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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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两种生意模式",[812,938,939,940,929],{},"段永平引用巴菲特的话：",[816,941,942],{},"有两种生意：第一种每年挣12%，年底可以把钱拿回来；第二种每年挣12%，但是利润必须重新投入运营---永远也看不到现金。这让我想到了一个家伙，他看着自己所有（不能变现的）陈旧设备说：\"这就是我的全部利润了。\"我们可不喜欢这种生意。",[808,944,945],{"id":945},"实战案例",[846,947,949],{"id":948},"创维销售额比市值大","创维：销售额比市值大",[812,951,952,953,929],{},"网友问：",[816,954,955],{},"段总当初买创维我记得是说一年销售额也比市值大很多了，凭这点判断低估了，是不是还有别的因素呢？",[812,957,958],{},"段永平投资创维时，不仅看销售额，更看重真实利润。",[846,960,962],{"id":961},"苹果利润能分给股东","苹果：利润能分给股东",[812,964,965,966,969],{},"段永平说：",[816,967,968],{},"其实最理想的公司是能把利润继续投入到原来的生意模式里的公司，分红是其次的选择。有些公司，比如苹果，就是已经没办法把利润再投入，所以才开始回购和分红的。当然，分红比乱花钱好100倍。"," （2013-9-28）",[812,971,972],{},"苹果的利润是真实的，能够通过分红和回购分给股东。",[846,974,976,977,979],{"id":975},"淘宝早期投入期现金流为负","淘宝：早期投入期",[820,978,82],{"href":829},"为负",[812,981,982,983,875],{},"段永平举例：",[816,984,985,986,988,989,991],{},"但是，有些公司在投放期的利润往往是大于",[820,987,82],{"href":829},"的，比如淘宝头几年，",[820,990,82],{"href":829},"有可能是负的（花的钱比进来的钱多，不算发行股票的话），现在情况怎么样不知道。",[812,993,994],{},"这种情况需要区分是暂时的还是长期的。",[808,996,997],{"id":997},"常见误解",[846,999,1001,1002],{"id":1000},"误解一净利润就是净现金流","误解一：净利润就是净",[820,1003,82],{"href":829},[812,1005,1006,1007,1009,1010,892],{},"很多投资者以为净利润就是净",[820,1008,82],{"href":829},"，但段永平明确说：",[816,1011,888,1012,891],{},[820,1013,82],{"href":829},[846,1015,1017],{"id":1016},"误解二利润表漂亮就是好公司","误解二：利润表漂亮就是好公司",[812,1019,1020,1021,1023],{},"很多人只看利润表，以为利润表漂亮就是好公司，但段永平提醒要结合",[820,1022,82],{"href":829},"来看，有些公司利润只是纸上富贵。",[846,1025,1027],{"id":1026},"误解三ebitda很重要","误解三：EBITDA很重要",[812,1029,1030,1031,1034],{},"段永平同意芒格的观点：",[816,1032,1033],{},"芒格都说ebitda是狗屎咯，狗屎的参考价值是什么？"," 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