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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":420,"body":895,"category":416,"chapterOrder":9,"date":10,"description":422,"extension":2822,"meta":2823,"navigation":2824,"order":423,"path":2825,"seo":2826,"seoDescription":422,"seoTitle":2827,"slug":421,"source":10,"sourceDate":10,"sourceUrl":10,"stem":2828,"tags":2829,"type":424,"volume":425,"volumeOrder":9,"__hash__":2831,"_collection":2832},"dao\u002Fdao\u002Finvestment-logic\u002Fwenda-invest-01.md",{"type":896,"value":897,"toc":2815},"minimark",[898,903,907,914,917,923,926,931,941,950,955,958,963,966,975,978,983,986,991,998,1005,1008,1014,1017,1023,1026,1029,1042,1045,1050,1053,1062,1065,1077,1093,1107,1110,1113,1118,1121,1124,1130,1133,1138,1141,1147,1152,1155,1164,1174,1178,1183,1186,1191,1194,1199,1204,1207,1210,1213,1216,1221,1224,1227,1232,1237,1240,1243,1246,1251,1254,1259,1262,1267,1270,1275,1280,1283,1288,1291,1294,1300,1305,1308,1313,1318,1323,1332,1335,1340,1343,1348,1353,1356,1362,1368,1371,1376,1386,1392,1399,1404,1409,1414,1419,1422,1427,1430,1435,1440,1443,1451,1456,1459,1462,1469,1472,1477,1480,1485,1488,1493,1501,1504,1513,1516,1521,1526,1529,1534,1539,1542,1545,1550,1557,1562,1565,1570,1573,1578,1583,1586,1591,1594,1603,1606,1611,1614,1619,1622,1627,1630,1635,1640,1645,1648,1653,1656,1662,1667,1676,1682,1694,1697,1705,1708,1711,1714,1717,1720,1726,1729,1734,1737,1742,1745,1748,1751,1756,1759,1765,1768,1773,1776,1781,1784,1787,1792,1802,1807,1817,1820,1825,1828,1833,1852,1858,1863,1866,1869,1872,1875,1878,1883,1894,1899,1905,1921,1932,1942,1958,1966,1969,1972,1975,1999,2002,2010,2018,2021,2025,2030,2033,2036,2051,2054,2059,2068,2082,2085,2092,2095,2098,2105,2108,2113,2126,2131,2143,2148,2151,2154,2159,2162,2167,2170,2173,2178,2183,2188,2193,2198,2203,2206,2216,2219,2224,2227,2232,2241,2244,2247,2252,2255,2258,2263,2266,2274,2277,2282,2296,2299,2304,2307,2310,2315,2318,2321,2324,2332,2343,2346,2349,2354,2357,2362,2368,2374,2380,2383,2386,2395,2401,2410,2419,2425,2431,2436,2442,2446,2452,2463,2466,2474,2483,2486,2494,2497,2502,2505,2513,2516,2521,2524,2533,2540,2543,2546,2549,2554,2560,2567,2570,2575,2578,2584,2587,2592,2595,2600,2609,2614,2617,2622,2625,2630,2633,2638,2641,2646,2654,2658,2661,2666,2669,2674,2677,2685,2694,2699,2702,2707,2711,2717,2720,2725,2728,2731,2739,2742,2748,2751,2754,2757,2760,2763,2766,2774,2782,2785,2788,2791,2794,2800,2803,2806,2809,2812],[899,900,902],"h2",{"id":901},"第一节-买股票就是买公司","第一节 买股票就是买公司",[904,905,906],"p",{},"网友：投资大师的一句话也许就改变了我们小散户的一生，希望段总不吝赐教，感激不尽。",[904,908,909,913],{},[910,911,912],"strong",{},"段永平"," ：如果有这么一句话，可能就是“买股票就是买公司”。我曾对老巴讲我从他那里学到的最重要的一句话，然后他说，这正是他从格拉汉姆哪儿学到的最重要的一句话。（2010-05-23）",[904,915,916],{},"网友：您在经历上与巴菲特有相似之处，有条件将公司的管理经验运用到实际的投资当中去。那么，您在完成这种跨越的时候有什么经验吗？",[904,918,919,922],{},[910,920,921],{},"段永平："," 没觉得有什么本质区别。（2010-10-26）",[904,924,925],{},"网友：这里有个问题想请教下段大哥：从根本上来说，我是喜欢投资的，但也积累点企业运营经验，对于企业的发展还是可以贡献点微薄力量的，我从一个小投资者转变为所投企业的管理者，这二者应该不矛盾吧？毕竟，现今我对于该企业的发展及经营情况，了解得更透彻、更深入了。我这样做对于投资来说，有问题吗？",[904,927,928,930],{},[910,929,921],{}," 你去看看老巴是怎么说的就明白了。（2011-08-20）",[904,932,933,935,936,940],{},[910,934,912],{}," ：对投资而言，很重要的一点是你能把上市公司看成非上市公司，然后",[937,938,216],"a",{"href":939},"\u002Flixing","地去想应该怎么做。（2012-11-11）",[904,942,943,945,946,949],{},[910,944,921],{}," ",[910,947,948],{},"“买股票就是买公司”这句话会说的人非常多，但我几乎没见过真的骨子里真的理解并相信这句话的--我知道的人里面大概不超过5个（包括巴菲特和芒格在内）--当然，这是因为我知道的人很少的缘故。"," （2013-04-11）",[904,951,952,954],{},[910,953,921],{}," 其实老巴这么多年讲来讲去就是那一句话，买股票就是买公司（2014-03-03）",[904,956,957],{},"网友：请教大道，巴菲特说过：我是个好投资家，因为我是一个企业家。我是个好企业家，因为我是投资家。我也问过方丈，企业家与投资家的区别，他说：“企业家成功一次就够了，而投资家需要成功多次。请教大道，您认为投资跟经营在具体方法论层面有啥区别没有？",[904,959,960,962],{},[910,961,921],{}," 没觉得投资和自己经营企业有什么大区别。不同的地方是投资时是你认同的人在经营。（2019-04-06）",[904,964,965],{},"网友：大道你已经财富自由了，推动你持续做投资的动力是什么？",[904,967,968,970,971,974],{},[910,969,921],{}," 投资很有意思，是个非常好玩的游戏，我很喜欢(享受\u002Fenjoy)一-很多年前我问过",[910,972,973],{},"巴菲特","先生这个问题，这是他当时的回答(大致意思)。",[904,976,977],{},"网友：大道，您有信仰吗？",[904,979,980,982],{},[910,981,921],{}," 当然有信仰，比如买股票就是买公司。",[904,984,985],{},"网友：我指的是宗教之类的。",[904,987,988,990],{},[910,989,921],{}," 我明白你说的是什么，现在轮到你来明白我说啥了哈。",[904,992,993,994,997],{},"网友：大道的“宗教”信仰就是",[937,995,17],{"href":996},"\u002Fzuoduideshiqing","。",[904,999,1000,1002,1003,997],{},[910,1001,921],{}," 是的，所谓信仰就是要",[937,1004,17],{"href":996},[904,1006,1007],{},"网友y：非常感谢大道的分享，我的理解，这是个知行合一的过程：知道、悟道、信道、行道（即做到）。很高兴自己正在践行中。",[904,1009,1010,1013],{},[910,1011,1012],{},"段永平：巴菲特自己说，在遇到格雷汉姆之前，他也和很多人一样，关注的是价钱、成交量等等。当我告诉他我从他那里学到的最重要的东西是“买股票就是买公司”时，他非常兴奋地说这正是我从我老师那学到的东西"," （“That's exact what I learnt from Graham.”）。",[904,1015,1016],{},"网友：什么样的人是价值投资者？",[904,1018,1019,1022],{},[910,1020,1021],{},"段永平：我从一开始就是个价值投资者。我买股票时总是假设如果我有足够多的钱的话我是否会把整个公司买下来。"," （2010-03-27）",[904,1024,1025],{},"很重要的一点是你能把上市公司看成非上市公司，然后理性地去想应该怎么做。（2012-11-11）",[904,1027,1028],{},"网友：段总讲的有大道理！巴菲特的价值投资根本就是一种信仰：一种要实现价值投资信念（又称理念）的持久行动的过程！",[904,1030,1031,1033,1034,1037,1038,1041],{},[910,1032,921],{}," 价值投资根本就不是信仰的问题！当你想全部买下一个你想买的公司时，难道会是由信仰决定的？",[910,1035,1036],{},"买股票就是买公司"," ，不是信仰的问题。",[910,1039,1040],{},"这一关不过，千万别说自己是价值投资者"," 。（2011-05-09）",[904,1043,1044],{},"网友：先不谈风险，一个生意四年能回本，能不能投？",[904,1046,1047,1049],{},[910,1048,921],{}," 先不谈风险的投资能叫投资么？",[904,1051,1052],{},"网友：价值投资真的难啊，买股票就是买公司，问题是怎样确定这家企业的竞争优势，而且更重要的是确定这种优势的持续性。",[904,1054,1055,1057,1058,1061],{},[910,1056,912],{}," ：",[910,1059,1060],{},"如果你觉得价值投资难的话，意思大概就是你有更容易的赚钱办法？逻辑上（统计上）来讲，价值投资是最容易赚钱的办法，因为别的办法只会更难。"," （2011-05-12）",[904,1063,1064],{},"网友：您有支持您人生的信仰吗？",[904,1066,1067,1069,1070,1073,1074,997],{},[910,1068,921],{}," 我是有信仰的，但我没有宗教，我相信有道理的东西。以投资为例，我只要知道一个公司长远能赚钱，它的股价一定能跟上，所以就能忽略市场短期的波动。如果你没有这种信仰，就可能每天都去看今天有什么消息，股票会涨还是会掉。但如果你懂了一个公司，不管怎么涨跌，它还是那家公司。所以需要理解它的",[937,1071,129],{"href":1072},"\u002Fqiyewenhua","和",[910,1075,1076],{},"生意模式",[904,1078,1079,1080,1083,1084,1086,1087,1089,1090,1092],{},"网友：",[910,1081,1082],{},"比尔·盖茨","说",[910,1085,973],{},"有很强烈的宗教信仰感，这让我挺意外的。我记得您说您对宗教的态度和",[910,1088,973],{},"差不多，您了解的",[910,1091,973],{},"是怎样的？",[904,1094,1095,1097,1098,1100,1101,1073,1103,1106],{},[910,1096,921],{}," 我理解的“宗教”大概就是信仰的意思，就是说心里有些“必须相信”的东西。我的宗教态度确实和",[910,1099,973],{},"一样，我们都信仰他对投资的理解一-买股票就是买公司。买股票就是买公司这句话会说的人非常多，但我几乎没见过骨子里真的理解并相信这句话的-我知道的人里面大概不超过5个(包括",[910,1102,973],{},[910,1104,1105],{},"芒格","在内)一当然，这是因为我知道的人很少的缘故。",[904,1108,1109],{},"网友：当我第一次看到您讲的“买股票就是买公司”的话时，我的内心就有一种被震撼的感觉，真的是这样。当悟到这个道理后，内心的喜悦比得到多少钱还高兴。我曾经试着把这个理念讲给我的几个朋友，但是我发现很难，怎么讲他们都觉得这不可能，还给我讲了很多什么大资金怎么样了，散户又怎么样了，行情又怎么样了，这一波过去又怎么样了，......等等之类的“炒”的概念。",[904,1111,1112],{},"我最近突然有个感悟：投资这个东西，可能是天生的，这个东西可能是学不会的，正如您说，懂的人一说就懂了，不懂的人怎么说都不懂。其实也没有什么要问，就是感觉我们是同类，不说一下不舒服。顺便感谢一下大道，各方面的受益都很好，非常感谢！",[904,1114,1115,1117],{},[910,1116,921],{}," 道的东西确实难教，必须要靠自己悟。心中无道的人你怎么说也是没用的。大多数人都是不容易open的，很难接受跟自己以前认识不同的东西。我有时候感觉很奇怪的是，如果是个已经很成功的人，不太接受新东西我也能理解，因为人家已经有了足够成功的经历和理解了。现实中我看到的情况刚好相反，那些不open的人常常就是那些不太成功的人。",[904,1119,1120],{},"举个例子，炒了30年股票（也许10年，20年）都不赚钱的人，当我说老巴时，人家居然会说……布拉布拉的。（2019-04-11）",[904,1122,1123],{},"网友：价值投资者应当着重关注所投资公司的经营业绩和分享它的经营成果吗？但公司的经营成果与别人对公司股价产生的泡沫相比，往往有很大的差距。应如何取舍？",[904,1125,1126,1129],{},[910,1127,1128],{},"段永平：投资最简单的定义就是如果你有足够的钱你就想在这个价钱买下整个公司，然后把他下市。"," 但只有很少钱的话就只能买一小部分了。你先想想这是啥意思。（2010-03-26）",[904,1131,1132],{},"网友C：难怪BBK不急着上市了。每个人每个时期都有不同的需求。将上了市的公司下市的目的是什么？有这样的先例吗？",[904,1134,1135,1137],{},[910,1136,921],{}," 呵呵，倒不是真的要下市。意思是如果这不是一家上市公司，这个价你买吗？如果你说不买，那就不是价值投资。（2010-03-26）",[904,1139,1140],{},"04．【转载】芒格主义（2012-06-26）",[904,1142,1143,1144],{},"译文：",[910,1145,1146],{},"最重要的，是要把股票看作对于企业的一小片所有权，以企业的竞争优势来判断内在的价值。要寻找未来折现的现金利润比你支付的股价高的机会。这是很基础的，你得明白概率，只有当你赢的概率更大的时候才去下赌注。",[904,1148,1149,1151],{},[910,1150,921],{}," 很稀饭这句。（2012-06-26）",[904,1153,1154],{},"网友：那股票如何定价？假设当你全买下来的时候，你不去卖就不会有交易，没有交易股价怎么体现呢？所以证监法规要求上市公司必须是股份制是有道理的。交易就为了体现市场价格。",[904,1156,1157,1159,1160,1163],{},[910,1158,912],{}," ：不上市的公司有价值吗？",[910,1161,1162],{},"应该回到投资的最基本定义，就是：买股票就是买公司，和上不上市无关。"," （2010-04-26）",[904,1165,1166,1169,1170,1173],{},[910,1167,1168],{},"段永平：你们只要把这公司想象成一家非上市公司，没有股价的变化就明白了。不过，绝大多数人大概做不到这点。客观讲，没办法将一家公司看成非上市公司来投资的话，最后多数是会亏钱的。"," （",[910,1171,1172],{},"2012-04-13"," ）",[899,1175,1177],{"id":1176},"第二节-价值投资的定义","第二节 价值投资的定义",[904,1179,1180,1182],{},[910,1181,921],{}," 我说的“任何人都可以从事投资”的意思是我认为并没有一个“只有‘某种人’才可以投资”的定义。但适合投资的人的比例应该是很小的。可能是因为投资的原则太简单，而简单的东西往往是最难的吧。",[904,1184,1185],{},"顺便说一句什么是“简单”的“投资”原则：当你在买一只股票时，你就是在买这家公司！简单吗？难吗？（2010-02-07）",[904,1187,1188,1190],{},[910,1189,921],{}," 知道道理和真正懂（付诸实施）是有很大差别的。投资的目的到不一定是为了成大气候，至少这是个很好玩的事情。炒股如做人这话也许有道理，我要想想。（2010-03-28）",[904,1192,1193],{},"网友：有这么多人知道“奥马哈”和“价值投资”？那我们的日子岂不是越来越难过了。",[904,1195,1196,1198],{},[910,1197,921],{}," 不会的。真正懂的人永远是少数。（2010-05-27）",[904,1200,1201,1203],{},[910,1202,921],{}," 我个人认为大多数基金都很难真正做到价值投资，主要是因为基金的结构造成的。由于基金往往是用年来衡量考核，投资人也往往是根据其上一年的业绩来决定是否投进去。所以我们经常看到的现象是往往在最应该买股票的时候，很多基金却会在市场上狂卖，因为股东们很恐慌，要赎回。而往往股价很高时却有很多基金在狂买，因为这个时候往往有很多股东愿意投钱进来。",[904,1205,1206],{},"基金大部分是收年费的，有钱时总想干点啥，不然股东可能会有意见。",[904,1208,1209],{},"基金一般而言很难搞价值投资，因为一年（甚至一季度）一考核的机制是很难不做短线的。（2010-06-21）",[904,1211,1212],{},"巴菲特在格雷厄姆的基础上形成了自己更简单的投资策略，只有一句话：“我们的投资理念非常简单，真正伟大的投资理念常常用简单的一句话就能概括。我们寻找的是一个具有持续竞争优势并且由一群既能干又全心全意为股东服务的人来管理的企业。当发现具备这些特征的企业而且我们又能以合理的价格购买时，我们几乎不可能出错。”",[904,1214,1215],{},"网友：老段，问个问题，最近我再次翻看《富爸爸穷爸爸》系列图书，发现你走过的路和书上讲的如出一辙，是不是你当时也是看过这系列书，然后一步一步现实的？最初成为一个投资大师的？",[904,1217,1218,1220],{},[910,1219,921],{}," 我没看过系列，只翻了一下第一本，大概意思明白。就投资而言，到现在为止我还是个初学者。",[904,1222,1223],{},"投资有点像围棋，从20几级到超一流9段的所有人都叫会下棋，可差别太大了。如果说巴菲特算是顶尖超一流9段的话，我大概也就刚好一段（因为姓段）。（2010-07-07）",[904,1225,1226],{},"网友：“四十岁以下没有价值投资者”是巴菲特说的吗？我感觉不明白。",[904,1228,1229,1231],{},[910,1230,921],{}," 有人说是芒格说的。没有的意思大概是比较罕见的意思吧。（2010-09-06）",[904,1233,1234,1236],{},[910,1235,912],{}," ：本人觉得这节目做得很不错了，值得关注巴菲特的人反复看。",[904,1238,1239],{},"如果这个节目能做成《对话》特别版，分个上下集，让老巴和芒格多讲点当然会更好，但我觉得最重要的东西都在里面了。",[904,1241,1242],{},"还是那句老话，对看得懂的人来讲，这些也就够了。对看不懂的人，再多其实帮助也不大。（2010-10-18）",[904,1244,1245],{},"网友：为什么大多数人学不了巴菲特？是不是与好汉不吃眼前亏有关？",[904,1247,1248,1250],{},[910,1249,921],{}," 这个说法有道理。换句话说可能就是短视了。（2010-11-24）",[904,1252,1253],{},"网友：有个疑问，巴老和大道都说过适合做投资的人是很少的，如果没记错大致是百里挑一的意思？绝大部分人适合做指数基金。我的感觉也是如此。投资是一条很长的路，在做对的事情和把事情做对的路途上，不会知道是不是能到还是到达不了的绝大部分，正如大道说过价值投资其实是学不会的，但有悟性的人可以提高而已。“可以提高的”这部分人群比例是多少呢？",[904,1255,1256,1258],{},[910,1257,912],{}," ：可以提高的比例就是适合的比例。不适合的大概很难提高。从留言版的情况有时也能看出来，不明白的怎么说都是不明白的，回头还要怪老巴，呵呵。（2011-10-25）",[904,1260,1261],{},"网友：我也总是隔三差五的忍不住看看OPTIONS的情况，虽然知道做OPTIONS大体来讲是背离老巴的教诲，但总有那种冲动去做，钱少的时候，特别想快点致富，心态有问题啊..呵呵．几个月前终于忍不住，买了2012年1月到期的WFC在40块钱执行的CALL OPTION，不知道会出现什么结果……",[904,1263,1264,1266],{},[910,1265,921],{}," 呵呵，曾经有人（不止一次）对我说过：价值投资看起来有道理，但我需要赚些快钱，好像巴菲特和本人都不喜欢快钱一样。（2010-08-12）",[904,1268,1269],{},"网友：大家讨论价值投资都太强调“知”，其实“行”才更难做到，更别说“知行合一”了。",[904,1271,1272,1274],{},[910,1273,912],{}," ：不知知不易，恐将行更难。（2012-04-07）",[904,1276,1277,1279],{},[910,1278,921],{}," 理解价值投资不等于就能在股市上赚到钱，就像知道要“做对的事情”的人不一定具备“把事情做对”的能力一样。",[904,1281,1282],{},"“把事情做对”需要有很多年的辛苦积累，不是看一两本书或者上几个“高手”的博客就能学会的。（2012-04-26）",[904,1284,1285,1287],{},[910,1286,912],{}," ：大概是因为股东大会在即，最近听了很多巴菲特的讲话，每次听都觉得很有收获。我把能在网上找到的老巴的讲话都下载了，大部分是买的。youtube上有很多，是免费的，但看起来稍微有点不方便。主要内容：在几个大学的讲话，和charlie rose的对话以及电视采访等。如果能听懂的话，建议听听，感觉比看给股东的信更直接和有趣。",[904,1289,1290],{},"我也经常有很多地方听不懂，但反复听后发现大部分都能听懂，不知道是不是听力有点进步。",[904,1292,1293],{},"直接听的好处是：听到的东西是原汁原味的，对真正理解可能有帮助。（2012-04-30）",[904,1295,1296,1299],{},[910,1297,1298],{},"段永平：其实是大多数人拒绝学。如果大多数人真知道的话，他们就应该远离市场。对85%以上的人而言，学习巴菲特最好的办法其实就是远离股市。问题是没人知道是哪85%"," 。（2012-05-04）",[904,1301,1302,1304],{},[910,1303,921],{}," 芒格讲没见过40岁以下的价值投资者的意思大概不是人到40岁就自动可以成为价值投资者的吧？或许只有从年轻时就开始学价值投资的那些人，积累很多年以后才有机会成为价值投资者。（2012-05-10）",[904,1306,1307],{},"网友X：有，跟着有实业和投资经验的走。",[904,1309,1310,1312],{},[910,1311,921],{}," 哦，我也喜欢看老虎打球。（2012-05-11）",[904,1314,1079,1315,1317],{},[910,1316,1105],{},"说的是对的。专注根本的东西就是要排除不必要的信息，把精力放在最重要的事情上。",[904,1319,1320,1322],{},[910,1321,921],{}," 今天开车听广播时突然想起投资的不必要信息是非常多的，比如什么20天线、50天线啊，什么超买超卖啊等等。凡是过几年回头看觉得很无聊的信息都是应该被排除的。(2012-05-23)",[904,1324,1325,1327,1328,1331],{},[910,1326,921],{}," 能说的都说了，可“初学者”就是视而不见我有啥办法？能上道的早晚会的，但和我没关系。不过，",[910,1329,1330],{},"没人可以改变股市上85%以上的人会亏钱的现象。如果非要我指点一下的话，那就是最好远离股市，至少不亏钱，这句话可以帮到股市上85-90%的人。不过，我知道其实不会有人听这句话的"," 。（2012-09-20）",[904,1333,1334],{},"网友：我的理解就是：价值投资需要非常扎实的功底，对企业透彻了解的功底。",[904,1336,1337,1339],{},[910,1338,921],{}," 其实任何东西要做好了都需要有扎实的功底哈。所谓的“价值投资”就是买企业未来利润的意思，不懂企业就根本没办法做到这点。（2013-06-01）",[904,1341,1342],{},"网友：今天忽然明白了“做对的事情＋把事情做对”=复利，也理解了复利的伟大和艰难，其实这就是段兄说的投资或价值投资的意思，长期投资的含义也在里边了。",[904,1344,1345,1347],{},[910,1346,912],{}," ：艰难的说法比较怪，其实这是最不艰难的办法。（2014-04-28）",[904,1349,1350,1352],{},[910,1351,921],{}," 知难行易和知易行难其实不矛盾，一个说的是要做对的事情，一个说的是把事情做对。（2016-07-14）",[904,1354,1355],{},"网友：黄峥的投资理念 1。像创业一样投资（Invest like an entrepreneur）投资是买公司的长期的份额。像创业一样，在找到好的生意模式的同时，你需要找到好的企业家\u002FCEO作为合伙人。你需要长期愿意……",[904,1357,1358,1361],{},[910,1359,1360],{},"段永平：最早黄峥还在Google时是有过打算想和我一起做投资的想法的。但后来他总是觉得自己没有经营过企业，老是觉得自己在某个地方差点啥，最后就坚决滴回去了。"," 当时给了我一个无懈可击的理由：美国的中餐不好吃。我当时觉得作为独子的他内心真实的理由可能是因为他其实就是个孝子，不想离爸爸妈妈太远而已。（2018-09-15）",[904,1363,1364,1367],{},[910,1365,1366],{},"段永平：就像投资一样，一辈子悟不出来的多数都是由于自己拒绝去想长远的东西，短期的诱惑实在是太多了。"," （2019-01-18）",[904,1369,1370],{},"网友：大道，多数人不愿意慢慢变富为何故？",[904,1372,1373,1375],{},[910,1374,921],{}," 其实我也不愿意慢慢的变富，我只是不知道怎么才能快速变富而已。（2019-06-03）",[904,1377,1378,1385],{},[910,1379,1380,1381,1384],{},"其实",[937,1382,52],{"href":1383},"\u002Fjiazhitouzi","是所谓投资的唯一一条路，不存在什么捷径。不存在什么窍门。如果你想走轻松的路，我保证：它比艰难的路更长更痛苦"," 。（2019-07-30）",[904,1387,1388,1389,1391],{},"网友：我特别想知道",[910,1390,973],{},"给大道说的悄悄话是什么内容？",[904,1393,1394,945,1396],{},[910,1395,921],{},[910,1397,1398],{},"就是《功夫熊猫》里面那句话，阿宝老爸的秘方。",[904,1400,1401,1402,997],{},"网友：现在有一个比较好玩的说法是，A股不适合",[937,1403,52],{"href":1383},[904,1405,1406,1408],{},[910,1407,921],{}," 这个说法一直都有啊，A股是历史比较短的说法了。突然想起来其实美国很多很多年前也有很多特异功能的事。",[904,1410,1079,1411,1413],{},[937,1412,52],{"href":1383},"这条路对于我来说还很艰难，我会做好准备，踏实地走下去。",[904,1415,1416,1418],{},[910,1417,921],{}," 呵呵，在这么有乐趣有“钱途”的大道上干嘛那么一副苦大仇深的样子啊？",[904,1420,1421],{},"网友R：不防看看佛教的书，或许对“悟”有不一样的诠释。可能对投资有帮助。",[904,1423,1424,1426],{},[910,1425,921],{}," 就投资而言，我觉得不需要。不懂企业的人其实看什么都没用，包括这个博客。",[904,1428,1429],{},"网友：段总会经常逛逛雪球吗？感觉雪球有不少优秀的价值投资者，他们对自己感兴趣的投资标的的研究和理解还是很深刻的。",[904,1431,1432,1434],{},[910,1433,921],{}," 有时候会看看，还是觉得扔雪球的人比较多，滚雪球的人极少，但确实能见到一些扔雪球的高手。",[904,1436,1437,1439],{},[910,1438,912],{}," ：有些不碰股票的人，也可以是最好的价值投资者，因为他们懂价值投资最精髓的东西-不懂不碰，而且长期而言，他们的投资回报比股市上85%的人都好，因为他们没在股票上赔钱。",[904,1441,1442],{},"问：在别人眼中，你算是年少得志，无论做企业、还是做投资都很成功。你认为自己究竟强在哪里？",[904,1444,1445,1447,1448],{},[910,1446,921],{}," 我是个很普通的人，做的事是每个人都能做得到，只是我和他们的心态不同，譬如想快速致富。",[910,1449,1450],{},"他们常常会跟我说，阿段你说得很有道理，但是我要尽快赚钱。我说，你看，我比你有经验有能力，我都只能尚且如此，凭什么你就能快点？",[904,1452,1453,1455],{},[910,1454,921],{}," 其实，他这一句概括的还是格雷厄姆的三点：好业务、好管理、好价格。就是用相对于内在价值来说相当便宜的价格买入业务一流而且管理一流的优秀上市公司的股票。",[904,1457,1458],{},"公司好坏，比较容易分析，好人往往是大家公认的，好公司也往往是大家公认的。但你买入时支付的股价是便宜还是太贵，分析起来就难多了。",[904,1460,1461],{},"这么简单，为什么大部分人不做价值投资呢？",[904,1463,1464,1465,1468],{},"网友：这两天看又了一下巴菲特1984年为《证券分析》出版15年写的文章。",[910,1466,1467],{},"他说从来没见过一个人花10年的时间转到价值投资这条路上来。懂了就是立刻懂了。"," 我觉得真明白了的人无论有什么条件限制都会立刻开始动手做了。他后面给了9个例子非常好，但仔细读表里内容你会发现除了个退休基金时间较短，只有巴菲特自己在很长的时间里从来没亏过钱！这真的太厉害了！",[904,1470,1471],{},"从他的文笔和他准备这个短文花的心思你就能感到巴菲特真的多么出色，多么值得好好向他学习。",[904,1473,1474,1476],{},[910,1475,921],{}," 呵呵，老巴的东西就是好。（2010-03-27）",[904,1478,1479],{},"网友：记得你做客波士堂的时候曾经表示：中国没有巴菲特。而在最近的访谈中你谈到：中国已经有了一些价值投资者。哪些事情使你对中国的股民有了新的认识呢？",[904,1481,1482,1484],{},[910,1483,912],{}," ：我还是认为现在的中国没有巴菲特。我一直认为中国有很多价值投资者的。其实大部分投资者或多或少都是价值投资者来着，至少很多人是这么说也是很想这么做的。（2010-03-30）",[904,1486,1487],{},"网友：您认为索罗斯是不是投资？希望你不要回答，我只懂巴菲特，不知道索罗斯，他们玩的不是一个游戏没有可比性。",[904,1489,1490,1492],{},[910,1491,912],{}," ：呵呵，其实我知道的东西少的可怜。我就知道巴菲特这条路很好，肯定可以到罗马，可老是有一堆朋友问我索罗斯那条怎么样，还不许我说我不知道。我是真的不知道。（2010-03-31）",[904,1494,1495,1057,1497,1500],{},[910,1496,912],{},[910,1498,1499],{},"如果有谁还不太理解什么叫价值投资，看看巴菲特1984年写的这篇东西或许会很有帮助。哈哈，发现有人给翻译过来了，真是非常谢谢啊。"," （2010-04-02）",[904,1502,1503],{},"网友：愿透过这篇文章，能明白点什么叫价值投资。",[904,1505,1506,1508,1509,1512],{},[910,1507,912],{}," ：这篇文章讲的实际上是个概率事件，工科出身的人可能容易懂。我理解的大意就是，",[910,1510,1511],{},"长期来看价值投资者赚到钱其实不是运气！"," （2010-04-03）",[904,1514,1515],{},"网友：这篇文章我看了好几遍，发现有点矛盾．巴菲特说股票的市价是不合理的，和实际的价值是有偏差的．那么这里的不合理是短期还是长期的，如果是长期的话，无论它的价值是好还是坏，那么一个公司的实际价值不是永远没办法在股市上得到体现？那我们这些投资者怎么能从股市上获利呢？",[904,1517,1518,1520],{},[910,1519,912],{}," ：我觉得巴菲特说的是时点问题。就是说在某个时点，股价总是不合理的，可能高了，也可能低了。有点像马克思说的“价格总是围绕价值上下波动”。我比较喜欢马克思说的这句话。",[904,1522,1523,1512],{},[910,1524,1525],{},"你如果能想想一个非上市公司是否有价值（或价值是否能体现）可能就能明白你想问的问题。",[904,1527,1528],{},"网友：段总认为巴菲特的个人投资理念有什么独到之处，虽然价值投资的理念很简单，世界上也有很多人在做价值投资，但是能做到巴菲特这样的成就不多，巴菲特肯定有其过人之处吧？您是接触过他的，分享一下吧。",[904,1530,1531,1533],{},[910,1532,912],{}," ：我觉得他就是坚持的好。（2010-04-06）",[904,1535,1536,1538],{},[910,1537,912],{}," ：说一些和投资没那么直接相关的事：80岁的巴菲特和86岁的芒格在会上一讲（包括回答问题）就是近6个小时，好像身体好的很。第二天上午我见到他们时，依然觉得他们很精神，一点也没看出疲惫的样子。我突然觉得价值投资可能是个可以让人长寿的好办法。5号去听芒格讲，以前还没去过呢。",[904,1540,1541],{},"顺便说下，《穷查理宝典：查理·芒格的智慧箴言录》这本书不错，李路的序言写的也很好，我翻了一下，觉得自己该好好看看。（2010-05-04）",[904,1543,1544],{},"网友：股票市场是否遵循丛林法则？残酷的优胜劣败，请段总谈谈好吗？",[904,1546,1547,1549],{},[910,1548,921],{}," 不懂。懂价值投资就会立于不败之地。（2010-05-13）",[904,1551,1552,1553,1556],{},"网友：林奇教了很多招如何看公司的",[937,1554,104],{"href":1555},"\u002Fjibenmian","。可以说林奇属于“把事情如何做对”的大师。我个人的看法。",[904,1558,1559,1561],{},[910,1560,921],{}," 我翻过彼得林奇的书，只不过不记得他的名字而已。大家在这里说了以后我又看了一下，发现原来其实看过了。（翻过一本好像叫《战胜华尔街》）",[904,1563,1564],{},"他的东西可以看，但不要掉进去。感觉他像武侠小说里的剑术高手，但更高的高手是无招的。（2010-12-10）",[904,1566,1567,1569],{},[910,1568,912],{}," ：这个说法一直都有啊，a股是历史比较短的说法了。突然想起来其实美国很多很多年前也有很多特异功能的事。（2011-09-06）",[904,1571,1572],{},"网友：我不知道段大哥对林奇怎么看，我最喜欢的一本书就是彼得林奇的《彼得林奇的成功投资》，我觉得彼得林奇的书在细节上更适合我们普通的投资者，",[904,1574,1575,1577],{},[910,1576,921],{}," 林奇是个能同时买几百只股票的人，学他会累死你。（2012-04-28）",[904,1579,1580,1582],{},[910,1581,912],{}," ：我不是反对看彼得林奇的书，实际上他确实有好多东西讲得很好，《One Up on Wall Street》是非常值得读的一本书。不过，不知道为什么，我总是觉得林奇对股价说得太多了点，或许他只是为了让普通投资者更容易明白些？（2012-04-29）",[904,1584,1585],{},"网友S：我不赞同，老巴也没有自己创立过做实业的公司，限定自己投资的范围，用常识来判断，用思考来定义就可以了。",[904,1587,1588,1590],{},[910,1589,921],{}," 你不认为那是最好的办法的意思是什么？难道还有更好的办法？（2012-05-11）",[904,1592,1593],{},"网友D：那什么叫自己懂企业了？真正的懂。",[904,1595,1596,1598,1599,1602],{},[910,1597,921],{}," 其实没人懂所有的企业，所以没有懂企业的说法，但可以有懂某个或某几个企业的说法。",[910,1600,1601],{},"不懂企业的人是很难懂企业的，不懂这句话的人也很难懂这句话。但要懂这句话可能需要很多年的理解，而且很多年也未必就一定懂。"," 不过，如果把企业看成一个在出租的房子或商铺也许能对理解有点帮助？（2012-06-23）",[904,1604,1605],{},"网友：巴菲特理论在A股最无用。",[904,1607,1608,1610],{},[910,1609,921],{}," 一直重仓拿着茅台的人们可不这么认为。（2019-06-16）",[904,1612,1613],{},"网友：段总您好，我是投资小白，非常喜欢读您的言论，平实朴实，不能完全懂但是感觉很相应，经常摘抄下来仔细体会…请教您一个问题：想学习投资，却不知道从哪里开始？谢谢．",[904,1615,1616,1618],{},[910,1617,921],{}," 从看巴菲特的东西开始吧。",[904,1620,1621],{},"网友：老大，你在资本人物中曾经说过你投资是非常的集中。这样是否不符合风控要求，因为你认为你懂了的生意，但也未必看到了所有风险，况且企业是发展变化的！我想法是相对集中，关注弄懂10个左右，持有3-5个，并不断换到性价比更低的组合，你觉得如何？换到性价比更好的组合。",[904,1623,1624,1626],{},[910,1625,921],{}," 呵呵，其实我也同意你的做法。我的问题是，有时觉得了解一只股票都非常难，十只几乎是“mission impossible”.（2010-03-25）",[904,1628,1629],{},"网友：有个问题在我心中萦绕了很久。在这里我想让段大哥您帮我解答一下。为什么巴菲特的儿子和芒格的儿子都不懂价值投资，或者说投资不怎么厉害。难道价值投资真的是教不会的吗？如果真的这么难道，那像我们这样的小辈没什么人教，那不是更加学不会了。",[904,1631,1632],{},[910,1633,1634],{},"段永平：价值投资教不会的原因是因为大多数人在大多数情况下是封闭且没有逻辑的，如果不肯学的人又如何能学会呢？",[904,1636,1637],{},[910,1638,1639],{},"口口声声说价值投资的人有很多其实骨子里并不是真的理解价值投资，一到关键时刻就不行了。学价值投资不会比学钢琴容易，不是看几本书，来这个博客晃一下就能学会了。",[904,1641,1642],{},[910,1643,1644],{},"想象一下，当一个弹钢琴的人到可以靠弹钢琴赚钱的时候，要花多少工夫？要靠投资赚钱所花的工夫不应该少过弹钢琴吧？（2011-05-19）",[904,1646,1647],{},"网友：此贴是否过于严苛了？连您自己都说过： simple but not easy",[904,1649,1650,1652],{},[910,1651,921],{}," 我的意思是其实没有更容易的方式去投资。尤其是初学者，老是想找捷径，次帖的意思就是没有捷径，就是没有更容易的办法的意思。（2011-09-06）",[904,1654,1655],{},"网友：看到别人对自己懂的领域发表不一定正确的看法时，才对“不懂不做”有了鲜活的理解（才觉得“不懂不做”多么重要，有种醍醐灌顶的感觉）。反观自己现在可能也正在犯和别人一样的错误。越发觉得投资不简单了。",[904,1657,1658,1661],{},[910,1659,1660],{},"段永平：投资很简单但绝不容易。简单指的是原则-就是不懂不做，不容易指的是理解搞懂生意不容易。"," （2013-03-26）",[904,1663,1079,1664,1666],{},[910,1665,973],{},"理论在A股最无用。",[904,1668,1669,1671,1672,1675],{},[910,1670,921],{}," 一直重仓拿着",[910,1673,1674],{},"茅台","的人们可不这么认为。",[904,1677,1678,1679,1681],{},"认为A股只是博傻的想法是大错特错的。其实在A股中真正最后赚到大钱的还是那些",[937,1680,52],{"href":1383},"者，和别的任何市场一样。不要被表面的那些东西所迷惑，长期而言没价值的股票是不被“填权”的，填了也会回归本原。A股和美股的差别可能是系统风险大一些而已。",[904,1683,1684,1685,1687,1688,1690,1691,1693],{},"华人和其他人里面100%真正做",[937,1686,52],{"href":1383},"的人本来就不多。但其实大多数投资人或多或少都是",[937,1689,52],{"href":1383},"者，经常能看到深一脚浅一脚的",[937,1692,52],{"href":1383},"者，可能包括我自己在内。",[904,1695,1696],{},"网友：您觉得价值投资对于一个普通的散户（个人投资者）最难的地方在哪？是理念？信仰？坚韧？人性？耐心？学习？抑或是什么？",[904,1698,1699,1057,1701,1704],{},[910,1700,912],{},[910,1702,1703],{},"呵呵，看他缺什么。我可是见过很懂巴菲特的散户的，不过后来都变大户了。"," （2010-03-28）",[904,1706,1707],{},"网友：对我来说，价值投资难在3方面：",[904,1709,1710],{},"第一个是标的的选择。如何从众多的企业中找到适合投资的企业，很难。",[904,1712,1713],{},"第二个是理解企业。价值投资强调只投资自己懂的企业，要懂一个企业，尤其是要预测到这个企业未来5到10年的发展，很难。",[904,1715,1716],{},"第三个是安全边际的确定。市场绝大部分时候是有效的，价格跌到了价值以下，这本身就不常见，而且要跌到多少才算安全呢？这个似乎没有公式。这里面有两个难点，一个是耐心等待机会出现，一个是看准之后下决心，都不容易。",[904,1718,1719],{},"段总觉得不难，是可以理解的，因为上面这些问题，可能对于段总来说都不是问题，但对于像我这样的门外汉，却还有很长的路要走。",[904,1721,1722,1725],{},[910,1723,1724],{},"段永平：我真的说过不难吗？我说的意思是其实没有更容易的办法。"," （2011-09-06）",[904,1727,1728],{},"网友：现在的感觉就是越学习越胆小，反而越不感出手，感觉真正理解一个行业和一个企业真的很难。",[904,1730,1731,1733],{},[910,1732,921],{}," 能够胆小就是进步。理解和搞懂一个企业确实是很难的。我做企业这么多年，开始投资以来觉得自己大致搞得蛮懂的企业不超过10家（排除的不算），下重手的不超过5家，大概平均两年一家而已。（2012-06-26）",[904,1735,1736],{},"网友：我们经常从那些上进的孩子们那儿听到这些问题。这是个很“聪明”的问题，你对着一个有钱老头问：“我怎么才能成为你呢？怎么才能迅速地成为你呢？”",[904,1738,1739,1741],{},[910,1740,912],{}," ：“except faster”就是如果不能更快的话。我觉得怎么才能迅速地成为你呢？翻得很好哈。",[904,1743,1744],{},"我也经常碰到类似的问题，而且潜台词往往是我比你还聪明，所以我应该可以更快，只要告诉我秘诀就行了。",[904,1746,1747],{},"其实秘诀很简单，把巴菲特说过的所有东西都看20遍（如果一遍看不懂的话），再悟20年，就知道自己有没有可能做好了，已经懂的例外。（2012-06-26）",[904,1749,1750],{},"网友G：我想知道怎么区分人家是在滚雪球还是扔雪球呢？",[904,1752,1753,1755],{},[910,1754,921],{}," 一般而言，手里抓着很多球的大概都是扔雪球的。具体表现就是那些什么公司都懂的大概多属于这类。（2013-07-30）",[904,1757,1758],{},"网友：跟您学习了几年投资方面的知识，是有越来越简单的感觉，就像1+1=2那样确定无疑。但是在实战成绩上，自己又平庸无奇。您认为“懂投资”需要多长的时间才必然见到“好成绩”？",[904,1760,1761,1764],{},[910,1762,1763],{},"段永平：对85%以上的人而言，懂了简单而不容易的道理后，最好的实战业绩就是远离股市。似乎你好像没真懂吧？"," （2013-09-09）",[904,1766,1767],{},"网友：作为一个普通人，我们如何可以拥有这种洞察力？有哪些途径呢？",[904,1769,1770,1772],{},[910,1771,912],{}," ：看且只看老巴的东西，先看10年再说。（2017-04-19）",[904,1774,1775],{},"网友：我想问整天看你的回答问题和巴菲特的视频能学好投资吗？或者你认为一个普通员工怎样可以学会投资？",[904,1777,1778,1780],{},[910,1779,921],{}," 光整天看也许是不够的，要想要实践。如果你一直在悟的话，早晚会明白的。投资开始的越早越好，不要想着马上赚大钱，一定要记得老巴那句话：“慢慢地变富”。",[904,1782,1783],{},"据说在2000年的一个早上，亚马逊创始人杰夫贝索斯给巴菲特打电话，问巴菲特：“你的投资体系这么简单，为什么你是全世界第二富有的人，别人不做和你一样的事情？”巴菲特回答说：“因为没人愿意慢慢的变富。”贝索斯突然明白，关注长期的人，比关注短期的人有巨大的竞争优势，因此更加坚定了关注长期，忽视短期的想法。（2019-03-19）",[904,1785,1786],{},"网友：多数人为什么不愿意慢慢变富？",[904,1788,1789,1791],{},[910,1790,921],{}," 其实我也不愿意慢慢地变富，我只是不知道怎么才能快速变富而已。",[904,1793,1794,1795,1798,1799,997],{},"网友：我做到了，持有",[910,1796,1797],{},"苹果","10年。在这过程中，越来越理解",[937,1800,5],{"href":1801},"\u002Fbenfen",[904,1803,1804,1806],{},[910,1805,921],{}," 哈，见过大道不走小路。",[904,1808,1809,1810,1812,1813,1816],{},"其实我知道的东西少得可怜。我就知道",[910,1811,973],{},"这条路很好，肯定可以到罗马。可老是有一堆朋友问我",[910,1814,1815],{},"索罗斯","那条怎么样，还不许我说我不知道。我是真的不知道。",[904,1818,1819],{},"网友：其实我觉得作为价值投资者，对于段总说的这些道理应该早就是很清楚的，但真正做得好的却极少，正所谓知易行难，我想问问段总如何能做到知行合一，有具体的可操作的方式没有？另外，我个人感觉，炒股如做人，做人不好，投资也一定成不了大气候，段总以为如何？",[904,1821,1822,1824],{},[910,1823,921],{}," 知道和从骨子里相信是完全不同的两回事。",[904,1826,1827],{},"网友l：觉得自己已经走在对的路上了，继续跟大道学怎么把事情做对。",[904,1829,1830,1832],{},[910,1831,921],{}," 怎么把事情做对大概必须要靠自己了。时间会帮你的。",[904,1834,1835,1836,1839,1840,1842,1843,1845,1846,1848,1849,1851],{},"网友：大道老师好！我去年毕业进入",[910,1837,1838],{},"vivo","，这里不管是",[937,1841,129],{"href":1072},"、人际关系以及薪资待遇都非常好，但工作内容却不是我热爱的事。来",[910,1844,1838],{},"后，去看了您的书和演讲，也看了不少关于",[937,1847,52],{"href":1383},"的书和",[910,1850,973],{},"的演讲，我有股强烈的冲动想去全职做投资。",[904,1853,1854,1855,1857],{},"您们强调人生要去做自己热爱的事，这给我很大触动，但考虑到现实因素又有退缩。现在我能去小的私募基金，可薪资不到目前的1\u002F3，去的话未来不确定性会很高，不知道几年后自己能不能做好这件事，而且像",[910,1856,1838],{},"这么好的企业再遇到也非常难。想请教大道老师，感谢您指导。",[904,1859,1860,1862],{},[910,1861,921],{}," 看上去你现在全职做投资的条件还很不成熟。（2025-10-19）",[904,1864,1865],{},"网友：做价值投资赚的是那些非理性赌徒的钱，不知这个理解是否对？",[904,1867,1868],{},"大道：投资赚的本来只是企业成长的钱（如果企业不上市的话），但因为股市里有很多赌徒，所以赚的是企业成长的钱+赌徒的钱。（2026-08-18）",[904,1870,1871],{},"网友：一直以来，大家都感觉华尔街很神秘，以为这里是点石成金的地方，其实说穿了，我们和普通的作坊是一样的，也是通过采购产品，并增加其附加值来谋取利益的。托尼打开了话匣子。“从大的方面讲，我们分两块业务，我们有专人去收购被价值低估或者具有成长性的资产，然后通过重组，资产证券化等包装手段卖给投资人，并从中获取高额利润。",[904,1873,1874],{},"”“当然这说的很简单，具体操作起来还有很多细分，比如有专门负责投资管理和资产管理的人去评估被价值低估或具有高增长潜力的业务。现在很流行的PE（Private Equity私人股权投资）就是属于这个范畴。PE通过投资有潜力的公司并最终通过公司上市、卖给其他投资者等手段实现退出，投资人也能从中获得非常高的收益。",[904,1876,1877],{},"当然收益率取决于PE介入的阶段，越早介入，风险越大，收益也越高。”",[904,1879,1880,1882],{},[910,1881,912],{}," ：个人观点：只有当你不再觉得“华尔街”神秘的时候，你才可能成为一个价值投资者。（2010-05-15）",[904,1884,1885,1886,1073,1888,1890,1891,1893],{},"网友：请问您觉得您和李录与",[910,1887,973],{},[910,1889,1105],{},"在做",[937,1892,52],{"href":1383},"上最大的差距在哪？您和李录在哪方面还需要学习？",[904,1895,1896,1898],{},[910,1897,921],{}," 最大的差距大概是他们的英语都比我好很多。当然，英语上李录和那两位比(我猜)也会有很大差距的(母语和非母语的差别)，但他的差距对他的投资生涯影响不大，和我的差距有本质的差别。",[904,1900,1901,1902,1904],{},"从",[937,1903,52],{"href":1383},"的角度看，也许你说的差距用“不同”来说更好些。",[904,1906,1907,1908,1910,1911,1913,1914,1917,1918,997],{},"从对",[937,1909,52],{"href":1383},"的理解上，我认为我们是完全一样的，因为",[937,1912,52],{"href":1383},"的本质就一点：买股票就是买公司，买公司就是买公司未来",[937,1915,82],{"href":1916},"\u002Fxianjinliu","的",[937,1919,91],{"href":1920},"\u002Fzhexian",[904,1922,1923,1924,1926,1927,1929,1931],{},"所有其他的关于",[937,1925,52],{"href":1383},"的说法，其实都是在讨论如何来确定这个未来的",[937,1928,82],{"href":1916},[937,1930,91],{"href":1920},"到底大概会有多少的问题。",[904,1933,1934,1935,1938,1939,1941],{},"我们的不同点主要会体现在",[937,1936,27],{"href":1937},"\u002Fnengliquan","的不同，每个人懂的东西都不同。当然，",[937,1940,27],{"href":1937},"的差距也是有的，比如他们做股票投资的时间都比我长很多。",[904,1943,1944,1946,1947,1949,1951,1952,1954,1955,1957],{},[937,1945,27],{"href":1937},"的意思就是你能够判断未来",[937,1948,82],{"href":1916},[937,1950,91],{"href":1920},"的范围。知道自己的",[937,1953,27],{"href":1937},"有多大比",[937,1956,27],{"href":1937},"本身有多大要重要得多。",[904,1959,1960,1961,1073,1963,1965],{},"不过，我现在管的钱的绝对值比",[910,1962,973],{},[910,1964,1105],{},"在我这个年龄时还要多呢，呵呵。不能和李录比，他比我年轻很多啊。",[904,1967,1968],{},"我和他们三个人的最大的不同确实有一点，那就是他们都是职业投资家，我是业余爱好者，对投资的时间安排比例会有点不同。",[904,1970,1971],{},"我们各方面需要学习的东西应该都很多，不过李录大概不需要像我一样还要花时间学英语了。(2011-01-04)",[904,1973,1974],{},"博文：《引用巴菲特：格雷厄姆的投资理念非常量化更适合小规模投资》（2015-01-18）",[904,1976,1977,1979,1980,1983,1984,997,1987,1989,1990,1992,1993,1995,1996,1998],{},[910,1978,973],{},"曾说过，他的投资理念85%来自",[910,1981,1982],{},"格雷厄姆","，15%来自",[910,1985,1986],{},"费雪",[910,1988,973],{},"被问及现在是否如此，他表示：",[910,1991,1982],{},"的投资理念非常量化，教你如何寻找廉价股票，依然适用于当前市场，但是它更适合小规模投资。随着",[910,1994,973],{},"掌管资金的增加，他越来越多地采用",[910,1997,1986],{},"的投资理念：寻找优质企业，而不是一味地追求廉价企业。",[904,2000,2001],{},"比如投资伯灵顿北圣达菲铁路（Burlington Northern Santa Fe Railroad）。",[904,2003,1079,2004,2006,2007,2009],{},[910,2005,973],{},"的方法是很好，我觉得他比较适合大资金操作，如果是一般人买个几万块钱的股票，应该很难等上几年时间，好像意义也不大。我想这就是大部分人虽然认同",[910,2008,973],{},"的方法，但是却做不到的原因。",[904,2011,2012,2014,2015,2017],{},[910,2013,921],{}," 其实",[910,2016,973],{},"的东西更适合小投资者。你先看看再下结论。大概先看一年，也许一天就够（2010-03-27）",[904,2019,2020],{},"right business + right people +right price + time = good result (对的生意+对的人+对的价格+时间=好结果)。虽然这个不是投资的充分公式，但好结果却是个比较大概率的事件。(2013-04-19)",[899,2022,2024],{"id":2023},"第三节-价值价格与原则边界","第三节 价值、价格与原则边界",[904,2026,2027,2029],{},[910,2028,921],{}," 我开始做投资时已经40岁了，而且经营企业很多年，所以瞬间就明白了买股票就是买公司的道理。you must believe指的就是这个道理。有趣的是，我认识的人里面，我觉得骨子里绝对认同这一点的人我就见过两个--巴菲特和芒格。其他所有人（包括我本人在内）或多或少都受市场影响。（2012-04-27）",[904,2031,2032],{},"就投资而言，好公司最重要。(2015-11-01)",[904,2034,2035],{},"网友：感觉实体企业的寒冬真的来了！",[904,2037,2038,2040,2041,2043,2044,2046,2047,2050],{},[910,2039,921],{}," 谁的冬天？关于冬天的说法，",[910,2042,1674],{},"肯定是不同意的，我们也不太同意，有类似观点的应该还有很多家企业，比如",[910,2045,1797],{},"、",[910,2048,2049],{},"谷歌","…(2016-02-23)",[904,2052,2053],{},"网友：一开始做投资没有想得那么明白很正常，似懂非懂的时候拿点小钱试一试也未尝不可。",[904,2055,2056,2058],{},[910,2057,921],{}," 多数人的问题是算得太多而想得太少。拿点小钱试试没啥不可，但你想试的是什么？市场的走势？(2018-01-12)",[904,2060,2061,2062,2064,2065,2067],{},"网友：你说过好公司价格不太重要，过得去就行，时间到了什么都会有的。请问背后的逻辑是什么？能以",[910,2063,1797],{},"或",[910,2066,1674],{},"为例子讲讲吗？",[904,2069,2070,2072,2073,2075,2076,2078,2079,2081],{},[910,2071,921],{}," 用10年看就明白了。今天你看",[910,2074,1674],{},"，你觉得120元买的和180元买的有多大区别？当然，你如果知道",[910,2077,1674],{},"会到120元则不一样。很久以前我说过，",[910,2080,1797],{},"400美元很便宜，500美元也很便宜，到600美元时我依然说还是很便宜(在1\u002F7之前)，现在看是不是就容易明白了？(2019-09-12)",[904,2083,2084],{},"网友：既要选好股，又得择好时。",[904,2086,2087,945,2089],{},[910,2088,921],{},[910,2090,2091],{},"号称自己会择时的人大多最后日子都不太好过。(2022-03-09)",[904,2093,2094],{},"“不择时”我的理解大概是：当我觉得从10年的角度看不贵而手里正好有钱的时候就可以买了，不需要等更便宜的价钱，因为这个价钱从10年的角度看已经很好了。(2023-02-23)",[904,2096,2097],{},"当合适的价钱出现时，除非你知道等什么，不然你在等什么？其实从长期的角度看，一点点价钱的差异远不如公司好坏来得重要。(2014-07-26)",[904,2099,2100,2101,2104],{},"我看到有些人手里拿着钱，看见别人赚钱心里着急。眼看着股价越涨越高，心里跟着越来越急，最后在“不择时”的鼓励下，一咬牙一跺脚就冲进去了。不择时不是追高的理由。真正不择时的人是真的看10年的人，而且人家钱大多早就已经在投资上了。",[910,2102,2103],{},"追高不择时的人们实际上对短期的下跌是非常难以忍受的","。(2023-02-23)",[904,2106,2107],{},"网友：面对成千上万非上市的小公司，除了观其行听其言、深入了解其产品和服务，还有什么办法能高效率找到未来有潜力的小公司？",[904,2109,2110,2112],{},[910,2111,921],{}," 不知道。我只关心上市公司，因为容易了解很多。没有10年8年的可追溯历史，很难了解一个公司，了解一个小公司几乎是个不可完成的任务，除非开公司的人刚好是你以前就认识了很久的人。(2023-04-26)",[904,2114,2115,2116,2118,2119,2122,2123,2125],{},"网友：以10年为标准看股价，",[910,2117,912],{},"的忠告：我的满仓主义的最大的特点是不太在意“择时”，但非常在意“",[937,2120,64],{"href":2121},"\u002Fshangyemoshi","+",[937,2124,129],{"href":1072},"”，当然前提是10年后看回来的价格是便宜。必须牢记于心。",[904,2127,2128,2130],{},[910,2129,921],{}," 千万别把这句话当“追高”的壮胆鸡汤。（2025-09-18）",[904,2132,2133,2134,2136,2137,2139,2140,2142],{},"网友：大道老师好，我现在重仓",[910,2135,1674],{},"，觉得",[910,2138,1674],{},"未来10年涨个1-2倍应该是大概率的事情，但有时候又会想如果买其他市值相对小点的公司，可能未来10年涨个5-10倍会更容易，毕竟",[910,2141,1674],{},"的市值大基数大，涨起来没那么容易，我这是心浮气躁了吗，是不是违背了您说的慢即是快的道理？请指点一二，谢谢。",[904,2144,2145,2147],{},[910,2146,921],{}," 看看你过去的业绩你就明白了？（2025-10-06）",[904,2149,2150],{},"不存在什么捷径。不存在什么窍门。如果你想走轻松的路，我保证：它比艰难的路更长更痛。",[904,2152,2153],{},"网友：“坚守”好像是在说抱着印钞机感觉很难受的样子。",[904,2155,2156,2158],{},[910,2157,921],{}," 那么重，确实会难受的。其实每个公司最后都会成为那个它本该成为的公司，股价也是。没有长期的莫名其妙的股价，但短期会有。",[904,2160,2161],{},"网友：想想东方甄选自营品10年20年后的样子……是不是很有可能成为中国的线上山姆、开市客？",[904,2163,2164,2166],{},[910,2165,921],{}," 想象力丰富一般不是坏事，但对投资而言则未必是好事。(2024-03-14)",[904,2168,2169],{},"长线持有一定是在买对好股票的前提下。有很多人往往只是在“被套”的时候才想起“长线”来。",[904,2171,2172],{},"这里“被套”的意思是指有些人本来只打算拿10天的股票，结果因为“亏钱”了而决定改为拿10年，这种决定往往会让人亏更多。不打算拿10年的股票一定别去打算拿10天，不然就是“炒”了。(2011-12-13)",[904,2174,2175],{},[910,2176,2177],{},"你认为10年后还在的公司都有谁？定义是10年后营业额和利润都不低于今天的才可以认为还在哈。",[904,2179,2180],{},[910,2181,2182],{},"我觉得苹果、茅台、腾讯应该都还在；谷歌、微软、伯克希尔应该也还在。我希望OPPO和vivo还在，但不是100%确定。",[904,2184,2185],{},[910,2186,2187],{},"20年呢？我觉得苹果、茅台应该还在，谷歌、微软、伯克希尔也应该还在，腾讯90%还在，OPPO和vivo应该75%还在。",[904,2189,2190],{},[910,2191,2192],{},"30年呢？……",[904,2194,2195],{},[910,2196,2197],{},"确属脑力游戏，没事想想这个也许能对投资有点帮助。(2024-01-28)",[904,2199,2200],{},[910,2201,2202],{},"在年利润10亿美元以上或年利润50亿人民币以上的公司里，有谁未来10年的总利润会比过去10年高？在这些企业中，有谁未来10-20年的获利总和会比未来10年的总和高？",[904,2204,2205],{},"网友：都说尊重常识，请举个常识的例子？",[904,2207,2208,2210,2211,997],{},[910,2209,921],{}," 我应该没这么说过，因为常识的定义不是很清楚，是你的常识、我的常识，还是大家的共识？",[910,2212,2213,2215],{},[937,2214,64],{"href":2121},"好的企业股价最终会上来，这是我的常识，但同意的人可能连10%都不到，不然不会那么多人在投资上赚不到钱的",[904,2217,2218],{},"网友：投资是否有信仰？",[904,2220,2221,2223],{},[910,2222,921],{}," 投资的信仰指的是：相信长期而言股市是称重机，对没有信仰的人而言，股市永远是投票器。（2013-05-17）",[904,2225,2226],{},"网友：有人说资金量小可以关注成长性更强的小公司，您的建议呢？",[904,2228,2229,2231],{},[910,2230,921],{}," 我没啥建议，你要不懂投资，其实都是一样的，你要懂投资其实也没啥区别。(2022-01-23)",[904,2233,2234,2235,2237,2238,2240],{},"投资的原理是一样的。找小公司也是要找那些",[937,2236,64],{"href":2121},"好、",[937,2239,129],{"href":1072},"好，但规模和市值都比较小，大家还没发现的那种。现在回过头来想，多数小额投资者投小公司有可能情况会更糟，因为小公司往往资料比较少，小额投资者更容易中招。",[904,2242,2243],{},"但假如我自己作为一个小额投资者(依然比较懂企业)，如果有时间的话，我会努力去找那些我认为大有前景的小公司，这样回报会高不少。(2019-04-30)",[904,2245,2246],{},"网友：如果大道发现低估的股票，会不会去弄明白市场哪里错了？我们假设市场大多数时候是对的吧？如果不知道市场错在哪，是不是意味着我们还没真懂？",[904,2248,2249,2251],{},[910,2250,921],{}," 想公司，想生意，想10年20年后公司是什么。不要理会市场，你永远不会明白疯子在想什么的。(2024-03-14)",[904,2253,2254],{},"贵或者便宜都是从未来10年或更远的角度看的。比如，如果你觉得一家公司未来肯定会完蛋，那么现在什么价格都是贵的。几年前有个某公司的第二大股东聊到该不该卖某公司，什么价钱卖的问题。我说，这个看着早晚为0的公司，什么价卖都是好价钱吧？尽量避开那些看起来10年后日子会不好过的公司很重要，偶尔错失一些机会不会伤害到你的。(2020-12-06)",[904,2256,2257],{},"网友：是否过于严苛了？连您自己都说过简单但绝不容易。",[904,2259,2260,2262],{},[910,2261,921],{}," 我的意思是其实没有更容易的方式去投资。尤其是初学者，老是想找捷径，此帖的意思就是没有捷径，就是没有更容易的办法的意思。",[904,2264,2265],{},"网友：股票市场是否遵循丛林法则，优胜劣汰？",[904,2267,2268,2270,2271,2273],{},[910,2269,921],{}," 不懂。懂",[937,2272,52],{"href":1383},"就会立于不败之地。",[904,2275,2276],{},"网友：我没有信仰，更糟糕的是我不在如何改变。",[904,2278,2279,2281],{},[910,2280,921],{}," You must believe. ---乌龟大师",[904,2283,2284,2285,2288,2289,2292,2293,1173],{},"要相信的是：做对的事情最后会有好结果，或者说做错的事情最后会有大麻烦。至于",[937,2286,22],{"href":2287},"\u002Fbashiqingzuodui","则是个过程，有时候快有时候慢，需要投资者",[937,2290,191],{"href":2291},"\u002Fnaixin","等待。（",[910,2294,2295],{},"2012-05-20",[904,2297,2298],{},"网友：比尔盖茨说巴菲特有很强烈的宗教信仰感，这让我挺意外的，我记得有个访谈里，您说您对宗教的态度和巴菲特差不多，您了解的巴菲特对于宗教是怎样的呢？",[904,2300,2301,2303],{},[910,2302,921],{}," 我理解“宗教”大概就是信仰的意思，就是说心里有些“must believe”的东西。我的宗教态度确实和老巴一样，我们都信仰巴菲特对投资的理解---“买股票就是买公司”。",[904,2305,2306],{},"“买股票就是买公司”这句话会说的人非常多，但我几乎没见过真的骨子里真的理解并相信这句话的--我知道的人里面大概不超过5个（包括巴菲特和芒格在内）--当然，这是因为我知道的人很少的缘故。（2013-04-11）",[904,2308,2309],{},"好公司不怕萧条，大萧条来的时候好公司的额外优势更大，公司价值所代表的实际购买力反而会相对上升。所以，投资要聚焦在找好公司上面。(2019-09-19)",[904,2311,2312],{},[910,2313,2314],{},"我喜欢孙正义说过的一句话：越是迷惘的时候，越是要往远处看。任何时候好公司都是值得买的，尤其是大环境那个啥的时候。(2024-10-16)",[904,2316,2317],{},"从投资的角度讲，找到好公司比啥都重要。在大家有“危机”的时候，好公司往往能将“危机”简化为“机”的。(2018-09-05)",[904,2319,2320],{},"当你迷惘的时候，试试往远处看？看10年往往比看1到2年要容易很多，看一两年会比看一两天容易很多。比如投资上，很多公司其实是很容易知道它们10年后很可能会不行的，那为什么现在要买呢？避开这些公司你会发现其实你的选择会特别少，但心里会踏实很多。(2022-01-26)",[904,2322,2323],{},"网友：大道是在寻找投资标的吗？",[904,2325,2326,2328,2329,2331],{},[910,2327,921],{}," 这是我的思维方式，我大概就是这么看公司的。当你这么看公司时，很自然就重视",[937,2330,64],{"href":2121},"了。",[904,2333,2334,2335,2338,2339,2342],{},"我了解的公司很少，在我比较了解的公司里(年利润10亿美元以上的)，",[910,2336,2337],{},"我觉得未来10年总利润比过去10年总利润高的公司可能有苹果、茅台、腾讯、伯克希尔、微软、谷歌，拼多多应该算一个，但那是因为拼多多过去10年还没怎么赚到钱","。麦当劳、",[910,2340,2341],{},"可口可乐","这类公司打败通胀的概率应该很大，所以也应该算。",[904,2344,2345],{},"有点汗颜，我发现我了解的公司实在是太少了。(2024-01-29)",[904,2347,2348],{},"网友：在一个视频里，您说您也有两个账户，一个做长线一个做短线，做短线是为了好玩，这个是真实的吗？我有些疑惑：真的有办法把长线和短线分开吗？做短线做久了，会影响自己的判断决策进而影响到长线的交易吗？",[904,2350,2351,2353],{},[910,2352,921],{}," 早期确实有过。（2025-08-05）",[904,2355,2356],{},"网友：我没有信仰，更糟糕的是我不知道如何改变。",[904,2358,2359,2361],{},[910,2360,921],{}," 你必须相信。(You must believe.)-乌龟大师",[904,2363,2364,2365,2367],{},"从逻辑上讲，说",[937,2366,52],{"href":1383},"难的意思似乎是还有别的办法更容易。",[904,2369,2370,2371,2373],{},"其实从亏钱的角度讲，",[937,2372,52],{"href":1383},"确实有点难，别的亏钱的办法倒是容易得多。",[904,2375,2376,2377,2379],{},"记得以前有记者问为什么当年我那么有勇气买",[910,2378,599],{},"，我说10块钱的东西有人哭着喊着要1块钱卖给你，你要勇气干什么？",[904,2381,2382],{},"这句话放在这里也适用：10块钱的东西有人非要1块钱卖给你，你为什么会觉得难呢？为什么呢？",[904,2384,2385],{},"不过，当你也不知道你要买的东西到底是什么的时候，那可确实有点难了，那种时候就会东张西望地看别人的反应。",[904,2387,2388,2389,2391,2392,2394],{},"话说回来，",[937,2390,52],{"href":1383},"确实有点难，不然满大街都是",[910,2393,973],{},"岂不是有点乱？",[904,2396,2397,2398,2400],{},"长期来讲，真正的",[937,2399,52],{"href":1383},"确实有点难，是很难亏钱的难。",[904,2402,2403,2404,2406,2407,2409],{},"老是听人说",[937,2405,52],{"href":1383},"太难了，这篇《",[937,2408,52],{"href":1383},"到底难在哪里？》大概是很有代表性的，对此我说几句自己的看法。",[904,2411,2412,2413,2415,2416,2418],{},"首先，“难”是相对于“容易”的。本人觉得",[937,2414,52],{"href":1383},"是最容易的投资办法，因为这是我会的唯一的投资办法。说",[937,2417,52],{"href":1383},"“难”的人一定是有更容易的办法“投资”？",[904,2420,2421,2422,2424],{},"“难在被怀疑被耻笑时的坚持、自信与淡定”一",[937,2423,52],{"href":1383},"投的是你自己懂的企业，如果你真懂的话，又怎么会不坚持呢？",[904,2426,2427,2428,2430],{},"如果有不自信的感觉，那就说明你还没搞懂你投的企业，或者你还不是",[937,2429,52],{"href":1383},"者。",[904,2432,2433,2435],{},[937,2434,52],{"href":1383},"是你自己的事情，别人怎么看与你何干？",[904,2437,2438,2439,2441],{},"“难在逆势而为的",[937,2440,216],{"href":939},"、清醒与忍耐”一“势”实际上就是别人现在怎么看的意思。当一个人在投资上还在想着是“逆势”还是“顺势”时，就没办法专注在自己的标的上。",[904,2443,2444,2435],{},[937,2445,52],{"href":1383},[904,2447,2448,2449,2451],{},"“难在自省与分清对错”-难道非",[937,2450,52],{"href":1383},"做到这点更容易？",[904,2453,2454,2456,2457,2459,2460,2462],{},[937,2455,52],{"href":1383},"里最重要的一点就是",[937,2458,216],{"href":939},"，能够",[937,2461,216],{"href":939},"地看待面临的一切就更有机会分清对错。",[904,2464,2465],{},"“难在目光长远而不急功近利”一这是在说谁呢？",[904,2467,2468],{},[910,2469,2470,2471,2473],{},"其实我倒是觉得最危险的是口里喊着",[937,2472,52],{"href":1383},"，但实际上却老是在东张西望的“投资人”。",[904,2475,2476,2477,2479,2480,2482],{},"我觉得这篇文章的作者一定是个读过不少",[937,2478,52],{"href":1383},"书的人，",[937,2481,52],{"href":1383},"的概念已经有了，但还没能融到骨子里。时间会帮忙的。",[904,2484,2485],{},"网友：您在投资过程中运用到个人的资源(人脉和资金)多吗？如果没有这些常人没有的人脉，会对您的投资行为产生多大影响呢？",[904,2487,2488,2490,2491,997],{},[910,2489,921],{}," 我投资没用过啥“人脉”。事实上，我目前的主要投资里，没有任何一个是和“人脉”有关的。我也没啥“天赋”。该讲的道理我都讲过了，我想你肯定是没看过或者没看进去。人们之所以会有这些问题，是因为很多人都认为投资及很多事都有捷径，于是怎么看都是有捷径的。你说没有，人们其实也不信，因为",[910,2492,2493],{},"别人有捷径是自己没做好的最好借口",[904,2495,2496],{},"网友：大道做投资时，特别是思考的时候，有没有一种孤独感？",[904,2498,2499,2501],{},[910,2500,921],{}," 从来没有过，因为我从来不在乎别人怎么看投资。只是偶尔会想说：you idiot(你个傻子)!",[904,2503,2504],{},"网友：有两只我一直研究的股票现在比较便宜，但还没到不用计算器都能看出来很便宜的时候。因为怕踏空，经常有想买入的冲动。又担心现在买了，股价到了很便宜的时候又没有子弹了。你如何处理这种情况？",[904,2506,2507,945,2509,2512],{},[910,2508,921],{},[910,2510,2511],{},"我很少考虑踏空的问题，也不太担心没子弹","。实在觉得便宜就买，没钱了就打球去，没啥可着急的，不然永远都没法解决你那个问题。最重要的是，你是不是真的懂你想投的那个公司，如果还不是的话，那就再等等，多看看想想。",[904,2514,2515],{},"网友：如何对待大跌当中的“恐惧”情绪？",[904,2517,2518,2520],{},[910,2519,921],{}," 跟心理素质没有关系，恐惧是因为你不明白所谓“价值”为何物。",[904,2522,2523],{},"你根本就没明白上市公司与不上市公司的区别，所以下跌你还会恐惧。恐惧的程度与了解程度成反比。只要你投的公司是自己明白的生意，就不容易恐惧，也不容易贪婪。",[904,2525,1079,2526,2528,2529,2532],{},[910,2527,1674],{},"还没买够，但是已经涨起来一些了，",[937,2530,95],{"href":2531},"\u002Fanquanbianji","降低，但是股息率依旧高于银行利息，这时候该如何操作？",[904,2534,2535,945,2537,2539],{},[910,2536,921],{},[910,2538,1674],{},"以前还更便宜呢。尽量往远处看吧，别老想着赚点快钱。",[904,2541,2542],{},"我对电动车一直有个疑问：电动车减碳吗？不知道为什么我老觉得电动车其实增加了一道能量转换过程，至少是没有减少的，所以对减碳没啥帮助。（2021-05-03）",[904,2544,2545],{},"AI很有意思！很多问题需要时可以问下AI，除了买什么股票能赚钱这类问题外。（2025-07-16）",[904,2547,2548],{},"网友：能不能谈谈这波AI热潮能持续到什么时候？会不会出现2000年那种情况，什么条件下会发生大幅回撤？",[904,2550,2551,2553],{},[910,2552,921],{}," AI是个不可回避的话题！简单讲，AI其实“没啥特别”的，AI就是我们原来说的计算机应用。但是，AI是在算力大大大幅度提高后了的产物，哲学意义上就是“量变产生质变”了！我不知道AI最后会带来什么样的变化，但大概率会比互联网带来的变化还要大，也大概率比工业革命带来的变化大。我还在想这些变化落到实处到底会是什么！",[904,2555,2556,2557,2559],{},"很多地方效率显然是大幅度提高了，但那到底意味着什么呢？哪些企业会得益，哪些企业会遇到麻烦？我觉得每个",[937,2558,216],{"href":939},"的人都不应该忽略AI，要认真看待AI，至少要从学会使用元宝开始吧。（2025-07-16）\n现在市场上的大模型很多，10年后能活下来的大概率不会超过10%，所以这是个九死一生的游戏（这是我猜的）。",[904,2561,2562,2563,2566],{},"大家可以猜猜10年后大家还在用的主流大模型会是什么？我会猜Gemini，因为背后的",[910,2564,2565],{},"Google","很强大，而且已经醒了。（2025-09-12）",[904,2568,2569],{},"网友：不要亏钱啊！确定性是做投资最难得的东西，我觉得大道这一句话就给你点透了，剩下的就看你能不能get了。",[904,2571,2572,2574],{},[910,2573,921],{}," 你会成为你本该成为的那个人的。（2025-07-20）",[904,2576,2577],{},"今天卖了不少BRK的put，看上去这个价格不贵了，希望买进来拿着，应该比S&P500合算。（2025-08-05）",[904,2579,2580,2581,2583],{},"网友：最近看",[910,2582,973],{},"的书《跳着踢踏舞去上班》，里面有一段似乎能解释您对电动车能量消耗更大的疑问，原文如下：（如何解决过量的碳排放）电动汽车就是一种解决之道。它们排放的温室气体比燃烧汽油的汽车要少，而且燃料成本也更低，即便油价低廉时也一样。",[904,2585,2586],{},"这是因为电动引擎比内燃引擎效率更高，还因为大规模生产能源（如煤电或核电）的浪费程度也低于小规模的生产（在内燃引擎中燃烧汽油）。",[904,2588,2589,2591],{},[910,2590,921],{}," 这个角度看有道理。（2025-08-03）",[904,2593,2594],{},"网友：段总的蚂蚁熊兵是啥意思？",[904,2596,2597,2599],{},[910,2598,921],{}," 就是散户的意思。（2025-08-23）",[904,2601,2602,2603,2605,2606,2608],{},"网友：前期已经投入70万买",[910,2604,1674],{},"，现在再把50万理财保险拿出来买",[910,2607,1674],{},"，您觉得怎么样？",[904,2610,2611,2613],{},[910,2612,921],{}," 你都买了保险，你肯定比我懂保险，你自己决定吧。我只买国家要求必须买的保险（比如车险、医疗保险等等），绝对不会去为了理财买保险。固定收入的东西长期是一定输给通胀的。（2025-09-12）",[904,2615,2616],{},"网友：从投资的角度讲，发生的概率小，就不会投入。所以段总不会买房子保险。",[904,2618,2619,2621],{},[910,2620,921],{}," 至少会买umbrella 保险。保险有时候有个很重要的功能，就是有事的时候是保险公司出面帮你处理，不然时间成本太高。（2025-9-14）",[904,2623,2624],{},"网友：如何看待人民币对美元的汇率，长期看会升值吗？",[904,2626,2627,2629],{},[910,2628,921],{}," 这个问题要在可以自由兑换后讨论才有实际意义。（2025-09-28）",[904,2631,2632],{},"网友：大资金做投资，小资金可以考虑赌博吗？",[904,2634,2635,2637],{},[910,2636,921],{}," 当然可以啊，这大概率是维持小资金的最佳途径。（2025-10-5）",[904,2639,2640],{},"网友：对中国药企和创新药板块怎么看？",[904,2642,2643,2645],{},[910,2644,921],{}," 我搞不懂医药，更不知道AI对医药的未来的发展会是什么影响。（2025-10-05）",[904,2647,2133,2648,2136,2650,2139,2652,2142],{},[910,2649,1674],{},[910,2651,1674],{},[910,2653,1674],{},[904,2655,2656,2147],{},[910,2657,921],{},[904,2659,2660],{},"网友：在这波 AI 浪潮下，现在的英伟达是不是还是一个好的投资标的呢？",[904,2662,2663,2665],{},[910,2664,921],{}," 我确实多少投了点nvda……（2025-10-06）",[904,2667,2668],{},"网友：从投资和（初创团队）创业两个不同维度，你对游戏行业的现在和未来怎么看？",[904,2670,2671,2673],{},[910,2672,921],{}," 人生就是游戏……（2025-10-17）",[904,2675,2676],{},"网友：大道，您怎么看目前热议的人工智能泡沫？您觉得目前是不是已经存在很高的泡沫了？",[904,2678,2679,2681,2682,2684],{},[910,2680,921],{}," 你的泡沫的定义是什么？nvda是泡沫还是ChatGPT是泡沫？现在跟AI粘上一点关系的东西都乱涨一气，这些公司很可能90%最后都会完蛋的。但是，那些没完蛋的很可能就是下一个",[910,2683,2565],{},"，amazon……。AI在改变世界是不争的事实，对吧？！that’s a fact!（2025-10-18）",[904,2686,2687,2688,2690,2691,2693],{},"网友：华为、小米进入了新能源汽车领域，",[910,2689,1797],{},"也烧了一笔钱在这上面，oppo和",[910,2692,1838],{},"两大公司有没有想过搞电动车？",[904,2695,2696,2698],{},[910,2697,921],{}," 当然想过！（2025-10-18）",[904,2700,2701],{},"网友：10年思维不契合大多数人从小形成的思维习惯、经验习惯、心理习惯。绝大多数人都是贪婪和短视的吧。",[904,2703,2704,2706],{},[910,2705,921],{}," 每个人最后都会成为他本该成为的那个人的，这里当然包括“绝大多数人”。",[899,2708,2710],{"id":2709},"第四节-满仓主义好价格与投资常识","第四节 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