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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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与能力圈边界。",5290,{"title":787,"slug":788,"description":789,"category":662,"order":790,"type":791,"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":793,"slug":794,"description":795,"category":662,"order":796,"type":791,"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":798,"slug":799,"description":800,"category":662,"order":801,"type":791,"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":803,"title":618,"body":804,"category":421,"chapterOrder":107,"date":10,"description":620,"extension":1336,"meta":1337,"navigation":1338,"order":621,"path":1339,"seo":1340,"seoDescription":620,"seoTitle":1341,"slug":619,"source":10,"sourceDate":10,"sourceUrl":10,"stem":1342,"tags":1343,"type":429,"volume":551,"volumeOrder":20,"__hash__":1346,"_collection":1347},"dao\u002Fdao\u002Fqanda\u002Fwenda-company-energy-industrial.md",{"type":805,"value":806,"toc":1330},"minimark",[807,812,821,830,833,841,847,852,855,860,863,866,870,873,876,883,902,913,931,952,958,961,973,985,997,1012,1033,1042,1053,1061,1081,1101,1107,1118,1130,1142,1151,1158,1164,1172,1175,1180,1192,1195,1223,1226,1232,1250,1264,1279,1288,1292,1299,1304,1309,1314,1319,1325],[808,809,811],"h2",{"id":810},"第一节-oxy西方石油","第一节 OXY（西方石油）",[813,814,815,816,820],"p",{},"网友：能详细讲讲西方石油的逻辑吗？",[817,818,819],"strong",{},"巴菲特","这么长时间频频加仓，可是市场上都是看空原油的。",[813,822,823,826,827],{},[817,824,825],{},"段永平："," ",[817,828,829],{},"其实就是按不错的价钱买了个油田。石油资源大概率是会紧缺的，只是不知道什么时候而已。(2025-03-04)",[813,831,832],{},"网友：请问大道最近有减持或者清仓OXY的计划吗？",[813,834,835,837,838,840],{},[817,836,825],{}," 目前没有任何计划。原计划就是买个“油田”等个10年20年看看会发生什么。不过，如果",[817,839,819],{},"卖OXY我会跟。",[813,842,843,844,846],{},"网友：如何看待",[817,845,819],{},"对于OXY的收购？",[813,848,849,851],{},[817,850,825],{}," 刚刚查了一下AI才知道发生了什么。我觉得对OXY是好事，可以让OXY更聚焦，债务也降低了很多。（2025-10-02）",[813,853,854],{},"网友：对于长持股，例如OXY，您是否会卖出看涨期权（例如为期一个月，价外10%）的方式来增加收益。",[813,856,857,859],{},[817,858,825],{}," OXY的premium很低，不值得冒险。（2025-10-03）",[813,861,862],{},"网友：很多人以为抄作业就是抄个代码，其实真正能抄对的前提，是你打心底里认同那个做决定的人。大道当年跟着巴菲特买石油，理由特别实在：“我不懂石油，但我懂老巴。”说白了，如果你看不懂这门生意，那你至少得看懂这个人，否则你根本拿不住。",[813,864,865],{},"大道：即便如此，西方石油我也拿着不舒服，毕竟自己不懂， 有机会也会卖掉的。我基本上都已经卖了call了，就看懂王怎么表现了。（2026-08-29）",[808,867,869],{"id":868},"第二节-ge通用电气","第二节 GE（通用电气）",[813,871,872],{},"一直说有机会讲几个我自己的例子，但一直不知道该讲哪个好。",[813,874,875],{},"这些年我碰过的股票其实也不少了，有亏的有赚的，就是没有一个从一开始我就100%觉得自己一定能赚大钱的。不管买哪个，都觉得多少心里有些不踏实，呵呵。",[813,877,878,879,882],{},"想来想去，觉得",[817,880,881],{},"GE","可能比较有本人特色。",[813,884,885,886,889,890,892,893,895,896,898,899,901],{},"最早开始经营企业的时候，我最喜欢的可能是",[817,887,888],{},"松下","。后来慢慢对",[817,891,888],{},"有些失望，尤其是去大阪拜访过",[817,894,888],{},"总部以后，确实觉得",[817,897,888],{},"有些问题，慢慢自己也就不太再提",[817,900,888],{},"了。",[813,903,904,905,907,908,912],{},"大概也就是那段时间(应该是去",[817,906,888],{},"之前)，我们开始越来越多地反思我们自己，希望能建立和加强我们自己的",[909,910,129],"a",{"href":911},"\u002Fqiyewenhua","。那时我好像正在中欧读EMBA，同时还把中欧的一些课引进了公司内部。",[813,914,915,916,918,919,921,922,924,925,927,928,930],{},"在那段时间里给我印象最深的书就是",[817,917,881],{},"的上一个CEO韦尔奇写的自传。在那本书里我看到了",[909,920,129],{"href":911},"对建立好公司的强大作用，同时对",[817,923,881],{}," 强大的",[909,926,129],{"href":911},"留下了极为深刻的印象。之后又读了韦尔奇后来写的书《赢》，更进一步了解到他们是怎么建立",[909,929,129],{"href":911},"的。",[813,932,933,934,936,937,939,940,942,943,945,946,948,949,951],{},"从那个时候起，我还花过不少时间去了解和思考",[817,935,881],{},"。去想为什么",[817,938,881],{},"会是家百年老店，为什么",[817,941,881],{},"的董事会总是能选个好CEO 出来，为什么世界 500强里有170多个CEO来自",[817,944,881],{},"，等等。当时我其实就注意过",[817,947,881],{},"的股票，觉得",[817,950,881],{},"当时的股价并不便宜(好像40美元左右)，也就没再关心它的股价了。",[813,953,954,955,957],{},"从2008年9月雷曼倒下开始，金融危机的影响越来越大，整个市场风声鹤唳。到11月时我看到市场的恐慌情绪越来越厉害，当时就想，这大概就是",[817,956,819],{},"讲的人们的“恐惧”要来了，也就是轮到我该“贪婪”的时候了。",[813,959,960],{},"开始的时候我并没有特别明确的目标，只是觉得市场上到处都是便宜货，就是不知道哪个安全，好像每个都有很大问题，每个公司都可能要完蛋一样。我当时想得最多的就是如何把手里的所有资源调动起来去抓住这一生难遇一次的机会。",[813,962,963,964,966,967,969,970,972],{},"到2月时，",[817,965,881],{},"已经向下破了10美元。那时雷曼、AIG、花旗集团等很多和次贷有关的公司都已经破产或到了破产边缘，关于",[817,968,881],{},"的负面新闻也越来越多，华尔街上很多人都在说",[817,971,881],{},"将会是下一个雷曼。",[813,974,975,976,978,979,981,982,984],{},"我知道",[817,977,881],{},"过去好的时候每股能有两块多钱利润，就算以后差一点，危机过去后怎么也会有个1.5美元\u002F股以上吧。如果我给他个12到15倍的 P\u002FE，怎么着这也应该是20美元以上的股票。所以，当",[817,980,881],{},"到10美元左右时我已经开始着手买一些了，但还没有下大决心买。直到有一天当",[817,983,881],{},"跌到9美元左右时，我看到了杰夫·伊梅尔特的一个讲话。",[813,986,987,988,990,991,993,994,996],{},"我忘了原话是怎么说的了，大致意思是，他认为",[817,989,881],{},"的形象被破坏了，这都是他的错。",[817,992,881],{},"将在未来几年调整其业务结构，让财务公司在整个公司中的比例降到30%以下。他还重申",[817,995,881],{},"整体是安全健康的等等。",[813,998,999,1000,1002,1003,1005,1006,1008,1009,1011],{},"当时有问题的所有公司当中，好像我只见到",[817,1001,881],{},"出来承认错误并检讨对策，这大概就是",[909,1004,129],{"href":911},"不同的地方吧？",[817,1007,881],{},"是个巨大的公司，我也曾试图想看清楚",[817,1010,881],{},"到底都有哪些业务，也试图想分析清楚他所有的业务模式的优劣，但发现非常难。我能看到一些非常好的模式，同时也能看到一些不太好的模式。",[813,1013,1014,1015,1017,1019,1020,1022,1023,1025,1026,1028,1029,1032],{},"最后让我下决心出重手的决定因素还是我对",[817,1016,881],{},[909,1018,129],{"href":911},"的理解。我认为金融危机并不会摧毁",[817,1021,881],{},"强大的",[909,1024,129],{"href":911},"，",[817,1027,881],{},"的问题只是过去的一些策略错误造成的，假以时日一定可以改正。伟大公司的错误往往就是千载难逢的投资机会。(呵呵，有人也把这叫",[909,1030,119],{"href":1031},"\u002Ftouji","。)",[813,1034,1035,1036,1038,1039,1041],{},"想明白以后的事情就简单了，后面的一段时间我几乎每天都在忙着买",[817,1037,881],{},"，不停地想办法调集资源，从9美元左右买到6美元再买到10美元出头，好像到十二三美元后还买了些(有些钱是后来从别的股票调过来的)。直到",[817,1040,881],{},"股价比雅虎高以后才停了。当时还曾动过用margin的念头，后来觉得不对的事不做的原则不能破，就算了。",[813,1043,1044,1045,1047,1048,1050,1052],{},"回头来看，去年我买的股票当中",[817,1046,881],{},"并不是涨幅最大的，但确实是我出手最重、获利最多的且担心最少的股票，其原因只能说是我对",[817,1049,881],{},[909,1051,129],{"href":911},"的了解最后帮助我做出了一个很重要的决定。也许就是个运气？(2010-03-29)",[813,1054,1055,1056,1060],{},"（这篇长文后半段还“顺便提提创维”，谈了买创维的经过，见",[909,1057,1059],{"href":1058},"\u002Fwenda-company-traditional-industries#%E5%88%9B%E7%BB%B4%E9%95%BF%E8%99%B9%E4%B8%8E%E5%BD%A9%E7%94%B5%E5%90%8C%E8%A1%8C","创维、长虹与彩电同行","。）",[813,1062,1063,1064,1066,1067,1070,1071,1073,1074,1076,1077,1080],{},"网友：您觉得",[817,1065,881],{},"(通用电气)的投资和",[817,1068,1069],{},"苹果","的投资有什么不同吗？我觉得",[817,1072,881],{},"的投资更像是一次性的利润，而",[817,1075,1069],{},"看上去是那种长坡厚雪型的公司，是不需要卖的。我曾经在A股买过烟蒂，但是发现需要时常关注一些短期的东西，虽然也赚钱了，但投资过程并不省心。现在学乖了，知道",[909,1078,64],{"href":1079},"\u002Fshangyemoshi","最重要，所以只买好公司了。",[813,1082,1083,1085,1086,1088,1089,1091,1092,1094,1095,1097,1098,1100],{},[817,1084,825],{}," 如果放到今天来看，我大概不会买",[817,1087,881],{},"，而是应该那个时候就买",[817,1090,1069],{},"。因为回过头来想，我对",[817,1093,881],{},"的理解并不是很透，但",[817,1096,1069],{},"却是我能真的理解的公司。不过，当时我认为",[817,1099,881],{},"的文化很好，公司应该可以转危为安的。(2017-05-22)",[813,1102,1103,1104,1106],{},"网友：对现在的",[817,1105,881],{},"怎么看？",[813,1108,1109,826,1111,1113,1114,1117],{},[817,1110,825],{},[817,1112,881],{},"产品太复杂，",[909,1115,82],{"href":1116},"\u002Fxianjinliu","也不好，居然还一直分红，不容易搞懂。虽然现在价钱已经回到我几年前卖掉时的价钱了，我依然不太有兴趣，但作为基本文化不错的一家公司，还是可以关注一下的。(2017-10-22)",[813,1119,1120,1121,1123,1124,1126,1127,1129],{},"最近偶尔有人会问我",[817,1122,881],{},"掉下来了，是否值得关注。",[817,1125,881],{},"以前的文化我是喜欢的，前些年我也曾经买过不少",[817,1128,881],{},"的股票。",[813,1131,1132,1133,1135,1136,1138,1139,1141],{},"后来卖掉",[817,1134,881],{},"的一个很重要的原因是，有一天我去",[817,1137,881],{},"的公司主页看了一眼，发现根本找不到我在杰克·韦尔奇书上看到的他对",[817,1140,881],{},"文化的描述，后来发现当时的CEO 居然有“去韦尔奇化”的倾向，加上这家公司的生意实在是太复杂，所以我就统统卖了。现在价格已经显著低过我当时卖的价格，但我还是没提起兴趣来。(2018-01-20)",[813,1143,1144,1145,1147,1148,1150],{},"网友：",[817,1146,881],{},"是",[909,1149,129],{"href":911},"出现了问题？",[813,1152,1153,826,1155,1157],{},[817,1154,825],{},[817,1156,881],{},"这些年确实出了问题，CEO出差居然有另一架飞机随行，更恐怖的是CEO居然说不知道，还真没见过这么不靠谱的。(2018-07-01)",[813,1159,1160,1161],{},"不明真相的群众：",[817,1162,1163],{},"杰克·韦尔奇本人，他的“战略”我也是有疑惑的。他入主GE早期做的一些战略，看起来是不错的，主要是聚焦、做减法，但到了晚期，又走回去了。",[813,1165,1166,1168,1169,1171],{},[817,1167,825],{}," 这个我同意。我当时一直都说，从来没见过企业多元化成功的例子，",[817,1170,881],{},"是个例外。现在看来，时间长了都不行哈。(2018-09-21)",[813,1173,1174],{},"网友：你有没有做过这样的交易，赚了钱，事后却发现事实或逻辑搞错了？",[813,1176,1177,1179],{},[817,1178,825],{}," 我的特斯拉就是典型哈。",[813,1181,1182,1183,1185,1186,1188,1189,1191],{},"认真想来当年的",[817,1184,881],{},"也算是买错了，放在今天我大概会做不一样的决定。我们在",[817,1187,881],{},"上的收获也还是不错的，好像是6-9美元买的，20出头卖掉了。当时卖的原因就是我突然发现我买的",[817,1190,881],{},"和我的想象不一样。",[813,1193,1194],{},"网友：什么事让你发现不一样？",[813,1196,1197,1199,1200,1202,1203,1213,1214,1216,1217,1219,1220,1222],{},[817,1198,825],{}," 我是看着《基业长青》和韦尔奇的书买的",[817,1201,881],{},"哈。",[817,1204,1205,1206,1208,1209,1212],{},"杰克·韦尔奇说他们的",[909,1207,129],{"href":911},"里最重要的一条就是 integrity（",[909,1210,211],{"href":1211},"\u002Fzhengzhi","诚信）","，他还说过不少",[909,1215,129],{"href":911},"的东西，结果后来我发现在",[817,1218,881],{},"网站上居然都找不到。当然，还有一个很重要的原因是，",[817,1221,881],{},"的生意太复杂，我看不懂。",[813,1224,1225],{},"再就是，我有点怀疑这家公司 cooking book（做假账），因为他们的 earning 老是刚刚好。",[813,1227,1228,1231],{},[817,1229,1230],{},"简而言之，我觉得当初买GE是欠妥的。","（2018-09-21）",[813,1233,1234,1235,1237,1238,1240,1241,1243,1244,1246,1247,1249],{},"当年我对",[817,1236,881],{},"的理解可能是错的。因为发现自己一直没能完全看懂。目前",[817,1239,881],{},"的价钱已经到了我当年买",[817,1242,881],{},"的价钱，但我没啥兴趣，因为满足不了好的",[909,1245,64],{"href":1079},"，我当年卖掉",[817,1248,881],{},"其实也是这个原因。(2020-07-01)",[813,1251,1252],{},[817,1253,1254,1255,1257,1258,1260,1261,1263],{},"我买 GE 的时候，似乎还没有把",[909,1256,64],{"href":1079},"放在第一位。那时候觉得 GE 的",[909,1259,129],{"href":911},"很好，“世界在变，所有的东西都在变，但",[909,1262,211],{"href":1211},"诚信不变”这句话让我非常欣赏。",[813,1265,1266,1267,1269,1270,1272,1273,1275,1276,1278],{},"后来发现，",[817,1268,881],{},"官网上的",[909,1271,129],{"href":911},"都不再提",[909,1274,211],{"href":1211},"诚信了，觉得非常怪异，加上后来对",[909,1277,64],{"href":1079},"的重视度大幅提高，于是突然某一天就决定都卖了。记得当时卖在20-21美元之间，不知道相当于目前价位的多少。",[813,1280,1281,1282,1284,1285,1287],{},"好像是很久很久以前的事情了，很可能是在我打算买",[817,1283,1069],{},"的前后(2011-2012年的样子)?我记得我买入",[817,1286,881],{},"应该是在2008年底到2009年初的样子。(2023-06-05)",[808,1289,1291],{"id":1290},"第三节-代工业与光伏","第三节 代工业与光伏",[813,1293,1294,1295,1298],{},"网友：段总对",[817,1296,1297],{},"富士康","有啥看法？",[813,1300,1301,1303],{},[817,1302,825],{}," 一直不太喜欢。(2010-05-26)",[813,1305,1306,1308],{},[817,1307,825],{}," 老郭虽然在代工业世界顶尖，但对零售业完全没概念。不过，他是有资格尝试的人，不会因此出啥问题。(2011-12-11)",[813,1310,1311,1313],{},[817,1312,825],{}," 目前的光伏产业最后就会像加工业，一定是个拼得死去活来的结局。老郭在加工业里属于剩者，或许光伏产业他也有机会？不过，所谓的光伏产业和加工业不一样的地方是，几乎可以肯定加工业会一直以某种形式存在，但光伏产业却可能某天被替代。(2011-12-11)",[813,1315,1316,1318],{},[817,1317,825],{}," 所以说国内的晶硅光伏产业很惨啊，更惨的是，这情况啥时候到头呢？(2012-11-17)",[813,1320,1321,1322,1324],{},"网友：回头看13年前段总对太阳能光伏",[909,1323,64],{"href":1079},"的观点，再看看光伏企业的现状。",[813,1326,1327,1329],{},[817,1328,825],{}," 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