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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":599,"body":895,"category":416,"chapterOrder":50,"date":10,"description":601,"extension":2524,"meta":2525,"navigation":2526,"order":602,"path":2527,"seo":2528,"seoDescription":601,"seoTitle":2529,"slug":600,"source":10,"sourceDate":10,"sourceUrl":10,"stem":2530,"tags":2531,"type":424,"volume":567,"volumeOrder":20,"__hash__":2533,"_collection":2534},"dao\u002Fdao\u002Fqanda\u002Fwenda-company-netease.md",{"type":896,"value":897,"toc":2516},"minimark",[898,903,907,919,928,940,946,954,961,969,984,989,995,1000,1003,1011,1014,1019,1022,1027,1030,1036,1041,1047,1053,1068,1086,1098,1115,1118,1131,1140,1143,1148,1151,1154,1159,1162,1166,1169,1174,1181,1187,1190,1193,1198,1203,1206,1211,1217,1224,1227,1234,1237,1242,1245,1248,1253,1256,1259,1264,1267,1276,1283,1292,1295,1300,1303,1308,1311,1316,1319,1324,1330,1337,1346,1355,1358,1363,1370,1375,1378,1383,1386,1391,1394,1399,1402,1407,1410,1413,1416,1421,1424,1429,1432,1438,1441,1446,1449,1454,1457,1460,1469,1472,1477,1484,1487,1490,1495,1498,1503,1506,1511,1514,1517,1520,1525,1528,1533,1536,1545,1557,1568,1573,1579,1582,1587,1593,1596,1601,1604,1607,1610,1613,1616,1621,1624,1629,1632,1635,1638,1643,1646,1651,1654,1659,1662,1671,1674,1677,1682,1685,1691,1696,1699,1702,1707,1710,1715,1718,1723,1726,1731,1734,1742,1745,1752,1755,1762,1765,1771,1774,1779,1782,1785,1791,1797,1800,1803,1806,1812,1815,1818,1823,1826,1833,1836,1839,1847,1853,1856,1859,1864,1867,1872,1875,1878,1883,1887,1904,1909,1915,1922,1925,1934,1937,1943,1964,1969,1981,1993,1996,2001,2004,2007,2013,2024,2027,2032,2037,2044,2049,2057,2069,2074,2079,2087,2096,2113,2117,2120,2125,2134,2145,2151,2160,2171,2180,2183,2186,2191,2194,2199,2202,2205,2214,2217,2222,2225,2230,2236,2241,2244,2249,2254,2257,2260,2263,2266,2269,2272,2275,2278,2281,2284,2287,2292,2295,2300,2303,2312,2315,2320,2323,2328,2331,2343,2346,2351,2354,2356,2359,2364,2367,2370,2373,2376,2381,2384,2389,2392,2397,2402,2405,2408,2411,2416,2419,2428,2431,2434,2443,2448,2451,2455,2458,2464,2467,2470,2473,2486,2492,2498,2501,2504,2507,2510,2513],[899,900,902],"h2",{"id":901},"第一节-发现与买入网易","第一节 发现与买入网易",[904,905,906],"p",{},"网友：我想请问段总，在2001-2009年的整个主要持有过程中，网易静态的PE和PB最高达到了多少？不问最低，因为我想了解段总一直不卖的原因是它始终没有高估还是有过高估而对这公司前途实在太看好而不卖的？（这8-9年中网易是否出现过显著高估？）",[904,908,909,913,914,918],{},[910,911,912],"strong",{},"段永平："," 不知道当时的pe，也不知道什么是pb，想的就只有所谓未来",[915,916,82],"a",{"href":917},"\u002Fxianjinliu","的概念（连折现都好像没算过）。只有能看懂公司和生意才能做到这一点。前面早就说过，卖股票和成本无关，所以任何人想问为何能持有网易到100多倍的博友请参考这一条。（2010-06-10）",[904,920,921,922,924,925,927],{},"网友：你买",[910,923,599],{},"时说它“企业里面的现金就有2块钱，股价不到1块钱”。这里的现金指的是净资产还是",[915,926,82],{"href":917},"?",[904,929,930,932,933],{},[910,931,912],{}," ",[910,934,935,936,939],{},"是账上现金。他们没有",[915,937,58],{"href":938},"\u002Ffuzhai","。(2010-04-06)",[904,941,942,943,945],{},"网友：大哥：你买网易时说它“企业里面的现金就有2块钱，股价不到1块钱”。请问大哥：这里的“现金”指的是净资产还是",[915,944,82],{"href":917},"？当时网易亏损程度如何？",[904,947,948,950,951,953],{},[910,949,912],{}," 是账上现金。他们没有",[915,952,58],{"href":938},"。不记得了，反正觉得他们能有机会赚钱。（2010-04-06）",[904,955,956,957,960],{},"网友：您指的",[915,958,73],{"href":959},"\u002Fjingxianjin","大致是怎样计算的？",[904,962,963,965,966,968],{},[910,964,912],{}," 大致就是账面现金(加短期可变现的如股票)减",[915,967,58],{"href":938},"。(2010-04-25)",[904,970,971,972,974,975,977,978,980,981,983],{},"网友：”",[915,973,58],{"href":938},"”有很多含义，您指的是长期",[915,976,58],{"href":938},"、短期",[915,979,58],{"href":938},"，还是别的什么",[915,982,58],{"href":938},"项？",[904,985,986,988],{},[910,987,912],{}," 都是。(2010-04-26)",[904,990,991,992,994],{},"网友：您说的",[915,993,73],{"href":959},"指的就是货币资金吗？",[904,996,997,999],{},[910,998,912],{}," 应该也包括短期可以变现的一些东西，比如债券。(2010-05-11)",[904,1001,1002],{},"网友X：我记得以前媒体报道说当时网易的现金比市值还高是你买他的触发点之一，不知是否是这样？还有我想知道当时网易的资产负债率是多少？PB多少？从这里触发，除了定性的因素外，在定量上要多注意哪些东西？请不吝赐教！",[904,1004,1005,1007,1008,1010],{},[910,1006,912],{}," 网易一直没有",[915,1009,58],{"href":938},"。（2010-07-07）",[904,1012,1013],{},"网友：段总您好！在《查理·芒格传》这本书里看到芒格先生很喜欢把自己估值的伯克希尔价位说给粉丝股东，我想知道，您在网易内在价值大大低估时和有很高的成长性时买入（雏形和市场空间都看清楚了），那在中间的每个年份里您是如何模糊地确认网易股价内在价值区间的呢？比如公司增长的第2年或第3年或第5年的内在价值和第一年都不一样了。您的网易就是一路在提升内在价值。",[904,1015,1016,1018],{},[910,1017,912],{}," 我从来就没认真估过所谓“内在价值”的区间。在卖出大部分网易之前，我一直理性考虑的问题主要是这家公司未来到底可以赚多少钱而不是想我的股票已经赚了多少钱的问题。要大致想明白这个问题，对公司、行业、产品等等的了解不深是做不到的。（2011-01-11）",[904,1020,1021],{},"网友X：我猜测一下，您二位的对话既然媒体会知道，那应该是丁磊先生对他们讲的，所以这个“如梦初醒”呢，有可能是丁磊先生的原话，呵呵．以前他在浙大讲到您提议不收三毛收四毛的时候就用过类似的语气，表示了推崇备至的态度",[904,1023,1024,1026],{},[910,1025,912],{}," 我想了一下，也不太可能是丁磊讲的，因为网易根本就没有放弃过门户。（2011-01-12）",[904,1028,1029],{},"03．关于网易诉讼",[904,1031,1032,1033,1035],{},"网友：关于",[910,1034,599],{},"诉讼那个事，好像判断是风险很小(即使败诉)，因为不是故意造假，是收入确认的问题，而且是公司自己主动披露的，不是败诉的可能性很小。",[904,1037,1038,1040],{},[910,1039,912],{}," 是那么回事。当时最重要的是判断是否是有意作假以及以后是否还会做，官司的影响实际很小。(2011-09-27)",[904,1042,1043,1044,1046],{},"“盛大私有化或吸引",[910,1045,599],{},"完美世界跟风。”(新闻)",[904,1048,1049,1052],{},[910,1050,1051],{},"丁磊","不会干这种傻事的。(2011-10-19)",[904,1054,1055,1056,1058,1059,1061,1062,1064,1065,1067],{},"网友：",[910,1057,599],{},"的这个回购太难令人理解了。难道自己觉得现在股价很低吗？整个",[910,1060,599],{},"历史上，现在45美元也算高价位了；而按网游股来估值，",[910,1063,599],{},"也不便宜啊。如果真的觉得自己被严重低估的话，为什么只回购5000万啊，那18亿现金，等着贬值？怎么看",[910,1066,599],{},"这个回购？",[904,1069,1070,1072,1073,1075,1076,1078,1079,1082,1083,1085],{},[910,1071,912],{}," 记得很久以前我就跟丁老大说",[910,1074,599],{},"的最大问题可能是现金太多。现在的现金显然已经比那个时候要多多了，但",[910,1077,1051],{},"似乎没有因为有这么多现金而犯什么大错，这是非常不容易的事情。连",[910,1080,1081],{},"巴菲特","都说以前他现金一多就容易犯错。如果",[910,1084,599],{},"对自己公司的未来有信心的话，回购永远是最好的消耗现金的办法(在价格过得去的情况下)。",[904,1087,1088,1089,1091,1092,1094,1095,1097],{},"目前",[910,1090,599],{},"的市值扣掉现金大概只有8到9倍的P\u002FE了吧？如果",[910,1093,599],{},"相信未来依然能赚这个利润，这个价钱回购应该还是相当有道理的，因为现金放在银行里实在是没啥回报，去投在自己不熟悉的地方会更糟，还要占用精力。所谓的5000万股只不过是阶段性的吧？如果",[910,1096,599],{},"觉得合适，还可以有第二个或更多个的。(2011-12-02)",[904,1099,1100,1101,1104,1105,1107,1108,1110,1111,1114],{},"前面提到",[910,1102,1103],{},"苹果","的回购问题，最后",[910,1106,1103],{},"真的像我认为的那样举债回购了(由于境外的钱暂时回不来)。好公司是知道怎么花钱的那些公司。这点上",[910,1109,599],{},"不算好公司，账上躺太多现金。账上的现金不用是会贬值的！",[910,1112,1113],{},"茅台","在这点上做得也不太好，虽然他们比下还有很多“余”。(2014-06-06)",[904,1116,1117],{},"什么时候卖股票？这是很多人提的问题。我其实也没有答案。但是我有个理解，就是无论什么时候卖都不要和买的成本联系起来。该卖的理由可能有很多，唯一不该用的理由就是“我已经赚钱了”。不然的话，就很容易把好不容易找到的好公司在便宜的价钱就卖了(也会在亏钱时该卖的不卖)。买的时候也一样。买的理由可以有很多，但这只股票曾经到过什么价位最好不要作为你买的理由。",[904,1119,1120,1121,1123,1124,1126,1127,1130],{},"我的判断标准就是价值。这也是我能拿住",[910,1122,599],{},"8到9年的道理。我最早买",[910,1125,599],{},"平均价在1美元左右(相当于现在0.25美元)，大部分卖的价钱在30-35美元(现在价)。在持有的这8年到9年当中，我可能每天都会被卖价所诱惑，我就是用这个道理抵抗住诱惑的(其实中间也买卖过一些，但是很小一部分)。我卖的理由是需要换",[910,1128,1129],{},"GE","和雅虎。",[904,1132,1133,1134,1136,1137,1139],{},"所以为什么卖",[910,1135,599],{},"的问题已经回答过了。我会一直保留一些",[910,1138,599],{},"的股票的。(2010-03-27)",[904,1141,1142],{},"网友L：怎么看网易这个回购？",[904,1144,1145,1147],{},[910,1146,912],{}," 记得很久以前我就跟丁老大说网易的最大问题可能是现金太多。现在的现金显然已经比那个时候要多多了，但丁磊似乎没有因为有这么多现金而犯什么大错，这是非常不容易的事情。连老巴都说以前他现金一多就容易犯错。如果网易对自己公司的未来有信心的话，回购永远是最好的消耗现金的办法（在价格过得去的情况下）。目前网易的市值扣掉现金大概只有8-9倍的pe了吧？",[904,1149,1150],{},"如果网易相信未来依然能赚这个利润，这个价钱回购应该还是相当有道理的，因为现金放在银行里实在是没啥回报，去投在自己不熟悉的地方会更糟，还要占用精力。所谓的5000万股只不过是阶段性的吧？如果网易觉得合适，还可以有第二个或更多个的。（2011-12-02）",[904,1152,1153],{},"网友：段哥，大量买入网易和UHAL似乎都发生在2002、2003年左右，最近三五年有没有比较经典的大手笔投资的案例（除了苹果）？",[904,1155,1156,1158],{},[910,1157,912],{}," 最好把网易也除掉，我就快成笑话了。（芒格语）（2012-02-02）",[1160,1161],"hr",{},[899,1163,1165],{"id":1164},"第二节-游戏是好生意","第二节 游戏是好生意",[904,1167,1168],{},"博文：《投资中什么最重要》",[904,1170,1171],{},[910,1172,1173],{},"段永平：我个人的理解是缺什么什么重要。投资最重要的是投在你真正懂的东西上。这句话的潜台词是投在你真正认为会赚钱的地方（公司）……",[904,1175,1176,1177,1180],{},"比如",[910,1178,1179],{},"我们能在网易上赚到100多倍是因为我在做小霸王时就有了很多对游戏的理解，"," 这种理解学校是不会教的，书上也没有，财报里也看不出来。我也曾试图告诉别人我的理解，结果发现好难。（2010-02-07）",[904,1182,1183,1186],{},[910,1184,1185],{},"01．引用：段永平与浙大学生对话"," （2008-01-08）",[904,1188,1189],{},"同学：你现在还在做游戏吗？我也是在做网游戏这方面东西的，",[904,1191,1192],{},"网友：怎么看待中国网游业的发展？",[904,1194,1195,1197],{},[910,1196,912],{}," 中国网游业可以和广告业相提并论。(2010-03-28)",[904,1199,1200],{},[910,1201,1202],{},"我个人觉得游戏市场有点下滑是正常的。游戏无非就是时间，有些人可能在别的事情上(比如短视频)花很多时间，于是在游戏上就花少了呗。(2022-11-19)",[904,1204,1205],{},"网友：麻烦是孩子很容易上瘾，对社会来说似乎弊大于利？",[904,1207,1208,1210],{},[910,1209,912],{}," 所以家长有责任啊。其实现在会沉迷游戏的主要还是成人。(2010-03-28)",[904,1212,1213,1214],{},"人们对游戏有许多误解，其中最大的误解就是认为游戏都是小孩在玩。其实，游戏的主要玩家是大人！",[910,1215,1216],{},"沉迷于任何东西都是有害的，包括游戏，包括权力、金钱、烟酒等等很多东西。",[904,1218,1219,1220,1223],{},"人们其实都是喜欢玩游戏的，只不过游戏的形式不同。比如权力的游戏、赚钱的游戏(投资或",[915,1221,119],{"href":1222},"\u002Ftouji",")、各种体育竞技等等。",[904,1225,1226],{},"游戏最根本的东西实际上是消费时间同时获得快乐。网络游戏对大多数人来说，是性价比最高的获取简单快乐的办法。",[904,1228,1229,1230,1233],{},"本人已经玩了很多年的游戏，现在有空时依然会玩。当年就是因为喜欢玩游戏才有了",[910,1231,1232],{},"小霸王","游戏机。(2011-11-26)",[904,1235,1236],{},"网友：对游戏企业的社会良知不知博主怎样看？我买了一点SOHU和金山软件，都有游戏，感觉有点不踏实。",[904,1238,1239,1241],{},[910,1240,912],{}," 我就很喜欢玩游戏，要不写博客的话，平时我会花时间玩游戏的。",[904,1243,1244],{},"我认为游戏公司给消费者提供好游戏和别的公司提供好产品没有任何差别，不存在良知的问题。我们不认为有人沉醉于麻将是麻将的错吧？我们也不会认为有人喝醉酒是酒的错吧？我们也不认为有人在赌场倾家荡产是赌场的错吧？那为什么我们会认为有人沉迷游戏是游戏的错呢？（2010-03-28）",[904,1246,1247],{},"网友：怎么看待中国网游业的发展！",[904,1249,1250,1252],{},[910,1251,912],{}," 中国网游业可以和广告业相提并论。（2010-03-28）",[904,1254,1255],{},"网友：段总和史玉柱是我最佩服的两个人，你俩是营销天才，你们的成功代表了个人奋斗或者“中国梦”的成功。当同样是成功之后，你俩却选择了不同的道路，你转向了投资，并获得了巨大的成功，毫不夸张的说，你更像中国的巴菲特，你开始心灵的伟大蜕变，开始反思，“行善”，开始走向“简单”，走向人生的“天堂”。",[904,1257,1258],{},"而史玉柱却令人失望，他开始走向了“作恶”的道路，网游，使多少青少年人走向了“毁灭”，不知道他何时能够顿悟。否则，他的心灵将走向“痛苦”“折磨”，甚至走向“地狱”。",[904,1260,1261,1263],{},[910,1262,912],{}," 呵呵，又来一位骂我是“营销天才”的。史玉柱也不是什么“营销天才”啊。看来误解是最容易传播的。",[904,1265,1266],{},"我是非常支持游戏之人，谁因为这个骂史玉柱就是骂我。我喜欢玩游戏有啥错？给人们带来快乐的行业有什么错？我一直不太明白在国内为什么那么多人跑出来说游戏这个行业不好，包括马云在内。美国，日本游戏行业比我们发达很多，而且很多年了，也没见有人出来说三道四啊。难道玩物就一定丧志？呵呵。其实，史玉柱的投资好像收获也很大。不知道佛祖对游戏怎么看（2010-03-30）",[904,1268,1269,1270,1272,1273,1275],{},"网友：你当时是如何调研",[910,1271,599],{},"的？是凭直觉，或是对",[910,1274,1051],{},"的了解？",[904,1277,1278,932,1280],{},[910,1279,912],{},[910,1281,1282],{},"我就玩他们的游戏来着。(2010-04-01)",[904,1284,1285],{},[910,1286,1287,1288,1291],{},"直觉对避免错误和发现目标很重要，但最后的决定要靠",[915,1289,216],{"href":1290},"\u002Flixing","。",[904,1293,1294],{},"网友：你投资网易取得了成功，故在此请教一些相关的问题。我感觉互联网和媒体公司的点击率（或收视率），盈利能力，市场空间等等要素似乎是很难判断的。你当时是如何调研，分析，追踪网易公司的？",[904,1296,1297,1299],{},[910,1298,912],{}," 我就玩他们的游戏来着。（2010-04-01）",[904,1301,1302],{},"网友：段总，一款网易游戏有没有价值是谁定的啊？",[904,1304,1305,1307],{},[910,1306,912],{}," 玩家。（2010-04-16）",[904,1309,1310],{},"网友：刚刚看了完美时空跌了百分之二十几。",[904,1312,1313,1315],{},[910,1314,912],{}," 可以好好看看。游戏是个好市场，但好游戏公司不多。（2010-05-18）",[904,1317,1318],{},"网友：马云说：“饿死也不做游戏。”",[904,1320,1321,1323],{},[910,1322,912],{}," 会的。马云这话说得非常不好，很没有道理。(2010-06-18)",[904,1325,1326,1327,1329],{},"网友：你",[910,1328,599],{},"赚100多倍而没有中途卖掉，信仰是什么？",[904,1331,1332,932,1334],{},[910,1333,912],{},[910,1335,1336],{},"主要取决于对其生意的理解。也可以说是信仰自己对生意的理解。(2010-07-07)",[904,1338,1339,1340,1342,1343,1345],{},"投资最重要的是投在你真正懂的东西上。这句话的潜台词是投在你真正认为会赚钱的地方(公司)。比如我们能在",[910,1341,599],{},"上赚到100多倍是因为我在做",[910,1344,1232],{},"时就有了很多对游戏的理解。(2010-02-06)",[904,1347,1348,1349,1351,1352,1354],{},"我从来就没认真估过所谓内在价值的区间。在卖出大部分",[910,1350,599],{},"之前，我一直",[915,1353,216],{"href":1290},"考虑的问题主要是这家公司未来到底可以赚多少钱而不是想我的股票已经赚了多少钱。要大致想明白这个问题，对公司、行业、产品等等的了解不深是做不到的。(2011-01-11)",[904,1356,1357],{},"网友：不明白马云为什么不涉足网游。",[904,1359,1360,1362],{},[910,1361,912],{}," 据说是为了专注。(2010-07-08)",[904,1364,1365,1366,1369],{},"网友：那明天",[910,1367,1368],{},"腾讯","发布一款“梦幻东游”，场景更华丽，互动性可玩性更好的游戏呢？有多少玩家会继续“西游”？",[904,1371,1372,1374],{},[910,1373,912],{}," 呵呵，梦幻西游快八九年了，至少有五六年以来国内无数人都在想干这事啊。(2010-07-09)",[904,1376,1377],{},"网友：相关网游的股票，不到大师级还是少碰为好。拿网易来说事，产品“大话西游”“梦幻西游”运营好多年了，严重老化！升级产品“大话3”玩家不买账！“天下贰”玩家还在观望！好不容易请来“魔兽世界”倒可以稳定几年，可是几年后呢？想想这些年自己的客户被“征途”“农场”“地下城”“问道”“天龙”。抢走许多？要是未来几年再抢下去。",[904,1379,1380,1382],{},[910,1381,912],{}," 梦幻西游严重老化？什么意思？我可是玩了很多年的玩家啊。不要想当然啊。好像梦幻西游刚刚有个新高，260万人同时在线，比新加坡人口多。（2010-07-09）",[904,1384,1385],{},"网友G：那明天腾讯发布一款“梦幻东游”，场景更华丽，互动性可玩性更好的游戏呢？有多少玩家会继续“西游”？",[904,1387,1388,1390],{},[910,1389,912],{}," 呵呵，梦幻西游快8-9年了，至少有5-6年以来国内无数人都在想干这事啊。（2010-07-09）",[904,1392,1393],{},"网友M：林奇在他的书中说过，不愿购买生产玩具的公司股票。网络游戏也一样，大家想想看以前的热门游戏，现在多少孩子在玩呢？所以不建议买网络游戏股票。",[904,1395,1396,1398],{},[910,1397,912],{}," 呵呵，你大概没玩过什么游戏，而且居然不知道游戏主要是给大人玩的。（2010-07-09）",[904,1400,1401],{},"网友：自己不太玩游戏，有一个问题，像游戏的研发团队这种的话段总会怎么去了解啊？",[904,1403,1404,1406],{},[910,1405,912],{}," 看产品其实就知道，不过花的时间多。有机会能接触最好，可以了解到他们的心态。我印象中网易游戏部门的几个头的心态真不错，不然我猜网易游戏很难有今天。（2010-07-09）",[904,1408,1409],{},"06．SIG：盛大私有化或吸引网易完美世界跟风",[904,1411,1412],{},"盛大网络CEO陈天桥新浪科技讯美国投资银行SIG今天发布研究报告称，陈天桥家族私有化盛大网络（Nasdaq：SNDA）的举动表明他们对公司的长期前景……",[904,1414,1415],{},"网友：看其他关于段大哥您的报道，听说您经常上网玩游戏，您对您儿子说：“爸爸上网玩游戏是在工作。”投资真的很难，比我想象的难多了。有些人以为懂得一两条简单的公式就会投资了。",[904,1417,1418,1420],{},[910,1419,912],{}," 呵呵，我儿子前些天跟一朋友讲：其实我爸爸就是喜欢玩游戏，根本不是工作。（2010-07-10）",[904,1422,1423],{},"网友h：哈哈，太爽了。",[904,1425,1426,1428],{},[910,1427,912],{}," 卖了网易后已经不太玩游戏了。（2010-07-10）",[904,1430,1431],{},"网友X：学长这个想法很有个性啊！",[904,1433,1434,1437],{},[910,1435,1436],{},"段永平"," ：这是事实啊！我猜出版署的同志们比谁都明白，不然早就一声令下那个什么什么了。（2010-07-10）",[904,1439,1440],{},"网友Q：段总您认为怎样的游戏才能引吸大多数玩家？",[904,1442,1443,1445],{},[910,1444,912],{}," 没有这种游戏。（2010-07-10）",[904,1447,1448],{},"网友：网游是给人消遣，KILL TIME。",[904,1450,1451,1453],{},[910,1452,1436],{}," ：你的理解很特别。（2010-07-19）",[904,1455,1456],{},"网友：有的游戏，有的人喜欢，有的人不喜欢，那游戏产品势必要有个很好的定位，否则就可能失败。就这点上，游戏和其他产品类似。这样说对吗？",[904,1458,1459],{},"您觉的哪些游戏的定位做的比较好呢？",[904,1461,1462,1464,1465,1468],{},[910,1463,912],{}," 大凡有很多人玩的游戏都是在某些地方定位比较好的，尤其是能够比较长时间有很多人玩的游戏。",[910,1466,1467],{},"梦幻西游绝对是我目前见到过的最成功的游戏"," 。当然，游戏好坏其实不是“定位”那么简单，“定位”其实有点像在说电影。游戏不是电影，这也是太多人不懂游戏的地方。（2010-09-06）",[904,1470,1471],{},"网友O：游戏较长时间都有人玩，但电影只会看一次，最多看2次。就是这区别？",[904,1473,1474,1476],{},[910,1475,912],{}," 电影上映完了就完了，不可能有变化（当然推广会有作用），游戏“上映”只是开始而已，后面的变数非常大。（2010-09-06）",[904,1478,1479,1480,1483],{},"网友：有个问题想向您请教：OL我玩过不少，但我觉得目前能让我废寝忘食的不超过三款，WOW算一个，以前的VALVE STEAM",[915,1481,160],{"href":1482},"\u002Fpingtai","算一个；但中国的网络游戏我还真是一款也看不上。画面和动作流畅性上的差距不说了，无论是在内容上还是在服务上都基本上没有能跟欧美比肩的作品。游戏公司的功利性都很强，也没有说哪家公司有魄力去做中国的第一。",[904,1485,1486],{},"（完美世界和网易？）",[904,1488,1489],{},"至于段先生所说的巨人网络，以我愚见差距甚大。这个行业不是保健品，营销本身只能让一个游戏红个个半月，游戏素质本身，研发团队，管理视野和投入，以及服务本身才是关键。不知道段先生投资GA是出于他便宜吗？还是对史玉柱这个人有着不为我们知道的了解？除此之外，您觉得网络游戏业是红海吗？中国有有希望的企业吗？问题甚多，还望不吝解惑。",[904,1491,1492,1494],{},[910,1493,912],{}," 你大概只是玩家的一种，还有很多别的种类玩家。比如我就觉得梦幻西游比WOW要好玩很多，俄罗斯方块也比很多大制作好玩。另外，我什么时候认真说过我投资GA了？我有一点GA表示我关注这家公司，觉得6块以下确实不算贵，但公司的有些问题（比如功利性）也确实需要解决。中国的网游业很有前途啊。（2010-09-06）",[904,1496,1497],{},"网友：玩过征途。感觉他们的国战系统做得很不错。但是游戏也要比较啊。我玩过别的欧美网游，感觉两者不在一个档次上。",[904,1499,1500,1502],{},[910,1501,912],{}," 呵呵，你玩过梦幻西游吗？你要能明白为什么梦幻西游有这么多人喜欢玩大概你就不会简单地说欧美网游档次高了。（2010-10-21）",[904,1504,1505],{},"网友：段总也说过不一定玩的人多就是好游戏。欧美游戏确实大外景。3D效果。硬件上做得好些。我玩过。当年的传奇应该火吧。现在也不是不行了。",[904,1507,1508,1510],{},[910,1509,912],{}," 我说过这话？不太像我说的。我倒是认为没人喜欢玩的游戏一定不算好游戏。那个偷菜的游戏是几D的？好游戏不一定复杂，但一定比较耐玩。俄罗斯方块也算是难得一见的好游戏了。（2010-10-22）",[904,1512,1513],{},"网友：段总如何看待高ARPU值和好游戏之间的关系？比如征途曾经ARPU值很高，虽然很多人玩，也用了许多引导的手段去让玩家投入，这样的游戏算好游戏吗？",[904,1515,1516],{},"毕竟道具收费模式的游戏，道具是让玩家之间体现差异，才能让玩家有购买欲望，但是如果差异化太大，玩家之间的能力或感受上差距就会大，花钱的玩家毕竟少数，业内有个数据，付费用户比例占所有玩家的8%-10%之间，且付费用户之间的差异呈矮金字塔型。结果是：少部份玩家体验好了，大部分玩家体验可能就不好了。虽然这不是游戏体验好坏与否的决定性因素，但我觉得这个矛盾比较难解决。",[904,1518,1519],{},"不知道段总如何看待这个问题？",[904,1521,1522,1524],{},[910,1523,912],{}," arpu值太高的游戏一定不太长寿。付费用户的体验比非付费用户的体验好是正常的。（2010-10-23）",[904,1526,1527],{},"网友：我觉得游戏收费模式转换一下好些。要是总是花钱买装备的游戏确实长久不了。因为给玩家明显的感觉就是不公平。",[904,1529,1530,1532],{},[910,1531,912],{}," 其实游戏和现实一样，没有绝对的公平，比如时间也是一种优势，有人时间多，同样是不公平。(2010-10-24)",[904,1534,1535],{},"网友Q：段大哥还在玩征途2吗？最近网上有几篇研究征途2这种第三代交易模式的文章，您对这种模式有什么看法，会不会想征途当年才出来时那样，对行业产业巨大影响呢？",[904,1537,1538,1540,1541,1544],{},[910,1539,912],{}," 没时间玩了。当时玩了一下，觉得所谓第三代交易模式其实就是一噱头，没有什么特别影响。补充一下，其实绿色征途用的就是这个模式。",[910,1542,1543],{},"游戏成不成功主要取决其好不好玩，"," 怎么收费没那么重要。最好的收费模式其实还应该是时间收费模式。目前国内最好的两个mmorpg游戏实际上还是时间收费的，他们是“梦幻西游”和“魔兽”，都是网易的。（2010-10-24）",[904,1546,1547,1548,1550,1551,1553,1554,1556],{},"网友：段总您还一直拿着一部分",[910,1549,599],{},"的股票，目前也确实创新高了，是因为您看好它的管理层？还是您一直看好",[910,1552,599],{},"的业务模式？(因为除了游戏，感觉在门户竞争中",[910,1555,599],{},"已经败下阵来。)",[904,1558,1559,1561,1562,1564,1565,1567],{},[910,1560,912],{}," 最近又卖了些",[910,1563,599],{},"，换成",[910,1566,1103],{},"了。剩下得不多了，成本才1万美元左右。",[904,1569,1570,1572],{},[910,1571,599],{},"的游戏不错啊，和暴雪合作后对未来更好了。其他的部分我从来没注意过，没有发言权。",[904,1574,1575,1576,1578],{},"至于应该值多少钱我没啥概念。反正当年我不明白人们为什么死活都不肯买，也不太明白人们为什么现在那么起劲买，前几天还有人向我推销",[910,1577,599],{},"呢。(2011-03-29)",[904,1580,1581],{},"网友：段大哥还在玩征途2吗？最近网上有几篇研究征途2这种第三代交易模式的文章，您对这种模式有什么看法？",[904,1583,1584,1586],{},[910,1585,912],{}," 没时间玩了。当时玩了一下，觉得所谓第三代交易模式其实就是一噱头，没有什么特别影响。(2011-03-30)",[904,1588,1589,1590,1592],{},"补充一下，其实绿色征途用的就是这个模式。游戏成不成功主要取决于其好不好玩，怎么收费没那么重要。最好的收费模式其实还应该是时间收费模式。目前国内最好的两个MMORPG(大型多人在线角色扮演游戏)实际上还是时间收费的，它们是梦幻西游和魔兽，都是",[910,1591,599],{},"的。",[904,1594,1595],{},"网友：@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10万10万的往上做，现在我的目标是40万，因为现在同时在线是30多万；还有很多同行想用公平模式，但是担心亏本，征途2收入已在公司占了相当比重，当然不会亏本。其实最让我开心的是征途2人数收入持续上升的同时征途免费很稳定，这个对我们很重要。还可以哎。",[904,1597,1598,1600],{},[910,1599,912],{}," 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。）",[904,1602,1603],{},"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。",[904,1605,1606],{},"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，可能他们将来将会更好。（2011-04-26）",[904,1608,1609],{},"引用：巨人《征途2》公测最高在线人数突破43.5万",[904,1611,1612],{},"中国上海2011年9月26日电／美通社亚洲\u002F --中国领先的网络游戏开发及运营商之一，巨人网络集团（纽交所上市代码： GA；以下简称“巨人”或“公司”），今天宣布公司旗舰……",[904,1614,1615],{},"网友C：征途2开20个号五星级神机啊？不是那么回事的，你们多虑了，征途2还是不错的。",[904,1617,1618,1620],{},[910,1619,912],{}," 当年征途为了创最高在线纪录时可是干过类似事情的，逼得梦幻也干了一回。可是，由于梦幻是时间收费的，偶尔来一下倒也不会伤筋动骨，但征途就白干了。不过，老史说过以后不会再干这种事了，因为没有意义，所以我也相信这一次他们主要不是靠的这种方法让人数上去的。（2011-09-26）",[904,1622,1623],{},"网友F：您说当年网易也做过和巨人一样的事，不知道当时，这些我目前听来也不太厚道（和巨人比数据，似乎也没有必要啊）的行为是否影响了您对于公司文化的判断。您说过，看企业，首先看他是否“健康”。您说的巨人，网易比人数的故事，我乍一听感觉都不太健康。这个尺度，需要长期和近距离观察来把握吧。",[904,1625,1626,1628],{},[910,1627,912],{}," 很久很久以前的当年征途可能是为了做成在线人数最高而搞了个促销，结果超过了梦幻当时的最高在线人数。梦幻大概是为了捍卫最高在线人数游戏随后也搞了个大活动，夺回了在线人数第一的“头衔”。不过，由于梦幻是时间收费游戏，那个在线人数是收费的，而征途当时应该有点赔本赚吆喝的意思。两家公司都还比较理性，后来没见再发生这类事情了。",[904,1630,1631],{},"很多人玩游戏时是有小号的，如果集中在某个时段给某种有吸引力的奖励时，玩家就会在这个时段集中上线，从而提高同时最高在线人数，但实际上一般而言真实玩家不会因为这个原因增加或增加玩的时间。",[904,1633,1634],{},"我知道的网易的游戏的头们是非常厚道和极为小心的，不是逼急了他们不会干这事。当然，逼急了是不是就该干则有点复杂，不在讨论范围内。",[904,1636,1637],{},"以上均为我们从看到的现象在外围推测出来的结论，我自己从来没有问过双方当事人，尽管双方我都认识，但不知道怎么开口问。（2011-09-28）",[904,1639,1640,1642],{},[910,1641,912],{}," 一直觉得国内网游公司里网易和cyou这两家公司不错，价格便宜时可以考虑。以前有些cyou，前段时间被call走了，当时就想如果cyou再回到25-26就再考虑买回来。现在真的到了，开始考虑了。（2011-09-29）",[904,1644,1645],{},"网友：网游行业盈利多，但是不被看好，也是因为网游行业的不稳定性，没有办法进行长线的估值决定的，九城就是个典型的例子。什么时候市场开始关注到这块洼地的时候，网游股票就会一飞冲天的。",[904,1647,1648,1650],{},[910,1649,912],{}," 网游行业不稳定了吗？你看看前3名这些年的获利，你再试试找个比这更稳定的行业试试。NCTY其实也不容易了，踢了那么久球公司还在。（2011-11-02）",[904,1652,1653],{},"网友：中国最靠谱的企业就是网游企业，那是真来钱！",[904,1655,1656,1658],{},[910,1657,912],{}," 和任何行业一样，网游企业里有大把亏钱的。一般来讲，越热门的行业最后亏钱的企业会越多（绝对数量）。（2011-11-03）",[904,1660,1661],{},"网友：昨天和同学聊天，听说他一朋友去了深圳的一个刚起步做网游的小公司，同学跟我说：“那个公司的幕后老板是步步高的一个股东，阔气的不得了，经常跟他们说钱有的是，资金不是问题。”看来学长您成就了不少阔人呐～很好奇地想请教您个问题：在您创业初期就加入步步高的员工，如果一直留在步步高，是不是都成为股东发达了？您怎么安排资历老但是能力有限的早期员工呢？",[904,1663,1664,1666,1667,1670],{},[910,1665,912],{}," 马云安排的好，叫心软刀子快。你说的这家网游公司是不是就是我们的尚游啊？",[910,1668,1669],{},"我们一直告诉员工的是好游戏不追求（眼前）利益，只管好玩"," 。不同的人会听到不同的东西吧？自己很久没空看我们的游戏了，叫诺亚传说，据说还不错。（2011-11-03）",[904,1672,1673],{},"14．丁磊的大话西游：雷音寺藏在时光最深处",[904,1675,1676],{},"那年夏天，灰尘蒙面的中关村建成全亚洲最大电脑卖场；摩托罗拉卖出了1.7亿部翻盖手机；北京13号地铁刚开通数月，回龙观开始聚拢巨大的人流。而在广州，丁磊……",[904,1678,1679,1681],{},[910,1680,912],{}," 人们对游戏有许多误解，其中最大的误解就是认为游戏都是小孩在玩。其实，游戏的主要玩家是大人！沉迷于任何东西都是有害的，包括游戏，包括权利、金钱、烟酒等等很多很多东西。",[904,1683,1684],{},"人们其实都是喜欢玩游戏的，只不过游戏的形式不同。比如权利的游戏、赚钱的游戏（投资或投机）、各种体育竞技等等。",[904,1686,1687,1690],{},[910,1688,1689],{},"游戏最根本的东西实际上是消费时间同时获得快乐"," 。网络游戏对大多数人来说，是性价比最高的获取简单快乐的办法。",[904,1692,1693],{},[910,1694,1695],{},"本人已经玩了很多年的游戏，现在有空时依然会玩。当年就是因为喜欢玩游戏才有了小霸王游戏机。",[904,1697,1698],{},"相信尚游公司会是个出好玩的游戏的公司。祝福这对小年轻。（2011-11-27）",[904,1700,1701],{},"网友：偶尔玩德州扑克，如果一款游戏打打杀杀、单纯耗时练习的场面少一些，玩的过程中能导人向善、益智，并且还能粘住玩家，那就真是一款好游戏。",[904,1703,1704,1706],{},[910,1705,912],{}," 德州扑克导人向善了？不要说得像个伪君子嘛。游戏就是游戏，就像打麻将，打完了都无聊，但过程很快乐。其实人生也如此，结局都一样，过程最重要。(2011-12-06)",[904,1708,1709],{},"网友M：只偶尔玩德州扑克好久没玩大游戏了，如果一款游戏打打杀杀、单纯耗时练级的的场面少一些，玩的过程中能导人向善、益智等等，并且还能让粘住玩家那就真是一款好游戏啦",[904,1711,1712,1714],{},[910,1713,912],{}," 德州扑克导人向善了？不要说得象个伪君子嘛。游戏就是游戏，就像打麻将，打完了都无聊，但过程很快乐。其实人生也如此，结局都一样，过程最重要。（2011-12-06）",[904,1716,1717],{},"网友A：网游股估值没道理都这么低",[904,1719,1720,1722],{},[910,1721,912],{}," 其实仔细想想也不是那么没道理，网游确实受到了移动设备，尤其是ipad的影响。（2012-03-03）",[904,1724,1725],{},"网友A：我觉得这两样东西没啥关系啊，基本两拨人。",[904,1727,1728,1730],{},[910,1729,912],{}," 还在玩的也许没差别，但网游的新玩家会慢慢减少，因为很多人一开始就玩的是移动的。（2012-03-03）",[904,1732,1733],{},"网友：我觉得网游公司估值低一个原因可能就是波动大，一款游戏就定成败，8年可能不是天上就是地下了。",[904,1735,1736,1738,1739,1741],{},[910,1737,912],{}," 其实一个好游戏运行8年是完全有可能的。",[910,1740,599],{},"的大话西游和梦幻西游都快10年了还依然不错，何来波动大之说？(2012-03-07)",[904,1743,1744],{},"网友：什么是好游戏？",[904,1746,1747,932,1749],{},[910,1748,912],{},[910,1750,1751],{},"梦幻西游属于简单的“弱智”游戏。我喜欢那种简单的“弱智”游戏。(2016-07-14)",[904,1753,1754],{},"网友：想听听段大哥对游戏的理解。",[904,1756,1757,932,1759],{},[910,1758,912],{},[910,1760,1761],{},"游戏是永恒的，形式可以变化。(2016-07-16)",[904,1763,1764],{},"网友：也想听听段大哥对游戏的理解。",[904,1766,1767,1770],{},[910,1768,1769],{},"段永平：游戏是永恒的，形式可以变化"," 。（2016-07-16）",[904,1772,1773],{},"网友：任天堂新推出一款手机游戏《Pokemon Go》，看了宣传片，游戏的又一个全新玩儿法，感觉好神奇；目前只在Google Play以及澳大利亚和新西兰区的苹果App Store上架，段大哥有体验这个游戏吗？",[904,1775,1776,1778],{},[910,1777,912],{}," 体验过，不是我喜欢的游戏。梦幻西游属于简单的弱智游戏，这个游戏属于复杂的弱智游戏。我喜欢那种简单的弱智游戏这个有点太复杂了。",[904,1780,1781],{},"这几天继续了解了一下这个游戏，这是个可怕的游戏，会改变很多东西，值得关注！（2016-07-17）",[904,1783,1784],{},"网友：游戏是门好生意吗？游戏公司的护城河是什么？",[904,1786,1787,1790],{},[910,1788,1789],{},"段永平：好的游戏绝对是好生意，但一般的游戏未必是。好的游戏公司绝对是那些有护城河的公司，但大部分游戏公司是没有护城河的"," 。（2018-09-02）",[904,1792,1793,1796],{},[910,1794,1795],{},"段永平：梦幻西游顶级玩家路过"," ，对手机梦幻不需要跟别人组队，完全没了以前那种感觉表示一下不满。（2018-10-05）",[904,1798,1799],{},"15．引用：畅游周一放量大涨7.05%盘中创52周新高",[904,1801,1802],{},"网友：看到当年讨论巨人游戏时你的看法。8年过去了，社会上对游戏公司的批判还是没变，只是现在主要目标是腾讯。",[904,1804,1805],{},"对于这类无妄风险，投资的时候如何避开，要先扣除么，可是腾讯很大一部分价值就是游戏了。国内政策就是会这么抽风不讲道理啊。",[904,1807,1808,1811],{},[910,1809,1810],{},"段永平：整体看法也许再过几十年也不会变的，但马云的观点变了。马云以前是特别反对游戏的，后来突然变得支持了。原因是他发现玩游戏的长辈比不玩游戏的长辈要开心很多"," 。沉迷游戏的小孩比例应该是不高的，主要都是那些家长和孩子相处时间不够的孩子，成人（18岁或以上）沉迷游戏的比例应该高得多。",[904,1813,1814],{},"大家怎么看游戏是不会影响游戏的发展的，政府也不会长期禁止，但对未成年人的限制一定要有，只是技术上不容易解决。（2018-10-14）",[904,1816,1817],{},"网友：大道，再请教一个当年投资网易的问题。是你当年看好中国的网络游戏发展才特别注意到了网易，还是恰好机缘巧合先认识丁磊，从而了解到网易的好生意？换句话问，你认为投资方法应该从看好行业自上往下，还是自下往上，case by case？如果自上往下选，当年的盛大、九城是否考虑过并划掉？",[904,1819,1820,1822],{},[910,1821,912],{}," 是偶然机会了解网易的，多少有点运气。没看过其他游戏公司除了腾讯，一直很想投腾讯但直到去年才投了一些。（2019-03-16）",[904,1824,1825],{},"网友：抖音起来后把整个互联网的流量都分走很多。",[904,1827,1828,932,1830],{},[910,1829,912],{},[910,1831,1832],{},"是的，我能理解短视频的厉害。我前段时间看微信里的短视频有时候不小心也能看几个小时。估计这个对游戏也有影响。不知道短视频这个产品能持续多久，我自己已经不太看了。(2022-08-11)",[904,1834,1835],{},"呵呵，又来一位骂我是“营销天才”的。史玉柱也不是什么营销天才啊。看来误解是最容易传播的。",[904,1837,1838],{},"我是非常支持游戏之人，谁因为这个骂史玉柱就是骂我。我喜欢玩游戏有啥错？给人们带来快乐的行业有什么错？我一直不太明白在国内为什么那么多人跑出来说游戏这个行业不好，包括马云在内。美国、日本游戏行业比我们发达很多，而且很多年了，也没见有人出来说三道四啊。难道玩物就一定丧志？呵呵。其实，史玉柱的投资好像收获也很大。",[904,1840,1841,1843,1844],{},[910,1842,912],{}," 你别忘了中国做网游，这个",[910,1845,1846],{},"做游戏最早的鼻祖就是我。",[904,1848,1849,1852],{},[910,1850,1851],{},"我对游戏的理解非常深，这个不是说简单的赚点钱，我不知道这里有多少人玩过小霸王游戏机，"," 我记得我在网上玩游戏的时候，我说我们现在也在考虑做网游，他（玩家）说你现在才做，我说其实我们很多年前就做了，最早我就做过游戏，而且做得还不错，他说难道是小霸王其乐无穷，呦，我说你（玩家）还能想起这句话来，这广告词就是我出的，他说你不会是段永平吧？",[904,1854,1855],{},"唉，我说这个人我觉得厉害，就一个玩家啊！我们两个发对话就直接在这个游戏里头说。就说游戏这个东西影响还是挺深刻的，我本人很喜欢玩游戏，我觉得玩游戏没有什么不好，但是凡事你过度了都不好。",[904,1857,1858],{},"网友：愿开发游戏的人多开发一些善业的游戏来，引人向善，也不失为一种方便方法。",[904,1860,1861,1863],{},[910,1862,912],{}," 其实一般而言，绝大部分游戏都是善的。如果不明白这句话，可以假设把所有游戏都关掉会怎么样。那会增加很多社会不和谐因素的。",[904,1865,1866],{},"网友G：那我冒昧问了，梦幻还会不会再有新高了？280万。320万。有颠覆它应该有低谷了。",[904,1868,1869,1871],{},[910,1870,912],{}," 只要有人好好经营，这种社区游戏掉下去的机会很小。会不会创新高并不重要。我说的新高，没说是巅峰。",[904,1873,1874],{},"网友Q：我觉得游戏收费模式转换一下好些。要是总是花钱买装备这种游戏确实长久不了。因为给玩家明显的感觉就是不公平。有钱就是老大。没钱的就装孙子。像魔兽就很好。把收费定在游戏时间上。起码玩的人在游戏里是公平的。但有一点可以改进一下就是限制上游戏的时间。也许这款游会更长久。多数游戏开发商不喜欢在一款游戏上升级。而去开发一些完全不同游戏。多元化。没一款精品。",[904,1876,1877],{},"我认为巨人做的很好。能在征途上不断完善。这是我的一些想法，不知对否。想听听段总的看法？",[904,1879,1880,1882],{},[910,1881,912],{}," 其实游戏和现实一样，没有绝对的公平，比如时间也是一种优势，有人时间多，同样是不公平。",[899,1884,1886],{"id":1885},"第三节-丁磊与管理团队","第三节 丁磊与管理团队",[904,1888,1889,1890,1892,1893,1896,1897,1900,1901,1903],{},"网友：看了",[910,1891,1051],{},"在浙大的演讲，发现他和您的观点都是一个模子里刻出来的。关于创新和企业发展速度还有",[915,1894,17],{"href":1895},"\u002Fzuoduideshiqing","，",[915,1898,22],{"href":1899},"\u002Fbashiqingzuodui","等等，几乎都是您的原话。",[910,1902,1051],{},"是不是您带出来的徒弟啊？",[904,1905,1906,1908],{},[910,1907,912],{}," 可能是英雄所见略同吧。(2010-03-09)",[904,1910,1911,1912],{},"网友：网易丁磊",[910,1913,1914],{},"的“活一千年的‘不’哲学”反复看了几遍，喜欢这样的企业家。拥有这样的企业的股票也是最放心的。基业长青，成就百年老店。",[904,1916,1917,932,1919,1921],{},[910,1918,912],{},[910,1920,1051],{},"是个很有悟性的人。(2010-03-18)",[904,1923,1924],{},"网友：网易丁磊：活一千年的“不”哲学",[904,1926,1927,1928],{},"http：\u002F\u002F",[915,1929,1933],{"href":1930,"rel":1931},"http:\u002F\u002Fwww.ceconline.com\u002Fleadership\u002Fma\u002F8800053023\u002F01\u002F",[1932],"nofollow","www.ceconline.com\u002Fleadership\u002Fma\u002F8800053023\u002F01\u002F",[904,1935,1936],{},"反复看了几遍，真正的企业家，更看到段总思想的影子，喜欢这样的企业家，拥有这样的企业的股票也是最放心的。基业长青，成就百年老店。",[904,1938,1939,1942],{},[910,1940,1941],{},"段永平：丁磊是个很有悟性的人"," 。（2010-03-18）",[904,1944,1945,1946,1948,1949,1951,1952,1954,1955,1957,1958,1960,1961,1963],{},"网友：写中国互联网历史的《沸腾十五年》里提到",[910,1947,1051],{},"向段总请教出售",[910,1950,599],{},"的问题。",[910,1953,1436],{},"反问他：“卖了公司之后干嘛？”",[910,1956,1051],{},"说：“我卖了公司有钱后再开一家公司。”",[910,1959,1436],{},"笑了：“你现在不就在做一家公司，为何不做好呢？”听了这番话，",[910,1962,1051],{},"如梦初醒，决定放弃门户模式。想和段总求证下，大概的情形是这样吗？",[904,1965,1966,1968],{},[910,1967,912],{}," 所以说媒体有时候很可怕。在我的记忆当中，这段对话是有的，但对话后的“如梦初醒”则完全不知道别人是如何杜撰出来的。",[904,1970,1971,1972,1974,1975,1977,1978,1980],{},"客观讲，个人记忆当中，如果我对",[910,1973,599],{},"或",[910,1976,1051],{},"有过帮助的话，那可能就只有当年的这段对话，那就是劝他不要在2美元(相当于现在的0.5美元)一股的时候把",[910,1979,599],{},"卖给新浪。",[904,1982,1983,1984,1986,1987,1989,1990,1992],{},"至于如果没有这个对话是否",[910,1985,1051],{},"就一定会把",[910,1988,599],{},"卖给新浪，我们大概永远都无法知道了。我个人的猜测是即使没有我们的对话，",[910,1991,1051],{},"也是不大可能会卖的，因为他就是因为不想卖才会和我聊起这事的。也许我们的对话只是把他的想法从80%肯定到了100%而已。(2011-01-11)",[904,1994,1995],{},"网友：最近看中国互联网历史的《沸腾15年》里说关于丁磊向段总请教出售网易的问题：段永平反问他：“卖了公司之后干吗？”丁磊说：“我卖了公司有钱后再开一家公司。”段永平笑了：“你现在不就在做一家公司，为何不做好呢？”听了这番话，丁磊如梦初醒，决定放弃门户模式。想和段总求证下，大概的情形是这样吗？",[904,1997,1998,2000],{},[910,1999,912],{}," 所以说媒体有时候很可怕。在我的记忆当中，这段对话是有的，但对话后的“如梦初醒”则完全是别人不知道如何杜撰出来的。",[904,2002,2003],{},"客观讲，个人记忆当中，如果我对网易或丁磊有过帮助的话，那可能就只有当年的这段对话，那就是劝他不要在$2块（相当于现在的$0.5）一股的时候把网易卖给新浪。",[904,2005,2006],{},"至于如果没有这个对话是否丁磊就一定会把网易卖给新浪，我们大概永远都无法知道了。我个人的猜测是即使没有我们的对话，丁磊也是不大可能会卖的，因为他就是因为不想卖才会和我聊起这事的。也许我们的对话只是把他的想法从80%肯定到了100%而已。（2011-01-11）",[904,2008,2009,2010,2012],{},"网友：我猜测既然媒体会知道您二位的对话，那应该是",[910,2011,1051],{},"先生对他们讲的。",[904,2014,2015,2017,2018,2020,2021,2023],{},[910,2016,912],{}," 我想了一下，也不太可能是",[910,2019,1051],{},"讲的，因为",[910,2022,599],{},"根本就没有放弃过门户。(2011-01-12)",[904,2025,2026],{},"网友J：属于有合同，就直接确认了收入了。在国内合同没有用的，关键在于收款。国外人确很看重合同。网易是合同签订了，但是执行可能会有一点问题，结果丁磊主动发现了问题。这种东西还需要找律师咨询，老段在中国拼打了这么多年，中美差异了然于胸。这就是由于中美的信息不对称导致的估值差异。",[904,2028,2029,2031],{},[910,2030,912],{}," 是那么回事。当时最重要的是判断是否是有意作假以及以后是否还会做，官司的影响实际很小。（2011-09-27）",[904,2033,2034,2036],{},[910,2035,912],{}," 因为丁磊就是个大孩子，那么多钱放他手里不放心，虽然股价证明我可能卖错了。（2018-09-30）",[904,2038,2039,2040,2043],{},"说丁磊是个大孩子绝对不是贬义啊！",[910,2041,2042],{},"大孩子的意思是虽然是大人，但非常单纯，不会算计人，做朋友很好啊"," 。至于卖掉大部分网易股票，事实证明也是不对的哈，虽然当时卖是为了换Yahoo，后来又都换了苹果，但要都留到今天似乎收益好像还要好点。（2018-10-05）",[904,2045,2046,2047,927],{},"网友：为什么卖",[910,2048,599],{},[904,2050,2051,2053,2054,2056],{},[910,2052,912],{}," 因为",[910,2055,1051],{},"就是个大孩子，那么多钱放他手里不放心，虽然股价证明我可能卖错了。",[904,2058,2059,2060,2062,2063,2065,2066,2068],{},"说",[910,2061,1051],{},"是个大孩子绝对不是贬义啊！大孩子的意思是虽然是大人，但非常单纯，不会算计人，做朋友很好啊。至于卖掉大部分",[910,2064,599],{},"股票，事实证明也是不对的哈，虽然当时卖是为了换雅虎，后来又都换了",[910,2067,1103],{},"，但要都留到今天似乎收益好像还要好点。(2018-10-05)",[904,2070,2071,2073],{},[910,2072,912],{}," 丁磊不会干这种傻事的。",[904,2075,1055,2076,2078],{},[910,2077,599],{},"拒绝参加文博会（是想做成ChinaJoy中国国际数码互动娱乐展览会），也有个性。",[904,2080,2081,2083,2084,2086],{},[910,2082,912],{}," 呵呵，我想",[910,2085,599],{},"是对的。（2011-12-22）",[904,2088,2089,2090,2092,2093,2095],{},"网友：《",[910,2091,1051],{},"，说不大师》这篇文章大意就是讲",[910,2094,1051],{},"很保守，导致了公司仅仅游戏项目成功，其他毫无亮点，你怎么看？",[904,2097,2098,2100,2101,2103,2104,2106,2107,2109,2110,2112],{},[910,2099,912],{}," 那些批评",[910,2102,1051],{},"的一定不如",[910,2105,1051],{},"。当然，",[910,2108,1051],{},"完全可以做得更好的，他现在高尔夫打不过我，电商做不过淘宝，跑步没有刘翔快。不知道有没有人去看看与",[910,2111,1051],{},"同期开始做企业的那些人里有多少比例是能活下来的？(2013-06-16)",[899,2114,2116],{"id":2115},"第四节-持有加仓与卖出","第四节 持有、加仓与卖出",[904,2118,2119],{},"网友：2001-2003年时，我读过很多次网易的报表（那时不是想买股票）。请教段老师一个无厘头的问题：即价值主体来源于信仰？",[904,2121,2122,2124],{},[910,2123,912],{}," 主要取决于对其生意的理解。也可以说是信仰自己对生意的理解。（2010-07-07）",[904,2126,2127,2128,2130,2131,2133],{},"网友：需要众人皆抛你独买的勇气啊，难道您买",[910,2129,599],{},"和",[910,2132,1129],{},"的时候没有感觉到不同于常人的豪情和勇气？",[904,2135,2136,2138,2139,2141,2142,2144],{},[910,2137,912],{}," 当有人非要把金子按铜的价钱卖给你的时候，你是不需要勇气的，你只要确认那真的是金就行了(有可能其实是镀金的铁块或石头)。买",[910,2140,599],{},"时我觉得有点孤独，好像这个世界就我一个人在买。买",[910,2143,1129],{},"时我很平淡，略微有点兴奋。我想可能是我有进步了。(2010-03-05)",[904,2146,2147,2148,2150],{},"“",[910,2149,599],{},"董事会批准股票回购计划，价值5000万美元。”(新闻)",[904,2152,2153,2154,2156,2157,2159],{},"网友：您当初买",[910,2155,599],{},"时是以什么方式对",[910,2158,599],{},"估值呢？",[904,2161,2162,2164,2165,2167,2168,2170],{},[910,2163,912],{}," 好像",[910,2166,1081],{},"讲过：有一个300斤的胖子走进来，我不用秤就知道他很胖。我买",[910,2169,599],{},"时可真没认真“估值”过。(2010-03-06)",[904,2172,2173,2174,2176,2177,2179],{},"说起孤独，让我想起当年买",[910,2175,599],{},"的时候。从开始买到",[910,2178,599],{},"跌破1美元满3个月的那天总共两个多月的时间里(这句话绕不？)，每天的买单可能有一半都是我的(每天只有几千股成交)，当时确实感觉很孤独，尤其是最后一天，居然一下买了接近50万股(相对于现在的200万股)。据说那天卖的人是害怕3个月满了会被摘牌。",[904,2181,2182],{},"买的那个人的想法非常简单，认为买的是公司，上不上市无所谓。孤独有时候确实价值连城。",[904,2184,2185],{},"网友：您怎么能等到1美元以下才下手呢，如果说低估十美元以下也可以算低估了，您恰恰又买在了最低价！这样也可能会错过一些不会这样大幅度低估的股票吧！",[904,2187,2188,2190],{},[910,2189,912],{}," 因为我发现ntes的时候他就是在1美元以下，所以是运气。我有一个朋友就是在掉到2块多时开始买的，后来也等到30-40块才卖的。（2010-03-06）",[904,2192,2193],{},"网友：如何去寻找您投资网易那样的投资机会呢？",[904,2195,2196,2198],{},[910,2197,912],{}," 网易这种投资机会是可遇不可求的，再说就算买了也很难拿得住，如果不能很好地了解和理解的话。（2010-03-15）",[904,2200,2201],{},"网友：阿段，去年我们家的那个放弃上海去了深圳和阿魏一起干，多少受了一点你的影响，不只是在做企业和做投资上。（选择对的事情做）这个月惊讶地发现你坚持写博客了，以你每个小时至少几十万的身价，却甘愿花时间和精力为大家答疑解惑，分享着你的经验和教训，让我们感受到你的善良、平和与宽容。现在趁着你最近还有兴趣写博客时借这个平台说声谢谢。",[904,2203,2204],{},"像你们这些睿智的大师分享着一些精神层面的东西，其实就是在推动社会进步。",[904,2206,2207,2209,2210,2213],{},[910,2208,912],{}," 呵呵，又接了顶“大师”的帽子，好重。能和大家在这分享经验和教训，对我也是一种帮助，同时也是一个反省的好办法。至于每小时几十万的身价，呵呵，谁封的啊，不要搞得我以后有压力啊。以后打场球就花几百万，这日子有点不会过了。",[910,2211,2212],{},"反正我赚钱早晚也都是拿去捐的，如果在这能帮到人也一样"," 。向你家的那个问个好。（2010-03-23）",[904,2215,2216],{},"网友：那网易，段总是从多少块买到多少块再买到多少块的呢？",[904,2218,2219,2221],{},[910,2220,912],{}," 最早的大部位是从大概0.8-1块左右。后来又陆陆续续有进有出一些。（2010-03-26）",[904,2223,2224],{},"网友：希望您能谈谈当初对网易的理解，为何能坚持到80多元？",[904,2226,2227,2229],{},[910,2228,912],{}," 你要了解一个公司才能坚持啊。我能坚持就是因为我了解。顺便说一下，其实当时70-80我也没卖，不知道为什么大家都说我卖了？（2010-03-26）",[904,2231,2232,2233,2235],{},"网友：您怎么判断出",[910,2234,599],{},"的价值呢？因为了解吗？",[904,2237,2238,2240],{},[910,2239,912],{}," 是的。就像自己经营的公司。(2010-03-27)",[904,2242,2243],{},"网友：那您是怎么判断出网易的价值的呢？是因为了解吗？",[904,2245,2246,2248],{},[910,2247,912],{}," 是的。就像自己经营的公司。（2010-03-27）",[904,2250,2251,2253],{},[910,2252,912],{}," 这是很多人提的问题。",[904,2255,2256],{},"我其实也没有答案。",[904,2258,2259],{},"但是我有个理解，就是无论什么时候卖都不要和买的成本联系起来。",[904,2261,2262],{},"该卖的理由可能有很多，唯一不该用的理由就是“我已经赚钱了”。",[904,2264,2265],{},"不然的话，就很容易把好不容易找到的好公司在便宜的价钱就卖了（也会在亏钱时该卖的不卖）。",[904,2267,2268],{},"买的时候也一样。买的理由可以有很多，但这只股票曾经到过什么价位最好不要作为你买的理由。",[904,2270,2271],{},"我的判断标准就是价值。",[904,2273,2274],{},"这也是我能拿住网易8-9年的道理。",[904,2276,2277],{},"我最早买网易大概平均价在1块左右（相当于现在0.25），大部分卖的价钱大约在30-35（现在价）左右。",[904,2279,2280],{},"在持有的这8年到9年当中，我可能每天都会被卖价所诱惑，我就是用这个道理抵抗住诱惑的（其实中间也买卖过一些，但是很小一部分）。",[904,2282,2283],{},"我卖的理由是需要换GE和Yahoo。所以为什么卖网易的问题已经回答过了。",[904,2285,2286],{},"我会一直保留一些网易的股票的。（2010-03-27）",[904,2288,2289,2291],{},[910,2290,912],{}," 网易分过一次股，1分4。就是如果你原来有一股现在变成4股。所以现在的40块相当于最早的160块。（2010-03-27）",[904,2293,2294],{},"网友：您坚守网易股票9年之久，利润也赚上百倍，我想请教的是：我听您说过卖了一部分网易而买YAHOO和GE，为什么是卖部分而不是全部呢？",[904,2296,2297,2299],{},[910,2298,1436],{}," ：没卖全部的意思是留了一些作纪念。网易对我还是很特别的，所以不想都卖了。（2010-03-28）",[904,2301,2302],{},"网友：最想问段总的一个问题：投资是为了赚钱吗？",[904,2304,2305,2307,2308,2311],{},[910,2306,912],{}," 呵呵，这个问题有意思。我想，对大多数人而言，投资当然是为了赚钱吧。投资的过程也是很有乐趣的。所以对我个人而言，享受过程可能更重要，因为结果已经不那么重要了。",[910,2309,2310],{},"不过，好的结果还能帮到别人，也算是个不错的副产品"," 。（2010-04-24）",[904,2313,2314],{},"网友：您买了股票后，一般花多少时间和精力在该公司上？",[904,2316,2317,2319],{},[910,2318,912],{}," 呵呵，说不清楚。有时之前花得多，有时买后还要花很多时间，尤其是当标的已经达到基本目标价以后，对其价值的判断还是挺重要的。比如，我对网易后来的发展就花了很多时间，不然没可能大部分拿到120-140倍才卖。（2010-05-05）",[904,2321,2322],{},"网友：巴老50岁时约等于现在的名义资产20亿（市值约40亿）。我估段老师的资产约20亿弱。段老师才49岁，属于成熟青年，是否跑赢巴老就是PK今年啦。段老师加油！",[904,2324,2325,2327],{},[910,2326,912],{}," 呵呵，谋事在人，成事在天啊。有PK的想法对投资可不是什么好事。其实我不太清楚我自己的身价（好像光网易我就赚了有20亿rmb了），钱够用就行了，多出来的都是责任和乐趣，千万别成了负担。（2010-05-05）",[904,2329,2330],{},"网友：段总卖网易方显英雄本色，一般等到升到二三十倍卖就很厉害了，升一百倍过程之中怎么顶住没卖的？是心中有个确定的价值吗不到那个位（100倍左右）坚决不卖？如果是，这个价值位怎么估出来的？",[904,2332,2333,2335,2336,2339,2340,2342],{},[910,2334,912],{}," 事实上，网易涨到20-30倍时我们还追加了一些。能够拿得住的最主要原因还是对公司及其业务的了解，还有就是",[915,2337,12],{"href":2338},"\u002Fpingchangxin","了，不要去想买入的成本，把焦点放在能理解的未来",[915,2341,82],{"href":917},"上。（2010-05-13）",[904,2344,2345],{},"网友K：请教段总你这里有没有当年（2001年）网易的财报？请教2001年买进网易时它的市值和PB大约是多少？",[904,2347,2348,2350],{},[910,2349,912],{}," 我买的时候市值大概在2000多万（不到3000万）。其他不记得了。（2010-05-28）",[904,2352,2353],{},"网友：这时一般最好理性地重新评估一下，不一定要急着卖。",[1160,2355],{},[904,2357,2358],{},"您的这句话是否可以这样理解：我之前设置的卖点，应该不断地总结和调整，甚至说每一次想卖出的时候，可以反过来假设当成买点来思考一下，如果认为在这个地方买似乎也说得过去那就可以延迟卖掉，如果是这样的话，您的这句话给我一个新的启发了，所有的卖点和买点都要动态的看，或者我要卖出的时候要重新算一下赔率，如果不卖赚的概率大还是亏的概率大，我大概有点明白你的意思了。",[904,2360,2361,2363],{},[910,2362,912],{}," 我一般买股票时会有个基本判断，就是最少值多少钱（有点像巴菲特评中石油），到了以后应该看看到底应该是多少钱。",[904,2365,2366],{},"这些年有经验也有教训。以前网易每一次到目标后我都认真重新评估一次，不然不会拿了8年多，正好一个抗战。万科到了基本价以后就没有重新评估就卖了，少赚了很多。",[904,2368,2369],{},"股票掉的时候也是一个动力区重新评估自己持有的股票，看看买的理由是不是有变化（比如买过UNG，认真看过后发现买错了，就斩仓了，不然的话，留到今天要多亏几千万。）",[904,2371,2372],{},"理性地讲，评估一个公司的投资价值不应该和股价起跌有关，但往往人是需要有些压力的。（2010-09-21）",[904,2374,2375],{},"网友：段总，能说说你的慈善心路吗？",[904,2377,2378,2380],{},[910,2379,912],{}," 喜欢投资，不会花钱，不想留太多钱给小孩，所以必须找到办法把钱有意义地花出去。花这种钱比赚钱难多了。（2011-04-25）",[904,2382,2383],{},"网友：段总在2010年度慈善家捐赠排行榜前十啊，向段总您致敬！",[904,2385,2386,2388],{},[910,2387,912],{}," 慈善不是比赛，出这种榜的人缺德。（2011-04-28）",[904,2390,2391],{},"网友J：这文章来源不明，好像有的地方说得不准确。“100多倍的利润，他居然无动于衷”，我记得@大道无形我有型不是全部都hold住到100多。另外，关于网易诉讼那个，好像判断是风险很小（即使败诉）因为不是故意造假，是收入确认的问题，而且是公司自己主动披露的，不是败诉的可能性很小。或许我记错了。",[904,2393,2394,2396],{},[910,2395,912],{}," 你记得也没错。不过我100倍时我确实绝大部分都没卖，只是人家问的时候刚好是哪个价格而已。今天我也依然是网易的股东，只是股票很少了而已。留下的这些网易光卖call都累计收了快20块／股了，也不知道是谁的钱。（2011-09-27）",[904,2398,2399,2401],{},[910,2400,912],{}," 你能得出这个结论来说明你真不一般。（2011-10-19）",[904,2403,2404],{},"网易董事会批准股票回购计划价值5000万美元（2011-12-01）",[904,2406,2407],{},"网易今天宣布，公司董事会已经批准了一项新的股票回购计划，此次回购规模高达5000万美元。根据此新的股票回购计划，网易将在不超过三个月的时间内回购完价值5000万美元流通在外的美国存托股票……",[904,2409,2410],{},"网友：虽然你是成功投资人，不过我认为你当年投资网易时，真那么确定他能有今天的成功？",[904,2412,2413,2415],{},[910,2414,912],{}," 我投资成功其实主要是靠运气，对吧？当年确实不知道网易会有今天这么成功，不然我会买更多的。不过，我当时确实把自己手头的活钱都放进去了。作为刚刚开始投资的第二年能这么做回想起来确实不容易，我觉得首先应该感谢…… 。事后很多人包括有媒体问过我当时为什么那么勇敢，我才知道原来我不光运气，还勇敢，呵呵。（2012-01-10）",[904,2417,2418],{},"网友：找到网易这样的公司很重要，拿住更重要，涨一百多倍无动于衷尤其重要，最最重要的是涨了一百多倍不掉下来，",[904,2420,2421,2423,2424,2427],{},[910,2422,912],{}," 大概很少有人在涨了100倍依然不动心的，所以最关键的还是平常心去看",[915,2425,104],{"href":2426},"\u002Fjibenmian","，忘记成本，忽略市场。（2012-03-14）",[904,2429,2430],{},"06．博文：《回答博友提问》",[904,2432,2433],{},"网友R：弱弱地求教下，大道当时是从什么地方怎么看懂他们不会这么干的？主要倒不是会计数据方面，这方面还可以猜猜，但道德水准就完全不懂了。",[904,2435,2436,2438,2439,2442],{},[910,2437,912],{}," 这个问题不容易回答，因为没有简单的解。不过，",[910,2440,2441],{},"你可以想象一下你认识的所有熟悉的人（或者公司），你会发现实际上很多情况下你是可以判断谁你能信得过谁你绝对信不过的。这种判断不是充分的，但概率上很重要"," 。（2012-05-22）",[904,2444,2445],{},[910,2446,2447],{},"问答：",[904,2449,2450],{},"不明真相的群众：不过，他也一直不是很享受上市这个事情。",[899,2452,2454],{"id":2453},"第五节-梦幻情缘与近况","第五节 梦幻情缘与近况",[904,2456,2457],{},"网友：（网友劝大道回归梦幻西游）",[904,2459,2460,2461,2463],{},"大道：真玩不了，太花时间。不过我很喜欢梦幻，但真的没办法每天花几个小时在里面。以前是因为拿着",[910,2462,599],{},"股票，有个了解公司的理由。也许哪天会再去买台PC，从新手区打到59级啥的，谁知道呢。（2026-04-02）",[904,2465,2466],{},"网友：想象大道在游戏里建了一个帮派的画面，仿佛老巴的格雷厄姆多德俱乐部。",[904,2468,2469],{},"大道：大道无形我有型就是我梦幻里的龙宫号的名字。（2026-04-03）",[904,2471,2472],{},"网友：大道老师会经常在国外论坛上分享投资看法吗？",[904,2474,2475,2476,2479,2480,2482,2483,2485],{},"大道：最早在",[910,2477,2478],{},"Yahoo","财经和seeking阿尔法上发表过一点点，但英文不够好，而且使用不方便。后来是在",[910,2481,599],{},"博客，再后来",[910,2484,599],{},"把博客关了，就只在雪球上了。（2026-04-14）",[904,2487,2488,2489,2491],{},"网友：请教大道，您对",[910,2490,599],{},"买了9亿美金拼多多股票怎么看？",[904,2493,2494,2495,2497],{},"大道：我不知道啊。如果是真的也不难理解。",[910,2496,599],{},"现金多，也需要找合适的投资标的的吧？（2026-05-15）",[904,2499,2500],{},"网友：我在游戏里喜欢买皮肤，也很好理解。",[904,2502,2503],{},"大道：是的，皮肤是个非常好的点，那个也是情绪价值。梦幻里皮肤已经卖了20多年了，到现在好像据说还经常创新高。（2026-08-15）",[904,2505,2506],{},"网友：段大佬的投资成功，还有一个甚至超过公司够好还重要的因素，就是他到了一个流动性充裕的地方。流动性充裕在决定投资成功与否上的重要程度，某种意义上超过了公司是否够好。对吗，大佬？",[904,2508,2509],{},"大道：我买网易的时候网易根本就没有什么流动性。流动性只影响交易的方便度，对价值没影响。（2026-07-28）",[904,2511,2512],{},"网友：当年网易要是也卖put那就没有后来几十倍的传奇了",[904,2514,2515],{},"大道：你这是教条主义啊！我要再碰到网易那种机会会直接买下公司的。其实当年就是这么打算的，但碰到一些内部阻碍，才逼的我自己个人全仓买了网易，还借了一些钱（不是margin哈）。（2026-08-14）",{"title":2517,"searchDepth":15,"depth":15,"links":2518},"",[2519,2520,2521,2522,2523],{"id":901,"depth":15,"text":902},{"id":1164,"depth":15,"text":1165},{"id":1885,"depth":15,"text":1886},{"id":2115,"depth":15,"text":2116},{"id":2453,"depth":15,"text":2454},"md",{},true,"\u002Fdao\u002Fqanda\u002Fwenda-company-netease",{"title":599,"description":601},"网易｜段永平投资问答录","dao\u002Fqanda\u002Fwenda-company-netease",[567,599,1051,2532],"游戏","ALaikDMfLyKEZeT4x5fnwXPAhWeHShVLMgynSEG0jRs","dao",[2536,2537,2538,2539,2540,2541,2542,2543,2544,2545,2546,2547,2548,2549,2550,2551,2552,2553,2554,2555,2556,2557,2558,2559,2560,2561,2562,2563,2564,2565,2566,2567,2568,2569,2570,2571,2572,2573,2574,2575,2576,2577,2578,2579,2580,2581],{"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,"o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