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“我的投资理念最早来自","巴菲特**”**",[498,578,579,544,582,584,585,587],{},[501,580,581],{},"Q2",[501,583,511],{},"财经：你花62万美元竞投",[501,586,507],{},"这次聚餐，是否对这次聚会有些特别的期待？",[498,589,590,592,593,596],{},[501,591,503],{},"：",[501,594,595],{},"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","巴菲特**，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。",[498,598,599,601,602,604],{},[501,600,507],{},"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",[501,603,507],{},"的太太。",[498,606,607,608,610,611,613],{},"当时对方差点晕倒，认识15年都不知道这个情况。后来她把",[501,609,507],{},"介绍给这位基金领导，后来",[501,612,507],{},"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。",[498,615,616,617,619],{},"我算过",[501,618,507],{},"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。",[498,621,622],{},"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。",[498,624,625,626,628,629,631],{},"我见",[501,627,507],{},"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",[501,630,507],{},"，有些东西如果当面聊一聊可能会有收获。",[498,633,634],{},"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。",[530,636,638],{"id":637},"投资就像打高尔夫",[501,639,637],{},[498,641,642,544,645,647,648,650],{},[501,643,644],{},"Q3",[501,646,511],{},"财经：通过这次会面，你从",[501,649,507],{},"那里有什么收获？",[498,652,653,655,656,658],{},[501,654,503],{},"：**首先，",[501,657,507],{},"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。",[498,660,661,662,664],{},"我跟",[501,663,507],{},"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。",[498,666,667,668,670],{},"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",[501,669,507],{},"之后，我才对投资有豁然开朗的心情。",[498,672,673,674,677,678,684],{},"我在电子邮件里说，我跟他学到的最重要的东西是：",[501,675,676],{},"买股票就像买一个公司的一部分","，",[501,679,680,681],{},"买股票就要",[525,682,92],{"href":683},"\u002Fzhangqichiyou","。",[498,686,687,689,690,677,697,677,700,703],{},[501,688,507],{},"跟我回信说：“",[501,691,692,693,696],{},"你说的就是我当年跟本杰明.",[501,694,695],{},"格雷厄姆","学的",[501,698,699],{},"正是这个理念改变了我的看法",[501,701,702],{},"影响了我的一生","。”",[498,705,706,708],{},[501,707,507],{},"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。",[498,710,711],{},"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。",[498,713,714,715,677,718,677,721,684],{},"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",[501,716,717],{},"说10多年投资一家公司",[501,719,720],{},"本来只值4个亿",[501,722,723],{},"但他用了40亿",[498,725,726,727,677,730,733],{},"现在这家公司的价值是零，已经破产了。",[501,728,729],{},"投资犯错不可怕",[501,731,732],{},"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。",[498,735,736,677,738,677,741,684,744,677,747,750],{},[501,737,637],{},[501,739,740],{},"要是每一个都打得很好",[501,742,743],{},"那就不好玩了",[501,745,746],{},"高尔夫主要是要看整个成绩",[501,748,749],{},"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。",[498,752,753,754,756],{},"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。",[501,755,507],{},"这方面说得很清楚。",[530,758,760],{"id":759},"股市投资没有任何新东西",[501,761,759],{},[498,763,764,544,767,769],{},[501,765,766],{},"Q4",[501,768,511],{},"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？",[498,771,772,774],{},[501,773,503],{},"：**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。",[498,776,777,778,780],{},"股市很有意思，没有什么新东西。可能因为这",[501,779,507],{},"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。",[498,782,783],{},"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。",[498,785,786],{},"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。",[498,788,789],{},"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。",[530,791,793],{"id":792},"巴菲特很风趣-价值投资不能急不能躁",[501,794,795,796,798],{},"巴菲特很风趣 ",[525,797,43],{"href":527},"不能急不能躁",[498,800,801,544,804,806,807,809,810,812],{},[501,802,803],{},"Q5",[501,805,511],{},"财经：您给",[501,808,511],{},"财经提供了几张独家照片，我想知道，相片中",[501,811,507],{},"跟您正在交流什么？",[498,814,815,817,818,820],{},[501,816,503],{},"：**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。",[501,819,507],{},"很风趣，不像大家想的那样有什么特别的地方。",[498,822,823,824,826,827,829],{},"Q6、",[501,825,511],{},"财经： 在您眼中，真实的",[501,828,507],{},"与媒体刻划的“股神”有什么不同的地方？",[498,831,832,592,834,507,837,507,840,843],{},[501,833,503],{},[501,835,836],{},"我不知道你心目中媒体刻划的",[501,838,839],{},"是什么样，我见到的",[501,841,842],{},"和我想象中的","巴菲特**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。",[498,845,846,847,544,850,684,853,677,856,684,859,677,862,684],{},"而且这个人非常朴实，并不像什么有三头六臂的人物。",[501,848,849],{},"他给我的印象是非常低调",[501,851,852],{},"谦虚",[501,854,855],{},"我们平时见到一些富有的人都是趾高气扬的",[501,857,858],{},"但是他没有那样",[501,860,861],{},"巴菲特在大家的想象中应该是前仆后拥的",[501,863,864],{},"其实他没有",[498,866,867,868,870],{},"如果说",[501,869,507],{},"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。",[498,872,873,677,876,677,879,677,882,684],{},[501,874,875],{},"巴菲特不会跟你讲废话",[501,877,878],{},"他把他体会最深的东西会讲给你",[501,880,881],{},"我则要慢慢琢磨",[501,883,884],{},"他说的话会让人心里更坚定的",[498,886,887,888,677,894,897],{},"我们有聊天记录，我记忆比较深的一句话是：",[501,889,890,891,893],{},"对",[525,892,43],{"href":527},"不能急",[501,895,896],{},"不能躁","。有时候我在翻来看看，就觉得这句话很有意思。",[498,899,900,901,677,904,703],{},"我后来给他回了一封信，用中国话来讲：“",[501,902,903],{},"听君一席话",[501,905,906],{},"胜读十年书",[530,908,910,677,913],{"id":909},"相对我自己而言我已经做得很好",[501,911,912],{},"相对我自己而言",[501,914,915],{},"我已经做得很好",[498,917,918,919,921],{},"Q7、",[501,920,511],{},"财经：这次会面最触动您的是什么？",[498,923,924,926],{},[501,925,503],{},"：**我这个人本身是很麻木的，很少有什么特别感动的事情。",[498,928,929],{},"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。",[498,931,932],{},"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。",[498,934,935,677,938,677,941,677,944,677,947,684,950,677,953,684,956,677,959,684],{},[501,936,937],{},"巴菲特值得学的东西的确非常多",[501,939,940],{},"这么成就的人",[501,942,943],{},"可以这么谦虚",[501,945,946],{},"这么平实",[501,948,949],{},"这么和蔼",[501,951,952],{},"他的幽默我们不一定可以学会",[501,954,955],{},"但是谦虚总可以学得会",[501,957,958],{},"所以",[501,960,961],{},"我觉得还是很触动的",[498,963,964],{},"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。",[498,966,967,968,677,971,677,974,684],{},"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。",[501,969,970],{},"巴菲特对服务员的态度就非常好",[501,972,973],{},"这不是做给我看的",[501,975,976],{},"他不需要做给我看",[530,978,980],{"id":979},"巴菲特让我找到更好的心态",[501,981,979],{},[498,983,984,544,987,989,990,992],{},[501,985,986],{},"Q8",[501,988,511],{},"财经：您这次有没有特别准备了一些问题，",[501,991,507],{},"当时是怎么回答的？",[498,994,995,997],{},[501,996,503],{},"：**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。",[498,999,1000],{},"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；",[498,1002,1003],{},"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？\"",[498,1005,1006,1007,677,1010,677,1013,684,1016,1019],{},"其实答案我是知道的，",[501,1008,1009],{},"有钱没目标就没办法",[501,1011,1012],{},"有目标没钱也没办法",[501,1014,1015],{},"但是心里面会着急",[501,1017,1018],{},"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。",[498,1021,1022,1023,1025],{},"当你问一些其他的问题时，",[501,1024,507],{},"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。",[498,1027,1028,677,1031,544,1034,677,1037,1040,1041,684],{},[501,1029,1030],{},"他说他只希望富一次",[501,1032,1033],{},"如果借钱可能会变成两次",[501,1035,1036],{},"三次富有了",[501,1038,1039],{},"然后又穷回去了","。他这话的意思是要",[501,1042,1043],{},"少犯错",[498,1045,1046],{},"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。",[530,1048,1050],{"id":1049},"巴菲特如何回避风险",[501,1051,1049],{},[498,1053,1054,544,1057,1059,1060,1062],{},[501,1055,1056],{},"Q9",[501,1058,511],{},"财经：",[501,1061,507],{},"也说自己犯过错误，如果遇到问题他会怎么办？",[498,1064,1065,1067],{},[501,1066,503],{},"：**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。",[498,1069,1070],{},"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。",[498,1072,1073,1074,677,1079,677,1085,677,1088,677,1091,684],{},"看很多人讲：“买高，卖得更高。”，",[501,1075,1076,1078],{},[525,1077,43],{"href":527},"的概念是“低买高卖”",[501,1080,1081,1082,1084],{},"真正的",[525,1083,43],{"href":527},"者卖的机会不多",[501,1086,1087],{},"真正想持有的话",[501,1089,1090],{},"很多股票很少有很严重的超值情况",[501,1092,1093],{},"因此没必要卖",[498,1095,1096,677,1099,684,1102,677,1105,1108,1109,1111],{},[501,1097,1098],{},"但是有些股票严重超值",[501,1100,1101],{},"考虑到税收都可以接受的话才可以卖",[501,1103,1104],{},"巴菲特说过",[501,1106,1107],{},"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",[501,1110,507],{},"从来不卖，这是不对的。",[530,1113,1115],{"id":1114},"是否谈及了中国股市",[501,1116,1117],{},"是否谈及了中国股市？",[498,1119,1120,544,1123,1125],{},[501,1121,1122],{},"Q10",[501,1124,511],{},"财经：你们在聊天过程中是否涉及到中国股市？",[498,1127,1128,1130],{},[501,1129,503],{},"：**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。",[530,1132,1134,507,1137],{"id":1133},"学巴菲特就意味着不能炒短线",[501,1135,1136],{},"学",[501,1138,1139],{},"就意味着不能炒短线",[498,1141,1142,544,1145,1147,1148,1150,1151,1153],{},[501,1143,1144],{},"Q11",[501,1146,511],{},"财经：现在模仿",[501,1149,507],{},"的人很多，但是",[501,1152,507],{},"只有一个，您认为这个问题出在什么地方？",[498,1155,1156,592,1158,1161,1162,1164,1165,1167,1168,1170,1171,1173,1174,1176,1177,1179,1180,1182],{},[501,1157,503],{},[501,1159,1160],{},"这没什么问题，你也可以起名叫","巴菲特**。你对",[501,1163,507],{},"的定义是什么？",[501,1166,507],{},"是",[525,1169,43],{"href":527},"者，",[525,1172,43],{"href":527},"者也不是",[501,1175,507],{},"一个人，我认为",[501,1178,507],{},"是非常好的有",[525,1181,43],{"href":527},"理念的人，他坚持的时间长，他有足够的时间展现他的能力。",[498,1184,1185,1186,1188,1189,1191,1192,1194,1195,1197],{},"有些人，像他的老师",[501,1187,695],{},"，对",[525,1190,43],{"href":527},"的分析非常到位，非常清楚。像",[501,1193,507],{},"讲的，",[501,1196,695],{},"写出了迄今为止他看到的最好的一本书。",[498,1199,1200,1201,1203,1204,1206],{},"但是",[501,1202,695],{},"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",[525,1205,43],{"href":527},"者，最早的理念就是从他这里出来的。",[498,1208,1209,677,1212,677,1215,677,1218,677,1221,684],{},[501,1210,1211],{},"巴菲特讲",[501,1213,1214],{},"这个人是最典型的“前人栽树",[501,1216,1217],{},"后人乘凉”",[501,1219,1220],{},"他把价值理念很完整的阐述出来",[501,1222,1223],{},"巴菲特是树下乘凉的人",[498,1225,1226,1227,1229,1230,1232],{},"寻找",[501,1228,507],{},"，我个人认为，中国的大环境还没有到能够产生",[501,1231,507],{},"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。",[498,1234,1235,1236,1238],{},"我在美国见过很多的普通投资者，他们对",[525,1237,43],{"href":527},"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。",[498,1240,1241],{},"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。",[498,1243,1244,1245,1247,1248,1250,1251,677,1254,677,1257,677,1260,1263,1264,1266],{},"比如，他会找到一些“短线",[501,1246,507],{},"”，这很搞笑，因为",[501,1249,507],{},"意味着不能短线。我举个例子，",[501,1252,1253],{},"我回报最快的是2个小时赚了50倍",[501,1255,1256],{},"去赌场赚的",[501,1258,1259],{},"这不叫投资",[501,1261,1262],{},"这叫赌博","。所以你不能说我这两个小时的表现比",[501,1265,507],{},"好，这样大家听起来就很晕。",[530,1268,1270],{"id":1269},"价值投资没有地域特色",[501,1271,1272,1274],{},[525,1273,43],{"href":527},"没有地域特色",[498,1276,1277,544,1280,1282,1283,1285,1286,1288,1290],{},[501,1278,1279],{},"Q12",[501,1281,511],{},"财经：您心目中的",[525,1284,43],{"href":527},"理念与",[501,1287,507],{},[525,1289,43],{"href":527},"理念相比，是否有中国特色？",[498,1292,1293,1295,1296,677,1299,1302],{},[501,1294,503],{},"：**没有，",[501,1297,1298],{},"价值都是一样",[501,1300,1301],{},"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。",[498,1304,1305],{},"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。",[498,1307,1308,1310],{},[501,1309,507],{},"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。",[498,1312,1313,1314,1316,1317,1319,1320,1323,1324,1326],{},"比如说，",[501,1315,511],{},"他就搞不懂，他就不会投，他不但不投",[501,1318,511],{},"，他也不会投",[501,1321,1322],{},"Google","。有一次他打探",[501,1325,1322],{},"，但是他没有投，想来想去他没有搞懂，所以他没有买。",[498,1328,1329],{},"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。",[530,1331,1333],{"id":1332},"没有追加中国股市投资",[501,1334,1332],{},[498,1336,1337,544,1340,1342],{},[501,1338,1339],{},"Q13",[501,1341,511],{},"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？",[498,1344,1345,1347],{},[501,1346,503],{},"：**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？",[498,1349,1350],{},"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。",[498,1352,1353],{},"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。",[498,1355,1356],{},"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。",[530,1358,1360],{"id":1359},"投资只有一种玩法价值投资",[501,1361,1362,1363],{},"投资只有一种玩法：",[525,1364,43],{"href":527},[498,1366,1367,544,1370,1372,1373,1375],{},[501,1368,1369],{},"Q14",[501,1371,511],{},"财经：目前中国股市上，很多人觉得搞",[525,1374,43],{"href":527},"赚钱太慢了，你怎么看？",[498,1377,1378,592,1380,1383,1385,1386,544,1389,677,1392,677,1395,684],{},[501,1379,503],{},[501,1381,1382],{},"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？",[525,1384,43],{"href":527},"的概念是5年**、",[501,1387,1388],{},"10年",[501,1390,1391],{},"20年",[501,1393,1394],{},"不是5天",[501,1396,1397],{},"10天",[498,1399,1400,1401,677,1404,1409,1410,1413],{},"股市中大家在玩不同的游戏，但",[501,1402,1403],{},"投资这个游戏其实只有一个玩法",[501,1405,1406,1407],{},"就是“",[525,1408,43],{"href":527},"”。",[525,1411,96],{"href":1412},"\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。",[498,1415,1416],{},"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。",[498,1418,1419],{},"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。",[498,1421,1422],{},"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。",[530,1424,1426],{"id":1425},"股东如何考察管理层",[501,1427,1425],{},[498,1429,1430,544,1433,1435],{},[501,1431,1432],{},"Q15",[501,1434,511],{},"财经：有位网友问，作为小股东，如何考察公司？",[498,1437,1438,592,1440,1443,1444,1447,1448,684],{},[501,1439,503],{},[501,1441,1442],{},"我个人认为，你应该","投资你能搞得懂的公司**，",[501,1445,1446],{},"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",[501,1449,1450],{},"观察公司的产品",[498,1452,1453],{},"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。",[498,1455,1456,677,1459,677,1462,677,1465,684],{},[501,1457,1458],{},"作为小股东来讲",[501,1460,1461],{},"做大投资确实要慎重",[501,1463,1464],{},"但一旦找到好的东西",[501,1466,1467],{},"不要轻易放掉",[498,1469,1470],{},"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。",[498,1472,1473,1474,677,1477,684],{},"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。",[501,1475,1476],{},"股票一定要少换",[501,1478,1479],{},"不要道听途说",[530,1481,1483],{"id":1482},"不做专业的炒股人",[501,1484,1482],{},[498,1486,1487,544,1490,1492],{},[501,1488,1489],{},"Q16",[501,1491,511],{},"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？",[498,1494,1495,1497],{},[501,1496,503],{},"：**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。）",[498,1499,1500],{},"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。",[498,1502,1503],{},"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。",[498,1505,1506],{},"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？",[498,1508,1509,1510,1512,1513,677,1516,677,1519,677,1522,684],{},"具体这个回归过程有多长时间不知道，有人跟我讲，",[501,1511,507],{},"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；",[501,1514,1515],{},"我认为一个有价值的股票",[501,1517,1518],{},"不到3年都会反映它的实际价值",[501,1520,1521],{},"那些我认为有大问题的公司",[501,1523,1524],{},"3-4年都会回到实际的价值",[530,1526,1528,1531,1532],{"id":1527},"怎么看步步高的前景",[501,1529,1530],{},"怎么看","步步高",[501,1533,1534],{},"的前景",[498,1536,1537,544,1540,1542,1543,1545,1546,1548],{},[501,1538,1539],{},"Q17",[501,1541,511],{},"财经：有一位网友非常关心您的公司",[501,1544,1531],{},"，段总，您怎么看",[501,1547,1531],{},"的前景？",[498,1550,1551,592,1553,1555,1556,1558,1559,1561],{},[501,1552,503],{},[501,1554,1531],{},"不是我个人的，我只是",[501,1557,1531],{},"创始人之一，我现在不担任",[501,1560,1531],{},"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。",[498,1563,1564,677,1567,677,1570,677,1573,1576,1577,1580],{},[501,1565,1566],{},"我认为我们公司非常了解消费者的需求",[501,1568,1569],{},"我不敢说我们的公司做成怎么样",[501,1571,1572],{},"我认为只要这个行业还在",[501,1574,1575],{},"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：",[501,1578,1579],{},"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。",[498,1582,1583,1584,677,1587,684],{},"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。",[501,1585,1586],{},"步步高主要是靠自己经营的团队来运作",[501,1588,1589],{},"我觉得我们企业是我们国内比较少见的健康的企业",[530,1591,1593],{"id":1592},"买股票就是买公司",[501,1594,1592],{},[498,1596,1597,544,1600,1602],{},[501,1598,1599],{},"Q18",[501,1601,511],{},"财经：一位网友问您对投资最深的体会是什么？",[498,1604,1605,1607,1608,1610,1611,1613,1614,1616,1617,1619],{},[501,1606,503],{},"：买股票跟你买公司是一样**。现在",[501,1609,511],{},"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",[501,1612,511],{},"，你要想",[501,1615,511],{},"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",[525,1618,96],{"href":1412},"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。",[530,1621,1623],{"id":1622},"如何转变成价值投资者",[501,1624,1625,1626,1628],{},"如何转变成",[525,1627,43],{"href":527},"者",[498,1630,1631,544,1634,1636,1637,1639],{},[501,1632,1633],{},"Q19",[501,1635,511],{},"财经：有一位网友说，我是一个短线投资客，怎么转变成",[525,1638,43],{"href":527},"者？",[498,1641,1642,1644],{},[501,1643,503],{},"：**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。",[498,1646,1647,677,1650,677,1656,677,1659,677,1662,677,1665,684],{},[501,1648,1649],{},"如果你是长线投资",[501,1651,1652,1653],{},"你就会有很好的",[525,1654,150],{"href":1655},"\u002Fnaixin",[501,1657,1658],{},"有潜心的研究",[501,1660,1661],{},"完全是另外一种游戏",[501,1663,1664],{},"如何转变我不知道",[501,1666,1667],{},"其实最重要的问题是你愿不愿意玩这个游戏",[498,1669,1670],{},"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。",[498,1672,1673,677,1676,677,1679,677,1682,677,1685,684,1688,677,1691,677,1694,677,1697,677,1700,684],{},[501,1674,1675],{},"长线投资是另外一种东西",[501,1677,1678],{},"就像看巴菲特",[501,1680,1681],{},"他很平和",[501,1683,1684],{},"很简单",[501,1686,1687],{},"很常见",[501,1689,1690],{},"就像我们做企业",[501,1692,1693],{},"你要想到售后服务",[501,1695,1696],{},"产品设计",[501,1698,1699],{},"消费者需求",[501,1701,1702],{},"要想很多",[530,1704,1706],{"id":1705},"投资万科",[501,1707,1705],{},[498,1709,1710,544,1713,1715,1716,1719],{},[501,1711,1712],{},"Q20",[501,1714,511],{},"财经：网友问上次说您投了",[501,1717,1718],{},"万科","，您是否打算卖掉？",[498,1721,1722,1724],{},[501,1723,503],{},"：**我已经卖了，我卖的原因要讲一下。",[498,1726,1727,1728,1730],{},"我买",[501,1729,1718],{},"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。",[498,1732,1733],{},"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。",[498,1735,1736],{},"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。",[498,1738,1739,1740,1743,1744,1746,1747,1749],{},"其实这只股票还该不该涨，我不知道，这跟",[525,1741,84],{"href":1742},"\u002Fjibenmian","有关，我没有很好的研究。我卖",[501,1745,1718],{},"，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",[501,1748,1718],{},"的人，他们现在还留着。",[530,1751,1753],{"id":1752},"关于慈善事业",[501,1754,1752],{},[498,1756,1757,544,1760,1762],{},[501,1758,1759],{},"Q21",[501,1761,511],{},"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？",[498,1764,1765,1767,1768,677,1771,677,1774,684,1777,677,1780,684],{},[501,1766,503],{},"：对于我来说**，",[501,1769,1770],{},"做慈善是我一个家庭的事情",[501,1772,1773],{},"现在是我太太和我做",[501,1775,1776],{},"将来可能还有我们的孩子",[501,1778,1779],{},"当然这是从事务发展的角度来看",[501,1781,1782],{},"肯定是一个团队",[498,1784,1785],{},"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。",[498,1787,1788,1789,1792],{},"这个基金是我和",[501,1790,1791],{},"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。",[498,1794,1795,1796,1798],{},"我说这奖金是",[501,1797,1791],{},"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。",[498,1800,1801],{},"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。",[498,1803,1804,677,1807,544,1810,684],{},[501,1805,1806],{},"因此在你赚钱的时候",[501,1808,1809],{},"就要安排好钱的去处",[501,1811,1812],{},"要花在什么地方",[498,1814,1815],{},"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。",[498,1817,1818],{},"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。",[498,1820,1821],{},"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。",[498,1823,1824],{},"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。",[530,1826,1828],{"id":1827},"段永平如何评价自己",[501,1829,1827],{},[498,1831,1832,544,1835,1837,1838,1840],{},[501,1833,1834],{},"Q22",[501,1836,511],{},"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",[501,1839,503],{},"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？",[498,1842,1843,1845],{},[501,1844,503],{},"：**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。",[498,1847,1848],{},"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。",[498,1850,1851,1852,677,1855,677,1858,677,1861,677,1864,677,1867,677,1870,677,1873,684],{},"“保守”的定义是什么？我认为我这个人从来不保守，",[501,1853,1854],{},"做投资要承担很多风险的",[501,1856,1857],{},"不管花多少钱都要承担风险",[501,1859,1860],{},"但是我不冒险",[501,1862,1863],{},"我们追求更健康",[501,1865,1866],{},"更长久",[501,1868,1869],{},"这不是“保守”",[501,1871,1872],{},"而是更健康",[501,1874,1167,1875,1878],{},[525,1876,11],{"href":1877},"\u002Fpingchangxin","的概念",[498,1880,1881],{},"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。",[498,1883,1884,507,1887,677,1890,677,1893,677,1896,684],{},[501,1885,1886],{},"就像",[501,1888,1889],{},"讲的",[501,1891,1892],{},"你可以99件事情做对了",[501,1894,1895],{},"1件小的错误就可以造成你所有的成就落空",[501,1897,1898],{},"最重要的就是不要让小的错误发生",[498,1900,1901,1904],{},[501,1902,1903],{},"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。",[498,1906,1907,677,1910,677,1913,1915,1916,677,1919],{},[501,1908,1909],{},"企业也是一样",[501,1911,1912],{},"要看长远的发展",[501,1914,511],{},"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？",[501,1917,1918],{},"投资做企业的想法都差不多:你是否真的20年之后",[501,1920,1921],{},"你还愿意拿着这个股票?",[530,1923,1925],{"id":1924},"巴菲特也做短线",[501,1926,1924],{},[498,1928,1929,544,1932,1934,1935,1937,1938,1940],{},[501,1930,1931],{},"Q23",[501,1933,511],{},"财经：最后我们返回主题。关于",[501,1936,507],{},"的",[525,1939,43],{"href":527},"，您能给广大中国网民一个什么建议？",[498,1942,1943,592,1945,1947,1948,677,1951,677,1954,1957],{},[501,1944,503],{},[525,1946,43],{"href":527},"很简单**，",[501,1949,1950],{},"你买股票的时候",[501,1952,1953],{},"就是买这个公司的一部分",[501,1955,1956],{},"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。",[498,1959,1960],{},"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。",[498,1962,1963],{},"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。",[498,1965,1966],{},"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。",[498,1968,1969],{},"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。",[498,1971,1972,1974],{},[501,1973,507],{},"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。",[498,1976,1977,1979],{},[501,1978,511],{},"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":1981,"searchDepth":13,"depth":13,"links":1982},"",[],"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":248,"description":1983},"2007年与巴菲特共进午餐后网易专访｜段永平投资问答录","dao\u002Fspeeches\u002Fduanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang","axbkCfTggfMs3iZ8OXN9d7xHj-0HsGSjDX6VGmlbLTg","dao",1782116792731]