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卖出与买入成本无关",[532,598,599],{},[505,600,601,602,605],{},"\"每天的收盘价就是我们的",[508,603,88],{"href":604},"\u002Fjihuichengben","，没有卖就等于买了。\"——网友总结，段永平表示认同。",[505,607,608,609,611],{},"这意味着卖出的决策应该基于当前的",[508,610,88],{"href":604},"判断，而非买入价格。所谓\"止损\"（即股价跌破买入成本就卖出）在这个框架下毫无意义。",[544,613,615],{"id":614},"_4-被套时想起长线最危险","4. 被套时想起长线最危险",[532,617,618],{},[505,619,620],{},"\"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）",[505,622,623],{},"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。",[501,625,626],{"id":626},"实战案例",[544,628,630],{"id":629},"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",[532,632,633],{},[505,634,635],{},"\"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）",[505,637,638,639,641],{},"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\"",[508,640,100],{"href":510},"\"，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\"。",[544,643,644],{"id":644},"卖出投资判断改变的公司",[505,646,647,648,650,651,654,655,658],{},"段永平卖出Facebook（Meta）的决定就是典型的\"止错\"而非\"",[508,649,100],{"href":510},"\"：\"我突然感觉到FB的",[508,652,56],{"href":653},"\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",[508,656,84],{"href":657},"\u002Fjibenmian","的判断发生了变化。",[544,660,662],{"id":661},"网友问止损段永平反问","网友问止损，段永平反问",[532,664,665],{},[505,666,667,668,670,671,673,674,676],{},"网友：\"",[508,669,43],{"href":526},"者的投资体系中有",[508,672,100],{"href":510},"或者动态止盈的概念吗？\"\n段永平：\"",[508,675,43],{"href":526},"的定义是什么？需要先搞清楚定义哈。\"（2025-12-01）",[505,678,679,680,682,683,686,689,690,692],{},"这个反问揭示了他的核心立场：如果你真的理解了",[508,681,43],{"href":526},"的定义（买未来",[508,684,67],{"href":685},"\u002Fxianjinliu",[508,687,74],{"href":688},"\u002Fzhexian","），就不会问出关于",[508,691,100],{"href":510},"的问题。",[501,694,695],{"id":695},"常见误解",[544,697,699],{"id":698},"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",[505,701,702,704],{},[513,703,515],{},"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。",[544,706,708],{"id":707},"误解二卖covered-call是止盈","误解二：卖covered 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