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基本面分析框架：商业模式+企业文化+合理估值",[383,506,507,508,511,512,514,515,517,518,520,521,523],{},"在雪球上，",[391,509,510],{},"方三文","（不明真相的群众）曾总结出企业",[386,513,79],{"href":388},"的简易分析框架：\"",[386,516,48],{"href":397},"，",[386,519,99],{"href":401},"，合理估值。\"",[391,522,393],{},"认可这一总结。",[379,525,526],{"id":526},"实战案例",[422,528,530,533],{"id":529},"网易从基本面看到100倍收益",[391,531,532],{},"网易","：从基本面看到100倍收益",[427,535,536],{},[383,537,463,538,467,540,470],{},[386,539,10],{"href":466},[386,541,79],{"href":388},[383,543,544,389,546,548,549,551],{},[391,545,393],{},[391,547,532],{},"上赚了100多倍，但他强调自己并非因为股价涨了就一直持有，而是因为持续关注",[386,550,79],{"href":388},"——公司的游戏业务本身在不断增长。",[422,553,555,557],{"id":554},"苹果基本面的反映",[391,556,450],{},"：基本面的反映",[427,559,560],{},[383,561,562,563,565],{},"\"所谓'动能'不过是",[386,564,79],{"href":388},"的反映而已，该来的早晚会来的，而且也是在礼拜一到礼拜五中的某一天。\"（2012-03-09）",[422,567,568],{"id":568},"做空基本面的风险",[427,570,571],{},[383,572,573,574,576],{},"\"确实是非常危险的。不该做空的理由：做空时不光要面对",[386,575,79],{"href":388},"，还要面对市场的疯狂。\"（2012-06-26）",[383,578,579,581],{},[391,580,393],{},"自己也因做空百度而付出了惨痛代价。",[422,583,584],{"id":584},"一位朋友的故事",[427,586,587],{},[383,588,589,590,592,593,595],{},"\"他做了30年，非常有天赋，非常看",[386,591,79],{"href":388},"，非常努力，绝不轻易出手，有过好多次经典的投资，也有过几次死里逃生的经历……即便如此，他已经富过超过一次了。\"（2015-03-05）——这位朋友用margin，即使看",[386,594,79],{"href":388},"很准也多次险些倾覆。",[379,597,598],{"id":598},"常见误解",[422,600,602],{"id":601},"误解一基本面分析需要复杂的模型","误解一：基本面分析需要复杂的模型",[383,604,605,607,608,610],{},[391,606,393],{},"不用复杂的财务模型，而是用\"毛估估\"的方式看公司",[386,609,79],{"href":388},"。他强调拥有一家公司的心态比掌握分析工具更重要。",[422,612,614],{"id":613},"误解二勤奋调研就能看懂基本面","误解二：勤奋调研就能看懂基本面",[427,616,617],{},[383,618,619],{},"\"过多拜访公司容易短视。我的意思是，很多人拜访公司是为了了解公司短期运营的状况，这种心态对长期投资的帮助不一定大。\"（2010-04-12）",[422,621,623],{"id":622},"误解三量化可以替代基本面研究","误解三：量化可以替代基本面研究",[383,625,626,627,629,630,632,633,635],{},"一位网友问是否应该从",[386,628,38],{"href":499},"转做量化交易。段永平回答：\"你如果做'",[386,631,38],{"href":499},"'很赚钱的话，你为什么想转？如果你连做'",[386,634,38],{"href":499},"'都不赚钱的话，你能干的过人家幻方？\"（2025-01-22）",[379,637,638],{"id":638},"思想演变",[383,640,641,644,645,647,648,443,650,652,653,655],{},[391,642,643],{},"1990年代-2000年代（企业家阶段）","：",[391,646,393],{},"从经营",[391,649,442],{},[391,651,446],{},"中积累了深厚的",[386,654,79],{"href":388},"分析能力，尤其是对消费电子行业。",[383,657,658,661,662,664,665,667],{},[391,659,660],{},"2001-2006年（早期投资阶段）","：将做企业的经验应用到股票投资中，通过分析",[391,663,532],{},"的游戏业务",[386,666,79],{"href":388},"获得了巨大成功。",[383,669,670,673,674,676,677,679,680,682],{},[391,671,672],{},"2006-2015年（体系化阶段）","：在网上与网友互动中，将",[386,675,79],{"href":388},"分析的方法论明确为\"",[386,678,48],{"href":397},"+",[386,681,99],{"href":401},"+合理估值\"。",[383,684,685,688,689,691],{},[391,686,687],{},"2020年代（成熟阶段）","：更加强调\"忘记成本，忽略市场\"，把注意力完全放在生意本身。反对将",[386,690,79],{"href":388},"分析复杂化。",[379,693,694],{"id":694},"原话引用",[427,696,697],{},[383,698,699,700,467,702,470],{},"\"最关键的还是",[386,701,10],{"href":466},[386,703,79],{"href":388},[427,705,706],{},[383,707,485,708,710],{},[386,709,79],{"href":388},"非常明白时才有可能有时用一下。\"（2011-10-04）",[427,712,713],{},[383,714,715],{},"\"做投资和做企业本身没有本质的差异，至少对我来讲是这样的。\"（2006年）",[427,717,718],{},[383,719,493,720,496,722,500],{},[386,721,79],{"href":388},[386,723,38],{"href":499},[427,725,726],{},[383,727,562,728,730],{},[386,729,79],{"href":388},"的反映而已，该来的早晚会来的。\"（2012-03-09）",[427,732,733],{},[383,734,735,736,738,739,742],{},"\"事实上，我们通常都是利用某些历史事件发生，悲观气氛到达顶点时，找到最好的进场机会，恐惧虽然是盲从者的敌人，但却是",[386,737,79],{"href":388},"信徒的好朋友。\"（引用",[391,740,741],{},"巴菲特","1994年原话）",{"title":744,"searchDepth":12,"depth":12,"links":745},"",[746,747,753,761,766,767],{"id":381,"depth":12,"text":381},{"id":420,"depth":12,"text":420,"children":748},[749,750,751,752],{"id":424,"depth":16,"text":425},{"id":457,"depth":16,"text":458},{"id":479,"depth":16,"text":480},{"id":503,"depth":16,"text":504},{"id":526,"depth":12,"text":526,"children":754},[755,757,759,760],{"id":529,"depth":16,"text":756},"网易：从基本面看到100倍收益",{"id":554,"depth":16,"text":758},"苹果：基本面的反映",{"id":568,"depth":16,"text":568},{"id":584,"depth":16,"text":584},{"id":598,"depth":12,"text":598,"children":762},[763,764,765],{"id":601,"depth":16,"text":602},{"id":613,"depth":16,"text":614},{"id":622,"depth":16,"text":623},{"id":638,"depth":12,"text":638},{"id":694,"depth":12,"text":694},null,"基本面在段永平的投资语境中，指的是对一家公司生意本身的深度了解——包括其商业模式、企业文化、产品竞争力、未来盈利能力等。他把关注基本面视为区分投资与投机的关键标志。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fjibenmian",{"title":79,"description":769},"段永平谈基本面：基本面在段永平的投资语境中，指的是对一家公司生意本身的深度了解——包括其商业模式、企业文化、产品竞争力、未来盈利能力等。他把关注基本面视为区分投资与投机的关键标志。","基本面｜大道总纲","dao\u002Fconcepts\u002Fjibenmian","aSAb86ZW_dCemqm626rMZQeFD1w8wNzc_NrzwdPn5PY","dao",1778608453588]