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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":432,"body":895,"category":416,"chapterOrder":15,"date":10,"description":434,"extension":1923,"meta":1924,"navigation":1925,"order":435,"path":1926,"seo":1927,"seoDescription":434,"seoTitle":1928,"slug":433,"source":10,"sourceDate":10,"sourceUrl":10,"stem":1929,"tags":1930,"type":424,"volume":425,"volumeOrder":9,"__hash__":1934,"_collection":1935},"dao\u002Fdao\u002Finvestment-logic\u002Fwenda-invest-02.md",{"type":896,"value":897,"toc":1918},"minimark",[898,903,907,914,917,922,928,931,943,946,949,952,963,982,985,991,994,997,1004,1010,1018,1023,1026,1029,1032,1037,1043,1050,1053,1059,1068,1076,1090,1093,1099,1102,1108,1113,1119,1127,1130,1138,1141,1149,1152,1160,1167,1173,1186,1189,1194,1197,1213,1216,1221,1224,1229,1232,1241,1244,1249,1255,1265,1270,1273,1278,1281,1286,1291,1294,1300,1303,1306,1309,1312,1315,1318,1321,1324,1327,1330,1333,1336,1339,1342,1345,1348,1351,1354,1357,1360,1363,1366,1369,1372,1375,1382,1385,1388,1391,1394,1397,1400,1403,1406,1409,1412,1419,1422,1425,1428,1431,1434,1440,1444,1447,1457,1460,1463,1468,1471,1477,1480,1485,1488,1493,1496,1501,1504,1509,1512,1517,1520,1525,1528,1533,1536,1539,1548,1551,1557,1560,1568,1571,1580,1588,1593,1596,1601,1604,1607,1612,1615,1618,1623,1626,1631,1634,1639,1642,1647,1652,1655,1660,1663,1666,1671,1674,1679,1682,1687,1690,1699,1702,1708,1711,1720,1723,1728,1731,1736,1741,1744,1749,1752,1757,1762,1767,1770,1776,1779,1784,1787,1792,1795,1800,1803,1808,1811,1820,1823,1828,1831,1834,1837,1840,1843,1846,1851,1854,1859,1862,1867,1870,1873,1876,1883,1893,1898,1901,1906,1909,1912,1915],[899,900,902],"h2",{"id":901},"第一节-简单不容易与长期学习","第一节 简单、不容易与长期学习",[904,905,906],"p",{},"网友：在2016年看到您的一句话，“发现错了马上改，不管多大的代价都是最小的代价”，于是我坚决把一只明知是错但还在犹豫的股票卖掉了。当时亏了20%，放到现在则是亏60%。做到这一点确实不容易。",[904,908,909,913],{},[910,911,912],"strong",{},"段永平："," 不这么做会更不容易的！",[904,915,916],{},"网友：改变思维方式还是有可能的，譬如我。",[904,918,919,921],{},[910,920,912],{}," 呵呵，那真要恭喜你。其实我的本意也不是说绝对不可能变，但确实很少见。不过，有些人觉得自己变了可能是重新发现了自己而已。",[904,923,924,927],{},[910,925,926],{},"投资里最难的就是没有具有“充分条件”的投资，只能从概率的角度考虑。越了解的公司，决策的把握越大，但从来没有100%的赢面。所以仓位只能根据自己的理解来决定","。",[904,929,930],{},"基本上，投资里是无法找到充分条件的，甚至必要条件都很难找到。",[904,932,933,934,937,938,942],{},"举个例子，为什么说“好的",[910,935,936],{},"生意模式","、好的",[939,940,129],"a",{"href":941},"\u002Fqiyewenhua","、好的管理团队、好价钱”也不是可以买的充分条件？因为这样的公司也可能犯致命的错误，只是具备这种条件的公司犯致命错误的概率比没有这种条件的公司低很多，康复能力强很多，所以投资这种公司成功的概率高很多而已。",[904,944,945],{},"投资里最难的地方就是找不到可以投的充分条件，如果有的话，那电脑就可以比人脑厉害了。",[904,947,948],{},"“投资界”总是有人试图找出一种不用懂企业就可以在股市上赚钱的办法，他们永远都不会找到的。如果能找到的话，这个办法应该早就找到了，那现在投资界赚钱最多的一定是数学家。",[904,950,951],{},"在美国，我确实见过很好的大学里有些教授依然在试图找到用数学和电脑就可以赚钱的办法，他们的逻辑推理的前提里有些假设是不对的，所以后面的结论不管多“高级”都不可能是正确的结果。有意思的是，这些教授大多数都是我曾经的同行——计量经济出身的(我曾经是人大计量经济学的研究生哈)。",[904,953,954,955,958,959,962],{},"网友：",[910,956,957],{},"芒格","说过，与",[910,960,961],{},"巴菲特","工作了这么多年，发现他这个人的优点之一是他总是自觉地从数学的排列与组合的角度思考问题。",[904,964,965,967,968,970,971,973,974,977,978,981],{},[910,966,912],{}," 我想他这里说的排列组合大概是指概率的意思。总的来讲",[910,969,957],{},"大概是认为",[910,972,961],{},"总是能",[939,975,216],{"href":976},"\u002Flixing","地思考问题，这点对长期",[939,979,52],{"href":980},"\u002Fjiazhitouzi","是非常重要的。",[904,983,984],{},"投资并不需要高深的数学，但基本的概率概念还是需要的。如果没学过概率，或者没学懂的话，简单跟随就行了。比如，没必要自己去试扔硬币正反面的实验。又比如，有博友说他去赌场下了10万次注还是赢的，有概率概念的人一看就知道这哥们的记忆有问题。",[904,986,987,990],{},[939,988,95],{"href":989},"\u002Fanquanbianji","应该指的就是你自己的了解度，投资里没有数学上100%的东西。",[904,992,993],{},"赌一般指的是48%赢面的下注，90%以上赢面的下注我一般称之为投资。",[904,995,996],{},"网友：有七八成把握就可以动手吗？",[904,998,999,1001,1002,927],{},[910,1000,912],{}," 投资没有充分条件。你的七八成把握指的是什么很重要。如果你指的是你对公司10年后的理解，那把握度就是你的",[939,1003,95],{"href":989},[904,1005,1006,1007,1009],{},"网友：请教您对指数基金的看法？因为弄懂一个公司太难了，自己也要上班。",[910,1008,961],{},"也说过指数基金最终会跑赢绝大多数股票投资者。",[904,1011,1012,1014,1015,1017],{},[910,1013,912],{}," 好像",[910,1016,961],{},"早就讲过，对大多数投资人而言，在指数便宜的时候投资指数是最好的办法。我同意。",[904,1019,1020,1022],{},[910,1021,961],{},"指的是美国的指数。我想，85%以上的投资者买指数的结果会更好，问题是这85%指的都是谁呢？很少有人会认为自己属于85%的，你能这么想说明你有智慧哈。",[904,1024,1025],{},"据说85%-90%的人在股市上都是亏钱的，另外可能还有5%的人打平？这些人为什么不买标普500呢？长期来讲至少也是接近10%的复合年回报吧(大致，自己没真的研究过)。问题是这85%-90%的人也都觉得自己能打败标普500?他们可能既不了解标普500，也不了解他们自己？这其实是个很有意思的问题，不过不是关于投资的。",[904,1027,1028],{},"对在股市上老是亏钱的人们而言，买进标普500可能是个好的办法，就当存银行了，利息还高。",[904,1030,1031],{},"网友：高估时卖掉，若有定力存在银行一直等到下一次低估当然最好，但有几个投资者有如此定力？",[904,1033,1034,1036],{},[910,1035,912],{}," 需要“定力”的东西一般来说不会是啥让人开心的东西，甚至可能是让人睡不好觉的东西。",[904,1038,954,1039,1042],{},[939,1040,5],{"href":1041},"\u002Fbenfen","!老老实实……就不大需要定力。",[904,1044,1045,1047,1048,927],{},[910,1046,912],{}," 关键还是要",[939,1049,216],{"href":976},[904,1051,1052],{},"很多年前俞斌问我什么叫“会投资”，我的回答就是这样：和“会下棋”一样。我肯定会下棋，俞斌也就是会下棋而已，但确实不是一回事。",[904,1054,1055,1056,1058],{},"网友：“理解复利的魔力和获得它的困难是理解许多事情的核心和灵魂。”",[910,1057,957],{},"这句话怎么理解？",[904,1060,1061,1063,1064,1067],{},[910,1062,912],{}," 不做不对的事情，从而少犯错。对于具有",[939,1065,22],{"href":1066},"\u002Fbashiqingzuodui","的能力的人而言，时间长了就明白什么是复利了。",[904,1069,1070,961,1073],{},[910,1071,1072],{},"问：您竟拍",[910,1074,1075],{},"午餐时用的ID是“Fast is slow”，您能解释一下是什么意思吗？",[904,1077,1078,1081,1082,1085,1086,1089],{},[910,1079,1080],{},"段永平","： 太快了就等于慢，其实就相当于我们中国人说的“",[910,1083,1084],{},"欲速不达”","。这是我多年以来做企业、做投资的一个最基本的哲学。做很多事情你必须要认真去做，要有",[939,1087,191],{"href":1088},"\u002Fnaixin","，要有坚持，不要老想着“多快好省”，走捷径的办法往往都是走不远的，这是一个很基本的逻辑。",[904,1091,1092],{},"我一直说“Fast is slow”，原意是“欲速不达”，不知道为什么“后人”会说成“慢就是快”。欲速不达反过来并不是慢就是快，逻辑上并不成立。",[904,1094,1095,1096,927],{},"我觉得设定投资目标是件蛮愚蠢的事情。我的意思是：当",[910,1097,1098],{},"你有了每年增长多少百分比的目标之后，你早晚会做出很愚蠢的事情",[904,1100,1101],{},"一旦心里有了要求回报率，动作就可能变形，因为人们是有可能为了达到这个要求回报率去铤而走险的。还是那句老话：对投资而言过程正确最重要，心里有个要求回报率大概率是会降低你的回报率的。也许可以有个“可接受回报率”，就是低于这个可接受回报率的投资就不碰了。我觉得这个可接受回报率的底线其实就是国债利率。",[904,1103,1104,1105,1107],{},"网友：比如炒股票、做短线就是错的事情(玩玩而已那可以理解)，做真正的",[939,1106,52],{"href":980},"就是对的事情。当然偶尔犯错也是可以理解的，但不要犯原则性错误。是这样吗？",[904,1109,1110,1112],{},[910,1111,912],{}," 嗯，你的解释很对。",[904,1114,1115,1116,1118],{},"网友：什么样的人是",[939,1117,52],{"href":980},"者？",[904,1120,1121,1123,1124,1126],{},[910,1122,912],{}," 我从一开始就是个",[939,1125,52],{"href":980},"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。",[904,1128,1129],{},"网友：投资是要对企业了解，但现实中许多企业家并不懂得投资股票，难道他们还不了解企业吗？",[904,1131,1132,1134,1135,1137],{},[910,1133,912],{}," 一般来讲，好的企业家都很容易变成好的",[939,1136,52],{"href":980},"者，只要他们能悟到买股票就是买公司，悟到这一点非常不简单。",[904,1139,1140],{},"网友：个人专职投资能否作为赖以生存以及实现财富梦想的方式？",[904,1142,1143,1145,1146,1148],{},[910,1144,912],{}," 话糙理不糙，我觉得你不行！当一个人需要问别人自己可不可以靠投资赚钱的时候，多半应该是不行的。投资最重要的是要有独立思考的能力，要能够",[939,1147,216],{"href":976},"地思考。",[904,1150,1151],{},"网友：当手头有闲置的现金又找不到合适的股票买入，内心里觉得钱如果没能“花”出去就是在贬值，我会着急。换作是您，您会怎么做呢？",[904,1153,1154,1156,1157,1159],{},[910,1155,912],{}," 我会着急，但是，着急时尽量不要决策。决策要建立在",[939,1158,216],{"href":976},"的基础上。",[904,1161,1162,1163,1166],{},"其实",[910,1164,1165],{},"茅台","2500元左右时我也想过卖掉的问题，最后还是放弃了。因为卖掉后真不知道拿着现金干什么，利息还那么低，人会焦虑的，不合算。",[904,1168,1169,1170,1172],{},"清仓",[910,1171,1165],{},"不是问题，问题是拿着那笔钱都干嘛了。绝大部分人很可能是躲过了和尚但没躲过庙？",[904,1174,1175,1176,1178,1179,1182,1183,1185],{},"其实你卖了",[910,1177,1165],{},"去换",[910,1180,1181],{},"腾讯","是个过得去的决定，因为最后你也不会亏到哪里去。很多人卖了",[910,1184,1165],{},"然后买了比如“假布斯”之类再也回不来的东西才是真的惨了。",[904,1187,1188],{},"网友：我现在工作很闲不需要动脑，像我这种情况，愿意将未来几个月以至几年时间花在这个上面，我该怎样学习进步呢？能否给一些指导建议？",[904,1190,1191,1193],{},[910,1192,1080],{}," ：呵呵，拿点准备亏掉的钱出来下手就知道了。看书学游泳是学不会的，下水吧。不过别淹着了。（2010-02-09）",[904,1195,1196],{},"网友：巴菲特把投资说得很简单，而芒格却说投资需要很多知识，把投资说得很深奥。听他说看的书有一吨重。段大哥您怎么样认为呢？",[904,1198,1199,1201,1202,1205,1206,1205,1209,1212],{},[910,1200,912],{}," 他们说的都很对，角度不同。我有时也这么说：",[910,1203,1204],{},"投资很简单，不懂不做"," 。",[910,1207,1208],{},"但要能搞懂企业就算看一吨的书也不一定行",[910,1210,1211],{},"投资简单但不容易！"," （2010-05-04）",[904,1214,1215],{},"网友J：不断悟就能（不是说一定）到达吗？如果说投资是攀高峰（可能是没有顶的山峰），会不会有可能提高到一定程度就上不去了，也就是说其实也有机会是悟不会的？我觉得投资难的不是理念和智慧而是价值判断，很少有人能判断价值，简单但不容易的不容易在这里，虽然看起来不容易在前者。",[904,1217,1218,1220],{},[910,1219,1080],{}," ：个人认为悟明白了的人就可以，比如我有一个朋友，他非常明白地坚决不碰股票，只把钱投在自己懂的生意里，回报肯定比股市上85%以上的人好。（2012-05-01）",[904,1222,1223],{},"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？",[904,1225,1226,1228],{},[910,1227,912],{}," 人生就是游戏……（2025-10-17）",[904,1230,1231],{},"网友：问题是开始怎么知道是对的事情呢？",[904,1233,1234,1236,1237,1240],{},[910,1235,912],{}," 你肯定知道有些事情是错的。",[939,1238,17],{"href":1239},"\u002Fzuoduideshiqing","的意思是，如果错了就改，马上改的代价最小。很多人是明知是错还要做，但错的事情往往有眼前利益，有诱惑。比如：骗人的生意、抽烟、赌博，等等。",[904,1242,1243],{},"网友：这次公司出了事，曝光得越多越好，矫枉过正希望能置之死地而后生。",[904,1245,1246,1248],{},[910,1247,912],{}," 我发现做错的事情的人和公司往往在侥幸活过来后还会继续做错的事情，就有点像骗子被抓以后往往会认为是自己骗术不够好而总结如何提高骗术一样。",[904,1250,1251,1252,1254],{},"网友：最想学的就是您说的“",[939,1253,22],{"href":1066},"”，并坚持下去。",[904,1256,1257,1259,1260],{},[910,1258,912],{}," ",[910,1261,1262,1264],{},[939,1263,22],{"href":1066},"是要靠学习的，在实践中学习，在犯错误中学习。不做永远都不犯错，但永远学不会。",[904,1266,1267,1269],{},[939,1268,22],{"href":1066},"确实有高低之分。每个人都有自己的学习曲线，每个人都不可能不犯错误。据说在任何方面花够一万个小时后，大多数人都能成为专家。",[904,1271,1272],{},"网友：大道眼力够强，所以不需要定力。普通人没有大道的眼力，又想理财，还是要选择一条适合自已的路。每个人的悟性能力不同，强求与大道一样的投资方法或许会南辕北辙。",[904,1274,1275,1277],{},[910,1276,912],{}," 嗯嗯，尽管找借口吧！对你没啥好处的。",[904,1279,1280],{},"网友：没钱时遇到好公司怎么办？",[904,1282,1283,1285],{},[910,1284,912],{}," 钱多多买点，钱少少买点呗。",[904,1287,1288],{},[910,1289,1290],{},"段永平：老是听人说价值投资太难了，下面这篇文章大概是很有代表性的，",[904,1292,1293],{},"引用：（豆豆龙：价值投资到底难在哪里？）via@fish",[904,1295,1296,1299],{},[910,1297,1298],{},"原文："," 价值投资，原理和技术其实说出来很简单，但是大道至简，知易行难。现实生活中，真正深得价值投资精髓的朋友，确实是少之又少。对于价值投资来说，其实最难的部分是那种人生态度和哲学。查理芒格曾说40岁以前没有真正的价值投资者。我想，也许他的意思是，心理年龄不到40岁的人，未曾经历真正的风雨和历练的人，是很难有这种超常的定力和淡泊的风骨的。",[904,1301,1302],{},"有的朋友开始笑了，哪有这么玄乎？说的像《笑傲江湖》一样。但是真正懂得价值投资真谛的人，一定能会心的微笑。经常有我的朋友向我咨询关于投资的问题。但当我开始向他们推荐一些书目和心得的时候，他们又总是迫不及待的问我关于个股的看法和持仓情况，最常见的问题是：哪只股有5倍10倍的潜力？我总是对他们说，告诉了你，你也挣不到的。",[904,1304,1305],{},"有很多人对我的话嗤之以鼻，“我也可以做长线啊，为什么我做不到？”现在，就让我来说说，为什么推荐了正确的个股，很多人也无法获利。这也是想告诉大家，成为一个价值投资者，最难的部分是什么？",[904,1307,1308],{},"1 难在被怀疑被耻笑时候的坚持、自信与淡定",[904,1310,1311],{},"我能很确定的告诉你的一件事，就是作为一个价值投资者，是会经常被人怀疑和耻笑的。因为价值投资人常常在短期内“赶不上潮流”，遗憾的是，这个所谓的“短期”常常有可能甚至是几年的时间。如果不信的话，最简单的就是去访问一下李驰、但斌等中国最成功和知名的价值投资人的博客评论，看看有多少人仍在耻笑和怀疑他们。",[904,1313,1314],{},"我曾经看过广东一个电视台录的一个采访林园的节目，那个人在节目中竭尽全力地冷嘲热讽林园已经完全失败。可笑的是，这个主持人连股票价格复权这样基本的常识都不懂，却敢去嘲讽一个每年股利就能分到几千万的智者。",[904,1316,1317],{},"这种事情总在世界各地发生，巴菲特也一直在被人质疑。有的“高人”说，巴菲特只是在前台表演的傀儡，背后也有“庄家”；在科技股疯狂的20世纪末，美国的报纸曾经在头版头条公开质疑巴菲特已经落伍了，被时代所淘汰了；巴菲特这次到中国拜访比亚迪后，比亚迪却正巧遭遇业绩下滑和股价下跌，于是又有很多人怀疑他在“借机出货”。",[904,1319,1320],{},"我本人也经常被人质疑。去年，我觉得房地产已经在最后的疯狂，因此把自己的一套房产出售，大家都说我又疯又傻。我自己觉得，一套住了9年的房子，卖的房价是当年的5倍多，租售比已经在600：1，虽然我永远都不知道也不奢望是否卖在了最高点，但我很清楚价格已经非常高估了，这种简单的道理大家为什么都不理解？",[904,1322,1323],{},"可是大家都在告诉我另一个简单的“真理”：中国的房价一定会永远涨下去的。更要命的，直到现在，他们一直是对的，因为我卖出去的房子已经又涨价了至少20%。",[904,1325,1326],{},"现在，由于我这段时间坚定看好银行股等蓝筹，别人也经常耻笑我。有的人直接说我脑袋进水了，有的人洋洋得意地对我说，他持有的有色股在两周内翻番了，而我的银行股却很久不动，没有赶上大趋势。以前那些听我意见的朋友，两个月后再见面，也开始避免和我谈股票，因为他们已经不信任我的判断。他们甚至开始反过来教育我，要“认清形势，顺势而为；中国没有你那套东西的土壤”。",[904,1328,1329],{},"我相信他们中的有些人已经开始恨我或骂我，后悔听我的建议。他们早已卖出了我推荐的那些股票，转换成市场里真正的“热点”。",[904,1331,1332],{},"最危险的是，一个功力不够的价值投资者，常常自己也会被其他人的行为所影响和动摇。一个月，我们可以坚守自己的信念；可是，半年后，一年后，甚至三五年后，当看到身边那些技术派、趋势派、甚至没有任何投资知识的老奶奶，他们的收益都比自己高的多的时候（遗憾的是，这真的有可能发生的），我们会不会仍然坚守自己的判断和信念？会不会想：是不是大部分人对了，其实错的是我呢？",[904,1334,1335],{},"李驰在他的博客中说道：投资未最后结帐之前，看起来和傻子一模一样。作为价值投资者，如果不能对以上的事情淡然一笑，如果不能在自己深入分析调研并正确判断的基础上坚持自己的投资纪律和原则，是无法坚守价值投资的。这也是为什么我告诉我的朋友，推荐了你正确的个股，你也不一定信；即使信了，你也不一定拿得住，更不一定能获得收益。",[904,1337,1338],{},"一个别人推荐的，你并没有深入研究过的股票，你能坚守吗？",[904,1340,1341],{},"2 难在逆势而为的理性、清醒与忍耐",[904,1343,1344],{},"在大牛市中持有现金，正像在大熊市中满仓尖叫一样，是需要理性与勇气的。李驰和赵丹阳，能在07年的大牛市中果断清仓，现在说起来容易，可是实际操作起来，是需要极大的魄力和定力的。我的一个朋友，曾经豪言一辈子有2件事不做：一不赌博，二不炒股。可是在07年4000多点的时候，他也开始炒股了。",[904,1346,1347],{},"那个时候，几乎所有的人都热情高涨，都认可股市到达10000点是指日可待的事情，连证券公司门口看车的老大爷，都开始把一辈子的存款拿出来炒股，生怕赶不上这个“千载难逢的好时候”。他们都相信，中国的经济要再高速发展30年，所以股票至少还会再涨30年。一开始，你可以不信这些话，但你看到不相信的结果是，说这个话的人的投资已经在3个月之内翻番了，这时候你也开始相信了。",[904,1349,1350],{},"那时候最知名的歌曲是一首股民改编的“死了都不卖”的流行歌曲。让你这个时候清仓观望，持有现金或债券，看着股市每天在涨，心里计算着每天你少赚了多少钱，你真的觉得很容易吗？赵丹阳在07年上半年清仓后，那个时候也曾被很多人耻笑。",[904,1352,1353],{},"顺便说一句，我认为中国现在的房市，和当时的股市是完全一样的。有些成年人，就是不明白一些最简单的道理，比如：世界上没有只涨不跌的商品。人还没去世，不代表着人一辈子都不会死。",[904,1355,1356],{},"反过来，在股票市场极度低迷的时刻，在99%以上的人都深度套牢、心灰意冷的时刻，在所有人一提股票，就语重心长地劝你，千万不要掉入这个陷阱的时候，你开始建仓，你觉得容易吗？更经常发生的事情是，你开始建仓了，可是你的股票仍然跌跌不休，每天都在赔钱，连续几个月，你能不心灰意冷吗？你仍能高兴的尽情买入甚至满仓吗？",[904,1358,1359],{},"很多好心人，开始说你是赌徒，开始用怜悯的目光看你，开始远离你；你的家人和朋友会担心你怀疑你，和你争论，开始想拯救你。他们不相信你的理论，只相信你现在在亏钱的现实。这个时候，你仍然能保持那份理性和清醒吗？",[904,1361,1362],{},"价值投资者也是理性和聪慧的人，但却把自己归入了逆势而为的小众（因为90%的股票投资者都亏钱，所以绝大部分人是错的），长期忍受别人的误解、忽视、嘲笑甚至谩骂，你觉得这很容易做到吗？",[904,1364,1365],{},"3 难在自省与分清对错",[904,1367,1368],{},"是的，作为价值投资者，很多时候，市场和大多数人会犯错误，而你是对的；这正是价值投资者的机会。但是，我们都不是圣人，因此有些时候（甚至是很多时候），价值投资者也会犯错误。要时刻分清对错，而不是偏执；要坚持对的，并及时承认和改正错误。这个度的把握和判断，着实不易。",[904,1370,1371],{},"价值投资者必须仔细分辨别人的理由和意见，并自行做出正确的分析和判断。举个例子，我现在看好银行行业，有的人会嗤之以鼻：银行股盘子太大，涨得慢；那么这种理由我就付之一笑好了。有的人说，银行股风险大，因为未来房地产前景很有风险；这种风险我也经过了最激进的测算；",[904,1373,1374],{},"根据我的试算，我认为房地产价格在当前水平上一年内跌去50%也并不会对银行造成难以承受的危机（我一直认为北京上海的房地产价格会至少跌回到08年底的价格，甚至更低）。",[904,1376,1377,1378,1381],{},"但如果有的人说，银行的最大风险是地方融资",[939,1379,160],{"href":1380},"\u002Fpingtai","贷款，而据可靠消息，其中的坏账风险可能远远出乎大家的想象，那么我会仔细和他分析消息的来源和坏账的定量的影响，以及重新估算当前的价格是否具有充分的安全边际。如果证明我以前的风险估算不足，也许我应该重新审视自己的投资。",[904,1383,1384],{},"很多时候，自信与自大，坚持与偏执，只有一线之差；而这一线之差可能会让人破产。不自省的价值投资者的固执己见也许会导致致命的错误。我最佩服巴菲特的一点是，他总是敢于当众承认自己也会犯下愚蠢的错误，比如投资服装厂，比如康菲石油（尽管在当时，这明显看起来也像非常好的投资机会）；但同时，他坚定地遵循自己认为正确的决定，比如不涉足科技股，持有可口可乐和逆势加仓富国银行。",[904,1386,1387],{},"他判断对错，并不是基于市场的反应和短时间的涨跌，而是真正从企业自身来判断，并基于自己铁的纪律。",[904,1389,1390],{},"4 难在目光长远而不急功近利",[904,1392,1393],{},"多数人是带着一夜暴富的梦想来到股市的。我曾经调查过不少人的预期平均年收益，有的人不好意思的告诉我50%，有的人信心满满地说100%，有的人甚至说，争取干3年就实现财务自由。他们没有算过的是，世界上最富有最传奇的职业投资人，他们十几年或者几十年的年平均投资收益率也就是20%多。然而就是这20几个点的收益，让他们的财富得到了几千倍的增长。",[904,1395,1396],{},"巴菲特在他30岁的时候，资产只有100万美金，40岁的时候，资产只有2000万美金，可是在他80岁的时候，资产已经变成了400多亿美金。老戴维斯38岁才辞去公职开始以10万美元开始投资，可是在他70多岁的时候仍然有9个多亿的收益。换句话说，如果你在现在投资10万元，并保持25%的年收益率，10年后，你的资产会变成93万，40年后你的资产会变成7.5亿。",[904,1398,1399],{},"想一想，那些急功近利的投资人，有多少人能在40年能获得这个成绩？",[904,1401,1402],{},"我在10多年以前，也曾经以五万元的存款本金，在一个月内经过多次“完美”的技术操作，赚了1万多元。当初身边的朋友也有很多人对我顶礼膜拜。我甚至在美好的幻想，以后就靠这5万元作为起步资本，每月赚个5000元，比上班强多了（那时我的工资才3000多元）。后面的结果不多说了，总之在辞去工作，专职炒股5个月后，我又重新开始，老老实实的找了一份新的工作。",[904,1404,1405],{},"而对于真正的价值投资者，他的投资目标或纪律是什么？理智的价值投资者很少有人敢定下25%的年收益目标。通常，价值投资者的基本目标是保住本金，杜绝损失。更进一步的是，跑赢通胀。出乎很多人预料的是，这其实一点也不难。巴菲特以及无数的价值投资者在教育大家，只要买入低摩擦成本的指数基金，就能做到这一点。",[904,1407,1408],{},"我也经常向不懂股票的朋友推荐指数基金，特别在这个阶段，推荐ETF50，可是从者寥寥。遗憾的是，大多数投资者不满足于这个收益，或认为自己比普通人运气更好、技术更高、更聪明。其实90%以上的投资者是无法跑赢指数的，而这也包括那些广大的基金从业者！所以更高级的价值投资目标就是跑赢指数！",[904,1410,1411],{},"我从来不相信会有任何真正的价值投资者敢于挑战说，我追求的年化收益有30%，因为从长期来讲，这是基本不可能完成的认为（一些著名的投资机构，在长时间内保持了超过30%的年化收益；然而，在扣除了交易管理费用和普通合伙人分成后，很少有人能保持这么高的年化收益）。",[904,1413,1414,1415,1418],{},"看着身边追逐热点的幸运者在欢呼庆祝，我们真的能时刻保持一个",[939,1416,12],{"href":1417},"\u002Fpingchangxin","吗？当我们看到明显的所谓“机会”和“热点”，会不会也想做把波段或短差？要知道，做一天或一年的价值投资者容易，但难的是做一辈子不急功近利的投资人！",[904,1420,1421],{},"真正的成功价值投资者，三分术，七分心态。所有的术都好学，然而心态却需要经过人生的历练和感悟才能学到。就像今天，一个朋友拍着我的肩膀对我语重心长的说：“事实证明，你的房子卖了，就永远不能在以同样的价格买回来了；而你的股票，今天卖了，你随时都能用更低价格买回来。”呵呵，遇到这种情况，你会怎么想？",[904,1423,1424],{},"不要预测短期的形势。没有无风险的行业和无风险的投资。对于未来，一切都是不确定的。我曾经一再申明，没有人能预测短期的股市，没有人能预测短期的经济走势，没有人能预测道指一天跌1000点，没有人能预测经济危机（否则就不会发生经济危机了），因为这一切的变量太多了。",[904,1426,1427],{},"没有人能预测911，没有人能预测朝鲜会不会往韩国扔个脏弹（连），没有人能预测天灾人祸，没有人能预测自然灾害，一只在西伯利亚的蝴蝶扇动翅膀，可能会引发一场龙卷风或海啸，这一切都是变量。说不定哪天外星人来了，小行星撞地球了，2012了，我们的经济环境和自然环境是如此的脆弱和复杂，因此一切预测都是不可靠和不负责任的。",[904,1429,1430],{},"我敢说能准确预测未来的人，都是不小心走远说中一次的。",[904,1432,1433],{},"如果让我做一个最大胆的预测，我也只敢说，中国以及世界的经济，在长时间的轨迹中，应该是螺旋向上的；历史的车轮不可阻挡。在过去100年中的科技和经济发展，比过去10000年的贡献都要巨大。我可以很保守的说，在未来的50年、30年甚至10年之内，中国以及世界的经济发展会比现在要更好。然而连这个我都不敢和人打赌，因为一场天灾、一场战争或危机，也许会毁了文明的进程。",[904,1435,1436,1437],{},"但是话说回来，也许那个时候连人类和金钱都不存在了，也不存在投资和股票的问题了。 ",[910,1438,1439],{},"（全文完）",[899,1441,1443],{"id":1442},"第二节-什么人适合投资","第二节 什么人适合投资",[904,1445,1446],{},"问：我们看到很多在资本市场做得非常好的操盘手，他们有时也会做实业，但是几乎都没有做成功。所以，很多人认为做资本赚钱太快，再去做实业的时候心态会很浮躁，他们更愿意在办公室里搞资本运作，而不愿意查看生产线。",[904,1448,1449,1452,1453,1456],{},[910,1450,1451],{},"段永平：所谓资本市场赚钱不会比做企业更快"," ，",[910,1454,1455],{},"这是个很简单的统计"," ，你不能用某一个人在资本市场上赚到钱了去跟所有的实业平均比例来计算，这肯定是不对的。就像你去赌场，虽然看见一些人眉飞色舞出来了，一辆大巴上坐50个人，只有1个人赚钱，但是剩下的人都不吭声的，不吭声的只是赔钱，赚钱的人肯定比亏的平均的钱多。",[904,1458,1459],{},"股市不是赌场，不会像赌场亏那么多，去赌场肯定是要亏的，不然就不会开赌场。我做投资和做实业不认为有什么本质的差别，本质是一样的。（2006-07-07）",[904,1461,1462],{},"网友：“钱太少又没有足够开销去研究企业。”对这句话有点好奇，您研究企业的开销是说哪方面的呢？",[904,1464,1465,1467],{},[910,1466,1080],{}," ：比方说拜访公司，走访市场，了解产品（包括对手）等等。想长期拿得住一只股票必须全面了解所持公司。（2010-03-13）",[904,1469,1470],{},"网友T：我总觉得没有大资本做不了价值投资，做散户更不容易了．只能做短的，还不一定有收成！",[904,1472,1473,1476],{},[910,1474,1475],{},"段永平：有100块就行。巴菲特就是100块开始的"," 。（2010-03-27）",[904,1478,1479],{},"网友T：我认为有巴菲特那种耐心境界可能没几个人，大多都是发财心切的，这也是投资的大忌，您说是不是！",[904,1481,1482,1484],{},[910,1483,912],{}," 恩，所以能发财的少。（2010-03-27）",[904,1486,1487],{},"网友：巴菲特也是散户过来的，1950年的时候只有9800美元，相当于现在……？",[904,1489,1490,1492],{},[910,1491,1080],{}," ：大概相当于现在20-50万美元。（2010-03-28）",[904,1494,1495],{},"网友：段大哥你说过做投资的两个重要方面：钱的问题和做正确的投资。对于我来说感觉自己做正确的投资这个问题可以过关。但钱的量的问题长期是一个问题。段大哥对于我这种形式的投资者有什么建议呢？",[904,1497,1498,1500],{},[910,1499,1080],{}," ：钱的量的问题短期可能会有点麻烦，长期就不应该是问题了。我的建议就是慢慢来。慢就是快。（2010-04-04）",[904,1502,1503],{},"网友：我是一名即将毕业大学生，很认同你的做事思路，看了巴老的《致股东的信》也能理解，但就是不知怎开始价值投资，请段总指导。",[904,1505,1506,1508],{},[910,1507,912],{}," 呵呵，拿点闲钱下水吧，不然永远是看客。投资是个很好玩的游戏，但不要太花精力。如果不小心赚到钱了，千万不要以为自己就可以靠此为生了。如果仅仅把投资作为生活的一部分（可能是一小部分），他会给很多人带来乐趣的，不然可能会有很多痛苦。（2010-04-06）",[904,1510,1511],{},"网友：我是个外行，请问做股票这个行业可以把他当成一种事业去做吗？",[904,1513,1514,1516],{},[910,1515,912],{}," 呵呵，有人可以。但一般而言，不把他当事业可能能做得好一些。（2010-05-14）",[904,1518,1519],{},"网友：我是一个狂热的价值投资者，很想在父母有生之年做出点成绩给他们看，但是价值投资需要很长时间，我们散户资金又不大，段总有好的建议吗？感激不尽。",[904,1521,1522,1524],{},[910,1523,1080],{}," ：没办法。多数成功者都是慢慢来的。（2010-05-22）",[904,1526,1527],{},"网友：请问段总您对一个3O多岁\u003C还在上班>只有几十万市值的价值投资者有何忠告，谢谢？我是想做到了100W我每年能赚到20W不上班能行吗？\u003C还有套房子将租出去>",[904,1529,1530,1532],{},[910,1531,912],{}," 我觉得还是上班的好。（2010-05-23）",[904,1534,1535],{},"网友：我1999年开始买美国股票，都买到很多间公司破产了（十多年赔了几十万USD）。1999年之前我不知道股票是什么样．",[904,1537,1538],{},"我经常在想买股票是不是比赌场还可怕，太多美国公司破产了．网络公司破产的ETYS，ATHM，IPIX……后来转去买金融股，这两年金融股也快破产的不少...今年我不太敢拿股票了。1999年巴菲特的BRK.A是$4万左右想买十几股，可是没经验没买到。",[904,1540,1541,1543,1544,1547],{},[910,1542,1080],{}," ：",[910,1545,1546],{},"你要是看看巴菲特和芒格的东西就不会中招。实在不行，看看我的也会少中招的"," （2010-05-24）",[904,1549,1550],{},"网友：作为普通投资人，国内俗称散户，关于散户做价值投资想听听你有什么好建议？",[904,1552,1553,1556],{},[910,1554,1555],{},"段永平：不知道有没有一个专门针对散户的价值投资法。反正我也很多东西不懂，不懂就不碰。有很多人，一辈子都不懂，所以一辈子都不碰股票，他们也是最好的价值投资者。"," （2010-06-02）",[904,1558,1559],{},"网友：基于散户，段总能有什么好建议么？",[904,1561,1562,1564,1565,1556],{},[910,1563,1080],{}," ：我没有任何针对“散户”的特别建议，投资都是一样的，但是",[910,1566,1567],{},"如果你非要定义自己是“散户”，其实最好还是不要碰的好，因为买股票就是买公司，必须有“大户”心态（就是把整个公司买下来的假设），没有这种假设的“投资”长期而言是危险的。",[904,1569,1570],{},"网友：段大哥，对于我们大多数不曾拥有公司的投资者，是不是可以把公司理解成一个家庭？",[904,1572,1573,1575,1576,1579],{},[910,1574,912],{}," 清官难断家务事。最简单的办法也许是把投资理解成租房的生意。",[910,1577,1578],{},"不能理解公司行为的人最好不要碰股票。股市上大多数人最后都亏钱是有道理的，原因大概就是他们无法理解“拥有公司”到底是什么意思。这种理解好像是非常难教会的。知道自己属于哪一类人比很多东西都重要。当你还需要问怎么理解公司是什么的时候，最好别碰投资。"," （2011-05-24）",[904,1581,1582,1543,1584,1587],{},[910,1583,1080],{},[910,1585,1586],{},"个人理解：大部分人确实不应该碰股票市场，问题是有多少肯承认自己就是那部分人呢？当然，不管承不承认，结果都是一样的"," 。（2012-11-17）",[904,1589,1590,1592],{},[910,1591,912],{}," 其实小额投资者有机会应该去找些看得懂的中小型公司，比较有机会回报高些。跟着大盘股很难有大收获的。（2013-02-01）",[904,1594,1595],{},"网友T：为什么不赞成小额投资者投苹果，价值投资不分投资金额的大小呀？",[904,1597,1598,1600],{},[910,1599,1080],{}," ：首先，这种大公司会出来的消息比较多，小额投资者多数对投资的概念还没有建立，很容易被震几下就出局了；另外，像苹果这种公司在目前的状况下很难有10倍或更多的回报。我觉得小额投资者也许应该关心自己明白但没有那么多人关注的公司，如果能找到这种公司的话，应该比苹果这类公司的回报好。",[904,1602,1603],{},"有时候有些小公司确实很便宜，比如前段时间美股里的一些地产公司，但没有成交量，不适合大额投资者投。（2013-03-02）",[904,1605,1606],{},"网友：请教投资指数基金有没有看法？因为弄懂一个公司太难了，自己也要上班，巴菲特也点评过指数基金最终会跑赢绝大多数股票投资者。",[904,1608,1609,1611],{},[910,1610,1080],{}," ：好像巴菲特早就讲过，对大多数投资人而言，在指数便宜的时候投资指数是最好的办法。我同意。",[904,1613,1614],{},"老巴指的是美国的指数。我想，85%以上的投资者买指数的结果会更好，问题是这85%指的都是谁呢？很少有人会认为自己属于85%的，你能这么想说明你有智慧哈。（2013-04-03）",[904,1616,1617],{},"网友：国内现在有指数基金了，沪深50、沪深300、中小企业500……基本上每个基金公司都有。我有定投，长期来看收益比较安全吧。",[904,1619,1620,1622],{},[910,1621,1080],{}," ：对多数没太多时间分析公司的人来说，也许股市暴跌的时候买合适的指数是个挺好的办法，比较安全，能睡好觉。（2010-05-16）",[904,1624,1625],{},"网友：我们常说买股票就是买企业，但对于一个没做过企业甚至都没在企业呆过压根不懂企业的人而言要买家企业的难度可想而知。",[904,1627,1628,1630],{},[910,1629,1080],{}," ：很多人其实多少都懂某个或某些企业。如果一个都不懂，最好的办法还是自己少碰。如果能找到好的指数和好的价钱就最好，但我不了解国内是否有指数卖？（2010-05-16）",[904,1632,1633],{},"网友：想问下段总，怎么才能确定指数便宜不便宜？或者采用怎样的投资方式去投资指数？",[904,1635,1636,1638],{},[910,1637,1080],{}," ：我也不知道怎么才叫便宜。大体上，还是应该了解这个指数是由什么组成的，然后把整体看成一个企业，然后就会有是否便宜的感觉了。我发现指数有无穷多种，而且可以随时增加很多种，所以买指数其实未必就比买股票容易。不过，某些已经很长时间的指数是相对容易理解的，比如S&P500的指数等。（2011-03-26）",[904,1640,1641],{},"网友：您能否开个关于指数基金的新贴，让大家讨论讨论，对于我们这些资金、精力、时间、知识和判断能力都很有限的投资者来说，指数基金也许是我们很好的选择。",[904,1643,1644,1646],{},[910,1645,912],{}," 国内的指数不清楚，美股的倒是可以考虑。（2011-07-08）",[904,1648,1649,1651],{},[910,1650,912],{}," 意即他们拿了你的钱去买指数基金，还收你手续费和佣金。（2012-06-26）",[904,1653,1654],{},"网友：我这几年的投资，基本上都是指数基金一半，股票一半，但是也一直对这一比一的投资比例有点纠结，不知段总能否帮忙给点建议？",[904,1656,1657,1659],{},[910,1658,1080],{}," ：投指数就是投国家。（2013-05-20）",[904,1661,1662],{},"网友：您说的没错，他指的是标普500指数基金，标普500指数基金etf服务费是0.05%，确实好低。比起来，我买的那个几乎有点儿坑人。",[904,1664,1665],{},"我买的时候主要觉得这个折价率有点夸张，以前从来没接触过基金，但觉得价格总是要围绕价值上下波动才对，（同样水平的服务费，有些etf还有溢价的），17%的折扣，可以弥补12年的管理费了。您说到用30年的结果计算，我确实感到惭愧，没想到那么远。",[904,1667,1668,1670],{},[910,1669,912],{}," 不打算拿10年的股票为什么会打算拿10天呢？如果你打算拿30年的话，你就会觉得1%以上的年费率有点疯狂了。谢谢你把老巴的东西找出来哈，我没注意过，只是从逻辑上猜的。（2015-09-10）",[904,1672,1673],{},"网友：请教段哥，巴菲特说：“如果我现在只有10-100万美元，我会在石头下面找小公司的机会”。这句话有蕴含捡烟蒂股的意思么？（2013-05-28）",[904,1675,1676,1678],{},[910,1677,912],{}," 好的小公司成长机会高，但对于大资金而言没用，因为好不易找个好的小公司却放不了多少钱进去。我不鼓励小额投资人投苹果这类公司也是类似的道理。小额投资人或许更应该耐心地从生活中发现还很便宜的小的好公司。",[904,1680,1681],{},"网友T：您指的小公司，是单指小市值公司吧？",[904,1683,1684,1686],{},[910,1685,912],{}," 这里小的意思应该是指市值。如果五年找到一个未来发展很好的小公司，对于小额投资人来说回报应该会比跟着市场投要好。对于那些大小公司都看不懂的人来说，反正也都是一样的。一般来讲，小公司比大公司要容易懂一些。公司大到一定程度后会容易受到非商业因素的影响，小公司则受到影响的概率要低很多。（2013-05-29）",[904,1688,1689],{},"网友补充：我觉得百万以内的资金根本不用进股票市场，直接投到自己的或者身边人熟悉的小生意上更安全可控。我最近在“现实世界”里的回报比股票里的高多了，虽然要出很多汗操很多心，但是也学到很多知识。自己run过一点小business也能对看报表有很大的帮助，将来资金大了以后再买股票可能可以眼光更准。",[904,1691,1692,1694,1695,1698],{},[910,1693,912],{}," 非常同意你的观点。",[910,1696,1697],{},"本来投上市公司的钱就应该是闲钱"," ，如果自己能找到生意，那当然应该投自己的生意。其实投上市公司的内在道理是一样的，差别是不用自己费力去经营而已，很多时候甚至还能请到比自己更能干的人去经营。",[904,1700,1701],{},"记得很久以前在学校碰到一个老师问，说自己不懂投资但需要管理自己的小小财富怎么办，我说你就都交给巴菲特吧，全部买上巴菲特的股票，怎么着都会比自己管好的，还不用操心。（2013-05-29）",[904,1703,1704,1707],{},[910,1705,1706],{},"段永平：其实什么股票都不买的人都是赢家，比85%的人要强"," 。（2013-12-22）",[904,1709,1710],{},"网友s：如果你觉得自己是小投资者，那你很可能会一直是小投资者的。呵呵，段总有时说话好笑又有哲理。",[904,1712,1713,1715,1716,1719],{},[910,1714,1080],{}," ：“",[910,1717,1718],{},"小投资者”之所以很容易一直是“小投资者”的原因也许有很多，但个人认为最重要的是他们可能会因为自己小而想赚快钱，大钱，从而铤而走险而不追求真理。其实这个世界上没有投资人不想赚大钱，知道什么不可为比知道可为什么要重要的多。"," （2015-04-28）",[904,1721,1722],{},"网友：为什么大公司会比小公司更容易了解些？一般大公司往往代表着复杂的业务，而小公司相对往往业务简单，不应该是更容易了解吗？",[904,1724,1725,1727],{},[910,1726,912],{}," 一般而言大公司公开资料多，历史长。‘大公司’就一定业务复杂吗？乔布斯笑了哈！苹果非常简单，茅台也是。小公司业务简单吗？贾布斯也笑了。（2017-03-21）",[904,1729,1730],{},"网友：老白干算不算一个不错的小公司呢？",[904,1732,1733,1735],{},[910,1734,1080],{}," ：我曾经关注过一下老白干，但总觉得在当时的价钱下用茅台换老白干不太合适。这是个典型的‘大公司’容易了解而‘小公司’相对难的例子。（2017-03-21）",[904,1737,1738,1740],{},[910,1739,1080],{}," ：大规模的资金都是从小规模发展过来的。（2017-04-28）",[904,1742,1743],{},"网友：我看您大都投资的龙头型好企业，为什么很少去投资中小型类的企业呢？",[904,1745,1746,1748],{},[910,1747,912],{}," 我没太多时间。大公司容易了解很多。（2019-03-16）",[904,1750,1751],{},"网友：我是价值投资者，最信任我的朋友想委托我帮他们投资，请大道指点！",[904,1753,1754,1756],{},[910,1755,912],{}," 自己喜欢投资是爱好，帮人管投资则属于工作了。不过帮朋友管钱要有失去朋友的准备哈。（2019-09-03）",[904,1758,1759,1761],{},[910,1760,912],{}," 投资不需要学历的，但需要明白内在的道理并坚信之，找到好公司后要好好拿着，不要为短期的股价波动所影响。（2019-09-16）",[904,1763,1764],{},[910,1765,1766],{},"段永平：哈，突然觉得用这种方式回复也好。",[904,1768,1769],{},"网友：段总，我认为巴菲特玩的根本就不是股票，跟普通的散户投资模式是有区别的，他更注重的是企业更内层的东西，而散户们更关注的只是炒股价罢了。",[904,1771,1772,1775],{},[910,1773,1774],{},"段永平：巴菲特也是从散户开始的"," ，我也是。他的东西不神秘，至少对我的帮助很大。我就是看了巴菲特的东西后开始投资的。",[904,1777,1778],{},"网友：请问段总：您觉得职业投资对一个35岁以上的人而言是一条路吗？现在本金只有几十万人民币，很犹豫是否全职做投资？",[904,1780,1781,1783],{},[910,1782,1080],{}," ：好像刚刚说过我不建议专门做投资，不太好。如果专职做投资手里还没有很多钱，想不做短线都很难啊。（2010-04-07）",[904,1785,1786],{},"网友：对小资金而言。不知道段哥是否可以分享一下您的看法。",[904,1788,1789,1791],{},[910,1790,1080],{}," ：小资金的人如果懂投资的话是可以找到更好的机会的，老巴好像叫翻石头，或者叫找石头下的金子。大资金这么做不合算而已。（2019-03-15）",[904,1793,1794],{},"网友：对于大多数小资金投资者，是否可以参与一些在认知范围内明显的泡沫，或者恐慌呢？比如08年金融危机，贸易战封杀的中兴通讯之类的，短时间抓住市场的错误定价。请您给小资金投资者一些建议。",[904,1796,1797,1799],{},[910,1798,912],{}," 如果你真的能抓住市场的错误定价，你就已经不是小资金了。我认为“慢慢的变富”其实是最快的办法。投资是个好玩的游戏。（2019-03-21）",[904,1801,1802],{},"网友D：请教段总，假如巴菲特一开始（小资金时）就买入优秀的企业而不是捡了不少烟蒂，现在会更富有还是可能不如现在？段总是否可以分享一下您的看法？",[904,1804,1805,1807],{},[910,1806,912],{}," 啥都有个过程，老巴也是慢慢进步的。",[904,1809,1810],{},"网友：假如您现在资金量很少，该如何投资呢？",[904,1812,1813,1815,1816,1819],{},[910,1814,1080],{}," ：如果不考虑手续费的话，投资什么和你有多少钱没关系。没关系！不过和精力有关系，也就是说如果钱太多时可能没有足够多时间找到足够多好股票。钱太少又没有足够开销去研究企业。",[910,1817,1818],{},"很多人觉得没法学巴菲特是因为巴菲特有太多的钱，可我基本肯定这么说的人是不懂巴菲特的"," 。（2010-03-11）",[904,1821,1822],{},"网友D：学生对您这句话的理解是：不在钱多少，重在自己有没有建立这个投资观念，操作能力，投资习惯，学生我现在拿少部分钱来进行价值投资训练，小资金若训练相对成功了，就能操作大的资金，因为投资道理是一样的，是吗？",[904,1824,1825,1827],{},[910,1826,912],{}," 是的（2010-03-27）",[904,1829,1830],{},"网友：最近一直看关于巴菲特的东西，下面是一段巴菲特股东会的对话，我有些不明白：",[904,1832,1833],{},"QUESTION – AREA 9： New York",[904,1835,1836],{},"问及巴菲特如果要获得一个50%的回报该如何投资",[904,1838,1839],{},"巴菲特：如果管理的是一笔小资金，我行事会完全不同。",[904,1841,1842],{},"芒格：现在没道理再来想这个问题。",[904,1844,1845],{},"巴菲特上面说的“管理小资金，行事完全不同”具体指什么呢？",[904,1847,1848,1850],{},[910,1849,1080],{}," ：我猜他的意思是说，如果他没有这么多钱的话，他的回报比例会更高。那样的话，他就可以关注更多小公司，从而找到回报比例更高的公司。现在他钱太多，又没办法找到很多像他一样理解投资的人帮他管钱，所以很难有像以前钱少时那么高的回报了。（2010-03-30）",[904,1852,1853],{},"网友：我也想问段大哥：资金不大时我们是捡烟头还是选择优秀的公司？我一直对这个问题有点困惑。",[904,1855,1856,1858],{},[910,1857,912],{}," 对绝大多数人而言，其实资金大小一点关系都没有。（2013-12-28）",[904,1860,1861],{},"网友：以段总的经验，投资一家公司，大公司和小公司选择哪一种相对更容易？做个假设，如果段总现在处在你四十岁的那个阶段，会怎么做投资？是不是和50岁的阶段有些不一样呢？",[904,1863,1864,1866],{},[910,1865,912],{}," 如果时间使用上没区别的话，公司大小就没啥区别。大公司往往相对容易了解些。（2017-03-21）",[904,1868,1869],{},"网友：巴老说：如果我现在只有10-100万美元，我会在石头下面找小公司的机会。您也在博客中这么说过：好的小公司成长机会高，但对于大资金而言没用，因为好不易找个好的小公司却放不了多少钱进去。我不鼓励小额投资人投苹果这类公司也是类似的道理。小额投资人或许更应该耐心地从生活中发现还很便宜的小的好公司。",[904,1871,1872],{},"我想问：那些小公司中没有生意模式比茅台苹果还好的。对于小额投资人来说就去选择生意模式不如茅台苹果但是也不错但是市值不大的企业吗？",[904,1874,1875],{},"我有点笨，这个问题想了好久也想的不太明白，迫不得已来打扰！",[904,1877,1878,1543,1880],{},[910,1879,1080],{},[910,1881,1882],{},"投资的原理是一样的。找小公司也是要找那些商业模式好，企业文化好，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机会情况会更糟，因为小公司往往资料比较少，小额投资者更容易中招。",[904,1884,1885,1888,1889,1892],{},[910,1886,1887],{},"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"," （这个做法就叫做风投）",[910,1890,1891],{},"，这样回报会高不少"," 。（2019-04-30）",[904,1894,1895],{},[910,1896,1897],{},"需要“耐心”",[904,1899,1900],{},"网友：大道，怎么理解慢慢变富？",[904,1902,1903,1905],{},[910,1904,1080],{}," ：就是不要急功近利的意思？（2019-09-01）",[904,1907,1908],{},"网友：大道好，我现在只有五十万长期不用的闲置资金做本金，想在AH股做股权投资，如果是您，您会采取什么策略？",[904,1910,1911],{},"大道：我觉得你还是存银行比较安全。（2025-10-25）",[904,1913,1914],{},"网友：段总您好，请问能给我们证券从业人员一点建议吗？不能买股票，只能买场内基金，那是单一赛道重仓还是分多个篮子呢？",[904,1916,1917],{},"大道：如果你有这个问题，换个工作吧？何苦呢。（2026-01-21）",{"title":1919,"searchDepth":15,"depth":15,"links":1920},"",[1921,1922],{"id":901,"depth":15,"text":902},{"id":1442,"depth":15,"text":1443},"md",{},true,"\u002Fdao\u002Finvestment-logic\u002Fwenda-invest-02",{"title":432,"description":434},"投资为什么简单但不容易｜段永平投资问答录","dao\u002Finvestment-logic\u002Fwenda-invest-02",[1931,1932,1933],"投资原则","投资理解","投资者","D2vrZFG-4s_A3unoGf-YSidIXVsFkKae8byfjBp4Nb4","dao",[1937,1938,1939,1940,1941,1942,1943,1944,1945,1946,1947,1948,1949,1950,1951,1952,1953,1954,1955,1956,1957,1958,1959,1960,1961,1962,1963,1964,1965,1966,1967,1968,1969,1970,1971,1972,1973,1974,1975,1976,1977,1978,1979,1980,1981,1982],{"title":420,"slug":421,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":9,"order":423},{"title":432,"slug":433,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":15,"order":435},{"title":441,"slug":442,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":20,"order":444},{"title":450,"slug":451,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":25,"order":453},{"title":459,"slug":460,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":30,"order":462},{"title":464,"slug":465,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":35,"order":467},{"title":473,"slug":474,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":45,"order":476},{"title":478,"slug":479,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":50,"order":481},{"title":483,"slug":484,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":56,"order":486},{"title":488,"slug":489,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":62,"order":491},{"title":493,"slug":494,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":71,"order":496},{"title":498,"slug":499,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":80,"order":501},{"title":503,"slug":504,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":9,"order":506},{"title":509,"slug":510,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":15,"order":512},{"title":514,"slug":515,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":20,"order":517},{"title":519,"slug":520,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":25,"order":522},{"title":524,"slug":525,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":30,"order":527},{"title":529,"slug":530,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":35,"order":532},{"title":534,"slug":535,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":45,"order":537},{"title":129,"slug":539,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":50,"order":541},{"title":543,"slug":544,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":56,"order":546},{"title":548,"slug":549,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":62,"order":551},{"title":553,"slug":554,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":71,"order":556},{"title":558,"slug":559,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":80,"order":561},{"title":563,"slug":564,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":9,"order":566},{"title":569,"slug":570,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":15,"order":572},{"title":574,"slug":575,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":20,"order":577},{"title":579,"slug":580,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":25,"order":582},{"title":584,"slug":585,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":30,"order":587},{"title":589,"slug":590,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":35,"order":592},{"title":594,"slug":595,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":45,"order":597},{"title":599,"slug":600,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":50,"order":602},{"title":604,"slug":605,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":56,"order":607},{"title":609,"slug":610,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":62,"order":612},{"title":614,"slug":615,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":71,"order":617},{"title":619,"slug":620,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":80,"order":622},{"title":624,"slug":625,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":89,"order":627},{"title":629,"slug":630,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":98,"order":632},{"title":634,"slug":635,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":107,"order":637},{"title":639,"slug":640,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":112,"order":642},{"title":644,"slug":645,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":9,"order":647},{"title":650,"slug":651,"type":424,"volume":648,"volumeOrder":25,"chapterOrder":15,"order":653},{"title":655,"slug":656,"type":424,"volume":648,"volumeOrder":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