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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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我猜10年后的影响比例会下降，因为不适应的实体可能大多不见了。(2020-12-07)",[813,871,873],{"id":872},"costco","Costco",[818,875,876,877,880,881,883],{},"网友：“The best investment is to buy a great company like Costco and don't think about exiting.” ",[824,878,879],{},"芒格","说他对Costco上瘾，喜欢它的一切，永不退出。大道觉得，",[824,882,879],{},"对Costco的态度是否掺杂了一些感性因素？您对拼多多的喜欢是否有感性因素？",[818,885,886,888,889,891,892,895],{},[824,887,826],{}," 我引用",[824,890,879],{},"的话是个玩笑哈。他那么喜欢Costco，但Costco也不过就是个零售商嘛。阿里和拼多多其实也都是零售商而已。其实Costco是有很宽的",[829,893,68],{"href":894},"\u002Fhuchenghe","的。他们只有3000个sku（动态的），这可是从数以亿计的sku里挑出来的啊！能做到这点显然是非常非常厉害的。（2025-10-15）",[813,897,898],{"id":898},"沃尔玛与苏宁",[818,900,901,902,905,906,908,909,911],{},"网友：马云挺有意思，他曾说拿着望远镜都看不到竞争对手。他也说过淘宝最大的竞争对手是",[824,903,904],{},"沃尔玛","。我不懂什么商业模式，不过感觉",[824,907,904],{},"进军电子商务模式会很大的发展空间。我要是",[824,910,904],{},"重量级人物，肯定做重要的事大举进军电子商务，两条腿走路。",[818,913,914,916,917,919],{},[824,915,826],{}," ",[824,918,904],{},"很难形成威胁，因为他们实在是太成功了。(2010-05-15)",[818,921,922,923,925,926,929],{},"网友：",[824,924,904],{},"自己也搞电商，是不是和",[824,927,928],{},"诺基亚","搞智能手机一个意思？",[818,931,932,916,934,936],{},[824,933,826],{},[824,935,904],{},"做电商像当年的康赔做直销。电商营业额还不到2%。(2011-10-20)",[818,938,939],{},"网友：大道能否分析一下“苏宁云商”模式？敢为天下后的苏宁能否第二次起飞？",[818,941,942,944],{},[824,943,840],{}," ：没看过苏宁。学会先想一下生意模式很重要。（2013-03-20）",[813,946,948],{"id":947},"亚马逊与ebay","亚马逊与eBay",[818,950,951,952,954],{},"网友：能说说ebay犯了哪些奇怪的错误而被",[824,953,860],{},"抢了生意吗？",[818,956,957,959],{},[824,958,826],{}," ebay是先收费后卖（卖了还要收），amzn是卖了才收费。(2010-10-29)",[818,961,962,963,966,967,969],{},"网友：能谈谈",[824,964,965],{},"京东","与",[824,968,860],{},"的区别吗？",[818,971,972,974,975,977],{},[824,973,826],{}," 两家公司我都不太了解。似乎两家公司都是物流公司而且都不太容易赚钱，但",[824,976,860],{},"似乎在未来要厉害很多。另外，贝索斯几乎每天回家吃饭洗碗。(2018-09-26)",[818,979,980],{},"网友：以前您谈起亚马逊时，曾说：“amazon？当然是长长的坡，但上面的雪不太厚啊，不然人家怎么能坚持亏20年？”最近您又评论说“我知道 amazon是家伟大的公司，但也不知道应该值多少钱，不过未来他们一年赚500亿或更多似乎不是件太困难的事情。”请问您比从前更看好亚马逊了吗？",[818,982,983,985],{},[824,984,840],{}," ：是的，我对amazon的认识有些改变，确实觉得这个公司企业文化和生意模式都很厉害。以前对amazon的生意模式不太有概念。（2019-06-11）",[818,987,988,989,992,993,995],{},"网友：大道，请问您怎么看amazon？估值900b，去年的运营",[829,990,82],{"href":991},"\u002Fxianjinliu","大致有30b，看起来也不贵？但是折旧15b（CapEx也大致15b），stock comp有5b，导致利润只有10b，如果看未来",[829,994,82],{"href":991},"，看30b还是10b比较合理？谢谢。",[818,997,998,1000],{},[824,999,826],{}," 看未来能赚多少钱，看不懂就不碰了。我现在对amazon的看法：这是一家企业文化很强大，生意模式也日渐强大的公司，未来一年赚500亿以上是大概率事件。（2019-09-21）",[813,1002,1003],{"id":1003},"京东与淘宝",[818,1005,1006],{},"网友：京东目前没有办法，互联网企业总是这样，先得上量突破平衡点，突破了可能就是一马平川。淘宝如果是C2C模式，淘宝盈利大头应该是广告。但现在的趋势已经出来，就是C2C后端的C数量会逐渐减少，很少的大C取代大量的小C，那么淘宝未来不是广告，而是靠“抽水”提成。",[818,1008,1009,1011],{},[824,1010,826],{}," 建不起“护城河”的话，砸多少钱都是没用的。（2010-07-07）",[818,1013,1014,1015,1017],{},"网友：您觉得中国来说，未来是",[824,1016,965],{},"这种b2c强势，还是淘宝强势？我估计又是个美国的翻版？",[818,1019,1020,1022],{},[824,1021,826],{}," 有可比性吗？(2010-09-16)",[818,1024,1025,1026,1028],{},"网友：段总能不能说说为什么不看好",[824,1027,965],{},"？",[818,1030,1031,1033],{},[824,1032,826],{}," 我没说不看好，只是说不了解而已。不过，作为行业中人，确实也没有想出来能特别看好的理由。(2010-09-16)",[818,1035,1036,1037,1039,1040,1042],{},"网友：阿段有没有研究过amzn(",[824,1038,860],{},")？对即将在美国上市的",[824,1041,965],{},"怎么看？",[818,1044,1045,1047,1048,1050],{},[824,1046,826],{}," amzn不错。",[824,1049,965],{},"知道一点点，没什么感觉。(2010-09-16)",[818,1052,1053],{},"网友W：2013年完不成的，光物流就至少得5年以上，何况互联网行业必须时时更新技术。",[818,1055,1056,1058,1059,1061],{},[824,1057,826],{}," 物流大概要靠大环境了，自己搞物流费力不讨好。",[824,1060,965],{},"那个搞法长期是要吃苦头的。(2011-09-27)",[818,1063,1064],{},"引用：刘强东：新进2.5万新员工最大挑战来自团队",[818,1066,1067],{},"2012年京东商城最大的挑战仍然来自团队本身。刘强东表示，京东商城高管近日用五天时间制定了明年的公司战略，但总体来看2012年京东商城最大的挑战还是来自团队，“特别是如何迎接即将加入京东的25000多名新同……”",[818,1069,1070,1071,1073,1074,1076,1077,1079,1080,1082],{},"网友X：看过刘强东优米网采访，感觉人很踏实，他说",[824,1072,965],{},"从不会亏本卖货（除了促销，总体相信）；注重用户体验（自己的配送系统在建，将来会剥离，我觉得中国最大的几个物流公司里会有",[824,1075,965],{},"）我遇到过在",[824,1078,965],{},"花了近十万的人，非常信赖",[824,1081,965],{},"，能留住顾客；他们的系统是自己研发的，成本控制高效，商品价格都是信息系统自动控制的。",[818,1084,1085,1086,1088,1089,1091,1092,1094],{},"非常欣赏他们管培生活动，刘强东说他们如果不为将来投资现在就可以赚钱了，一直很看好",[824,1087,965],{},"，除了他们估价太高。看了这次新进2.5万员工（物流？）有点担心他们",[829,1090,82],{"href":991},"及人员管理能否跟上，步子有点迈得太大了。",[824,1093,965],{},"如果能活下来（我很相信），我觉得会超越淘宝。（五到十年来看）",[818,1096,1097,1099],{},[824,1098,826],{}," 除了促销是什么意思？(2011-12-29)",[818,1101,1102,1103,1105,1106,1108],{},"网友F：那如果对比",[824,1104,860],{},"、",[824,1107,904],{},"的表现呢？大道觉得他们的模式好吗？",[818,1110,1111,1113],{},[824,1112,826],{}," 你对比一下双方的人数、营业额，利润等指标看看，我没认真研究过。印象中amzn的模式不错，但wmt恐怕很难再有更大作为了。(2011-12-29)",[818,1115,1116,1118],{},[824,1117,826],{}," 我觉得如果他们真的需要增加那么多员工，为什么不分3年而非要在一年里完成呢？除非他们真是超人，不然这种做法后患比较大。(2011-12-30)",[818,1120,1121,1122,1124,1125,1127,1128,1130,1131,1133],{},"网友：我认为",[824,1123,965],{},"也很牛，不知道大道用不用",[824,1126,965],{},"。",[824,1129,965],{},"的理念与",[824,1132,860],{},"一致，个人觉得比较靠谱，会是阿里的强劲对手。",[818,1135,1136,916,1138,1140,1141,1143,1144,1146],{},[824,1137,826],{},[824,1139,860],{},"是不错，但美国物流环境好。",[824,1142,965],{},"需要建自己的物流，我有点不太懂。目前",[824,1145,965],{},"这个规模依然亏钱，感觉商业模式不是太理想，但没太认真研究过。(2012-02-29)",[818,1148,922,1149,1151],{},[824,1150,965],{},"改用JD.com为域名，并用“金属狗”为吉祥物，淘宝为“天猫”，看来“猫狗大战第三部”开始了。",[818,1153,1154,1156],{},[824,1155,826],{}," 万亿级和百亿级之间的竞争一般不叫大战吧？(2013-04-01)",[818,1158,922,1159,1162,1163,1165,1166,1168],{},[824,1160,1161],{},"马云","讲",[824,1164,965],{},"注定悲剧，对此我觉得有些懂，觉得",[824,1167,965],{},"的模式有问题，也觉得阿里好，但又讲不清楚到底好在什么地方，不知道段哥如何看？",[818,1170,1171,916,1173,1175],{},[824,1172,826],{},[824,1174,1161],{},"说得很清楚了，只不过不应该在澡堂子外面说而已，你仔细看看，慢慢琢磨吧。(2015-01-09)",[818,1177,1178],{},"我对京东的了解度是零。(2023-04-07)",[813,1180,1181],{"id":1181},"生鲜超市与美团",[818,1183,1184],{},"网友：我是开生鲜超市的，近期有美团地推人员邀请我们入驻他们今年5月开始做的供应商模式。大概就是给我一个后台，我自由定我们的供货价，美团在我的供货价上加价12%进行销售，每单收取商户1.5元费用，由我方提供打包，交给骑手。地推人员说客单价在18元左右。",[818,1186,1187],{},"从长期来看，我们要配合美团引流至线上，如果效果不大，做就没意义；如果量大，美团最后极有可能卸磨杀驴，我最后可能是受伤的一方。从短期看，如果我们不入驻，美团可能会找其他入驻，也会蚕食我原本的份额。美团软件上现在没有后台申请入驻按钮，他们的地推模式风险也很大，总体而言很让人不信任。",[818,1189,1190],{},"面对这样的问题，我不知道应不应该入驻？",[818,1192,1193,1195],{},[824,1194,826],{}," 我不懂生鲜超市的生意，但觉得至少可以试试吧，万一会让你生意更好呢？（2025-07-12）",[808,1197,1199],{"id":1198},"第二节-服务业","第二节 服务业",[813,1201,1202],{"id":1202},"海底捞",[818,1204,1205],{},"网友：大道，今天我又要带全家去体验海底捞了，它的服务确实用心，甚至让人惊讶，看海外很多家也是排队火爆。產品差異化的成功案例很多，背后是有功力的，护城河明显；您怎麼看待類似海底捞这种服務行業的服务差异化？（其實食材、配料与同行无差异）",[818,1207,1208,1210],{},[824,1209,826],{}," 我去过Cupertino点几次，店长好像叫阳光，人很好！（2019-05-30）",[818,1212,1213],{},"网友：段总：海底捞算不算一家有利润之外追求的公司？",[818,1215,1216,1218],{},[824,1217,826],{}," 不太熟海底捞，最近去过一次LA的店吃过一次。服务确实非常好，服务人员给人的感觉很亲切和真诚。很少见到华人的服务很真诚的，多数服务感觉都有点势力。也许这真是一家有利润之上追求的公司？",[818,1220,1221],{},"网友：张勇对员工真诚，所以员工对客户真诚，是这个道理吗？",[818,1223,1224,1226],{},[824,1225,826],{}," 对员工真诚并不是让员工对客户真诚的充分条件，但确实是必要条件。在公司里建立一个那样的文化似乎不太容易，所以很少见。苹果店里的员工对用户的态度也是比较真诚的，这些年我大概去过几十次不同的苹果店了，几乎没有过任何不愉快的经历。我没有服务业的经验，没想过如何能够让所有一线员工如何做到那样的办法。（2014-08-18）",[813,1228,1229],{"id":1229},"携程与在线旅游",[818,1231,1232],{},"网友：苏宁和携程都是用户需求转移型了，而产品形态没跟不上。苏宁受电商的冲击大。携程是以往用户订酒店订机票都是在电话呼叫预定，所以携程积累起来的会员规模和呼叫中心在产品竞争中很有优势，呼叫中心的服务能力能构成差异化的竞争，携程也获得了市场垄断的优势，有不错的定价权。现在休闲旅客崛起，更倾向在线预订，除了订房需求外，还有了解酒店的设施、交通、区域的信息需求。",[818,1234,1235],{},"在线预订对OTA（在线旅游）的服务能力要求降低了，所以大量OTA（在线旅游）供应商纷纷崛起，由于售卖的酒店预订是标准化的产品，同质化竞争，所以要开打价格战。携程的产品是从电话呼叫预定向在线预订模式转型，生意模式变了，以往的利润结构也没了。",[818,1237,1238,1240],{},[824,1239,840],{},"：这两家公司的产品都是很难有差异化的，感觉不容易找到好的生意模式。记得携程曾经到过蛮高的价钱，那时看过一眼，没看懂。后来掉了一半时又看了一眼，还是看不懂，主要是想不通搜索对携程未来的威胁是什么。感觉这种公司形态10年后就不太容易存在了。（2013-04-03）",[813,1242,1244],{"id":1243},"物流极兔与顺丰","物流：极兔与顺丰",[818,1246,1247],{},"网友：极兔您有参与投资吗？",[818,1249,1250,1252,1253,1255],{},[824,1251,826],{}," 确实投了，算是友情支持一下，毕竟是我们公司出去的。不过，我不喜欢物流的",[829,1254,64],{"href":831},"，不建议大家投这类公司。(2022-02-01)",[818,1257,1258],{},"网友：极兔实现单季度盈利了。",[818,1260,1261,1263,1264,1266],{},[824,1262,826],{}," 物流是个苦生意，但也是生意。能赚钱没啥了不起，但",[829,1265,64],{"href":831},"不强大，赚的都是辛苦钱。",[818,1268,1269],{},"网友：您曾说顺丰的文化不错，您怎么看一个企业的文化好坏？",[818,1271,1272,1274],{},[824,1273,826],{}," 我看到的顺丰是非常聚焦在它要做的事情上的，有利润之上的追求。(2020-12-03)",[818,1276,1277,1278,1281],{},"我说顺丰是家好公司的意思是，这家公司",[829,1279,129],{"href":1280},"\u002Fqiyewenhua","蛮好的，专注在他们想做好的事情上。但这个生意能不能有很好的利润我还搞不太懂。(2020-11-20)",[808,1283,1285],{"id":1284},"第三节-教育培训","第三节 教育培训",[813,1287,1288],{"id":1288},"新东方与俞敏洪",[818,1290,1291,1292,1295],{},"网友：所以基本上人没太大问题，剩下是",[824,1293,1294],{},"生意模式","和估值的考虑？",[818,1297,1298,1300,1301,1304,1305,1307],{},[824,1299,826],{}," 是啊，假设什么也没发生过，也不要管过去到过什么价，",[829,1302,12],{"href":1303},"\u002Fpingchangxin","去想，新东方值多少钱呢？然后你会发现，如果你不了解新东方的",[824,1306,1294],{},"，其实你就没办法找到感觉-我是说我自己。(2012-07-20)",[818,1309,1310],{},"虽然我觉得新东方能做到今天很了不起，但看到他们这么在乎股价后，真的很难找到我会愿意持有这个公司到永远的感觉。当然，这不是批评的意思，因为对别的绝大多数公司我也找不到这种感觉。",[818,1312,1313],{},"网友：你看到了李国庆和江南春的表现，你还觉得新东方在乎股价？",[818,1315,1316,1318],{},[824,1317,826],{}," 我们投资不是来比烂的。我说的是新东方的瑕疵，其实他们可以更好的。(2012-07-21)",[818,1320,1321],{},"“北大外籍教授谈做空中概股风潮。近期做空机构针对中概股做空，包括新东方、分众传媒、奇虎360等一批中概知名公司开始持续遭遇做空。而且从目前来看，这股做空风潮非常有可能持续下去。”(新闻)",[818,1323,1324,1325,1328,1329,1332,1333,1335],{},"总的来讲，苍蝇不叮无缝的蛋，虽然也有误伤的时候。不是很明白被唱空的公司为什么都那么火急火燎地马上反击。也有人做空",[824,1326,1327],{},"巴菲特","的",[824,1330,1331],{},"伯克希尔","，",[824,1334,1327],{},"的反应很简单：空头根本改变不了一家公司的价值，只有某种情况下会有例外，比如公司的融资和股价有关时，股价大掉会有危险。但是，这种危险实际上也是由融资来的，和空头其实无关。",[818,1337,1338],{},"比如，在金融危机的大环境下，某些不够健康的银行就有可能会成为空头袭击的牺牲品。自从取消按市价计价，连这种情况都不太会见到了。好公司根本就不怕人做空！(2011-11-23)",[818,1340,1341,1342,1345],{},"以前看过俞敏洪的演讲，觉得他讲得非常好。但看了",[824,1343,1344],{},"王利芬的长达4个小时的采访后，觉得俞离所谓的顶级企业家确实还有点距离，而且这个距离似乎是不会被缩短的","。俞其实是个非常好的生意人，但企业大到一定程度后恐怕就有点困难了。对罗永浩没太关注过，但看了大家放上来的采访链接的感觉是，作为企业家，他和俞的差距还是蛮大的，不过他确实是个蛮直的人。",[818,1347,1348,1349,1352],{},"其实你有空看看王利芬那个采访大概就明白为什么",[824,1350,1351],{},"我认为俞其实是个理想主义者了。他的问题是被现实纠结得太厉害，所以有距离","。(2012-07-20)",[818,1354,1355],{},"网友：俞的分裂和纠结也反映了教育培训行业产能扩张和质量的矛盾。",[818,1357,1358,1360],{},[824,1359,826],{}," 俞敏洪其实能够面对问题，非常不容易。(2012-07-24)",[818,1362,1363],{},"“2021年7月24双减政策正式出台，全面规范校外培训机构培训行为、基本消除学科类校外培训，导致新东方市值下跌90%，营收减少80%，员工辞退6万人，退学费、员工辞退N+1(赔偿)、教学点退租等现金支出近200亿元……”(新闻)",[818,1365,1366],{},"30多年前，当我离开北京去广东的时候，就曾想，如果实在是混不下去的话，我就去办个公司教人怎么考大学吧。",[818,1368,1369],{},"我没见过俞敏洪，但上次新东方被人做空的时候我曾经花过4个小时看我能在网上找到的俞敏洪接受过的采访，当时的结论是这人不会是空头说的那样，于是就进场卖了很多put，赚了些钱。我怎么想，都觉得他们公司不会完全没价值吧，所以再卖个put，如果put进来就拿着了。",[818,1371,1372],{},"我卖点新东方的put其实很像风投，就是赌虚岁已经60的俞敏洪不会就此倒下，至于他最后能干成什么我是不知道的。总觉得俞敏洪是条汉子，象征性支持一下。(2022-01-11)",[818,1374,1375],{},"网友：昨晚看到浑水做空新东方，俞老师这次有得考验的。",[818,1377,1378,1380],{},[824,1379,826],{}," 我昨天也收到一位以前在新东方干过老师的朋友的邮件，说他也买新东方了，觉得新东方是好公司。有那么多已经离开新东方的人说新东方的好话，俞敏洪其实干得很了不起啊，要知道这是个文人相轻的行当，相当不容易。",[818,1382,1383],{},"我昨天也买了一些，但还没觉得要到可以下重注的时候。",[818,1385,1386],{},"网友：这么短的时间就下决定，还是一直有关注？",[818,1388,1389,1391],{},[824,1390,826],{}," 一直都多少关注的，别忘了我们也是这个行业的。",[818,1393,1394],{},"网友：为什么说“没到下重注的时候”？",[818,1396,1397,1399,1400,1402],{},[824,1398,826],{}," 是觉得自己的了解还不够。新东方这个",[824,1401,1294],{},"其实是个力气活，不是我特别喜欢的那种。",[818,1404,1405],{},"网友：您感觉俞敏洪是个有利润之上追求的人，所以值得关注？",[818,1407,1408,1410],{},[824,1409,826],{}," 是的，他骨子里或多或少确实有利润之上的追求，一旦方法对头效果就会不错。",[818,1412,1413],{},"引用：（i美股讯）新东方先后因为VIE（可变利益实体）结构调整遭调查和被浑水质疑连续两个交易日大跌35%；其股价从7月16日收盘的22.26美元跌……",[818,1415,1416],{},"引用：俞敏洪回应浑水公司的质疑",[818,1418,1419],{},"俞敏洪：“浑水”写的只是小说。“如果投资者是因为我的原因而损失，我自杀的心都有了，但他们不是，他们的损失是因为浑水的报告”，面对18日浑水公司长达100页的做空报告，“俞校长”语调平静。浑水公司的指责重点包括：1，新东方未披露加盟及加盟店信……",[818,1421,1422],{},"引用：徐小平：新东方是好公司 创业家应笑对股市变幻",[818,1424,1425],{},"1、昨天深夜两点钟，新东方已经连续暴跌两天，我正准备洗洗睡啦，一个牛逼的朋友来短信问是否方便接电话，原来他问是否可以买新东方？我说坚决买，快买，多买！说完，想到他要赚大钱了，就心满意足地睡了，还梦见他赚钱并分了我一些。我知道……",[818,1427,1428,1430],{},[824,1429,826],{}," 我昨天也收到一位以前在新东方干过老师的朋友的email，说他也买新东方了，觉得新东方是好公司。有那么多已经离开新东方的人说新东方的好话，俞敏洪其实干得很了不起啊，要知道这是个文人相轻的行当，相当不容易。（2012-07-20）",[818,1432,1433],{},"网友：昨晚看到的Muddy Waters做空XDF，俞老师这次有考验的",[818,1435,1436,1438],{},[824,1437,826],{}," 其实被人做空是件多幸福的事情啊，可以使劲地回购的。这个感觉很重要哦，不是钱能换来的。（2012-07-20）",[818,1440,1441],{},"网友：为什么说“但还没觉得要到可以下重注的时候”？是有其他比较让人顾虑的因素吗？",[818,1443,1444,1446],{},[824,1445,826],{}," 是觉得自己的了解还不够。新东方这个生意模式其实是个力气活，不是我特别喜欢的那种。（2012-07-20）",[818,1448,1449],{},"网友N：你怎么就发现自己的不是理想主义了？我认为俞校长再不行，也不至于降到老罗做企业的水平！同意你向 @大道无形我有型 的真情表白。",[818,1451,1452,1454],{},[824,1453,826],{}," 其实你有空看看王利芬那个采访大概就明白为什么我认为俞其实是个理想主义者了。他的问题是被现实纠结得太厉害，所以有距离。（2012-07-20）",[818,1456,1457,1459],{},[824,1458,826],{}," 感觉有点因为不靠谱所以靠谱的意思。以前看过俞敏洪的演讲，觉得他讲得非常好。但看了王利芬的长达4个小时的采访后，觉得俞离所谓的顶级企业家确实还有点距离，而且这个距离似乎是不会被缩短的。俞其实是个非常好的生意人，但企业大到一定程度后恐怕就有点困难了。",[818,1461,1462],{},"对罗没太关注过，但看了大家放上来的采访的链接的感觉是作为企业家，他和俞的差距还是蛮大的，但他确实是个蛮直的人。（2012-07-20）",[818,1464,1465],{},"网友R：是非常好的生意人的意思。",[818,1467,1468,1470],{},[824,1469,826],{}," 所谓顶级企业家未必就一定能成功，但一般当人们知道他们的时候，大概就已经很成功了。（2012-07-20）",[818,1472,1473],{},"不明真相的群众：“这个距离似乎是不会被缩短的”，我记得您不止一次说过类似的话。这种话很难说出口，但它是实话。（2012-07-20）",[818,1475,1476],{},"引用：俞敏洪：新东方到底应该坚持什么？",[818,1478,1479],{},"2012年6月12日，新东方教育科技集团在北京海淀剧院召开了2012财年总结表彰暨2013财年工作部署动员大会。新东方教育科技集团董事长兼首席执行官俞敏洪在会上作了重要讲话………",[818,1481,1482],{},"网友：段总怎么看？",[818,1484,1485,1487],{},[824,1486,826],{}," 我昨天也买了一些，但还没觉得要到可以下重注的时候。（2012-07-21）",[818,1489,1490],{},"网友：不是说调查期间不能买吗？",[818,1492,1493,1495],{},[824,1494,826],{}," 我也看到那条了。可能是以为不行，一问又可以了？5000万毛毛雨啊，他们那么多现金放那里干什么？再说，为什么是未来3个月而不是3年？其实拿个3个亿在未来3年回购（只在便宜时回购）看起来要理性很多。还有就是看到写的是个人资金，有点晕。个人资金为什么要一起公布？个人资金买资金公司股票是买了以后备案的，不需要事前发布哦。",[818,1497,1498],{},"再说如果股价涨上去了，你是买还是不买，这是承诺吗？看起来真是有点乱套哦。（2012-07-21）",[818,1500,1501],{},"网友：应当是公司名义不能买，所以暂时以个人名义买，这个钱也不少了。调查结束估计会有公司回购计划。",[818,1503,1504,1506],{},[824,1505,826],{}," 如果公司名义不能买的话，个人名义怎么就可以了？费解。",[818,1508,1509],{},"我说的是：如果是个人名义的话为什么要宣布？因为没有任何理由要这样做，除了显示信心以外。如果是为了显示信心，为什么是未来3个月？为什么说未来6个月不卖（而不是比如3年等等）。还有就是如果你真想买，那你是想买的贵点还是便宜点？喊这么大声音的感觉好像是不太想买的样子。看得出来，他们对股价还是特别在乎的，有点不太好。（2012-07-21）",[818,1511,1512,1514],{},[824,1513,826],{}," 虽然我觉得新东方能做到今天很了不起，但看到他们这么在乎股价后，真的很难找到我会愿意持有这个公司到永远的感觉。当然，这不是批评的意思，因为对别的绝大多数公司我也找不到这种感觉。（2012-07-21）",[818,1516,1517],{},"网友R：俞的分裂和纠结也反映了教育培训行业产能扩张和质量的矛盾。",[818,1519,1520,1522],{},[824,1521,826],{}," 俞敏洪其实能够面对问题，非常不容易。（2012-07-24）",[818,1524,1525],{},"网友：不看好应试教育，因为不符合人性的基本需求，新东方需要转变战略。",[818,1527,1528,1530],{},[824,1529,826],{}," 应试教育不是新东方推出来的，但应试教育的市场巨大。再说，新东方的东西不仅仅是应试教育。",[813,1532,1533],{"id":1533},"学而思与张邦鑫",[818,1535,1536],{},"引用：对话张邦鑫：教育机构百亿还是百年？",[818,1538,1539],{},"学而思在上市后曾经走过弯路，过多地着眼于资本市场，提出要每年增长X%，5年实现100亿元收入，成就“百亿学而思”。这作为一个上市公司的战略似乎无可厚非，但这不是学而思的教育理想。",[818,1541,1542],{},"学而思创始人张邦鑫在最近的一次教育理念分享会上做上述感叹，并表示：公司已经把“百亿学而思”的目标变成要做“百年学而思”，把“成为中国中小学培训第一品牌”修改为“成为受尊敬的教育机构”。",[818,1544,1545,1547],{},[824,1546,826],{}," 看来大家的基本功都不是太好啊，不过最后能悟到这点都很了不起。（2012-07-20）",[818,1549,1550],{},"网友：真心求教：提到大家的基本功都不是太好。想问基本功是什么？",[818,1552,1553,1555],{},[824,1554,826],{}," 基本功就是“百亿学而思”，““成为中国中小学培训第一品牌”。到“百年学而思”就是巨大进步，因为绝大多数公司到死都不会这么想。不过，成为“成为受尊敬的教育机构”这句话好像稍微有一点点瑕疵，但这比“成为中国中小学培训第一品牌”要好很多，我也想不出更好的。（2012-07-20）",[818,1557,1558],{},"引用：学而思高管解读2013财年第一财季季报",[818,1560,1561],{},"（i美股讯）北学而思今日公布了截至2012年5月31日的2013财年第一季度未经审计财报。一季度净营收为4930万美元，同比增长48.4%；运营利润为600万美元，同比增长74.8%，去年同期为340万美元；净利润为500万美元，同比增长8.2%。财报……",[818,1563,1564,1566],{},[824,1565,826],{}," 现在市值六个多亿，如果按这个价把公司买下来目前的盈利是两千多万一年。感觉这是个不容易扩张的行业，因为老师的培训不容易。不知道这些培训公司对互联网的运用到什么水平了，一对一的办法能有规模吗？",[818,1568,1569],{},"仔细想来这个生意模式似乎不是那么美妙，高成长不容易维持。不过我喜欢张邦鑫的办学理念，所以会长期保持关注。（2012-07-25）",[813,1571,1572],{"id":1572},"韦博英语",[818,1574,1575],{},"网友：韦博英语因为资金链断裂而关门，给学生和员工都带来了巨大的伤害。您曾说大部分企业倒闭都是因为资金链断裂，但是断裂只是现象，而不是原因。请问真正的原因，是不是基本上是这些企业都在不断求快，好大喜功，急功近利？",[818,1577,1578,1580],{},[824,1579,826],{}," 看起来都是“人还在钱没了”，但背后各有各的不幸哈。有些连急功近利都算不上，比如做生态化反的那个。(2019-10-12)",[808,1582,1584],{"id":1583},"第四节-航空业巴菲特与段永平的卖出","第四节 航空业：巴菲特与段永平的卖出",[818,1586,1587],{},[824,1588,1589],{},"引用：巴菲特割肉四大美国航空股，真的卖错了么？",[818,1591,1592,1595],{},[824,1593,1594],{},"（"," 2020年股东大会，巴菲特解释了卖出航空股原因）",[818,1597,1598,1601],{},[824,1599,1600],{},"巴菲特："," 我们卖出了，不是因为我们觉得股市要跌，不是因为有人调低了目标价，不是因为有人调低了年度利润预测，都不是。是我认错了，我的评估出现了错误。这个错误是可以理解的。当初，我们买的时候，是分析了各种概率，经过综合考虑，做出的决定。我们买入航空业的几家公司，按照当时的计算，我们买的很值。",[818,1603,1604],{},"四大航空公司，我们都买了10%左右。我们投了70、80亿美元，分别买入四大航空公司各10%左右的股份。不都是四月份买的，以前就开始买了。",[818,1606,1607,1610,1611,1614],{},[824,1608,1609],{},"我们算过了，投入这70、80亿美元，每年可以获得10亿美元左右的利润。不是拿到10亿美元的股息，但是属于我们的那份利润应该有10亿美元左右，"," 而且我们觉得这个利润还能往上走。肯定是有周期的。",[824,1612,1613],{},"我们是当成把整个公司都买下来，虽然我们是在纽约股票交易所买的股票，而且四大航空公司都只能买10%左右的股份。在我们脑海里，完全是当成公司买的"," 。",[818,1616,1617],{},"后来事情的发展证明，我对航空业的判断错了。是我的错，与四大航空公司的CEO毫无关系，他们都很优秀。",[818,1619,1620,1622],{},[824,1621,1600],{}," 航空公司的CEO不是好当的。我们买的四大航空公司管理的都非常好，很多方面都很出色。航空公司做的是非常、非常难的生意。每天和几百万人打交道，哪怕100个人里有1个不满意，也够受的了。我可不想当航空公司的CEO，特别是现在这个时期，飞机已经不让坐了，航空公司的CEO很发愁。别人早就告诉我，不能坐飞机了。我很期待什么时候能恢复正常。",[818,1624,1625],{},"我很想快点再飞，虽然我不飞民航。",[818,1627,1628,1629],{},"我认为，航空公司的生意变了，已经发生了巨大的变化。我可能说错了，我也希望我说错了。",[824,1630,1631],{},"只说最主要的一点，四大航空公司每家都要去借100亿或120亿美元的钱。借这么一大笔钱，只能用将来的利润还，要从将来的利润中拿出100亿美元或120亿美元。有的航空公司走投无路，可能还要发行股票，发行购股权。因为这一切，未来的利润要被消耗光了。",[818,1633,1634],{},"我不知道需要多长时间，人们才能像去年一样正常飞行，也许两年，也许三年，我不知道。现在，在我眼里，航空公司的生意没之前那么清晰了。我不知道这个生意未来会怎样。这绝对不是航空公司自己的错。是小概率事件发生了。此次疫情，旅游、酒店、邮轮、主题公园都受到了冲击，但航空业遭受的冲击尤其严重。",[818,1636,1637,1639],{},[824,1638,1600],{}," 航空业还有个问题：即使客流量恢复七八成，飞机一架不会少。飞机太多了。几个月前，疫情没爆发，航空公司还在订购新飞机。然而，航空公司面对的世界变了。我祝航空公司好运。航空公司的生意受到了影响，我们控股的生意",[818,1641,1642],{},"也会受到特别大的冲击。疫情会给伯克希尔造成损失。股票下跌，这不会对伯克希尔造成损失。举个例子，XYZ是我们持有的一个公司，在我们眼里，它是生意，是我们看好的生意。股价下跌20%、30%、40%，我们一点都不觉得遭受了什么损失。我们把持有XYZ股票当成拥有整个XYZ公司。只有XYZ公司像航空公司一样，生意真的恶化了，那我们才觉得遭受了损失。",[818,1644,1645],{},"为什么卖出航空公司，我解释完了。此项操作涉及的金额不算太多。我还想重申一下，卖出航空股不代表我对市场的任何预测。",[818,1647,1648,1614,1651,1654],{},[824,1649,1650],{},"段永平：我就是看完这段后也决定跟卖了",[824,1652,1653],{},"我同意老巴的观点，这个生意变了。"," 不过，老巴动作快，我这次慢半拍，现在才卖了一半，估计还要一个多月才能卖完。（2020-05-30）",[818,1656,1657,1658,1661],{},"网友：从买股票就是买公司来说，虽然有借款，但是借的钱远远低于市值下跌的钱。而且即使按老巴说的以后只恢复80%，也还是不贵。老巴卖出还是认为世界已经变了，航空业",[829,1659,104],{"href":1660},"\u002Fjibenmian","彻底变了。航空业是刚需，特别是美国。也许老巴有点恐慌过度了？在达美跌到20元以下的时候，低估还是明显的吧。",[818,1663,1664,1667],{},[824,1665,1666],{},"段永平：你要么没看老巴说了什么，要么确实看不懂？多看几遍老巴说啥了再说？"," （2020-06-08）",[818,1669,1670],{},"网友：最近南方航空、中国国航涨的很多，可惜都是亏损股，去年两家国有航空公司巨亏，国家几十亿的注资。中国航空公司这么没有竞争力，到时候大规模的告诉铁路还要跟航空公司竞争。",[818,1672,1673,1675],{},[824,1674,826],{}," 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