[{"data":1,"prerenderedAt":2868},["ShallowReactive",2],{"layout-dao":3,"dao-wenda-company-apple-02":893,"qanda-chapter-navigation":2821},[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":569,"body":895,"category":416,"chapterOrder":15,"date":10,"description":571,"extension":2810,"meta":2811,"navigation":2812,"order":572,"path":2813,"seo":2814,"seoDescription":571,"seoTitle":2815,"slug":570,"source":10,"sourceDate":10,"sourceUrl":10,"stem":2816,"tags":2817,"type":424,"volume":567,"volumeOrder":20,"__hash__":2819,"_collection":2820},"dao\u002Fdao\u002Fqanda\u002Fwenda-company-apple-02.md",{"type":896,"value":897,"toc":2803},"minimark",[898,903,907,914,930,935,940,945,950,953,959,962,964,967,970,973,976,979,982,985,988,991,994,997,1000,1003,1006,1009,1012,1014,1019,1024,1029,1034,1039,1045,1051,1081,1090,1099,1112,1115,1123,1130,1133,1138,1141,1144,1149,1152,1155,1160,1163,1166,1169,1172,1177,1180,1183,1186,1189,1194,1197,1202,1205,1210,1219,1227,1239,1254,1260,1268,1271,1276,1279,1281,1284,1287,1297,1303,1309,1312,1314,1317,1319,1322,1324,1327,1329,1332,1335,1338,1340,1343,1346,1349,1351,1354,1356,1359,1361,1366,1369,1372,1375,1378,1381,1384,1387,1390,1393,1396,1399,1405,1411,1414,1420,1423,1429,1432,1438,1444,1447,1450,1453,1458,1463,1466,1472,1486,1508,1522,1531,1537,1542,1555,1561,1569,1572,1577,1581,1584,1593,1596,1605,1615,1628,1631,1634,1637,1640,1645,1651,1654,1659,1664,1669,1674,1679,1681,1693,1698,1700,1706,1711,1716,1721,1726,1731,1736,1742,1745,1750,1755,1758,1763,1766,1769,1774,1777,1780,1785,1788,1791,1794,1797,1802,1805,1816,1821,1824,1827,1832,1842,1852,1855,1858,1868,1880,1892,1906,1914,1917,1922,1927,1930,1935,1944,1947,1953,1956,1968,1971,1974,1977,1980,1983,1986,1989,1992,1998,2007,2013,2016,2023,2026,2029,2032,2042,2045,2056,2061,2072,2075,2080,2083,2085,2090,2096,2099,2102,2105,2108,2111,2116,2121,2123,2126,2129,2132,2135,2140,2143,2149,2152,2155,2158,2161,2166,2179,2188,2200,2209,2227,2233,2247,2250,2253,2267,2273,2276,2279,2285,2291,2297,2300,2304,2313,2331,2334,2339,2342,2345,2350,2355,2357,2377,2392,2395,2398,2403,2406,2409,2412,2417,2423,2426,2432,2441,2446,2453,2456,2459,2462,2465,2468,2471,2474,2477,2480,2483,2486,2489,2492,2495,2498,2501,2504,2507,2510,2513,2515,2518,2527,2530,2535,2540,2543,2546,2549,2564,2567,2573,2591,2602,2608,2621,2632,2642,2645,2660,2666,2689,2695,2707,2721,2724,2733,2740,2753,2759,2763,2770,2776,2782,2785,2791,2797,2800],[899,900,902],"h2",{"id":901},"第一节-乔布斯与造钟","第一节 乔布斯与造钟",[904,905,906],"p",{},"网友：是不是高科技公司也只是满足顾客的消费需求？",[904,908,909,913],{},[910,911,912],"strong",{},"段永平："," 不知道什么是高科技公司。在消费者眼里其实没有这个东西。(2010-10-30)",[904,915,916,917,920,921,924,925,929],{},"我也常常想",[910,918,919],{},"苹果","现象。",[910,922,923],{},"乔布斯","真是个绝顶聪明的",[926,927,47],"a",{"href":928},"\u002Fxiaofeizhedaoxiang","大师和市场营销大师。他们在产品上做的很多取舍是让人叹为观止的，同行其他人没人敢做他们做的一些事。(2010-05-25)",[904,931,932],{},[910,933,934],{},"段永平：再次强调买股票就是买公司的概念，每个人应该坚持不懂不碰的原则，不然早晚会掉进去的。",[904,936,937],{},[910,938,939],{},"同时再次建议不要跟随任何别人买个股，除非自己能真的懂自己在干什么。",[904,941,942],{},[910,943,944],{},"自己偶尔会提到个股的原因只是想找个例子说明一下自己对投资的理解而已。",[904,946,947],{},[910,948,949],{},"两年前写下面这篇博文时，",[951,952],"hr",{},[904,954,955,958],{},[910,956,957],{},"博文："," one apple a day keeps the doctor away（2011-01-22）",[904,960,961],{},"今天是option到期日，呵呵，又是一年。我有很多长option到期。在每天用着iphone和ipad的这些日子里，突然开始喜欢苹果了。也许看完《阿甘正传》就应该认真关注一下这家水果公司的，实在是有点太懒。看起来似乎现在也还不太晚。",[951,963],{},[904,965,966],{},"说说我喜欢苹果的一些理由。这不是论文，想到就说，没有重点和先后次序。",[904,968,969],{},"1．苹果的产品确实把用户体验或消费者导向做到极致了，对手在相当长的时间里难以超越甚至接近（对喜欢苹果的用户而言）。",[904,971,972],{},"2．苹果的平台建立起来了，或者说生意模式或者说护城河已经形成了（光软件一年都几十亿的收入了）。",[904,974,975],{},"3．苹果单一产品的模式实际上是我们这个行业里的最高境界，以前我大概只见到任天堂做到过（sony的游戏产品类似）。",[904,977,978],{},"单一产品的模式有非常多的好处：",[904,980,981],{},"a.可以集中人力物力将产品做得更好。比较一下iphone系列和诺基亚系列（今年要推出40个品种）。苹果产品的单位开发成本是非常低的，但单个产品的开发费却是最高的。",[904,983,984],{},"b.材料成本低且质量好，大规模带来的效益。苹果的成本控制也是做到极致的，同样功能的硬件恐怕没人能达到苹果的成本。",[904,986,987],{},"c.渠道成本低。呵呵，不是同行的不一定能明白这话到底有什么分量（同行也未必明白），我是20年前从任天堂那里学会的。那时很多做游戏机的都喜欢做很多品种，最后下场都不太好。",[904,989,990],{},"4．苹果的营销也是做到极致了，连广告费都比同行低很多，卖的价钱却往往很好。",[904,992,993],{},"5．苹果的产品处在一个巨大并还有巨大成长的市场里。",[904,995,996],{},"a.智能手机市场有多大？你懂的！",[904,998,999],{},"b. pad市场有多大？你也会懂的。",[904,1001,1002],{},"总而言之，我认为苹果现在其实还处在其成长的早期，应该还有很大的空间。",[904,1004,1005],{},"扣掉现金的话，苹果的今年的未来pe只有12-13倍啊，明年可能要到10以下了。",[904,1007,1008],{},"当然，以上我说的这些点中的任何一点的改变都可能或多或少地改变苹果，如果有苹果的股票的话，就要留心这些变化了。",[904,1010,1011],{},"我认为Jobs如果真请长假的话，在相当长的时间里对苹果的业务不会有大影响。",[951,1013],{},[904,1015,1016],{},[910,1017,1018],{},"乔布斯刚刚再次请病假没多久，记得当时苹果刚刚发布完earning report，自己突然悟到实际上没有乔布斯的苹果会依然继续强大。我就是这个时候开始大量买入苹果的。",[904,1020,1021],{},[910,1022,1023],{},"两年过去，没有发现当初买的理由有任何变化，所以没有过任何卖的想法。",[904,1025,1026],{},[910,1027,1028],{},"在雪球上我说过自己的观点：300多的苹果很便宜，400多的苹果也很便宜，500多的苹果依然不贵，今天再次重申一下。",[904,1030,1031],{},[910,1032,1033],{},"个人观点，巴菲特说的the right kind of business，with right people，at right price这三点在苹果上体现的非常充分，拿着能睡好觉。the right kind of business指的就是好的生意模式，好的生意模式建立在强大的企业文化上。",[904,1035,1036],{},[910,1037,1038],{},"本人喜欢苹果生意模式的很重要的一点来自于自己在消费电子20多年的体验，苹果是我一直梦寐以求但似乎难以达到的生意模式，现在居然可以就这么实现了，why not？",[904,1040,1041,1044],{},[910,1042,1043],{},"有一个小小的发现：我发现多数关心苹果的投资者（无论多空）都有点太在意苹果眼前的东西了，其实一两个季度的表现没那么重要。"," （2013-01-22）",[904,1046,1047,1048,1050],{},"网友：您是看好",[910,1049,919],{},"公司的文化，还是看好其CEO?",[904,1052,1053,1055,1056,1058,1059,1062,1063,1065,1066,1068,1069,1071,1072,1074,1075,1077,1078,1080],{},[910,1054,912],{}," 我曾经一直认为",[910,1057,923],{},"是个",[926,1060,175],{"href":1061},"\u002Fzaozhongren","，最近突然觉得只有",[910,1064,923],{},"的",[910,1067,919],{},"是不可能成为今天这个样子的。今天的",[910,1070,919],{},"，",[910,1073,923],{},"的作用已经不是那么大了。就算",[910,1076,923],{},"不打算再回来，今天的",[910,1079,919],{},"也会靠惯性向前的。",[904,1082,1083,1084,1086,1087,1089],{},"还有就是，当年的",[910,1085,919],{},"董事会为什么会在赶走",[910,1088,923],{},"后又能请他回来呢？这可不是容易做到的事。(2011-01-23)",[904,1091,1092,1093,1095,1096,1098],{},"《基业长青》这套书专门说过",[910,1094,923],{},"是个“报时人”，所以大概2002、2003年第一次看",[910,1097,919],{},"时(当时市值好像只有大约50亿美元，现金也是差不多这个数)，我受这本书的影响，没太认真看就直接跳掉了。",[904,1100,1101,1102,1104,1105,1107,1108,1111],{},"还好2011年初突然想明白了，觉得",[910,1103,923],{},"实际上是个恰好也会报时的“",[926,1106,175],{"href":1061},"”，而且库克是个更好的CEO(更",[926,1109,216],{"href":1110},"\u002Flixing",")。想通这两点后，就开始下手买了……(2020-01-07)",[904,1113,1114],{},"网友：请问段总，看好苹果的公司文化，还是看好其CEO？我个人感觉你看好的是前者。",[904,1116,1117,1119,1120,1122],{},[910,1118,912],{}," 我曾经一直认为jobs是个",[926,1121,175],{"href":1061},"，最近突然觉得只有jobs的苹果是不可能成为今天这个样子的。今天的苹果，jobs的作用已经不是那么大了。就算jobs不打算再回来，今天的苹果也会靠惯性向前的。还有就是，当年的苹果董事会为什么会在赶走jobs后又能请他回来呢？这可不是容易做到的事。（2011-01-23）",[904,1124,1125,1126,1129],{},"网友：引用：",[910,1127,1128],{},"段永平之水果公司"," （2011-01-23）",[904,1131,1132],{},"我曾经一直认为jobs是个造钟人，最近突然觉得只有jobs的苹果是不可能成为今天这个样子的。今天的苹果，jobs的作用已经不是那么大了。就算jobs不打算再回来，今天的苹果也会靠惯性向前的。还有就是，当年的苹果董事会为什么会在赶走jobs后又能请他回来呢？这可不是容易做到的事。",[904,1134,1135,1137],{},[910,1136,912],{}," 我就是这个时候（2011.01）开始买苹果的，记得那个时候大概310-320的样子？开始时决定投10%，后来越看越明白，慢慢就几乎都变成苹果了。（2018-09-09）",[904,1139,1140],{},"网友C：段总一定是用了苹果的产品才对苹果的未来这么有信心吧。还有没有去苹果公司做实地调研？我想这么大的市值的公司成大空间相对总是不如当年小市值的网易的。原来大家一致担心的乔布斯的健康算不算是一个很大的威胁？苹果的产品离开乔布斯一定做不到这么好吧？",[904,1142,1143],{},"在一个公司风头最劲的时候买他的股票，我总觉得有点趋势投资的感觉，当然段总用平常心看苹果价钱还很便宜那一定是笔好买卖了，段总对苹果的理解程度我是一定望尘莫及的，见笑了。",[904,1145,1146,1148],{},[910,1147,912],{}," 苹果的上升空间当然远不如当年的网易，可当年的网易是可遇不可求的，而且现在就算碰上了，对我的帮助也不大。苹果这样的公司难道还要去公司看？那能看到什么？我只是somehow突然想起来要认真看看苹果，以前老觉得Jobs个人太厉害了，是个报时人，后来突然想明白其实现在他已经没有那么重要了，至少在未来几年里。",[904,1150,1151],{},"毕竟我们是同行，虽然差距还比较大，但有些东西容易搞懂一些。（2011-02-15）",[904,1153,1154],{},"网友：如果乔布斯真的癌症复发去世怎么办？段总看重的是这家公司的团队还是乔布斯个人？",[904,1156,1157,1159],{},[910,1158,912],{}," 长期而言，没有jobs的苹果可能会慢慢变成和别的同行一样的公司。但苹果的平台已经搭好，就像当年3大战役已经打完一样，jobs在不在影响都不大了。（2011-02-18）",[904,1161,1162],{},"网友N：【乔布斯卸任苹果CEO】",[904,1164,1165],{},"Steve Jobs’s Resignation Letter to Apple：I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO，I would be the first to let you know.",[904,1167,1168],{},"Unfortunately，that day has come",[904,1170,1171],{},"译文：史蒂夫·乔布斯致苹果的辞职信：我一直说，如果有一天我不能再履行作为苹果CEO的职责和期望，我会第一个让你知道。很不幸，那一天来了。（2011-08-25）",[904,1173,1174,1176],{},[910,1175,912],{}," We knew that long time ago. Sooner or later it will come，it comes today（kind of）.",[904,1178,1179],{},"It's not a surpise to me at all and it could be a chance to buy some more",[904,1181,1182],{},"aapl if it can drop to lower than the price which I bought.",[904,1184,1185],{},"译文：我们早就知道，它迟早会来的，今天就来了。这对我来说根本就不是挑战，这可能是一个购买更多股票的机会，如果它能降到我之前买的价格。（2011-08-25）",[904,1187,1188],{},"网友S：乔布斯辞去苹果CEO职务，转任公司董事长，阿段怎么看这条新闻？对苹果的影响？",[904,1190,1191,1193],{},[910,1192,912],{}," 苹果的文化和生意模式已建立，其中短期的影响可以忽略。10年以后的事就不知道了，但由于其文化在，应该还是比平均要强。（2011-08-25）",[904,1195,1196],{},"网友：你说你在2011年一月想明白了苹果，最重要的是想通了没有乔布斯的苹果到底是什么。能分享一下吗？因为我想了很长时间都没想通。苹果难道不是“冲浪型”企业吗？他们如何能保证时刻停留在浪尖上？",[904,1198,1199,1201],{},[910,1200,912],{}," 苹果已经有了很好的生意模式！为什么是很好的生意模式这行里的人都知道。（2012-01-20）",[904,1203,1204],{},"网友：库克应该做的是坚持乔布斯对的部分，应该有一些自己的理念，把事情做对，引领苹果继续发展。持有苹果股票的人此刻最担心的还是库克的能力。",[904,1206,1207,1209],{},[910,1208,912],{}," 担心库克的能力就不应该买苹果，干嘛和自己过不去？（2012-02-03）",[904,1211,1212,1213,1215,1216,1218],{},"网友：是什么事情让您突然悟到",[910,1214,923],{},"还是一个很好的",[926,1217,175],{"href":1061},"?",[904,1220,1221,1223,1224],{},[910,1222,912],{}," ",[910,1225,1226],{},"因为我看见那个钟了。(2012-03-29)",[904,1228,1229,1230,1232,1233,1235,1236,1238],{},"其实，库克是个比",[910,1231,923],{},"更好的CEO。库克更",[926,1234,216],{"href":1110},"，同时骨子里对",[910,1237,923],{},"的追求非常理解。前段时间见到一个投资界的老前辈时，我说我认为库克其实是个更好的CEO，他老人家说：“其实我也这么认为。",[904,1240,1241,1242,1244,1245,1247,1248,1250,1251,1253],{},"”《基业长青》里说",[910,1243,923],{},"是个报时人，其实",[910,1246,923],{},"同时还是个非常好的",[926,1249,175],{"href":1061},"，库克其实就是",[910,1252,923],{},"最伟大的发明(发现)之一。(2018-08-07)",[904,1255,1256,1257,1259],{},"网友：我觉得",[910,1258,923],{},"比较牛的是帮用户创造适用的产品，而不是迎合用户的需求。",[904,1261,1262,1264,1265,1267],{},[910,1263,912],{}," 这两者其实没本质区别。",[910,1266,923],{},"是把自己当用户，所以别人以为他先知先觉而已。哪一个改变游戏规则的成功者不是这样呢？(2012-07-06)",[904,1269,1270],{},"01．博文：说说苹果（2013-02-24）",[904,1272,1273,1275],{},[910,1274,912],{}," 有空慢慢把我对苹果的一些理解零零星星写下来，供自己思考。",[904,1277,1278],{},"顺便说下，今天想起一个从大面上了解都有谁在用苹果产品的办法：新浪微博会把每天的top100的微博单列出来，没事可以数一下用iOS和用android的比例。能够上top100的大概都算意见领袖了，应该有相当的代表性。",[951,1280],{},[904,1282,1283],{},"绿光iPrefs详解：降低资本成本，最大化企业价值_苹果（AAPL）_i美股http：\u002F\u002Fnews.imeigu.com\u002Fa\u002F1361608898048.html",[904,1285,1286],{},"这个东西有点意思，好像不像一眼看过去那么无聊。虽然我不认为这个方案会增加苹果的价值，但好像用这个办法可以避免公司少乱花钱。",[904,1288,1289,1290,1293,1294,1296],{},"“绿光资本称iPrefs当然不会增加学术意义上的内在价值，因为内在价值已经假设企业",[926,1291,82],{"href":1292},"\u002Fxianjinliu","是按最优资本结构进行融资，即最小化公司资本成本，也就是假设公司可以接触所有的融资方式-股权、债务或其他。总之最小化资本成本，从而最大化企业",[926,1295,82],{"href":1292},"价值。",[904,1298,1299,1300,1302],{},"现实中大多数公众公司市场价值与内在价值相差不大，这种iPrefs方式对他们的作用有限。但苹果不同，苹果并没有采用合适的资本结构，也就是讲苹果没有最小化资本成本，这也就是为什么苹果远远低于其内在价值。苹果现在已经建立起现象级企业形象，巨大的持续性盈利",[926,1301,82],{"href":1292},"，固定收益市场融资对于苹果来说非常容易接触。",[904,1304,1305,1306,1308],{},"”这段话个人理解其实就是把未来",[926,1307,82],{"href":1292},"折现的损失减小，或者说让股东自己决定现金的用途。",[904,1310,1311],{},"不过，苹果不像会乱花钱的公司，只是当现金使用效率低的时候，确实应该将一部分现金用于回购或返还股东。我期望苹果能将多余现金多用于回购，因为分红要交税。无论如何，现金太多的问题总比现金不够要好。",[951,1313],{},[904,1315,1316],{},"本人虽然工科出身，但其实不懂技术，也从来没从事过技术工作，所以自己不想对技术细节发表看法。其实我也从来没从事过管理，所以也不懂管理。",[951,1318],{},[904,1320,1321],{},"关于市场份额：好像很多人太在意市场份额这个其实没太多意义的指标。其实要提高市场份额不难，但保持有意义的份额不容易。诺基亚当年就是太在意市场份额才把自己推到绝境的。",[951,1323],{},[904,1325,1326],{},"李开复：多年前，当苹果饱受质疑时，记者问乔布斯：你如何看待苹果电脑只有5%的市场份额？乔布斯：“我们的市场份额比宝马或奔驰在汽车行业内份额还要高。然而，没有人会因为宝马或奔驰的份额而质疑他们。事实上，它们都是非常令人向往的产品和品牌。”",[951,1328],{},[904,1330,1331],{},"昨天去苹果的股东大会，听到库克讲了类似的话，大意是：虽然我们可以有个按钮，可以随时做最多的产品，但我们的文化是做最好的产品而不是最多的。不过，他也顺便提了一下，认为要建立一个强大的生态系统，必须要有一定的量。所以苹果是会兼顾最好的产品和足够的份额的关系的。",[904,1333,1334],{},"另外，库克也提到量的概念其实不仅仅是卖了多少，而是人们买了以后用多少。有兴趣的可以查下新浪上微博的活跃用户都在用啥，也许大家会发现用苹果的人的比例其实远远超过印象中的“市场占有率”。",[904,1336,1337],{},"参考的统计办法：可以看热门微博top100里发帖人是用什么发的帖，还可以看评论人用什么写的评论，也可以看微话题下面评论人是用什么评论的。",[951,1339],{},[904,1341,1342],{},"有人说ipad的“市场份额”在平板电脑中一直在下降，这其实是个很有趣的说法：",[904,1344,1345],{},"首先，ipad包括ipad mini的销量其实一直在高增长中；",[904,1347,1348],{},"第二，平板电脑的定义实际上根本就没有。安卓平板6吋的成本现在应该可以到$50上下了，很多人买这种平板其实就是相当于给孩子买个游戏机，和ipad的用途根本就不是一类。",[951,1350],{},[904,1352,1353],{},"记得库克还说：我们最重要的是聚焦在做最好的产品上，利润会随之而来的。关于大屏手机的猜想：还不是很理解为什么苹果还没有推大屏手机，但知道苹果已经认真考虑过了。猜想是：苹果可能有一个更好的方案，或者苹果推的时候再说？也许苹果还没有找到大屏是伟大产品的感觉？当然，只要苹果能出个大屏或比大屏更好的产品，早点晚点都不会影响苹果的价值的。",[951,1355],{},[904,1357,1358],{},"关于苹果产品的细节讨论，在雪球上有很多，我自己实在是懒得写。自己对苹果的认识实际上归纳起来很简单：it is the right kind of business，with the right people.就是好公司好团队的意思。这种公司拿在手里可以睡好觉，可以慢慢等，长期来讲也应该有过得去的回报。",[951,1360],{},[904,1362,1363],{},[910,1364,1365],{},"关于苹果的几点猜想：（2013.03.04）",[904,1367,1368],{},"今天苹果股价掉到一年新低了，在苹果没有“任何”好消息之前再多掉些也非常可能。虽然理性上自己不觉得有啥，但居然也会觉得多少有点不舒服。我不认为苹果会为了股价而做些什么，而且苹果股价掉这么多百分比也不是第一次，大概也不会是最后一次。",[904,1370,1371],{},"我相信苹果会一如既往地聚焦在做最好的产品上，其他的早晚会随之而来的。我相信有些事情在未来早晚会发生的，只是不知道什么时候。要知道什么时候会发生比知道什么会发生要难太多了。",[904,1373,1374],{},"1．苹果会开始加大回购量；苹果已经拥有远多于运营需要的现金，库克也多次提到过。那么处理这些现金的最好办法大概就是在便宜的时候回购。当然，派息也是一个办法，但派息的问题是收到股息的股东要付税。苹果目前有一个3年100亿的回购计划，估计应该已经花得差不多了，所以近期应该就可以出新的回购计划。",[904,1376,1377],{},"对大的回购计划的最大障碍实际上是苹果海外现金如何回到美国的问题，这是个几乎所有有大量现金的美国公司都有的问题。有很多美国公司实际上是用发债的形式先借钱做想做的事情，等待政府的窗口把钱汇回来。由于债券的利息是如此之低，发债其实是个很好的低成本的办法。",[904,1379,1380],{},"2．热销的iphone再现；其实目前iphone卖得依然很好，但大家升级的欲望似乎没有原来想象的那么强，虽然升级的用户满意度其实非常高。由于iphone用户的粘度以及苹果产品的生态环境，只要新的iphone能给出足够的理由，升级的比例应该会比5高不少的。",[904,1382,1383],{},"这个热销iphone可能是iphone5s，或者是iphone6，也可能再晚一点？反正早晚会来的。这其实就是“you must believe”的东西，不然就不应该投资苹果。",[904,1385,1386],{},"3．ipad会继续很久很久；ipad mini实际上已经把ipad的需求推上了一个新的台阶，一切都只是刚刚开始而已。只要看看有多少人在等待ipad mini的新版就知道mini会有多厉害了。至于其他的平板电脑对ipad的影响，我认为无论多大的影响其实都是未必是负面的，因为越多的人开始用平板电脑，未来ipad的市场就会越大。",[904,1388,1389],{},"4．其他的产品；mac部分就不说了，显然mac现在的日子比没有ipod以前要好过多了。随着ipod、iphone、ipad的出现，选择mac的比例明显提高了很多，包括我这种习惯用pc的人也开始用mac了。",[904,1391,1392],{},"关于苹果的其他产品的传说很多，我觉得iwatch和itv是真的会来的。个人觉得自己确实需要有个itv，但不知道什么时候苹果可以像itunes那样搞好itv。和内容供应商的谈判可能确实需要很久很久。iwatch到底是个什么东西还不太清楚，但传说的东西似乎很靠谱。",[904,1394,1395],{},"也许iwatch同时也是解决大屏手机的方案之一也说不定----在出大屏手机的同时出iwatch以解决大屏可能带来的不方便？",[904,1397,1398],{},"近期可能出现的变化可能是中国移动和日本的docomo的协议的签订，可能会随着iphone5s或iphone6的上市而开始。（2013-03-04）",[904,1400,1401,1404],{},[910,1402,1403],{},"03．"," 博文：《再说苹果--又见3字头》",[904,1406,1407,1410],{},[910,1408,1409],{},"段永平：苹果的估值很简单：好的生意模式、好的团队、好的价钱，现在只是需要时间而已。今天刚刚去开过股东大会，这个体会尤其深。其实乔布斯最大的贡献之一就是找到了库克"," 。（2013-02-28）",[904,1412,1413],{},"网友B：谈谈对于段总这段话的理解：",[904,1415,1416,1417,1419],{},"1）这段话的实质，是注释了“买股票，就是买公司。买公司，就是买公司的未来",[926,1418,82],{"href":1292},"折现。”",[904,1421,1422],{},"2）任何一个公司，都是由拥有股票的群体拥有的。而这个群体，是公司的拥有者。所以苹果账上的现金，就是这个群体的。如果不是认为自己就是公司的拥有者之一，还去买股票，就是投机了。",[904,1424,1425,1426,1428],{},"3）对于苹果账上的现金，如果超过了今后业务发展的需要，在现在公司股价低估的情况下，分红不如公司股票回购。因为分红要上税，而回购不用。公司回购的股票，注销了。意味着股东手里的股票内含价值提高了，即未来的",[926,1427,82],{"href":1292},"提高了。",[904,1430,1431],{},"4）因为现在美国的银行利率很低，低于苹果的分红率。所以在这种情况下，即使从银行贷款，回购股票，对于苹果的股东也是合算的。等以后，时机合适的时候，再归还银行贷款。",[904,1433,1434,1435,1437],{},"5）大概是因为不少人没有真正的拥有过公司，中国股市的参与者，也比较少地享受股东的待遇，所以还不习惯站在股东的立场上看问题。换句话说，还没有进入，“买股票就是买公司，就是买未来",[926,1436,82],{"href":1292},"”的思维。",[904,1439,1440,1443],{},[910,1441,1442],{},"段永平"," ：4）是的，现在苹果的贷款利率肯定是低于分红率的，而且远低于获利率。但苹果需要借钱的原因是因为苹果（很多美国大公司都有这个问题）这种跨国大公司在美国以外的获利如果汇回美国的话，公司需要再纳一笔税，而这些盈利都是在海外纳过一次税的了，所以这些美国大公司和政府都对这事很是纠结。",[904,1445,1446],{},"一般，共和党好像是主张应该允许这些公司把钱汇回来时课以轻税的（比如5-10%），民主党似乎认为不应该。我自己没认真研究过，但知道布什当政时开过一次窗口，在一定时期内允许美国公司把海外盈利在5%-10%（具体多少没查过）的税率下汇回美国。很多美国大公司发债其实可能都是这个原因（google也有）。现在应该轮到苹果做这事了。",[904,1448,1449],{},"如果乔布斯在这事也许要难办些，库克应该会做的，只是不知道什么时候和什么速度（阶段规模）。（2013-04-20）",[904,1451,1452],{},"网友：在2011年时，您对COOK了解的过程中，除了看他公开的一些言论資料和JOBS对他的评价，还有没有其他的途径，比如，有认识苹果内部的同事，再比如去见过他本人或者其他？",[904,1454,1455,1457],{},[910,1456,912],{}," 都是公开资料。（2015-04-10）",[904,1459,1460,1462],{},[910,1461,912],{}," “严格意义上来说，库克与自己的前任、已故苹果创始人史蒂夫-乔布斯（Steve Jobs）相比，并不是那种具有远见卓识的首席执行官。”",[904,1464,1465],{},"其实，库克是个比乔布斯更好的CEO。库克更理性，同时骨子里对乔布斯的追求非常理解。前段时间我见到一个投资界的老前辈时，我说我认为库克其实是个更好的CEO时，他老人家说其实我也这么认为。基业长青里说乔布斯是个“报时人”，其实乔布斯同时还是个非常好的“造钟人”，库克其实就是乔布斯最伟大的发明（发现）之一。（2018-08-07）",[904,1467,1468,1469,1471],{},"网友：",[910,1470,923],{},"说的Think different是什么意思？",[904,1473,1474,1476,1477,1479,1480,1482,1483,1485],{},[910,1475,912],{}," Think different是不从众的意思。这个说法并不完全对。正确的说法是",[926,1478,47],{"href":928},"。当年",[910,1481,919],{},"一直不出大屏手机就是个例子。消费者需要大屏，但",[910,1484,919],{},"Think different，结果晚了3年多。(2020-11-26)",[904,1487,1488,1489,1491,1492,1494,1495,1497,1498,1501,1502,1504,1505,1507],{},"其实大屏手机也从另外一个角度说明了",[910,1490,919],{},"厉害的地方。可能因为",[910,1493,923],{},"说过不要大屏，所以",[910,1496,919],{},"犹豫了一下，但消费者的需求摆在那里，所以最后他们还是用不同的办法想通了。我和",[910,1499,1500],{},"方三文","曾经打过一个小赌(没赌任何东西)。",[910,1503,1500],{},"问：你觉得",[910,1506,919],{},"一定会出大屏手机吗？我说：他们一定会的！果然3年后他们就出了。",[904,1509,1510,1512,1513,1515,1516,1518,1519,1521],{},[910,1511,919],{},"大屏手机出得晚给了我很多时间去思考",[910,1514,919],{},"和买",[910,1517,919],{},"，不然我可能要少买很多",[910,1520,919],{},"哈。(2020-11-27)",[904,1523,1468,1524,1526,1527,1530],{},[910,1525,923],{},"讲营销的本质其实是价值观输出，并举例Nike从不讲产品功能。但大道讲“广告只是把产品的功能发掘或展示出来”，这两个思路是冲突的吗？关于广告这部分，对于",[926,1528,135],{"href":1529},"\u002Fpinpai","而言，到底该怎么做才是正确的？",[904,1532,1533,1534,1536],{},"大道：有些产品可能卖的就是情绪价值，有些产品则是非常需要让用户知道很具体的功能的。你很难想象卖iPhone的那家公司的广告说：Just do it！我看到的",[910,1535,919],{},"广告几乎都是功能广告，只有早期的广告有过“think different”这类？（2025-11-01）",[904,1538,1468,1539,1541],{},[910,1540,923],{},"性格不好，心是善的。得知癌症，他的唯一诉求是要活到参加儿子毕业典礼那一天。",[904,1543,1544,1223,1546,923,1549,923,1552],{},[910,1545,912],{},[910,1547,1548],{},"我认识好几个当年在",[910,1550,1551],{},"身边工作的人，也认识几个跟他合作过的人。没见谁说过不喜欢",[910,1553,1554],{},"的任何话，除了说他就事论事的时候是非常严厉的。(2024-10-12)",[904,1556,1557,1558,1560],{},"网友：为什么",[910,1559,923],{},"缔造了数字帝国，史玉柱仅是一个商业神话？",[904,1562,1563,1565,1566,1568],{},[910,1564,912],{}," 不懂问题是什么。我觉得",[910,1567,923],{},"如果在中国的话，应该不如史玉柱。",[904,1570,1571],{},"网友：不以成败论的话Jobs（乔布斯）真的能算一个传统意义上很好的企业家吗？",[904,1573,1574,1576],{},[910,1575,912],{}," Jobs绝对是顶级的企业家，但不知道你这传统的是什么意思？要打领带么？（2012-07-20）",[899,1578,1580],{"id":1579},"第二节-库克与管理层","第二节 库克与管理层",[904,1582,1583],{},"网友：雅虎有什么优势么？",[904,1585,1586,1588,1589,1592],{},[910,1587,912],{}," 我想我从一开始就说得很清楚，我买雅虎是为了买淘宝和",[910,1590,1591],{},"阿里巴巴","集团。所以雅虎只要过得去就可以了。(2010-05-29)",[904,1594,1595],{},"我已经买了不少雅虎了，如果价位在这附近或更低，我应该还会再买些，就看其他资源调配的情况。我觉得雅虎便宜的理由非常简单。",[904,1597,1598,1599,1601,1602,1604],{},"1.现有资产情况(美元):现在雅虎的市值是215亿左右，现金45亿左右，雅虎日本和",[910,1600,1591],{},"香港上市公司属于雅虎的部分大概有100亿。所以按市值算，现在买雅虎实际上只要花70亿左右。这里的不确定因素是雅虎日本和",[910,1603,1591],{},"上市部分的市值是有可能变化的。",[904,1606,1607,1608,1610,1611,1614],{},"2.70亿市值(价格)的雅虎值(价值)多少钱？现在雅虎的盈利能力不强，但也有5-7亿\u002F年，",[926,1609,82],{"href":1292},"还要多些。和",[910,1612,1613],{},"微软","的合作如果开始的话，还可以每年节省5-6亿\u002F年(10年以后不知道，但也不重要)，这样的话，雅虎一年的盈利应该在10亿以上。",[904,1616,1617,1618,1620,1621,1624,1625,1627],{},"这里的问题是，雅虎的盈利能力能持续吗？和",[910,1619,1613],{},"的合作会被批吗？我个人的观点是：现在的CEO在管理和战略上比以前强，而且没有包袱，容易",[926,1622,12],{"href":1623},"\u002Fpingchangxin","去做正确的事。处在一个上升的市场里，以雅虎现在的策略，我感觉他们的盈利能力没道理下降。至于和",[910,1626,1613],{},"的合作，我想不出任何欧美政府会反对的理由。",[904,1629,1630],{},"综上所述，以雅虎这个价(格)就不贵呀。我看美国很多机构投资者买雅虎的理由也差不多就上面这些。",[904,1632,1633],{},"对了，忘了说淘宝和支付宝。我说不清淘宝和支付宝值多少钱，但好像没那么重要，因为无论值多少都是白给的。不过也不是那么不重要，因为这是我买雅虎的最大理由。",[904,1635,1636],{},"我个人认为淘宝加支付宝可能值500亿。在未来5-10年里市场大概会反映出来的。呵呵，市场的反映永远都是不知道的，也许只要5-10天啊，如果他们明天上市的话。(2010-02-07)",[904,1638,1639],{},"网友：Tim Cook被财富杂志评选为#1 The World's 50 Greatest Leaders的文章。其中描写了Tim Cook当上CEO以后的成长以及遇见的困难。",[904,1641,1642,1644],{},[910,1643,912],{}," 实至名归。",[904,1646,1647,1650],{},[910,1648,1649],{},"让我2011年1月下旬决定买苹果时最重要的一点就是发现Tim Cook会是个更好的CEO，启用他绝对是Jobs的最大“发明”，不是之一哈。有了Tim Cook，苹果的文化至少可以向前延伸50年"," 。（2015-04-10）",[904,1652,1653],{},"网友：如果管理层能用好现金最好是少分红不分红，和收购无关，和收购是否遵循商业基本原理相关，分红还要交税的，如果管理层无法应用好现金，那就应该分红。",[904,1655,1656,1658],{},[910,1657,912],{}," 苹果的文化不会乱用现金的，就这么简单。（2012-01-27）",[904,1660,1661],{},[910,1662,1663],{},"这次苹果终于启动了真正的回购计划，第二点已经不需要担心了。希望股价能够在这个价位或以下维持一段时间，越长回购的股票",[904,1665,1666],{},[910,1667,1668],{},"就会越多，每股内在价值也会相应提高。",[904,1670,1671],{},[910,1672,1673],{},"至于第一点，苹果能长期获利吗？如果一开始不是这么认为的人就不应该投资苹果（投机不在此范围）。",[904,1675,1676],{},[910,1677,1678],{},"苹果暂时不肯推大屏的理由库克已经说得很清楚了，喜欢的股东自然会留下，不喜欢的可以赶紧把股票卖回给公司，不然以后就可能没这个价钱了哈（可能会更低或更高的）。",[951,1680],{},[904,1682,1683],{},[910,1684,1685,1686,1689,1690,1692],{},"苹果目前应该依然是现在世界上获利最高的企业，但扣掉",[926,1687,73],{"href":1688},"\u002Fjingxianjin","以后的市值其实已经比google扣掉",[926,1691,73],{"href":1688},"以后的市值要低了。",[904,1694,1695],{},[910,1696,1697],{},"以我理解的苹果而言，早晚苹果还会有惊世之作的。在调整期间苹果的利润尚且可以如此，怎么想苹果都不贵哈。",[951,1699],{},[904,1701,1702,1703],{},"注意到“来自iTunes、软件及服务的营收为41.14亿美元”，",[910,1704,1705],{},"比去年增长30%。",[904,1707,1708],{},[910,1709,1710],{},"很好奇10年后这一块会有多大。",[904,1712,1713],{},[910,1714,1715],{},"如果年均成长15%，10年就是4倍。",[904,1717,1718],{},[910,1719,1720],{},"如果年均20%，就是6.2倍。",[904,1722,1723],{},[910,1724,1725],{},"如果年均30%的话，那就是13.8倍哈。",[904,1727,1728],{},[910,1729,1730],{},"在苹果的生态圈里，似乎15%不难做到。",[904,1732,1733],{},[910,1734,1735],{},"上个季度icould的用户是2.5亿，这个季度已经达到3亿。2012年2月时库克宣布icould用户超过一亿（就是说icould用户在一年多一点点时间里涨了200%）。",[904,1737,1738,1741],{},[910,1739,1740],{},"备注一下：一般而言一个用户一般只有一个apple id，所以也就只有一个icould账户，不管你有多少个ios设备。ios设备越多，icould用起来就越舒服。那些拿着iphone但不知道icoud的用户要赶紧花点时间搞一个哈。"," （2013-04-24）",[904,1743,1744],{},"网友：上面段哥说了，今天的苹果依然便宜。那么苹果的超额现金是否应该优先回购自家股票呢？当然确实没有以前便宜了。",[904,1746,1747,1749],{},[910,1748,912],{}," 对于管理层而言，回购的问题是需要判断股价是否便宜，但派息则更简单。我估计苹果在留够现金后会有个派息和回购的计划，回购只是在一定情况下实施。如果我是苹果的CEO，就简单宣布以后每年的获利拿40%出来回购，40%派息，20%留下。（2012-02-07）",[904,1751,1752,1754],{},[910,1753,912],{}," 我前几天去买了个3星的最大屏的手机，认真用了几天，实在是不习惯。虽然也有些东西还不错，但整体体验和iphone还是有相当差距滴。很难想象用惯iphone的人会转到android。所以库克讲的“蚕食”还是很有道理的。（2012-03-06）",[904,1756,1757],{},"网友：大道觉得苹果除了目前的动量，下一次有可能的爆发点会在哪？",[904,1759,1760,1762],{},[910,1761,912],{}," 应该是礼拜一到礼拜五中的某一天。所谓“动能”不过是基本面的反映而已，该来的早晚会来的，而且也是在礼拜一到礼拜五中的某一天。（2012-03-09）",[904,1764,1765],{},"05．【苹果财报电话会议实录：不会融合Mac和iPad】",[904,1767,1768],{},"北京时间4月25日早间消息，苹果周二公布2012财年第二季度业绩。苹果CEO蒂姆·库克（Tim Cook）和CFO皮特·奥本海默（Peter Oppenheimer）随后召开了财报电话会议……",[904,1770,1771,1773],{},[910,1772,912],{}," gme。（2012-03-10）",[904,1775,1776],{},"引用：【RIM CEO称考虑出售公司但并非主要方向】",[904,1778,1779],{},"RIM CEO托斯滕·海因斯周五表示，RIM将重新专注于企业智能手机市场，而RIM曾是这一市场的绝对领先者。他同时表示，他将考虑出售公司，不过目前这还不是RIM的“主要……",[904,1781,1782,1784],{},[910,1783,912],{}," 听一个认识黑莓原ceo的朋友讲，那个ceo是个非常骄傲的人。黑莓有今天大概和他的性格有很大关系。突然想到前段时间新闻里看到任天堂ceo讲的坚决不做手机游戏的说法，感觉任天堂也快了（小朋友好像对ds已经没啥兴趣了）。智能手机给这个世界带来的变化实在是太大，原来的很多产品都将不复存在。我们自己碰到的就不少，比如电子词典就彻底没了。",[904,1786,1787],{},"（2012-04-01）",[904,1789,1790],{},"引用：【第一季度Xbox 360游戏机同比下降48%】",[904,1792,1793],{},"新浪科技讯，微软（Xbox 360游戏机上一季度销量仅为140万台，同比骤降48%，导致整个Xbox业务收入下滑33%，降至5.84亿美元……",[904,1795,1796],{},"网友：您觉得苹果公司沦为普通公司的可能性有多大？如果会沦为普通公司，第一个判断的标致是什么？",[904,1798,1799,1801],{},[910,1800,912],{}," 这届CEO任内似乎不太可能。苹果董事会似乎不错，所以以后应该也会不错。如果苹果产品对多数现有用户不再有黏性的时候，苹果就是普通公司了，那时的苹果可能就像Sony，松下等等。（2012-05-08）",[904,1803,1804],{},"网友：刚才数了一下，Top100微博：来自iPhone20个；来自iPad5个；来自Android3个；来自“其他手机”1个；其他的是显示来自微博，或某个应用某个网站之类。",[904,1806,1807,1809,1810,1812,1813,1815],{},[910,1808,912],{}," 看一下娱乐版的会更有趣些。这个比例说明",[910,1811,919],{},"产品的使用率明显高于其他产品，好像没有别的指标可以更好地鉴别一个产品的好坏了。在微话题下，",[910,1814,919],{},"的使用量大概接近50%，其他的所有移动设备占到50%多一点，这些都是普通上网者。",[904,1817,1818],{},[910,1819,1820],{},"记得库克还说：我们最重要的是聚焦在做最好的产品上，利润会随之而来的。(2013-02-23)",[904,1822,1823],{},"网友：想向您请教一下仓位的问题。像现在的苹果，440多了，您还有没有留钱继续投呢？到多少的时候您会毅然all-in呢？还是说永远留出几成的钱等待比股灾还股灾的情况出现？",[904,1825,1826],{},"我联想到德州扑克，有时候手里拿两个A别人又all-in，如果你带着轻蔑和坏笑跟他all-in，常常输光，但是不all-in又觉得好亏。",[904,1828,1829,1831],{},[910,1830,912],{}," 记得在桌面9个人的情况下，两个A就all in的赢面好像只有40%左右。",[904,1833,1834,1837,1838,1841],{},[910,1835,1836],{},"投资里最难的就是没有具有“充分条件”的投资，只能从概率的角度考虑。越了解的公司，决策的把握越大，但从来没有100%的赢面。所以仓位只能根据自己的理解来决定。"," 我个人一般对有",[926,1839,58],{"href":1840},"\u002Ffuzhai","的公司不太愿意重仓，另外就是无论多有把握也绝对不要用margin。",[904,1843,1844,1847,1848,1851],{},[910,1845,1846],{},"我个人很喜欢苹果，觉得这是我目前能找到的最好的公司了，这个价位我放到90-95%也是愿意的"," 。当然也许和我前面买的价钱比较便宜也有点关系，但这个只是心理影响而已。理性讲，",[910,1849,1850],{},"4000亿的苹果其实只有2700亿（扣掉现金）左右的市值，大概5-6年就赚回来了"," 。只要苹果能把现金回馈这块再处理的好一点（我非常信任库克会这么做）。",[904,1853,1854],{},"投资苹果对我来讲是个能睡得安稳的投资。如果我错了怎么办？呵呵，那大概就是该轮到我也亏点钱了？看个3-5年吧，我觉得我的赢面在90%以上，而且就算亏也不会亏光的，而且省了几年到处找股票的时间，多好？!",[904,1856,1857],{},"不过，如果不了解苹果的人最好还是不要碰苹果，我一直就不太赞成小额投资者投苹果，尤其是那些希望今天买明天就涨很多的人们，会睡不好的。（2013-03-01）",[904,1859,1860,1861,1863,1864,1867],{},"网友：用习惯iPhone的人，一般改用安卓系统会不习惯的。",[910,1862,919],{},"只要一输入ID，程序、音乐、通讯录等等都会出现，通过",[910,1865,1866],{},"Apple","TV，可以把其他设备上的图像、视频、音乐随时显示出来。通过查找iPhone随时可以知道在外地的亲人在哪，然后通过FaceTime免费视频。",[904,1869,1870,1871,1873,1874,1876,1877,1879],{},"当iMac电脑的图像一键显示到投影上，当随时在中国用iPhone启动在美国家中的电脑并打开摄像头查看自己的宠物有没有捣乱，你就会感觉到科技的力量。",[910,1872,919],{},"成为世界第一大公司是理所当然的！还有",[910,1875,919],{},"绝对是",[926,1878,47],{"href":928},"的，你想要的功能它基本都已经实现了。",[904,1881,1882,1883,1885,1886,1888,1889,1891],{},"安卓系统这些功能可能借助其他应用也可以实现，但感觉一切都乱，设备互联性太差。",[910,1884,919],{},"是个大系统，音乐、视频、游戏、软件、相机、电脑等的钱它全赚了，关键你买的音乐、视频、程序等，一辈子都是你的，但必须在它的设备上才可以用。谁还会轻易换设备？",[910,1887,1866],{},"TV一定要买，它可以把所有",[910,1890,919],{},"的设备都联起来。",[904,1893,1894,1223,1896],{},[910,1895,912],{},[910,1897,1898,1899,1902,1903,1905],{},"你说得很清楚，这个就叫",[926,1900,165],{"href":1901},"\u002Fshengtaixitong","。安卓的问题是现在卖得越多，将来可能就越乱，慢慢跑到苹果",[926,1904,165],{"href":1901},"里的人就会越多。",[904,1907,1908,919,1911],{},[910,1909,1910],{},"还有一个重要的东西，就是",[910,1912,1913],{},"的安全性。那么多企业要用iPhone和iPad 是有道理的。美国500强里95%开始用iPhone和iPad系统，世界500强里85%开始用一库克在股东大会上讲的。",[904,1915,1916],{},"听说目前好像只有iPhone不能被装窃听器，其他的手机绝大部分好像都可以，怕被人窃听的要小心了。(2013-03-04)",[904,1918,1919,1921],{},[910,1920,912],{}," 苹果会开始加大回购量；苹果已经拥有远多于运营需要的现金，库克也多次提到过。那么处理这些现金的最好办法大概就是在便宜的时候回购。当然，派息也是一个办法，但派息的问题是收到股息的股东要付税。苹果目前有一个3年100亿的回购计划，估计应该已经花得差不多了，所以近期应该就可以出新的回购计划。",[904,1923,1377,1924],{},[910,1925,1926],{},"（2013.03.04）",[904,1928,1929],{},"网友：阿里应该值1000亿美元，淘宝一年就应该赚个上百亿人民币。",[904,1931,1932,1934],{},[910,1933,912],{}," 只赚100亿人民币是不可能值1000亿美元的。我的意思是阿里早晚一年能赚 100亿美元以上，这个数字可能在5年左右就能看到了。(2013-03-20)",[904,1936,1937,1938,1940,1943],{},"在这里，我想举个极端的例子来说明一下用“未来",[926,1939,82],{"href":1292},[926,1941,91],{"href":1942},"\u002Fzhexian","的思维方式”去毛估估公司内在价值的方法。",[904,1945,1946],{},"假设有家公司，比如叫“美国虎牙”，以下是所有的假设条件。",[904,1948,1949,1950,1952],{},"1.没有债务，以后也没有。(现在有",[926,1951,73],{"href":1688},"。)",[904,1954,1955],{},"2.股票发行量永久不变。(其实由于期权和回购的原因，一直在变。)",[904,1957,1958,1959,1961,1962,1964,1965,1967],{},"3.每年有10亿美元",[926,1960,82],{"href":1292},"(正好=净利润)入账，并且每年都把入账的",[926,1963,82],{"href":1292},"派给股东。(现在",[926,1966,82],{"href":1292},"大过10亿但利润没有到，不分红。)",[904,1969,1970],{},"4.拥有“日本虎牙”公司30%的股份。2020年后市值500亿美元。(也许更高，谁知道呢？在日本，虎牙可是比狗牙要流行啊。)",[904,1972,1973],{},"5.拥有香港“一路发发”公司的30%股份。2020年后市值1000亿美元。(呵呵，CEO有这个信心，我也觉得有可能，但不确定。)",[904,1975,1976],{},"6.拥有中国大陆未上市公司“阿拉奶奶”40%股份。该公司2015年上市，IPO价格是500亿美元，到2020年市值1500亿美元。(很可能。)",[904,1978,1979],{},"7.2020年美国有家叫“相当硬”的公司以200亿美元的价格收购了“美国虎牙”的美国部分，同时把其他部分资产(3个上市公司)的股票直接分给所有“美国虎牙”的股东。(没人买也没关系，就为了计算方便。)",[904,1981,1982],{},"8.不考虑股东拿到分红及股票的税收问题。(怎么可能没税收？)",[904,1984,1985],{},"9.假设贴现率6%。(如果是4%或5%的话，差别还挺大的，谁没事算算？)",[904,1987,1988],{},"现在来算这颗“虎牙”可以值多少钱：",[904,1990,1991],{},"(1)每年10亿的收入，共10年：10+10\u002F1.06+10\u002F1.06+*…+10\u002F1.06’=10+9.43+8.90+8.40+7.92+7.47+7.05+6.65+6.27+5.91=78.02亿美元。",[904,1993,1994,1995,1997],{},"(2)“日本虎牙”的",[926,1996,91],{"href":1942},":500\u002F1.06x30%=83.76 亿美元。",[904,1999,2000,2001,2003,2004,2006],{},"(3)“一路发发”的",[926,2002,91],{"href":1942},":1000\u002F1.06°x30%=167.52亿美元。(4)“阿拉奶奶”的",[926,2005,91],{"href":1942},":1500\u002F1.06x40%=335.04亿美元。",[904,2008,2009,2010,2012],{},"(5)“相当硬”的",[926,2011,91],{"href":1942},":200\u002F1.06’=111.68亿美元。",[904,2014,2015],{},"(1)+(2)+(3)+(4)+(5)=776.02亿美元。如果以上所有假设条件都成立的话，这就应该是这家公司的“内在价值”了。问题是事实上以上所有条件都是假设，任何一个条件的改变都会改变这家公司的内在价值。这里只是说了10年，实际上如果能够用更长的时间去评估一个公司的话，可能会更清楚些(但更难)。",[904,2017,2018,2019,2022],{},"对所有条件是否成立的理解或判断是很难的，按",[910,2020,2021],{},"芒格","的说法是不会比当一个“鸟类学家”(或者是“经济学家”)容易。",[904,2024,2025],{},"特别说明的一点：如果一家公司拥有大量现金在手却一直不能增值的话，长期来讲这个现金是会贬值的。问题是如果这个现金用得不好的话，贬值更快。",[904,2027,2028],{},"这个例子的缺陷是(2)(3)(4)用的都是市值，这会和内在价值有偏差的。",[904,2030,2031],{},"以上所有数据都是为了方便计算而假设的，和任何真实公司无关。",[904,2033,2034,2035,2037,2038,2041],{},"引申的结论：烟蒂型投资的回报可能要低于好的成长型公司。这号称是",[910,2036,2021],{},"对",[910,2039,2040],{},"巴菲特","的贡献。",[904,2043,2044],{},"另外，这个办法最好算的例子可能是房产。",[904,2046,2047,2048,2050,2052,2053,2055],{},"用未来",[926,2049,82],{"href":1292},[926,2051,91],{"href":1942},"来计算现在的价钱贵不贵。这里的未来",[926,2054,82],{"href":1292},"指的是(租金减费用)。不明白的想想房子。再不明白就回去看看《富爸爸，穷爸爸》，明白的就可以有机会当“富爸爸”了。(2010-05-26)",[904,2057,1468,2058,2060],{},[910,2059,919],{},"那么多现金，您要是库克您会怎么花？",[904,2062,2063,2065,2066,2068,2069,2071],{},[910,2064,912],{}," 如果我是库克，用现金的办法和他一样，就是留够需要的尽量用来回购。这次的回购在2015年底以前结束，相信后面还会有很多类似的回购。最好股价别动，然后别人都把股票卖给",[910,2067,919],{},"了，按这个速度，10年内我就是",[910,2070,919],{},"唯一股东啦，然后我会决定下市的。(2013-04-26)",[904,2073,2074],{},"网友：段总觉得苹果的下一个“惊世之作”会是什么啊？手表？电视？还是其他什么东西？蛮期待的。苹果那么多现金，您要是库克您会怎么花啊？记得段总原来说过开始了解新能源方面的东西，有没有什么体会啊？现在国外的技术达到商业化程度没啊？",[904,2076,2077,2079],{},[910,2078,912],{}," “惊世之作”五年能有一个就灰常好啦，到时你就会知道的。如果我是库克，用现金的办法和他一样，就是留够需要的尽量用来回购。这次的回购在15年底以前结束，相信后面还会有很多类似的回购的。最好股价别动，然后别人都把股票卖给苹果了，按这个速度，10年内我就是苹果唯一股东啦，然后我会决定下市的。（2013-04-26）",[904,2081,2082],{},"网友X：段总这一解释，让我一下子明白了什么叫回购，同时对库克有了更深理解；坚定看好苹果，到时候我们跟着段总一起下市。（2013-05-03）",[951,2084],{},[904,2086,2087,2089],{},[910,2088,912],{}," 去年这时总股数是59.648亿，现在是56.735亿，少了2.9亿多股。这样下去20年后苹果公司就是我的了。（2015-10-29）",[904,2091,2092,2093],{},"网友X：",[910,2094,2095],{},"Last question： What is Apple’s mission？（最后一个问题：苹果的使命）",[904,2097,2098],{},"Tim Cook： To make the very best products in the world that really deeply enrich people’s lives. That’s what we’re about. And now it’s not to make the most.",[904,2100,2101],{},"It’s not to have the highest market cap，but that’s the result of doing the first one well. That’s what we’re about.",[904,2103,2104],{},"And hopefully you can see that in our products and，more importantly，feel that in the experience you have using them. That’s what we’re about.",[904,2106,2107],{},"And everybody here knows that. That’s the beauty of this place. We don’t have to put posters on the wall to remind people of that. Everybody knows it.（蒂姆·库克：做世界上最好的产品，真实强烈的丰富人们的生活。这关乎我们的使命。",[904,2109,2110],{},"不是做最多的产品，不是拥有最高的市值，市值只是做世界最好产品的结果，这关乎我们的使命。希望人们能从我们的产品中看到这些，更重要的是在使用产品过程中体验到这些，这关乎我们的使命。这里的每个人都明白这些，这是我们公司的魅力所在。我们不必在墙上贴海报提醒大家，每个人都明白公司的使命。）",[904,2112,2113,2115],{},[910,2114,912],{}," 深有同感！苹果的产品给我的生活带来了无穷多的快乐和满足。真的非常同情那些其实应该但却不了解苹果的人们。（2013-09-21）",[904,2117,2118,2120],{},[910,2119,912],{}," 第43条：这个对苹果的评价可能是两三年前说的？现在苹果已经6000亿了，但盈利还没达到我当时的预期，估计大屏手机出来后明年就应该可以赚到500亿以上了。（2014-08-22）",[951,2122],{},[904,2124,2125],{},"$533.94亿！",[904,2127,2128],{},"2015财年全财年总营收2337.15亿美元，去年同期为1827.95亿美元；净利润533.94亿美元，去年同期为395.10亿美元。",[904,2130,2131],{},"对此，苹果CEO蒂姆·库克表示：“……2015财年是苹果最为成功的一年，总营收近2340亿美元，整体增长28%……",[904,2133,2134],{},"网友：有个关于聚焦与多元化问题比较困惑，像GE这样成功多元化公司非常稀少，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？望段大哥能解惑。",[904,2136,2137,2139],{},[910,2138,912],{}," 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。",[904,2141,2142],{},"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，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）",[904,2144,2145,2148],{},[910,2146,2147],{},"引用：苹果CEO库克高盛大会实录"," （2013-02-13）",[904,2150,2151],{},"http：\u002F\u002Ftech.sina.com.cn\u002Fit\u002F2013-02-13\u002F06378060174.shtml",[904,2153,2154],{},"苹果CEO库克高盛大会实录：2013年02月13日",[904,2156,2157],{},"苹果CEO蒂姆·库克（Tim Cook）周二在高盛集团科技和互联网大会上发表讲话，谈及苹果的现金状况等问题……",[904,2159,2160],{},"网友：您不会觉得市长信箱是市长在亲自处理吧？",[904,2162,2163,2165],{},[910,2164,912],{}," 你肯定觉得自己很聪明是吧？顺便告诉大家一个数据：库克每天早上大概花3个小时处理用户来信。(2022-09-21)",[904,2167,2168,2169,2172,2173,2175,2176,2178],{},"网友：一线用户的反馈真是非常重要，我记得",[910,2170,2171],{},"丁磊","就说过",[910,2174,599],{},"的客服绝对不能外包，",[910,2177,919],{},"这个体量，库克亲自处理每一个用户来信，还是让我有点意外。",[904,2180,2181,2183,2184,2187],{},[910,2182,912],{}," 那只是客户反映问题的",[926,2185,155],{"href":2186},"\u002Fqudao","之一，库克大部分也是直接给相应的部门去处理。这样做非常接地气，比较容易感受到用户的需求。(2022-09-24)",[904,2189,2190,2192,2193,2196,2197,2199],{},[910,2191,919],{},"一直聚焦的就是",[926,2194,150],{"href":2195},"\u002Fyonghutiyan","，所以这样的公司才能出伟大的产品。居然有些人会站在死胡同里说",[910,2198,919],{},"的路会越走越窄，呵呵，有趣。(2013-02-18)",[904,2201,2202,2203,2205,2206,2208],{},"网友：我很了解",[910,2204,923],{},"，但对库克有偏见，可能是我内心拒绝承认",[910,2207,919],{},"的CEO已经变更为库克了。我会好好看近十年的发布会。",[904,2210,2211,1223,2213,2215,2216,2037,2218,2220,2221,2223,2224,2226],{},[910,2212,912],{},[910,2214,923],{},"选库克是绝对有道理的，这其实也是",[910,2217,923],{},[910,2219,919],{},"的最大贡献！对库克的不敬其实是因为对",[910,2222,923],{},"的不了解。2011年我就是想通了这个道理才决定开始投资",[910,2225,919],{},"的，看起来我确实做了一件对的事情。我能理解库克能成为好的CEO可能跟我自己的经历有关。我本人不那么懂技术(远不如库克)，但不影响我创立和经营一家好公司。",[904,2228,2229,2230,2232],{},"我跟库克打过交道，我很喜欢他，觉得他是一个绝对值得信任的人。我认为我还会继续持有",[910,2231,919],{},"很久很久的时间。我相信我看到和理解的东西。(2022-10-19)",[904,2234,2235,2237,2238,2240,2241,2243,2244,2246],{},[910,2236,919],{},"的策略非常清晰，就是维持现金中性，大致意思就是留够运营需要的资金后，多出来的钱都通过派息或者回购返还给股东。",[910,2239,919],{},"应该是没有实质性债务的，但海外赚的钱回美国税比较高，所以",[910,2242,919],{},"可以用美国海外的钱(或可流动资产)做抵押在美国发债。前几年利息低的时候",[910,2245,919],{},"发了很多长债，然后用这些钱的一部分回购了股份，股东们赚大了哈。",[904,2248,2249],{},"不过，海外的钱最后怎么回到公司我还没搞明白过，但看到过某些年政府会开个小口子让钱以比较优惠的汇率回美国。我没看过财报，有时间的人可以去研究，我就简单相信库克说的逻辑就好了。(2024-04-30)",[904,2251,2252],{},"网友：亲自处理用户来信，这个非常不难，但在这个公司的这个位置上非常难。",[904,2254,2255,2257,2258,2260,2261,2263,2264,2266],{},[910,2256,912],{}," 非常不难？!",[910,2259,919],{},"用户那么多，每天来信恐怕是数以千计吧？各种问题都会到库克那里的。前段时间我的",[910,2262,1866],{},"Cash账号出问题，我的助手就是直接发邮件给库克，然后第二天就接到",[910,2265,919],{},"的人的电话了。",[904,2268,2269,2272],{},[910,2270,2271],{},"不明真相的群众："," 苹果有可能成为高分红低估值的公司，完全是猜测。乔布斯离职后，大家都知道神话不可持续，那么估值会低下来。",[904,2274,2275],{},"但苹果的产品线，还能够运行不短的时间，所以将持续产生巨额的利润。加上现在存储的现金，这笔钱将多到完全没有办法花掉。所以管理层和投资者会达成一致的意见，就是高额分红。所以以后苹果股价上涨空间有限，但分红回报会很高。所以会成为养老基金的首选。硅谷公司一旦进入分红阶段，差不多就到头了。微软就是前例。投资高科技公司，ceo的年龄和健康状况，将是不能不考虑的因素。",[904,2277,2278],{},"网友：1.怎么看待自己买入的公司犯错？比如库克3年没有做大屏。如果自己判断这个公司犯错了，什么情况下会您选择持有或者观察，什么情况下会选择果断放弃呢？2.听您谈了很多买入的逻辑，对于如何卖出您可否分享一下经验，除了有更好的标的外，还有其他场景会考虑卖出吗？",[904,2280,2281,2282,2284],{},"比如核心看",[926,2283,82],{"href":1292},"和现在公司的市值关系，亦或者说公司文化经营方向发生改变之时？",[904,2286,2287,2288,2290],{},"大道：1.我很喜欢看到我喜欢的好公司犯错误，因为他们的文化最终会让他们纠正错误，但错误会让我有机会再多买一些。我的",[910,2289,919],{},"80%以上都是不出大屏的那三年买的。 2.卖出我不擅长，所以总是想尽量找到那些不需要卖的公司。（2025-11-13）",[904,2292,2293,2294,2296],{},"网友：（询问关于库克“即将卸任”后对",[910,2295,919],{},"的影响）",[904,2298,2299],{},"大道：谁说库克要卸任了？库克至少还有几年的吧？（2025-11-15）",[899,2301,2303],{"id":2302},"第三节-苹果企业文化","第三节 苹果企业文化",[904,2305,2306,2307,2309,2310,2312],{},"网友：这几天看了《乔布斯传》，终于明白",[910,2308,919],{},"公司为什么伟大了。无论从战略到细节，",[910,2311,923],{},"都100%全力掌控，战略+执行都到位。",[904,2314,2315,2317,2318,1065,2320,2322,2323,2325,2326,1065,2328,2330],{},[910,2316,912],{}," 小说的东西不可全信。对多数人来讲，看这本书只是看了个热闹，很多人会得出很片面的结论，比如没有",[910,2319,923],{},[910,2321,919],{},"会不行等等。有趣的是",[910,2324,1613],{},"得出的结论和我一样，就是没有",[910,2327,923],{},[910,2329,919],{},"更厉害。（2012-01-25）",[904,2332,2333],{},"网友S：想问下，没有乔布斯的苹果可能更厉害，微软也得出了这个结论。是不是乔布斯把苹果架子搭好后，现在的苹果更加民主更理性。更会充分发挥团队力量呢，发挥每个人的力量？",[904,2335,2336,2338],{},[910,2337,912],{}," 我只是觉得现在犯大错误的机会更低。生意模式不会发生变化。（2012-02-28）",[904,2340,2341],{},"05．引用：【金岩石：没有乔布斯的苹果更伟大】",[904,2343,2344],{},"没有了乔布斯的苹果依然在突飞掹进。乔布斯在世之时，无疑是苹果公司的核心价值，既代表个人，亦代表团队。苹果公司的案例说明，现代企业没有不可或缺之人。标准程序是不会因人而异的，创新型企业会建立新的程序，企业家的作用在这个阶段是不……",[904,2346,2347,2349],{},[910,2348,912],{}," 我能收点版权费吗？（2012-03-06）",[904,2351,2352,2354],{},[910,2353,912],{}," 能以扣掉现金后五六倍的pe的价钱拥有这样的公司，我也感到骄傲！（2013-02-13）",[951,2356],{},[904,2358,2359,2360,2362,2363,2365,2366,2369,2370,2372,2373,2376],{},"网友：我这样理解",[910,2361,919],{},"，现在",[910,2364,919],{},"已经不是靠一种新产品就可以打败的了，因为它有良好的",[926,2367,129],{"href":2368},"\u002Fqiyewenhua","(",[926,2371,150],{"href":2195},")、生态链(App应用商店、电脑和手机、平板共享",[926,2374,160],{"href":2375},"\u002Fpingtai",")，等等。",[904,2378,2379,2381,2382,2384,2385,2388,2389,2391],{},[910,2380,912],{}," 其实革命性的产品并不会贴个标签在上面。iPad mini绝对是个革命性的产品，大家会看到的。另外，",[910,2383,919],{},"的产品是非常细致的。",[910,2386,2387],{},"三星","最近据说要推8寸的平板，比",[910,2390,919],{},"7.9寸的大一点。别的不说，有一点可能就会很有趣。",[904,2393,2394],{},"iPad mini我是可以放进裤子口袋的，但只是刚刚好放进去，个人觉得iPad mini可能是测过的，8寸的很可能放不下。(2013-03-01)",[904,2396,2397],{},"网友：企业以消费者为导向是做消费者喜欢的产品，以市场为导向是做市场喜欢的产品，市场是谁？是批发商么？段总能否说说市场导向与消费者导向的区别是什么？",[904,2399,2400,2402],{},[910,2401,912],{}," 从字面上理解，“消费者导向”指的是企业在做产品决策的时候是基于考虑产品最后的消费者的体验的。“市场导向”看上去是基于现在是否好卖的。",[904,2404,2405],{},"很多时候这两者区别不是那么明显，因为好卖的东西往往就是消费者喜欢的。但消费者往往只是根据现有的产品来决定自己的喜好，所以经常会显得短视，如果企业总是“市场导向”的话，则陷于短视状况的概率就会相对大些。而总是注重消费者体验的公司则往往会眼光放得长远些，出“伟大产品”的概率就会大很多。",[904,2407,2408],{},"过去的国营企业往往基于计划经济，所以连“市场导向”都做不到。绝大部分企业最后大概只能到达“市场导向”的地步，因为大部分企业都是“利润导向”的，而要做到“消费者导向”需要有“利润之上”的追求，或者说需要能够放弃一些短期利益去做出最好的产品去满足消费者真实的需求。",[904,2410,2411],{},"其实有些企业或多或少也是有“利润之上”的追求的，但能力上还没有达到做出伟大产品的地步，所以这类企业看起来可能没有那么强大，但生命力却往往会比人们想象的强很多。",[904,2413,2414],{},[910,2415,2416],{},"只有极少数的企业是真的在骨子里具有“消费者导向”同时又具备实现“消费者导向”的能力的，这些公司最后往往会被人们称为“伟大的公司”。没有“利润之上”的追求的公司不大会真的有“消费者导向”的文化，最后也不大可能成为“伟大的公司”。具有“利润之上”的追求的公司往往多少具有了“消费者导向”的文化或叫基因，在某些条件下就有可能会慢慢变成“伟大的公司”。",[904,2418,2419,2422],{},[910,2420,2421],{},"公司是由人来经营的，所以“伟大的公司”也不是一成不变的，时间有可能会改变一些东西，让一些“伟大的公司”变回到不那么伟大。"," （2013-04-07）",[904,2424,2425],{},"08．引用：鲁宾斯坦：当你发布季度财报时，分析师总是说“苹果没有像我们想象的那样卖出那么多产品”，这是否会让你感到困扰呢？",[904,2427,2428,2431],{},[910,2429,2430],{},"库克："," 曾经是这样，但现在不会了。我们需要长期经营苹果。我总是觉得奇怪的是，人们非常关注我们在90天内卖出了多少部手机。我们所做的决定是影响今后多年的决定。我们曾明确表示，我们不想为那些想快速赚钱的人管理公司。我们需要长期经营这家公司。（2018-06-14）",[904,2433,2434],{},[910,2435,2436,2437,2440],{},"伟大企业---“",[926,2438,180],{"href":2439},"\u002Flirunzhishangdezhuiqiu","”",[904,2442,2443,2445],{},[910,2444,912],{}," 这是《乔布斯传》最后一章“遗产：无比辉煌的创新天堂”中的一段自述，我反复读了很多遍，字里行间跃然纸上的是一个虽有阴暗面却始终闪亮的灵魂。",[904,2447,2448,2449,2452],{},"吉姆．柯林斯在《基业长青》中曾经总结过",[910,2450,2451],{},"伟大企业的其中一项特质是“利润之上的追求”，乔布斯和他的苹果给予了这项特质以最完美的诠释"," 。（2014-02-01）",[904,2454,2455],{},"原文：",[904,2457,2458],{},"我的激情所在是打造一家可以传世的公司，这家公司里的人动力十足地创造伟大的产品。其他一切都是第二位的。当然，能赚钱很棒，因为那样你才能够制造伟大的产品。但是动力来自产品，而不是利润。斯卡利本末倒置，把赚钱当成了目标。这种差别很微妙，但它却会影响每一件事：你聘用谁，提拔谁，会议上讨论什么事情。",[904,2460,2461],{},"有些人说：“消费者想要什么就给他们什么。”但那不是我的方式。我们的责任是提前一步搞清楚他们将来想要什么。我记得亨利·福特曾说过，“如果我最初问消费者他们想要什么，他们应该是会告诉我，‘要一匹更快的马！’”人们不知道想要什么，直到你把它摆在他们面前。正因如此，我从不依靠市场研究。我们的任务是读懂还没落到纸面上的东西。",[904,2463,2464],{},"宝丽来的埃德温·兰德曾谈过人文与科学的交集。我喜欢那个交集。那里有种魔力。有很多人在创新，但创新并不是我事业最主要的与众不同之处。苹果之所以能与人们产生共鸣，是因为在我们的创新中深藏着一种人文精神。我认为伟大的艺术家和伟大的工程师是相似的，他们都有自我表达的欲望。事实上最早做Mac的最优秀的人里，有些人同时也是诗人和音乐家。",[904,2466,2467],{},"在20世纪70年代，计算机成为人们表现创造力的一种方式。一些伟大的艺术家，像列奥纳多·达·芬奇和米开朗基罗，同时也是精通科学的人。米开朗基罗懂很多关于采石的知识，他不是只知道如何雕塑。",[904,2469,2470],{},"人们付钱让我们为他们整合东西，因为他们不能7天24小时地去想这些。如果你对生产伟大的产品有极大的激情，它会推着你去追求一体化，去把你的硬件、软件以及内容管理都整合在一起。你想开辟新的领域，就必须自己来做。如果你想让产品对其他硬件或软件开放，你就只能放弃一些愿景。",[904,2472,2473],{},"过去，不同阶段有不同的公司成为了硅谷的典范。很长一段时间里，是惠普。后来，在半导体时代，是仙童和英特尔。我觉得，有一段时间是苹果，后来没落了。而今天，我认为是苹果和谷歌——苹果更多一些。我想苹果已经经受住了时间的检验。它曾有过起起伏伏，但如今仍然走在时代的前沿。",[904,2475,2476],{},"要指出微软的不足很容易。他们显然已经丧失了统治地位，已经变得基本上无关紧要。但是我欣赏他们所做的，也了解那有多么困难。他们很擅长商业方面的事务。他们在产品方面从未有过应有的野心。比尔喜欢把自己说成是做产品的人，但他真的不是。他是个商人。赢得业务比做出伟大的产品更重要。他最后成了最富有的人，如果这就是他的目标，那么他实现了。",[904,2478,2479],{},"但那从来都不是我的目标，而且我怀疑，那最终是否是他的目标。我欣赏他，欣赏他创建的公司，很出色，我也喜欢跟他合作。他很聪明，实际上也很有幽默感。但是微软的基因里从来都没有人文精神和艺术气质。即使在看到Mac以后，他们都模仿不好。他们完全没搞懂它是怎么回事儿。",[904,2481,2482],{},"像IBM或微软这样的公司为什么会衰落，我有我自己的见解。这样的公司干得很好，它们进行创新，成为或接近成为某个领域的垄断者，然后产品的质量就变得不那么重要了。这些公司开始重视优秀的销售人员，因为是他们在推动销售、改写了收入数字，而不是产品的工程师和设计师。因此销售人员最后成为公司的经营者。IBM的约翰·埃克斯是聪明、善辩、非常棒的销售人员，但是对产品一无所知。",[904,2484,2485],{},"同样的事情也发生在施乐。做销售的人经营公司，做产品的人就不再那么重要，其中很多人就失去了创造的激情。斯卡利加入后，苹果就发生了这样的事情，那是我的失误；鲍尔默接管微软后也是这样。苹果很幸运，能够东山再起，但我认为只要鲍尔默还在掌舵，微软就不会有什么起色。",[904,2487,2488],{},"我讨厌一种人，他们把自己称为“企业家”，实际上真正想做的却是创建一家企业，然后把它卖掉或上市，他们就可以变现，一走了之。他们不愿意费力气打造一家真正的公司，而这正是商业领域里最艰难的工作。只有做到这一点你才能真正有所贡献，为前人留下的遗产添砖加瓦。你要打造一家再过一两代人仍然屹立不倒的公司。那就是沃尔特·迪士尼，还有休利特和帕卡德，还有创建英特尔的人所做的。",[904,2490,2491],{},"他们创造了传世的公司，而不仅仅是赚了钱。这正是我对苹果的期望。",[904,2493,2494],{},"我不认为我对别人很苛刻，但如果谁把什么事搞砸了，我会当面跟他说。诚实是我的责任。我知道我在说什么，而且事实证明通常我是对的。那是我试图创建的文化。我们相互间诚实到残酷的地步，任何人都可以跟我说，他们认为我就是一堆狗屎，我也可以这样说他们。我们有过一些激烈的争吵，互相吼叫，那可以说是我最美好的一段时光。",[904,2496,2497],{},"我在别人面前说“罗恩，那个商店看起来像坨屎”的时候没什么不良感觉。或者我会说“天啊，我们真他妈把这个工艺搞砸了”，就当着负责人的面。这就是我们的规矩：你就得超级诚实。也许有更好的方式，像个绅士俱乐部一样，大家都戴着领带，说着上等人的敬语，满嘴华丽委婉的词汇，但是我对此不太在行，因为我是来自加利福尼亚的中产阶级。",[904,2499,2500],{},"我有时候对别人很严厉，可能没有必要那么严厉。我还记得里德6岁时，他回到家，而我那天刚解雇了一个人，我当时就在想，一个人要怎样告诉他的家人和幼子他失业了。很不好受。但是必须有人去做这样的事。我认为确保团队的优秀始终是我的责任，如果我不去做这件事，没有人会去做。",[904,2502,2503],{},"你必须不断地去推动创新。迪伦本来可以一直唱抗议歌曲，可能会赚很多钱，但是他没有那么做。他必须向前走，1965年在民谣中融入电子音乐元素时，他疏远了很多人。1966年的欧洲巡演是他的巅峰。他会先上台演奏原声吉他，观众非常喜欢。然后他会带出The Band乐队，他们都演奏电子乐器，观众有时候就会喝倒彩。有一次他正要唱《像一块滚石》，观众中有人高喊“叛徒！",[904,2505,2506],{},"”迪伦说：“搞他妈个震耳欲聋！”他们真那样做了。披头士乐队也一样。他们一直演变、前行、改进他们的艺术。那就是我一直试图做的事情——不断前进。否则，就如迪伦所说，如果你不忙着求生，你就在忙着求死。",[904,2508,2509],{},"我的动力是什么？我觉得，大多数创造者都想为我们能够得益于前人取得的成就而表达感激。我并没有发明我用的语言或数学。我的食物基本都不是我自己做的，衣服更是一件都没做过。我所做的每一件事都有赖于我们人类的其他成员，以及他们的贡献和成就。我们很多人都想回馈社会，在历史的长河中再添上一笔。",[904,2511,2512],{},"我们只能用这种大多数人都掌握的方式去表达——因为我们不会写鲍勃·迪伦的歌或汤姆·斯托帕德（Tom Stoppard）的戏剧。我们试图用我们仅有的天分去表达我们深层的感受，去表达我们对前人所有贡献的感激，去为历史长河加上一点儿什么。那就是推动我的力量。（2014-02-01）",[951,2514],{},[904,2516,2517],{},"网友：这段话的意思可不可以理解成，再好的公司如果没有优秀的管理人，迟早会衰落的，就像苹果。可是优秀的管理人员迟早会离开公司，那这个公司是不是就不值得投资了？您是否也有过因为管理人员变更，而抛售之前买的股票？",[904,2519,2520,2522,2523,2526],{},[910,2521,912],{}," 苹果衰落了吗？苹果其实从没有像现在这么强大过！这段话的意思是，",[910,2524,2525],{},"没有强大的文化，就不会有伟大的公司。乔布斯就是想建立强大的企业文化并且确实做到了！只有强大的企业文化才能不断吸引到好的人才并留住他们。不能理解这点的人们大概就只能炒一辈子股票了"," 。（2014-02-02）",[904,2528,2529],{},"网友：如何才能让苹果的企业文化变得不好？",[904,2531,2532,2534],{},[910,2533,912],{}," 苹果现在的企业文化20年内大概都不太会变。如果Tim之后的CEO和董事会出问题了是有可能变的。对苹果而言，这个文化已经在骨子里了，相当长的时间里是不大可能变的。（2014-08-21）",[904,2536,2537,2539],{},[910,2538,912],{}," 2011年的今天突然想明白并开始买苹果，那时苹果股价大概是310\u002F7=44.3加上这些年的分红。回想起来，我还是非常满意当时这个决定的。这些年大概认真买了不少苹果和茅台以及最近增加了一些腾讯和fb以及不太多的goog，如果pdd不算的话。今天又买了苹果，纪念一下8年前的决定。",[904,2541,2542],{},"不管怎么说，我觉得我这八年虽然没太用功，但投资的功夫似乎涨了一点！（2019-01-19）",[904,2544,2545],{},"08．大道好，大概10年前就有网友问您苹果这么大的市值应该没有什么成长空间，但现在回头看看市值更大了。",[904,2547,2548],{},"我记得您曾经说过要忘掉市值关注生意本身，那怎么确定一家伟大的公司在生意模式企业文化不变的情况下，确实是有了天花板了？谢谢！",[904,2550,2551,1065,2554,2556,2557,2559,2560,2563],{},[910,2552,2553],{},"苹果最厉害的就是在苹果",[926,2555,129],{"href":2368},"下建立的",[926,2558,165],{"href":1901},"，这是个非常强大的",[926,2561,64],{"href":2562},"\u002Fshangyemoshi","，非常难以撼动。(2020-11-16)",[904,2565,2566],{},"网友：大道您好，您觉得苹果最核心的竞争力是什么？是他的系统么？谢谢",[904,2568,2569,2572],{},[910,2570,2571],{},"段永平：苹果最厉害的就是在苹果的企业文化下建立的生态系统，这是个非常强大得商业模式，非常难以撼动"," 。（2020-11-16）",[904,2574,2575,2576,2578,2579,2581,2582,2584,2585,2587,2588,2590],{},"网友：记得一开始传",[910,2577,919],{},"要做电动车的时候，大道说过：“",[910,2580,919],{},"不太可能做电动车。”",[910,2583,919],{},"花了那么多时间、人力、物力研究电动车，最终还是放弃了。",[910,2586,919],{},"真是",[926,2589,216],{"href":1110},"啊。大道说的，“长远看不合适的东西最合适的办法就是现在就停下来！”",[904,2592,2593,2595,2596,2598,2599,2601],{},[910,2594,912],{}," 10多年前曾经盛传",[910,2597,919],{},"要推电视机，有业内资深人士甚至告诉我他已经看到样机了。我说，你可能不太了解",[910,2600,919],{},"，样机不说明任何问题。同理，差不多的时期，有人问我iPhone会不会出大屏，我说一定会的。尽管后来还是等了3年。(2024-03-02)",[904,2603,2604,2605,2607],{},"《",[910,2606,923],{},"传》最后一章“遗产：无比辉煌的创新天堂”中的一段自述，我反复读了很多遍，字里行间跃然纸上的是一个虽有阴暗面却始终闪亮的灵魂。",[904,2609,2610,2611,919,2617,2620],{},"吉姆·柯林斯在《基业长青》中曾经总结过",[910,2612,2613,2614,2616],{},"伟大企业的其中一项特质是利润之上的追求，",[910,2615,923],{},"和他的",[910,2618,2619],{},"给予了这项特质以最完美的诠释。","(2014-01-31)",[904,2622,1468,2623,2625,2626,2628,2629,2631],{},[910,2624,919],{},"公司在",[910,2627,923],{},"回归之后，推出iPhone之前，是不是也算",[926,2630,129],{"href":2368},"强大的苦生意？",[904,2633,2634,2636,2637,1065,2639,2641],{},[910,2635,912],{}," 至少iPhone出来后",[910,2638,919],{},[926,2640,64],{"href":2562},"变得更好了，生态圈建成了。(2025-01-25)",[904,2643,2644],{},"有些东西进步到一定程度后其实后面的变化就不大了，比如20世纪30到40年代的汽车发动机和现在其实没本质差别。有些国家(虽然我们很多人很看不上)40年代就能造航空母舰，说明由于某些原因，时间有时候帮不上大忙。",[904,2646,2647,2649,2650,2652,2653,2656,2657,2659],{},[910,2648,919],{},"最厉害的是现在这个",[926,2651,160],{"href":2375},"以及",[910,2654,2655],{},"生意模式","，以我的水平我看不出谁能打破它。当然有很多以为水平比我高的人非说别人可以，当然也有自己说自己可以打败",[910,2658,919],{},"的，你看看他们像吗？",[904,2661,2662,2663,2665],{},"也许，能打败",[910,2664,919],{},"的人快出生了，也许正在某个地方徘徊，但怎么看都不是现在大家知道的这些，这是个大家可以看很多年的故事。(2012-01-28)",[904,2667,2668,2670,2671,2673,2674,2677,2678,2680,2681,1065,2683,2685,2686,2688],{},[910,2669,919],{},"厉害的不仅仅是硬件，这是所有其他竞争对手没辙的地方。",[910,2672,2387],{},"顶多不过是新的",[910,2675,2676],{},"诺基亚","而已，对",[910,2679,919],{},"没有威胁。",[910,2682,919],{},[910,2684,2655],{},"实在是强大，其他的“对手”已经难以撼动",[910,2687,919],{},"了。(2012-02-05)",[904,2690,2691,2692,2694],{},"除",[910,2693,919],{},"以外的卖智能手机的最后结局可能会有点像卖PC的，多数大概都生存不下来。(2012-03-08)",[904,2696,2697,2698,2700,2701,2703,2704,2706],{},"其实",[910,2699,919],{},"的强大实力是不容易也不应该被忽视的，除非你有意去忽视，但鸵鸟的办法不会有任何帮助。任何一个被",[910,2702,919],{},"直接或间接、现在或未来影响到的行业里的企业，大概早晚都要面对",[910,2705,919],{},"的强大实力。",[904,2708,2709,2710,2712,2714,2715,2717,2718,2720],{},"随便举几个已经受到影响的行业或产品吧：手机、电脑、手提电脑、游戏(包括网游)、游戏机、中低端相机和录像机、音乐、电影、书、电视、网络、运营商、所有相关产品的零售、几乎所有的电子消费品……欢迎补充。找到在",[910,2711,919],{},[926,2713,165],{"href":1901},"里生存的方式也许比挑战",[910,2716,919],{},"要来得更现实一些。能够避开",[910,2719,919],{},"也许是另一个办法。",[904,2722,2723],{},"(2012-03-12)",[904,2725,2726],{},[910,2727,2728,2729,2732],{},"段永平：说一点我特别喜欢苹果的地方：苹果是非常难见到的能够长期focus在“",[926,2730,17],{"href":2731},"\u002Fzuoduideshiqing","”的企业。",[904,2734,2735,2736,2739],{},"多数人在投资时很习惯去看有没有“",[926,2737,22],{"href":2738},"\u002Fbashiqingzuodui","”这点，从而会很容易掉进短期表现当中。即使是伟大的企业在“做对的事情”的过程当中也是可能会犯错的，因为“把事情做对”往往需要一个过程。所谓“长期投资”从某种角度上说，就是要能够相信坚持“做对的事情”的有能力的公司最后会“把事情做对”。",[904,2741,2742,2743,2746,2747,2749,2750,2752],{},"网友：最近读完了",[910,2744,2745],{},"芒整理的","段永平投资问答录，对“利润之上的追求”感触很深，逐步理解了什么是",[926,2748,129],{"href":2368},"，什么是好的",[926,2751,129],{"href":2368},"。特别想请教大道，您投资的企业多是创始人主导文化，如果职业经理人掌舵的公司，有没有可能原生构建“利润之上的追求”，核心靠什么机制替代创始人的人格绑定？",[904,2754,2755,2756,2758],{},"大道：你看看",[910,2757,919],{},"？（2026-02-04）",[899,2760,2762],{"id":2761},"第四节-ceo交接库克与john-ternus","第四节 CEO交接：库克与John Ternus",[904,2764,2765,2766,2769],{},"网友：段总，",[910,2767,2768],{},"茅台","年报出来了，破天荒的今年没像往年一样公布年度营收目标！",[904,2771,2772,2773,2775],{},"大道：出预测是件很奇怪的事情，更奇怪的是居然有这么多人在做。",[910,2774,919],{},"居然也是给指引的，很奇怪。（2026-04-17）",[904,2777,2778,2779,2781],{},"网友：（2026年4月，库克发出全员信，宣布转任执行董事长，由John Ternus接任",[910,2780,919],{},"CEO）",[904,2783,2784],{},"大道：毫无疑问，库克是个非常好的CEO。我很早就猜他会在65岁退休，所以也没啥意外的。库克还会继续担任董事长，所以也没啥好担心的。新的CEO今年50岁，大概率他也会干到65岁吧。（2026-04-21）",[904,2786,2787,2788,2790],{},"网友：不知段总是否对",[910,2789,919],{},"官宣的下任CEO接班人John Ternus有近距离的观察？记得此前您与库克有较多次面对面交流。",[904,2792,2793,2794,2796],{},"大道：没有接触过新的CEO。我相信库克和",[910,2795,919],{},"的选择不会有啥错的，而且库克还会继续担任董事长，相当于扶上马送一程吧。（2026-04-21）",[904,2798,2799],{},"网友：伟大的五级经理人！库克辛苦了。",[904,2801,2802],{},"大道：库克很享受他的工作，但65岁已经不那么年轻了，早点退休并扶上马送一程是最好的办法。（2026-04-21）",{"title":2804,"searchDepth":15,"depth":15,"links":2805},"",[2806,2807,2808,2809],{"id":901,"depth":15,"text":902},{"id":1579,"depth":15,"text":1580},{"id":2302,"depth":15,"text":2303},{"id":2761,"depth":15,"text":2762},"md",{},true,"\u002Fdao\u002Fqanda\u002Fwenda-company-apple-02",{"title":569,"description":571},"苹果：管理层与企业文化｜段永平投资问答录","dao\u002Fqanda\u002Fwenda-company-apple-02",[567,919,923,2818],"库克","GOhWZ27G7wRglMJUkEUGJCL7Yd6MKjW8STvSH-4Y51g","dao",[2822,2823,2824,2825,2826,2827,2828,2829,2830,2831,2832,2833,2834,2835,2836,2837,2838,2839,2840,2841,2842,2843,2844,2845,2846,2847,2848,2849,2850,2851,2852,2853,2854,2855,2856,2857,2858,2859,2860,2861,2862,2863,2864,2865,2866,2867],{"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},1788062242957]