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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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Doing List \u002F 不为清单","），另一份是",[815,833,834],{},"要盯着看、看到就提高警觉的危险信号","（警惕清单）。前者是纪律，后者是排雷。这两份清单与",[827,837,32],{"href":838},"\u002Fbuzuoshenme","、",[827,841,5],{"href":842},"\u002Fbenfen",[827,844,17],{"href":845},"\u002Fzuoduideshiqing","是一体的。",[848,849,850],"h2",{"id":850},"底层逻辑",[852,853,854,858,865,872,879],"ul",{},[855,856,857],"li",{},"秘诀不是\"做了什么\"，而是\"不做什么\"——好公司都有一张长长的 Stop Doing List。",[855,859,860,861,864],{},"它不是技巧或公式，而是一种思维方式：",[815,862,863],{},"发现错了就立刻停","，因为这时成本最小，要抵抗短期诱惑。",[855,866,867,868,871],{},"不做的事分两类：① 谁都不该做的（如欺骗、不诚信）；② 与自己使命 \u002F ",[827,869,27],{"href":870},"\u002Fnengliquan","相违背的。",[855,873,874,875,878],{},"芒格：\"知道自己会死在哪里就坚决不去那里。\" 多数企业死在资金链断裂，所以",[815,876,877],{},"绝不借太多钱、不用 margin","。",[855,880,881,882,885,886,878],{},"\"做对的事情\"是通过",[815,883,884],{},"不做不对的事情","来实现的；学巴菲特、芒格，最该学的也是他们",[815,887,32],{},[889,890],"hr",{},[848,892,894],{"id":893},"一不做清单stop-doing-list","一、不做清单（Stop Doing List）",[896,897,899],"h3",{"id":898},"企业经营篇段永平亲述-19-条","企业经营篇（段永平亲述 19 条）",[901,902,903,919],"table",{},[904,905,906],"thead",{},[907,908,909,913,916],"tr",{},[910,911,912],"th",{},"#",[910,914,915],{},"不做的事",[910,917,918],{},"核心理由",[920,921,922,934,953,968,979,990,1001,1020,1031,1042,1053,1064,1075,1086,1097,1108,1119,1130,1141],"tbody",{},[907,923,924,928,931],{},[925,926,927],"td",{},"1",[925,929,930],{},"不讨价还价（无销售部）",[925,932,933],{},"所有客户一个价，无折扣无返利；省下大量谈价时间，避免授权漏洞",[907,935,936,939,942],{},[925,937,938],{},"2",[925,940,941],{},"不做代工（OEM）",[925,943,944,945,948,949,952],{},"代工无",[827,946,140],{"href":947},"\u002Fchayihua","、难有利润；资源要投到自己的",[827,950,135],{"href":951},"\u002Fpinpai","上",[907,954,955,958,961],{},[925,956,957],{},"3",[925,959,960],{},"不借钱（无有息贷款）",[925,962,963,964,967],{},"\"",[827,965,58],{"href":966},"\u002Ffuzhai","的好处是发展快，不负债的好处是活得长\"；永远不会倒在资金链断裂上",[907,969,970,973,976],{},[925,971,972],{},"4",[925,974,975],{},"不赊账",[925,977,978],{},"\"收不到钱的生意我们不做，不管听起来多好\"",[907,980,981,984,987],{},[925,982,983],{},"5",[925,985,986],{},"不拖欠供应商货款",[925,988,989],{},"推崇\"不赚人便宜\"；财务逾期付款是\"没能力\"的表现",[907,991,992,995,998],{},[925,993,994],{},"6",[925,996,997],{},"不晚发 \u002F 克扣工资",[925,999,1000],{},"契约精神，连离职员工年终奖照发",[907,1002,1003,1006,1009],{},[925,1004,1005],{},"7",[925,1007,1008],{},"不做不诚信的事",[925,1010,1011,1012,1016,1017],{},"对不诚信\"零容忍\"；",[827,1013,1015],{"href":1014},"\u002Fzhengzhi","正直诚信","才是真正的",[827,1018,68],{"href":1019},"\u002Fhuchenghe",[907,1021,1022,1025,1028],{},[925,1023,1024],{},"8",[925,1026,1027],{},"不攻击竞争对手",[925,1029,1030],{},"\"攻击对手恰恰是没有自信的表现\"；不把\"干倒谁\"当目标",[907,1032,1033,1036,1039],{},[925,1034,1035],{},"9",[925,1037,1038],{},"不打价格战",[925,1040,1041],{},"\"除非不得已，用价格武器总是错的\"；低价不会扩大份额",[907,1043,1044,1047,1050],{},[925,1045,1046],{},"10",[925,1048,1049],{},"不谈性价比",[925,1051,1052],{},"\"'性价比'就是为性能不够好找借口\"",[907,1054,1055,1058,1061],{},[925,1056,1057],{},"11",[925,1059,1060],{},"不做没有差异化的产品",[925,1062,1063],{},"没差异化只能靠价格竞争，很难赚钱",[907,1065,1066,1069,1072],{},[925,1067,1068],{},"12",[925,1070,1071],{},"不参加展会（含 CES）",[925,1073,1074],{},"对建立品牌事倍功半",[907,1076,1077,1080,1083],{},[925,1078,1079],{},"13",[925,1081,1082],{},"不弯道超车",[925,1084,1085],{},"\"捷径是迷路的最快办法\"；弯道超车 = 提高翻车率",[907,1087,1088,1091,1094],{},[925,1089,1090],{},"14",[925,1092,1093],{},"不收购兼并（M&A）",[925,1095,1096],{},"\"为做大而并购，结局一定很难看\"；靠自己滚雪球，长期反而最快",[907,1098,1099,1102,1105],{},[925,1100,1101],{},"15",[925,1103,1104],{},"不多元化",[925,1106,1107],{},"\"不为多元化而多元化\"；能做好一样，何必做做不好的",[907,1109,1110,1113,1116],{},[925,1111,1112],{},"16",[925,1114,1115],{},"不关注市场占有率 \u002F 销量排名",[925,1117,1118],{},"份额是果不是因；盯着份额会本末倒置（诺基亚之鉴）",[907,1120,1121,1124,1127],{},[925,1122,1123],{},"17",[925,1125,1126],{},"不盲目扩张",[925,1128,1129],{},"\"足够的最小发展速度\"，核心是安全；fast is slow（丰田之鉴）",[907,1131,1132,1135,1138],{},[925,1133,1134],{},"18",[925,1136,1137],{},"不赚快钱",[925,1139,1140],{},"\"三不嫌原则\"：违法的钱、违背道德的钱、超过自己能力的钱，都不赚",[907,1142,1143,1146,1149],{},[925,1144,1145],{},"19",[925,1147,1148],{},"不虚夸产品",[925,1150,1151],{},"\"最不好的广告就是夸大其词\"；营销最重要的是不能瞎说",[811,1153,1154,1155,878],{},"完整出处与问答见：",[827,1156,537],{"href":829},[896,1158,1159],{"id":1159},"投资篇",[852,1161,1162,1168,1174,1183,1196,1202,1208,1217],{},[855,1163,1164,1167],{},[815,1165,1166],{},"不用 margin \u002F 不借钱买股票","——\"赚的时候快，赔的时候更快；湿一回鞋就湿一辈子\"；满仓之后市场涨跌都与我无关。",[855,1169,1170,1173],{},[815,1171,1172],{},"不做空","——老巴的教导：\"不做空，不借钱，不做不懂的东西\"；\"做空是愚蠢的\"。",[855,1175,1176,1182],{},[815,1177,1178,1179],{},"不",[827,1180,119],{"href":1181},"\u002Ftouji","——投机会上瘾；\"用到融资就变成短期投机了\"；投资用闲钱。",[855,1184,1185,1191,1192,1195],{},[815,1186,1178,1187,1190],{},[827,1188,124],{"href":1189},"\u002Fzhisun","、不止盈","——\"止盈止亏都是投机的概念\"；",[827,1193,52],{"href":1194},"\u002Fjiazhitouzi","只有\"止错\"（生意变质才卖），与股价无关。",[855,1197,1198,1201],{},[815,1199,1200],{},"不预测短期、不猜牛熊周期","——\"赌牛市或熊市是危险的，看不懂就歇着\"。",[855,1203,1204,1207],{},[815,1205,1206],{},"不择时","——\"最好的办法是不择时，只想 10 年后的情况\"。",[855,1209,1210,1216],{},[815,1211,1212,1213,1215],{},"不投自己看不懂的（不出",[827,1214,27],{"href":870},"）","——\"知道能力圈有多大，比能力圈有多大更重要\"。",[855,1218,1219,1222],{},[815,1220,1221],{},"不频繁交易","——长期持有，频繁买卖是投机心态。",[889,1224],{},[848,1226,1228],{"id":1227},"二警惕清单危险信号-red-flags","二、警惕清单（危险信号 \u002F Red Flags）",[896,1230,1231],{"id":1231},"财务报表上要警惕的",[811,1233,1234],{},[815,1235,1236],{},"现金流 vs 利润背离（最核心）：",[852,1238,1239,1246,1253],{},[855,1240,1241,1242,1245],{},"\"好多公司看起来赚很多钱，",[827,1243,82],{"href":1244},"\u002Fxianjinliu","却一直在减少，那就有危险了。\"（2010-03-08）",[855,1247,1248,1249,1252],{},"\"净利润大于现金流时",[815,1250,1251],{},"一定要更小心","，要看清楚利润到底是些什么。\"（2010-05-08）",[855,1254,1255],{},"\"如果现金流少于利润就要小心了，要看他的钱花在哪里、是否真对未来有好处，不然会不见的。长期现金流少于利润不是好事。\"（2010-05-27）",[811,1257,1258],{},[815,1259,1260],{},"利润质量与管理层诚信：",[852,1262,1263,1277],{},[855,1264,1265,1266,1269,1270,1273,1274,1215],{},"\"我在乎利润、成本这些数据里",[815,1267,1268],{},"到底由哪些东西组成","，要知道它真实反映的是什么；要把数据",[815,1271,1272],{},"连续几个季度甚至几年","来看，跟踪久了就知道他是在说谎还是说真话。\"（2010-03-08，参见",[827,1275,86],{"href":1276},"\u002Fzhenshilirun",[855,1278,1279,1280,1282],{},"GE 教训：怀疑它的盈利**\"老是刚刚好\"**→ 警觉做假账；文化只挂在嘴上、网站上却找不到 → \"",[827,1281,211],{"href":1014},"必须体现在行为中，而非口号上\"。",[811,1284,1285],{},[815,1286,1287],{},"净资产 \u002F 总资产的水分：",[852,1289,1290,1301],{},[855,1291,1292,1293,1297,1298,878],{},"\"不能被'",[827,1294,1296],{"href":1295},"\u002Fjingzichan","净资产","'的表面数字迷惑\"——自创\"有效净资产\"，指真实盈利能力；",[815,1299,1300],{},"不赚钱的净资产是累赘，甚至是负价值",[855,1302,1303],{},"\"总资产是包括债务的\"——别被总资产迷惑（通用汽车、AIG 破产前总资产巨高、市值近乎 0）。",[811,1305,1306],{},[815,1307,1308],{},"价值陷阱（看着便宜其实不便宜）：",[852,1310,1311,1318],{},[855,1312,1313,1314,1317],{},"\"市值低于现金的公司",[815,1315,1316],{},"千万要小心","，一眼看上去便宜，多数情况下未必是便宜货。\"（2018-01-12）",[855,1319,1320,1321,1324],{},"市值低于净资产 \u002F ",[827,1322,73],{"href":1323},"\u002Fjingxianjin","\"特别容易陷于价值陷阱——账面看着有价值，实际有很多水分\"。",[811,1326,1327],{},[815,1328,1329],{},"负债要看\"有息负债\"：",[852,1331,1332,1338,1345],{},[855,1333,1334,1335,1337],{},"担心的是\"很多公司为了发展快去",[827,1336,58],{"href":966},"，结果某天因负债陷入麻烦\"。",[855,1339,1340,1341,1344],{},"看负债要算",[815,1342,1343],{},"有息负债","（银行借贷 \u002F 债券，到期要还的）；预收款等风险意义差很多。",[855,1346,1347],{},"\"企业手上现金很少，很危险很被动——因为人总会犯错，不要让一个错误把你打倒。\"（2010-04-03）",[811,1349,1350],{},[815,1351,1352],{},"对待财报的总态度：",[852,1354,1355,1362,1368],{},[855,1356,1357,1358,1361],{},"\"看资产负债表不知道有没有用，但",[815,1359,1360],{},"不看有危险","。\"（2010-05-12）",[855,1363,963,1364,1367],{},[815,1365,1366],{},"看不懂财报的公司，最好不要碰","；如果所有公司的财报都看不懂，那最好别做投资。\"（2011-01-27）",[855,1369,1370,1371,1374],{},"他自己看财报",[815,1372,1373],{},"主要用于\"排除\"公司","——看完不喜欢或看不懂就不看了。",[896,1376,1377],{"id":1377},"商业模式上要警惕的",[852,1379,1380,1386,1394,1400],{},[855,1381,1382,1385],{},[815,1383,1384],{},"最差的生意","：发展很快、需要大量资本投入才能维持发展、利润却少得可怜甚至赚不到钱。",[855,1387,1388,1389,1393],{},"\"需要用很多人（相对营业额和利润而言）是不好",[827,1390,1392],{"href":1391},"\u002Fshangyemoshi","模式","的一个特征；短期内大量增加人手往往很危险。\"（2011-12-29）",[855,1395,1396,1399],{},[815,1397,1398],{},"重资产、高负债","商业模式要警惕。",[855,1401,1402,1405,1406,1408],{},[815,1403,1404],{},"差异化小、变化快","的行业——",[827,1407,68],{"href":1019},"难建（如加工业、光伏\"拼到死去活来\"，甚至可能被替代）。",[896,1410,1412],{"id":1411},"管理层-诚信上要警惕的","管理层 \u002F 诚信上要警惕的",[852,1414,1415,1418,1425,1428],{},[855,1416,1417],{},"\"不诚信公司大概率不会有好下场。\"（2015-08-14）",[855,1419,1420,1421,1424],{},"\"'讲'信誉谁都会，但需要'守'信誉、要",[815,1422,1423],{},"付出代价","时很多人就不行了。\"",[855,1426,1427],{},"文化\"说一套做一套\"、只在口号 \u002F 广告里 → 危险信号。",[855,1429,1430],{},"\"管理层不好的公司怎么会有很深的护城河？\"（2013-04-02）",[896,1432,1433],{"id":1433},"市场行为上要警惕的",[852,1435,1436,1439,1442,1449],{},[855,1437,1438],{},"\"赌牛市或熊市是危险的，看不懂就歇着。\"",[855,1440,1441],{},"借钱 \u002F 用 margin——\"没人知道市场到底有多疯狂（向下或向上）\"。",[855,1443,1444,1445,1448],{},"做空——\"要同时面对",[827,1446,104],{"href":1447},"\u002Fjibenmian","和市场的疯狂，风险无限\"。",[855,1450,1451],{},"\"任何时候只要你还想着要空一把谁，那就表示你还是个投机分子（以为自己比市场聪明）。\"",[889,1453],{},[848,1455,1456],{"id":1456},"一句话总结",[811,1458,1459,1460,1463],{},"别被表面数字（总资产、净资产、账面利润、低市值）迷惑，要穿透到",[815,1461,1462],{},"真实现金流 + 真实盈利能力 + 管理层是否诚信","，连续几年地看；看不懂的就排除掉、不碰。能尽量不做不对的事、同时努力把事做对，10 年 20 年后的区别是巨大的。",{"title":1465,"searchDepth":15,"depth":15,"links":1466},"",[1467,1468,1472,1478],{"id":850,"depth":15,"text":850},{"id":893,"depth":15,"text":894,"children":1469},[1470,1471],{"id":898,"depth":20,"text":899},{"id":1159,"depth":20,"text":1159},{"id":1227,"depth":15,"text":1228,"children":1473},[1474,1475,1476,1477],{"id":1231,"depth":20,"text":1231},{"id":1377,"depth":20,"text":1377},{"id":1411,"depth":20,"text":1412},{"id":1433,"depth":20,"text":1433},{"id":1456,"depth":15,"text":1456},"md",{},true,"\u002Fdao\u002Fconcepts\u002Fbuzuo-yu-jingti",{"title":37,"description":39},"段永平的 Stop Doing List 不为清单与警惕清单合辑：企业经营 19 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