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“我的投资理念最早来自","巴菲特**”**",[376,458,459,422,462,464,465,467],{},[379,460,461],{},"Q2",[379,463,389],{},"财经：你花62万美元竞投",[379,466,385],{},"这次聚餐，是否对这次聚会有些特别的期待？",[376,469,470,478],{},[379,471,472,474,475,385],{},[379,473,381],{},"：",[379,476,477],{},"准确地讲我没有花一分钱，整个晚餐也没有花钱，唯一花钱的是","，因为小费是他给的。这个午餐实际上是个拍卖会，也没说花多少钱吃饭，跟吃饭也没太多的关系。严格的讲，这此会面是个慈善募捐活动。",[376,480,481,483,484,486],{},[379,482,385],{},"的太太在格莱德基金会做义工做了15-20年，做到15年的时候，她跟基金会领导介绍说她是",[379,485,385],{},"的太太。",[376,488,489,490,492,493,495],{},"当时对方差点晕倒，认识15年都不知道这个情况。后来她把",[379,491,385],{},"介绍给这位基金领导，后来",[379,494,385],{},"用午餐拍卖的方式帮基金募集资金，用这种形式支持他太太。老美确实很有意思，非常低调。",[376,497,498,499,501],{},"我算过",[379,500,385],{},"的身价，按每年200天来计算，他每个小时的价值是300万美金，我们吃了三个小时，那就是900万美金。",[376,503,504],{},"所以花多少钱才能请他吃饭呢？如果用60万单纯请他吃一次饭，他应该不会去的。",[376,506,507,508,510,511,513],{},"我见",[379,509,385],{},"不是一、二次，这次会面也没有特别企盼什么。但是对于我来讲，面对面的聊天也是很难的机会。一方面，我的投资理念就来自",[379,512,385],{},"，有些东西如果当面聊一聊可能会有收获。",[376,515,516],{},"从另一个角度讲，支持他的慈善事业也是应该的。而且我太太和我每年都要做很多慈善事业，这个午餐连我们捐赠的十分之一都不到。",[408,518,520],{"id":519},"投资就像打高尔夫",[379,521,519],{},[376,523,524,422,527,529,530,532],{},[379,525,526],{},"Q3",[379,528,389],{},"财经：通过这次会面，你从",[379,531,385],{},"那里有什么收获？",[376,534,535,536,538,539,541],{},"**",[379,537,381],{},"：**首先，",[379,540,385],{},"精彩的东西都说过了，有很多人看，关键是看完之后能否理解和接受。",[376,543,544,545,547],{},"我跟",[379,546,385],{},"通电子邮件的时候，我说明了参加他的慈善事业竞投的原因，主要是想说一声“感谢”。因为确实是看了他的东西之后我才下决心做投资的。",[376,549,550,551,553],{},"以前我对投资的理解很含糊，当时跟很多人的想法一样，认为股市是一个赌场，有很多不确定东西在里面，投下去就睡不着觉，很紧张。直到了解",[379,552,385],{},"之后，我才对投资有豁然开朗的心情。",[376,555,556,557,560,561,567],{},"我在电子邮件里说，我跟他学到的最重要的东西是：",[379,558,559],{},"买股票就像买一个公司的一部分","，",[379,562,563,564],{},"买股票就要",[403,565,87],{"href":566},"\u002Fzhangqichiyou","。",[376,569,570,572,573,560,580,560,583,586],{},[379,571,385],{},"跟我回信说：“",[379,574,575,576,579],{},"你说的就是我当年跟本杰明.",[379,577,578],{},"格雷厄姆","学的",[379,581,582],{},"正是这个理念改变了我的看法",[379,584,585],{},"影响了我的一生","。”",[376,588,589,591],{},[379,590,385],{},"没有直接跟我说这个东西是好是坏，但说他因为学到了这一点而得到了很多。言下之意就是我的思想跟他很接近了。",[376,593,594],{},"这次聊天虽然只有3个小时左右，但聊的范围很广泛，我们谈到了投资、做慈善、谈到高尔夫，谈到桥牌，谈到女朋友，什么都谈。",[376,596,597,598,560,601,560,604,567],{},"比如说投资，我问了一个很小的问题，我问他犯过哪些错误？他说他犯了很多错误，比如",[379,599,600],{},"说10多年投资一家公司",[379,602,603],{},"本来只值4个亿",[379,605,606],{},"但他用了40亿",[376,608,609,610,560,613,616],{},"现在这家公司的价值是零，已经破产了。",[379,611,612],{},"投资犯错不可怕",[379,614,615],{},"最重要的是少犯错","，而且也不是说某一个项目做得漂亮就行。",[376,618,619,560,621,560,624,567,627,560,630,633],{},[379,620,519],{},[379,622,623],{},"要是每一个都打得很好",[379,625,626],{},"那就不好玩了",[379,628,629],{},"高尔夫主要是要看整个成绩",[379,631,632],{},"而不是看某一个部分","。大部分人都更关注为什么你这一杆打得这么好，其实高尔夫是用全场来计算你的成绩。",[376,635,636,637,639],{},"我们有时候过于注重某个案子的成败，过于紧张，往往忽略了整体的东西。",[379,638,385],{},"这方面说得很清楚。",[408,641,643],{"id":642},"股市投资没有任何新东西",[379,644,642],{},[376,646,647,422,650,652],{},[379,648,649],{},"Q4",[379,651,389],{},"财经：您刚刚谈到3个小时的交流主题是非常广泛的，那么有没有聊到什么新的东西可以和大家分享？",[376,654,535,655,657],{},[379,656,381],{},"：**我可以肯定的说，没有任何新东西。如果有什么新东西，60多万美元就卖了，也太便宜了。",[376,659,660,661,663],{},"股市很有意思，没有什么新东西。可能因为这",[379,662,385],{},"没有写过一本书。会面时我还问了他，他说终于有人帮他写了一本书，花了5年的时间，明年就可以出版了。",[376,665,666],{},"书的内容主要是关于如何投资，投资的原理非常简单，没有什么新的东西，只是如何理解它，如何建立自己的技能，如何不犯大错。",[376,668,669],{},"我们还聊了我们公司的情况。我们公司这么多年做的也不错，但是我们不想上市，我觉得上市对我们不好。",[376,671,672],{},"他就说，他有一个朋友宁愿放弃自己一半的身价，让公司恢复到私有的形态。这对我来说很震撼，对于上市是否是一个错误，他没有肯定或者否定，但是从很侧面的角度给了我很大的肯定。",[408,674,676,677],{"id":675},"巴菲特很风趣-价值投资不能急不能躁","****巴菲特",[379,678,679,680,682],{},"很风趣 ",[403,681,38],{"href":405},"不能急不能躁",[376,684,685,422,688,690,691,693,694,696],{},[379,686,687],{},"Q5",[379,689,389],{},"财经：您给",[379,692,389],{},"财经提供了几张独家照片，我想知道，相片中",[379,695,385],{},"跟您正在交流什么？",[376,698,535,699,701,702,704],{},[379,700,381],{},"：**第一张照片，我可以给你们讲，就是开玩笑，就是做了一个姿势。他就在附在我耳边，说给小费的事情，其实什么都没讲。第二个就是把他的钱包拿出来，拍了一张照。",[379,703,385],{},"很风趣，不像大家想的那样有什么特别的地方。",[376,706,707,708,710,711,713],{},"Q6、",[379,709,389],{},"财经： 在您眼中，真实的",[379,712,385],{},"与媒体刻划的“股神”有什么不同的地方？",[376,715,716,723,724,726,727,729],{},[379,717,718,474,720,385],{},[379,719,381],{},[379,721,722],{},"我不知道你心目中媒体刻划的","是什么样，我见到的",[379,725,385],{},"和我想象中的",[379,728,385],{},"没有太大区别，我觉得他就是一个普通人。他对这个事务的理解非常深刻，是比较聪明敏锐的人，看人、看事情长远性都非常好。",[376,731,732,733,422,736,567,739,560,742,745,746,560,749,567],{},"而且这个人非常朴实，并不像什么有三头六臂的人物。",[379,734,735],{},"他给我的印象是非常低调",[379,737,738],{},"谦虚",[379,740,741],{},"我们平时见到一些富有的人都是趾高气扬的",[379,743,744],{},"但是他没有那样","。****巴菲特",[379,747,748],{},"在大家的想象中应该是前仆后拥的",[379,750,751],{},"其实他没有",[376,753,754,755,757],{},"如果说",[379,756,385],{},"有什么特别的东西？其实他已经早就说了，包括他给股民的信里都说得很清楚。但是听他用很精辟的话说出来感受还是不一样。",[376,759,676,760,560,763,560,766,560,769,567],{},[379,761,762],{},"不会跟你讲废话",[379,764,765],{},"他把他体会最深的东西会讲给你",[379,767,768],{},"我则要慢慢琢磨",[379,770,771],{},"他说的话会让人心里更坚定的",[376,773,774,775,560,781,784],{},"我们有聊天记录，我记忆比较深的一句话是：",[379,776,777,778,780],{},"对",[403,779,38],{"href":405},"不能急",[379,782,783],{},"不能躁","。有时候我在翻来看看，就觉得这句话很有意思。",[376,786,787,788,560,791,586],{},"我后来给他回了一封信，用中国话来讲：“",[379,789,790],{},"听君一席话",[379,792,793],{},"胜读十年书",[408,795,797,560,800],{"id":796},"相对我自己而言我已经做得很好",[379,798,799],{},"相对我自己而言",[379,801,802],{},"我已经做得很好",[376,804,805,806,808],{},"Q7、",[379,807,389],{},"财经：这次会面最触动您的是什么？",[376,810,535,811,813],{},[379,812,381],{},"：**我这个人本身是很麻木的，很少有什么特别感动的事情。",[376,815,816],{},"如果非要说有，就是他最后离开的时候，他的司机开了一辆特别像卡车的车过来，像美国最普通蓝领开的车，他老人家身手矫健的爬了进去，这让我印象非常深刻。",[376,818,819],{},"我虽然知道这个人不是个奢侈的人，但是也没想他开这种车来。他家我也去过，他的房子不是豪宅，只是一个很普通的房子（美国人都是这样的）他的房子座落在一大堆中产阶级房子中间，但是他的车对我还是有一些触动。",[376,821,676,822,560,825,560,828,560,831,560,834,567,837,560,840,567,843,560,846,567],{},[379,823,824],{},"值得学的东西的确非常多",[379,826,827],{},"这么成就的人",[379,829,830],{},"可以这么谦虚",[379,832,833],{},"这么平实",[379,835,836],{},"这么和蔼",[379,838,839],{},"他的幽默我们不一定可以学会",[379,841,842],{},"但是谦虚总可以学得会",[379,844,845],{},"所以",[379,847,848],{},"我觉得还是很触动的",[376,850,851],{},"回去我太太也这么对我讲：“你要学的东西还很多。”我说，对啊，确实是这样。我们见到有钱人很多，但是见过他这种平实的人很少。",[376,853,854,855,560,858,560,861,567],{},"我回国之后，看到一些稍微有点钱的人非常飞扬跋扈，包括吃饭，对服务员的态度，差异都非常大。****巴菲特",[379,856,857],{},"对服务员的态度就非常好",[379,859,860],{},"这不是做给我看的",[379,862,863],{},"他不需要做给我看",[408,865,676,867],{"id":866},"巴菲特让我找到更好的心态",[379,868,869],{},"让我找到更好的心态",[376,871,872,422,875,877,878,880],{},[379,873,874],{},"Q8",[379,876,389],{},"财经：您这次有没有特别准备了一些问题，",[379,879,385],{},"当时是怎么回答的？",[376,882,535,883,885],{},[379,884,381],{},"：**有，但是我没有问，因为他答别的问题的时候，我发现那些问题不需要问。",[376,887,888],{},"原来我在媒体也讲过，我想问的问题是：“我们做股票经常会碰到这样的情况，有时发现一个好的目标，手里没有钱；",[376,890,891],{},"有时手里有很多钱，又没有目标的时候，这种情况下你是什么样的心态？\"",[376,893,894,895,560,898,560,901,567,904,907],{},"其实答案我是知道的，",[379,896,897],{},"有钱没目标就没办法",[379,899,900],{},"有目标没钱也没办法",[379,902,903],{},"但是心里面会着急",[379,905,906],{},"我就很想知道他是一个怎么样的心态","。他说了一些事之后，我觉得没必要问了。",[376,909,910,911,913],{},"当你问一些其他的问题时，",[379,912,385],{},"就间接的回答了这个问题，比如说没钱有目标的，是否能借钱做股票投资等等。",[376,915,916,560,919,422,922,560,925,928,929,567],{},[379,917,918],{},"他说他只希望富一次",[379,920,921],{},"如果借钱可能会变成两次",[379,923,924],{},"三次富有了",[379,926,927],{},"然后又穷回去了","。他这话的意思是要",[379,930,931],{},"少犯错",[376,933,934],{},"我投资之后，白发比原来多了不少，有时候确实很紧张。跟他聊完之后，心情有很大的不一样的感觉。",[408,936,676,938],{"id":937},"巴菲特如何回避风险",[379,939,940],{},"如何回避风险",[376,942,943,422,946,948,949,951],{},[379,944,945],{},"Q9",[379,947,389],{},"财经：",[379,950,385],{},"也说自己犯过错误，如果遇到问题他会怎么办？",[376,953,535,954,956],{},[379,955,381],{},"：**如果他回避了就不叫“风险”。如果已经碰上了，他投资是对价值的认定，他认为这个东西值1块，如果有人卖6毛，他就买。",[376,958,959],{},"那如果掉到5毛怎么办，他肯定会继续大量买。倒过来讲，1块钱的东西涨了10块钱他会卖掉，不会涨到9块钱还追买。",[376,961,962,963,560,968,560,974,560,977,560,980,567],{},"看很多人讲：“买高，卖得更高。”，",[379,964,965,967],{},[403,966,38],{"href":405},"的概念是“低买高卖”",[379,969,970,971,973],{},"真正的",[403,972,38],{"href":405},"者卖的机会不多",[379,975,976],{},"真正想持有的话",[379,978,979],{},"很多股票很少有很严重的超值情况",[379,981,982],{},"因此没必要卖",[376,984,985,560,988,745,991,560,994,997,998,1000],{},[379,986,987],{},"但是有些股票严重超值",[379,989,990],{},"考虑到税收都可以接受的话才可以卖",[379,992,993],{},"说过",[379,995,996],{},"最理想的股票是可以不卖的","。 当然他也卖过很多股票，有人说",[379,999,385],{},"从来不卖，这是不对的。",[408,1002,1004],{"id":1003},"是否谈及了中国股市",[379,1005,1006],{},"是否谈及了中国股市？",[376,1008,1009,422,1012,1014],{},[379,1010,1011],{},"Q10",[379,1013,389],{},"财经：你们在聊天过程中是否涉及到中国股市？",[376,1016,535,1017,1019],{},[379,1018,381],{},"：**没有，没有人提这个问题，自己也没有提这些问题，以我的理解，问不出什么东西来。",[408,1021,1023,385,1026],{"id":1022},"学巴菲特就意味着不能炒短线",[379,1024,1025],{},"学",[379,1027,1028],{},"就意味着不能炒短线",[376,1030,1031,422,1034,1036,1037,1039,1040,1042],{},[379,1032,1033],{},"Q11",[379,1035,389],{},"财经：现在模仿",[379,1038,385],{},"的人很多，但是",[379,1041,385],{},"只有一个，您认为这个问题出在什么地方？",[376,1044,1045,1052,1053,1055,1056,1058,1059,1061,1062,1064,1065,1067,1068,1070,1071,1073],{},[379,1046,1047,474,1049,385],{},[379,1048,381],{},[379,1050,1051],{},"这没什么问题，你也可以起名叫","。你对",[379,1054,385],{},"的定义是什么？",[379,1057,385],{},"是",[403,1060,38],{"href":405},"者，",[403,1063,38],{"href":405},"者也不是",[379,1066,385],{},"一个人，我认为",[379,1069,385],{},"是非常好的有",[403,1072,38],{"href":405},"理念的人，他坚持的时间长，他有足够的时间展现他的能力。",[376,1075,1076,1077,1079,1080,1082,1083,1085,1086,1088],{},"有些人，像他的老师",[379,1078,578],{},"，对",[403,1081,38],{"href":405},"的分析非常到位，非常清楚。像",[379,1084,385],{},"讲的，",[379,1087,578],{},"写出了迄今为止他看到的最好的一本书。",[376,1090,1091,1092,1094,1095,1097],{},"但是",[379,1093,578],{},"自己做投资并不多，我想跟他是教授的身份有很大的关系，但这样不等于说他就不是",[403,1096,38],{"href":405},"者，最早的理念就是从他这里出来的。",[376,1099,676,1100,560,1103,560,1106,560,1109,1112,1113,567],{},[379,1101,1102],{},"讲",[379,1104,1105],{},"这个人是最典型的“前人栽树",[379,1107,1108],{},"后人乘凉”",[379,1110,1111],{},"他把价值理念很完整的阐述出来","，****巴菲特",[379,1114,1115],{},"是树下乘凉的人",[376,1117,1118,1119,1121,1122,1124],{},"寻找",[379,1120,385],{},"，我个人认为，中国的大环境还没有到能够产生",[379,1123,385],{},"这样的人的地步，可能还需要很多年。因为整个股市的完善需要时间，大家的心态，所受的教育、对投资的理解，整体的理解差异还不是很大。",[376,1126,1127,1128,1130],{},"我在美国见过很多的普通投资者，他们对",[403,1129,38],{"href":405},"的理解都非常深刻，比如说我的一个家教，教我英语的，他这次也参与了对话。",[376,1132,1133],{},"回国后，我跟大家聊的时候，哪怕是已经做得很大很有名的人，聊起来都会让我哭笑不得。",[376,1135,1136,1137,1139,1140,1142,1143,560,1146,560,1149,560,1152,1155,1156,1158],{},"比如，他会找到一些“短线",[379,1138,385],{},"”，这很搞笑，因为",[379,1141,385],{},"意味着不能短线。我举个例子，",[379,1144,1145],{},"我回报最快的是2个小时赚了50倍",[379,1147,1148],{},"去赌场赚的",[379,1150,1151],{},"这不叫投资",[379,1153,1154],{},"这叫赌博","。所以你不能说我这两个小时的表现比",[379,1157,385],{},"好，这样大家听起来就很晕。",[408,1160,1162],{"id":1161},"价值投资没有地域特色",[379,1163,1164,1166],{},[403,1165,38],{"href":405},"没有地域特色",[376,1168,1169,422,1172,1174,1175,1177,1178,1180,1182],{},[379,1170,1171],{},"Q12",[379,1173,389],{},"财经：您心目中的",[403,1176,38],{"href":405},"理念与",[379,1179,385],{},[403,1181,38],{"href":405},"理念相比，是否有中国特色？",[376,1184,535,1185,1187,1188,560,1191,1194],{},[379,1186,381],{},"：**没有，",[379,1189,1190],{},"价值都是一样",[379,1192,1193],{},"最大的问题是你能否搞懂","。如果非要说说有特色的话，那是每个人的背景和条件不同。",[376,1196,1197],{},"比如说你的钱不是自由流通的，人不是国际化的，会受地域的限制。如果我是国际化的人，任何语言我都会，比如说印度的股市好，你会投吗？我肯定不会，因为不懂。",[376,1199,1200,1202],{},[379,1201,385],{},"也在中国做了一些投资，比如说买中石油，那是因为他搞懂了，他有足够的时间克服各种障碍。",[376,1204,1205,1206,1208,1209,1211,1212,1215,1216,1218],{},"比如说，",[379,1207,389],{},"他就搞不懂，他就不会投，他不但不投",[379,1210,389],{},"，他也不会投",[379,1213,1214],{},"Google","。有一次他打探",[379,1217,1214],{},"，但是他没有投，想来想去他没有搞懂，所以他没有买。",[376,1220,1221],{},"你非要问有什么特色？就是我的英语不好，我投的中国公司比较多。我也投美国公司，投资里的几家美国公司还表现得非常好，也有40倍，50倍的收益。这种情况是因为我不需要很长的语言背景，有一些基本的语言背景就可以理解这些企业。",[408,1223,1225],{"id":1224},"没有追加中国股市投资",[379,1226,1224],{},[376,1228,1229,422,1232,1234],{},[379,1230,1231],{},"Q13",[379,1233,389],{},"财经：您刚才说到“只投资自己看的明白的项目，投资中国公司比较多”您是否会加大A股或H股的投资？",[376,1236,535,1237,1239],{},[379,1238,381],{},"：**我肯定是没有，其实我的观点很含蓄，我认为现在很难找到值得花大力气买的股票，两年前确实有，现在确实难以找到，现在哪怕有一定价值都被挖掘出来了，全民在搞，有什么搞不出来？",[376,1241,1242],{},"如果一个太热的东西，大家都知道能赚钱，往往有难度。像我们这个行业，可能是自己擅长做。",[376,1244,1245],{},"像股票这个行业，如果你在玩就无所谓，如果你放了很多身家在里面，我认为还是安全为重。",[376,1247,1248],{},"至少不要因为这个事情搞到有一天跟儿子讲：“对不起，儿子，你上学的钱都被老爸赔光了。”我知道很多人股票赚了很多钱，但是我认为不要借钱炒股。",[408,1250,1252],{"id":1251},"投资只有一种玩法价值投资",[379,1253,1254,1255],{},"投资只有一种玩法：",[403,1256,38],{"href":405},[376,1258,1259,422,1262,1264,1265,1267],{},[379,1260,1261],{},"Q14",[379,1263,389],{},"财经：目前中国股市上，很多人觉得搞",[403,1266,38],{"href":405},"赚钱太慢了，你怎么看？",[376,1269,1270,422,1280,422,1283,560,1286,560,1289,567],{},[379,1271,1272,474,1274,1277,1279],{},[379,1273,381],{},[379,1275,1276],{},"这话很对，我也很想快赚钱，他们会快赚钱，他们以前都干什么了？",[403,1278,38],{"href":405},"的概念是5年",[379,1281,1282],{},"10年",[379,1284,1285],{},"20年",[379,1287,1288],{},"不是5天",[379,1290,1291],{},"10天",[376,1293,1294,1295,560,1298,1303,1304,1307],{},"股市中大家在玩不同的游戏，但",[379,1296,1297],{},"投资这个游戏其实只有一个玩法",[379,1299,1300,1301],{},"就是“",[403,1302,38],{"href":405},"”。",[403,1305,91],{"href":1306},"\u002Ftouji","则有不同的玩法，到赌场有很多玩法，可以玩“大小”等等，什么都可以玩，这个钱来得当然快。",[376,1309,1310],{},"但是这样钱来得快，去得也快。像这个疯狂的股市的结果，在美国等很多国家都发生了，在中国也不是没发生过，再发生也可能很快。",[376,1312,1313],{},"现在无非是个时间问题，最终的结果大家都知道，只是具体到来的时间谁都不知道。",[376,1315,1316],{},"如果大家知道这个股市后天会掉下来，大家提前都卖光了，股市一下子就掉下来了。其实我们对于股市短线走势谁都不知道。",[408,1318,1320],{"id":1319},"股东如何考察管理层",[379,1321,1319],{},[376,1323,1324,422,1327,1329],{},[379,1325,1326],{},"Q15",[379,1328,389],{},"财经：有位网友问，作为小股东，如何考察公司？",[376,1331,1332,560,1340,1343,1344,567],{},[379,1333,1334,474,1336,1339],{},[379,1335,381],{},[379,1337,1338],{},"我个人认为，你应该","投资你能搞得懂的公司",[379,1341,1342],{},"要事先考察","。小投资者也可以有很多途径了解上市公司，比如",[379,1345,1346],{},"观察公司的产品",[376,1348,1349],{},"以前有一家公司，我就看不懂，他的饮料投了这么大的广告，问所有人，都说没喝过，最后确实没做起来。",[376,1351,1352,560,1355,560,1358,560,1361,567],{},[379,1353,1354],{},"作为小股东来讲",[379,1356,1357],{},"做大投资确实要慎重",[379,1359,1360],{},"但一旦找到好的东西",[379,1362,1363],{},"不要轻易放掉",[376,1365,1366],{},"我看到很多小股民来回换股票，10年回来之后，除了他自己没有赚钱，别人都赚钱了。最终90%以上的投资者，投在股市上的钱都比放在银行拿利息要少。",[376,1368,1369,1370,560,1373,567],{},"所以我觉得小股东找到一个好股票，一直拿着，可能就能够赚钱。",[379,1371,1372],{},"股票一定要少换",[379,1374,1375],{},"不要道听途说",[408,1377,1379],{"id":1378},"不做专业的炒股人",[379,1380,1378],{},[376,1382,1383,422,1386,1388],{},[379,1384,1385],{},"Q16",[379,1387,389],{},"财经：有网友问，如果想全职做投资，大概多少钱开始合适，原始资产是年收入的10倍时，是否合适做投资？",[376,1390,535,1391,1393],{},[379,1392,381],{},"：**这个问题我确实不知道如何回答，全职投资是什么意思？（主持人：就是职业投资者。）",[376,1395,1396],{},"我不知道他说薪水的10倍是什么概念，假如是12万，你做一年的投资，能不能保证你有12万的回报，很难说。不管你有多少钱，我都劝你不做职业投资者，股票炒来炒去很危险。如果专业投资做一个基金的管理员，这个是可以的，因为它本身有收入。",[376,1398,1399],{},"很多时候你的股票并不是特别好，只是因为大家都涨所以你才涨，赚钱的原因不是因为你很懂股市。现在多数人看图看线做股票早晚要出问题，因为大家看的是一张图一条线，你凭什么能够赚到钱。",[376,1401,1402],{},"美国的股市平均PE只有15倍左右，中国的现在报道是50-60倍，美国的标准普尔是15倍，随着资本逐渐自由流动，总会有人把60倍的PE的股票卖掉投资到15倍的股票里面，所以只要市场足够长期，一定会回来。大家可以想像如果从60倍回到15倍是什么概念？",[376,1404,1405,1406,1408,1409,560,1412,560,1415,560,1418,567],{},"具体这个回归过程有多长时间不知道，有人跟我讲，",[379,1407,385],{},"曾经说过是4年，他没有见过超过4年。在我的经验上是没有超过3年的；",[379,1410,1411],{},"我认为一个有价值的股票",[379,1413,1414],{},"不到3年都会反映它的实际价值",[379,1416,1417],{},"那些我认为有大问题的公司",[379,1419,1420],{},"3-4年都会回到实际的价值",[408,1422,1424,1427,1428],{"id":1423},"怎么看步步高的前景",[379,1425,1426],{},"怎么看","步步高",[379,1429,1430],{},"的前景",[376,1432,1433,422,1436,1438,1439,1441,1442,1444],{},[379,1434,1435],{},"Q17",[379,1437,389],{},"财经：有一位网友非常关心您的公司",[379,1440,1427],{},"，段总，您怎么看",[379,1443,1427],{},"的前景？",[376,1446,1447,1452,1453,1455,1456,1458],{},[379,1448,1449,1451],{},[379,1450,381],{},"：****步步高","不是我个人的，我只是",[379,1454,1427],{},"创始人之一，我现在不担任",[379,1457,1427],{},"的任何具体行政任务，我不知道他们现在具体卖什么，当然大的方面我知道。",[376,1460,1461,560,1464,560,1467,560,1470,1473,1474,1477],{},[379,1462,1463],{},"我认为我们公司非常了解消费者的需求",[379,1465,1466],{},"我不敢说我们的公司做成怎么样",[379,1468,1469],{},"我认为只要这个行业还在",[379,1471,1472],{},"我们就会存在","。我早年就说过，我们会成为这个行业里面最后倒下来的公司。我们在企业核心价值观里面说：",[379,1475,1476],{},"我们要成为追求更健康最长久的企业","，而不是追求眼前的利益。",[376,1479,1480,1481,560,1484,567],{},"我一年99%的时间在美国，人家说我“遥控”企业发展，我说我家里没有遥控，不可能遥控的。我家里只有电视机的遥控。****步步高",[379,1482,1483],{},"主要是靠自己经营的团队来运作",[379,1485,1486],{},"我觉得我们企业是我们国内比较少见的健康的企业",[408,1488,1490],{"id":1489},"买股票就是买公司",[379,1491,1489],{},[376,1493,1494,422,1497,1499],{},[379,1495,1496],{},"Q18",[379,1498,389],{},"财经：一位网友问您对投资最深的体会是什么？",[376,1501,1502,1507,1508,1510,1511,1513,1514,1516,1517,1519],{},[379,1503,1504,1506],{},[379,1505,381],{},"：买股票跟你买公司是一样","。现在",[379,1509,389],{},"是22亿市值，现金是5亿，因此投资决策就是：你有18亿美金现金愿意买股票吗？你花18亿买",[379,1512,389],{},"，你要想",[379,1515,389],{},"要多久能挣回这18亿，如果1万年那就算了。如果我今天买了，想着明天有机会就卖，这就是",[403,1518,91],{"href":1306},"了；如果说是我买了1千股，出了什么问题就可以跑，这只是一个游戏；比如说我有一个朋友说，我买了一个几十块的东西，要跑还是跑得掉的，所有人都是这样想的。",[408,1521,1523],{"id":1522},"如何转变成价值投资者",[379,1524,1525,1526,1528],{},"如何转变成",[403,1527,38],{"href":405},"者",[376,1530,1531,422,1534,1536,1537,1539],{},[379,1532,1533],{},"Q19",[379,1535,389],{},"财经：有一位网友说，我是一个短线投资客，怎么转变成",[403,1538,38],{"href":405},"者？",[376,1541,535,1542,1544],{},[379,1543,381],{},"：**这是一个不同的游戏，短线没有什么错，这是好玩。去澳门不等于错，但是去澳门不是挣钱，而是玩，挣了钱很高兴，亏了也一定要亏得起，因此我不要网友卖房子炒股。",[376,1546,1547,560,1550,560,1556,560,1559,560,1562,560,1565,567],{},[379,1548,1549],{},"如果你是长线投资",[379,1551,1552,1553],{},"你就会有很好的",[403,1554,145],{"href":1555},"\u002Fnaixin",[379,1557,1558],{},"有潜心的研究",[379,1560,1561],{},"完全是另外一种游戏",[379,1563,1564],{},"如何转变我不知道",[379,1566,1567],{},"其实最重要的问题是你愿不愿意玩这个游戏",[376,1569,1570],{},"很多人愿意去澳门，我已经十多年没有去过澳门了，我以前记得在赌场有人喊，我觉得这是一种乐趣。",[376,1572,1573,560,1576,1579,1580,560,1583,560,1586,567,1589,560,1592,560,1595,560,1598,560,1601,567],{},[379,1574,1575],{},"长线投资是另外一种东西",[379,1577,1578],{},"就像看","巴菲特****，",[379,1581,1582],{},"他很平和",[379,1584,1585],{},"很简单",[379,1587,1588],{},"很常见",[379,1590,1591],{},"就像我们做企业",[379,1593,1594],{},"你要想到售后服务",[379,1596,1597],{},"产品设计",[379,1599,1600],{},"消费者需求",[379,1602,1603],{},"要想很多",[408,1605,1607,1610],{"id":1606},"投资万科",[379,1608,1609],{},"投资","万科****",[376,1612,1613,422,1616,1618,1619,1622],{},[379,1614,1615],{},"Q20",[379,1617,389],{},"财经：网友问上次说您投了",[379,1620,1621],{},"万科","，您是否打算卖掉？",[376,1624,535,1625,1627],{},[379,1626,381],{},"：**我已经卖了，我卖的原因要讲一下。",[376,1629,1630,1631,1633],{},"我买",[379,1632,1621],{},"的时候，才2块多钱，当时觉得这个股再怎么样也值10多块，2块多钱没道理，后来涨到10多块的时候，正好那时候有别的需求就卖了。",[376,1635,1636],{},"从目前的结果看，证明卖错了，因为现在20多块了，少赚了一倍，但是后悔吗？不后悔。再涨不涨跟我也没关系了，因为我刚好需要这个钱。",[376,1638,1639],{},"因为我人不在国内。我买的时候有一个基本的了解，这个股票值这么多钱，到了这个价格时，我觉得已经满意了。",[376,1641,1642,1643,1646,1647,1649,1650,1652],{},"其实这只股票还该不该涨，我不知道，这跟",[403,1644,79],{"href":1645},"\u002Fjibenmian","有关，我没有很好的研究。我卖",[379,1648,1621],{},"，并不是意味着它超值了，网友决定留不留着是你的事情，有很多人跟我一起买",[379,1651,1621],{},"的人，他们现在还留着。",[408,1654,1656],{"id":1655},"关于慈善事业",[379,1657,1655],{},[376,1659,1660,422,1663,1665],{},[379,1661,1662],{},"Q21",[379,1664,389],{},"财经：关于慈善的问题，这里网友问，您是单枪匹马做慈善还是有团队的支撑？慈善是很高尚的事情，在国内反而是弱势群体，这个是否会阻碍你在国内做慈善事业？",[376,1667,1668,560,1673,560,1676,560,1679,567,1682,560,1685,567],{},[379,1669,1670,1672],{},[379,1671,381],{},"：对于我来说",[379,1674,1675],{},"做慈善是我一个家庭的事情",[379,1677,1678],{},"现在是我太太和我做",[379,1680,1681],{},"将来可能还有我们的孩子",[379,1683,1684],{},"当然这是从事务发展的角度来看",[379,1686,1687],{},"肯定是一个团队",[376,1689,1690],{},"我们这个基金主要投在教育上，我们已经投了不少，包括对浙大的捐款，包括在斯坦佛建了一个奖学金，专门给中国区的学生。",[376,1692,1693,1694,1697],{},"这个基金是我和",[379,1695,1696],{},"丁磊","建的。这次在斯坦佛大学还见了一个学生，我问他怎么来的，是否是自费，他说是奖学金。",[376,1699,1700,1701,1703],{},"我说这奖金是",[379,1702,1696],{},"的，他还不知道。 我这就觉得有效果了，中国的学生因为有了这个奖学金，可以到斯坦佛大学上本科了。",[376,1705,1706],{},"慈善是一个正常的行为。这些钱最后怎么办？给子女是害子女,你不能剥夺他的乐趣，如果你让他饭来张口、衣来伸手，他就没有乐趣了，要给他压力的。",[376,1708,1709,560,1712,422,1715,567],{},[379,1710,1711],{},"因此在你赚钱的时候",[379,1713,1714],{},"就要安排好钱的去处",[379,1716,1717],{},"要花在什么地方",[376,1719,1720],{},"对我来讲，为什么以花在国内为主？慈善最重要的是，你帮你能够帮助的人。你说有一个人很穷，我又不认识他，这怎么证明他需要帮助。",[376,1722,1723],{},"比如说我捐献给我的母校，中国这么多大校为什么只捐你的母校，是自私吗？不是，因为我对母校了解。",[376,1725,1726],{},"如果我成为被骂的目标，骂完之后能增进社会的和谐，我也很高兴，我也不是很受影响，我的心态在这一点没问题，还是很好的。",[376,1728,1729],{},"还没有人骂我太太，做慈善是一个家庭的事情，所以我们很多东西是商量做，不是说是我自己的事情。",[408,1731,1733,1734],{"id":1732},"段永平如何评价自己","****段永平",[379,1735,1736],{},"如何评价自己",[376,1738,1739,422,1742,1744,1745,1747],{},[379,1740,1741],{},"Q22",[379,1743,389],{},"财经：《亚洲周刊》曾经如此评价您：“他是一名职业的、民营的慈善工作者，业界对",[379,1746,381],{},"的评价是两个字：‘保守’，但是，他的保守成就了他的事业”，您对这句话怎么看？",[376,1749,535,1750,1752],{},[379,1751,381],{},"：**首先我不是职业的慈善家，我说的是我的工作是慈善，工作是不得不做的事情，赚钱对我来讲是爱好。",[376,1754,1755],{},"但是两者现在是一样，我做投资觉得很有意思，很好；但是做完之后赚了是麻烦，要解决这个麻烦，捐出去，帮助别人我就觉得很高兴。",[376,1757,1758,1759,560,1762,560,1765,560,1768,560,1771,560,1774,560,1777,560,1780,567],{},"“保守”的定义是什么？我认为我这个人从来不保守，",[379,1760,1761],{},"做投资要承担很多风险的",[379,1763,1764],{},"不管花多少钱都要承担风险",[379,1766,1767],{},"但是我不冒险",[379,1769,1770],{},"我们追求更健康",[379,1772,1773],{},"更长久",[379,1775,1776],{},"这不是“保守”",[379,1778,1779],{},"而是更健康",[379,1781,1058,1782,1785],{},[403,1783,10],{"href":1784},"\u002Fpingchangxin","的概念",[376,1787,1788],{},"就像我讲的打高尔夫球，你追求的是整体成绩，是乐趣，而不是一竿进洞，进洞之后，虽然这杆很漂亮，但是整体上没多大改善。",[376,1790,1791,385,1794,560,1797,560,1800,560,1803,567],{},[379,1792,1793],{},"就像",[379,1795,1796],{},"讲的",[379,1798,1799],{},"你可以99件事情做对了",[379,1801,1802],{},"1件小的错误就可以造成你所有的成就落空",[379,1804,1805],{},"最重要的就是不要让小的错误发生",[376,1807,1808,1811],{},[379,1809,1810],{},"我经营企业差不多20多年，竞争对手已经换了很多","，我们每次做的时候，别人都说这样不好，应该怎么做。我说冒风险几年后肯定会出问题的。几年后这个人找到我，就说，你这个人真厉害。",[376,1813,1814,560,1817,560,1820,1822,1823,560,1826],{},[379,1815,1816],{},"企业也是一样",[379,1818,1819],{},"要看长远的发展",[379,1821,389],{},"有很多很好的地方。当然，确实也有待完善的东西，这个我能接受，关键是你有没有完善的能力？",[379,1824,1825],{},"投资做企业的想法都差不多:你是否真的20年之后",[379,1827,1828],{},"你还愿意拿着这个股票?",[408,1830,676,1832],{"id":1831},"巴菲特也做短线",[379,1833,1834],{},"也做短线",[376,1836,1837,422,1840,1842,1843,1845,1846,1848],{},[379,1838,1839],{},"Q23",[379,1841,389],{},"财经：最后我们返回主题。关于",[379,1844,385],{},"的",[403,1847,38],{"href":405},"，您能给广大中国网民一个什么建议？",[376,1850,1851,560,1857,560,1860,560,1863,1866],{},[379,1852,1853,474,1855,1585],{},[379,1854,381],{},[403,1856,38],{"href":405},[379,1858,1859],{},"你买股票的时候",[379,1861,1862],{},"就是买这个公司的一部分",[379,1864,1865],{},"你是在拥有它","。但是你现在要我提一个建议，对所有去澳门的人有什么样好的意见，我没有。",[376,1868,1869],{},"我自己也经常做短线，我的乐趣有时候从短线来，短线很好玩，比如说我拿某个金额，每个人得能承受的，短一把，赚到了很高兴。",[376,1871,1872],{},"我自己就有两个帐号，一个是长线帐号，一个是短线帐号。短线就是好玩，赚不赚钱呢？也赚，但是这里面有什么心得吗？也没有。",[376,1874,1875],{},"我对短线帐号的印象很深刻，每年家庭的开销都从这里面出，但是钱没有少过，很有意思，总有这么多钱，而且交税也是从这里面交，很有意思。我确实觉得没什么心得，但是我觉得很开心。",[376,1877,1878],{},"对于长线帐号，我有时候都不知道它赚钱了，最长线的是我买了之后就没动过，现在也没动，5年下来大概赚了50多倍，而短线5年下来也可能有2倍，你说哪个好？我也不知道。",[376,1880,1881,1883],{},[379,1882,385],{},"也做短线，他跟我的目的是一样：好玩，当然他是自己做，他的投资公司是不做的。",[376,1885,1886,1888],{},[379,1887,389],{},"财经：今天由于时间的关系，我们的访谈就到这里，感谢段先生！！",{"title":1890,"searchDepth":12,"depth":12,"links":1891},"",[],null,"段永平分享巴菲特午餐感悟，强调买股票就是买公司、耐心等待好价格、长期持有的价值投资原则。","md",{},true,"\u002Fdao\u002Fspeeches\u002Fduanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":238,"description":1893},"2007年与巴菲特共进午餐后网易专访｜大道总纲","dao\u002Fspeeches\u002Fduanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang","ypSpLM_OAW7gUOndQHUduNmza7CsT7JFlkKQYLCte7U","dao",1778608453942]