[{"data":1,"prerenderedAt":904},["ShallowReactive",2],{"layout-dao":3,"dao-huchenghe":370},[4,9,13,17,21,25,29,33,37,42,47,50,54,57,61,64,68,71,75,78,82,86,90,94,98,103,107,111,115,119,123,127,131,135,139,144,148,152,156,160,164,168,172,177,181,185,189,193,197,201,205,209,213,217,221,225,229,233,237,241,245,249,253,257,261,265,269,273,277,281,285,290,294,298,302,306,310,314,318,322,326,330,334,338,342,346,350,354,358,362,366],{"title":5,"slug":6,"category":7,"order":8},"本分","benfen","核心哲学",1,{"title":10,"slug":11,"category":7,"order":12},"平常心","pingchangxin",2,{"title":14,"slug":15,"category":7,"order":16},"做对的事情","zuoduideshiqing",3,{"title":18,"slug":19,"category":7,"order":20},"把事情做对","bashiqingzuodui",4,{"title":22,"slug":23,"category":7,"order":24},"能力圈","nengliquan",5,{"title":26,"slug":27,"category":7,"order":28},"不做什么","buzuoshenme",6,{"title":30,"slug":31,"category":7,"order":32},"敢为天下后","ganweitianxiahou",7,{"title":34,"slug":35,"category":7,"order":36},"消费者导向","xiaofeizhedaoxiang",8,{"title":38,"slug":39,"category":40,"order":41},"价值投资","jiazhitouzi","投资理念",9,{"title":43,"slug":44,"category":45,"order":46},"负债","fuzhai","财务指标",10,{"title":48,"slug":49,"category":40,"order":46},"商业模式","shangyemoshi",{"title":51,"slug":52,"category":40,"order":53},"护城河","huchenghe",11,{"title":55,"slug":56,"category":45,"order":53},"净现金","jingxianjin",{"title":58,"slug":59,"category":45,"order":60},"开销合理性","kaixiaohelixing",12,{"title":62,"slug":63,"category":45,"order":60},"现金流","xianjinliu",{"title":65,"slug":66,"category":45,"order":67},"真实利润","zhenshilirun",13,{"title":69,"slug":70,"category":40,"order":67},"折现","zhexian",{"title":72,"slug":73,"category":40,"order":74},"安全边际","anquanbianji",14,{"title":76,"slug":77,"category":45,"order":74},"扣除商誉的净资产","jingzichan",{"title":79,"slug":80,"category":40,"order":81},"基本面","jibenmian",15,{"title":83,"slug":84,"category":40,"order":85},"机会成本","jihuichengben",16,{"title":87,"slug":88,"category":40,"order":89},"长期持有","zhangqichiyou",17,{"title":91,"slug":92,"category":40,"order":93},"投机","touji",18,{"title":95,"slug":96,"category":40,"order":97},"止损","zhisun",19,{"title":99,"slug":100,"category":101,"order":102},"企业文化","qiyewenhua","企业经营",20,{"title":104,"slug":105,"category":101,"order":106},"品牌","pinpai",21,{"title":108,"slug":109,"category":101,"order":110},"差异化","chayihua",22,{"title":112,"slug":113,"category":101,"order":114},"用户体验","yonghutiyan",23,{"title":116,"slug":117,"category":101,"order":118},"渠道","qudao",24,{"title":120,"slug":121,"category":101,"order":122},"平台","pingtai",25,{"title":124,"slug":125,"category":101,"order":126},"生态系统","shengtaixitong",26,{"title":128,"slug":129,"category":101,"order":130},"单一产品","danyichanpin",27,{"title":132,"slug":133,"category":101,"order":134},"造钟人","zaozhongren",28,{"title":136,"slug":137,"category":101,"order":138},"利润之上的追求","lirunzhishangdezhuiqiu",29,{"title":140,"slug":141,"category":142,"order":143},"进取心","jinquxin","品格与心性",30,{"title":145,"slug":146,"category":142,"order":147},"耐心","naixin",31,{"title":149,"slug":150,"category":142,"order":151},"责任心","zerenxin",32,{"title":153,"slug":154,"category":142,"order":155},"爱心","aixin",33,{"title":157,"slug":158,"category":142,"order":159},"信誉","xinyu",34,{"title":161,"slug":162,"category":142,"order":163},"正直","zhengzhi",35,{"title":165,"slug":166,"category":142,"order":167},"理性","lixing",36,{"title":169,"slug":170,"category":142,"order":171},"长期主义","zhangqizhuyi",37,{"title":173,"slug":174,"category":175,"order":176},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",100,{"title":178,"slug":179,"category":175,"order":180},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",101,{"title":182,"slug":183,"category":175,"order":184},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",102,{"title":186,"slug":187,"category":175,"order":188},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",103,{"title":190,"slug":191,"category":175,"order":192},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",104,{"title":194,"slug":195,"category":175,"order":196},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing",105,{"title":198,"slug":199,"category":175,"order":200},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong",106,{"title":202,"slug":203,"category":175,"order":204},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",107,{"title":206,"slug":207,"category":175,"order":208},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",108,{"title":210,"slug":211,"category":175,"order":212},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou",109,{"title":214,"slug":215,"category":175,"order":216},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",110,{"title":218,"slug":219,"category":175,"order":220},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",111,{"title":222,"slug":223,"category":175,"order":224},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",112,{"title":226,"slug":227,"category":175,"order":228},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",113,{"title":230,"slug":231,"category":175,"order":232},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",114,{"title":234,"slug":235,"category":175,"order":236},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",115,{"title":238,"slug":239,"category":175,"order":240},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",116,{"title":242,"slug":243,"category":175,"order":244},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",117,{"title":246,"slug":247,"category":175,"order":248},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",118,{"title":250,"slug":251,"category":175,"order":252},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus",119,{"title":254,"slug":255,"category":175,"order":256},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh",120,{"title":258,"slug":259,"category":175,"order":260},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj",121,{"title":262,"slug":263,"category":175,"order":264},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",122,{"title":266,"slug":267,"category":175,"order":268},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",123,{"title":270,"slug":271,"category":175,"order":272},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",124,{"title":274,"slug":275,"category":175,"order":276},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",125,{"title":278,"slug":279,"category":175,"order":280},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",126,{"title":282,"slug":283,"category":175,"order":284},"2025年： 方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing",127,{"title":286,"slug":287,"category":288,"order":289},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":291,"slug":292,"category":288,"order":293},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":295,"slug":296,"category":288,"order":297},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":299,"slug":300,"category":288,"order":301},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":303,"slug":304,"category":288,"order":305},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":307,"slug":308,"category":288,"order":309},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":311,"slug":312,"category":288,"order":313},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":315,"slug":316,"category":288,"order":317},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":319,"slug":320,"category":288,"order":321},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":323,"slug":324,"category":288,"order":325},"商业逻辑篇：第4节：产品、差异化与创新","duanyongping-shangyeluoji-di4jie-chanpin-chayihua-yu-chuangxin",404,{"title":327,"slug":328,"category":288,"order":329},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":331,"slug":332,"category":288,"order":333},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":335,"slug":336,"category":288,"order":337},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":339,"slug":340,"category":288,"order":341},"投资问答录商业逻辑篇：前言：买股票就是买公司","duanyongping-shangyeluoji-qianyan-maiqushoujiiumaishangsi",408,{"title":343,"slug":344,"category":288,"order":345},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":347,"slug":348,"category":288,"order":349},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":351,"slug":352,"category":288,"order":353},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":355,"slug":356,"category":288,"order":357},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":359,"slug":360,"category":288,"order":361},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":363,"slug":364,"category":288,"order":365},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":367,"slug":368,"category":288,"order":369},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,{"id":371,"title":51,"body":372,"category":40,"date":892,"description":893,"extension":894,"meta":895,"navigation":896,"order":53,"path":897,"seo":898,"seoDescription":899,"seoTitle":900,"slug":52,"stem":901,"__hash__":902,"_collection":903},"dao\u002Fdao\u002Fconcepts\u002Fhuchenghe.md",{"type":373,"value":374,"toc":867},"minimark",[375,378,382,403,421,434,437,442,469,483,487,512,516,535,543,547,558,561,568,584,608,615,623,635,639,647,650,658,661,664,668,676,679,683,689,693,699,702,717,734,759,762,774,792,802,827,833,841,848],[376,377,51],"h1",{"id":51},[379,380,381],"h2",{"id":381},"定义与起源",[383,384,385,389,390,394,395,398,399,402],"p",{},[386,387,51],"a",{"href":388},"\u002Fhuchenghe","的概念源自",[391,392,393],"strong",{},"巴菲特","，",[391,396,397],{},"段永平","在其投资框架中将其视为",[391,400,401],{},"生意模式","的一部分。在投资问答录中，段永平最早系统阐述这一概念大约在2010年前后。",[404,405,406],"blockquote",{},[383,407,408,409,411,412,414,415,417,418,420],{},"\"",[386,410,51],{"href":388},"实际上我觉得是",[391,413,401],{},"的一部分，好的",[391,416,401],{},"往往具有很宽的",[386,419,51],{"href":388},"。\"",[404,422,423],{},[383,424,408,425,427,428,430,431,433],{},[391,426,393],{},"讲的",[386,429,51],{"href":388},"实际上指的是某种形式的垄断，往往是由",[391,432,401],{},"决定的。\"（2011-12-17）",[379,435,436],{"id":436},"核心要义",[438,439,441],"h3",{"id":440},"_1-护城河是竞争优势本质是差异化","1. 护城河是竞争优势，本质是差异化",[404,443,444],{},[383,445,408,446,448,449,452,453,455,456,458,459,461,462,465,466,468],{},[386,447,51],{"href":388},"就是竞争优势，好的",[386,450,48],{"href":451},"\u002Fshangyemoshi","一般都有很强大的",[386,454,51],{"href":388},"。",[386,457,51],{"href":388},"不是一成不变的，看懂",[386,460,51],{"href":388},"对投资很重要。",[386,463,99],{"href":464},"\u002Fqiyewenhua","对建立和维护",[386,467,51],{"href":388},"有不可或缺的作用。\"（2019-10-03）",[404,470,471],{},[383,472,408,473,476,477,479,480,482],{},[386,474,108],{"href":475},"\u002Fchayihua","指的是产品能满足用户的某个或某些别人满足不了的需求。能够长期维持的",[386,478,108],{"href":475},"就是",[386,481,51],{"href":388},"。\"（2019-08-02）",[438,484,486],{"id":485},"_2-护城河与生意模式的关系","2. 护城河与生意模式的关系",[404,488,489],{},[383,490,408,491,493,494,496,497,499,500,502,503,505,506,508,509,511],{},[386,492,51],{"href":388},"应该是",[391,495,401],{},"的一部分。没有",[386,498,51],{"href":388},"的",[391,501,401],{},"不是好的",[391,504,401],{},"，但有",[386,507,51],{"href":388},"的生意未必就一定是好的",[391,510,401],{},"。\"（2012-06-24）",[438,513,515],{"id":514},"_3-企业文化是护城河的重要组成","3. 企业文化是护城河的重要组成",[404,517,518],{},[383,519,408,520,522,523,525,526,528,529,531,532,534],{},[386,521,51],{"href":388},"是用来判断公司内在价值的一个重要手段（不是唯一的）。",[386,524,99],{"href":464},"是",[386,527,51],{"href":388},"的重要部分。很难想象一个没有很强",[386,530,99],{"href":464},"的企业可以有个很宽的",[386,533,51],{"href":388},"。\"（2010-05-25）",[404,536,537],{},[383,538,539,540,542],{},"\"技术的优势从来就很少是",[386,541,51],{"href":388},"，形成技术的文化才是。\"（2013-08-17）",[438,544,546],{"id":545},"_4-定价能力是护城河的体现","4. 定价能力是护城河的体现",[404,548,549],{},[383,550,551,552,554,555,557],{},"\"定价能力和",[386,553,51],{"href":388},"其实是一回事。",[391,556,393],{},"说相对于管理能力他更看重定价能力，其实建立强的定价能力需要的时间非常长，没有好的管理能力根本做不到。所以他说的不矛盾。\"（2011-02-22）",[379,559,560],{"id":560},"实战案例",[438,562,564,567],{"id":563},"苹果平台生态系统",[391,565,566],{},"苹果","：平台+生态系统",[404,569,570],{},[383,571,408,572,499,574,577,578,580,581,583],{},[391,573,566],{},[386,575,120],{"href":576},"\u002Fpingtai","建立起来了，或者说",[391,579,401],{},"或者说",[386,582,51],{"href":388},"已经形成了（光软件一年都几十亿的收入了）。\"（2011年）",[383,585,586,588,589,591,592,408,594,499,596,598,599,602,603,605,606,455],{},[391,587,397],{},"2025年在浙大分享了与",[391,590,393],{},"的对话：他告诉",[391,593,393],{},[391,595,566],{},[391,597,401],{},"比",[391,600,601],{},"可口可乐","好\"，因为Android手机价格远低于iPhone，但真正的",[391,604,566],{},"用户\"who cares？没有人在乎\"——这种价格不敏感性展示了极强的",[386,607,51],{"href":388},[438,609,611,614],{"id":610},"步步高看不见的护城河",[391,612,613],{},"步步高","：看不见的护城河",[404,616,617],{},[383,618,619,620,622],{},"\"其实我们是有条看不见的",[386,621,51],{"href":388},"的。\"",[383,624,625,626,499,628,630,631,634],{},"网友问",[391,627,613],{},[386,629,51],{"href":388},"要素是什么，段永平回答：\"最重要的是",[386,632,161],{"href":633},"\u002Fzhengzhi","和诚信。\"（2010-09-22）",[438,636,638],{"id":637},"facebookmeta护城河被证伪","Facebook（Meta）：护城河被证伪",[404,640,641],{},[383,642,643,644,646],{},"\"FB真的是我糊里糊涂买、糊里糊涂赚，但很清楚卖掉的公司之一吧。我还记得当时看到'小扎'在国会质询回答问题时，我突然感觉到FB的",[386,645,51],{"href":388},"其实很浅，面对抖音他们完全没有招架能力，连阴招都上了。看完第二天就基本清仓了。\"（2022-10-09）",[438,648,649],{"id":649},"成本优势不是护城河",[404,651,652],{},[383,653,654,655,657],{},"\"还没见过成本优势可以成",[386,656,51],{"href":388},"的，很少有企业能长期维持低成本的，制造业好像没见过。而且靠自己产品卖低价的企业就很难有长久的，至少我没见过。\"（2010-05-24）",[383,659,660],{},"但\"资源的低成本当然是的，制造业的不是，因为维持不了。\"（2025-04-04）",[379,662,663],{"id":663},"常见误解",[438,665,667],{"id":666},"误解一管理好就有护城河","误解一：管理好就有护城河",[404,669,670],{},[383,671,672,673,675],{},"\"管理层不好的公司怎么会有很深的",[386,674,51],{"href":388},"呢?费解。\"（2013-04-02）",[383,677,678],{},"护城河和管理能力是互相依存的：\"这就像打仗一样，是能打仗的军队重要还是好的战壕重要?没有好的防护，再好的军队也不经打。光有战壕显然也是不行的。\"（2010-04-14）",[438,680,682],{"id":681},"误解二重资产就是护城河","误解二：重资产就是护城河",[383,684,685,686,688],{},"网友问化工类重资产公司是否有",[386,687,51],{"href":388},"，段永平回答：\"一般不会。\"（2019-05-31）",[438,690,692],{"id":691},"误解三技术就是护城河","误解三：技术就是护城河",[404,694,695],{},[383,696,539,697,542],{},[386,698,51],{"href":388},[379,700,701],{"id":701},"思想演变",[383,703,704,707,708,710,711,713,714,716],{},[391,705,706],{},"2010年前后","：",[391,709,397],{},"开始在网络上系统讨论",[386,712,51],{"href":388},"，主要是翻译和引用",[391,715,393],{},"的概念，结合自己做企业的理解。",[383,718,719,722,723,725,726,728,729,525,731,733],{},[391,720,721],{},"2011-2015年","：通过投资",[391,724,566],{},"，对",[386,727,51],{"href":388},"有了更深的理解。特别强调",[386,730,99],{"href":464},[386,732,51],{"href":388},"不可或缺的组成部分。",[383,735,736,739,740,742,743,745,746,748,749,751,752,755,756,758],{},[391,737,738],{},"2019-2025年","：表述更加简洁和直接。将",[386,741,51],{"href":388},"、",[386,744,48],{"href":451},"和",[386,747,99],{"href":464},"融为一个整体框架。\"好的",[386,750,48],{"href":451},"很简单，就是利润和净",[386,753,62],{"href":754},"\u002Fxianjinliu","一直都是杠杠的，而且竞争对手哪怕用很长的时间也很难抢。\"——\"很难抢\"就是",[386,757,51],{"href":388},"的通俗表达。",[379,760,761],{"id":761},"原话引用",[404,763,764],{},[383,765,408,766,411,768,414,770,417,772,420],{},[386,767,51],{"href":388},[391,769,401],{},[391,771,401],{},[386,773,51],{"href":388},[404,775,776],{},[383,777,408,778,493,780,496,782,499,784,502,786,505,788,508,790,511],{},[386,779,51],{"href":388},[391,781,401],{},[386,783,51],{"href":388},[391,785,401],{},[391,787,401],{},[386,789,51],{"href":388},[391,791,401],{},[404,793,794],{},[383,795,408,796,476,798,479,800,482],{},[386,797,108],{"href":475},[386,799,108],{"href":475},[386,801,51],{"href":388},[404,803,804],{},[383,805,806,807,809,810,813,814,809,816,818,819,394,821,823,824,826],{},"\"我没注意。但投资确实就是买的未来",[386,808,62],{"href":754},"（",[386,811,69],{"href":812},"\u002Fzhexian","），未来",[386,815,62],{"href":754},[386,817,69],{"href":812},"）最大的保障就是",[386,820,48],{"href":451},[386,822,48],{"href":451},"里最强的就是垄断，或者叫",[386,825,51],{"href":388},"。\"（2012-03-30）",[404,828,829],{},[383,830,539,831,542],{},[386,832,51],{"href":388},[404,834,835],{},[383,836,837,838,840],{},"\"所谓客户忠诚度实际上是客户信任度（了解度），这个是",[386,839,51],{"href":388},"里很重要的一部分。\"（2010-05-30）",[404,842,843],{},[383,844,551,845,847],{},[386,846,51],{"href":388},"其实是一回事。\"（2011-02-22）",[404,849,850],{},[383,851,852,853,855,856,499,859,861,862,499,864,866],{},"\"吃喝的东西心理上的",[386,854,108],{"href":475},"其实很大的，当然",[386,857,116],{"href":858},"\u002Fqudao",[386,860,108],{"href":475},"也很厉害，比如",[391,863,601],{},[386,865,51],{"href":388},"中，'在哪里都能买到'这点是非常厉害的。\"（2012-07-13）",{"title":868,"searchDepth":12,"depth":12,"links":869},"",[870,871,877,885,890,891],{"id":381,"depth":12,"text":381},{"id":436,"depth":12,"text":436,"children":872},[873,874,875,876],{"id":440,"depth":16,"text":441},{"id":485,"depth":16,"text":486},{"id":514,"depth":16,"text":515},{"id":545,"depth":16,"text":546},{"id":560,"depth":12,"text":560,"children":878},[879,881,883,884],{"id":563,"depth":16,"text":880},"苹果：平台+生态系统",{"id":610,"depth":16,"text":882},"步步高：看不见的护城河",{"id":637,"depth":16,"text":638},{"id":649,"depth":16,"text":649},{"id":663,"depth":12,"text":663,"children":886},[887,888,889],{"id":666,"depth":16,"text":667},{"id":681,"depth":16,"text":682},{"id":691,"depth":16,"text":692},{"id":701,"depth":12,"text":701},{"id":761,"depth":12,"text":761},null,"护城河的概念源自巴菲特，段永平在其投资框架中将其视为生意模式的一部分。在投资问答录中，段永平最早系统阐述这一概念大约在2010年前后。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fhuchenghe",{"title":51,"description":893},"段永平谈护城河：护城河的概念源自巴菲特，段永平在其投资框架中将其视为生意模式的一部分。在投资问答录中，段永平最早系统阐述这一概念大约在2010年前后。","护城河｜大道总纲","dao\u002Fconcepts\u002Fhuchenghe","RqQo4cyDlACWqMchjJj-eTKcrdY8kQ9c4AAwV7B-HVk","dao",1778608453565]