[{"data":1,"prerenderedAt":685},["ShallowReactive",2],{"layout-dao":3,"dao-person-mahuateng":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":464,"body":494,"category":381,"date":9,"description":671,"extension":672,"meta":673,"navigation":674,"order":466,"path":675,"seo":676,"seoDescription":671,"seoTitle":677,"slug":465,"source":9,"sourceDate":9,"sourceUrl":9,"stem":678,"tags":679,"type":394,"__hash__":683,"_collection":684},"dao\u002Fdao\u002Fcompany-people\u002Fperson-mahuateng.md",{"type":495,"value":496,"toc":654},"minimark",[497,501,505,509,512,531,534,540,543,548,551,555,558,562,565,569,572,575,578,581,595,598,607,610,637,640],[498,499,464],"h1",{"id":500},"马化腾段永平为什么正面评价他",[502,503,504],"h2",{"id":504},"一句话结论",[506,507,508],"p",{},"段永平对马化腾的评价简洁但重要：人不错、年轻，并且微信和微信支付的影响非常大且深远。",[502,510,511],{"id":511},"段永平的核心评价",[513,514,515,519,522,525,528],"ul",{},[516,517,518],"li",{},"马化腾人不错。",[516,520,521],{},"马化腾还年轻，长期经营时间足够长。",[516,523,524],{},"微信和微信支付影响深远。",[516,526,527],{},"腾讯的业务大多有关联，不是典型乱多元化。",[516,529,530],{},"段永平买腾讯时仍保持小比例和持续观察。",[502,532,533],{"id":533},"关键原文",[535,536,537],"blockquote",{},[506,538,539],{},"马化腾人不错，而且年轻，微信及微信支付的影响非常大且深远。",[502,541,542],{"id":542},"为什么他被正面评价",[544,545,547],"h3",{"id":546},"_1-人不错","1. 人不错",[506,549,550],{},"段永平评价企业家时，经常先看人。马化腾“人不错”看似简单，但对长期投资很重要：管理层品性会影响公司文化、资本配置和边界感。",[544,552,554],{"id":553},"_2-年轻","2. 年轻",[506,556,557],{},"年轻意味着仍有较长时间继续经营公司。对于腾讯这种仍处在变化行业里的公司，领导者是否能继续学习和调整很关键。",[544,559,561],{"id":560},"_3-微信与微信支付","3. 微信与微信支付",[506,563,564],{},"微信和微信支付不是单个产品成功，而是基础设施级别的用户关系。段永平称其影响“非常大且深远”，说明他看到了它们对商业模式和社会行为的长期改变。",[544,566,568],{"id":567},"_4-业务关联","4. 业务关联",[506,570,571],{},"腾讯产品很多，但段永平认为其产品之间大多有关联。这说明马化腾和腾讯的扩张，并不完全等同于为了多元化而多元化。",[502,573,574],{"id":574},"段永平的保留",[506,576,577],{},"段永平对马化腾评价正面，但对腾讯投资仍然克制。他说自己更懂苹果，腾讯比例很小。这说明人物评价不能替代能力圈和仓位控制。",[502,579,580],{"id":580},"投资启发",[513,582,583,586,589,592],{},[516,584,585],{},"管理层“人不错”是长期判断的重要输入。",[516,587,588],{},"基础设施级产品会深刻改变商业模式。",[516,590,591],{},"年轻优秀 CEO 可能延长公司长期复利时间。",[516,593,594],{},"不了解到足够深时，即使认可人，也要控制仓位。",[502,596,597],{"id":597},"相关公司",[513,599,600],{},[516,601,602],{},[603,604,606],"a",{"href":605},"\u002Fcompany-tencent","腾讯",[502,608,609],{"id":609},"相关概念",[513,611,612,617,622,627,632],{},[516,613,614],{},[603,615,125],{"href":616},"\u002Fpingtai",[516,618,619],{},[603,620,53],{"href":621},"\u002Fshangyemoshi",[516,623,624],{},[603,625,56],{"href":626},"\u002Fhuchenghe",[516,628,629],{},[603,630,104],{"href":631},"\u002Fqiyewenhua",[516,633,634],{},[603,635,88],{"href":636},"\u002Fjihuichengben",[502,638,639],{"id":639},"原始出处",[513,641,642,648],{},[516,643,644],{},[603,645,647],{"href":646},"\u002Fduanyongping-shangyeluoji-di1jie-weidaqiye","商业逻辑篇：第1节 伟大企业",[516,649,650],{},[603,651,653],{"href":652},"\u002Fduanyongping-shangyeluoji-di6jie-shougouheduoyuanhua","商业逻辑篇：第6节 收购和多元化",{"title":655,"searchDepth":13,"depth":13,"links":656},"",[657,658,659,660,666,667,668,669,670],{"id":504,"depth":13,"text":504},{"id":511,"depth":13,"text":511},{"id":533,"depth":13,"text":533},{"id":542,"depth":13,"text":542,"children":661},[662,663,664,665],{"id":546,"depth":17,"text":547},{"id":553,"depth":17,"text":554},{"id":560,"depth":17,"text":561},{"id":567,"depth":17,"text":568},{"id":574,"depth":13,"text":574},{"id":580,"depth":13,"text":580},{"id":597,"depth":13,"text":597},{"id":609,"depth":13,"text":609},{"id":639,"depth":13,"text":639},"整理段永平对马化腾的评价：人不错、年轻、微信、微信支付、腾讯商业模式与长期影响。","md",{},true,"\u002Fdao\u002Fcompany-people\u002Fperson-mahuateng",{"title":464,"description":671},"马化腾：段永平为什么正面评价他｜段永平投资问答录","dao\u002Fcompany-people\u002Fperson-mahuateng",[680,606,681,682,53],"马化腾","微信","微信支付","NGSxNI6mn0AC3uXiIQS7ByExK9mZxdboArKM0vX0lHw","dao",1781770404625]