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“我的投资理念最早来自","巴菲特**”**",[494,574,575,540,578,580,581,583],{},[497,576,577],{},"Q2",[497,579,507],{},"财经：你花62万美元竞投",[497,582,503],{},"这次聚餐，是否对这次聚会有些特别的期待？",[494,585,586,588,589,592],{},[497,587,499],{},"：",[497,590,591],{},"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。",[494,594,595,597,598,600],{},[497,596,503],{},"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",[497,599,503],{},"的太太。",[494,602,603,604,606,607,609],{},"当时对方差点晕倒，认识15年都不知道这个情况。后来她把",[497,605,503],{},"介绍给这位基金领导，后来",[497,608,503],{},"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。",[494,611,612,613,615],{},"我算过",[497,614,503],{},"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。",[494,617,618],{},"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。",[494,620,621,622,624,625,627],{},"我见",[497,623,503],{},"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",[497,626,503],{},"，有些东西如果当面聊一聊可能会有收获。",[494,629,630],{},"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。",[526,632,634],{"id":633},"投资就像打高尔夫",[497,635,633],{},[494,637,638,540,641,643,644,646],{},[497,639,640],{},"Q3",[497,642,507],{},"财经：通过这次会面，你从",[497,645,503],{},"那里有什么收获？",[494,648,649,651,652,654],{},[497,650,499],{},"：**首先，",[497,653,503],{},"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。",[494,656,657,658,660],{},"我跟",[497,659,503],{},"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。",[494,662,663,664,666],{},"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",[497,665,503],{},"之后，我才对投资有豁然开朗的心情。",[494,668,669,670,673,674,680],{},"我在电子邮件里说，我跟他学到的最重要的东西是：",[497,671,672],{},"买股票就像买一个公司的一部分","，",[497,675,676,677],{},"买股票就要",[521,678,88],{"href":679},"\u002Fzhangqichiyou","。",[494,682,683,685,686,673,693,673,696,699],{},[497,684,503],{},"跟我回信说：“",[497,687,688,689,692],{},"你说的就是我当年跟本杰明.",[497,690,691],{},"格雷厄姆","学的",[497,694,695],{},"正是这个理念改变了我的看法",[497,697,698],{},"影响了我的一生","。”",[494,701,702,704],{},[497,703,503],{},"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。",[494,706,707],{},"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。",[494,709,710,711,673,714,673,717,680],{},"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",[497,712,713],{},"说10多年投资一家公司",[497,715,716],{},"本来只值4个亿",[497,718,719],{},"但他用了40亿",[494,721,722,723,673,726,729],{},"现在这家公司的价值是零，已经破产了。",[497,724,725],{},"投资犯错不可怕",[497,727,728],{},"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。",[494,731,732,673,734,673,737,680,740,673,743,746],{},[497,733,633],{},[497,735,736],{},"要是每一个都打得很好",[497,738,739],{},"那就不好玩了",[497,741,742],{},"高尔夫主要是要看整个成绩",[497,744,745],{},"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。",[494,748,749,750,752],{},"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。",[497,751,503],{},"这方面说得很清楚。",[526,754,756],{"id":755},"股市投资没有任何新东西",[497,757,755],{},[494,759,760,540,763,765],{},[497,761,762],{},"Q4",[497,764,507],{},"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？",[494,767,768,770],{},[497,769,499],{},"：**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。",[494,772,773,774,776],{},"股市很有意思，没有什么新东西。可能因为这",[497,775,503],{},"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。",[494,778,779],{},"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。",[494,781,782],{},"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。",[494,784,785],{},"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。",[526,787,789],{"id":788},"巴菲特很风趣-价值投资不能急不能躁",[497,790,791,792,794],{},"巴菲特很风趣 ",[521,793,39],{"href":523},"不能急不能躁",[494,796,797,540,800,802,803,805,806,808],{},[497,798,799],{},"Q5",[497,801,507],{},"财经：您给",[497,804,507],{},"财经提供了几张独家照片，我想知道，相片中",[497,807,503],{},"跟您正在交流什么？",[494,810,811,813,814,816],{},[497,812,499],{},"：**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。",[497,815,503],{},"很风趣，不像大家想的那样有什么特别的地方。",[494,818,819,820,822,823,825],{},"Q6、",[497,821,507],{},"财经： 在您眼中，真实的",[497,824,503],{},"与媒体刻划的“股神”有什么不同的地方？",[494,827,828,588,830,503,833,503,836,839],{},[497,829,499],{},[497,831,832],{},"我不知道你心目中媒体刻划的",[497,834,835],{},"是什么样，我见到的",[497,837,838],{},"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。",[494,841,842,843,540,846,680,849,673,852,680,855,673,858,680],{},"而且这个人非常朴实，并不像什么有三头六臂的人物。",[497,844,845],{},"他给我的印象是非常低调",[497,847,848],{},"谦虚",[497,850,851],{},"我们平时见到一些富有的人都是趾高气扬的",[497,853,854],{},"但是他没有那样",[497,856,857],{},"巴菲特在大家的想象中应该是前仆后拥的",[497,859,860],{},"其实他没有",[494,862,863,864,866],{},"如果说",[497,865,503],{},"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。",[494,868,869,673,872,673,875,673,878,680],{},[497,870,871],{},"巴菲特不会跟你讲废话",[497,873,874],{},"他把他体会最深的东西会讲给你",[497,876,877],{},"我则要慢慢琢磨",[497,879,880],{},"他说的话会让人心里更坚定的",[494,882,883,884,673,890,893],{},"我们有聊天记录，我记忆比较深的一句话是：",[497,885,886,887,889],{},"对",[521,888,39],{"href":523},"不能急",[497,891,892],{},"不能躁","。有时候我在翻来看看，就觉得这句话很有意思。",[494,895,896,897,673,900,699],{},"我后来给他回了一封信，用中国话来讲：“",[497,898,899],{},"听君一席话",[497,901,902],{},"胜读十年书",[526,904,906,673,909],{"id":905},"相对我自己而言我已经做得很好",[497,907,908],{},"相对我自己而言",[497,910,911],{},"我已经做得很好",[494,913,914,915,917],{},"Q7、",[497,916,507],{},"财经：这次会面最触动您的是什么？",[494,919,920,922],{},[497,921,499],{},"：**我这个人本身是很麻木的，很少有什么特别感动的事情。",[494,924,925],{},"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。",[494,927,928],{},"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。",[494,930,931,673,934,673,937,673,940,673,943,680,946,673,949,680,952,673,955,680],{},[497,932,933],{},"巴菲特值得学的东西的确非常多",[497,935,936],{},"这么成就的人",[497,938,939],{},"可以这么谦虚",[497,941,942],{},"这么平实",[497,944,945],{},"这么和蔼",[497,947,948],{},"他的幽默我们不一定可以学会",[497,950,951],{},"但是谦虚总可以学得会",[497,953,954],{},"所以",[497,956,957],{},"我觉得还是很触动的",[494,959,960],{},"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。",[494,962,963,964,673,967,673,970,680],{},"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。",[497,965,966],{},"巴菲特对服务员的态度就非常好",[497,968,969],{},"这不是做给我看的",[497,971,972],{},"他不需要做给我看",[526,974,976],{"id":975},"巴菲特让我找到更好的心态",[497,977,975],{},[494,979,980,540,983,985,986,988],{},[497,981,982],{},"Q8",[497,984,507],{},"财经：您这次有没有特别准备了一些问题，",[497,987,503],{},"当时是怎么回答的？",[494,990,991,993],{},[497,992,499],{},"：**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。",[494,995,996],{},"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；",[494,998,999],{},"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？\"",[494,1001,1002,1003,673,1006,673,1009,680,1012,1015],{},"其实答案我是知道的，",[497,1004,1005],{},"有钱没目标就没办法",[497,1007,1008],{},"有目标没钱也没办法",[497,1010,1011],{},"但是心里面会着急",[497,1013,1014],{},"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。",[494,1017,1018,1019,1021],{},"当你问一些其他的问题时，",[497,1020,503],{},"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。",[494,1023,1024,673,1027,540,1030,673,1033,1036,1037,680],{},[497,1025,1026],{},"他说他只希望富一次",[497,1028,1029],{},"如果借钱可能会变成两次",[497,1031,1032],{},"三次富有了",[497,1034,1035],{},"然后又穷回去了","。他这话的意思是要",[497,1038,1039],{},"少犯错",[494,1041,1042],{},"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。",[526,1044,1046],{"id":1045},"巴菲特如何回避风险",[497,1047,1045],{},[494,1049,1050,540,1053,1055,1056,1058],{},[497,1051,1052],{},"Q9",[497,1054,507],{},"财经：",[497,1057,503],{},"也说自己犯过错误，如果遇到问题他会怎么办？",[494,1060,1061,1063],{},[497,1062,499],{},"：**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。",[494,1065,1066],{},"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。",[494,1068,1069,1070,673,1075,673,1081,673,1084,673,1087,680],{},"看很多人讲：“买高，卖得更高。”，",[497,1071,1072,1074],{},[521,1073,39],{"href":523},"的概念是“低买高卖”",[497,1076,1077,1078,1080],{},"真正的",[521,1079,39],{"href":523},"者卖的机会不多",[497,1082,1083],{},"真正想持有的话",[497,1085,1086],{},"很多股票很少有很严重的超值情况",[497,1088,1089],{},"因此没必要卖",[494,1091,1092,673,1095,680,1098,673,1101,1104,1105,1107],{},[497,1093,1094],{},"但是有些股票严重超值",[497,1096,1097],{},"考虑到税收都可以接受的话才可以卖",[497,1099,1100],{},"巴菲特说过",[497,1102,1103],{},"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",[497,1106,503],{},"从来不卖，这是不对的。",[526,1109,1111],{"id":1110},"是否谈及了中国股市",[497,1112,1113],{},"是否谈及了中国股市？",[494,1115,1116,540,1119,1121],{},[497,1117,1118],{},"Q10",[497,1120,507],{},"财经：你们在聊天过程中是否涉及到中国股市？",[494,1123,1124,1126],{},[497,1125,499],{},"：**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。",[526,1128,1130,503,1133],{"id":1129},"学巴菲特就意味着不能炒短线",[497,1131,1132],{},"学",[497,1134,1135],{},"就意味着不能炒短线",[494,1137,1138,540,1141,1143,1144,1146,1147,1149],{},[497,1139,1140],{},"Q11",[497,1142,507],{},"财经：现在模仿",[497,1145,503],{},"的人很多，但是",[497,1148,503],{},"只有一个，您认为这个问题出在什么地方？",[494,1151,1152,588,1154,1157,1158,1160,1161,1163,1164,1166,1167,1169,1170,1172,1173,1175,1176,1178],{},[497,1153,499],{},[497,1155,1156],{},"这没什么问题，你也可以起名叫","巴菲特**。你对",[497,1159,503],{},"的定义是什么？",[497,1162,503],{},"是",[521,1165,39],{"href":523},"者，",[521,1168,39],{"href":523},"者也不是",[497,1171,503],{},"一个人，我认为",[497,1174,503],{},"是非常好的有",[521,1177,39],{"href":523},"理念的人，他坚持的时间长，他有足够的时间展现他的能力。",[494,1180,1181,1182,1184,1185,1187,1188,1190,1191,1193],{},"有些人，像他的老师",[497,1183,691],{},"，对",[521,1186,39],{"href":523},"的分析非常到位，非常清楚。像",[497,1189,503],{},"讲的，",[497,1192,691],{},"写出了迄今为止他看到的最好的一本书。",[494,1195,1196,1197,1199,1200,1202],{},"但是",[497,1198,691],{},"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",[521,1201,39],{"href":523},"者，最早的理念就是从他这里出来的。",[494,1204,1205,673,1208,673,1211,673,1214,673,1217,680],{},[497,1206,1207],{},"巴菲特讲",[497,1209,1210],{},"这个人是最典型的“前人栽树",[497,1212,1213],{},"后人乘凉”",[497,1215,1216],{},"他把价值理念很完整的阐述出来",[497,1218,1219],{},"巴菲特是树下乘凉的人",[494,1221,1222,1223,1225,1226,1228],{},"寻找",[497,1224,503],{},"，我个人认为，中国的大环境还没有到能够产生",[497,1227,503],{},"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。",[494,1230,1231,1232,1234],{},"我在美国见过很多的普通投资者，他们对",[521,1233,39],{"href":523},"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。",[494,1236,1237],{},"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。",[494,1239,1240,1241,1243,1244,1246,1247,673,1250,673,1253,673,1256,1259,1260,1262],{},"比如，他会找到一些“短线",[497,1242,503],{},"”，这很搞笑，因为",[497,1245,503],{},"意味着不能短线。我举个例子，",[497,1248,1249],{},"我回报最快的是2个小时赚了50倍",[497,1251,1252],{},"去赌场赚的",[497,1254,1255],{},"这不叫投资",[497,1257,1258],{},"这叫赌博","。所以你不能说我这两个小时的表现比",[497,1261,503],{},"好，这样大家听起来就很晕。",[526,1264,1266],{"id":1265},"价值投资没有地域特色",[497,1267,1268,1270],{},[521,1269,39],{"href":523},"没有地域特色",[494,1272,1273,540,1276,1278,1279,1281,1282,1284,1286],{},[497,1274,1275],{},"Q12",[497,1277,507],{},"财经：您心目中的",[521,1280,39],{"href":523},"理念与",[497,1283,503],{},[521,1285,39],{"href":523},"理念相比，是否有中国特色？",[494,1288,1289,1291,1292,673,1295,1298],{},[497,1290,499],{},"：**没有，",[497,1293,1294],{},"价值都是一样",[497,1296,1297],{},"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。",[494,1300,1301],{},"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。",[494,1303,1304,1306],{},[497,1305,503],{},"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。",[494,1308,1309,1310,1312,1313,1315,1316,1319,1320,1322],{},"比如说，",[497,1311,507],{},"他就搞不懂，他就不会投，他不但不投",[497,1314,507],{},"，他也不会投",[497,1317,1318],{},"Google","。有一次他打探",[497,1321,1318],{},"，但是他没有投，想来想去他没有搞懂，所以他没有买。",[494,1324,1325],{},"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。",[526,1327,1329],{"id":1328},"没有追加中国股市投资",[497,1330,1328],{},[494,1332,1333,540,1336,1338],{},[497,1334,1335],{},"Q13",[497,1337,507],{},"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？",[494,1340,1341,1343],{},[497,1342,499],{},"：**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？",[494,1345,1346],{},"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。",[494,1348,1349],{},"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。",[494,1351,1352],{},"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。",[526,1354,1356],{"id":1355},"投资只有一种玩法价值投资",[497,1357,1358,1359],{},"投资只有一种玩法：",[521,1360,39],{"href":523},[494,1362,1363,540,1366,1368,1369,1371],{},[497,1364,1365],{},"Q14",[497,1367,507],{},"财经：目前中国股市上，很多人觉得搞",[521,1370,39],{"href":523},"赚钱太慢了，你怎么看？",[494,1373,1374,588,1376,1379,1381,1382,540,1385,673,1388,673,1391,680],{},[497,1375,499],{},[497,1377,1378],{},"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？",[521,1380,39],{"href":523},"的概念是5年**、",[497,1383,1384],{},"10年",[497,1386,1387],{},"20年",[497,1389,1390],{},"不是5天",[497,1392,1393],{},"10天",[494,1395,1396,1397,673,1400,1405,1406,1409],{},"股市中大家在玩不同的游戏，但",[497,1398,1399],{},"投资这个游戏其实只有一个玩法",[497,1401,1402,1403],{},"就是“",[521,1404,39],{"href":523},"”。",[521,1407,92],{"href":1408},"\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。",[494,1411,1412],{},"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。",[494,1414,1415],{},"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。",[494,1417,1418],{},"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。",[526,1420,1422],{"id":1421},"股东如何考察管理层",[497,1423,1421],{},[494,1425,1426,540,1429,1431],{},[497,1427,1428],{},"Q15",[497,1430,507],{},"财经：有位网友问，作为小股东，如何考察公司？",[494,1433,1434,588,1436,1439,1440,1443,1444,680],{},[497,1435,499],{},[497,1437,1438],{},"我个人认为，你应该","投资你能搞得懂的公司**，",[497,1441,1442],{},"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",[497,1445,1446],{},"观察公司的产品",[494,1448,1449],{},"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。",[494,1451,1452,673,1455,673,1458,673,1461,680],{},[497,1453,1454],{},"作为小股东来讲",[497,1456,1457],{},"做大投资确实要慎重",[497,1459,1460],{},"但一旦找到好的东西",[497,1462,1463],{},"不要轻易放掉",[494,1465,1466],{},"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。",[494,1468,1469,1470,673,1473,680],{},"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。",[497,1471,1472],{},"股票一定要少换",[497,1474,1475],{},"不要道听途说",[526,1477,1479],{"id":1478},"不做专业的炒股人",[497,1480,1478],{},[494,1482,1483,540,1486,1488],{},[497,1484,1485],{},"Q16",[497,1487,507],{},"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？",[494,1490,1491,1493],{},[497,1492,499],{},"：**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。）",[494,1495,1496],{},"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。",[494,1498,1499],{},"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。",[494,1501,1502],{},"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？",[494,1504,1505,1506,1508,1509,673,1512,673,1515,673,1518,680],{},"具体这个回归过程有多长时间不知道，有人跟我讲，",[497,1507,503],{},"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；",[497,1510,1511],{},"我认为一个有价值的股票",[497,1513,1514],{},"不到3年都会反映它的实际价值",[497,1516,1517],{},"那些我认为有大问题的公司",[497,1519,1520],{},"3-4年都会回到实际的价值",[526,1522,1524,1527,1528],{"id":1523},"怎么看步步高的前景",[497,1525,1526],{},"怎么看","步步高",[497,1529,1530],{},"的前景",[494,1532,1533,540,1536,1538,1539,1541,1542,1544],{},[497,1534,1535],{},"Q17",[497,1537,507],{},"财经：有一位网友非常关心您的公司",[497,1540,1527],{},"，段总，您怎么看",[497,1543,1527],{},"的前景？",[494,1546,1547,588,1549,1551,1552,1554,1555,1557],{},[497,1548,499],{},[497,1550,1527],{},"不是我个人的，我只是",[497,1553,1527],{},"创始人之一，我现在不担任",[497,1556,1527],{},"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。",[494,1559,1560,673,1563,673,1566,673,1569,1572,1573,1576],{},[497,1561,1562],{},"我认为我们公司非常了解消费者的需求",[497,1564,1565],{},"我不敢说我们的公司做成怎么样",[497,1567,1568],{},"我认为只要这个行业还在",[497,1570,1571],{},"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：",[497,1574,1575],{},"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。",[494,1578,1579,1580,673,1583,680],{},"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。",[497,1581,1582],{},"步步高主要是靠自己经营的团队来运作",[497,1584,1585],{},"我觉得我们企业是我们国内比较少见的健康的企业",[526,1587,1589],{"id":1588},"买股票就是买公司",[497,1590,1588],{},[494,1592,1593,540,1596,1598],{},[497,1594,1595],{},"Q18",[497,1597,507],{},"财经：一位网友问您对投资最深的体会是什么？",[494,1600,1601,1603,1604,1606,1607,1609,1610,1612,1613,1615],{},[497,1602,499],{},"：买股票跟你买公司是一样**。现在",[497,1605,507],{},"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",[497,1608,507],{},"，你要想",[497,1611,507],{},"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",[521,1614,92],{"href":1408},"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。",[526,1617,1619],{"id":1618},"如何转变成价值投资者",[497,1620,1621,1622,1624],{},"如何转变成",[521,1623,39],{"href":523},"者",[494,1626,1627,540,1630,1632,1633,1635],{},[497,1628,1629],{},"Q19",[497,1631,507],{},"财经：有一位网友说，我是一个短线投资客，怎么转变成",[521,1634,39],{"href":523},"者？",[494,1637,1638,1640],{},[497,1639,499],{},"：**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。",[494,1642,1643,673,1646,673,1652,673,1655,673,1658,673,1661,680],{},[497,1644,1645],{},"如果你是长线投资",[497,1647,1648,1649],{},"你就会有很好的",[521,1650,146],{"href":1651},"\u002Fnaixin",[497,1653,1654],{},"有潜心的研究",[497,1656,1657],{},"完全是另外一种游戏",[497,1659,1660],{},"如何转变我不知道",[497,1662,1663],{},"其实最重要的问题是你愿不愿意玩这个游戏",[494,1665,1666],{},"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。",[494,1668,1669,673,1672,673,1675,673,1678,673,1681,680,1684,673,1687,673,1690,673,1693,673,1696,680],{},[497,1670,1671],{},"长线投资是另外一种东西",[497,1673,1674],{},"就像看巴菲特",[497,1676,1677],{},"他很平和",[497,1679,1680],{},"很简单",[497,1682,1683],{},"很常见",[497,1685,1686],{},"就像我们做企业",[497,1688,1689],{},"你要想到售后服务",[497,1691,1692],{},"产品设计",[497,1694,1695],{},"消费者需求",[497,1697,1698],{},"要想很多",[526,1700,1702],{"id":1701},"投资万科",[497,1703,1701],{},[494,1705,1706,540,1709,1711,1712,1715],{},[497,1707,1708],{},"Q20",[497,1710,507],{},"财经：网友问上次说您投了",[497,1713,1714],{},"万科","，您是否打算卖掉？",[494,1717,1718,1720],{},[497,1719,499],{},"：**我已经卖了，我卖的原因要讲一下。",[494,1722,1723,1724,1726],{},"我买",[497,1725,1714],{},"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。",[494,1728,1729],{},"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。",[494,1731,1732],{},"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。",[494,1734,1735,1736,1739,1740,1742,1743,1745],{},"其实这只股票还该不该涨，我不知道，这跟",[521,1737,80],{"href":1738},"\u002Fjibenmian","有关，我没有很好的研究。我卖",[497,1741,1714],{},"，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",[497,1744,1714],{},"的人，他们现在还留着。",[526,1747,1749],{"id":1748},"关于慈善事业",[497,1750,1748],{},[494,1752,1753,540,1756,1758],{},[497,1754,1755],{},"Q21",[497,1757,507],{},"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？",[494,1760,1761,1763,1764,673,1767,673,1770,680,1773,673,1776,680],{},[497,1762,499],{},"：对于我来说**，",[497,1765,1766],{},"做慈善是我一个家庭的事情",[497,1768,1769],{},"现在是我太太和我做",[497,1771,1772],{},"将来可能还有我们的孩子",[497,1774,1775],{},"当然这是从事务发展的角度来看",[497,1777,1778],{},"肯定是一个团队",[494,1780,1781],{},"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。",[494,1783,1784,1785,1788],{},"这个基金是我和",[497,1786,1787],{},"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。",[494,1790,1791,1792,1794],{},"我说这奖金是",[497,1793,1787],{},"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。",[494,1796,1797],{},"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。",[494,1799,1800,673,1803,540,1806,680],{},[497,1801,1802],{},"因此在你赚钱的时候",[497,1804,1805],{},"就要安排好钱的去处",[497,1807,1808],{},"要花在什么地方",[494,1810,1811],{},"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。",[494,1813,1814],{},"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。",[494,1816,1817],{},"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。",[494,1819,1820],{},"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。",[526,1822,1824],{"id":1823},"段永平如何评价自己",[497,1825,1823],{},[494,1827,1828,540,1831,1833,1834,1836],{},[497,1829,1830],{},"Q22",[497,1832,507],{},"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",[497,1835,499],{},"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？",[494,1838,1839,1841],{},[497,1840,499],{},"：**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。",[494,1843,1844],{},"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。",[494,1846,1847,1848,673,1851,673,1854,673,1857,673,1860,673,1863,673,1866,673,1869,680],{},"“保守”的定义是什么？我认为我这个人从来不保守，",[497,1849,1850],{},"做投资要承担很多风险的",[497,1852,1853],{},"不管花多少钱都要承担风险",[497,1855,1856],{},"但是我不冒险",[497,1858,1859],{},"我们追求更健康",[497,1861,1862],{},"更长久",[497,1864,1865],{},"这不是“保守”",[497,1867,1868],{},"而是更健康",[497,1870,1163,1871,1874],{},[521,1872,11],{"href":1873},"\u002Fpingchangxin","的概念",[494,1876,1877],{},"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。",[494,1879,1880,503,1883,673,1886,673,1889,673,1892,680],{},[497,1881,1882],{},"就像",[497,1884,1885],{},"讲的",[497,1887,1888],{},"你可以99件事情做对了",[497,1890,1891],{},"1件小的错误就可以造成你所有的成就落空",[497,1893,1894],{},"最重要的就是不要让小的错误发生",[494,1896,1897,1900],{},[497,1898,1899],{},"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。",[494,1902,1903,673,1906,673,1909,1911,1912,673,1915],{},[497,1904,1905],{},"企业也是一样",[497,1907,1908],{},"要看长远的发展",[497,1910,507],{},"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？",[497,1913,1914],{},"投资做企业的想法都差不多:你是否真的20年之后",[497,1916,1917],{},"你还愿意拿着这个股票?",[526,1919,1921],{"id":1920},"巴菲特也做短线",[497,1922,1920],{},[494,1924,1925,540,1928,1930,1931,1933,1934,1936],{},[497,1926,1927],{},"Q23",[497,1929,507],{},"财经：最后我们返回主题。关于",[497,1932,503],{},"的",[521,1935,39],{"href":523},"，您能给广大中国网民一个什么建议？",[494,1938,1939,588,1941,1943,1944,673,1947,673,1950,1953],{},[497,1940,499],{},[521,1942,39],{"href":523},"很简单**，",[497,1945,1946],{},"你买股票的时候",[497,1948,1949],{},"就是买这个公司的一部分",[497,1951,1952],{},"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。",[494,1955,1956],{},"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。",[494,1958,1959],{},"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。",[494,1961,1962],{},"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。",[494,1964,1965],{},"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。",[494,1967,1968,1970],{},[497,1969,503],{},"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。",[494,1972,1973,1975],{},[497,1974,507],{},"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":1977,"searchDepth":13,"depth":13,"links":1978},"",[],"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":244,"description":1979},"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",1781666332358]