性，区分真实利润与纸上富贵。",13,{"title":91,"slug":92,"description":93,"category":55,"order":89,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"折现","zhexian","折现是段永平投资体系中与现金流密不可分的核心概念。\"未来现金流折现\"是他对投资的一句话定义。这一概念来自巴菲特和格雷厄姆的价值投资理论。",{"title":95,"slug":96,"description":97,"category":55,"order":98,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"安全边际","anquanbianji","安全边际原是格雷厄姆价值投资理论的核心概念，传统理解为\"以低于内在价值的价格买入，留出足够的价格安全空间\"。段永平对这个概念进行了独特的重新诠释——他认为安全边际的核心不是价格，而是对公司的理解度。",14,{"title":100,"slug":101,"description":102,"category":61,"order":98,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"扣除商誉的净资产","jingzichan","扣除商誉的净资产是段永平特别关注的财务指标之一，强调有效净资产，区分赚钱的资产和不赚钱的资产。",{"title":104,"slug":105,"description":106,"category":55,"order":107,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"基本面","jibenmian","基本面在段永平的投资语境中，指的是对一家公司生意本身的深度了解——包括其商业模式、企业文化、产品竞争力、未来盈利能力等。他把关注基本面视为区分投资与投机的关键标志。",15,{"title":109,"slug":110,"description":111,"category":55,"order":112,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"机会成本","jihuichengben","机会成本在段永平的投资体系中有两层含义：一是作为折现率的基准（每个投资者的机会成本不同，决定了他应该用什么标准来评估投资机会）；二是作为投资决策的核心考量（持有一只股票的机会成本是你放弃的其他投资机会...",16,{"title":114,"slug":115,"description":116,"category":55,"order":117,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"长期持有","zhangqichiyou","长期持有在段永平看来不是一个独立的投资策略，而是价值投资的自然结果。他特别强调\"投资长期\"比\"长期投资\"更准确——重点不在于\"长期\"，而在于投的是值得长期拥有的好公司。",17,{"title":119,"slug":120,"description":121,"category":55,"order":122,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"投机","touji","投机在段永平的框架中是与价值投资对立的概念。他在1999年做客人民大学时就已经在经营理念中体现了反投机的思想——强调\"播种、耕种，然后才收获\"，反对\"投入2000万短时间挣两亿\"的诱惑。",18,{"title":124,"slug":125,"description":126,"category":55,"order":127,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"止损","zhisun","止损是股票交易中的常见术语，指当股价下跌到一定程度时卖出以限制损失。段永平对止损有明确的态度：这是一个投机概念，不属于价值投资的范畴。",19,{"title":129,"slug":130,"description":131,"category":132,"order":133,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"企业文化","qiyewenhua","段永平对企业文化的重视可以追溯到1990年代在小霸王和步步高的经营实践中。1999年在人民大学问答中，当被问及步步高企业文化的核心是什么时，段永平给出了简洁的回答：\"本分。不过我认为成功的企业都是相似...","企业经营",20,{"title":135,"slug":136,"description":137,"category":132,"order":138,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"品牌","pinpai","段永平对品牌的理解始于1990年代做小霸王时期。他最早通过请成龙拍摄\"望子成龙小霸王\"广告建立品牌知名度，后来在创建步步高时再次系统运用品牌策略。2000年在央视\"品牌与传播国际论坛\"上的演讲是他最早...",21,{"title":140,"slug":141,"description":142,"category":132,"order":143,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"差异化","chayihua","差异化是段永平商业思想中最核心的概念之一。最早可追溯到2002年CCTV《卖点》栏目中，他向澳视投影机公司提出\"产品差异化\"的建议。后来在投资问答中，他对差异化给出了精确定义。最经典的定义出现在201...",22,{"title":145,"slug":146,"description":147,"category":132,"order":148,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"定价权","dingjiaquan","定价权是段永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 Store应用...",26,{"title":170,"slug":171,"description":172,"category":132,"order":173,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"单一产品","danyichanpin","段永平对\"单一产品\"模式的认识，最早源于1990年代做小霸王游戏机的亲身经验，后来在投资苹果时形成了系统化的理论表述。2011年他在\"买入苹果思考\"中首次系统阐述：",27,{"title":175,"slug":176,"description":177,"category":132,"order":178,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"造钟人","zaozhongren","\"造钟人\"与\"报时人\"的概念源自吉姆·柯林斯的《基业长青》（Built to Last）。段永平深受此书影响，将这一框架广泛用于评估企业创始人和领导者。所谓\"报时人\"是指凭个人天赋做出正确判断、做出伟...",28,{"title":180,"slug":181,"description":182,"category":132,"order":183,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"利润之上的追求","lirunzhishangdezhuiqiu","\"利润之上的追求\"是段永平从吉姆·柯林斯《基业长青》（Built to Last）中吸收的核心概念，也是他评判企业文化好坏的最重要标准。段永平对这一概念给出了多个层次的定义：",29,{"title":185,"slug":186,"description":187,"category":188,"order":189,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"进取心","jinquxin","进取心作为段永平\"五心\"框架的组成部分，最早出现在1999年步步高内部讲话中。段永平将其定义为企业如同职业运动员在比赛中的拼搏精神，是企业存在的使命和价值所在。","品格与心性",30,{"title":191,"slug":192,"description":193,"category":188,"order":194,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"耐心","naixin","耐心作为段永平\"五心\"框架的组成部分，最早出现在1999年步步高内部讲话中。段永平将其比喻为马拉松比赛中的坚韧，是企业和投资成功的必要条件。",31,{"title":196,"slug":197,"description":198,"category":188,"order":199,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"责任心","zerenxin","责任心作为段永平\"五心\"框架的组成部分，最早出现在1999年步步高内部讲话中。段永平将责任心定义为团队成员对团队、对家庭所肩负的责任意识，是\"抱团打天下\"的基础。",32,{"title":201,"slug":202,"description":203,"category":188,"order":204,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"爱心","aixin","爱心作为段永平\"五心\"框架的组成部分，最早出现在1999年步步高内部讲话中。段永平将爱心定义为维系团队精神的纽带，也将其视为培养下一代最重要的品质。",33,{"title":206,"slug":207,"description":208,"category":188,"order":209,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"信誉","xinyu","信誉是段永平思想体系中最早期的核心概念之一，与\"本分\"和\"诚信\"密切相关。最早可追溯到1999年的多篇采访中。段永平将信誉定义为一种发自内心的本分，而非做给别人看的手段，并强调\"只有等你为曾经许下的承...",34,{"title":211,"slug":212,"description":213,"category":188,"order":214,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"正直","zhengzhi","正直（Integrity）是段永平个人品质中最为强调的核心特质之一。他在多个场合将其与\"诚信\"等同，使用英文\"Integrity\"来表达。最早可追溯到2001年《经营天下》访谈和2009年浙大MBA分...",35,{"title":216,"slug":217,"description":218,"category":188,"order":219,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"理性","lixing","理性是段永平思想体系中的核心概念，与平常心高度重叠。段永平认为芒格所说的\"rationality\"（理性）就是他所说的\"平常心\"。理性的内涵在早期文献中已隐含存在（2000年《经营者》杂志记者就描述他...",36,{"title":221,"slug":222,"description":223,"category":188,"order":224,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"长期主义","zhangqizhuyi","长期主义是段永平思想体系中较晚才明确使用的概念标签，但其内涵（想长远、跑马拉松、追求健康长久的发展）从1990年代就贯穿始终。2025年与王石对话中，段永平首次给出了完整的逻辑定义：平常心不是心态，而...",37,{"title":226,"slug":227,"description":228,"category":229,"order":230,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"段永平推荐书单","tuijianshudan","段永平历年亲口推荐、读过称赞、以及明确不推荐的书，一份带出处的清单。他一再强调“好书一本就够”，真正反复推崇的其实就是《巴菲特致股东的信》。","推荐书单",50,{"title":232,"slug":233,"description":234,"category":235,"order":236,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":238,"slug":239,"description":240,"category":235,"order":241,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":243,"slug":244,"description":245,"category":235,"order":246,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":248,"slug":249,"description":250,"category":235,"order":251,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":253,"slug":254,"description":255,"category":235,"order":256,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":258,"slug":259,"description":260,"category":235,"order":261,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":263,"slug":264,"description":265,"category":235,"order":266,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":268,"slug":269,"description":270,"category":235,"order":271,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":273,"slug":274,"description":275,"category":235,"order":276,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":278,"slug":279,"description":280,"category":235,"order":281,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":283,"slug":284,"description":285,"category":235,"order":286,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":288,"slug":289,"description":290,"category":235,"order":291,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":293,"slug":294,"description":295,"category":235,"order":296,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":298,"slug":299,"description":300,"category":235,"order":301,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":303,"slug":304,"description":305,"category":235,"order":306,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":308,"slug":309,"description":310,"category":235,"order":311,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":313,"slug":314,"description":315,"category":235,"order":316,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":318,"slug":319,"description":320,"category":235,"order":321,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":323,"slug":324,"description":325,"category":235,"order":326,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":328,"slug":329,"description":330,"category":235,"order":331,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":333,"slug":334,"description":335,"category":235,"order":336,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":338,"slug":339,"description":340,"category":235,"order":341,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":343,"slug":344,"description":345,"category":235,"order":346,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":348,"slug":349,"description":350,"category":235,"order":351,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":353,"slug":354,"description":355,"category":235,"order":356,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":358,"slug":359,"description":360,"category":235,"order":361,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"2013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":363,"slug":364,"description":365,"category":235,"order":366,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"2015年苹果CEO库克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年华盛顿大学毕业典礼谈平等、价值观、乔布斯的影响与寻找人生北斗星。",124,{"title":368,"slug":369,"description":370,"category":235,"order":371,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":373,"slug":374,"description":375,"category":235,"order":376,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":378,"slug":379,"description":380,"category":235,"order":381,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":383,"slug":384,"description":385,"category":235,"order":386,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"2024年费德勒演讲：最优秀的人，也经常失败","feidele-2024nian-biyeyanjiang","费德勒在2024年达特茅斯学院毕业典礼分享努力、失败、人生取舍与超越网球的人生经验。",128,{"title":388,"slug":389,"description":390,"category":235,"order":391,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban","段永平浙大最新演讲，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":393,"slug":394,"description":395,"category":235,"order":396,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":398,"slug":399,"description":400,"category":235,"order":401,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":403,"slug":404,"description":405,"category":235,"order":406,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":408,"slug":409,"description":410,"category":235,"order":411,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":413,"slug":414,"description":415,"category":416,"order":417,"type":418,"volume":10,"volumeOrder":10,"chapterOrder":10},"投资问答录主题目录","wenda-topic-index","按投资原则、商业经营、公司案例、人生与成长整理的段永平投资问答主题目录。","投资问答录",190,"topic-index",{"title":420,"slug":421,"description":422,"category":416,"order":423,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":9},"买股票就是买公司与价值投资","wenda-invest-01","汇集段永平关于“买股票就是买公司与价值投资”的公开问答，按主题重排并删除重复内容。",200,"qanda-chapter","投资原则与方法",{"title":427,"slug":428,"description":429,"category":416,"order":423,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","问答录：第一章 投资大道已按主题拆分，本页保留旧地址并提供新文章入口。","legacy-index",{"title":432,"slug":433,"description":434,"category":416,"order":435,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":15},"投资为什么简单但不容易","wenda-invest-02","汇集段永平关于“投资为什么简单但不容易”的公开问答，按主题重排并删除重复内容。",201,{"title":437,"slug":438,"description":439,"category":416,"order":435,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua","问答录：第二章 商业模式和企业文化已按主题拆分，本页保留旧地址并提供新文章入口。",{"title":441,"slug":442,"description":443,"category":416,"order":444,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":20},"看懂生意与能力圈","wenda-invest-03","汇集段永平关于“看懂生意与能力圈”的公开问答，按主题重排并删除重复内容。",202,{"title":446,"slug":447,"description":448,"category":416,"order":444,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping","问答录：第三章 公司点评已按主题拆分，本页保留旧地址并提供新文章入口。",{"title":450,"slug":451,"description":452,"category":416,"order":453,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":25},"风险第一：不做空、不借钱、不懂不碰","wenda-invest-04","汇集段永平关于“风险第一：不做空、不借钱、不懂不碰”的公开问答，按主题重排并删除重复内容。",203,{"title":455,"slug":456,"description":457,"category":416,"order":453,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan","问答录：第四章 人生箴言已按主题拆分，本页保留旧地址并提供新文章入口。",{"title":459,"slug":460,"description":461,"category":416,"order":462,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":30},"市场波动、宏观与牛熊","wenda-invest-05","汇集段永平关于“市场波动、宏观与牛熊”的公开问答，按主题重排并删除重复内容。",204,{"title":464,"slug":465,"description":466,"category":416,"order":467,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":35},"长期持有、集中投资与机会成本","wenda-invest-06","汇集段永平关于“长期持有、集中投资与机会成本”的公开问答，按主题重排并删除重复内容。",205,{"title":469,"slug":470,"description":471,"category":416,"order":467,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin","问答录：第六章 更新已按主题拆分，本页保留旧地址并提供新文章入口。",{"title":473,"slug":474,"description":475,"category":416,"order":476,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":45},"现金流折现、PE与定性判断","wenda-invest-07","汇集段永平关于“现金流折现、PE与定性判断”的公开问答，按主题重排并删除重复内容。",206,{"title":478,"slug":479,"description":480,"category":416,"order":481,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":50},"买卖时机与“持有就是买入”","wenda-invest-08","汇集段永平关于“买卖时机与“持有就是买入””的公开问答，按主题重排并删除重复内容。",207,{"title":483,"slug":484,"description":485,"category":416,"order":486,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":56},"财报、现金流、ROE与净资产","wenda-invest-09","汇集段永平关于“财报、现金流、ROE与净资产”的公开问答，按主题重排并删除重复内容。",208,{"title":488,"slug":489,"description":490,"category":416,"order":491,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":62},"分红、回购与资本配置","wenda-invest-10","汇集段永平关于“分红、回购与资本配置”的公开问答，按主题重排并删除重复内容。",209,{"title":493,"slug":494,"description":495,"category":416,"order":496,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":71},"投机、套利、量化与衍生品","wenda-invest-11","汇集段永平关于“投机、套利、量化与衍生品”的公开问答，按主题重排并删除重复内容。",210,{"title":498,"slug":499,"description":500,"category":416,"order":501,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":80},"投资心态、Golf、阅读与学习","wenda-invest-12","汇集段永平关于“投资心态、Golf、阅读与学习”的公开问答，按主题重排并删除重复内容。",211,{"title":503,"slug":504,"description":505,"category":416,"order":506,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":9},"伟大企业与长坡厚雪","wenda-business-01","汇集段永平关于“伟大企业与长坡厚雪”的公开问答，按主题重排并删除重复内容。",230,"商业模式与经营",{"title":509,"slug":510,"description":511,"category":416,"order":512,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":15},"商业模式与投资确定性","wenda-business-02","汇集段永平关于“商业模式与投资确定性”的公开问答，按主题重排并删除重复内容。",231,{"title":514,"slug":515,"description":516,"category":416,"order":517,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":20},"护城河与差异化","wenda-business-03","汇集段永平关于“护城河与差异化”的公开问答，按主题重排并删除重复内容。",232,{"title":519,"slug":520,"description":521,"category":416,"order":522,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":25},"好产品与用户导向","wenda-business-04","汇集段永平关于消费者导向、好产品与用户需求的公开问答，按主题重排并删除重复内容。",233,{"title":524,"slug":525,"description":526,"category":416,"order":527,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":30},"创新与敢为天下后","wenda-business-05","汇集段永平关于“创新与敢为天下后”的公开问答，按主题重排并删除重复内容。",234,{"title":529,"slug":530,"description":531,"category":416,"order":532,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":35},"品牌的本质","wenda-business-06","汇集段永平关于“品牌的本质”的公开问答，按主题重排并删除重复内容。",235,{"title":534,"slug":535,"description":536,"category":416,"order":537,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":45},"营销、广告、渠道与出海","wenda-business-07","汇集段永平关于“营销、广告、渠道与出海”的公开问答，按主题重排并删除重复内容。",236,{"title":129,"slug":539,"description":540,"category":416,"order":541,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":50},"wenda-business-08","汇集段永平关于“企业文化”的公开问答，按主题重排并删除重复内容。",237,{"title":543,"slug":544,"description":545,"category":416,"order":546,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":56},"本分、平常心与利润之上的追求","wenda-business-09","汇集段永平关于本分、平常心与利润之上的追求的公开问答，按主题重排并删除重复内容。",238,{"title":548,"slug":549,"description":550,"category":416,"order":551,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":62},"创始人、CEO、团队与激励","wenda-business-10","汇集段永平关于“创始人、CEO、团队与激励”的公开问答，按主题重排并删除重复内容。",239,{"title":553,"slug":554,"description":555,"category":416,"order":556,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":71},"Stop Doing List、聚焦与更健康更长久","wenda-business-11","汇集段永平关于“Stop Doing List、聚焦与更健康更长久”的公开问答，按主题重排并删除重复内容。",240,{"title":558,"slug":559,"description":560,"category":416,"order":561,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":80},"收购与多元化","wenda-business-12","汇集段永平关于“收购与多元化”的公开问答，按主题重排并删除重复内容。",241,{"title":563,"slug":564,"description":565,"category":416,"order":566,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":9},"苹果：产品、商业模式与生态","wenda-company-apple-01","汇集段永平关于“苹果：产品、商业模式与生态”的公开问答，按主题重排并删除重复内容。",260,"公司案例",{"title":569,"slug":570,"description":571,"category":416,"order":572,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":15},"苹果：管理层与企业文化","wenda-company-apple-02","汇集段永平关于“苹果：管理层与企业文化”的公开问答，按主题重排并删除重复内容。",261,{"title":574,"slug":575,"description":576,"category":416,"order":577,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":20},"苹果：估值、持有与资本配置","wenda-company-apple-03","汇集段永平关于“苹果：估值、持有与资本配置”的公开问答，按主题重排并删除重复内容。",262,{"title":579,"slug":580,"description":581,"category":416,"order":582,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":25},"贵州茅台：产品、品牌与商业模式","wenda-company-maotai-01","汇集段永平关于“贵州茅台：产品、品牌与商业模式”的公开问答，按主题重排并删除重复内容。",263,{"title":584,"slug":585,"description":586,"category":416,"order":587,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":30},"贵州茅台：治理、渠道与i茅台","wenda-company-maotai-02","汇集段永平关于“贵州茅台：治理、渠道与i茅台”的公开问答，按主题重排并删除重复内容。",264,{"title":589,"slug":590,"description":591,"category":416,"order":592,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":35},"贵州茅台：估值与投资判断","wenda-company-maotai-03","汇集段永平关于“贵州茅台：估值与投资判断”的公开问答，按主题重排并删除重复内容。",265,{"title":594,"slug":595,"description":596,"category":416,"order":597,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":45},"小霸王与步步高","wenda-company-bbk","汇集段永平关于“小霸王与步步高”的公开问答，按主题重排并删除重复内容。",266,{"title":599,"slug":600,"description":601,"category":416,"order":602,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":50},"网易","wenda-company-netease","汇集段永平关于“网易”的公开问答，按主题重排并删除重复内容。",267,{"title":604,"slug":605,"description":606,"category":416,"order":607,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":56},"阿里巴巴与雅虎","wenda-company-alibaba-yahoo","汇集段永平关于“阿里巴巴与雅虎”的公开问答，按主题重排并删除重复内容。",268,{"title":609,"slug":610,"description":611,"category":416,"order":612,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":62},"泡泡玛特","wenda-company-pop-mart","汇集段永平关于“泡泡玛特”的公开问答，按主题重排并删除重复内容。",269,{"title":614,"slug":615,"description":616,"category":416,"order":617,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":71},"消费电子与日本制造","wenda-company-consumer-electronics","汇集段永平关于“消费电子与日本制造”的公开问答，按主题重排并删除重复内容。",270,{"title":619,"slug":620,"description":621,"category":416,"order":622,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":80},"中国游戏公司群像","wenda-company-china-games","汇集段永平关于“中国游戏公司群像”的公开问答，按主题重排并删除重复内容。",271,{"title":624,"slug":625,"description":626,"category":416,"order":627,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":89},"互联网、科技与新产业","wenda-company-tech-platforms","汇集段永平关于“互联网、科技与新产业”的公开问答，按主题重排并删除重复内容。",272,{"title":629,"slug":630,"description":631,"category":416,"order":632,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":98},"零售与服务业案例","wenda-company-retail-services","汇集段永平关于“零售与服务业案例”的公开问答，按主题重排并删除重复内容。",273,{"title":634,"slug":635,"description":636,"category":416,"order":637,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":107},"能源与工业企业案例","wenda-company-energy-industrial","汇集段永平关于“能源与工业企业案例”的公开问答，按主题重排并删除重复内容。",274,{"title":639,"slug":640,"description":641,"category":416,"order":642,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":112},"传统行业公司群像","wenda-company-traditional-industries","汇集段永平关于格力、美的、比亚迪、万科、招商银行等传统行业公司的公开问答。",275,{"title":644,"slug":645,"description":646,"category":416,"order":647,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":9},"做对的事情与把事情做对","wenda-life-01","汇集段永平关于“做对的事情与把事情做对”的公开问答，按主题重排并删除重复内容。",320,"人生与成长",{"title":650,"slug":651,"description":652,"category":416,"order":653,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":15},"正直、理性与长期视角","wenda-life-02","汇集段永平关于“正直、理性与长期视角”的公开问答，按主题重排并删除重复内容。",321,{"title":655,"slug":656,"description":657,"category":416,"order":658,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":20},"职业、创业与享受过程","wenda-life-03","汇集段永平关于“职业、创业与享受过程”的公开问答，按主题重排并删除重复内容。",322,{"title":660,"slug":661,"description":662,"category":416,"order":663,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":25},"家庭、孩子与教育","wenda-life-04","汇集段永平关于“家庭、孩子与教育”的公开问答，按主题重排并删除重复内容。",323,{"title":665,"slug":666,"description":667,"category":416,"order":668,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":30},"开放学习、公益与社会责任","wenda-life-05","汇集段永平关于“开放学习、公益与社会责任”的公开问答，按主题重排并删除重复内容。",324,{"title":670,"slug":671,"description":672,"category":416,"order":673,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":35},"睡眠、减重、Zone 2与日常健康","wenda-life-06","汇集段永平关于“睡眠、减重、Zone 2与日常健康”的公开问答，按主题重排并删除重复内容。",325,{"title":675,"slug":676,"description":677,"category":416,"order":678,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye","商业逻辑篇：第1节：伟大企业已按主题拆分，本页保留旧地址并提供新文章入口。",401,{"title":680,"slug":681,"description":682,"category":416,"order":683,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi","商业逻辑篇：第2节：商业模式已按主题拆分，本页保留旧地址并提供新文章入口。",402,{"title":685,"slug":686,"description":687,"category":416,"order":688,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua","商业逻辑篇：第3节：企业文化已按主题拆分，本页保留旧地址并提供新文章入口。",403,{"title":690,"slug":691,"description":692,"category":416,"order":693,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"商业逻辑篇：第4节：产品、差异化与创新","duanyongping-shangyeluoji-di4jie-chanpin-chayihua-yu-chuangxin","商业逻辑篇：第4节：产品、差异化与创新已按主题拆分，本页保留旧地址并提供新文章入口。",404,{"title":695,"slug":696,"description":697,"category":416,"order":698,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao","商业逻辑篇：第5节：品牌、营销与广告已按主题拆分，本页保留旧地址并提供新文章入口。",405,{"title":700,"slug":701,"description":702,"category":416,"order":703,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua","商业逻辑篇：第6节：收购和多元化已按主题拆分，本页保留旧地址并提供新文章入口。",406,{"title":705,"slug":706,"description":707,"category":416,"order":708,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan","商业逻辑篇：第7节：Stop doing list（不为清单）已按主题拆分，本页保留旧地址并提供新文章入口。",407,{"title":710,"slug":711,"description":712,"category":416,"order":713,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"投资问答录商业逻辑篇：前言：买股票就是买公司","duanyongping-shangyeluoji-qianyan-maiqushoujiiumaishangsi","投资问答录商业逻辑篇：前言：买股票就是买公司已按主题拆分，本页保留旧地址并提供新文章入口。",408,{"title":715,"slug":716,"description":717,"category":416,"order":718,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian","投资逻辑篇：第1章：投资理念已按主题拆分，本页保留旧地址并提供新文章入口。",410,{"title":720,"slug":721,"description":722,"category":416,"order":723,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie","投资逻辑篇：第2章：投资理解已按主题拆分，本页保留旧地址并提供新文章入口。",411,{"title":725,"slug":726,"description":727,"category":416,"order":728,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi","投资问答录：第3章 golf和投资已按主题拆分，本页保留旧地址并提供新文章入口。",412,{"title":730,"slug":731,"description":732,"category":416,"order":733,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie","投资逻辑篇：第4章 财务理解已按主题拆分，本页保留旧地址并提供新文章入口。",413,{"title":735,"slug":736,"description":737,"category":416,"order":738,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji","投资逻辑篇：第5章：估值逻辑已按主题拆分，本页保留旧地址并提供新文章入口。",414,{"title":740,"slug":741,"description":742,"category":416,"order":743,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun","投资逻辑篇：第6章 投资方法论已按主题拆分，本页保留旧地址并提供新文章入口。",415,{"title":745,"slug":746,"description":747,"category":416,"order":748,"type":430,"volume":10,"volumeOrder":10,"chapterOrder":10},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi","投资逻辑篇：第7章：案例分析已按主题拆分，本页保留旧地址并提供新文章入口。",416,{"title":750,"slug":751,"description":752,"category":753,"order":754,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":753,"slug":756,"description":757,"category":753,"order":758,"type":759,"volume":10,"volumeOrder":10,"chapterOrder":10},"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":761,"slug":762,"description":763,"category":753,"order":764,"type":765,"volume":10,"volumeOrder":10,"chapterOrder":10},"苹果：段永平为什么高度评价这家公司","company-apple","整理段永平对苹果的核心评价：用户体验、生态系统、商业模式、企业文化与管理层。",5010,"company",{"title":767,"slug":768,"description":769,"category":753,"order":770,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"黄峥：段永平为什么高度评价他","person-huangzheng","整理段永平对黄峥的评价：高信任度、看本质、学习能力、本分文化与做对事情的能力。",5020,"person",{"title":773,"slug":774,"description":775,"category":753,"order":776,"type":765,"volume":10,"volumeOrder":10,"chapterOrder":10},"泡泡玛特有定价权吗：段永平视角下的提价能力","company-pop-mart","从段永平的定价权框架出发，结合泡泡玛特产品定价变化、会员复购、毛利率、IP结构和库存数据，分析泡泡玛特能否随时间提价，以及提价后用户是否还愿意购买。",5030,{"title":778,"slug":779,"description":780,"category":753,"order":781,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"王宁：段永平为什么欣赏泡泡玛特创始人","person-wangning","整理段永平对王宁的评价：商业理解、做对事情、勤于思考、注重细节与团队能力。",5040,{"title":783,"slug":784,"description":785,"category":753,"order":786,"type":765,"volume":10,"volumeOrder":10,"chapterOrder":10},"贵州茅台：段永平为什么高度评价这家公司","company-maotai","整理段永平对贵州茅台的评价：长长的坡、厚厚的雪、好产品、品牌、现金流与减法经营。",5050,{"title":788,"slug":789,"description":790,"category":753,"order":791,"type":765,"volume":10,"volumeOrder":10,"chapterOrder":10},"网易：段永平为什么长期评价这家公司","company-netease","整理段永平对网易的评价：游戏业务、现金、丁磊、长期持有与好公司不要轻易卖。",5060,{"title":793,"slug":794,"description":795,"category":753,"order":796,"type":765,"volume":10,"volumeOrder":10,"chapterOrder":10},"腾讯：段永平为什么认为它是长坡厚雪","company-tencent","整理段永平对腾讯的评价：微信、微信支付、社交流量、商业模式、企业文化与机会成本。",5070,{"title":798,"slug":799,"description":800,"category":753,"order":801,"type":765,"volume":10,"volumeOrder":10,"chapterOrder":10},"阿里巴巴：段永平为什么曾高度评价又保留","company-alibaba","整理段永平对阿里巴巴的评价变化：企业文化、马云、长坡厚雪、业务复杂度与再现辉煌的不确定性。",5080,{"title":803,"slug":804,"description":805,"category":753,"order":806,"type":765,"volume":10,"volumeOrder":10,"chapterOrder":10},"拼多多：段永平如何看这家公司","company-pinduoduo","整理段永平对拼多多的评价：黄峥、本分文化、渠道、流量、风投性质与商业模式观察。",5090,{"title":808,"slug":809,"description":810,"category":753,"order":811,"type":765,"volume":10,"volumeOrder":10,"chapterOrder":10},"英伟达：段永平为什么说它厉害但难看懂","company-nvidia","整理段永平对英伟达的评价：芯片界的苹果、CUDA、黄仁勋、AI需求、护城河与能力圈边界。",5100,{"title":813,"slug":814,"description":815,"category":753,"order":816,"type":765,"volume":10,"volumeOrder":10,"chapterOrder":10},"任天堂：段永平从中学到什么","company-nintendo","整理段永平对任天堂的提及：渠道成本、单一产品、游戏行业经验、财务健康与企业追求。",5110,{"title":818,"slug":819,"description":820,"category":753,"order":821,"type":765,"volume":10,"volumeOrder":10,"chapterOrder":10},"GE：段永平为什么后来修正这笔投资","company-ge","整理段永平对 GE 的反思：企业文化、韦尔奇、integrity、复杂商业模式、多元化与看不懂。",5120,{"title":823,"slug":824,"description":825,"category":753,"order":826,"type":765,"volume":10,"volumeOrder":10,"chapterOrder":10},"新东方：段永平为什么既认可又保留","company-new-oriental","整理段永平对新东方的评价：俞敏洪、好公司、力气活、生意模式、股价反应与象征性支持。",5130,{"title":828,"slug":829,"description":830,"category":753,"order":831,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"巴菲特：段永平为什么高度尊重他","person-buffett","整理段永平对巴菲特的评价：买股票就是买公司、真诚、朴实、长期、价值投资与平常心。",5200,{"title":833,"slug":834,"description":835,"category":753,"order":836,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"芒格：段永平为什么重视他的理性","person-munger","整理段永平对芒格的评价：理性、逆向思维、能力圈、Costco、反做空与长期投资。",5210,{"title":838,"slug":839,"description":840,"category":753,"order":841,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"乔布斯：段永平为什么说他既是报时人也是造钟人","person-steve-jobs","整理段永平对乔布斯的评价：苹果文化、利润之上的追求、造钟人、产品精神与库克传承。",5220,{"title":843,"slug":844,"description":845,"category":753,"order":846,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"库克：段永平为什么认为他是更好的 CEO","person-tim-cook","整理段永平对库克的评价：更理性、更好的 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":509,"body":895,"category":416,"chapterOrder":15,"date":10,"description":511,"extension":1996,"meta":1997,"navigation":1998,"order":512,"path":1999,"seo":2000,"seoDescription":511,"seoTitle":2001,"slug":510,"source":10,"sourceDate":10,"sourceUrl":10,"stem":2002,"tags":2003,"type":424,"volume":507,"volumeOrder":15,"__hash__":2006,"_collection":2007},"dao\u002Fdao\u002Fbusiness-logic\u002Fwenda-business-02.md",{"type":896,"value":897,"toc":1989},"minimark",[898,903,911,914,917,920,923,926,929,947,950,955,962,971,977,982,985,990,1005,1010,1013,1019,1022,1025,1028,1038,1043,1046,1055,1058,1063,1066,1071,1078,1086,1093,1101,1107,1131,1143,1148,1152,1155,1164,1167,1187,1201,1209,1212,1215,1220,1226,1235,1238,1243,1246,1251,1262,1278,1289,1301,1314,1322,1328,1331,1336,1342,1348,1351,1354,1357,1360,1363,1368,1374,1394,1413,1425,1434,1445,1455,1461,1472,1490,1502,1506,1513,1521,1533,1536,1541,1546,1549,1555,1560,1566,1572,1583,1603,1609,1617,1623,1638,1646,1650,1655,1660,1663,1669,1672,1677,1686,1691,1694,1701,1704,1707,1712,1715,1718,1721,1726,1729,1732,1738,1741,1747,1750,1753,1756,1759,1767,1772,1779,1784,1787,1790,1793,1796,1799,1802,1805,1808,1811,1816,1819,1822,1831,1837,1848,1854,1859,1862,1865,1875,1880,1889,1894,1903,1909,1915,1920,1923,1926,1933,1938,1953,1961,1967,1973,1981,1984],[899,900,902],"h2",{"id":901},"第一节-什么是生意模式","第一节 什么是生意模式",[904,905,906,910],"p",{},[907,908,909],"strong",{},"段永平："," 老巴童鞋说生意模式最重要。我自己大概对这句话想了好几年了，还在继续想，但确实越来越感觉到老巴这个说法有道理。和老巴吃顿饭没白吃，这句话就已经值个100顿饭了吧（其实远远不止哈）？",[904,912,913],{},"什么是生意模式？我也说不清楚，也许大学里的教授能给个文点的定义吧。但是，我觉得我大致知道那到底是什么意思。",[904,915,916],{},"如果你还不明白什么叫生意模式的话，那就看看老巴的那几篇在几个大学的演讲。",[904,918,919],{},"还没懂？那看看喜诗糖果，看看可口可乐、看看比亚迪、看看苹果、看看航空公司、看看那些做太阳能晶片的“光伏企业”……",[904,921,922],{},"还没懂？那重头来，接着再看。10-20年之内看不懂都可以用这个办法，就是“重头来，接着再看”。",[904,924,925],{},"20年以后还是看不懂怎么办？那20年以后再说了。（2012-06-24）",[904,927,928],{},"网友：你说过巴菲特告诉你看公司首先要看生意模式，能否说一下你对“生意模式”的定义（好像你从来没详细说过），或者说重点关注生意模式的哪几方面。谢谢！",[904,930,931,934,935,939,940,946],{},[907,932,933],{},"段永平"," ：怎么会有这么多人问什么叫“生意模式”的？生意模式就是生意的模式，就是产生净",[936,937,82],"a",{"href":938},"\u002Fxianjinliu","的模式。",[907,941,942,943,945],{},"好的生意模式就是能长期产生很多净",[936,944,82],{"href":938},"的模式"," 。（2012-04-08）",[904,948,949],{},"网友B：网友都是学院派，凡事都要定义一下。",[904,951,952,954],{},[907,953,933],{}," ：凡事要知道定义没什么错，老巴也没告诉我什么叫生意模式，我也确实一下找不到特别好的词来说明，想来想去，生意模式最好的定义就是---生意模式。（2012-04-08）",[904,956,957,958,961],{},"网友：",[936,959,64],{"href":960},"\u002Fshangyemoshi","好的企业为什么会有好的投资回报，因为可持续发展吗？",[904,963,964,966,967,970],{},[907,965,933],{}," ：你需要先理解",[907,968,969],{},"商业模式的定义。简单讲商业模式好的意思就是企业能够持续赚很多钱"," 。（2019-05-05）",[904,972,973,974,976],{},"网友：请问大道“看懂生意模式”是不是可以这样理解：用自己的一套方式把它解化，理解（抓住）其本质，明白其核心竞争力（差异性），然后看懂其十年（更远）的趋势或变化。也就能看懂未来",[936,975,82],{"href":938},"了？",[904,978,979,981],{},[907,980,909],{}," 差不多吧。没想到一个简单描述的方式。（2012-06-26）",[904,983,984],{},"网友S：right business是指好的商业模式，不能等同于企业未来的获利能力。好的商业模式有可能长期获利平平，right business既非企业获利能力的必要条件，也不是充分条件。",[904,986,987,989],{},[907,988,933],{},"：好的商业模式不应该长期获利平平，但短期有可能。我认为“好的商业模式”的定义就包含未来获利能力强，不然就不是“好的商业模式”（不然那是什么意思？）。未来指的是企业的整个生命周期。",[904,991,992,993,995,996,998,999,1001,1002,1004],{},"网友J：顺便说一下，您说的“净",[936,994,82],{"href":938},"”换作“自由",[936,997,82],{"href":938},"”可能对大多数人来说更好理解一些。自由",[936,1000,82],{"href":938},"=经营",[936,1003,82],{"href":938},"-资本支出。",[904,1006,1007,1009],{},[907,1008,933],{}," ：其实不明白的人你换哪个说法都是一样的。（2012-04-09）",[904,1011,1012],{},"【引用】巴菲特31年股东信精华---1（2012-02-17）",[904,1014,1015,1018],{},[907,1016,1017],{},"除非是经历销售量的巨幅成长，否则一家好的企业定义上应该是指那些可以产生大量现金的公司"," ，（1984）",[904,1020,1021],{},"【引用】博文：《巴菲特自述：我的城堡和我投资的5+12+8+2法则》（2010-05-28）",[904,1023,1024],{},"我怎么选股：重心是“什么”上面，而不是“何时”",[904,1026,1027],{},"可口可乐公司于1919年上市，那时的价格是40美元左右。一年后，股价降了50%，只有19美元。看起来那是一场灾难。瓶装问题，糖料涨价，你总能发现这样那样的原因让你觉得那不是一个合适的买入时机。一些年之后，又发生了大萧条，第二次世界大战，核武器竞赛等。总是有原因（让你不买）。",[904,1029,1030,1031,1034,1035,1034],{},"如果你在一开始40块钱买了一股，然后你把派发的红利进行再投资（买入可口可乐的股票），一直到现在，那股可乐股票的价值是500万。",[907,1032,1033],{},"这个事实压倒了一切"," 。",[907,1036,1037],{},"如果你看对了生意模式，你就会赚很多钱",[904,1039,1040,1042],{},[907,1041,909],{}," 我们公司的商业模式过去确实没那么好，直到做了智能手机。（2019-05-05）",[904,1044,1045],{},"网友：听你说过“OPPO，vivo以前生意模式不好，现在挺好”，我想问你的观点是什么？",[904,1047,1048,1050,1051,1054],{},[907,1049,933],{}," ：现在是互联网入口，是个",[936,1052,160],{"href":1053},"\u002Fpingtai","。（2019-08-01）",[904,1056,1057],{},"网友：“好的生意模式”的建立过程，是否也有点可遇不可求？因为有太多好产品由于没有好经营模式而消失了。",[904,1059,1060,1062],{},[907,1061,933],{}," ：特别好的生意模式非常少见。（2013-04-23）",[904,1064,1065],{},"网友：请教大道：什么是商业模式和企业文化？",[904,1067,1068,1070],{},[907,1069,909],{}," 商业模式简单讲就是公司赚钱的模式。好的商业模式是有护城河的，举个极端的例子就是海关（虽然这不是通常意义的商业模式）。企业文化就是企业里这帮人的使命，愿景和核心价值观的东西。（2019-3-14）",[904,1072,1073,1074,1077],{},"网友：“好",[907,1075,1076],{},"生意模式","”的建立是否也有点可遇不可求？",[904,1079,1080,1082,1083,1085],{},[907,1081,909],{}," 特别好的",[907,1084,1076],{},"非常少见。(2013-04-23)",[904,1087,1088,1089,1092],{},"网友：盖可保险(",[907,1090,1091],{},"GE","ICO)不就是成本优势吗？而且很长久了。",[904,1094,1095,1097,1098,1100],{},[907,1096,909],{}," 盖可和开市客都是靠的",[936,1099,64],{"href":960},"，但我们这里说的是制造业哈。(2020-11-24)",[904,1102,1103,1104,1106],{},"网友：是不是能躺赢的",[936,1105,64],{"href":960},"就是好模式？",[904,1108,1109,1111,1112,1115,1116,1119,1120,1122,1123,1126,1127,1130],{},[907,1110,909],{}," 可以这么说，如果大家对躺赢的定义是一样的话。躺赢的典型其实是贵州",[907,1113,1114],{},"茅台","和",[907,1117,1118],{},"喜诗糖果","。不过好的",[936,1121,64],{"href":960},"不限于此，比如",[907,1124,1125],{},"苹果","、",[907,1128,1129],{},"谷歌","…(2022-01-04)",[904,1132,1133,1134,1126,1136,1138,1139,1142],{},"网友：您同时作为投资人（看",[907,1135,1125],{},[907,1137,1114],{},"）和企业家（做",[907,1140,1141],{},"步步高","），在评估一个“好生意”时，两者视角最大的差异是什么？ 您作为企业家的经历，让您在投资中看到了哪些别人看不到的东西？",[904,1144,1145,1147],{},[907,1146,909],{}," 这类问题是很奇怪的，别人是谁？“好生意”就是好生意，它是由生意本身决定的，和视角无关。不过，对于不懂生意的人来说，我也不知道他们的视角。（2025-10-19）",[899,1149,1151],{"id":1150},"第二节-好模式的判断标准","第二节 好模式的判断标准",[904,1153,1154],{},"网友：大道您好！好的生意模式有哪些方面的特征呢？",[904,1156,1157,1163],{},[907,1158,1159,1160,1162],{},"段永平：好的商业模式的很简单，就是利润和净",[936,1161,82],{"href":938},"一直都是杠杠的，而且竞争对手哪怕很长的时间里也很难抢。你可以自己想想谁的生意是很难抢的？然后再想想为什么？"," （2020-10-11）",[904,1165,1166],{},"网友：段总，单纯从生意模式上讲，海天味业，片仔癀，农夫山泉这三家哪家的生意模式更强呢？有点想不清楚这个问题。",[904,1168,1169,1171,1172,1186],{},[907,1170,909],{}," 我也不了解这三家公司。一般来说，",[907,1173,1174,1175,1178,1179,1182,1183,1185],{},"商业模式经常要看的东西不外是",[936,1176,68],{"href":1177},"\u002Fhuchenghe","是否长期坚固（产品的",[936,1180,140],{"href":1181},"\u002Fchayihua","的持续性，包括企业文化），长期的毛利率是否合理（产品的可替代性），长期的净",[936,1184,82],{"href":938},"（长期而言其实就是净利润）是否满意…"," 。（2020-11-06）",[904,1188,1189,1190,1126,1192,1126,1194,1197,1198,1200],{},"网友：您持有的",[907,1191,1125],{},[907,1193,1114],{},[907,1195,1196],{},"腾讯","都是净利润率特别高的公司，高净利率的公司是否就比低净利率的公司",[936,1199,64],{"href":960},"好？",[904,1202,1203,1205,1206],{},[907,1204,909],{}," ",[907,1207,1208],{},"好像我喜欢的公司都有高毛利的特征，但没归纳过。",[904,1210,1211],{},"高毛利肯定不是充分条件，比如餐饮业都是高毛利，但投资价值不高。(2019-03-19)",[904,1213,1214],{},"网友：大道，我从2014年看你的网易博客，一路跟你到雪球，收获很多。买股票就是买企业，我懂。但怎么辨别好企业似懂非懂，巴菲特说过，喜诗是好生意，飞行安全公司是一般生意，航空公司是糟糕的生意。我理解的是资本支出大的行业不容易出现好企业。不知道对不对，请大道指点一下。",[904,1216,1217,1219],{},[907,1218,909],{}," “资本支出大的行业不容易出现好企业”，我同意这个观点。（2019-03-16）",[904,1221,1222,1223,1225],{},"网友：（DeepSeek总结什么是大道眼里好的",[936,1224,64],{"href":960},"）",[904,1227,1228,1229,1231,1232,1234],{},"大道：DeepSeek总结得很好，不过对于“轻资产与高效率不过度依赖重资产投入，资本开支低，且能高效利用资源。他倾向于避开‘辛苦的生意’”，大道倾向于避开苦生意是对的，但重资产和好生意并不是绝对对立的，TSMC就是个好的例子。",[936,1230,64],{"href":960},"最重要的还是看未来的",[936,1233,82],{"href":938},"。（2025-10-29）",[904,1236,1237],{},"网友：你对恒生电子怎么看？",[904,1239,1240,1242],{},[907,1241,909],{}," 对不起，不知道这家公司。不过，一般来讲，大部分“电子公司”可能都不值得投资，因为生意模式一般都不会太好。（2019-09-09）",[904,1244,1245],{},"网友：我想请问垄断的生意，如自来水公司等，算不算好的生意模式呢？如果算，好像没发现有伟大的自来水公司？是不是垄断容易产生不思进取、管理混乱等因素？",[904,1247,1248,1250],{},[907,1249,933],{}," ：自来水公司的“垄断”是在很多限制条件下的垄断，多有关民生，属于公共事业，不被允许赚大钱。（2015-04-11）",[904,1252,957,1253,1126,1255,1258,1259,1261],{},[936,1254,64],{"href":960},[936,1256,129],{"href":1257},"\u002Fqiyewenhua","、未来",[936,1260,82],{"href":938},"三条铁律，感觉任意一项都能卡掉大部分公司。",[904,1263,1264,1265,1267,1268,1270,1271,1273,1274,1277],{},"尤其",[936,1266,129],{"href":1257},"这一条最重要，",[936,1269,129],{"href":1257},"是地基，只要",[936,1272,129],{"href":1257},"没有足够简单",[936,1275,5],{"href":1276},"\u002Fbenfen","，就不可能成为伟大的公司。",[904,1279,1280,1282,1283,1285,1286,1288],{},[936,1281,129],{"href":1257},"足够强大以后，才有可能成就好的",[936,1284,64],{"href":960},"和未来",[936,1287,82],{"href":938},"，这样理解对吗？",[904,1290,1291,1292,1294,1295,1297,1298,1300],{},"大道：",[936,1293,64],{"href":960},"里面包括未来",[936,1296,82],{"href":938},"了，不然好的",[936,1299,64],{"href":960},"是什么意思？（2026-1-05）",[904,1302,1303,1304,1306,1307,1309,1310,1313],{},"好的",[936,1305,64],{"href":960},"很简单，就是利润和净",[936,1308,82],{"href":938},"一直都是杠杠的，而且竞争对手哪怕用很长的时间也很难抢。",[907,1311,1312],{},"你可以自己想想：谁的生意是很难抢的？然后再想想为什么？","(2020-10-11)",[904,1315,1303,1316,1318,1319,1321],{},[936,1317,64],{"href":960},"就是能够长期获得很好利润的",[936,1320,64],{"href":960},"，一般都是通过提供很好的产品或服务而来的。(2020-12-03)",[904,1323,1324,1325,1327],{},"网友：有一个关于Good business（好的生意）的问题想请教，比如房地产行业，房地产行业的企业普遍负债率高，不是很让人喜欢，不算是好的生意模式，可是房地产行业应该还是一个有",[936,1326,140],{"href":1181},"的行业，比如段总买过的万科，应该算是一个房地产行业的好企业，从是否有好的生意模式的角度来看，似乎就把万科这样的企业排除掉了，万科这样一个处在房地产行业的企业能不能拥有一个好的生意模式，怎样来判断一个企业是否有好的生意模式？",[904,1329,1330],{},"对于判断是否是好的生意模式有没有充要条件？",[904,1332,1333,1335],{},[907,1334,909],{}," 负债率高并不一定就是商业模式不好吧？银行的负债率就很高啊，但有的银行就不错。房地产行业这个说法太泛了，就像说电子消费品这个行业生意模式好不好一样，没办法得出结论的。电子消费品行业竞争非常激烈，但苹果就做出了一个非常好的商业模式，而其他的企业就非常不容易。投资很难找到充要条件的，不然就有公式可用了？",[904,1337,1338,1341],{},[907,1339,1340],{},"好的商业模式，好的企业文化是我喜欢的投资目标，如果再有好的价钱就完美了。"," 市场有时候可以非常疯狂（很贵或很便宜），有机会（很便宜）时，对商业模式不是那么好的公司的投资在一定时期内是有可能有不错的回报的。",[904,1343,1344,1345],{},"但是，",[907,1346,1347],{},"长期而言（10年20年或以上）坚持只投好的商业模式，好的企业文化的公司大概率上是会有比较好的回报的，而且这种投资方法让人很愉快，不需要整天瞎操心。简言之，投资人每次做投资决定时如果想的是10年20年的事情，最后的结果很难不好，不然就难说了。要找到自己能想清楚10年20年的公司是非常不容易的，一生有那么10个8个机会就非常非常好了。",[904,1349,1350],{},"（2015-04-11）",[904,1352,1353],{},"网友：上次大道问好的生意模式，我说一个：晨光文具。",[904,1355,1356],{},"行业：1）中小学生对文具的要求越来越高，品种越来越多。学生对价格不敏感，家长愿意在学生文具上花钱。购买文具的每一次花销并不大，家长和学生容易做出购买决定。但是，使用和损坏的消耗却很快。2）国内的品牌商加强研发，从中档价格切入，有利于替代进口品牌。3）基本刚需，基本不受宏观经济低迷的影响。",[904,1358,1359],{},"公司：1）学校周边7万家终端店，而且从事的是低值易耗品，产品的消费量及其背后的品牌广告价值都极其可观。2）其推出“快速消费品大流通模式+直销模式”渠道分销模式，各层级之间形成了一种紧密的利益关系，是一个利益共同体。这样，加盟商不容易转投竞争对手。有类似于肯德基的模式。3）占据了80%的学校周边市场，只要它保证文具品质和创新性，其品牌将在学生心中生根。",[904,1361,1362],{},"一个不好的地方，就是产品的品种太多（这是由这个行业特性决定的），管理上会比较麻烦。晨光好的企业文化，弥补了产品品种多、品牌多的弊端。",[904,1364,1365,1367],{},[907,1366,909],{}," 这种生意，能活下来就不错了，和苹果茅台这种生意模式不能相提并论的。（2019-05-29）",[904,1369,1370,1371,1373],{},"网友：如何才能看懂",[936,1372,64],{"href":960},"呢？",[904,1375,1376,1378,1379,1381,1382,1384,1385,1387,1388,1390,1391,1393],{},[907,1377,909],{}," 一般来说，",[936,1380,64],{"href":960},"经常要看的东西不外是",[936,1383,68],{"href":1177},"是否长期坚固(产品",[936,1386,140],{"href":1181},"的持续性，",[936,1389,129],{"href":1257},")，长期的毛利率是否合理(产品的可替代性)，长期的净",[936,1392,82],{"href":938},"(长期而言其实就是净利润)是否让人满意…(2020-11-06)",[904,1395,957,1396,1398,1399,1401,1402,1404,1405,1407,1408,1115,1410,1412],{},[907,1397,1076],{},"一般、",[936,1400,129],{"href":1257},"好的企业能不能投？比如早期的",[907,1403,1141],{},"，记得大道说过一个供应商没把货款转成股份，头发后来都掉光了。《基业长青》(Built To Last)中举例的伟大企业的",[907,1406,1076],{},"，相对",[907,1409,1114],{},[907,1411,1125],{},"，似乎看起来也一般。",[904,1414,1415,1417,1418,1421,1422,1424],{},[907,1416,909],{}," 这是个",[936,1419,109],{"href":1420},"\u002Fjihuichengben","问题，你总是挑你自己能看懂的公司里面",[936,1423,64],{"href":960},"最好的投。",[904,1426,1427,1428,1430,1431,1433],{},"如果你觉得",[936,1429,64],{"href":960},"一般的潜台词就是你知道有更好的，那你为什么要放着更好的不投而去投一般的呢？从10年20年的角度看，投",[936,1432,64],{"href":960},"好的公司总是舒服的。(2021-10-24)",[904,1435,957,1436,1438,1439,1441,1442,1444],{},[936,1437,64],{"href":960},"好坏的比较是指同行业不同公司(比如",[907,1440,1114],{},"和五粮液)之间的比较，还是不同行业随便两家公司(比如",[907,1443,1114],{},"和分众)都可以比较？",[904,1446,1447,1205,1449],{},[907,1448,909],{},[907,1450,1451,1452,1454],{},"比较的是净",[936,1453,82],{"href":938},"，和行业无关。(2020-10-28)",[904,1456,1457,1458,1460],{},"网友：用行业状元衡量好的",[936,1459,64],{"href":960},"是否可行？",[904,1462,1463,1465,1466,1468,1469,1471],{},[907,1464,909],{}," 这个世界可能有几十几百个甚至更多的行业和行业状元，但",[936,1467,64],{"href":960},"好的凤毛麟角。用找行业状元的办法就会很容易去投那些",[936,1470,64],{"href":960},"不好的行业状元，那些状元很可能只是昙花一现的辉煌而已。(2023-07-01)",[904,1473,1474,1475,1477,1478,1480,1481,1483,1484,1486,1487,1489],{},"碰上一个好的",[936,1476,64],{"href":960},"感觉是要有非常好的运气的，但运气背后有很厚的",[936,1479,129],{"href":1257},"背景。搜索最后变成",[907,1482,1129],{},"的好",[936,1485,64],{"href":960},"，但肯定不能简单地说搜索是个好的",[936,1488,64],{"href":960},"。",[904,1491,1492,1493,1495,1496,1498,1499,1501],{},"手机在",[907,1494,1125],{},"手里就是个极好的",[936,1497,64],{"href":960},"，在我们手里也是，但很多做手机的公司都倒下了或者根本做不起来。酒也是个典型的例子，",[907,1500,1114],{},"厉害不等于酒都厉害。说到最后，你觉得到底啥重要？(2019-05-30)",[899,1503,1505],{"id":1504},"第三节-商业模式与投资确定性","第三节 商业模式与投资确定性",[904,1507,1508,1509,1512],{},"网友：段大哥很多次谈到生意模式的重要性。那么生意模式和投资的确定性是怎么样一个关系呢？大哥怎么理解",[936,1510,52],{"href":1511},"\u002Fjiazhitouzi","中有风险，风险投资中有价值？价值投资和风险投资都要考量生意模式，那么价值投资和风险投资的本质区别是什么？投资的确定性是什么？",[904,1514,1515,1517,1518],{},[907,1516,933],{}," ：1. ",[907,1519,1520],{},"生意模式越好，投资的确定性越高或者叫风险越低；",[1522,1523,1524,1528,1530],"ol",{"start":15},[1525,1526,1527],"li",{},"见第一条；",[1525,1529,1527],{},[1525,1531,1532],{},"见第一条。（2013-04-03）",[904,1534,1535],{},"网友：请教一下段哥，于小资金的投资者而言，对生意模式的挑选是不是可以不那么严苛？",[904,1537,1538,1540],{},[907,1539,909],{}," 你的想法其实也是维持小资金的比较有效的办法。（2017-08-27）",[904,1542,1543,1545],{},[907,1544,909],{}," 呵呵，国内的就不举了，不太好。记得很多年以前，有一次看资料，发现WMT的纯利大概只有5%左右，而Kmart的成本比Wmart大约高5%。我一想，这Kmart早晚要完蛋，只是不知道多久而已。结果3年后Kmart就倒了。有人说我是乌鸦嘴，说谁倒谁最后就倒了。其实，没那么邪乎，但确实我说要出大麻烦的公司好像大多数最后都出了。",[904,1547,1548],{},"投资里很重要的一点就是要避免大麻烦。巴菲特讲的不想拿10年的企业你就不应该投。（2010-05-17）",[904,1550,1551,1552,1554],{},"网友：于小资金的投资者而言，对",[907,1553,1076],{},"的挑选是不是可以不那么严苛？",[904,1556,1557,1559],{},[907,1558,909],{}," 你的想法其实也是维持小资金的比较有效的办法。(2017-08-27)",[904,1561,1562,1563,1565],{},"没把",[936,1564,64],{"href":960},"放在第一位那就基本上还不太懂生意，投资会蛮煎熬的。(2023-05-11)",[904,1567,1568,1569,1571],{},"看到",[936,1570,64],{"href":960},"不好，就像刮奖刮到一个谢字，还要继续往下刮吗？(2021-10-19)",[904,1573,957,1574,1577,1578,1115,1580,1582],{},[907,1575,1576],{},"巴菲特","说喜欢不变的公司，看懂变化能赚大钱。请问",[907,1579,1125],{},[907,1581,1114],{},"属于哪种？",[904,1584,1585,1587,1588,1590,1591,1593,1594,1596,1597,1599,1600,1602],{},[907,1586,909],{}," 这里的变化应该指的是产品，显然",[907,1589,1125],{},"属于要变的公司，",[907,1592,1114],{},"属于不变的公司。我喜欢",[907,1595,1125],{},"，也喜欢",[907,1598,1114],{},"，因为他们的",[907,1601,1076],{},"都很好。(2019-07-24)",[904,1604,1605,1606,1608],{},"第一，",[907,1607,1076],{},"越好，投资的确定性越高或者叫风险越低；第二，见第一条；第三，见第一条；第四，见第一条。(2013-04-03)",[904,1610,1115,1611,1613,1614,1616],{},[907,1612,1576],{},"聊一聊，给了我非常大的帮助，至少给我带来了几千倍于午饭的价值。以前我对",[936,1615,64],{"href":960},"是没有那么重视的，只是众多考虑之一。",[904,1618,1619,1622],{},[907,1620,1621],{},"认识巴菲特以后，我买的苹果、茅台，包括腾讯，都有巴菲特的影响在里面，尤其是“一直拿着”这点，和巴菲特绝对密不可分。另外，从那以后，市场对我的影响逐年下降到几乎没有。如果能够重来一次的话，那我肯定会更早地去赢取那个机会。","(2020-10-15)",[904,1624,1625,1626,1628,1629,1631,1632,1634,1635,1637],{},"网友：好的",[936,1627,129],{"href":1257},"只能让",[907,1630,1076],{},"出现问题的企业减缓下降的速度而不能逆转下降的趋势，比如书店、胶卷生产商、报纸、汽车、航空公司、百货公司。持续的竞争优势的基础是好的",[907,1633,1076],{},"。另外，连续几年营收和利润高速增长并不意味着就拥有好的",[907,1636,1076],{},"，比如苏宁和携程，我曾经以为它们很厉害，而且能继续厉害下去。",[904,1639,1640,1642,1643,1645],{},[907,1641,909],{}," 这个理解很好，说明",[907,1644,1076],{},"很重要。(2013-03-31)",[899,1647,1649],{"id":1648},"第四节-苦生意与烂模式的特征","第四节 苦生意与烂模式的特征",[904,1651,1652,1654],{},[907,1653,909],{}," 不好的生意模式也是有机会在一段时间里赚钱的，但赚起来累，效率差，持久性不好。需要用很多人（相对营业额和利润而言）是不好的模式的一个特征。另外，短期内增加很多人往往也是很危险的（比如一年内在一万多人的基础上增加两万多人），当然有些公司可能会是例外，虽然我还没见过例外。（2011-12-29）",[904,1656,1657,1659],{},[907,1658,909],{}," 这么低的margin和这么点营业额要用这么多人啊，这个生意模式看起来不是很美妙。（2011-12-28）",[904,1661,1662],{},"网友：已经证伪了，之前的统计是搞错了国美的员工数，估计把临时工、导购之类的也算进去了，人均实际销售额应该也在100万左右",[904,1664,1665,1668],{},[907,1666,1667],{},"段永平：逻辑上讲，两个火鸡加起来也不会变成老鹰的。我这里讲的实际上和京东无关，只是就商业模式说点看法而已，5年以后大家就知道对错了"," 。（2011-12-30）",[904,1670,1671],{},"网友：据了解，2010年京东商城营业额预计108亿元，现已完成超过80亿元。分析称开放平台可为其带来较高毛利率，为上市做准备。",[904,1673,1674,1676],{},[907,1675,909],{}," 不赚钱的生意多少营业额都是没用的。（2010-09-16）",[904,1678,1679,1680,1682,1683,1685],{},"据市场调研公司Canalys发布的报告显示，惠普公司今年第一季度的PC出货量反超",[907,1681,1125],{},"，重新夺回市场霸主的地位。Canalys的统计是将平板电脑计入了PC的出货量，而iPad去年第四季度的出货量达到创纪录的1500万台，使得",[907,1684,1125],{},"当季超越惠普，成为……",[904,1687,1688,1690],{},[907,1689,933],{}," ：呵呵，当个不那么赚钱的霸主味道不太好哦。（2012-05-10）",[904,1692,1693],{},"网友：请教段总生产电子产品零配件的公司（如塑胶、五金、电子零件）如何进行价值分析：该类公司都有几个特点：",[904,1695,1696,1697,1700],{},"一是有大量的应收款，目前国内电子行业普通都是三个月（90天）的结款周期（当然少数独家供应，不能替代的",[936,1698,135],{"href":1699},"\u002Fpinpai","零件除外）。客户是类似NOKIA（诺基亚），三星、LG及国内品牌等终端品牌客户。电子行业是充分竞争的行业，一旦客户中倒下一个，都会造成大量的款项无法收回。想想几年前夏新、波导的倒下，其大量的供应商一定很受伤。",[904,1702,1703],{},"二是公司业绩不稳定，易怱上怱下。当傍上像NOKIA、APPLE这样的超级大客户，业绩会快速飙涨。一旦合作出现问题，业绩也会一落千丈。当然如能超级大客户前介入，则是巨大的机会。",[904,1705,1706],{},"三是进入门槛比较低。基本很少有技术壁垒。",[904,1708,1709,1711],{},[907,1710,933],{}," ：呵呵，你要是想忙一天的话，就请朋友来家里吃饭。",[904,1713,1714],{},"你要是想忙一年的话，就装修你的房子。",[904,1716,1717],{},"你要是想忙一辈子的话，就多买几个这样的企业。（2011-01-05）",[904,1719,1720],{},"网友：您现在是否依然坚持这个观点？您怎么看拼多多依然没有盈利这个问题？",[904,1722,1723,1725],{},[907,1724,909],{}," “不赚钱的生意多少营业额都是没用的。”这个观点有啥问题吗？如果你打算买下整个公司你就会明白的。当然，这里指的是公司的整个生命周期，和某个公司没有关系。比如，如果拼多多最后无法盈利，那这个公司的价值最后就会是零。(2020-10-17)",[904,1727,1728],{},"【引用】巴菲特31年股东信精华---3（2012-02-17）",[904,1730,1731],{},"64、在一个没有管制的商品标准化产业，一家公司不是降低成本增加竞争力，就是被迫倒闭关门。（1994）",[904,1733,1734,1735],{},"65、",[907,1736,1737],{},"零售业的经营相当不易，在我个人的投资生涯中，我看过许多零售业曾经拥有极高的成长率与股东权益报酬率，但是到最后，突然间表现急速下滑，很多甚至被迫以倒闭关门收场。",[904,1739,1740],{},"比起一般制造业或服务业，这种剎那间的永恒在零售业屡见不鲜，部分原因是这些零售业者必须时时保持聪明警戒，因为你的竞争对手随时准备复制你的做法，然后超越你，同时消费者绝对不会吝于给予新加入业者尝试的机会。零售业一旦业绩下滑，注定就会失败。",[904,1742,1743,1744],{},"相对于这种必须时时保持警戒的产业，还有一种我称之为只要聪明一时的产业，举个例子来说，如果你在很早以前就懂得睿智地买下一家地方电视台，你甚至可以把它交给懒惰又差劲的亲人来经营，而这项事业却仍然可以好好地经营个几十年，当然若是你懂得将Tom Murphy（汤姆·墨菲）摆在正确的位置之上，你所获得的将会更惊人，",[907,1745,1746],{},"但是对零售业来说，要是用人不当的话，就等于买了一张准备倒闭关门的门票。",[904,1748,1749],{},"（1995）",[904,1751,1752],{},"网友：当一个不会被淘汰的行业，在产能过剩时期，要经历一场异常惨烈的淘汰赛，只有把那些本不该从事该行业的弱者淘汰出局！行业才能恢复正常。以大起大落的航运为例：当一艘日成本为2万美元的大船，在船舶紧缺时代，日租能达到23万美元，会吸引大量投资者投资船舶，造成船舶过剩！当日租金跌到0.2万美金的时候，船舶每日都处于严重亏损状态。",[904,1754,1755],{},"弱者无力支撑，就会破产倒闭或贱卖船舶，因为船舶维护成本很高，很多还能使用的船舶也会被拆解！当旧船被拆解到一定数量后，就会逐步平衡或紧缺，进入下一轮牛市（因为造大船需要2年的时间，一旦船舶紧缺，两年内很难填补缺口，就会进入牛市！",[904,1757,1758],{},"）无论如何，行业里都会有一部分实力雄厚，早早做好准备的船东不仅活下来，还在熊市里低价买入大量价廉物美的资产，成为下一轮牛市的赢家，重点是找到这种公司。",[904,1760,1761,1763,1764,1766],{},[907,1762,909],{}," 很烂的生意模式。花了很长时间，守着一个生意模式很烂的公司，",[936,1765,109],{"href":1420},"很高，心情也不好吧？花掉的时间也是机会成本。我也有过两个小时赚20多倍的记录，但不知道如何才能重复（200块到5000块）。（2015-09-09）",[904,1768,1769,1771],{},[907,1770,909],{}," 老巴的intel就卖了？买通用汽车有点费解，生意模式可不太好啊，感觉像个雪茄烟蒂。不过通用汽车的财务数据倒是不错。",[904,1773,1774,1775,1778],{},"网友：（提问",[907,1776,1777],{},"方三文","）方总你好，你觉得快递行业是好生意吗？",[904,1780,1781,1783],{},[907,1782,1777],{},"：可能对王卫来说，是好生意。对我来说，是很不好的生意，送一个快递公司给我经营，我也不敢接啊，没有那个能力把它经营好。",[904,1785,1786],{},"大道：我也觉得快递是个苦生意，同质化程度高。不过苦生意也是生意，好过没生意哈。（2025-10-24）",[904,1788,1789],{},"网友：段哥，现在的物流行业怎么看？",[904,1791,1792],{},"大道：物流行业应该同质化程度很高，是个苦生意。（2025-11-12）",[904,1794,1795],{},"网友：段哥，想问你外卖是好生意吗？",[904,1797,1798],{},"大道：直觉很卷，但我完全不懂。我们要感谢他们给人们提供的方便哈。（2025-11-12）",[904,1800,1801],{},"网友：来雪球就为了关注大道，股票投资较少，只买了自己看得懂的快递、商超和银行，又基本属于苦生意，挺尴尬的，哈哈。",[904,1803,1804],{},"大道：看懂了是苦生意应该避开啊？（2025-11-25）",[904,1806,1807],{},"网友：我说的这家公司是一家船舶（大型船舶）出租公司。在整个行业陷入泥潭时，她却与大多同行反其道而行，在过去高峰期储备现金，称现在船价低迷时，适度买入优质低价的船舶。除非出现颠覆现代的造船技术或不可预知的灾难，否则行业一旦复苏，公司的收益增长是可以确定的！公司这两年的业绩肯定下滑是从公司和客户签订的出租合同上看到租金是在下调的，确定性非常高。",[904,1809,1810],{},"纠结的地方就是：公司的股价已经是净资产的5折了，而且公司仍然在行业低谷期稳步低成本发展，但公司今明两年的业绩肯定下滑。",[904,1812,1813,1815],{},[907,1814,909],{}," 建议你用更长的时间看。感觉你在等别人把价格抬起来以后你再买，对不？不过，我对在个行业不了解，直觉觉得这个行业的生意模式不是我喜欢的那种，要借很多钱（意味着风险大），而且产品没差异化（意味着很难有长期的好利润）。（2012-06-03）",[904,1817,1818],{},"网友：去年开始一直在思考苹果、三星的生意，说下个人的不成熟的观点，三星的优势，三星在过去10年，在中国手机市场一直排名靠前。三星的研发、学习能力，芯片设计、显示屏技术等。三星在智能机上给我的感觉是迟到者，但是追赶速度极快。不知道是诺基亚、摩托罗拉等弱了点，还是三星强了点（我很疑惑的一点之一）？劣势：中高低端全线作战，利润率低，购物体验不好。",[904,1820,1821],{},"更像一个卖硬件的，一次性收入。安卓机竞争者越来越多。负债率比较高、固定投资比较大。",[904,1823,1824,1826,1827,1830],{},[907,1825,933],{}," ：三星的生意模式其实不太好，属于疲于奔命的那种，不然不会要求员工6点半上班哈（也许是谣传）。",[907,1828,1829],{},"三星的问题在于其实没有产品追求，是生意导向的公司，焦点太发散，时间长了大概率会出问题。"," 不过韩国企业非常努力，会把危机延长到比较大才出来，这点和日本企业比较像。",[904,1832,1833,1834,1836],{},"网友：我在宠物食品行业，产品不像VCD，能在短期内看到质量差异，所以该行业虚标非常严重，不虚标又容易被消费者忽视，企业也因此坚持不下去，可虚标又违反诚信和",[936,1835,5],{"href":1276},"的价值观。请您指点一下。",[904,1838,1839,1841,1842,1844,1845,1847],{},[907,1840,909],{}," 你的问题简单讲就是一个很烂的",[936,1843,64],{"href":960},"赚的钱如何能像一个好的",[936,1846,64],{"href":960},"一样多吗？（2025-06-03）",[904,1849,1850,1851,1853],{},"网友：运输行业虽然苦，但是大概率可以永续存在，物流运输业的",[936,1852,64],{"href":960},"建立在可靠稳定的需求上。",[904,1855,1856,1858],{},[907,1857,909],{}," 这话说的！餐饮行业肯定是永远存在的，但大部分餐厅大概率干不了几年就换人了。(2024-08-20)",[904,1860,1861],{},"餐饮行业确实难的，起点低，管理复杂，难以保持产品的一致性……(2020-10-10)",[904,1863,1864],{},"餐饮几乎都是苦生意，高标准化的可能还不错，比如麦当劳啥的。(2024-09-02)",[904,1866,1867,1868,1871,1872,1874],{},"网友：如果自己要做生意，在",[936,1869,27],{"href":1870},"\u002Fnengliquan","以内选择项目是不是也按照这个方法去考虑？选择产品利润大、市场比较大、长期有稳定",[936,1873,68],{"href":1177},"的生意项目呢？",[904,1876,1877,1879],{},[907,1878,909],{}," 这个思路是对的，是经营企业的方向。但是，这种企业的门槛一般巨高，相当不容易。(2020-10-13)",[904,1881,1882,1883,1885,1886,1888],{},"比较苦的生意的特点往往是进入门槛比较低，产品",[936,1884,140],{"href":1181},"小，经常需要靠产品价格竞争。比较一下",[907,1887,1114],{},"就明白了。(2020-12-07)",[904,1890,1891],{},[907,1892,1893],{},"产品同质化程度越高，苦生意的概率越大。(2023-01-19)",[904,1895,1896,1897,1899,1900,1902],{},"话说回来，大部分生意其实都是苦生意(赚钱不容易)。苦生意大致可以分为：很苦，非常苦，相当苦以及苦苦挣扎等(这里排名不分先后，纯属玩笑)。正因为大部分生意都属于苦生意，所以好的",[936,1898,64],{"href":960},"的生意才非常难得，需要好好珍惜。",[936,1901,129],{"href":1257},"强大的苦生意其实也是可以做得蛮不错的。(2024-08-23)",[904,1904,1905,1906,1908],{},"一般而言，产品",[936,1907,140],{"href":1181},"比较小的生意都有可能是苦生意。苦生意也是生意，做好了小日子也能过得去的，就像小区的那些小杂货店一样。(2024-10-21)",[904,1910,1911,1912,1914],{},"网友：有些公司因所在行业的特性决定了项目投资比较大，如化工类。由于资金大、技术要求高，导致一般的企业难以进入，可以认为这是企业的",[936,1913,68],{"href":1177},"。这类重资产公司，您会考虑投资吗？",[904,1916,1917,1919],{},[907,1918,909],{}," 一般不会。(2019-05-31)",[904,1921,1922],{},"网友：我想问一下关于好的商业模式的问题。如果有一个公司，其行业特性决定了其项目投资比较大，如化工类，由于公司管理好，净资产收益率也比较高（大概能达到30%左右）。公司企业文化比较好，很注重在研发方面的投入。技术力量雄厚，管理也很好。其主打产品可以做到把成本控制在全行业最低，在包括国际大公司在内全行业亏损的情况下他们还可以有微利。",[904,1924,1925],{},"公司号称别人亏本我们微利，别人微利我们赚大钱。由于技术和管理水平比较高，投资同样一个项目可以比别的公司少花很多钱。由于其投资的项目都是资金大技术要求高，导致一般的企业难以进入，可以认为这是企业的护城河。公司每上一个新项目投资都会比较大，新项目的投资主要是公司利润和银行贷款。",[904,1927,1928,1929,1932],{},"我记得你说过不喜欢有",[936,1930,58],{"href":1931},"\u002Ffuzhai","的公司，那么这样的重资产类公司，你认为是不是好的生意模式呢？你会考虑投资这样的公司吗？",[904,1934,1935,1937],{},[907,1936,909],{}," 一般不会。（2019-05-31）",[904,1939,1940,1941,1943,1944,1946,1947,1949,1950,1952],{},"网友：过了两年回头看，Zoom的",[907,1942,1076],{},"确实没什么",[936,1945,68],{"href":1177},"，长期看产品很难有",[936,1948,140],{"href":1181},"，感觉是个越来越难的生意。和顺丰的",[907,1951,1076],{},"比起来，Zoom未来似乎更难一些。",[904,1954,1955,1957,1958,1960],{},[907,1956,909],{}," 它们都是很难的生意。",[936,1959,64],{"href":960},"不好的生意也是生意。在有个好领导的时期，有时候苦生意也能做得还不错，但对投资而言比较难。",[904,1962,1963,1964,1966],{},"相对于",[907,1965,1114],{},"而言，它们真是难啊！(2023-01-14)",[904,1968,1969,1970,1972],{},"网友：哪类行业不容易产生好",[907,1971,1076],{},"?制造业是不是赚的都是苦命钱？",[904,1974,1975,1977,1978,1980],{},[907,1976,909],{}," 各种。",[907,1979,1125],{},"算制造业吗？台积电算不算制造业？(2022-01-23)",[904,1982,1983],{},"网友：资本支出大的行业不容易出现好企业，对吗？",[904,1985,1986,1988],{},[907,1987,909],{}," 我同意这个观点。(2019-03-16)",{"title":1990,"searchDepth":15,"depth":15,"links":1991},"",[1992,1993,1994,1995],{"id":901,"depth":15,"text":902},{"id":1150,"depth":15,"text":1151},{"id":1504,"depth":15,"text":1505},{"id":1648,"depth":15,"text":1649},"md",{},true,"\u002Fdao\u002Fbusiness-logic\u002Fwenda-business-02",{"title":509,"description":511},"商业模式与投资确定性｜段永平投资问答录","dao\u002Fbusiness-logic\u002Fwenda-business-02",[2004,64,2005],"商业经营","投资确定性","AMRuIGInb21aR3P0EnnpepZSZYpd4LHqLyvbS8Y4j14","dao",[2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048,2049,2050,2051,2052,2053,2054],{"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":514,"slug":515,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":20,"order":517},{"title":519,"slug":520,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":25,"order":522},{"title":524,"slug":525,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":30,"order":527},{"title":529,"slug":530,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":35,"order":532},{"title":534,"slug":535,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":45,"order":537},{"title":129,"slug":539,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":50,"order":541},{"title":543,"slug":544,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":56,"order":546},{"title":548,"slug":549,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":62,"order":551},{"title":553,"slug":554,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":71,"order":556},{"title":558,"slug":559,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":80,"order":561},{"title":563,"slug":564,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":9,"order":566},{"title":569,"slug":570,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":15,"order":572},{"title":574,"slug":575,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":20,"order":577},{"title":579,"slug":580,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":25,"order":582},{"title":584,"slug":585,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":30,"order":587},{"title":589,"slug":590,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":35,"order":592},{"title":594,"slug":595,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":45,"order":597},{"title":599,"slug":600,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":50,"order":602},{"title":604,"slug":605,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":56,"order":607},{"title":609,"slug":610,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":62,"order":612},{"title":614,"slug":615,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":71,"order":617},{"title":619,"slug":620,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":80,"order":622},{"title":624,"slug":625,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":89,"order":627},{"title":629,"slug":630,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":98,"order":632},{"title":634,"slug":635,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":107,"order":637},{"title":639,"slug":640,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":112,"order":642},{"title":644,"slug":645,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":9,"order":647},{"title":650,"slug":651,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":15,"order":653},{"title":655,"slug":656,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":20,"order":658},{"title":660,"slug":661,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":25,"order":663},{"title":665,"slug":666,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":30,"order":668},{"title":670,"slug":671,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":35,"order":673},1788062242244]