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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":558,"body":895,"category":416,"chapterOrder":80,"date":10,"description":560,"extension":1957,"meta":1958,"navigation":1959,"order":561,"path":1960,"seo":1961,"seoDescription":560,"seoTitle":1962,"slug":559,"source":10,"sourceDate":10,"sourceUrl":10,"stem":1963,"tags":1964,"type":424,"volume":507,"volumeOrder":15,"__hash__":1968,"_collection":1969},"dao\u002Fdao\u002Fbusiness-logic\u002Fwenda-business-12.md",{"type":896,"value":897,"toc":1951},"minimark",[898,903,907,918,921,924,927,933,941,947,950,955,958,961,966,969,979,982,987,994,997,1002,1007,1010,1013,1016,1022,1025,1028,1033,1038,1041,1044,1049,1052,1058,1061,1070,1073,1078,1081,1087,1092,1095,1098,1103,1106,1114,1117,1124,1129,1136,1146,1150,1155,1158,1161,1166,1169,1174,1179,1186,1191,1194,1199,1204,1209,1216,1221,1226,1231,1234,1239,1241,1247,1252,1257,1260,1263,1268,1271,1280,1283,1288,1295,1304,1309,1312,1315,1318,1321,1326,1330,1335,1338,1341,1344,1347,1350,1353,1362,1367,1376,1381,1384,1387,1392,1395,1401,1406,1409,1414,1419,1424,1429,1432,1438,1443,1453,1456,1461,1464,1467,1472,1475,1478,1483,1490,1493,1498,1501,1506,1517,1525,1531,1534,1537,1540,1543,1546,1549,1558,1563,1566,1569,1575,1578,1583,1586,1596,1599,1604,1607,1612,1615,1620,1623,1626,1629,1634,1637,1642,1645,1651,1654,1659,1662,1667,1670,1675,1678,1683,1686,1691,1694,1697,1700,1703,1710,1713,1719,1724,1727,1732,1735,1740,1743,1751,1754,1760,1763,1766,1769,1774,1787,1803,1813,1819,1822,1830,1839,1842,1849,1855,1858,1861,1867,1871,1874,1880,1890,1901,1904,1907,1914,1921,1930],[899,900,902],"h2",{"id":901},"第一节-收购的成功条件","第一节 收购的成功条件",[904,905,906],"p",{},"网友D：“股票期权体系会使某些什么事没做的人得到大量的回报，而应该得到很多报酬的人却什么都没有。除非我们收购的公司原来就实行了（股票期权制度），否则我们不会使用它。”——《穷查理宝典》",[904,908,909,913,914,917],{},[910,911,912],"strong",{},"段永平："," 不知道巴菲特和芒格算不算那种什么事都没做却得到大量回报的人？不知道说这段话的背景是什么，但正常情况下这段话肯定是有问题的。没做事确得到了大量回报的原因不是因为股票期权体系，而是因为绩效考核体系有问题。不能因噎废食嘛。",[910,915,916],{},"不是每个企业都需要股票期权体系，但有些行业里的企业没有恐怕会有麻烦。"," （2011-05-27）",[904,919,920],{},"网友：“股神”巴菲特在评估一家公司时最看重哪个因素？答案是企业的定价能力。",[904,922,923],{},"根据美国金融危机调查委员会上周五发布的谈话录影带，巴菲特指出，其在评估一家企业时主要看重企业提高产品价格的能力，有些时候他根本不关心这家公司到底由什么人管理。",[904,925,926],{},"巴菲特表示，如果一家企业有能力提价而业务又不会流向竞争对手，这一定是很好的企业。据悉，巴菲特曾收购过铁路、燃气、电网等诸多公用类企业，这些企业的定价能力源自其客户几乎找不到其他选择。 巴菲特还增持了可口可乐和卡夫食品等公司的股份，这些公司依靠良好的品牌形象和口碑来吸引并留住客户。",[904,928,929],{},[930,931,932],"em",{},"引用：Notes from meeting with Warren Buffett（2010-04-13）",[904,934,935],{},[930,936,937,938],{},"-我对具体业务完全不懂。在工厂车间里我找个男厕都费劲。",[910,939,940],{},"我只要知道两样：在竞争中的护城河有多宽？还能涨价吗？",[904,942,943,946],{},[910,944,945],{},"段永平：定价能力和护城河其实是一回事"," 。老巴说相对于管理能力他更看重定价能力，其实建立强的定价能力需要的时间非常长，没有好的管理能力根本做不到。所以他说的不矛盾。（2011-02-22）",[904,948,949],{},"网友：请教段总关于光伏新能源的两个问题：1、您觉得巴菲特收购尚德电力的可能性大吗？2、目前的手机市场同质化也很严重，但苹果手机是其中的另类；在光伏产品同质化竞争中，第一太阳能（FSLR）是否类似苹果也是一个差异化的异类呢？",[904,951,952,954],{},[910,953,912],{}," 其实光伏能源早就不算新能源了吧？太阳能发电已经是很久很久以前的事情了。人们很可能会觉得意外的是，现在太阳能发电80-85%左右还是“光--热--电”的形式。硅片产品没有差异化，这个行业里的公司日子会很难过的，其中相当部分会比很难过还难过。老巴大概会对已经建好的发电厂有兴趣，个人认为老巴买尚德的概率比你买中六合彩的概率低。",[904,956,957],{},"手机里其实有很多差异化的，就像车一样。很多人其实也觉得车的差异化很小，那是因为他们没开过别的车。不知道第一太阳能是什么公司。（2013-04-11）",[904,959,960],{},"网友：美的它发展很快，不可否认它的收购和并购都很成功，你估计步步高会不会这样做？或者继续练好自己的内功？",[904,962,963,965],{},[910,964,912],{}," 我们不会走M&A，就是收购和兼并这条路去发展。我们这种办法短期看来好像慢很多，但从10年20年的角度来看，有可能是最快的。很累但很有成就感。（2010-03-25）",[904,967,968],{},"网友：雅虎中国的新闻做得真的不如新浪，也不知道马云到底能不能给整合出来，当年刚并购的时候可是雄心勃勃的，过了2-3年后他的言语中有后悔的意思，不过他好像不服气，因为他感觉自己做的企业还没失败过。",[904,970,971,973,974,978],{},[910,972,912],{}," 呵呵，不服气是因为年轻啊。我觉得这可能又是个投币器的故事。人要",[975,976,12],"a",{"href":977},"\u002Fpingchangxin","其实不容易。(2010-05-13)",[904,980,981],{},"网友：段总您什么怎么看出YAHOO的文化比较乱的？看企业文化，可以去看企业老总的电视访谈来观察吗？怎么样更有效的观察企业文化。由于我们不是局内人，我们如何准确的来观察，怎么样避免不被忽悠？",[904,983,984,986],{},[910,985,912],{}," 观察所有的东西。（2010-06-11）",[988,989,990],"ol",{"start":15},[991,992,993],"li",{},"引用：雅虎高管：今年将有重大收购",[904,995,996],{},"新浪科技讯 北京时间3月29日凌晨消息，雅虎企业开发高级主管史蒂芬·米森马彻上周五表示，该公司今年将展开重大收购……",[904,998,999,1001],{},[910,1000,912],{}," 这个看着有点恐怖，不知道这个“重大”到底有多大。雅虎企业文化很弱，收购的结果很难太好，个人认为长期而言出问题的概率大。（2011-03-29）",[988,1003,1004],{"start":20},[991,1005,1006],{},"引用：雅虎：未来几年显示广告营收增长率可达16%",[904,1008,1009],{},"雅虎周三在其股东大会上表示，显示广告未来几年的营收增长率最高可达到16%。",[904,1011,1012],{},"雅虎高管认为，雅虎显示广告未来几年的营收增长率在13-16%，这可以弥补雅虎与微软所达成搜索协议带去的每次搜索所得营收，雅虎在每次搜索中获得的营收令人失望……",[904,1014,1015],{},"网友f：段总觉得PWRD进入风投，是犯错吗？说实话，个人觉得似乎也是条路。毕竟，公司在互联网领域，对于TMT还是比较熟悉的。一旦找到合适的机会，VC\u002FPE（风投／私募），甚至由PWRD（完美世界）出面收购似乎也不错（考虑到网游业务的发展空间相对有限）。算是投石问路吧，毕竟还是有风投管理人，PWRD自己并不用花太多人力和精力。",[904,1017,1018,1021],{},[910,1019,1020],{},"段永平：不能简单用对错来判断这件事。但如果是因为钱多而做这件事，尤其是看到其以前的表现，感觉多半是错的。钱多（相关业务用不掉）就应该回购或派息，不然就是对自己公司没自信，那股价掉也正常。"," （2011-09-13）",[904,1023,1024],{},"网友f：坦率地说，我不认为PWRD是因为钱多没处用，来做这件事情。十几二十个亿的资金，对于一个有些危机感，认为所处行业在快速变化，未来三五年自己可能面临转型的企业来说，其实不算是很多。即使是同行业收购，一个游戏（大约1～2亿）或者国外一个游戏工作室（3～5亿），价钱已经不低了。未来可能要转型的话，那花费更大。",[904,1026,1027],{},"所以我认为公司其实在准备后路，或者未来的转型等，在投石问路。",[904,1029,1030,1032],{},[910,1031,912],{}," 那更说明这公司有问题了？（2011-09-14）",[988,1034,1035],{"start":25},[991,1036,1037],{},"【完美世界披露回购股票情况：已回购357万份ADS】",[904,1039,1040],{},"完美世界今天宣布，截至2011年9月26日止，公司已在公开市场上回购3，566，549股美国存托股票，根据该回购计划，公司将在2011年3月至2012年3月的期间内回购不超过1亿美元。",[904,1042,1043],{},"网友G：电影公司的事，的确感觉不太好，这一点没有研究过，所以不好说啥？只是为啥您觉得他们对网游公司的业务没有信心呢？我感觉他们去收购工作室，就是一种有信心要深挖的做法。否则这种事费力还不一定讨好，谁去做呢？",[904,1045,1046,1048],{},[910,1047,912],{}," 有信心为什么会拿钱去投资别人而不是自己呢（回购）？想把鸡蛋多放几个篮子的意思就是担心自己这个篮子靠不住，对吧？（2011-11-24）",[904,1050,1051],{},"网友：全国百货行业中第一个“1000亿销售额”大公司的股票令我有点搞不懂，现在市值94个亿，自有商业地产保守估值60个亿，净资产收益率百分之八，年末公司账面的现金30多个亿，而且他的购物中心在东北和内蒙都在最好的地段，也都是人气最旺的购物中心，超市做的也很好，我是内蒙一个连锁超市的一个供应商（做了有七年了对超市百货有一定了解），今年我做的这个超市连锁集团（当地最火的超市百货连锁）也被它收购了，段老师，这样的公司算严重低估的股票吗？",[904,1053,1054,1057],{},[910,1055,1056],{},"段永平"," ：没人可以根据你提供的这些资料来判断一个公司是不是低估了。不过，百货行业还是远离一点的好，除非真的觉得特别便宜。淘宝这种商业模式最后会让大多数的地面店麻烦的，越大的店越麻烦。（2011-12-17）",[904,1059,1060],{},"网友：您觉得并购摩托罗拉的决策做得怎样？",[904,1062,1063,1065,1066,1069],{},[910,1064,912],{}," ",[910,1067,1068],{},"谷歌","买摩托罗拉肯定不是为了买摩托罗拉的生意，所以我无法评价。如果是为了生意而去那就是脑袋坏了。(2012-01-24)",[904,1071,1072],{},"网友：晶茂是前几年收购的一个电影广告公司，第七大道是去年买的一个网页游戏公司，花了1亿美刀左右吧（具体数字记不清了），主要游戏是《弹弹堂》。",[904,1074,1075,1077],{},[910,1076,912],{}," 汗了，怪不得cyou股价上不去，原来他们还搞副业啊。电影广告公司居然也买？看不懂。（2012-02-07）",[904,1079,1080],{},"网友：求教，频繁收购公司容易出的问题在哪里？",[904,1082,1083,1086],{},[910,1084,1085],{},"段永平：我不知道，但知道收购的成功率一般都很低。只有具有很强企业文化的公司收购的成功概率才可能比较高点，比如google，比如GE等"," 。（2012-02-07）",[988,1088,1089],{"start":20},[991,1090,1091],{},"畅游（CYOU）（2018-09-20）",[904,1093,1094],{},"畅游二季度营收1.13亿美元 同比下降25% 07月30日 14:40",[904,1096,1097],{},"2018财年Q2财报：营收1.13亿美元，同比下降25%",[904,1099,1100,1102],{},[910,1101,912],{}," 现在市值六个多亿，如果按这个价把公司买下来目前的盈利是两千多万一年。感觉这是个不容易扩张的行业，因为老师的培训不容易。不知道这些培训公司对互联网的运用到什么水平了，一对一的办法能有规模吗？",[904,1104,1105],{},"仔细想来这个生意模式似乎不是那么美妙，高成长不容易维持。不过我喜欢张邦鑫的办学理念，所以会长期保持关注。（2012-07-25）",[988,1107,1108],{"start":20},[991,1109,1110,1111],{},"引用： ",[930,1112,1113],{},"雪球访谈预告：北大外籍教授谈做空中概股风潮",[904,1115,1116],{},"与半年前以反向并购上市公司为目标不同，近期做空机构针对中概股的做空开始以IPO（上市）公司为主，包括新东方、分众传媒、奇虎360等一批中概知名公司，开始持续遭遇做空机构的做空。而且从目前来看，这股做空风潮非常有可能持续下去。在不久前接受雪球采访时，华兴资本CEO（首席执行官）包凡表示，通过对借壳上市小公……",[904,1118,1119,1120,1123],{},"网友：",[910,1121,1122],{},"巴菲特","的收购例子中，没有提到业绩对赌之类的。",[904,1125,1126,1128],{},[910,1127,912],{}," 对赌双方一般都比较短视。作为投资方，对赌总是立于不败之地的，对接受投资的人而言，参与对赌是匪夷所思的。(2017-01-07)",[904,1130,1131,1132,1135],{},"网友：如何看",[910,1133,1134],{},"苹果","的收购？",[904,1137,1138,1065,1140,1142,1143,1145],{},[910,1139,912],{},[910,1141,1134],{},"在建立生态中也许可以通过买这种小公司买到一些人才和技术以及专利，以及别的我不太清楚的东西。",[910,1144,1134],{},"肯定不会为了买点营业额或者利润啥的去收购的。(2024-01-06)",[899,1147,1149],{"id":1148},"第二节-多元化聚焦与能力圈","第二节 多元化、聚焦与能力圈",[904,1151,1152,1154],{},[910,1153,912],{}," 我的原话是讲的叫焦点法则就focus。就是你必须在focus聚焦就说你要做你自己擅长的事情。中国有一段时间在搞多元化，我就不懂，我说这个多元化你一个都搞不好，说鸡蛋要放在很多个篮子里头，我的观点就鸡蛋就放在一个篮子里头，这样我才看得住，放八个篮子里头肯定至少打掉七个，最后那个还守不住，对吧？嗯，是这么来的。",[904,1156,1157],{},"那我觉得史玉柱他的理解呢，是用他自己的语言表表达出来的。我的原话，我不记得我曾经在任何地方讲过用高台跳水这个讲法，但是呢focus这个讲法我是肯定讲过的，因为我跟史玉柱也比较熟了，因为我们原来在泰山产业会有时候在一块聊天，那么也聊到过一些事情，我说我反正没讲过，他说我肯定讲过，我前段时间还在旧金山见到他，这个我是确实不记得，但是那个道理是一样的。",[904,1159,1160],{},"他说高台跳水这个东西，就说你动作越少越越安全越简洁，所以他现在要这个聚焦在这个他喜欢并且熟悉的事情上头，我觉得这个道理其实很简单，但简单的东西是不容易的，很难做到。（2008-01-08）",[904,1162,1163],{},[910,1164,1165],{},"引用：追逐世界的节奏 《经营者》杂志2000年，步步高总经理访谈记录",[904,1167,1168],{},"网友：我还有一个问题，如果一家公司基本以纯股票形式收购另外一家公司而本身亏损很大，被收购公司是一家盈利未上市公司，可否看成是被反向收购了，这样的公司有没有投资价值，尤其在股价低于收购时的股票价值时？",[904,1170,1171,1173],{},[910,1172,912],{}," 呵呵，看不太懂。感觉好像其中一家有点傻。（2010-03-05）",[904,1175,1176,1178],{},[910,1177,912],{}," 我们每个事业部都是高度独立和专业化的，都非常专注于自己擅长的领域。我们不会为了多元化而多元化。（2010-03-09）",[904,1180,1181,1182,1185],{},"网友：从长期看，分拆上市并没有提高总公司的内在价值，不过好处是可能从公司层面上分业经营，对某些盈利不错的主业会有点隔离的保护吧。大致看来应该跟拆细差不多吧，格雷厄姆说这种事情对投资者没有意义，但一般会促使那些",[975,1183,119],{"href":1184},"\u002Ftouji","者有冲动“要做些什么”。",[904,1187,1188,1190],{},[910,1189,912],{}," 分拆一般是没有意义的。我能想出来的意义大概是不同部门都想通过自己的业绩来体现自己的价值，而老板又没办法协调，大概就只能这么做。（2010-04-29）",[904,1192,1193],{},"网友：阿段，虽说没有见过你，但是步步高、OPPO的双牌运作超出我想象的成功，这点上敬佩你的远见。竞争反而使两个牌子的手机都做得更好了。",[904,1195,1196,1198],{},[910,1197,912],{}," 其实我们没有双牌运作的问题。我们这就是两个不同的公司，完全不同的人，但正好在手机这个产品上重合了。他们面临的竞争也是市场上所有的品牌。（2010-05-10）",[904,1200,1201,1203],{},[910,1202,912],{}," A股有些公司就有这个问题，看着利润不错，可老是不知道公司会怎么用这些钱。一看他们多元化我就有点晕。（2010-05-23）",[988,1205,1206],{"start":20},[991,1207,1208],{},"马化腾否认QPhone谣言 重申腾讯不做手机",[904,1210,1211,1212,1215],{},"就外界盛传“腾讯将于近期推出基于安卓",[975,1213,160],{"href":1214},"\u002Fpingtai","的手机产品QPhone”一事，马化腾今日在其微博上予以否认，并重申腾讯不会做手机。马化腾在其微博上称：“借辟谣再次重申：我们不会做手机，不特宫（特供）做扣费机，",[904,1217,1218,1220],{},[910,1219,1056],{}," ：A股有些公司就有这个问题，看着利润不错，可老是不知道公司会怎么用这些钱。一看他们多元化我就有点晕。（2010-05-23）",[904,1222,1223,1225],{},[910,1224,912],{}," 别人谁买moto都很难有好下场，但google出手则可能有点不同。一方面说明google确实急了，另一方面，google的文化确实强大，或许有机会？无论如何，google的文化和moto的差异实在是太大了，如果google能够搞掂moto那就是google的有一个奇迹。3-5年后就能看到结果。（2011-08-19）",[904,1227,1228,1230],{},[910,1229,912],{}," 没有焦点的公司早晚会有麻烦。（2011-09-01）",[904,1232,1233],{},"网友：一直搞不清楚，腾讯旗下这么多生意，分什么不学搜狐和盛大把旗下有潜力的业务（比如电商，游戏）分拆上市呢？",[904,1235,1236,1238],{},[910,1237,912],{}," 把海陆空3军分拆上市会是啥子结果？（2011-10-16）",[904,1240,1080],{},[904,1242,1243,1246],{},[910,1244,1245],{},"段永平：我不知道，但知道收购的成功率一般都很低。只有具有很强企业文化的公司收购的成功概率才可能比较高点，"," 比如google，比如GE等。（2012-02-07）",[904,1248,1249,1251],{},[910,1250,912],{}," 这个我能看懂。（2012-06-13）",[988,1253,1254],{"start":25},[991,1255,1256],{},"盛大非游戏业务盈利前景不明 拖累整体利润",[904,1258,1259],{},"（i美股讯）2011年8月31日，盛大公布了第二季度财报，Q2净营收较去年同期增长26%；普通股股东应占净利润（GAAP）为880万元人民币，同比下降近94.8%。净利润大幅下滑主要……",[904,1261,1262],{},"网友：段总：我认为“茅台拓展多个子品牌和建五星酒店”不妥。请问我的思路不对？",[904,1264,1265,1267],{},[910,1266,912],{}," 建酒店显得有点愚蠢，希望不会继续。多个品牌看起来也不太明智，但不了解具体情况。（2013-02-24）",[904,1269,1270],{},"网友K：一直不明白为什么要避免多元化，另外，可口可乐不也有多个子品牌么？",[904,1272,1273,1275,1276,1279],{},[910,1274,912],{}," 很少有公司能够做好“多元化”的，尤其是那些为了多元化而多元化的公司。子品牌是不同的概念，一般是在其",[975,1277,27],{"href":1278},"\u002Fnengliquan","内。茅台出53度飞天以外的白酒或许有一定的道理，毕竟还是在白酒的行业里，但如果做别的酒，比如葡萄酒或啤酒就有点怪了。（2013-02-25）",[904,1281,1282],{},"网友：偶尔会听到一些人说“ less is more”（包括在网易云音乐上私信与丁磊聊天时，他也说过），我自己也思考过这句话。但还是想听听段叔叔你的理解和看法。",[904,1284,1285,1287],{},[910,1286,912],{}," 就是专注的意思。（2013-08-16）",[904,1289,1290,1291,1294],{},"网友：吉利买下沃尔沃轿车",[975,1292,135],{"href":1293},"\u002Fpinpai","，联想买下IBM笔记本品牌，海尔将三洋中华区品牌买下来。请问段大哥，品牌还能这样出售吗？万一收购方将品牌越做越差，不是更影响未出售的品牌和产品。到时连叫停的权力都没有了。",[904,1296,1297,1299,1300,1303],{},[910,1298,912],{}," 你是为买方着急还是为卖方着急？",[910,1301,1302],{},"一般来讲多是只有错买没有错卖的。你说的这几个例子也是如此，卖方没啥要担心的"," 。（2016-11-25）",[988,1305,1306],{"start":35},[991,1307,1308],{},"【引用】巴菲特31年股东信精华（2012-02-17）",[904,1310,1311],{},"母公司是不会单纯因为价格因素就将自己旗下最优秀的子公司给卖掉，公司总裁一定会问，为什么要把我皇冠上的珠宝给变卖掉？不过当场景转换到其个人的投资组合时，他却又会毫不犹豫地，甚至是情急地从这家公司换到另一家公司，靠的不过是股票经纪人肤浅的几句话语，其中最烂的一句当属“你不会因为获利而破产”。",[904,1313,1314],{},"你能想象得出一家公司的总裁会用类似的话语建议董事会将最有潜力的子公司给卖掉吗？就我个人的观点，适用于企业经营的原则也同样适用于股票投资，投资人在持有一家公司的股票所展现的韧性，应当与一家公司的老板持有公司全部的股权一样。（1993）",[904,1316,1317],{},"对于购并的对象，我们偏爱那些“产生现金”而非“消化现金”的公司。由于高通胀的影响，越来越多的公司发现它们必须将所赚得的每一块钱再投入才能维持其原有的生产力，就算这些公司账面数字再好看，除非看到白花花的现金，我们对之仍保持高度警戒。（1980）",[904,1319,1320],{},"网友：想请教下，就是现在也在谈一个类似于企业并购的事情，感觉被并购的管理层还达不到巴菲特多数例子中那些管理层的品行水准，所以想问下就是我看到的巴菲特收购例子中，没有提到业绩对赌之类的，是不是巴老收购一般都不谈对赌呢？真是完全凭着对于人和企业的把握来做收购呢？",[904,1322,1323,1325],{},[910,1324,912],{}," 对赌双方一般都比较短视。作为投资方，对赌总是立于不败之地的，对接受投资的人而言，参与对赌是匪夷所思的。（2017-01-07）",[988,1327,1328],{"start":71},[991,1329,1308],{},[904,1331,1332],{},[910,1333,1334],{},"第一类你买到的（不管是有意或无意的）是那种特别能够适应通货膨胀的公司，通常他们又具备两种特征：一是容易去调升价格（即使是当产品需求平缓而产能未充分利用也一样）且不怕会失去市场占有率或销售量；二是只要增加额外少量的资本支出，便可以使营业额大幅增加（虽然增加的原因大部分是因为通货膨胀而非实际增加产出的缘故）。",[904,1336,1337],{},"近十几年来，只要符合以上两种条件，虽然这种情况不多，即使是能力普通的经理人也能使这项购并案圆满成功。（1981）",[904,1339,1340],{},"网友z：学长说的这个值得深思。",[904,1342,1343],{},"以前我跟学长汇报过，我有个朋友做宠物食品（我参股了一点），代工做得不错。但我认为没有自己的品牌，代工厂永远受制于人（客户越大，自己的生存能力越差），不是长久之计（尤其学长说过，步步高在很早的时候就决定了不走代工之路，坚定走品牌之路）。",[904,1345,1346],{},"现在达成共识了，做自己的品牌。为了快速打开局面，朋友第一步规划的就是多品牌战术。为的是在每一个地区，都有若干家分销商可以成为当地的独家。逻辑也说得通，但我下意识觉得，如果让学长您来制定规划，恐怕不会这么做。",[904,1348,1349],{},"我在北京拉了一个团队，做以互联网为主要渠道的高端宠物粮品牌。我们这个团队是计划只做一个牌子的，做到有名堂为止。筹备过程中，我跟很多“前辈”请教，很多人建议我先找个定位公司咨询品牌定位、找个广告公司出来的人做partner合伙人一起干。作为新入行的人，这个建议逻辑也说得通，但我下意识又觉得不对了。真正做大的牌子，有几个是广告公司的人做起来的呢？",[904,1351,1352],{},"OPPO和vivo应该都没找过这一类“顾问”吧？",[904,1354,1355,1357,1358,1361],{},[910,1356,912],{}," 所谓的“顾问”只能在如何",[975,1359,22],{"href":1360},"\u002Fbashiqingzuodui","的地方教你一些技巧的东西。这些东西虽然也很重要，但前提是你一定要先知道什么是不对的事情，不然他们是可能把你引到死胡同里去的。（2017-08-22）",[904,1363,1364,1366],{},[910,1365,912],{}," 我的特斯拉就是典型哈。认真想来当年的GE也算是买错了，放在今天我大概会做不一样的决定。我们在GE上的收获也还是不错的，好像是9.6块买的，20出头卖掉了。当时卖的原因就是我突然发现我买的GE和我想象的那个不一样。（2018-09-21）",[904,1368,1369,1371,1372,1375],{},[910,1370,912],{}," 这个我同意。",[910,1373,1374],{},"我当时一直都说，从来没见过企业多元化成功的例子，GE是个例外。现在看来，时间长了都不行哈"," 。（2018-09-21）",[904,1377,1378,1380],{},[910,1379,912],{}," 实际情况多数可能会是因为在某个地方成功了，所以就觉得自己很厉害，想做更多的事情，不小心就跑到能力圈外面去了。有时候试一试也没啥错，所以这里其实还是蛮难划一条特别清楚的界限的。很多人的所谓多元化大概都是因为生意而去的，什么好赚钱就跟着去做点啥，和自己原来的用户群没啥关系。",[904,1382,1383],{},"举个例子：如果腾讯开始做房地产了，那就叫多元化，但如果他们买块地给自己员工盖宿舍或建自己的办公楼就不算。又比如有个群众因为自己爱好开了个网站，虽然和他以前干的事情不完全一样，也不知道在不在自己的能力圈内，所以依然不算是多元化，但可以叫做创业了。（2018-11-04）",[904,1385,1386],{},"网友G：史总也是多元化摔了跟头？",[904,1388,1389,1391],{},[910,1390,912],{}," 史玉柱做事情还是蛮专注的，当年出问题也不是因为多元化。后来做了保健品以及游戏，在生意上也算是蛮成功的。后来这两个生意的管理团队完全不同，所以不算多元化。（2018-11-04）",[904,1393,1394],{},"网友K：成功并能保持的人 都是有他厉害的地方的。",[904,1396,1397,1400],{},[910,1398,1399],{},"段永平：很多所谓厉害的人其实仅仅是因为他们一直在老老实实做他们该做的事情而已"," ，单看每件事情是很难看出来他们厉害在哪里的。（2018-11-05）",[904,1402,1403,1405],{},[910,1404,912],{}," 我看到的多元化多是因为自己在某个地方成功了，想要如法炮制到别的地方。比方说篮球打好了就跑去打棒球，或者高尔夫啥的？（这句话是开我喜欢的两个篮球运动员的玩笑哈）（2019-01-09）",[904,1407,1408],{},"网友F：其中的一个是我也特别喜欢的球星库里，喜欢打高尔夫球，据说高尔夫比篮球打得还溜！",[904,1410,1411,1413],{},[910,1412,912],{}," 喜欢打棒球那个是乔丹，居然中间去打了一年职业比赛，然后回来又拿了三届冠军。库里和乔丹一样，在篮球以外的运动上都不如其他职业球员。（2019-01-10）",[988,1415,1416],{"start":71},[991,1417,1418],{},"引用：《步步高总裁段永平人大演讲精彩实录》",[904,1420,1421,1423],{},[910,1422,1056],{}," ：这是我们还没开始卖DVD以前的事情了，忘了哪一年，大概是99年的样子？简而言之，那时候我比现在要年轻很多。（2019-10-19）",[904,1425,1426,1428],{},[910,1427,912],{}," 一个企业家应将80%的精力放在20%的事情上，这20%的事情能给你带来80%效益。我们有的企业最大的毛病就是什么事都想去做。实际上每个企业的资源都是有限的，包括人力、物力、财力，把这有限的资源用到无限的投资方面上去肯定要出问题。有的企业什么都在做，但都没有什么特点，你不知道它到底是干什么的。",[904,1430,1431],{},"这种企业的问题也许短期内不会表现出来，但将来会很麻烦。我从“小霸王”到“步步高”，一直都在搞电子行业，且搞活经济的产品也很单一，但与我们同时起步的一些搞多元化经营的企业相比，我们的发展速度和经营效果要好得多，“小霸王”在几年之间资产翻了几十倍，我觉得与焦点法则有很大关系。",[904,1433,1434,1435],{},"同时在经营时还要对自己的资源及能力有一个正确估计，有时有人问我对某一个项目有没有兴趣，我问都不问就说没有兴趣，我知道我自己和我的企业就这么点能力和规模，不可能再分散资源，我根本就不追求有天上掉馅饼的事。",[910,1436,1437],{},"（2000年）",[904,1439,1440],{},[910,1441,1442],{},"问：请问您对企业多元化和归核化的看法？",[904,1444,1445,1448,1449,1452],{},[910,1446,1447],{},"段永平：归核化可能就是我们企业的焦点法则，意思就是集中优势兵力打歼灭战。我一向是反对多元化的，"," 我们现在的情况不是多元化，应称为行业的专业化和产品的多样化。我们产品有几大类，但分为三个独立的公司。",[910,1450,1451],{},"一般，如果我们判断进不了前三名的行业，我们就不进入"," 。",[904,1454,1455],{},"网友z：佛山有很多陶瓷企业，一个公司下面就有很多个品牌，当时也不明白！",[904,1457,1458],{},[910,1459,1460],{},"段永平：如果是同样的东西，一个牌子都做不好的话，多个牌子就更做不好了。如果一个牌子能做好的话，为什么还要多个牌子？OPPO和vivo的情况不一样，他们是两个完全相互独立的公司，希望不要误导大家。",[904,1462,1463],{},"不明真相的群众：什么事让你发现不一样？",[904,1465,1466],{},"网友：问下段哥，VCD、DVD、电话、复读机、点读机、手机，为何说不是多元化呢？是因为有好的人才团队，因人设事吗？怎么来定义聚焦和多元化？",[904,1468,1469,1471],{},[910,1470,912],{}," 这都是我们3个公司在不同时期由不同team做的产品。每个团队都应该是高度聚焦的才能做好。（2010-10-15）",[904,1473,1474],{},"网友：近来在看艾-里斯的书《聚焦》，很有收获，但有一个问题比较困惑，像GE（通用电气）这样的成功多元化公司是非常稀少的，多元化对管理的要求能力非常高，也很容易导致大公司病。我能理解苹果在比如手机领域产品是高度聚焦的（诺基亚很糟糕），但是如何理解苹果从手机，到平板，到手表，甚至有可能将来的电视和汽车领域，这样的“多元化”和其他公司的“多元化”有什么不同？",[904,1476,1477],{},"我初步的思考是不是企业文化的本质区别导致结果大不一样？比如苹果一直以消费者为导向来多元化，而其他公司是为了规模或者增长追求来多元化导致结果大不一样？望段大哥能解惑。",[904,1479,1480,1482],{},[910,1481,912],{}," 关于苹果的东西，你可以查Tim Cook都说过啥。该说的他都说过了。你把所有的苹果发布会都看几遍大概就明白苹果是这么回事了。如果还看不明白，我相信也没有谁能让你明白。",[904,1484,1485,1486,1489],{},"补充一点，理解苹果确实不容易，我似乎从来就没让不明白的任何人明白过，所以也不可能在这里几句话说明白。我的建议就是把Tim Cook说过的东西都拿出来看一下，包括每一次发布会都认真看一下，",[910,1487,1488],{},"哪怕不是为了投资苹果，至少也可以看到一家好公司应该是啥样子。如果看完这些还是看不明白的话，我确实也是没办法让人明白的。"," （2015-02-14）",[904,1491,1492],{},"网友C：以前还不太理解多元化的危害，多元化相当于把两只手分到两边，四处开火。这几年看人人、航美、网秦、迅雷、乐视，好像都是从不看好自己的主业、多元化开始走向羸弱的。贾布斯如果不多元化瞎折腾，按爱奇艺这估值，乐视网今年估计也能值几百亿吧。",[904,1494,1495,1497],{},[910,1496,912],{}," 不明真相的群众：大部分企业的“多元化”，并不是“不看好自己的主业”，而是没有能力经营好自己的主业，所以觉得另搞一件事情也许会解决问题？但大概率另一件事情也搞不好。所以本质上是自身的能力问题，而不是事的问题，更不是多元化的问题。这跟人生碰上问题怪“原生家庭”是一样的。",[904,1499,1500],{},"网友：段哥，美的在做空调还有电磁炉、豆浆机等小家电，不少人说它不够专一，那步步高现在除了手机、学习机也在做小家电，想听您谈谈对多元化的理解。",[904,1502,1503,1505],{},[910,1504,912],{}," 我们这些不同大类的产品都是不同的公司做的，完全独立的不同的团队，不会为其他产品分心，所以不是多元化的产物。我不赞成一般意义上的多元化，尤其不赞成为多元化而多元化的多元化---有很多公司在经历一段不错的发展后，为了分散风险，开始搞起了多元化，结果其中有些公司很快就不用再担心风险的问题了。（2010-09-20）",[904,1507,1508,1509,1512,1513,1516],{},"网友：对企业来说，“",[975,1510,17],{"href":1511},"\u002Fzuoduideshiqing","”是如何判断的？譬如，吉利收购沃尔沃，联想收购IBM pc部门等。是否回过头来，还是依据我们对",[975,1514,129],{"href":1515},"\u002Fqiyewenhua","的理解，相当于自己在做企业？",[904,1518,1519,1521,1522,1524],{},[910,1520,912],{}," 简单的东西不容易啊。“做对的事情，",[975,1523,22],{"href":1360},"”就是简单不容易的典型代表。其实从外人的角度来看，我无法判断吉利的收购案或联想的收购案对他们来讲是否是件对的事情，但他们最后自己都会知道的。",[904,1526,1527,1530],{},[910,1528,1529],{},"关于并购，我可以讲一个我的简单理解。如果当有人本着“大不一定强，不大则一定不强。所以要做强则先做大。”的想法去并购的话，那结局一定是很难看的。韦尔奇的自传里写过一些关于并购的原则，你有兴趣可以去看看。（"," 2011-01-25）",[904,1532,1533],{},"网友：《21世纪》：吉利集团合并沃尔沃公司后，吉利董事局主席说，吉利是吉利，沃尔沃是沃尔沃，他们是各自独立的公司，他们并不在一个体系下运作。而根据麦肯锡的报告，目前越来越多亚洲企业采取如此做法，你如何评价？",[904,1535,1536],{},"韦尔奇：每一家公司都会有它的处事风格。可能中国公司认为没有能力去接管沃尔沃，沃尔沃可能也是这样考虑的。但是，这种情况下，并购方就可能错失了技术交流的机会，失去了财务部门提升成本效益的机会，失去了人力资源部门开发人才的机会。",[904,1538,1539],{},"另一方面，置沃尔沃于不管，可能也是一个成功的办法，因为他们缺少人才去完成全部的工作。",[904,1541,1542],{},"《21世纪》：有人认为，这是一次筷子与刀叉所相遇的机会，这两家公司各有优点，但如果他们的合并并不能良好发展，可能会引起不小的问题。",[904,1544,1545],{},"韦尔奇：但是为什么要置沃尔沃于不管呢？既然如此为什么又要并购沃尔沃呢？为什么？你告诉我为什么？是看上了沃尔沃的人才，技术还是市场呢？",[904,1547,1548],{},"感觉韦尔奇的思路很清晰，其实韦尔奇这样回答我也有点心里这样想！",[904,1550,1551,1553,1554,1557],{},[910,1552,912],{}," 呵呵，",[910,1555,1556],{},"让韦尔奇来管个中国公司他就明白了。语言及文化沟通是大问题，没法解决。"," 但这种收购最大的好处可能是在专利上。（2011-12-06）",[988,1559,1560],{"start":50},[991,1561,1562],{},"引用：苹果CFO（首席财务官）称谷歌收购摩托罗拉移动价格偏高",[904,1564,1565],{},"据国外媒体报道，谷歌斥资125亿美元收购摩托罗拉移动价格偏高。",[904,1567,1568],{},"网友：苹果分拆，是否更利于旗下的子产品部发展壮大？段总最大的担心是不是分拆后的企业文化跟着稀释？",[904,1570,1571,1574],{},[910,1572,1573],{},"段永平：不知道你是不是觉得汽车的4个轮子拆开来跑车会跑得更快？"," （2013-02-21）",[904,1576,1577],{},"网友：请教一下，同一家公司在同类产品中实施多品牌策略有哪些好处？这种策略是容易成功的方式吗？不知道段哥是否方便指点一下。",[904,1579,1580,1582],{},[910,1581,912],{}," 大部分产品这么做是非常愚蠢的。早年看过P&G这么做，所以老是觉得他们的产品多少有点蒙人的味道，将来有一天会有麻烦的。（2017-08-17）",[904,1584,1585],{},"网友：是违背焦点法则的原因吗？段总能不能再多说几句，我们厂就有这个问题。",[904,1587,1588,1590,1591,1595],{},[910,1589,912],{}," 同样的东西分成多个品牌卖显然属于生意导向而不是",[975,1592,1594],{"href":1593},"\u002Fxiaofeizhedaoxiang","用户导向","。（2017-08-20）",[904,1597,1598],{},"网友Q：看懂一个大公司的各业务之间是否高度关联和互补。也超出了我们很多人的能力圈。段总抽时间多给我们聊聊腾讯有没有多元化问题吧。",[904,1600,1601,1603],{},[910,1602,912],{}," 感觉产品上腾讯不算多元化的，他们的绝大多数产品间或多或少都是有关联或者是内在关联的。投资上似乎有点散，但仔细一想似乎也大多是有关联的。至少他们不是在追求多元化吧？（2018-11-03）",[904,1605,1606],{},"网友F：段老师，有点绕哈。是不是在新的领域（另一元），自己的能力能够满足现有客户的需求，并能创造价值，获得收益，这叫多元化成功（或者就不叫多元化）？而不在自己能力圈之内的多元化是有害的！能力圈形成之前，能力培养阶段叫创业，小失败叫试错？",[904,1608,1609,1611],{},[910,1610,912],{}," 多元化的意思就是俗语“不要吊死在一棵树上”，要多找几棵树。（2018-11-21）",[904,1613,1614],{},"网友：聚焦是放之四海而皆准的原则吗？",[904,1616,1617,1619],{},[910,1618,912],{}," 就做企业而言应该差不多吧。(2022-02-12)",[904,1621,1622],{},"多元化一般是主业不够强，想靠多元化找出路，结果找了一条岔路。(2023-07-06)",[904,1624,1625],{},"不明真相的群众：我感觉确定不好的多元化，是这个做不好，看看换另一个事情能不能好点，这种搞法。",[904,1627,1628],{},"网友：偶像芒格一直提议反过来想，抛个问题求解：关于市场上龙头房企“恒碧万融”四大家，未来哪些因素可能会导致这些公司走向衰落，甚至彻底价值毁灭？",[904,1630,1631,1633],{},[910,1632,912],{}," 不明真相的群众：1、杠杆。2、多元化。",[904,1635,1636],{},"网友：段总：快鱼吃慢鱼，慢即是快，中间的尺度该如何衡量？什么时候该快？什么时候该慢？比如张裕，洋河蓝色经典，该怎么衡量呢？",[904,1638,1639,1641],{},[910,1640,912],{}," 其实前面类似的东西从不同角度说过若干次了。快鱼吃慢鱼指的是效率问题，也就是把事情做对的能力问题。但做对的事情总是要放在前面的，两者并不矛盾。在自然界里，好像“快”的动物的生存能力也是比“慢”的动物的生存能力弱的。（2010-08-31）",[904,1643,1644],{},"网友：段总，您好，请问您对tcl这些年无论在经营范围或者在经营地域，都实行遍地开花的做法是怎么看的，自知不是一个好问题，不过，真的觉得tcl这种经营方式挺值得探讨的。说白了，我是想问，他们似乎也一直在努力，怎么利润回报就不理想呢？他们的经营业绩是不是开始有转好的迹象，即将进入收获期呢？",[904,1646,1647,1650],{},[910,1648,1649],{},"段永平：“一直在努力”就一定有利润？先要做对的事情，努力才有用"," 。（2010-10-14）",[904,1652,1653],{},"网友：大道觉得并购摩托罗拉的决策做的怎样？要改变这么大一家公司的文化可不容易，印象中以前好像没有特别成功的。",[904,1655,1656,1658],{},[910,1657,912],{}," google买moto肯定不是为了买moto的生意，所以我无法评价。如果是为了生意而去那就是脑袋坏了。（2012-01-24）",[904,1660,1661],{},"网友：段总水平高，除了茅台手机，茅台空调，其他都会有的。茅台机场，茅台文化中心，茅台生态园区，茅台旅游园区也会有的。茅台留了很多钱，总要发展嘛，不然钱有什么用？管理层能力怎么体现？",[904,1663,1664,1666],{},[910,1665,912],{}," 地方的东西可能是不得已而为之的，冠名的东西有时候也说得过去。最怕茅台扩展产品线，不过似乎目前还比较清醒，在减掉一些不太合适的东西。（2015-02-16）",[904,1668,1669],{},"网友：对于茅台的金融布局段总如何评价？",[904,1671,1672,1674],{},[910,1673,912],{}," 增加股东风险的有效办法。希望只是有限的很小的风险。（2017-08-14）",[904,1676,1677],{},"网友：怎么判断是多元化？像苹果从电脑到手机到平板，到手机，到手表，好像不是多元化，要是做汽车算多元化么？我有些迷糊。",[904,1679,1680,1682],{},[910,1681,912],{}," 不知道多元化定义是什么，看着像是在同一个老板管理下的业务之间关联度很小的东西。苹果的各业务之间高度关联，显然不是一般所说的多元化。（2018-11-03）",[904,1684,1685],{},"网友：有些公司历来不怎么分红，后来又千方百计把利润弄没了。",[904,1687,1688,1690],{},[910,1689,912],{}," A股有些公司就有这个问题，看着利润不错，可老是不知道公司会怎么用这些钱。一看他们多元化我就有点晕。(2010-05-23)",[904,1692,1693],{},"“盛大非游戏业务盈利前景不明，拖累整体利润。”(新闻)",[904,1695,1696],{},"没有焦点的公司早晚会有麻烦。(2011-09-01)",[904,1698,1699],{},"“盛大迷途，传媒帝国梦想渐行渐远？盛大多年来一直靠网游造血，再输血到长长的新业务线中去，以期实现从网游向传媒娱乐帝国(文学、视频、电影、支付、云计算)的转型。但随着网游收入的锐减，盛大的梦想已经渐行渐远……”(新闻)",[904,1701,1702],{},"渐行渐远？好像一直都那么远。(2011-10-07)",[904,1704,1705,1706,1709],{},"“马化腾否认OPhone谣言，重申",[910,1707,1708],{},"腾讯","不做手机。”(新闻)",[904,1711,1712],{},"这个我能看懂。(2012-06-13)",[904,1714,1119,1715,1718],{},[910,1716,1717],{},"步步高","做过VCD、DVD、电话、复读机、点读机、手机，为何说不是多元化呢？",[904,1720,1721,1723],{},[910,1722,912],{}," 这都是我们三家公司在不同时期由不同团队做的产品。每个团队都应该是高度聚焦的才能做好。(2010-10-15)",[904,1725,1726],{},"网友F：在国内目前的情况下，说实话，我看到很多优秀企业的多元化，联想控股，史玉柱，复星等，当然情况各有不同。有些总某个时期只专注一件事，例如史玉柱先生。希望完美也这样吧。我觉得池先生，骨子里就是行业决定论者，也许有些像史先生？所以确实难象丁磊，马云他们那样做到极致，叹。",[904,1728,1729,1731],{},[910,1730,912],{}," 联想控股是个投资公司吧？史玉柱早就没担任CEO了，所以史玉柱不管干什么不等于巨人不专注。我也觉得池宇峰确实是个“行业决定论者”，所以我才会担心他似乎对网游这个行业信心不足了。不过，再怎样也好过有些这个行业的人自己瞧不起这个行业啊。（2011-11-24）",[904,1733,1734],{},"网友F：您说起史先生的做法，那我有些理解了团队建设的重要性。特别是一个可以让自己“撒手不管”的CEO，也许bbk也是。陈先生，事事插手，本领再大，布局再好，结果……但这个多元化似乎确实有人干的还可以，例如三星？",[904,1736,1737,1739],{},[910,1738,912],{}," 三星是国家资本主义的产物，借无穷多的钱，很容易出毛病的。（2011-11-24）",[904,1741,1742],{},"网友W：呵呵。是的，把鸡蛋放在一个篮子是本质，放到多个篮子是一个篮子放不下的结果。专注和多元化貌似也是这个逻辑。对和错很多时候表面看起来是一样的。",[904,1744,1745,1553,1747,1750],{},[910,1746,912],{},[910,1748,1749],{},"一个篮子放不下和上杆子要放多个篮子还是不一样的"," 。（2011-12-01）",[904,1752,1753],{},"网友P：我记得好像是哪个说过，多元化是能力问题。",[904,1755,1756,1759],{},[910,1757,1758],{},"段永平：大概是吧，就像没办法做成iphone就多搞几个品种一样。"," （2011-12-01）",[904,1761,1762],{},"网友：10月29日消息，今日上午，美的集团董事局主席何享健宣布，截至今年10月，美的集团销售收入首次突破1000亿元，预计全年将突破1100亿元。他同时提出“再造一个美的”目标，要求集团在2015年实现销售收入2000亿元。",[904,1764,1765],{},"美的集团也在今日公布了2011-2015年的发展规划，其主要的战略是继续保持规模化增长，将拓展以家电为核心的相关多元化产业发展；加快对海外市场开拓；加大在国内三四线城市销售力度。",[904,1767,1768],{},"段总对格力还比较欣赏，能谈谈美的吗？如果真的能够在5年销售额翻番，这个公司还是值得关注的吧。",[904,1770,1771,1773],{},[910,1772,912],{}," 健康最重要。（2010-10-30）",[904,1775,1776,1777,1780,1781,1783,1784,1786],{},"网友：像",[910,1778,1779],{},"GE","这样的成功多元化公司是非常稀少的，多元化对管理的要求能力非常高，也很容易导致大公司病。我能理解",[910,1782,1134],{},"在手机领域产品是高度聚焦的，但是如何理解",[910,1785,1134],{},"从手机、到平板、到手表，甚至有可能将来到电视和汽车领域，这样的多元化和其他公司的多元化有什么不同？",[904,1788,1789,1065,1791,1134,1794,1134,1797,1134,1800],{},[910,1790,912],{},[910,1792,1793],{},"关于",[910,1795,1796],{},"的东西，你可以查库克都说过啥。该说的他都说过了。你把所有的",[910,1798,1799],{},"发布会都看几遍大概就明白",[910,1801,1802],{},"是怎么回事了。如果还看不明白，我相信也没有谁能让你明白。",[904,1804,1805,1806,1808,1809,1812],{},"补充一点，理解",[910,1807,1134],{},"确实不容易，我似乎从来就没让不明白的任何人明白过，所以也不可能在这里几句话说明白。",[910,1810,1811],{},"我的建议就是把库克说过的东西都拿出来看一下，包括每一次发布会都认真看一下，哪怕不是为了投资苹果，至少也可以看到一家好公司应该是啥样子","。如果看完这些还是看不明白的话，我确实也是没办法让人明白的。(2015-02-14)",[904,1814,1815,1818],{},[910,1816,1817],{},"段永平：这个我同意。我当时一直都说，从来没见过企业多元化成功的例子，GE是个例外。现在看来，时间长了都不行哈"," 。（2018-10）",[904,1820,1821],{},"网友：我感觉不好的多元化，是这个做不好就看看换另一个事情能不能好这种搞法。",[904,1823,1824,1826,1827,1829],{},[910,1825,912],{}," 实际情况多数可能会是因为在某个地方成功了，所以就觉得自己很厉害，想做更多的事情，不小心就跑到",[975,1828,27],{"href":1278},"外面去了。有时候试一试也没啥错，所以这里其实还是蛮难划一条特别清楚的界限的。很多人的所谓多元化大概都是因为生意而去的，什么好赚钱就跟着去做点啥，和自己原来的用户群没啥关系。",[904,1831,1832,1833,1835,1836,1838],{},"举个例子，如果",[910,1834,1708],{},"开始做房地产了，那就叫多元化，但如果他们买块地给自己员工盖宿舍或建自己的办公楼就不算。又比如有个群众因为自己爱好开了个网站，虽然和他以前干的事情不完全一样，也不知道在不在自己的",[975,1837,27],{"href":1278},"内，所以依然不算是多元化，但可以叫作创业了。(2018-11-21)",[904,1840,1841],{},"网友：是不是在新的领域，自己的能力能够满足现有客户的需求，并能创造价值，获得收益，这叫多元化成功？",[904,1843,1844,1065,1846],{},[910,1845,912],{},[910,1847,1848],{},"多元化的意思就是俗语“不要吊死在一棵树上”，要多找几棵树。",[904,1850,1851,1854],{},[910,1852,1853],{},"我看到的多元化多是因为自己在某个地方成功了，想要如法炮制到别的地方。比方说篮球打好了就跑去打棒球，或者高尔夫啥的","?(这句话是开我喜欢的两个篮球运动员的玩笑哈。)(2019-01-09)",[904,1856,1857],{},"喜欢打棒球那个是乔丹，居然中间去打了一年职业比赛，然后回来又拿了三届冠军。库里和乔丹一样，在篮球以外的运动上都不如其他职业球员。(2019-01-10)",[904,1859,1860],{},"网友p：鸡蛋多放几个篮子未必是有效提高风险的最好办法吧？是不是手误啊？",[904,1862,1863,1866],{},[910,1864,1865],{},"段永平：“"," 把鸡蛋多放几个篮子其实是有效提高风险的最好办法，虽然能明白这个东东非常不容易. ”绝对不是笔误！不过有点调侃的意思。不是说“一定会”，但很多情况下会的，有兴趣你可以看看有多少“多元化”的公司最后都遇上大麻烦了。有本书叫《Focus》，也许你可以找来看看，里面有很多很好的公司把鸡蛋放多几个篮子最后鸡飞蛋打的例子。",[899,1868,1870],{"id":1869},"第三节-收购与多元化案例","第三节 收购与多元化案例",[904,1872,1873],{},"网友：吉利买下沃尔沃轿车品牌，联想买下IBM笔记本品牌，海尔将三洋中华区品牌买下来。请问段大哥，品牌还能这样出售吗？万一收购方将品牌越做越差，不是更影响未出售的品牌和产品。到时连叫停的权力都没有了。",[904,1875,1876,1299,1878,1303],{},[910,1877,912],{},[910,1879,1302],{},[904,1881,1882,1883,1885,1886,1889],{},"网友：对企业来说",[975,1884,17],{"href":1511},"如何判断？譬如吉利收购沃尔沃，联想收购 ",[910,1887,1888],{},"IBM","个人电脑部门等。",[904,1891,1892,1894,1895,1897,1898,1900],{},[910,1893,912],{}," 简单的东西不容易啊。",[975,1896,17],{"href":1511},"，",[975,1899,22],{"href":1360},"，就是简单不容易的典型代表。其实从外人的角度来看，我无法判断吉利的收购案或联想的收购案对他们来讲是否是件对的事情，但他们最后自己都会知道的。",[904,1902,1903],{},"关于并购，我可以讲一个我的简单理解。如果当有人本着“大不一定强，不大则一定不强。所以要做强则先做大”的想法去并购的话，那结局一定是很难看的。韦尔奇的自传里写过一些关于并购的原则，你有兴趣可以去看看。(2011-01-26)",[904,1905,1906],{},"“雅虎高管称今年将有重大收购。”(新闻)",[904,1908,1909,1910,1913],{},"一看到雅虎说要开始加大并购了我就有点汗。美国雅虎的",[975,1911,82],{"href":1912},"\u002Fxianjinliu","还是非常不错的，但市场地位在未来会不断下降。目前雅虎的价钱里基本上就没有考虑美国雅虎的价值，这多少有点不公平但也未必一点没道理。如果雅虎未来几年为了自己“东山再起”的雄心而进行大规模收购的话，那美国雅虎就真没什么价值了。",[904,1915,1916,1917,1920],{},"不过，到目前为止雅虎看起来还是很",[975,1918,216],{"href":1919},"\u002Flixing","的。(2011-04-08)",[904,1922,1923,1924,1926,1927,1929],{},"“",[910,1925,1134],{},"CFO称",[910,1928,1068],{},"125亿美元收购摩托罗拉移动价格偏高。”(新闻)",[904,1931,1932,1933,1935,1936,1938,1939,1941,1942,1944,1945,1947,1948,1950],{},"别人谁买摩托罗拉都很难有好下场，但",[910,1934,1068],{},"出手则可能有点不同。一方面说明",[910,1937,1068],{},"确实急了；另一方面，",[910,1940,1068],{},"的文化确实强大，或许有机会？无论如何，",[910,1943,1068],{},"的文化和摩托罗拉的差异实在是太大了，如果",[910,1946,1068],{},"能够搞定摩托罗拉那就是",[910,1949,1068],{},"的又一个奇迹。3-5年后就能看到结果。",{"title":1952,"searchDepth":15,"depth":15,"links":1953},"",[1954,1955,1956],{"id":901,"depth":15,"text":902},{"id":1148,"depth":15,"text":1149},{"id":1869,"depth":15,"text":1870},"md",{},true,"\u002Fdao\u002Fbusiness-logic\u002Fwenda-business-12",{"title":558,"description":560},"收购与多元化｜段永平投资问答录","dao\u002Fbusiness-logic\u002Fwenda-business-12",[1965,1966,1967],"商业经营","收购","多元化","FsgKaSs5daTVMY9VhvDMFJUDqddqyri-AjCq-OROfV8","dao",[1971,1972,1973,1974,1975,1976,1977,1978,1979,1980,1981,1982,1983,1984,1985,1986,1987,1988,1989,1990,1991,1992,1993,1994,1995,1996,1997,1998,1999,2000,2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016],{"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},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