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步步高讲话",[379,402,403],{"id":403},"核心要义",[405,406,408],"h3",{"id":407},"_1-耐心是投资成功的必要条件","1. 耐心是投资成功的必要条件",[383,410,411,412,416],{},"段永平认为，缺乏耐心是大多数人投资失败的原因。耐心不是可选的品质，而是",[413,414,38],"a",{"href":415},"\u002Fjiazhitouzi","的门槛。",[396,418,419],{},[383,420,421],{},"很少人有耐心。同时也很少人能够在投资方面成功。成功的人都必须是要有耐心的……作为投资来说是必须长期坚持的一个东西，你不长期坚持，没有耐心就没有机会得到一个很好的回报。\n——2006年 做客新浪财经频道",[405,423,425],{"id":424},"_2-耐心等待好球出现less-is-more","2. 耐心等待好球出现（less is more）",[383,427,428,429,432],{},"段永平强调投资不需要频繁出手，而是要耐心等待属于自己",[413,430,22],{"href":431},"\u002Fnengliquan","内的机会。",[396,434,435],{},[383,436,437],{},"看准了出手就要狠。似懂非懂很难下手狠。耐心等待总是有机会的。\n——2010-06-02",[405,439,441],{"id":440},"_3-耐心源于对生意的理解而非性格","3. 耐心源于对生意的理解，而非性格",[383,443,444],{},"真正懂了一家公司，自然就拿得住，不需要靠意志力去坚持。",[396,446,447],{},[383,448,449],{},"真懂了就拿得住，不需要什么技巧。\n——2015-01-13",[405,451,453,454,457],{"id":452},"_4-耐心与理性的关系","4. 耐心与",[413,455,165],{"href":456},"\u002Flixing","的关系",[383,459,460,461,463,464,466],{},"段永平区分了耐心和",[413,462,165],{"href":456},"：耐心更像是性格或个性，而",[413,465,165],{"href":456},"是思考的结果。",[396,468,469],{},[383,470,471,472,474],{},"大道其实也很没耐心，也很想赚快钱。",[413,473,165],{"href":456},"应该是思考的结果，耐心感觉像是个性或者叫性格。\n——大道投资问答录",[379,476,477],{"id":477},"实战案例",[405,479,481],{"id":480},"苹果投资四年只出手一次","苹果投资：四年只出手一次",[383,483,484,485,488,489,492,493,496],{},"段永平引用",[387,486,487],{},"芒格","的话\"你需要的不是大量的行动，而是极大的耐心\"后评论说：\"大道这4年里只真正出手了一次，就是",[387,490,491],{},"苹果","，上一次出手是",[387,494,495],{},"GE","。\"他践行了平均两年做一个大的投资决策，而非频繁交易。",[405,498,500],{"id":499},"网易投资低价买入并持有","网易投资：低价买入并持有",[383,502,503,504,507],{},"段永平在",[387,505,506],{},"网易","股价极低时（约1美元）大量买入并长期持有，展现了在市场恐慌时保持耐心的能力。这一投资后来获得了巨大回报。",[405,509,511],{"id":510},"步步高创业马拉松式经营","步步高创业：马拉松式经营",[383,513,514,516],{},[387,515,393],{},"从1995年创立，坚持\"钱多多做，钱少少做，没钱不做\"的原则，不急于扩张，通过十几年稳健发展成为行业领先企业。段永平将此比喻为\"跑马拉松\"而非\"百米冲刺\"。",[379,518,519],{"id":519},"常见误解",[405,521,523],{"id":522},"误解一耐心就是什么都不做","误解一：耐心就是什么都不做",[383,525,526,527,432],{},"段永平澄清，耐心等待不等于无所事事，而是在等待中积极寻找",[413,528,22],{"href":431},[396,530,531],{},[383,532,533,534,536,537,539],{},"要耐心等待自己",[413,535,22],{"href":431},"内出现投资目标（包括在",[413,538,22],{"href":431},"内积极寻找。）\n——雪球问答",[405,541,543],{"id":542},"误解二价值投资最难的是耐心","误解二：价值投资最难的是耐心",[383,545,546,547,550],{},"有网友问价值投资最难的是什么——是耐心还是其他？段永平回答：\"看他缺什么。我可是见过很懂",[387,548,549],{},"巴菲特","的散户的，不过后来都变大户了。\"暗示耐心固然重要，但更关键的是真正理解企业。",[405,552,554],{"id":553},"误解三耐心等于保守","误解三：耐心等于保守",[383,556,557,558,560],{},"段永平在2001年访谈中解释，",[387,559,393],{},"追求的是\"在安全前提下的快速发展\"，耐心是战略定力而非畏缩不前。",[379,562,563],{"id":563},"思想演变",[405,565,567],{"id":566},"_1990年代企业经营中的坚韧","1990年代：企业经营中的坚韧",[383,569,570],{},"1999年步步高讲话中，耐心主要指企业经营中的长期坚持——像马拉松运动员一样，用坚韧的耐心跑完全程。此时的耐心侧重于企业竞争中的战略定力。",[405,572,574],{"id":573},"_2000年代扩展到投资领域","2000年代：扩展到投资领域",[383,576,577,578,580,581,583],{},"2006年做客新浪财经时，段永平开始将耐心与",[413,579,38],{"href":415},"联系起来，强调\"耐心是一个真正所谓",[413,582,38],{"href":415},"者一定要具有的\"。这一时期耐心从企业经营延伸到投资哲学。",[405,585,587],{"id":586},"_2010年代-2020年代与理性区分并深化","2010年代-2020年代：与理性区分并深化",[383,589,590,591,593,594,596],{},"2010年代，段永平进一步深化了对耐心的理解，将其与",[413,592,165],{"href":456},"区分开来：\"",[413,595,165],{"href":456},"应该是思考的结果，耐心感觉像是个性或者叫性格。\"他承认自己\"也很没耐心\"，说明耐心的难度，但同时通过实践证明了耐心等待的价值。",[379,598,599],{"id":599},"原话引用",[396,601,602],{},[383,603,604,605,608,609,612],{},"我们要以",[413,606,10],{"href":607},"\u002Fpingchangxin","去跑出每一步，以坚韧的耐心去坚持下去，以强烈的",[413,610,140],{"href":611},"\u002Fjinquxin","去拼搏，去赢取每一场比赛最后的胜利。\n——1999年 步步高讲话",[396,614,615],{},[383,616,617,618,620],{},"耐心是一个真正所谓",[413,619,38],{"href":415},"者一定要具有的，如果你不具有就没有机会。\n——2006年 做客新浪财经频道",[396,622,623],{},[383,624,437],{},[396,626,627],{},[383,628,533,629,536,631,539],{},[413,630,22],{"href":431},[413,632,22],{"href":431},[396,634,635],{},[383,636,471,637,474],{},[413,638,165],{"href":456},[396,640,641],{},[383,642,643,644,647,648,651],{},"要相信的是：",[413,645,14],{"href":646},"\u002Fzuoduideshiqing","最后会有好结果，或者说做错的事情最后会有大麻烦。至于",[413,649,18],{"href":650},"\u002Fbashiqingzuodui","则是个过程，有时候快有时候慢，需要投资者耐心等待。\n——2012-05-20",[396,653,654],{},[383,655,656],{},"平均两年做一个大的投资决策的效果肯定比一年做两个更好。\n——2012-06-26",[396,658,659],{},[383,660,661],{},"小额投资人或许更应该耐心地从生活中发现还很便宜的小的好公司。\n——2013-05-28",[396,663,664],{},[383,665,666,667,670],{},"他首先是",[413,668,161],{"href":669},"\u002Fzhengzhi","的，诚信的，还有一个就是它是能够吃得了苦的，要有耐心，要有百折不挠的精神。\n——2001年《经营天下》访谈",{"title":672,"searchDepth":12,"depth":12,"links":673},"",[674,675,682,687,692,697],{"id":381,"depth":12,"text":381},{"id":403,"depth":12,"text":403,"children":676},[677,678,679,680],{"id":407,"depth":16,"text":408},{"id":424,"depth":16,"text":425},{"id":440,"depth":16,"text":441},{"id":452,"depth":16,"text":681},"4. 耐心与理性的关系",{"id":477,"depth":12,"text":477,"children":683},[684,685,686],{"id":480,"depth":16,"text":481},{"id":499,"depth":16,"text":500},{"id":510,"depth":16,"text":511},{"id":519,"depth":12,"text":519,"children":688},[689,690,691],{"id":522,"depth":16,"text":523},{"id":542,"depth":16,"text":543},{"id":553,"depth":16,"text":554},{"id":563,"depth":12,"text":563,"children":693},[694,695,696],{"id":566,"depth":16,"text":567},{"id":573,"depth":16,"text":574},{"id":586,"depth":16,"text":587},{"id":599,"depth":12,"text":599},null,"耐心作为段永平\"五心\"框架的组成部分，最早出现在1999年步步高内部讲话中。段永平将其比喻为马拉松比赛中的坚韧，是企业和投资成功的必要条件。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fnaixin",{"title":145,"description":699},"段永平谈耐心：耐心作为段永平\"五心\"框架的组成部分，最早出现在1999年步步高内部讲话中。段永平将其比喻为马拉松比赛中的坚韧，是企业和投资成功的必要条件。","耐心｜大道总纲","dao\u002Fconcepts\u002Fnaixin","ZV5SQza6_8CZoCVhWmcj-3Dm0hPIH8f_ocyEQ7xcm00","dao",1778608453727]