[{"data":1,"prerenderedAt":829},["ShallowReactive",2],{"layout-dao":3,"dao-nengliquan":492},[4,10,14,18,22,26,30,34,38,42,47,52,55,59,62,66,69,73,76,80,83,87,91,95,99,103,108,112,116,120,124,128,132,136,140,144,149,153,157,161,165,169,173,177,182,187,191,195,199,203,207,211,215,219,223,227,231,235,239,243,247,251,255,259,263,267,271,275,279,283,287,291,295,300,304,308,312,316,320,324,328,332,336,340,344,348,352,356,360,364,368,372,376,380,385,390,395,399,403,407,411,415,419,423,427,431,435,439,443,447,451,455,459,463,467,471,475,479,484,488],{"title":5,"slug":6,"category":7,"order":8,"type":9},"本分","benfen","核心哲学",1,null,{"title":11,"slug":12,"category":7,"order":13,"type":9},"平常心","pingchangxin",2,{"title":15,"slug":16,"category":7,"order":17,"type":9},"做对的事情","zuoduideshiqing",3,{"title":19,"slug":20,"category":7,"order":21,"type":9},"把事情做对","bashiqingzuodui",4,{"title":23,"slug":24,"category":7,"order":25,"type":9},"能力圈","nengliquan",5,{"title":27,"slug":28,"category":7,"order":29,"type":9},"不做什么","buzuoshenme",6,{"title":31,"slug":32,"category":7,"order":33,"type":9},"不做清单与警惕清单","buzuo-yu-jingti",6.5,{"title":35,"slug":36,"category":7,"order":37,"type":9},"敢为天下后","ganweitianxiahou",7,{"title":39,"slug":40,"category":7,"order":41,"type":9},"消费者导向","xiaofeizhedaoxiang",8,{"title":43,"slug":44,"category":45,"order":46,"type":9},"价值投资","jiazhitouzi","投资理念",9,{"title":48,"slug":49,"category":50,"order":51,"type":9},"负债","fuzhai","财务指标",10,{"title":53,"slug":54,"category":45,"order":51,"type":9},"商业模式","shangyemoshi",{"title":56,"slug":57,"category":45,"order":58,"type":9},"护城河","huchenghe",11,{"title":60,"slug":61,"category":50,"order":58,"type":9},"净现金","jingxianjin",{"title":63,"slug":64,"category":50,"order":65,"type":9},"开销合理性","kaixiaohelixing",12,{"title":67,"slug":68,"category":50,"order":65,"type":9},"现金流","xianjinliu",{"title":70,"slug":71,"category":50,"order":72,"type":9},"真实利润","zhenshilirun",13,{"title":74,"slug":75,"category":45,"order":72,"type":9},"折现","zhexian",{"title":77,"slug":78,"category":45,"order":79,"type":9},"安全边际","anquanbianji",14,{"title":81,"slug":82,"category":50,"order":79,"type":9},"扣除商誉的净资产","jingzichan",{"title":84,"slug":85,"category":45,"order":86,"type":9},"基本面","jibenmian",15,{"title":88,"slug":89,"category":45,"order":90,"type":9},"机会成本","jihuichengben",16,{"title":92,"slug":93,"category":45,"order":94,"type":9},"长期持有","zhangqichiyou",17,{"title":96,"slug":97,"category":45,"order":98,"type":9},"投机","touji",18,{"title":100,"slug":101,"category":45,"order":102,"type":9},"止损","zhisun",19,{"title":104,"slug":105,"category":106,"order":107,"type":9},"企业文化","qiyewenhua","企业经营",20,{"title":109,"slug":110,"category":106,"order":111,"type":9},"品牌","pinpai",21,{"title":113,"slug":114,"category":106,"order":115,"type":9},"差异化","chayihua",22,{"title":117,"slug":118,"category":106,"order":119,"type":9},"用户体验","yonghutiyan",23,{"title":121,"slug":122,"category":106,"order":123,"type":9},"渠道","qudao",24,{"title":125,"slug":126,"category":106,"order":127,"type":9},"平台","pingtai",25,{"title":129,"slug":130,"category":106,"order":131,"type":9},"生态系统","shengtaixitong",26,{"title":133,"slug":134,"category":106,"order":135,"type":9},"单一产品","danyichanpin",27,{"title":137,"slug":138,"category":106,"order":139,"type":9},"造钟人","zaozhongren",28,{"title":141,"slug":142,"category":106,"order":143,"type":9},"利润之上的追求","lirunzhishangdezhuiqiu",29,{"title":145,"slug":146,"category":147,"order":148,"type":9},"进取心","jinquxin","品格与心性",30,{"title":150,"slug":151,"category":147,"order":152,"type":9},"耐心","naixin",31,{"title":154,"slug":155,"category":147,"order":156,"type":9},"责任心","zerenxin",32,{"title":158,"slug":159,"category":147,"order":160,"type":9},"爱心","aixin",33,{"title":162,"slug":163,"category":147,"order":164,"type":9},"信誉","xinyu",34,{"title":166,"slug":167,"category":147,"order":168,"type":9},"正直","zhengzhi",35,{"title":170,"slug":171,"category":147,"order":172,"type":9},"理性","lixing",36,{"title":174,"slug":175,"category":147,"order":176,"type":9},"长期主义","zhangqizhuyi",37,{"title":178,"slug":179,"category":180,"order":181,"type":9},"段永平推荐书单","tuijianshudan","推荐书单",50,{"title":183,"slug":184,"category":185,"order":186,"type":9},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",100,{"title":188,"slug":189,"category":185,"order":190,"type":9},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",101,{"title":192,"slug":193,"category":185,"order":194,"type":9},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",102,{"title":196,"slug":197,"category":185,"order":198,"type":9},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",103,{"title":200,"slug":201,"category":185,"order":202,"type":9},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",104,{"title":204,"slug":205,"category":185,"order":206,"type":9},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing",105,{"title":208,"slug":209,"category":185,"order":210,"type":9},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong",106,{"title":212,"slug":213,"category":185,"order":214,"type":9},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",107,{"title":216,"slug":217,"category":185,"order":218,"type":9},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",108,{"title":220,"slug":221,"category":185,"order":222,"type":9},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou",109,{"title":224,"slug":225,"category":185,"order":226,"type":9},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",110,{"title":228,"slug":229,"category":185,"order":230,"type":9},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",111,{"title":232,"slug":233,"category":185,"order":234,"type":9},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",112,{"title":236,"slug":237,"category":185,"order":238,"type":9},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",113,{"title":240,"slug":241,"category":185,"order":242,"type":9},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",114,{"title":244,"slug":245,"category":185,"order":246,"type":9},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",115,{"title":248,"slug":249,"category":185,"order":250,"type":9},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",116,{"title":252,"slug":253,"category":185,"order":254,"type":9},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",117,{"title":256,"slug":257,"category":185,"order":258,"type":9},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",118,{"title":260,"slug":261,"category":185,"order":262,"type":9},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus",119,{"title":264,"slug":265,"category":185,"order":266,"type":9},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh",120,{"title":268,"slug":269,"category":185,"order":270,"type":9},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj",121,{"title":272,"slug":273,"category":185,"order":274,"type":9},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",122,{"title":276,"slug":277,"category":185,"order":278,"type":9},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",123,{"title":280,"slug":281,"category":185,"order":282,"type":9},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",124,{"title":284,"slug":285,"category":185,"order":286,"type":9},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",125,{"title":288,"slug":289,"category":185,"order":290,"type":9},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",126,{"title":292,"slug":293,"category":185,"order":294,"type":9},"2025年： 方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing",127,{"title":296,"slug":297,"category":298,"order":299,"type":9},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":301,"slug":302,"category":298,"order":303,"type":9},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":305,"slug":306,"category":298,"order":307,"type":9},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":309,"slug":310,"category":298,"order":311,"type":9},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":313,"slug":314,"category":298,"order":315,"type":9},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":317,"slug":318,"category":298,"order":319,"type":9},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":321,"slug":322,"category":298,"order":323,"type":9},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":325,"slug":326,"category":298,"order":327,"type":9},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":329,"slug":330,"category":298,"order":331,"type":9},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":333,"slug":334,"category":298,"order":335,"type":9},"商业逻辑篇：第4节：产品、差异化与创新","duanyongping-shangyeluoji-di4jie-chanpin-chayihua-yu-chuangxin",404,{"title":337,"slug":338,"category":298,"order":339,"type":9},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":341,"slug":342,"category":298,"order":343,"type":9},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":345,"slug":346,"category":298,"order":347,"type":9},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":349,"slug":350,"category":298,"order":351,"type":9},"投资问答录商业逻辑篇：前言：买股票就是买公司","duanyongping-shangyeluoji-qianyan-maiqushoujiiumaishangsi",408,{"title":353,"slug":354,"category":298,"order":355,"type":9},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":357,"slug":358,"category":298,"order":359,"type":9},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":361,"slug":362,"category":298,"order":363,"type":9},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":365,"slug":366,"category":298,"order":367,"type":9},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":369,"slug":370,"category":298,"order":371,"type":9},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":373,"slug":374,"category":298,"order":375,"type":9},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":377,"slug":378,"category":298,"order":379,"type":9},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,{"title":381,"slug":382,"category":381,"order":383,"type":384},"公司与人物","gongsi-yu-renwu",5000,"index",{"title":386,"slug":387,"category":381,"order":388,"type":389},"苹果：段永平为什么高度评价这家公司","company-apple",5010,"company",{"title":391,"slug":392,"category":381,"order":393,"type":394},"黄峥：段永平为什么高度评价他","person-huangzheng",5020,"person",{"title":396,"slug":397,"category":381,"order":398,"type":389},"泡泡玛特：段永平如何重新评估这家公司","company-pop-mart",5030,{"title":400,"slug":401,"category":381,"order":402,"type":394},"王宁：段永平为什么欣赏泡泡玛特创始人","person-wangning",5040,{"title":404,"slug":405,"category":381,"order":406,"type":389},"贵州茅台：段永平为什么高度评价这家公司","company-maotai",5050,{"title":408,"slug":409,"category":381,"order":410,"type":389},"网易：段永平为什么长期评价这家公司","company-netease",5060,{"title":412,"slug":413,"category":381,"order":414,"type":389},"腾讯：段永平为什么认为它是长坡厚雪","company-tencent",5070,{"title":416,"slug":417,"category":381,"order":418,"type":389},"阿里巴巴：段永平为什么曾高度评价又保留","company-alibaba",5080,{"title":420,"slug":421,"category":381,"order":422,"type":389},"拼多多：段永平如何看这家公司","company-pinduoduo",5090,{"title":424,"slug":425,"category":381,"order":426,"type":389},"英伟达：段永平为什么说它厉害但难看懂","company-nvidia",5100,{"title":428,"slug":429,"category":381,"order":430,"type":389},"任天堂：段永平从中学到什么","company-nintendo",5110,{"title":432,"slug":433,"category":381,"order":434,"type":389},"GE：段永平为什么后来修正这笔投资","company-ge",5120,{"title":436,"slug":437,"category":381,"order":438,"type":389},"新东方：段永平为什么既认可又保留","company-new-oriental",5130,{"title":440,"slug":441,"category":381,"order":442,"type":394},"巴菲特：段永平为什么高度尊重他","person-buffett",5200,{"title":444,"slug":445,"category":381,"order":446,"type":394},"芒格：段永平为什么重视他的理性","person-munger",5210,{"title":448,"slug":449,"category":381,"order":450,"type":394},"乔布斯：段永平为什么说他既是报时人也是造钟人","person-steve-jobs",5220,{"title":452,"slug":453,"category":381,"order":454,"type":394},"库克：段永平为什么认为他是更好的 CEO","person-tim-cook",5230,{"title":456,"slug":457,"category":381,"order":458,"type":394},"马云：段永平为什么一直认为他了不起","person-mayun",5240,{"title":460,"slug":461,"category":381,"order":462,"type":394},"丁磊：段永平为什么说他很有悟性","person-dinglei",5250,{"title":464,"slug":465,"category":381,"order":466,"type":394},"马化腾：段永平为什么正面评价他","person-mahuateng",5260,{"title":468,"slug":469,"category":381,"order":470,"type":394},"俞敏洪：段永平为什么说他是条汉子","person-yuminhong",5270,{"title":472,"slug":473,"category":381,"order":474,"type":394},"季克良：段永平为什么说他对茅台至关重要","person-jikeliang",5280,{"title":476,"slug":477,"category":381,"order":478,"type":394},"黄仁勋：段永平为什么欣赏他","person-huangrenxun",5290,{"title":480,"slug":481,"category":381,"order":482,"type":483},"段永平高度评价过的公司","topic-highly-rated-companies",5300,"topic",{"title":485,"slug":486,"category":381,"order":487,"type":483},"段永平高度评价过的人","topic-highly-rated-people",5310,{"title":489,"slug":490,"category":381,"order":491,"type":483},"段永平正在重估的公司","topic-revaluated-companies",5320,{"id":493,"title":23,"body":494,"category":7,"date":9,"description":818,"extension":819,"meta":820,"navigation":821,"order":25,"path":822,"seo":823,"seoDescription":824,"seoTitle":825,"slug":24,"source":9,"sourceDate":9,"sourceUrl":9,"stem":826,"tags":9,"type":9,"__hash__":827,"_collection":828},"dao\u002Fdao\u002Fconcepts\u002Fnengliquan.md",{"type":495,"value":496,"toc":799},"minimark",[497,500,504,520,526,532,535,540,546,553,557,562,566,576,580,585,588,601,621,631,637,640,645,648,653,658,663,668,676,688,691,698,704,708,723,727,730,733,737,745,749,755,760,765,777,782,792],[498,499,23],"h1",{"id":23},[501,502,503],"h2",{"id":503},"定义与起源",[505,506,507,508,512,513,516,517,519],"p",{},"\"能力圈\"（Circle of Competence）是",[509,510,511],"strong",{},"巴菲特","提出的投资概念，",[509,514,515],{},"段永平","在学习",[509,518,511],{},"投资理念后将其吸收并发展。段永平最早系统阐述能力圈是在投资问答录中：",[521,522,523],"blockquote",{},[505,524,525],{},"知道自己的能力圈有多大，往往比自己能力圈有多大要重要得多！\n——投资问答录",[505,527,528,529,531],{},"他在2006年与",[509,530,511],{},"共进午餐后的实践中，将能力圈概念从投资延伸到企业经营。",[501,533,534],{"id":534},"核心要义",[536,537,539],"h3",{"id":538},"_1-知道能力圈有多大比能力圈有多大更重要","1. 知道能力圈有多大比能力圈有多大更重要",[505,541,542,543,545],{},"这是段永平反复强调的核心观点，直接来自对",[509,544,511],{},"思想的理解：",[521,547,548],{},[505,549,550,552],{},[509,551,511],{},"说知道自己能力圈有多大比能力圈有多大要重要的多。\n——2011-10-23",[536,554,556],{"id":555},"_2-能力圈-诚实面对自己","2. 能力圈 = 诚实面对自己",[521,558,559],{},[505,560,561],{},"能力圈不是拿金箍棒在地上画个圈，说待在里面不要出去，外面有妖怪。能力圈是：诚实对自己，知之为知之，不知为不知。有这样的态度，然后如果能看懂一个东西，那它就是在我能力圈内，否则就不是。\n——2025年 浙大演讲",[536,563,565],{"id":564},"_3-安全边际的本质是能力圈","3. 安全边际的本质是能力圈",[521,567,568],{},[505,569,570,571,575],{},"我觉得",[572,573,77],"a",{"href":574},"\u002Fanquanbianji","实际上应该指的是能力圈而不仅仅是价格。\n——投资问答录",[536,577,579],{"id":578},"_4-不要轻易扩大能力圈","4. 不要轻易扩大能力圈",[521,581,582],{},[505,583,584],{},"不要轻易去\"扩大\"自己的能力圈。搞懂一个生意往往是需要很多年的，不要因为看到一两个概念就轻易跳进自己不熟悉的领域或地方，不然早晚会栽的。\n——投资问答录",[501,586,587],{"id":587},"实战案例",[505,589,590,593,594,597,598,600],{},[509,591,592],{},"投资网易","：段永平在2001-2002年买入",[509,595,596],{},"网易","时，市场不看好，因为很多人觉得游戏市场不大。但段永平自己做了多年消费电子和游戏产品，确定游戏市场非常大。他说：\"在自己能力圈内的生意自己往往容易懂得多，对别人的不确定性往往对自己是很确定的。\"最终",[509,599,596],{},"投资获利超百倍。",[505,602,603,606,607,610,611,613,614,617,618,620],{},[509,604,605],{},"重仓","苹果",[509,608,609],{},"但不买比亚迪","：段永平敢重仓",[509,612,606],{},"（因为做了多年消费电子，理解产品和",[509,615,616],{},"生意模式","），但不买比亚迪（\"虽然一直有兴趣看，但一直没看出买的兴趣来\"）。即使",[509,619,511],{},"买了比亚迪，段永平也不跟风，因为不在自己能力圈内。",[505,622,623,626,627,630],{},[509,624,625],{},"不投英伟达","：段永平坦承自己对GPU和AI行业认知有限，因此表示\"不在我的能力圈内\"，尽管",[509,628,629],{},"英伟达","涨了很多。",[505,632,633,636],{},[509,634,635],{},"步步高不做不擅长的行业","：\"我们完全可以明天就去做汽车，后天去做牛奶，但是我们不去，因为我们找不到自己的优势。\"（2001年采访）",[501,638,639],{"id":639},"常见误解",[505,641,642],{},[509,643,644],{},"误解一：\"能力圈是固定不变的\"",[505,646,647],{},"段永平指出能力圈可以通过学习扩展，但需要很长时间。他说：\"你上大学不就是在培养你的能力圈嘛，40岁以前，你一定要想办法建立你的能力圈，但是在这以后，我觉得可能就会难。\"",[505,649,650],{},[509,651,652],{},"误解二：\"做过企业家就一定能力圈大\"",[521,654,655],{},[505,656,657],{},"做过企业家的人本来可以有一个优势，那就是更容易看懂公司，更容易知道自己的能力圈在哪里。但我发现我认识的很多企业家对股市并没有任何认识。……仔细想来，做过企业家的人未必就更容易知道自己能力圈的大小，有可能会相反。\n——2011-09-07",[505,659,660],{},[509,661,662],{},"误解三：\"智商高就能力圈大\"",[521,664,665],{},[505,666,667],{},"大概智商高的人未必知道自己的能力圈边界在哪里，但智商高的人可能往往容易越出自己的能力圈。\n——2012-07-28",[505,669,670,511,673],{},[509,671,672],{},"误解四：\"学",[509,674,675],{},"就是学他做什么\"",[521,677,678],{},[505,679,680,681,683,684,687],{},"学",[509,682,511],{},"最重要和人们能够学的东西其实是他",[572,685,27],{"href":686},"\u002Fbuzuoshenme","！绝大多数人学的是相反的东西，就是他在做什么，那是没办法学的，因为每个人的能力圈不同。\n——2011-10-23",[501,689,690],{"id":690},"思想演变",[536,692,694,695,697],{"id":693},"_2000年代从巴菲特处学习","2000年代：从",[509,696,511],{},"处学习",[505,699,700,701,703],{},"2006年与",[509,702,511],{},"午餐后，段永平开始系统吸收能力圈概念，并将其与自己做企业的经验结合。这一时期主要用于投资决策。",[536,705,707],{"id":706},"_2010年代系统化与深度阐释","2010年代：系统化与深度阐释",[505,709,710,711,713,714,713,717,719,720,722],{},"在投资问答录中大量讨论能力圈，将其与",[509,712,616],{},"、",[572,715,56],{"href":716},"\u002Fhuchenghe",[572,718,77],{"href":574},"等概念整合。提出\"安全边际实际上应该指的是能力圈而不仅仅是价格\"这一独到见解。同时与企业经营中的",[572,721,27],{"href":686},"、聚焦等概念打通。",[536,724,726],{"id":725},"_2020年代更成熟的定义","2020年代：更成熟的定义",[505,728,729],{},"2025年浙大演讲中给出了最精炼的定义：\"能力圈是诚实对自己，知之为知之，不知为不知。\"将能力圈从一个投资工具上升为人生态度。同时坦承\"我能力圈小，能看懂的东西太少了\"，体现了对能力圈边界的自知。",[501,731,732],{"id":732},"原话引用",[521,734,735],{},[505,736,525],{},[521,738,739],{},[505,740,741,742,744],{},"在自己能力圈内的生意自己往往容易懂得多，对别人的不确定性往往对自己是很确定的。比如当年我投",[509,743,596],{},"时，市场不看好的原因是很多人觉得游戏这个市场不是很大。而我自己由于在这个行业里的时间很长，所以很确定这个市场非常大。\n——投资问答录",[521,746,747],{},[505,748,584],{},[521,750,751],{},[505,752,570,753,575],{},[572,754,77],{"href":574},[521,756,757],{},[505,758,759],{},"能力圈不是拿金箍棒在地上画个圈，说待在里面不要出去，外面有妖怪。能力圈是：诚实对自己，知之为知之，不知为不知。\n——2025年 浙大演讲",[521,761,762],{},[505,763,764],{},"股市上那些长期亏钱的大多属于不知道自己能力圈有多大的人。\n——2012-12-29",[521,766,767],{},[505,768,769,770,773,776],{},"能力圈的意思就是你能够判断未来",[572,771,67],{"href":772},"\u002Fxianjinliu",[572,774,74],{"href":775},"\u002Fzhexian","的范围。知道自己的能力圈有多大比能力圈本身有多大要重要得多。\n——2011-01-04",[521,778,779],{},[505,780,781],{},"一门生意，要是你不能一眼看懂，再花一两个月的时间，你还是看不懂。要看懂一门生意，必须有足够的背景知识才行，而且要清楚自己知道什么，不知道什么。这是关键。我常说的能力圈就是这个意思。\n——2025年 浙大演讲",[521,783,784],{},[505,785,786,787,789,791],{},"未来",[572,788,67],{"href":772},[572,790,74],{"href":775},"只是一种思维方式，只有在自己能力圈范围内的公司，投资人才能毛估估看明白。\n——投资问答录",[521,793,794],{},[505,795,796,798],{},[509,797,511],{},"讲的能力圈子指的就是每个人都有自己有限的了解范围。每个人总是有些东西懂有些东西不懂。所以投自己懂的东西就容易知道价值，就知道什么叫便宜，就有机会赚钱。\n——2010-03-25",{"title":800,"searchDepth":13,"depth":13,"links":801},"",[802,803,809,810,811,817],{"id":503,"depth":13,"text":503},{"id":534,"depth":13,"text":534,"children":804},[805,806,807,808],{"id":538,"depth":17,"text":539},{"id":555,"depth":17,"text":556},{"id":564,"depth":17,"text":565},{"id":578,"depth":17,"text":579},{"id":587,"depth":13,"text":587},{"id":639,"depth":13,"text":639},{"id":690,"depth":13,"text":690,"children":812},[813,815,816],{"id":693,"depth":17,"text":814},"2000年代：从巴菲特处学习",{"id":706,"depth":17,"text":707},{"id":725,"depth":17,"text":726},{"id":732,"depth":13,"text":732},"\"能力圈\"（Circle of Competence）是巴菲特提出的投资概念，段永平在学习巴菲特投资理念后将其吸收并发展。段永平最早系统阐述能力圈是在投资问答录中：","md",{},true,"\u002Fdao\u002Fconcepts\u002Fnengliquan",{"title":23,"description":818},"段永平谈能力圈：\"能力圈\"（Circle of Competence）是巴菲特提出的投资概念，段永平在学习巴菲特投资理念后将其吸收并发展。段永平最早系统阐述能力圈是在投资问答录中：","能力圈｜段永平投资问答录","dao\u002Fconcepts\u002Fnengliquan","sDiMSm9m-L51c-eAjPLPheVVKQ8jTX4CI0dywDPWDrA","dao",1781770400007]