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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":619,"body":895,"category":416,"chapterOrder":80,"date":10,"description":621,"extension":1597,"meta":1598,"navigation":1599,"order":622,"path":1600,"seo":1601,"seoDescription":621,"seoTitle":1602,"slug":620,"source":10,"sourceDate":10,"sourceUrl":10,"stem":1603,"tags":1604,"type":424,"volume":567,"volumeOrder":20,"__hash__":1607,"_collection":1608},"dao\u002Fdao\u002Fqanda\u002Fwenda-company-china-games.md",{"type":896,"value":897,"toc":1587},"minimark",[898,903,907,910,913,916,923,926,929,935,940,943,948,954,970,973,976,981,989,992,995,1004,1010,1015,1018,1023,1026,1029,1032,1040,1043,1048,1051,1056,1059,1062,1065,1070,1073,1078,1081,1086,1091,1094,1100,1103,1108,1111,1125,1133,1139,1147,1150,1155,1161,1164,1167,1170,1179,1182,1185,1191,1196,1198,1203,1206,1211,1214,1217,1223,1226,1229,1232,1235,1238,1241,1244,1247,1258,1261,1264,1267,1270,1278,1281,1286,1289,1294,1297,1302,1305,1310,1315,1318,1324,1330,1333,1336,1341,1344,1347,1355,1368,1371,1374,1379,1382,1385,1392,1395,1400,1403,1407,1410,1415,1418,1421,1442,1445,1451,1457,1462,1469,1480,1486,1497,1500,1506,1511,1517,1522,1528,1531,1534,1539,1542,1549,1554,1557,1563,1568,1571,1574,1579,1582],[899,900,902],"h2",{"id":901},"第一节-中国游戏公司案例","第一节 中国游戏公司案例",[904,905,906],"h3",{"id":906},"完美世界",[908,909,906],"p",{},[908,911,912],{},"终于把电影公司给卖了。搞个电影公司实在是个低级错误，知错能改就是好事。盈利看起来不错，研究一下可持续性有多高。(2011-08-23)",[908,914,915],{},"网友：您觉得完美世界跨界做股权投资，是犯错吗？",[908,917,918,922],{},[919,920,921],"strong",{},"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)",[908,924,925],{},"“完美披露回购股票情况，已回购357万份美国存托股份。”(新闻)",[908,927,928],{},"为什么要披露这个？担心买的价格太便宜？(2011-09-27)",[908,930,931,932,934],{},"网友：今天听一名玩家点评网游股，她说巨人网络、",[919,933,599],{},"对游戏是有爱的，完美世界、盛大游戏没有。",[908,936,937,939],{},[919,938,921],{}," 这个点评很好，至少说明不要碰完美世界和盛大游戏了。玩家的眼睛是雪亮雪亮滴。(2012-02-10)",[908,941,942],{},"网友：成也萧何败也萧何。",[908,944,945,947],{},[919,946,921],{}," “成”了吗？当然，如果败的话，这个其实也不是原因，但是很好的理由。(2012-05-04)",[908,949,950,951,953],{},"网友：完美世界目前市值4.88亿美元，市盈率3.45倍，账上现金和短投到达5.23亿美元。这有点像当年段大哥买",[919,952,599],{},"的案例呀。",[908,955,956,958,959,962,963,966,967,969],{},[919,957,921],{}," 像吗？现在的",[919,960,961],{},"诺基亚","像以前的",[919,964,965],{},"苹果","吗？猴子像人吗？当年",[919,968,599],{},"的生意在我的认识当中是处于上升刚刚开始的阶段，这个是处于不知道哪个阶段，看起来有点像是开始下降的阶段。如果真是下降，那就不好说了，况且里面还有不信任的原因在。",[908,971,972],{},"但是，如果谁真是很信任完美的管理层，同时又很了解他们的生意会在相当长的时间里至少不下降，这个价钱确实看着便宜。透露一下，我实际上有点完美，但下不了重手，看不懂我觉得必须要看懂的东西。(2012-07-10)",[908,974,975],{},"网友：如何看待完美的文化？",[908,977,978,980],{},[919,979,921],{}," 完美的文化不太好，九城好像更糟，这类公司我都不敢碰，不知道会怎么样。(2013-04-25)",[908,982,983,984,988],{},"“完美世界欲打造网游进出口国际",[985,986,160],"a",{"href":987},"\u002Fpingtai","。”(新闻)",[908,990,991],{},"如果将来有一天完美倒了，“国际化”会是最后压倒它的那根稻草(可能是很重的稻草)。",[908,993,994],{},"网友：9月5日完美世界宣布旗下控股的一家实体将投资一只风险投资基金。",[908,996,997,999,1000,1003],{},[919,998,921],{}," 呵呵，看来钱多有时候就容易想干点啥啊。",[919,1001,1002],{},"巴菲特","都说以前他手里钱多的时候就容易犯错，别人如此也正常。",[908,1005,1006,1007,1009],{},"网友：巨人、",[919,1008,599],{},"似乎也有这样的倾向。在这样的情况下如何做？",[908,1011,1012,1014],{},[919,1013,921],{}," 有钱容易犯错不等于一定会犯错，没钱一般难有机会犯有钱的错误。",[908,1016,1017],{},"网友：为何您觉得他们对网游的业务没有信心呢？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？",[908,1019,1020,1022],{},[919,1021,921],{}," 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？",[908,1024,1025],{},"我这里说的拿钱投资别人指的是去建立投资公司，不是买工作室。",[908,1027,1028],{},"买工作室属于战术问题，我不想说什么。另外，投资一个公司往往很大程度上是投资在公司的文化和主要领导人身上，如果这帮领导人还有一堆别的事在干，就有点不太靠谱了。",[908,1030,1031],{},"网友：鸡蛋多放几个篮子也可以有效降低风险，篮子再好也有漏水的风险(比如国家政策的风险)。再说对于老池来说，玩玩风投，万一东边不亮了，西边还有可能亮呢？",[908,1033,1034,1036,1037],{},[919,1035,921],{}," ",[919,1038,1039],{},"希望你什么时候能明白把鸡蛋多放几个篮子其实是有效提高风险的最好办法，虽然能明白这点非常不容易。",[908,1041,1042],{},"网友：是不是笔误啊？",[908,1044,1045,1047],{},[919,1046,921],{}," 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《聚焦》，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。",[908,1049,1050],{},"网友：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。",[908,1052,1053,1055],{},[919,1054,921],{}," 呵呵，一个篮子放不下和上杆子要放多个篮子还是不一样的。",[908,1057,1058],{},"网友：经常翻看段总这个博客的回复，今天看到三年前的两个回复，回头看很有意思。",[908,1060,1061],{},"2010年5月18日，完美世界一天跌了超过20%，股价从27跌到了22，市值大概是11-12亿，有2亿多的现金，2009年利润1.5亿，扣除现金大概6-7倍pe（市盈率），当时我觉得不贵，在回复中问了段总一句（当时我手上都是巨人，要不然很可能就买了）。3年后的现在完美世界股价11块左右（中间分红两块多）。去年利润大概0.85亿。市值低于净资产。",[908,1063,1064],{},"2010年5月20日，另一位网友在回复中提到九城，说九城的现金及等价物都超过市值了，问段总是不是可以捡个烟蒂。当时九城的股价在4.5左右，3年后的现在是2.5。九城的市值依然低于现金。",[908,1066,1067,1069],{},[919,1068,921],{}," 完美的文化不太好，九城好像更糟，这类公司我都不敢碰，不知道会怎么样。（2013-04-25）",[908,1071,1072],{},"网友：北京时间9月5日晚间消息，完美世界（微博）今日宣布，旗下控股的一家实体近期签署了一份协议，将投资一只风险投资基金，该基金将由上述实体及一个或几个与完美世界无关联的普通合伙人成立。",[908,1074,1075,1077],{},[919,1076,921],{}," 呵呵，看来钱多有时候就容易想干点啥啊。老巴都说以前他手里钱多的时候就容易犯错，别人如此也正常。（2011-09-07）",[908,1079,1080],{},"网友f：包括GA（巨人网络），网易似乎也有这样的倾向。不知道段总在这样的情况下如何做？",[908,1082,1083,1085],{},[919,1084,921],{}," 有钱容易犯错不等于一定会犯错，没钱一般难有机会犯有钱的错误。（2011-09-07）",[908,1087,1088,1090],{},[919,1089,921],{}," 为什么要披露这个？担心买的价格太便宜？（2011-09-27）",[908,1092,1093],{},"网友x：呵呵，担心别人不知道自己在买，多吆喝两声也算正常，给市场也给股东听，缓解压力吧。前几天还发了关于公司近期活动（例如新资料片）的一个公告。都是“自愿”的，呵呵。",[908,1095,1096,1099],{},[919,1097,1098],{},"段永平：20年后回头看这些事（这类的宣布、盈利预测等等），公司或股东们得到什么了吗？好多上市公司都爱干些20年以后回头看一点意义都没有的事，但却经常要为这些事大动干戈、劳民伤财，实在有趣。"," （2011-09-28）",[908,1101,1102],{},"网友：可以说说PWRD（完美世界）的看法吗？",[908,1104,1105,1107],{},[919,1106,921],{}," 不是特别了解，感觉像一群短视的聪明人做的公司，本人不是很看好。（2011-09-29）",[908,1109,1110],{},"网友L：完美世界现金已接近市值，业务等于白送？",[908,1112,1113,1114,1117,1118,1121,1122,1124],{},"完美的",[985,1115,73],{"href":1116},"\u002Fjingxianjin","只有2.5亿，这里说接近市值4亿多是包括了转移到投资公司的、提留股息税费、短期投资、限制性存款，以及扣除短期",[985,1119,58],{"href":1120},"\u002Ffuzhai","前的总现金（不是",[985,1123,73],{"href":1116},"）……",[908,1126,1127,1129,1130,1132],{},[919,1128,921],{}," 现金少于市值的股票太多了，你为什么会有兴趣？完美的",[985,1131,73],{"href":1116},"还没有到大于市值的地步吧？（2011-11-22）",[908,1134,1135,1136,1138],{},"网友L：2.5亿的",[985,1137,73],{"href":1116},"。",[908,1140,1141,1143,1144,1146],{},[919,1142,921],{}," 他们市值有5个多亿的吧？2.5亿现金并不能成为买的理由。如果按完美的现状，如果",[985,1145,73],{"href":1116},"大于市值的话，值得一赌，毕竟这个行业不错，对已经开始赚钱的游戏公司而言，要亏钱不容易（不等于不可能哈）。（2011-11-22）",[908,1148,1149],{},"网友L：想听听@大道无形我有型的意见。",[908,1151,1152],{},[919,1153,1154],{},"段永平：“公司主动减少游戏内的活动有关，为了延长游戏寿命，减少道具的投放。”这句话看起来不是太可信，似乎是不得已而为之，也就是说前面做的可能太过分了，流失率高，所以不敢做了，说明公司文化里利润导向比较厉害。另外，公司便不便宜公司里的人最应该知道。如果我是大老板同时又对自己公司有信心，在净资产以内的市值状况下我会拼命回购的。",[908,1156,1157,1160],{},[919,1158,1159],{},"可我们看到的情况似乎不太像，完美宁肯拿钱去做别的投资也不愿意回购，所谓的回购也就是意思一下给股东看的。总的来讲，有点怪，不是很看得懂，感觉似乎公司老板们对自己公司未来不是很有信心的样子。如果他们都没信心，你的信心又从哪里来呢？"," （2011-11-23）",[908,1162,1163],{},"网友G：完美有在回购，一亿美金的回购也不是小数，差不多是公司1\u002F3的现金。难道要把公司都买回来才算回购吗。对于个人而言，我们经常会说“手中有粮，心中不慌”。公司握有现金，可以很好的抗击风险，无论是投资还是研发新产品都是不错的选择。",[908,1165,1166],{},"其实从大道的文中，明显可以感到一丝怀疑和暗示，也就是这些现金是否真的？但是没有证据！",[908,1168,1169],{},"完美09年的时候也跌到10元以下，当时的完美是怎么做的呢？个人以为，往往做假的公司的高管会急不可耐的去买股票，因为肥皂泡再美也是假的。相反一个好公司，真金不怕火炼，该上去的那天终究会上去的。",[908,1171,1172,1174,1175,1178],{},[919,1173,921],{}," 如果你认为自己公司未来的",[985,1176,82],{"href":1177},"\u002Fxianjinliu","会像现在这样强大，你会慌吗？慌什么？我其实没有任何怀疑账面现金的意思，我只是觉得他们自己好像对自己（的网游业务）不太有信心，而且觉得这种没信心似乎是事出有因的。另外，电影公司的事感觉也不太好，有点像公司做了个风险投资，成熟以后只拿回成本，那以后还会不会有这样的事呢？",[908,1180,1181],{},"总的来讲，完美有点乱，可能需要点时间好好反省一下。其实如果公司真的能在网游这个行业好好干的话，完美这个价真是便宜。（2011-11-24）",[908,1183,1184],{},"网友G：公司回购的股票还可以随时再卖出去吗？如果不能或者这种做法就不方便，那么一味的回购就值得商榷。再说鸡蛋多放几个篮子也可以有效降低风险，篮子再好也有漏水的风险（比如：国家政策的风险）。再说对于老池来说，玩玩风投，人生更多姿多彩一点！万一东边不亮了，西边还有可能亮呢？",[908,1186,1187,1190],{},[919,1188,1189],{},"段永平：希望你什么时候能明白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。"," （2011-11-24）",[908,1192,1193,1195],{},[919,1194,921],{}," 如果将来有一天完美倒了，“国际化”会是最后压倒其的那根稻草（可能是很重的稻草）。（2012-05-04）",[908,1197,942],{},[908,1199,1200,1202],{},[919,1201,921],{}," “成”了吗？当然，如果败的话，这个其实也不是原因，但是很好的理由。（2012-05-04）",[908,1204,1205],{},"网友：这种公司如果够便宜你会不会买？PWRD现在看上去挺便宜的，就是不知道这群聪明人未来会不会做蠢事。",[908,1207,1208,1210],{},[919,1209,921],{}," 将来不知道，但过去已经做不少了。人的性格和习惯是很难改变的，公司也一样。（2011-09-29）",[904,1212,1213],{"id":1213},"巨人网络",[908,1215,1216],{},"我比较喜欢玩游戏，很早就属于每天上网超过135分钟的“中毒青年”了，我总觉得中网瘾的毒好过中某些网瘾“砖家”们的毒。其实每个人的生活中都会玩很多游戏，从麻将到各种球到炒股等等，网游只不过是其中一种而已。如果没有各种游戏，这日子还怎么过？由于喜欢游戏，所以对网游公司也比较熟，同时还靠投资在网游公司上赚了些钱。",[908,1218,1219,1220,1222],{},"除了大家知道的",[919,1221,599],{},"外，其实我也有(或有过)完美世界、畅游和巨人的股票。巨人是我目前获利最少的网游股。我认为巨人目前这个价不贵，下行空间很小。巨人每股有3块多现金，每年有50美分以上的获利，虽然老征途目前很难成长，甚至有可能有些萎缩，但从长期而言，由于史玉柱非常专心在游戏上，巨人早晚会推出些不错的游戏。",[908,1224,1225],{},"绿色征途就还可以啊，有钱没钱都能玩，有点梦幻西游的感觉，我在里面玩得也挺开心的。巨人其他的游戏我还不太了解。我对巨人的担心主要是怕他们太把“华尔街”当回事，从而为了追求短期盈利而忽略了玩家的真实需求。实际上，史玉柱并没有追求短期盈利的压力和需求，通过自己的慢慢“反省”，他会找到办法的，毕竟他经营企业多年，对企业的理解非常好。",[908,1227,1228],{},"我认为巨人回到IPO价钱是早晚的事，但再往上就可能要点运气了。(2010-02-09)",[908,1230,1231],{},"“纪学锋：很多人问我征途2目标是多少，我历来不做大目标，都是10万10万地往上做，现在我的目标是40万，因为现在同时在线是30多万人。”(新闻)",[908,1233,1234],{},"个人觉得其实最理想的做法大概是心中没有人数目标，只管闷头关心玩家体验，人数是否上升只是验证玩家体验的一个工具。(具体运作是要对玩家数量做预测的，不然没法满足需求。)",[908,1236,1237],{},"如果有想提高玩家数量的想法，就有可能会落实在行动上，犯错的概率就有可能增加。看起来纪学峰还是非常关心玩家体验的，但如果把关心人数的那一点点想法也去掉的话，可能他们将来会更好。(2011-04-26)",[908,1239,1240],{},"“巨人总裁刘伟谈巨人网游新战略。”(新闻)",[908,1242,1243],{},"呵呵，看来还是希望股价涨上去一点？不是在回购吗，为啥子着急嘛？如果是我就根本不烦心做这些事，让业绩说话就是了。(2011-10-11)",[908,1245,1246],{},"网友：您说长期而言巨人很难跑赢大市，那您还为什么要去买它？是不是您认为巨人是烟蒂，它价值被低估但前景看不清。",[908,1248,1249,1251,1252,1254,1255,1257],{},[919,1250,921],{}," 呵呵，我不知道烟蒂的定义到底是什么，也没见过",[919,1253,1002],{},"具体说的话，但直觉有点像你给的这个定义。以巨人目前的现金以及",[985,1256,82],{"href":1177},"而言，我一直觉得有点便宜，但一直没办法看明白所谓10年以后的事。",[908,1259,1260],{},"前些天突然发现自己管的很多账号都多出来一笔现金，一查发现是巨人的分红到了。一直没太想明白为什么巨人在发行价以下选择分红而不是回购，有点像融了资以后拿融到的钱给新老股东分红一样(分红时还要被代管者扣掉5%)，虽然自己是新股东，但也觉得不太舒服。一直觉得他们的“华尔街”顾问水平有问题，不然就是他们自己的信心不足。",[908,1262,1263],{},"巨人的49%对51%的招还是很厉害的，算是把保健因子的某些方面做得很好了，对留住以及吸引人才有很大的好处，如果行业不出问题的话，长期会有很大的竟争力。(2011-04-14)",[908,1265,1266],{},"“巨人网络Q4净利润3920万美元，同比增6.6%。”(新闻)",[908,1268,1269],{},"网友：如果在创业期，可以不考虑。如果企业进入成熟期，分红方案不好的公司，就可能存在董事会侵占和业绩不真实的状况，怎能够不关心？",[908,1271,1272,1274,1275,1277],{},[919,1273,921],{}," 这和分不分红无关。你要不相信他们就不该买他们的股票。",[919,1276,1002],{},"从来没分过红。分不分红其实和公司价值无关。(2012-03-07)",[908,1279,1280],{},"网友：市盈率高于10倍的话，分红意思就不大。5-10倍之间分红比较理想。分不到多少钱，没意义。而且市盈率这么高，应该增发才对，分什么红呀。",[908,1282,1283,1285],{},[919,1284,921],{}," 4块多的股票分3毛居然还有嫌少的？可能看惯了A股那种蒙人的每10股分红3毛的了？",[908,1287,1288],{},"网友：这个分红比A股大方多了，很满意的分红。",[908,1290,1291,1293],{},[919,1292,921],{}," 不过分不分红和股票价值无关。",[908,1295,1296],{},"网友：是挺高，但通胀也挺高的，扣除通胀率后，您还满意吗？",[908,1298,1299,1301],{},[919,1300,921],{}," 我根本就不关心分不分红，所以没有满不满意的问题。",[908,1303,1304],{},"网友：那差不多，我关心分红方案，但不为了分红。",[908,1306,1307,1309],{},[919,1308,921],{}," 我连分红方案都不关心。",[908,1311,1312,1314],{},[919,1313,921],{}," 我比较喜欢玩游戏，很早就属于每天上网超过135分钟的中毒“青年”了，我总觉得中网瘾的毒好过中某些网瘾“砖家”们中的毒。其实每个人的生活中都会玩很多游戏，从麻将到各种球到炒股等等，网游只不过是其中一种而已。如果没有各种游戏，这日子还怎么过？由于喜欢游戏，所以对网游公司也比较熟，同时还靠投资在网游公司上赚了些钱。",[908,1316,1317],{},"除了大家知道的网易外，其实我也有（或有过）完美世界，畅游和GA的股票。GA是我目前获利最少的网游股。我认为GA目前这个价不贵，下行空间很小。GA每股有3块多钱现金，每年有50cents以上的获利，虽然老征途目前很难成长，甚至有可能有些萎缩，但从长期而言，由于史玉柱非常专心在游戏上，巨人早晚会推出些不错的游戏。",[908,1319,1320,1321],{},"绿色征途就还可以啊，有钱没钱都能玩，有点梦幻西游的感觉，我在里面玩得也挺开心的。巨人其他的游戏我还不太了解。",[919,1322,1323],{},"我对巨人的担心主要是怕他们太把“华尔街”当回事，从而为了追求短期盈利而忽略了玩家的真实需求。实际上，史玉柱并没有追求短期盈利的压力和需求，通过他自己的慢慢“反省”，他会找到办法的，毕竟他经营企业多年，对企业的理解非常好。",[908,1325,1326,1329],{},[919,1327,1328],{},"我认为GA回到IPO价钱是早晚的事，但再往上就可能要点运气了。"," （2010-02-09）",[908,1331,1332],{},"网友：您觉着绿色征途这款游戏达到他们的预期目标了么？",[908,1334,1335],{},"史玉柱对巨人近两年的调整，包括游戏战略上的调整和组织结构上的调整，您觉着会有明显的效果么？",[908,1337,1338,1340],{},[919,1339,921],{}," 我不知道他们的预期目标是什么。",[908,1342,1343],{},"我觉得绿色征途还是一款不错的游戏，我有个号在神话一区，叫“大道无形我有型”，107级了，有空的话可以来玩玩。我认为史玉柱是个认真的人，他会慢慢摸索的。我不是很理解明显的效果应该是什么样的效果，在我看来他们可能还需要些时间。不过，他们现在的小日子还过得去啊。（2010-03-12）",[908,1345,1346],{},"网友：段老大，能不能拨冗分析下巨人网络的投资价值呢，芝加哥后生叩谢了。",[908,1348,1349,1351,1352,1354],{},[919,1350,921],{}," GA每股有不到4块钱现金，现在每年可以赚不到60cents，股价在7块5左右。如果未来6到7年GA能维持现在的利润和",[985,1353,82],{"href":1177},"的话，基本就可以回本了。",[1356,1357,1358,1365],"ol",{},[1359,1360,1361,1362,1364],"li",{},"我无法知道未来6-7年GA是否可以维持现在的利润和",[985,1363,82],{"href":1177},"，但我认为能够维持的可能性很大（下降的可能性不大）。",[1359,1366,1367],{},"如果在未来6-7年里GA能出一到两款好点的游戏，GA的营收将有机会增长，现在股价买进的股东回本时间将被缩短。",[908,1369,1370],{},"总而言之，这几年巨人有够多的经验和教训了，史玉柱又一直比较专注，GA的下行空间将很有限。我们也有些GA，但不是重仓。（2010-03-16）",[908,1372,1373],{},"网友c：不知道您持有GA（巨人网络）的价格，但是按照您上面所说的现在GA的情况，是不是应该不作为候选，因为即使有足够多的经验教训也不会保证未来不犯错，如果按照巴菲特和GRAHAM的安全空间理解，这个价格是不是不够安全，因为没有留出如果犯错的空间。是这样么？您怎么认为？",[908,1375,1376,1378],{},[919,1377,921],{}," 我的GA大概在6-6.5左右，多半是put进来的，6块左右是也买了一些。我觉得GA的安全空间还不错，下行的空间不大，有上行空间。未来到8-20块我都不会惊奇，但也无法很确定，所以也很难重仓。（2010-03-17）",[904,1380,1381],{"id":1381},"金山",[908,1383,1384],{},"网友：怎么看出来的？可以列举几点吗？",[908,1386,1387,1036,1389],{},[919,1388,921],{},[919,1390,1391],{},"金山的游戏很短视，周末16倍经验(也许更多)都出来了，好像以后日子不过了一样，等等。(2010-07-09)",[908,1393,1394],{},"网友：投资游戏公司比较难把握。之前金山的剑侠情缘3，玩家很期待，画面很美，我以为还不错，谁知道现在没多少人玩了。",[908,1396,1397,1399],{},[919,1398,921],{}," 金山的文化有问题，游戏不可能长久。",[908,1401,1402],{},"网友：游戏公司比较难把握倒是真的。之前金山的剑侠情缘3，玩家很期待，我进去看了下，画面很美，我以为还不错，谁知道，现在没多少人玩了。投资游戏公司，还真得像段大哥这样，先做个资深游戏玩家再来说。",[908,1404,1405,1399],{},[919,1406,921],{},[908,1408,1409],{},"网友：不知道段总怎么看出来的？可以列举几点吗？",[908,1411,1412,1414],{},[919,1413,921],{}," 金山的游戏很短视，周末16倍经验（也许更多）都出来了，好像以后日子不过了一样。等等。（2010-07-09）",[904,1416,1417],{"id":1417},"畅游",[908,1419,1420],{},"网友：频繁收购公司容易出的问题在哪里？",[908,1422,1423,1425,1426,1429,1430,1433,1434,1437,1438,1441],{},[919,1424,921],{}," 我不知道，",[919,1427,1428],{},"但知道收购的成功率一般都很低","。只有具有很强",[985,1431,129],{"href":1432},"\u002Fqiyewenhua","的公司收购的成功概率才可能比较高点，比如",[919,1435,1436],{},"谷歌","，比如",[919,1439,1440],{},"GE","等。(2012-02-07)",[908,1443,1444],{},"刚看到畅游都到这个价了？文化的力量真是厉害！",[908,1446,1447,1448,1450],{},"记得大概两三年前，有个朋友向另一个朋友推荐畅游，我说我觉得这公司",[985,1449,129],{"href":1432},"似乎不太健康，还是别碰了吧。",[908,1452,1453,1454,1456],{},"网友：想起您在访谈中说自己是“乌鸦嘴”，您觉得畅游的",[985,1455,129],{"href":1432},"不太健康吗？",[908,1458,1459,1461],{},[919,1460,921],{}," 这些年我真是“乌鸦嘴”啊，说谁不行谁最后差不多就是不行啊。",[908,1463,1464,1465,1468],{},"不过，内在的原因是我在投资时总是尽量避开那些我觉得未来要出问题的公司，我",[919,1466,1467],{},"觉得最可能出问题的就是那些利益导向的公司","。(2018-09-20)",[908,1470,1471],{},[919,1472,1473,1474,1476,1479],{},"贬义的利润导向一般指的是短视行为，实际结果往往是让公司的长期总利润(未来",[985,1475,82],{"href":1177},[985,1477,91],{"href":1478},"\u002Fzhexian",")降低。(2011-11-30)",[908,1481,1482,1483,1485],{},"网友：一个公司不是会赚钱就好，会赚钱还要好的",[985,1484,129],{"href":1432},"。这样理解对吗？",[908,1487,1488,1036,1490,1493,1494],{},[919,1489,921],{},[919,1491,1492],{},"我说的会赚钱的公司指的是能够长期赚钱的公司，这些公司往往有着利润之上的追求，比如","苹果，",[919,1495,1496],{},"就是不把利润放在最重要的地位。那些利益至上的公司最后往往没那么好。(2019-05-05)",[908,1498,1499],{},"汗了，怪不得畅游股价上不去，原来他们还搞副业啊。电影广告公司居然也买？看不懂。刚刚知道他们居然已经买了几家公司了。对国内喜欢买公司的公司还是小心为上。",[908,1501,1502,1503,1505],{},"网友：畅游今天市值15亿美元，持有",[985,1504,73],{"href":1116},"3.304亿美元，净利润达2.455亿美元，扣除现金，市盈率4.7倍。结论是：便宜，低估。假设未来两三年利润没有增长，也会在三四年内回本。感觉游戏股票确实足够低估。",[908,1507,1508,1510],{},[919,1509,921],{}," 刚刚知道他们居然已经买了几家公司了。对国内喜欢买公司的公司还是小心为上。（2012-02-07）",[908,1512,1513,1516],{},[919,1514,1515],{},"段永平"," ：这个点评很好，至少说明不要碰pwrd和game了。玩家的眼睛是雪亮雪亮滴。（2012-02-10）",[908,1518,1519,1521],{},[919,1520,921],{}," 刚看到畅游都到这个价了？文化的力量真是厉害！记得大概两三年前，有个朋友向另一个朋友推荐畅游，我说我觉得这公司企业文化似乎不太健康，还是别碰了吧。（2018-09-20）",[908,1523,1524,1527],{},[919,1525,1526],{},"段永平：“"," 上海晶茂文化传播有限公司”是这么回事？第7大道是怎么回事？好久没看CYOU了，怎么多了这些没见过的东西？还有就是，大道怎么可以乱用呢？",[908,1529,1530],{},"不明真相的群众：今天听一名玩家点评网游股，她说$巨人网络（GA）$$网易（NTES）$$畅游（CYOU）$对游戏是有爱的，$完美世界（PWRD）$$盛大游戏（GAME）$没有。大家觉得这个点评怎么样？",[908,1532,1533],{},"网友：段总这么短的时间就下决定，还是一直有关注？",[908,1535,1536,1538],{},[919,1537,921],{}," 一直都多少关注的，别忘了我们也是这个行业的。",[904,1540,1541],{"id":1541},"第九城市",[908,1543,1544,1545,1548],{},"网友：读了这段话对",[985,1546,47],{"href":1547},"\u002Fxiaofeizhedaoxiang","有了更深的理解。受益良多。",[908,1550,1551,1553],{},[919,1552,921],{}," 呵呵，有悟性。(2010-05-22)",[908,1555,1556],{},"这家公司的文化我看不懂，不赌其一城一池的得失。(2011-12-06)",[908,1558,1559,1560,1562],{},"网友：您怎么看九城现在现金及等价物超过市值？还有你怎么看朱骏本人？九城的",[985,1561,129],{"href":1432},"怎么样？",[908,1564,1565,1567],{},[919,1566,921],{}," 我没见过朱骏，也没研究过九城，但觉得他们在处理魔兽世界的过程当中好像做得有点不太好。如果我碰到这种情况，我会全力以赴地把游戏交接好，绝不能让玩家有任何担心。我觉得这本来是一个很好的赢得未来玩家的机会，但他们好像有点丢了游戏又得罪了玩家的意思。这样的文化我不太喜欢。",[908,1569,1570],{},"网友L：7块多的九城还值得买入吗？",[908,1572,1573],{},"第九城市市值超过2个亿后，我觉得不太值得买入了，或许九城未来还会涨10倍，以后暴涨也好，那些钱，不是我赚的，算啦。原因有：……",[908,1575,1576,1578],{},[919,1577,921],{}," 我完全没兴趣看。（2011-12-03）",[908,1580,1581],{},"网友：我满仓九城，自认为模仿段永平买网易，现在反省是不是错了，我预测8月公布二季财报转亏为盈，原因……",[908,1583,1584,1586],{},[919,1585,921],{}," 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