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被套时想起长线最危险",[410,495,496],{},[383,497,498],{},"\"有很多人往往只是在'被套'的时候才想起'长线'来……这里'被套'的意思是指有些人本来只打算拿10天的股票，结果因为'亏钱'了而决定改为拿10年，这种决定往往会让人亏更多。\"（2011-12-13）",[383,500,501],{},"这说明\"不止损硬扛\"和\"随意止损\"都是错的。关键不在于止损不止损，而在于你是否真正理解这家公司的生意。",[379,503,504],{"id":504},"实战案例",[422,506,508],{"id":507},"做空百度该止错而没有及时止","做空百度：该\"止错\"而没有及时止",[410,510,511],{},[383,512,513],{},"\"开始还是想小玩玩，后来又不服输，最后被夹空而投降。\"（2010-03-07）",[383,515,516,517,519],{},"段永平做空百度亏了1.5-2亿美元。这个案例说明，问题不在于是否设了\"",[386,518,95],{"href":388},"\"，而在于做空本身就是\"做错了的事情\"，应该在发现错误的第一时间就\"止错\"。",[422,521,522],{"id":522},"卖出投资判断改变的公司",[383,524,525,526,528,529,532,533,536],{},"段永平卖出Facebook（Meta）的决定就是典型的\"止错\"而非\"",[386,527,95],{"href":388},"\"：\"我突然感觉到FB的",[386,530,51],{"href":531},"\u002Fhuchenghe","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）——这里的卖出与股价无关，而是因为对公司",[386,534,79],{"href":535},"\u002Fjibenmian","的判断发生了变化。",[422,538,540],{"id":539},"网友问止损段永平反问","网友问止损，段永平反问",[410,542,543],{},[383,544,545,546,548,549,551,552,554],{},"网友：\"",[386,547,38],{"href":404},"者的投资体系中有",[386,550,95],{"href":388},"或者动态止盈的概念吗？\"\n段永平：\"",[386,553,38],{"href":404},"的定义是什么？需要先搞清楚定义哈。\"（2025-12-01）",[383,556,557,558,560,561,564,567,568,570],{},"这个反问揭示了他的核心立场：如果你真的理解了",[386,559,38],{"href":404},"的定义（买未来",[386,562,62],{"href":563},"\u002Fxianjinliu",[386,565,69],{"href":566},"\u002Fzhexian","），就不会问出关于",[386,569,95],{"href":388},"的问题。",[379,572,573],{"id":573},"常见误解",[422,575,577],{"id":576},"误解一价值投资者也需要止损","误解一：价值投资者也需要止损",[383,579,580,582],{},[391,581,393],{},"明确否定了这一点。如果你买入是基于对生意的理解，那么股价下跌只是别人的看法，不影响生意本身。你应该关注的是生意有没有变质，而不是股价有没有跌。",[422,584,586],{"id":585},"误解二卖covered-call是止盈","误解二：卖covered call是止盈",[410,588,589],{},[383,590,591],{},"网友：\"个人愚见，我觉得您卖covered call本质上也是一种止盈手段。\"\n段永平：\"哈，确实是愚见。\"（2025-12-04）",[422,593,595],{"id":594},"误解三不止损就是死扛","误解三：不止损就是死扛",[383,597,598],{},"不止损不等于无条件持有。段永平的做法是：如果发现自己对公司的判断错了，立刻修正（\"止错\"），不管亏了多少。但如果公司的生意没变，股价下跌反而可能是加仓的好机会。",[379,600,601],{"id":601},"思想演变",[383,603,604,605,607,608,610,611,613],{},"在",[391,606,393],{},"的投资体系中，",[386,609,95],{"href":388},"概念的演变其实是他对",[386,612,38],{"href":404},"理解深化的一个侧面。",[383,615,616,619,620,622],{},[391,617,618],{},"早期","：他没有专门讨论",[386,621,95],{"href":388},"，但在2006年的访谈中已经暗含了\"发现错了就改\"的思路。",[383,624,625,628,629,631],{},[391,626,627],{},"2010年前后","：通过做空百度的教训，深刻理解了\"不对的事情马上停\"的重要性——这不是",[386,630,95],{"href":388},"，而是\"止错\"。",[383,633,634,637,638,640],{},[391,635,636],{},"2025年底","：在雪球上首次明确表态\"止盈止亏都是",[386,639,91],{"href":400},"的概念\"，给出了最清晰的判断。",[379,642,643],{"id":643},"原话引用",[410,645,646],{},[383,647,414,648,417],{},[386,649,91],{"href":400},[410,651,652],{},[383,653,654,655,657],{},"\"",[386,656,38],{"href":404},"的定义是什么？需要先搞清楚定义哈。\"（2025-12-01，回应网友关于止损的提问）",[410,659,660],{},[383,661,466,662,470],{},[386,663,14],{"href":469},[410,665,666],{},[383,667,668],{},"\"有很多人往往只是在'被套'的时候才想起'长线'来。\"（2011-12-13）",[410,670,671],{},[383,672,673],{},"\"你要短线能赚钱那当然做短线啊！最短的短线在澳门。\"（2026-01-22）",{"title":675,"searchDepth":12,"depth":12,"links":676},"",[677,678,684,689,694,695],{"id":381,"depth":12,"text":381},{"id":420,"depth":12,"text":420,"children":679},[680,681,682,683],{"id":424,"depth":16,"text":425},{"id":449,"depth":16,"text":450},{"id":473,"depth":16,"text":474},{"id":492,"depth":16,"text":493},{"id":504,"depth":12,"text":504,"children":685},[686,687,688],{"id":507,"depth":16,"text":508},{"id":522,"depth":16,"text":522},{"id":539,"depth":16,"text":540},{"id":573,"depth":12,"text":573,"children":690},[691,692,693],{"id":576,"depth":16,"text":577},{"id":585,"depth":16,"text":586},{"id":594,"depth":16,"text":595},{"id":601,"depth":12,"text":601},{"id":643,"depth":12,"text":643},null,"止损是股票交易中的常见术语，指当股价下跌到一定程度时卖出以限制损失。段永平对止损有明确的态度：这是一个投机概念，不属于价值投资的范畴。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fzhisun",{"title":95,"description":697},"段永平谈止损：止损是股票交易中的常见术语，指当股价下跌到一定程度时卖出以限制损失。段永平对止损有明确的态度：这是一个投机概念，不属于价值投资的范畴。","止损｜大道总纲","dao\u002Fconcepts\u002Fzhisun","uQm4xgw7z7Mx8OtvPA2YHA1-fjtXUv18X-dNxlSLU0g","dao",1778608453627]