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TeddyYoung

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- TeddyYoungTeddyYoung
  ·2024-05-30
  $老虎证券(TIGR)$ ......
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- TeddyYoungTeddyYoung
  ·2024-05-19
  $腾讯控股ADR(TCEHY)$ 500
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- TeddyYoungTeddyYoung
  ·2021-05-02
  fyi
  After reading Duan Yongping's 100 thoughts, I finally understand why he is so amazing.
  “大道无形我有型”。这是段永平的网名。大多数人对他的认知一般还停留在：步步高、OPPO、vivo的“幕后老板”，中国第一位拍下巴菲特午餐的企业家，拼多多创始人黄峥的“导师”。而他堪称辉煌的投资战
  After reading Duan Yongping's 100 thoughts, I finally understand why he is so amazing.
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- TeddyYoungTeddyYoung
  ·2021-05-02
  fyi
  Sorry, this post has been deleted
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08:54","market":"hk","language":"zh","title":"After reading Duan Yongping's 100 thoughts, I finally understand why he is so amazing.","url":"https://stock-news.laohu8.com/highlight/detail?id=2132672645","media":"正和岛","summary":"“大道无形我有型”。\n这是段永平的网名。大多数人对他的认知一般还停留在：\n步步高、OPPO、vivo的“幕后老板”，中国第一位拍下巴菲特午餐的企业家，拼多多创始人黄峥的“导师”。\n而他堪称辉煌的投资战","content":"<p>\"The Great Way is invisible, but I have form.\"</p><p>This is Duan Yongping's online name. Most people's understanding of him is still limited to:</p><p><a href=\"https://laohu8.com/S/002251\">step by step</a>The \"behind-the-scenes boss\" of OPPO and vivo, and the first Chinese entrepreneur to photograph Warren Buffett's lunch.<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Founder Huang Zheng's \"mentor\".</p><p>However, his remarkable investment achievements are rarely mentioned. Twenty years ago, 40-year-old Duan Yongping stepped back from the scene, his \"main job\" being taking care of his children and playing golf, while his side job was \"investing\".</p><p>As a result, this \"outlier among entrepreneurs\" frequently achieved investment returns of over 100 times, including heavy investments.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>,Moutai,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Pinduoduo, etc.</p><p>Success once, twice, three times, or even ten times may all involve an element of luck, but Duan Yongping, who has consistently succeeded and kept failure within a controllable range, must have seen and done something right at the level of the \"Great Way\".</p><p>The greatest truths are the simplest. It is not difficult to see that Duan Yongping's thoughts are all very straightforward, but they contain truths that are \"terrifying to think about upon closer inspection\". Hopefully, Duan Yongping's understanding of the \"Great Way\" will inspire you:</p><p><img src=\"https://static.tigerbbs.com/bf8b50cf18618568903937b9cbfb9967\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">About the Company</p><p> 001.</p><p>Running a business is like a diver; the fewer movements, the better.</p><p> 002.</p><p>An entrepreneur should focus 80% of their energy on 20% of things, and these 20% of things can bring you 80% of the benefits.</p><p>I didn't have a schedule when I was CEO, but I roughly knew what was important. In short, don't let important things become urgent things.</p><p> 003.</p><p>Sometimes people ask me if I'm interested in a certain project, and I just say I'm not interested without even asking.</p><p>I know that my own and my company's capabilities and scale are limited, and I can't possibly scatter resources any further. I don't pursue any free lunches.</p><p> 004.</p><p>Konosuke Matsushita once said that it is a sin for a company not to make a profit, but the purpose of a company is not to make a profit.</p><p> 005.</p><p>In a business that doesn't make money, no amount of turnover is useful.</p><p>Just like unprofitable net assets are sometimes a burden, for example, if you build a hotel in a deserted place, spend 100 million yuan, lose 5 million yuan every year, and the replacement cost is still 100 million yuan, who wants to sell it for 50 million yuan?</p><p>So I coined the term \"effective net assets\". In other words, net assets that do not generate cash flow are actually worthless (and sometimes even negative).</p><p> 006.</p><p>A good business model is simple: profits and net cash flow are always top-notch, and competitors will find it difficult to compete with them even for a long time. Can you imagine whose business is hard to compete for? Then think about why?</p><p> 007.</p><p>Requiring a large number of people (relative to turnover and profit) is a characteristic of a bad model.</p><p> 008.</p><p>Low prices are the easiest path, but also the most difficult.</p><p>Using price as a weapon is always wrong unless absolutely necessary. Few people understand that low prices do not increase market share, but being forced to lower prices has the opportunity to maintain market share.</p><p> 009.</p><p>Companies that pursue \"cost-effectiveness\" are mostly making excuses for their low prices. Longevity companies probably don't place much emphasis on the concept of \"cost-effectiveness\".<a href=\"https://laohu8.com/S/603883\">ordinary people</a>I have a scale in my heart: good products aren't cheap.</p><p> 010.</p><p>If you can do one thing well, why do you have to do many things you can't do well?</p><p>Just like how to change the status of Moutai in the hearts of the Chinese people? Promote more inexpensive non-53-degree alcoholic beverages, including Moutai beer and red wine, and even Moutai rice wine, as well as Moutai mineral water, Moutai hotels, Moutai mobile phones, and Moutai air conditioners. Accelerate the launch of these products, abandon the 5-year manufacturing rule, and disregard counterfeit liquor... In 10 years, Moutai's status should be completely different.</p><p> 011.</p><p>\"Time is the friend of excellent companies and the enemy of mediocre companies.\" You may think this principle is unremarkable, but I learned it through profound lessons. —Quote: Warren Buffett</p><p> 012.</p><p>Corporate culture refers to the pursuit of \"above profit\". There seems to be a slight difference between \"above profit\" and \"beyond profit\". \"Beyond profit\" can be understood as a different pursuit from profit, while the purpose of \"above profit\" seems to be different.</p><p> 013.</p><p>It is difficult to judge whether a corporate culture is good or not, but it is much easier to see a bad corporate culture.</p><p> 014.</p><p>When I was in the United States, I went to the airport to pick up a colleague from BBK Electronics. I estimated I would have to wait an hour at the airport, so I paid for one hour of parking in the parking lot. As a result, the colleague arrived half an hour early.</p><p>This raises the question: after investing an extra half hour of coins, should I continue waiting in the car for that half hour or waste that extra half hour of money? The conclusion is self-evident: in real life, people definitely drive away.</p><p>However, in actual decision-making, many people make the foolish mistake of continuing to wait: I have already invested tens of millions in this matter, how can I stop? Investing tens of millions more to save these sunk costs, knowing that things are wrong, but still persisting in doing them, will naturally result in an even more miserable defeat.</p><p>On matters of principle, we cannot deviate from the nature of things. Right is right, wrong is wrong, and right and wrong should not give way to interests.</p><p> 015.</p><p>I often think of a company from an anthropomorphic perspective: people I don't want to deal with, and I don't want to invest in their companies.</p><p> 016.</p><p>I won't touch any company that says it wants to reach a certain market capitalization.</p><p> 017.</p><p>Hiring an outside consultant to conduct a strategic assessment of your company must be a very interesting thing. It's hard to understand how others, no matter who they are, can help when you don't even know what strategy to use.</p><p>He might be able to point out mistakes when an outsider sees things clearly, but it's probably impossible for him to teach himself what to do. Furthermore, leaving the problem to find the problem yourself probably won't help you find the problem.</p><p> 018.</p><p>If I think a company is dishonest, I won't touch it. There are roughly two taboos: a bad business model and a bad corporate culture.</p><p>The most typical characteristic of a poor corporate culture is frequent lying. You can tell just by looking at how many lies he has told in the past.</p><p> 019.</p><p>Here's a little secret: everything is best priced at a fair price, without haggling. Being able to negotiate prices is actually a very short-sighted and costly behavior for sellers.</p><p>High costs mean that authorization is impossible and management loopholes are prone to occur. Short-sightedness means that if bargaining is possible, it is encouraging repeat customers to haggle. For customers, any haggling will make them feel like they might have lost out because they feel they haven't paid enough.</p><p>So we stopped bargaining more than 20 years ago. There are so many benefits to not haggling, take your time to think about it.</p><p> 020.</p><p>In the long run, consumers are an extremely intelligent group. For a company, so-called marketing is just one link, like a board in a wooden barrel.</p><p>The idea that a company is good because of good marketing is just as ridiculous as thinking that a wooden barrel that can hold water is because it has a plank called \"marketing\".</p><p> 021.</p><p>If internationalization means learning about the best things in the world, then there's no problem. But if it means desperately going to other countries to do business, then it's quite dangerous for the vast majority of Chinese companies.</p><p> 022.</p><p>The advantage of debt is that it can grow faster. The benefit of not being in debt is that you can live longer. Besides, generally speaking, banks only lend you money when they confirm that you don't need it.</p><p> 023.</p><p>Be cautious when expanding. I call this \"sufficient minimum development speed,\" which means balancing sufficiency and safety. Most people use the so-called maximum speed when expanding, and if they are not careful, they will fail.</p><p>For example, if you're driving to work, who would say you should just drive faster and hit someone to death, right? Your family always tells you to drive slowly and be careful; they're not worried you won't get to that place.</p><p>However, many media outlets, ordinary people, and even many businesses share this mentality. Everyone encourages and promotes speedy driving, saying that it doesn't matter if you crash or die. Who would do that?</p><p> 024.</p><p>It's hard for someone who doesn't understand a company to understand it, just as it's hard for someone who doesn't understand this phrase to understand it.</p><p><b>About Management</b></p><p> 025.</p><p>The word \"culture\" can basically explain \"things\" that are more troublesome than they are.</p><p> 026.</p><p>I have always believed that there is a problem with the management level of department heads who are always forced to work overtime, and there is a problem with the management level of company owners who are always forced to work overtime.</p><p> 027.</p><p>Wolf culture will eventually lose to human culture.</p><p> 028.</p><p>Training is expensive, but not training is even more expensive. Companies that don't understand the second point won't go far.</p><p> 029.</p><p>Buffett once quoted Peter Lynch as saying that you should invest in companies that even a fool can manage, because sooner or later a fool will manage them. The subtext refers to buying companies with good business models, but Lao Ba then emphasized that even so, he still hopes to have good management.</p><p> 030.</p><p>Logically, two turkeys added together wouldn't make an eagle.</p><p> 031.</p><p>The suitability of talent is often more important than qualification.</p><p> 032.</p><p>We often see reports that some people give out large sums of money to incentivize employees, and it is even said that some people carry money to the sidelines to supervise the games.</p><p>I don't know if it's true that generous rewards will inevitably lead to brave men, but in business operations, relying on more money doesn't actually motivate employees.</p><p>Money is actually a \"health factor\" rather than an \"incentive factor\"; it's something that's useless if you have too much of it and can't do without it.</p><p>For example, if employees are already working very hard, paying them more won't make them work harder, but paying them less will not retain them and will have a significant \"destructive effect\". Therefore, the amount distributed actually reflects fairness.</p><p>Some claims that bosses give employees \"red envelopes\" are actually problematic, because these \"red envelopes\" are actually what employees should receive. I really dislike that feeling of \"gift\".</p><p>I remember when I was still at Subor, because the company had very few employees, I would hand out many of my colleagues' year-end bonuses one by one. Sometimes someone says, \"Thank you, boss,\" and I say very seriously that it should be the company thanking everyone for their hard work throughout the year. You're not being polite.</p><p> 033.</p><p>The entrepreneur bears primary responsibility for a company's failure; The success of a company definitely belongs to everyone.</p><p> 034.</p><p>I'm an opponent in the company, and I object to almost everything I do. If people aren't afraid of even my objections, I'll feel more at ease doing anything. What I fear most is that when I am the boss, everyone says \"good\".</p><p> 035.</p><p>Companies where employees are trembling with fear when they see their superiors will eventually run into problems. Because most employees in such companies become unresponsive and want to leave everything to their superiors, their efficiency gradually decreases.</p><p>Unless such a company's products are highly focused and the big boss can indeed take care of all the major aspects, problems will arise sooner or later. I think this is why Japanese companies have encountered problems in some industries in recent years.</p><p> 036.</p><p>When a department in a company emphasizes that its own department is the most important, that department is often the weakest department in the company.</p><p> 037.</p><p>In my personal understanding, there is no such thing as absolute fairness—just fairness that everyone feels is fair.</p><p>As a rule-maker, the most important thing is to have a sense of fairness. Fairness is not the same as equality, nor is it egalitarianism.</p><p> 038.</p><p>The most crucial aspect of decentralization is the ability to tolerate mistakes made in the process of \"doing things right\". My personal understanding is that I make mistakes doing the same thing, so why can't others make mistakes?</p><p>In some companies, if the boss loses money due to his own reasons, he will think it is normal; However, if the losses were caused by subordinates, he would often feel very sorry for them.</p><p>I am someone who can equate the money lost by others with the money lost by myself, and this tolerance is very important for building a healthy corporate culture.</p><p> 039.</p><p>Only those who have been in reliable places know what unreliability is; the reverse is not true.</p><p> 040.</p><p>If there are rules in an organization that no one else follows, in the long run, it will encourage everyone not to follow the rules that everyone has set, and everyone will be in big trouble in the future—for example, there are common intersections without traffic police or traffic lights.</p><p>The approach is actually quite simple: enforce your rules or abolish rules that you can't enforce. It's best not to have a middle ground, otherwise everyone will be very busy.</p><p> 041.</p><p>Even the best driver can hardly drive a bad car well.</p><p><b>About Investment</b></p><p> 042.</p><p>In fact, value investing is the only way to invest; there are no shortcuts or tricks.</p><p>If you want to take the easy road, I promise, it is longer and more painful than the difficult road.</p><p>Many people can make themselves miserable regardless of whether it's a bear market or a bull market.</p><p> 043.</p><p>Faith in investing refers to believing that the stock market is a weighing machine in the long run, and that for those without faith, the stock market will always be a stock instrument.</p><p> 044.</p><p>The \"worst way to invest\" is to talk about value investing but actually do speculation.</p><p> 045.</p><p>Speculation is a lot of fun, just like going to a casino occasionally, if you're prepared to lose money.</p><p> 046.</p><p>I often see people going outside their own circle of competence to do things, and when they look back, they tell themselves that \"expanding their circle of competence\" comes at a cost. Most of those who lose money in the stock market for a long time are people who don't know how big their circle of competence is.</p><p> 047.</p><p>In fact, everyone has a speculative heart, which is why we need faith. My understanding of faith is \"doing the right thing, doing things right,\" or rather, if you know it's \"wrong,\" don't do it.</p><p>Would anyone still do something they know is wrong? Just look at how many people smoke around you and you'll understand. People love doing \"wrong things\" because these things often have short-term temptations.</p><p>The most important reason why Buffett is where he is today is \"doing nothing\".</p><p> 048.</p><p>I asked Buffett what he shouldn't do in investing. He told me: Don't short sell, don't borrow money, and most importantly, don't do things you don't understand. The basic principle of investing is that if you don't understand, don't invest!</p><p> 049.</p><p>I've found that people and companies that \"do things wrong\" often continue to \"do things wrong\" after surviving by chance, just like scammers who, after being caught, often think that their scams are not good enough and then summarize how to improve their scams.</p><p> 050.</p><p>The right thing to do is to correct a mistake as soon as possible, no matter the cost.</p><p> 051.</p><p>Mistakes made in doing the right thing must be strictly distinguished from the consequences of doing the wrong thing.</p><p>If you still don't understand, just look at what those people who have always been very smart but have always been unsuccessful have been busy with all these years and you'll understand.</p><p> 052.</p><p>What is the most important thing in investing? right business, right people, right price (The right business model, the right corporate culture, and reasonable prices). That's what Lao Ba said. price isn't that important; business and people are the most important.</p><p> 053.</p><p>My understanding of investing can be summarized as follows: buying stocks is buying a company, and buying a company is buying the discounted future cash flow of the company. Period!</p><p>Discounted future cash flows are not a calculation formula, but simply a way of thinking. Munger said he had never seen Buffett calculate it, and I hadn't actually calculated it seriously either; it was all just a \"rough estimate.\" Just like when Yao Ming stands there, anyone can tell he's heavier than me. Do I have to use a scale to find out?</p><p> 054.</p><p>Buying stocks is buying a company, and it has nothing to do with whether it goes public or not. You just need to imagine this company as a private company, without any changes in its stock price, and you'll understand.</p><p>However, the vast majority of people probably cannot do this. Objectively speaking, if you can't treat a company as a non-listed company for investment, you will mostly lose money in the end.</p><p>When I buy stocks, I always assume that if I had enough money, I would buy the entire company.</p><p> 055.</p><p>There's a saying, \"If you don't plan to hold stocks for 10 years, why would you hold them for 10 days?\" This doesn't mean that you have to hold the stocks you buy for 10 years, but rather that if you feel that a company you think will definitely not be good 10 years from now, you shouldn't buy it now.</p><p> 056.</p><p>The so-called margin of safety should refer to one's understanding of the company, not the price.</p><p>Stocks are \"priced\" by each buyer themselves, and they can only be bought when they think they are cheap. In reality, it has nothing to do with the market or others. When you can understand this statement, your stock market career will basically have a good chance of making money continuously.</p><p> 057.</p><p>Buying a stock has nothing to do with how much it used to cost, just as selling a stock has nothing to do with the cost of buying it.</p><p> 058.</p><p>The simplest criterion for understanding a company is that you don't want to ask others, \"Do I understand this company?\"</p><p>True investors are absolutely \"arrogant\"; their minds are fixed on the company itself. They don't care if anyone around them is buying it, and they prefer that no one else is buying it.</p><p> 059.</p><p>Focus on business rather than stock prices.</p><p> 060.</p><p>I remember a reporter once asked me why I had the courage to buy NetEase back then. I said someone is crying and begging to sell you something that costs 10 yuan for 1 yuan. Why do you need the courage?</p><p>This also applies here: when someone insists on selling you gold for the price of copper, you don't need courage; you just need to make sure it's really gold.</p><p>However, it's really difficult when you don't know exactly what you're going to buy, and you end up looking around to see other people's reactions.</p><p>Therefore, what requires courage is speculation; investing does not require courage. In other words, when you need courage, you are in danger.</p><p> 061.</p><p>In fact, there is only one real buyer for any stock, and that is the company itself.</p><p> 062.</p><p>No one can change the fact that more than 85% of people in the stock market lose money. If I had to give you some advice, it would be that it's best to stay away from the stock market, at least not lose money. This statement can help 85%-90% of people in the stock market.</p><p>However, I know that no one will actually listen to this sentence. Because the problem is, nobody knows who the 85% is.</p><p> 063.</p><p>Things that seem free are often the most expensive, and things that seem cheap are often not cheap. This applies to buying things, and it often applies to investing as well.</p><p> 064.</p><p>Investment mindset and size should not be related. If you consider yourself a small investor, then you will probably always be a small investor.</p><p> 065.</p><p>There are many aspects of golf that are particularly similar to investing. For example, the principle of swinging is very simple: 1. You can't learn it, but you don't know it yourself; 2. I often forget my principles when playing ball; 3. It is difficult to maintain a calm mindset and adhere to principles.</p><p> 066.</p><p>I hope you will someday understand that putting more eggs in several baskets is actually the best way to effectively increase risk, although it is not easy to understand this.</p><p> 067.</p><p>A long time ago, someone told me that the stock market was a casino. I said no, but he insisted that it was.</p><p>I suddenly realized that for those who say the stock market is a casino, it is a casino.</p><p> 068.</p><p>Actually, Lao Ba didn't teach us anything. If we didn't understand it, no one could teach us.</p><p>About cognition</p><p> 069.</p><p>Lack of patience is a sign of insufficient rationality.</p><p> 070.</p><p>Ordinary people generally find it difficult to have a calm mind. A normal mind is actually an extraordinary mind, because it is not easy to have.</p><p>A calm mindset means returning to the original point of consideration in everything. If you are not concerned with the essence of things, it is normal not to have a normal mind. The reverse is also true. If you only focus on the essence of things, a calm mindset will naturally prevail.</p><p> 071.</p><p>Many years ago, Hua Yigang and I played a game of Go. There was one piece that made me feel very uncomfortable. When I was in review, I asked him why he felt something was wrong no matter how I played.</p><p>Then he told me that it doesn't matter how you download it here, because you downloaded it incorrectly earlier.</p><p> 072.</p><p>The difference between top players and other players lies in their low error rate, not how many good shots they can make.</p><p> 073.</p><p>Many so-called great people are simply because they have been honestly doing what they are supposed to do. It is difficult to tell what makes them great by looking at each thing alone. Strength is built through accumulation.</p><p> 074.</p><p>Knowing and believing are two completely different things.</p><p> 075.</p><p>If you don't know how difficult it is, you may find it even harder to do it.</p><p> 076.</p><p>We don't know \"we don't know\".</p><p> 077.</p><p>Knowing how big your circle of competence is is often far more important than knowing how big your circle of competence is.</p><p> 078.</p><p>A circle of ability isn't about drawing a circle on the ground with a golden cudgel, telling people to stay inside and not go out, because there are monsters outside. The circle of competence is: be honest with yourself, know what you know, and know what you don't know.</p><p>With this attitude, if I can understand something, then it is within my sphere of competence; otherwise, it is not.</p><p> 079.</p><p>Do what you have the ability to do, not how much courage you have.</p><p> 080.</p><p>Few people are willing to simplify complex things. People often think that doing so seems unprofessional, like buying Moutai, which is not very interesting.</p><p>Learning to be simple is actually not simple. I know very little about business, and the difference between me and many others is that I admit I don't know much, so it becomes simple.</p><p> 081.</p><p>Simple and easy are not the same thing at all. For example, a good golfer practices the ball for about 8-10 hours a day, all year round. It's simple and boring, but it's definitely not easy.</p><p> 082.</p><p>Many \"smart\" people attribute other people's successes or their own failures to luck or \"accidents,\" and they are always \"smart\" enough to find ways to make themselves believe that this is indeed the case. The saying in Kung Fu Panda 1, \"there are no accidents,\" actually makes a lot of sense.</p><p> 083.</p><p>If you don't constantly think about the unusual, the chances of making mistakes will decrease, and accidentally making an unusual mistake will become possible. When I say it's not surprising, I don't mean the result isn't surprising, but rather that you shouldn't always think about it. If you always think about the essential things, there will always be a chance to be surprising.</p><p>Anyone who knows how to play golf probably knows that the easiest time to make mistakes is when you want to play farther.</p><p> 084.</p><p>I suddenly remembered a quote from Lao Ba: If you're in a pit, at least don't dig any further. Just look at how many people are digging their own holes to understand.</p><p> 085.</p><p>The courage to face reality with reason sometimes pays off.</p><p> 086.</p><p>If you can think about things a few years in advance, the difficulty of (decision-making) often decreases significantly.</p><p> 087.</p><p>The \"Tao\" is indeed difficult to teach; one must understand it on one's own. No matter what you say to someone who has no morals in their heart, it's useless.</p><p>Most people (often including myself) find it difficult to open up and accept things that are different from what they knew before. Even if the other person does a great job, they always find an excuse not to imitate them, which is quite interesting.</p><p>Sometimes I find it strange that I can understand if someone is already very successful and doesn't accept new things, because they already have enough successful experience and understanding.</p><p>In reality, I've seen the opposite: those who aren't open are often the ones who aren't very successful. For example, someone who has been trading stocks for 30 years and still hasn't made money, when I mention Lao Ba, they actually say... blah blah.</p><p> 088.</p><p>Change is not easy, but any time can be a good time.</p><p> 089.</p><p>Giving is not about gaining. I once used the phrase \"If you borrow money, you can repay it; if you borrow money again, it's not difficult\" to illustrate the meaning of duty. Among them, \"borrowing and repaying\" is the duty, but \"borrowing again is not difficult\" is actually a matter of utilitarianism. When you stop thinking that \"it won't be difficult to borrow again\", you will truly be \"duty-bound\".</p><p> 090.</p><p>Reputation isn't just about talking; you only know if you're a trustworthy person when you have to pay the price. Anyone can \"maintain\" their integrity, but many people can't when it comes to \"keeping\" their integrity.</p><p> 091.</p><p>Kindness is not about holding a snake in your arms. Kindness is most often manifested in not doing evil.</p><p>Generally speaking, evil people have their own troubles; the most important thing is to stay away from them.</p><p> 092.</p><p>I don't think I'm harsh on people, but if someone messes something up, I'll tell them to their face. Honesty is my responsibility. I know what I'm talking about, and it usually turns out I'm right. That's the culture I'm trying to create.</p><p>We were brutally honest with each other. Anyone can tell me they think I'm a bunch of shit, and I can say the same about them. We had some heated arguments, yelling at each other, and that was arguably the best part of my life.</p><p> 093.</p><p>The degree of fear is inversely proportional to the degree of understanding.</p><p> 094.</p><p>Speaking of loneliness, it reminds me of when I bought NetEase. From the day I started buying NetEase until the price dropped below 1 yuan \"for three months\", for a total of more than two months, probably half of my daily purchases were mine.</p><p>I did feel very lonely at the time, especially on the last day, when I actually bought nearly 500,000 shares at once. It is said that the people who sold it that day were afraid that their license would be revoked after three months. The person who bought it had a very simple idea: they believed they were buying a company and it didn't matter whether it went public or not.</p><p>Sometimes solitude is indeed priceless.</p><p> 095.</p><p>The whole phrase \"daring to be the queen of the world\" means \"daring to be the queen of the world, striving to be the best among the backward.\" You should absolutely not go to a place where you don't have the ability to be the best among the backward.</p><p> 096.</p><p>If you don't listen to the elders, you will suffer both before your eyes and behind your back. After reading this sentence, most people still won't listen to it.</p><p>Being able to learn from one's own mistakes is already remarkable; those who can learn from the mistakes of others are geniuses.</p><p> 097.</p><p>Simple idealists cannot go far, and simple realists cannot grow big.</p><p> 098.</p><p>What is my motivation? I think most creators want to express gratitude that we can benefit from the achievements of our predecessors. I didn't invent the language or mathematics I use, I didn't make most of my own food, and I never made a single piece of clothing.</p><p>Everything I do depends on the other members of our humanity, and their contributions and achievements. Many of us want to give back to society and add another chapter to the long river of history.</p><p>We can only express ourselves in a way that most people understand—because we won't write Bob Dylan songs or Tom Stoppard plays.</p><p>We try to use our limited talents to express our deepest feelings, to express our gratitude for all the contributions of our predecessors, and to add something to the long river of history. That is the power that drives me.</p><p> 099.</p><p>As Bob Dylan said, if you're not busy living, you're busy dying.</p><p> 100.</p><p>I hope you don't pin your hopes on someone who can make you understand in one sentence.</p><p>What I spent 20 years understanding, if you can spend 10 years understanding, you're at least much better than me.</p>","source":"zhenghedao","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After reading Duan Yongping's 100 thoughts, I finally understand why he is so amazing.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter reading Duan Yongping's 100 thoughts, I finally understand why he is so amazing.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">正和岛</strong><span class=\"h-time small\">2021-05-02 08:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"The Great Way is invisible, but I have form.\"</p><p>This is Duan Yongping's online name. Most people's understanding of him is still limited to:</p><p><a href=\"https://laohu8.com/S/002251\">step by step</a>The \"behind-the-scenes boss\" of OPPO and vivo, and the first Chinese entrepreneur to photograph Warren Buffett's lunch.<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Founder Huang Zheng's \"mentor\".</p><p>However, his remarkable investment achievements are rarely mentioned. Twenty years ago, 40-year-old Duan Yongping stepped back from the scene, his \"main job\" being taking care of his children and playing golf, while his side job was \"investing\".</p><p>As a result, this \"outlier among entrepreneurs\" frequently achieved investment returns of over 100 times, including heavy investments.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>,Moutai,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Pinduoduo, etc.</p><p>Success once, twice, three times, or even ten times may all involve an element of luck, but Duan Yongping, who has consistently succeeded and kept failure within a controllable range, must have seen and done something right at the level of the \"Great Way\".</p><p>The greatest truths are the simplest. It is not difficult to see that Duan Yongping's thoughts are all very straightforward, but they contain truths that are \"terrifying to think about upon closer inspection\". Hopefully, Duan Yongping's understanding of the \"Great Way\" will inspire you:</p><p><img src=\"https://static.tigerbbs.com/bf8b50cf18618568903937b9cbfb9967\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">About the Company</p><p> 001.</p><p>Running a business is like a diver; the fewer movements, the better.</p><p> 002.</p><p>An entrepreneur should focus 80% of their energy on 20% of things, and these 20% of things can bring you 80% of the benefits.</p><p>I didn't have a schedule when I was CEO, but I roughly knew what was important. In short, don't let important things become urgent things.</p><p> 003.</p><p>Sometimes people ask me if I'm interested in a certain project, and I just say I'm not interested without even asking.</p><p>I know that my own and my company's capabilities and scale are limited, and I can't possibly scatter resources any further. I don't pursue any free lunches.</p><p> 004.</p><p>Konosuke Matsushita once said that it is a sin for a company not to make a profit, but the purpose of a company is not to make a profit.</p><p> 005.</p><p>In a business that doesn't make money, no amount of turnover is useful.</p><p>Just like unprofitable net assets are sometimes a burden, for example, if you build a hotel in a deserted place, spend 100 million yuan, lose 5 million yuan every year, and the replacement cost is still 100 million yuan, who wants to sell it for 50 million yuan?</p><p>So I coined the term \"effective net assets\". In other words, net assets that do not generate cash flow are actually worthless (and sometimes even negative).</p><p> 006.</p><p>A good business model is simple: profits and net cash flow are always top-notch, and competitors will find it difficult to compete with them even for a long time. Can you imagine whose business is hard to compete for? Then think about why?</p><p> 007.</p><p>Requiring a large number of people (relative to turnover and profit) is a characteristic of a bad model.</p><p> 008.</p><p>Low prices are the easiest path, but also the most difficult.</p><p>Using price as a weapon is always wrong unless absolutely necessary. Few people understand that low prices do not increase market share, but being forced to lower prices has the opportunity to maintain market share.</p><p> 009.</p><p>Companies that pursue \"cost-effectiveness\" are mostly making excuses for their low prices. Longevity companies probably don't place much emphasis on the concept of \"cost-effectiveness\".<a href=\"https://laohu8.com/S/603883\">ordinary people</a>I have a scale in my heart: good products aren't cheap.</p><p> 010.</p><p>If you can do one thing well, why do you have to do many things you can't do well?</p><p>Just like how to change the status of Moutai in the hearts of the Chinese people? Promote more inexpensive non-53-degree alcoholic beverages, including Moutai beer and red wine, and even Moutai rice wine, as well as Moutai mineral water, Moutai hotels, Moutai mobile phones, and Moutai air conditioners. Accelerate the launch of these products, abandon the 5-year manufacturing rule, and disregard counterfeit liquor... In 10 years, Moutai's status should be completely different.</p><p> 011.</p><p>\"Time is the friend of excellent companies and the enemy of mediocre companies.\" You may think this principle is unremarkable, but I learned it through profound lessons. —Quote: Warren Buffett</p><p> 012.</p><p>Corporate culture refers to the pursuit of \"above profit\". There seems to be a slight difference between \"above profit\" and \"beyond profit\". \"Beyond profit\" can be understood as a different pursuit from profit, while the purpose of \"above profit\" seems to be different.</p><p> 013.</p><p>It is difficult to judge whether a corporate culture is good or not, but it is much easier to see a bad corporate culture.</p><p> 014.</p><p>When I was in the United States, I went to the airport to pick up a colleague from BBK Electronics. I estimated I would have to wait an hour at the airport, so I paid for one hour of parking in the parking lot. As a result, the colleague arrived half an hour early.</p><p>This raises the question: after investing an extra half hour of coins, should I continue waiting in the car for that half hour or waste that extra half hour of money? The conclusion is self-evident: in real life, people definitely drive away.</p><p>However, in actual decision-making, many people make the foolish mistake of continuing to wait: I have already invested tens of millions in this matter, how can I stop? Investing tens of millions more to save these sunk costs, knowing that things are wrong, but still persisting in doing them, will naturally result in an even more miserable defeat.</p><p>On matters of principle, we cannot deviate from the nature of things. Right is right, wrong is wrong, and right and wrong should not give way to interests.</p><p> 015.</p><p>I often think of a company from an anthropomorphic perspective: people I don't want to deal with, and I don't want to invest in their companies.</p><p> 016.</p><p>I won't touch any company that says it wants to reach a certain market capitalization.</p><p> 017.</p><p>Hiring an outside consultant to conduct a strategic assessment of your company must be a very interesting thing. It's hard to understand how others, no matter who they are, can help when you don't even know what strategy to use.</p><p>He might be able to point out mistakes when an outsider sees things clearly, but it's probably impossible for him to teach himself what to do. Furthermore, leaving the problem to find the problem yourself probably won't help you find the problem.</p><p> 018.</p><p>If I think a company is dishonest, I won't touch it. There are roughly two taboos: a bad business model and a bad corporate culture.</p><p>The most typical characteristic of a poor corporate culture is frequent lying. You can tell just by looking at how many lies he has told in the past.</p><p> 019.</p><p>Here's a little secret: everything is best priced at a fair price, without haggling. Being able to negotiate prices is actually a very short-sighted and costly behavior for sellers.</p><p>High costs mean that authorization is impossible and management loopholes are prone to occur. Short-sightedness means that if bargaining is possible, it is encouraging repeat customers to haggle. For customers, any haggling will make them feel like they might have lost out because they feel they haven't paid enough.</p><p>So we stopped bargaining more than 20 years ago. There are so many benefits to not haggling, take your time to think about it.</p><p> 020.</p><p>In the long run, consumers are an extremely intelligent group. For a company, so-called marketing is just one link, like a board in a wooden barrel.</p><p>The idea that a company is good because of good marketing is just as ridiculous as thinking that a wooden barrel that can hold water is because it has a plank called \"marketing\".</p><p> 021.</p><p>If internationalization means learning about the best things in the world, then there's no problem. But if it means desperately going to other countries to do business, then it's quite dangerous for the vast majority of Chinese companies.</p><p> 022.</p><p>The advantage of debt is that it can grow faster. The benefit of not being in debt is that you can live longer. Besides, generally speaking, banks only lend you money when they confirm that you don't need it.</p><p> 023.</p><p>Be cautious when expanding. I call this \"sufficient minimum development speed,\" which means balancing sufficiency and safety. Most people use the so-called maximum speed when expanding, and if they are not careful, they will fail.</p><p>For example, if you're driving to work, who would say you should just drive faster and hit someone to death, right? Your family always tells you to drive slowly and be careful; they're not worried you won't get to that place.</p><p>However, many media outlets, ordinary people, and even many businesses share this mentality. Everyone encourages and promotes speedy driving, saying that it doesn't matter if you crash or die. Who would do that?</p><p> 024.</p><p>It's hard for someone who doesn't understand a company to understand it, just as it's hard for someone who doesn't understand this phrase to understand it.</p><p><b>About Management</b></p><p> 025.</p><p>The word \"culture\" can basically explain \"things\" that are more troublesome than they are.</p><p> 026.</p><p>I have always believed that there is a problem with the management level of department heads who are always forced to work overtime, and there is a problem with the management level of company owners who are always forced to work overtime.</p><p> 027.</p><p>Wolf culture will eventually lose to human culture.</p><p> 028.</p><p>Training is expensive, but not training is even more expensive. Companies that don't understand the second point won't go far.</p><p> 029.</p><p>Buffett once quoted Peter Lynch as saying that you should invest in companies that even a fool can manage, because sooner or later a fool will manage them. The subtext refers to buying companies with good business models, but Lao Ba then emphasized that even so, he still hopes to have good management.</p><p> 030.</p><p>Logically, two turkeys added together wouldn't make an eagle.</p><p> 031.</p><p>The suitability of talent is often more important than qualification.</p><p> 032.</p><p>We often see reports that some people give out large sums of money to incentivize employees, and it is even said that some people carry money to the sidelines to supervise the games.</p><p>I don't know if it's true that generous rewards will inevitably lead to brave men, but in business operations, relying on more money doesn't actually motivate employees.</p><p>Money is actually a \"health factor\" rather than an \"incentive factor\"; it's something that's useless if you have too much of it and can't do without it.</p><p>For example, if employees are already working very hard, paying them more won't make them work harder, but paying them less will not retain them and will have a significant \"destructive effect\". Therefore, the amount distributed actually reflects fairness.</p><p>Some claims that bosses give employees \"red envelopes\" are actually problematic, because these \"red envelopes\" are actually what employees should receive. I really dislike that feeling of \"gift\".</p><p>I remember when I was still at Subor, because the company had very few employees, I would hand out many of my colleagues' year-end bonuses one by one. Sometimes someone says, \"Thank you, boss,\" and I say very seriously that it should be the company thanking everyone for their hard work throughout the year. You're not being polite.</p><p> 033.</p><p>The entrepreneur bears primary responsibility for a company's failure; The success of a company definitely belongs to everyone.</p><p> 034.</p><p>I'm an opponent in the company, and I object to almost everything I do. If people aren't afraid of even my objections, I'll feel more at ease doing anything. What I fear most is that when I am the boss, everyone says \"good\".</p><p> 035.</p><p>Companies where employees are trembling with fear when they see their superiors will eventually run into problems. Because most employees in such companies become unresponsive and want to leave everything to their superiors, their efficiency gradually decreases.</p><p>Unless such a company's products are highly focused and the big boss can indeed take care of all the major aspects, problems will arise sooner or later. I think this is why Japanese companies have encountered problems in some industries in recent years.</p><p> 036.</p><p>When a department in a company emphasizes that its own department is the most important, that department is often the weakest department in the company.</p><p> 037.</p><p>In my personal understanding, there is no such thing as absolute fairness—just fairness that everyone feels is fair.</p><p>As a rule-maker, the most important thing is to have a sense of fairness. Fairness is not the same as equality, nor is it egalitarianism.</p><p> 038.</p><p>The most crucial aspect of decentralization is the ability to tolerate mistakes made in the process of \"doing things right\". My personal understanding is that I make mistakes doing the same thing, so why can't others make mistakes?</p><p>In some companies, if the boss loses money due to his own reasons, he will think it is normal; However, if the losses were caused by subordinates, he would often feel very sorry for them.</p><p>I am someone who can equate the money lost by others with the money lost by myself, and this tolerance is very important for building a healthy corporate culture.</p><p> 039.</p><p>Only those who have been in reliable places know what unreliability is; the reverse is not true.</p><p> 040.</p><p>If there are rules in an organization that no one else follows, in the long run, it will encourage everyone not to follow the rules that everyone has set, and everyone will be in big trouble in the future—for example, there are common intersections without traffic police or traffic lights.</p><p>The approach is actually quite simple: enforce your rules or abolish rules that you can't enforce. It's best not to have a middle ground, otherwise everyone will be very busy.</p><p> 041.</p><p>Even the best driver can hardly drive a bad car well.</p><p><b>About Investment</b></p><p> 042.</p><p>In fact, value investing is the only way to invest; there are no shortcuts or tricks.</p><p>If you want to take the easy road, I promise, it is longer and more painful than the difficult road.</p><p>Many people can make themselves miserable regardless of whether it's a bear market or a bull market.</p><p> 043.</p><p>Faith in investing refers to believing that the stock market is a weighing machine in the long run, and that for those without faith, the stock market will always be a stock instrument.</p><p> 044.</p><p>The \"worst way to invest\" is to talk about value investing but actually do speculation.</p><p> 045.</p><p>Speculation is a lot of fun, just like going to a casino occasionally, if you're prepared to lose money.</p><p> 046.</p><p>I often see people going outside their own circle of competence to do things, and when they look back, they tell themselves that \"expanding their circle of competence\" comes at a cost. Most of those who lose money in the stock market for a long time are people who don't know how big their circle of competence is.</p><p> 047.</p><p>In fact, everyone has a speculative heart, which is why we need faith. My understanding of faith is \"doing the right thing, doing things right,\" or rather, if you know it's \"wrong,\" don't do it.</p><p>Would anyone still do something they know is wrong? Just look at how many people smoke around you and you'll understand. People love doing \"wrong things\" because these things often have short-term temptations.</p><p>The most important reason why Buffett is where he is today is \"doing nothing\".</p><p> 048.</p><p>I asked Buffett what he shouldn't do in investing. He told me: Don't short sell, don't borrow money, and most importantly, don't do things you don't understand. The basic principle of investing is that if you don't understand, don't invest!</p><p> 049.</p><p>I've found that people and companies that \"do things wrong\" often continue to \"do things wrong\" after surviving by chance, just like scammers who, after being caught, often think that their scams are not good enough and then summarize how to improve their scams.</p><p> 050.</p><p>The right thing to do is to correct a mistake as soon as possible, no matter the cost.</p><p> 051.</p><p>Mistakes made in doing the right thing must be strictly distinguished from the consequences of doing the wrong thing.</p><p>If you still don't understand, just look at what those people who have always been very smart but have always been unsuccessful have been busy with all these years and you'll understand.</p><p> 052.</p><p>What is the most important thing in investing? right business, right people, right price (The right business model, the right corporate culture, and reasonable prices). That's what Lao Ba said. price isn't that important; business and people are the most important.</p><p> 053.</p><p>My understanding of investing can be summarized as follows: buying stocks is buying a company, and buying a company is buying the discounted future cash flow of the company. Period!</p><p>Discounted future cash flows are not a calculation formula, but simply a way of thinking. Munger said he had never seen Buffett calculate it, and I hadn't actually calculated it seriously either; it was all just a \"rough estimate.\" Just like when Yao Ming stands there, anyone can tell he's heavier than me. Do I have to use a scale to find out?</p><p> 054.</p><p>Buying stocks is buying a company, and it has nothing to do with whether it goes public or not. You just need to imagine this company as a private company, without any changes in its stock price, and you'll understand.</p><p>However, the vast majority of people probably cannot do this. Objectively speaking, if you can't treat a company as a non-listed company for investment, you will mostly lose money in the end.</p><p>When I buy stocks, I always assume that if I had enough money, I would buy the entire company.</p><p> 055.</p><p>There's a saying, \"If you don't plan to hold stocks for 10 years, why would you hold them for 10 days?\" This doesn't mean that you have to hold the stocks you buy for 10 years, but rather that if you feel that a company you think will definitely not be good 10 years from now, you shouldn't buy it now.</p><p> 056.</p><p>The so-called margin of safety should refer to one's understanding of the company, not the price.</p><p>Stocks are \"priced\" by each buyer themselves, and they can only be bought when they think they are cheap. In reality, it has nothing to do with the market or others. When you can understand this statement, your stock market career will basically have a good chance of making money continuously.</p><p> 057.</p><p>Buying a stock has nothing to do with how much it used to cost, just as selling a stock has nothing to do with the cost of buying it.</p><p> 058.</p><p>The simplest criterion for understanding a company is that you don't want to ask others, \"Do I understand this company?\"</p><p>True investors are absolutely \"arrogant\"; their minds are fixed on the company itself. They don't care if anyone around them is buying it, and they prefer that no one else is buying it.</p><p> 059.</p><p>Focus on business rather than stock prices.</p><p> 060.</p><p>I remember a reporter once asked me why I had the courage to buy NetEase back then. I said someone is crying and begging to sell you something that costs 10 yuan for 1 yuan. Why do you need the courage?</p><p>This also applies here: when someone insists on selling you gold for the price of copper, you don't need courage; you just need to make sure it's really gold.</p><p>However, it's really difficult when you don't know exactly what you're going to buy, and you end up looking around to see other people's reactions.</p><p>Therefore, what requires courage is speculation; investing does not require courage. In other words, when you need courage, you are in danger.</p><p> 061.</p><p>In fact, there is only one real buyer for any stock, and that is the company itself.</p><p> 062.</p><p>No one can change the fact that more than 85% of people in the stock market lose money. If I had to give you some advice, it would be that it's best to stay away from the stock market, at least not lose money. This statement can help 85%-90% of people in the stock market.</p><p>However, I know that no one will actually listen to this sentence. Because the problem is, nobody knows who the 85% is.</p><p> 063.</p><p>Things that seem free are often the most expensive, and things that seem cheap are often not cheap. This applies to buying things, and it often applies to investing as well.</p><p> 064.</p><p>Investment mindset and size should not be related. If you consider yourself a small investor, then you will probably always be a small investor.</p><p> 065.</p><p>There are many aspects of golf that are particularly similar to investing. For example, the principle of swinging is very simple: 1. You can't learn it, but you don't know it yourself; 2. I often forget my principles when playing ball; 3. It is difficult to maintain a calm mindset and adhere to principles.</p><p> 066.</p><p>I hope you will someday understand that putting more eggs in several baskets is actually the best way to effectively increase risk, although it is not easy to understand this.</p><p> 067.</p><p>A long time ago, someone told me that the stock market was a casino. I said no, but he insisted that it was.</p><p>I suddenly realized that for those who say the stock market is a casino, it is a casino.</p><p> 068.</p><p>Actually, Lao Ba didn't teach us anything. If we didn't understand it, no one could teach us.</p><p>About cognition</p><p> 069.</p><p>Lack of patience is a sign of insufficient rationality.</p><p> 070.</p><p>Ordinary people generally find it difficult to have a calm mind. A normal mind is actually an extraordinary mind, because it is not easy to have.</p><p>A calm mindset means returning to the original point of consideration in everything. If you are not concerned with the essence of things, it is normal not to have a normal mind. The reverse is also true. If you only focus on the essence of things, a calm mindset will naturally prevail.</p><p> 071.</p><p>Many years ago, Hua Yigang and I played a game of Go. There was one piece that made me feel very uncomfortable. When I was in review, I asked him why he felt something was wrong no matter how I played.</p><p>Then he told me that it doesn't matter how you download it here, because you downloaded it incorrectly earlier.</p><p> 072.</p><p>The difference between top players and other players lies in their low error rate, not how many good shots they can make.</p><p> 073.</p><p>Many so-called great people are simply because they have been honestly doing what they are supposed to do. It is difficult to tell what makes them great by looking at each thing alone. Strength is built through accumulation.</p><p> 074.</p><p>Knowing and believing are two completely different things.</p><p> 075.</p><p>If you don't know how difficult it is, you may find it even harder to do it.</p><p> 076.</p><p>We don't know \"we don't know\".</p><p> 077.</p><p>Knowing how big your circle of competence is is often far more important than knowing how big your circle of competence is.</p><p> 078.</p><p>A circle of ability isn't about drawing a circle on the ground with a golden cudgel, telling people to stay inside and not go out, because there are monsters outside. The circle of competence is: be honest with yourself, know what you know, and know what you don't know.</p><p>With this attitude, if I can understand something, then it is within my sphere of competence; otherwise, it is not.</p><p> 079.</p><p>Do what you have the ability to do, not how much courage you have.</p><p> 080.</p><p>Few people are willing to simplify complex things. People often think that doing so seems unprofessional, like buying Moutai, which is not very interesting.</p><p>Learning to be simple is actually not simple. I know very little about business, and the difference between me and many others is that I admit I don't know much, so it becomes simple.</p><p> 081.</p><p>Simple and easy are not the same thing at all. For example, a good golfer practices the ball for about 8-10 hours a day, all year round. It's simple and boring, but it's definitely not easy.</p><p> 082.</p><p>Many \"smart\" people attribute other people's successes or their own failures to luck or \"accidents,\" and they are always \"smart\" enough to find ways to make themselves believe that this is indeed the case. The saying in Kung Fu Panda 1, \"there are no accidents,\" actually makes a lot of sense.</p><p> 083.</p><p>If you don't constantly think about the unusual, the chances of making mistakes will decrease, and accidentally making an unusual mistake will become possible. When I say it's not surprising, I don't mean the result isn't surprising, but rather that you shouldn't always think about it. If you always think about the essential things, there will always be a chance to be surprising.</p><p>Anyone who knows how to play golf probably knows that the easiest time to make mistakes is when you want to play farther.</p><p> 084.</p><p>I suddenly remembered a quote from Lao Ba: If you're in a pit, at least don't dig any further. Just look at how many people are digging their own holes to understand.</p><p> 085.</p><p>The courage to face reality with reason sometimes pays off.</p><p> 086.</p><p>If you can think about things a few years in advance, the difficulty of (decision-making) often decreases significantly.</p><p> 087.</p><p>The \"Tao\" is indeed difficult to teach; one must understand it on one's own. No matter what you say to someone who has no morals in their heart, it's useless.</p><p>Most people (often including myself) find it difficult to open up and accept things that are different from what they knew before. Even if the other person does a great job, they always find an excuse not to imitate them, which is quite interesting.</p><p>Sometimes I find it strange that I can understand if someone is already very successful and doesn't accept new things, because they already have enough successful experience and understanding.</p><p>In reality, I've seen the opposite: those who aren't open are often the ones who aren't very successful. For example, someone who has been trading stocks for 30 years and still hasn't made money, when I mention Lao Ba, they actually say... blah blah.</p><p> 088.</p><p>Change is not easy, but any time can be a good time.</p><p> 089.</p><p>Giving is not about gaining. I once used the phrase \"If you borrow money, you can repay it; if you borrow money again, it's not difficult\" to illustrate the meaning of duty. Among them, \"borrowing and repaying\" is the duty, but \"borrowing again is not difficult\" is actually a matter of utilitarianism. When you stop thinking that \"it won't be difficult to borrow again\", you will truly be \"duty-bound\".</p><p> 090.</p><p>Reputation isn't just about talking; you only know if you're a trustworthy person when you have to pay the price. Anyone can \"maintain\" their integrity, but many people can't when it comes to \"keeping\" their integrity.</p><p> 091.</p><p>Kindness is not about holding a snake in your arms. Kindness is most often manifested in not doing evil.</p><p>Generally speaking, evil people have their own troubles; the most important thing is to stay away from them.</p><p> 092.</p><p>I don't think I'm harsh on people, but if someone messes something up, I'll tell them to their face. Honesty is my responsibility. I know what I'm talking about, and it usually turns out I'm right. That's the culture I'm trying to create.</p><p>We were brutally honest with each other. Anyone can tell me they think I'm a bunch of shit, and I can say the same about them. We had some heated arguments, yelling at each other, and that was arguably the best part of my life.</p><p> 093.</p><p>The degree of fear is inversely proportional to the degree of understanding.</p><p> 094.</p><p>Speaking of loneliness, it reminds me of when I bought NetEase. From the day I started buying NetEase until the price dropped below 1 yuan \"for three months\", for a total of more than two months, probably half of my daily purchases were mine.</p><p>I did feel very lonely at the time, especially on the last day, when I actually bought nearly 500,000 shares at once. It is said that the people who sold it that day were afraid that their license would be revoked after three months. The person who bought it had a very simple idea: they believed they were buying a company and it didn't matter whether it went public or not.</p><p>Sometimes solitude is indeed priceless.</p><p> 095.</p><p>The whole phrase \"daring to be the queen of the world\" means \"daring to be the queen of the world, striving to be the best among the backward.\" You should absolutely not go to a place where you don't have the ability to be the best among the backward.</p><p> 096.</p><p>If you don't listen to the elders, you will suffer both before your eyes and behind your back. After reading this sentence, most people still won't listen to it.</p><p>Being able to learn from one's own mistakes is already remarkable; those who can learn from the mistakes of others are geniuses.</p><p> 097.</p><p>Simple idealists cannot go far, and simple realists cannot grow big.</p><p> 098.</p><p>What is my motivation? I think most creators want to express gratitude that we can benefit from the achievements of our predecessors. I didn't invent the language or mathematics I use, I didn't make most of my own food, and I never made a single piece of clothing.</p><p>Everything I do depends on the other members of our humanity, and their contributions and achievements. Many of us want to give back to society and add another chapter to the long river of history.</p><p>We can only express ourselves in a way that most people understand—because we won't write Bob Dylan songs or Tom Stoppard plays.</p><p>We try to use our limited talents to express our deepest feelings, to express our gratitude for all the contributions of our predecessors, and to add something to the long river of history. That is the power that drives me.</p><p> 099.</p><p>As Bob Dylan said, if you're not busy living, you're busy dying.</p><p> 100.</p><p>I hope you don't pin your hopes on someone who can make you understand in one sentence.</p><p>What I spent 20 years understanding, if you can spend 10 years understanding, you're at least much better than me.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/4hOF047PhDRcgFBpkyQ-Zg\">正和岛</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf8b50cf18618568903937b9cbfb9967","relate_stocks":{"002251":"步步高","NTES":"网易"},"source_url":"https://mp.weixin.qq.com/s/4hOF047PhDRcgFBpkyQ-Zg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2132672645","content_text":"“大道无形我有型”。\n这是段永平的网名。大多数人对他的认知一般还停留在：\n步步高、OPPO、vivo的“幕后老板”，中国第一位拍下巴菲特午餐的企业家，拼多多创始人黄峥的“导师”。\n而他堪称辉煌的投资战绩却鲜少有人提及，20年前，40岁的段永平退居幕后，“主业”带孩子、打高尔夫，副业“玩投资”。\n结果，这位“企业家中的异类”动辄“玩出”100倍以上的投资回报，包括重仓苹果、茅台、腾讯、网易、拼多多，等等。\n成功一次、两次、三次、甚至十次，可能都有运气成分，但持续成功、把失败控制在可控范围内的段永平，一定是在“大道”的层面上看对了什么、做对了什么。\n大道至简，不难发现，段永平的思想都是些再直白不过的道理，但其中却藏着“细思极恐”的真理。希望段永平悟出的“大道”对你有所启发：\n关于企业\n 001.\n做企业如跳水运动员，动作越少越好。\n 002.\n一个企业家应该将80%的精力放在20%的事情上，这20%的事情能给你带来80%效益。\n我当CEO时并没有一个时间分配表，但大致知道什么是重要的。简而言之，不要让重要的事情变成紧急的事情。\n 003.\n有时有人问我对某一个项目有没有兴趣，我问都不问就说没有兴趣。\n我知道我自己和我的企业就这么点能力和规模，不可能再分散资源，我根本就不追求有天上掉馅饼的事。\n 004.\n松下幸之助讲过，企业不盈利就是罪恶，但是企业的目的不是为了盈利。\n 005.\n不赚钱的生意，多少营业额都是没用的。\n就像不赚钱的净资产有时就是累赘，比如在渺无人烟的地方建个酒店，花了1个亿，每年亏500万，重置成本还是1个亿，现在5000万想卖，这谁要？\n所以我编了个“有效净资产”的名词。也就是说，不能产生现金流的净资产其实没有价值（有时还可能是负价值）。\n 006.\n好的商业模式很简单，就是利润和净现金流一直都是杠杠的，而且竞争对手哪怕在很长时间里也很难抢。你可以想想谁的生意是很难抢的？然后再想想为什么？\n 007.\n需要用很多人（相对营业额和利润而言），是不好的模式的一个特征。\n 008.\n低价是条最容易的路，也是一条最难的路。\n除非迫不得已，用价格武器总是错的。很少人明白，低价是不会扩大市场份额的，但被迫降价有机会保住市场份额而已。\n 009.\n追求“性价比”的公司大多是在为自己的低价找借口。长寿公司大概是不太强调“性价比”这个概念的。老百姓心里有杆秤：好货不便宜啊。\n 010.\n如果大凡你能做好一件东西，你为啥还要做很多做不好的东西呢？\n就像怎样改变茅台在中国人心中的地位啊？多推一些便宜的非53度酒，包括茅台啤酒和红酒，甚至茅台米酒啥的，以及茅台矿泉水、茅台酒店、茅台手机、茅台空调，加快推出的速度，5年出厂的规矩也不要了，假酒也不管了……10年后，茅台的地位应该就彻底不一样了。\n 011.\n“时间是优秀企业的朋友，平庸企业的敌人。”你可能认为这个原则平淡无奇，但我是通过深刻的教训才学习到的。——引用：巴菲特\n 012.\n企业文化指的就是“利润之上”的追求。“利润之上”和“利润之外”好像是有一点点差别的，“利润之外”可以被理解成不同于利润的追求，“利润之上”的目的则似乎会不同。\n 013.\n很难判断一个企业文化是否好，但看出不好的企业文化要容易得多。\n 014.\n我在美国的时候，去机场接一位步步高的同事，估计要在机场等1个小时，所以在停车场投了1个小时停车收费的币，结果那位同事提前半小时来了。\n这就有个问题，多投了半小时的币，是继续在车里等这半小时还是浪费多投的这半小时的钱？结论不言而喻，现实生活中肯定是开车走人的。\n但在实际决策中，很多人都犯继续等下去的愚蠢错误：这件事我已经投了几千万呀，怎么停得下来，为了救这些沉下去的成本再投入几千万，明知事情是错的还要坚持做下去，结果自然是败得更惨。\n在原则性问题上，不能脱离事物的属性，对就是对、错就是错，是非不应该给利益让路。\n 015.\n我经常会用拟人化的角度去想一家公司：我不想打交道的人，我也不想投资他们的公司。\n 016.\n凡是说要把市值做到多少钱的公司，我都不碰。\n 017.\n从外面请顾问对自己公司做战略评估，一定是件非常有趣的事情。很难理解当自己都不知道该用什么战略时，别人可以帮得上忙，不管别人是谁。\n旁观者清的情况下，或许他可以指出错误，但要教会自己该干嘛大概是不可能的事。还有就是，让问题自己找问题大概是不会找到问题的。\n 018.\n我如果认为一家公司不诚信的话，我就不碰了，禁区大概是两个：生意模式不好、企业文化不好。\n企业文化不好最典型的特征就是经常说瞎话，你只要看他以前说过多少瞎话就明白了。\n 019.\n这里透露一个小机密：任何东西都是标实价、不讲价的好。可以讲价实际上对卖家而言，是个非常短视且成本很高的行为。\n成本很高指的是无法授权且容易造成管理漏洞，短视指的是如果可以还价，那就是在鼓励回头客来讨价还价。对客户而言，任何讨价还价都会让他们有“可能吃亏了”的感觉，因为客户觉得价钱还没还够。\n所以我们在20多年前就没有讨价还价了。不讨价还价的好处实在是太多了，大家慢慢想哈。\n 020.\n消费者长期来讲，是极聪明的一个群体。所谓的营销对一个公司来说，只是一个环节而已，相当于木桶的一块板。\n凡是认为公司好是因为营销好的说法，其实就像认为一个能装水的木桶是因为有了一块叫“营销”的木板一样可笑。\n 021.\n如果国际化指的是学到世界上的好东西的意思，就没问题，如果指的是拼命到别的国家去做生意的话，对中国绝大多数公司而言还是蛮危险的。\n 022.\n负债的好处是可以发展快些。不负债的好处是可以活得长些。再说，一般来讲，银行都是要确认你不需要钱时才借钱给你的。\n 023.\n扩张的时候要谨慎。我把这个叫“足够的最小发展速度”，就是兼顾足够和安全的意思。多数人在扩张时用的都是所谓的最大速度，最后一个不留神就翻车了。\n你比方说开车上班，谁会说开快点撞死算了，对不对？家人都是跟你说，开慢点注意安全，他没有担心你去不到那个地方。\n但是呢，很多媒体啊、老百姓、甚至是很多企业都是这种心态，大家鼓励的都是开快，宣传的也都是开快，说开快点撞死拉倒没关系，哪有这样做的呢。\n 024.\n不懂企业的人是很难懂企业的，就像不懂这句话的人也很难懂这句话。\n关于管理\n 025.\n文化这两个字，基本上可以解释败事有余的“事情”。\n 026.\n我一直认为老是强迫加班加点的部门负责人的管理水平有问题，老是强迫加班加点的公司的老板的管理水平有问题。\n 027.\n狼性文化最终会输给人性文化。\n 028.\n培训的成本很贵，但不培训的成本更贵。不知道第二点的企业走不远。\n 029.\n老巴（巴菲特）引用过彼得·林奇的一句话，说投资要投蠢人都能管好的企业，因为早晚都会有个蠢人来管理。潜台词指的是要买生意模式好的企业，但随后老巴还是强调：即便如此，他还是希望有个好的管理层。\n 030.\n逻辑上讲，两个火鸡加起来也不会变成老鹰的。\n 031.\n人才的合适性往往比合格性重要。\n 032.\n经常看到报道说有人发多少多少钱去激励员工，甚至据说还有扛着钱到球场边督战的。\n不知道是不是真的重赏之下必有勇夫，但在企业经营中靠多发钱对员工其实是没有激励作用的。\n钱其实是“保健因子”，而不是“激励因子”，是多了没用、少了不行的东西。\n比如，如果员工已经很努力在工作了，多发钱并不会让他们更努力，但少发是会留不住人的，会有显著的“破坏力”。所以，发多少其实体现的是公平。\n某些所谓老板给员工发“红包”的说法其实也是有问题的，因为这个“红包”其实是员工应该得的。我非常不喜欢那种“恩赐”的感觉。\n记得早期还在小霸王时，由于公司人还很少，很多同事的年终奖都是我一个一个发到大家手里的。有时有人会说“谢谢老板”，我就会很严肃地说应该是公司谢谢大家一年的努力。这个真不是客气。\n 033.\n一个企业的失败，企业家要负主要责任；一个企业的成功，功劳肯定是大家的。\n 034.\n我在公司里是个反对派，几乎做什么我都会提反对意见。如果连我的反对意见大家都不怕时，做什么我都会放心一些。我最怕的是当老板说什么大家都说“好”。\n 035.\n凡是员工见到领导都战战兢兢的公司，时间长了都会出问题的。因为这种公司的员工大多都会变得没有担待，凡事希望交给上级去决定，效率慢慢会降低。\n除非这种公司的产品非常聚焦，大老板确实可以照顾到所有大方面，不然早晚会出问题的。我觉得日本企业这些年在有些行业出问题就是这个原因。\n 036.\n当一个公司里哪个部门强调自己部门是最重要的时候，往往这个部门就是公司最弱的部门。\n 037.\n我个人理解，其实没有绝对的公平——就是所有人都觉得公平的公平。\n作为游戏规则的制定者，最重要的是要有公平心。公平并不等于平等，也不是平均主义。\n 038.\n放权里最关键的是可以容忍在“把事情做对”的过程中所犯的错误。我个人的理解是干同样的事情我也犯错，为什么别人不可以犯错。\n在一些企业里，如果是老板自己的原因导致赔钱，他会觉得正常；但如果是下属导致的亏损，他往往会很心疼。\n我是可以把别人亏的钱和自己亏的钱等同起来的人，这种容忍对于建立健康的企业文化来说十分重要。\n 039.\n只有在靠谱的地方呆过才知道什么叫不靠谱，反过来其实不成立。\n 040.\n一个组织里如果有大家都不执行的规矩存在，长期来讲就是鼓励大家不执行大家制定的规矩，未来大家的麻烦可就大了——比如常见的没有交警和红绿灯的十字路口。\n面对的方式其实也很简单，就是执行你的规矩或者废掉执行不了的规矩，最好不要有中间地带，不然大家会很忙的。\n 041.\n再好的车手也很难开好一辆烂车。\n关于投资\n 042.\n其实价值投资是所谓投资的唯一一条路，不存在什么捷径，不存在什么窍门。\n如果你想走轻松的路，我保证，它比艰难的路更长更痛苦。\n很多人是可以不管熊市还是牛市都让自己难受的。\n 043.\n投资的信仰指的是：相信长期而言股市是称重机，对没有信仰的人来说，股市永远是股票器。\n 044.\n“最糟糕的投资方式”就是嘴上讲的是价值投资，干的却是投机的事。\n 045.\n投机是件非常好玩的事情，就像偶尔去下赌场一样，如果你做好了输钱准备的话。\n 046.\n我经常看到有人跑到自己的能力圈以外去做事情，回头安慰自己的话就是“扩大能力圈”是要付学费的。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 047.\n其实每个人都有一颗投机的心，所以才需要信仰。我对信仰的理解就是“做对的事情、把事情做对”，或者说知道是“不对的事情”就别做了。\n难道还有人明知是错的事情还会做的吗？看看周围有多少人抽烟你就明白了。人们热爱做“不对的事情”，是因为这类事情往往有短期诱惑。\n巴菲特能有今天最重要的是“不做什么”。\n 048.\n我问过巴菲特在投资中不可以做的事情是什么？他告诉我说：不做空，不借钱，最重要的是不要做不懂的东西。投资的基本原则就是不懂不投！\n 049.\n我发现“做错的事情”的人和公司，往往在侥幸活过来后还会继续“做错的事情”，就有点像骗子被抓以后往往会认为是骗术还不够好，而去总结如何提高骗术一样。\n 050.\n做对的事情就是——当发现错了就尽快改，不管多大的代价都是最小的代价。\n 051.\n在做对的事情过程中所犯的错误，要和因为做错的事情而带来的结果严格区分开来。\n如果还不明白的话，就请看看那些一直很聪明但老是不如意的人这些年都在忙啥就明白了。\n 052.\n投资中最重要的是什么？right business，right people，right price（对的商业模式，对的企业文化，合理价钱）。这是老巴说的。price没有那么重要，business和people最重要。\n 053.\n我理解的投资归纳起来就是，买股票就是买公司，买公司就是买公司的未来现金流折现，句号！\n未来现金流折现不是一个计算公式，只是一种思维方式。芒格说他从来没见巴菲特算过，我其实也没认真算过，都是“毛估估”。就像姚明往那儿一站，谁都能看出来他比我重，难道还要用磅秤后才知道？\n 054.\n买股票就是买公司，和上不上市无关。你们只要把这公司想象成一家非上市公司，没有股价的变化就明白了。\n不过，绝大多数人大概做不到这点。客观讲，没办法将一家公司看成非上市公司来投资的话，最后多数是会亏钱的。\n我买股票时总是假设，如果我有足够多的钱的话，我是否会把整个公司买下来。\n 055.\n有一种说法是“不打算拿10年的股票，你为什么要拿10天呢”，这句话不是说自己买的股票一定要拿10年，而是说如果自己觉得，10年以后自己认为肯定不好的公司，就不应该现在去买。\n 056.\n所谓的安全边际指的应该是自己对公司的理解度，而不是价钱。\n股票是由每个买家自己“定价”的，到你自己觉得便宜的时候才可以买，实际上和市场、别人无关。啥时候你能看懂这句话，你的股票生涯基本上就很有机会持续赚钱了。\n 057.\n买股票和这只股票过去是多少钱没关系，就像卖股票和买入成本无关一样。\n 058.\n看懂了一家公司最简单的标准就是，你不会想去问别人“我是不是看懂了这家公司”。\n真正的投资者绝对是“目中无人”的，脑子里盯的就是这个企业，他不看周围有没有人买，最好希望别人都不买。\n 059.\n关注生意而不是股价。\n 060.\n记得以前有记者问我，为什么当年那么有勇气买网易？我说10块钱的东西有人1块钱哭着喊着要卖给你，你要勇气干什么？\n这句话放在这里也适用：当有人非要把金子按铜的价钱卖给你时，你是不需要勇气的，你只要确认那真的是金子就行了。\n不过，当你也不知道你要买的东西到底是什么的时候，那可确实有点难了，那种时候就会东张西望地看别人的反应。\n所以，需要胆量的是投机，投资是不需要勇气的，也就是说当你需要勇气时你就危险了。\n 061.\n其实任何股票都只有一个真正的买家，那就是公司自己。\n 062.\n没人可以改变股市上85%以上的人会亏钱的现象。如果非要我指点一下的话，那就是最好远离股市，至少不亏钱，这句话可以帮到股市上85%-90%的人。\n不过，我知道其实不会有人听这句话的。因为问题是没人知道谁是那85%。\n 063.\n看起来免费的东西往往最贵，看起来便宜的东西往往不便宜。买东西如此，投资也常常如此。\n 064.\n投资心态和大小不应该有关系。如果你觉得自己是小投资者，那你很可能一直是小投资者。\n 065.\n高尔夫有很多地方特别像投资。比如，挥杆原则非常简单：1.就是学不会，但自己不知道；2.打球时老是会忘掉原则；3.很难保持平常心去坚持原则。\n 066.\n希望你什么时候能明白把鸡蛋多放几个篮子，其实是有效提高风险的最好办法，虽然能明白这个东东非常不容易。\n 067.\n很久以前，有人对我说，股市就是个赌场，我说不是，他坚持说是。\n我突然悟到：对那些说股市是赌场的人来说，那就是赌场。\n 068.\n其实老巴并没有教会我们什么。我们如果本来不懂的话，是没有人可以教会的。\n关于认知\n 069.\n没耐心是理性不够的表现。\n 070.\n平常人一般难有平常心。平常心实际上就是不平常心，因为不容易有。\n平常心就是凡事要回到原点去考虑。如果你关心的不是事物的本质，没有平常心是正常的。倒过来也一样，如果你关注的只是事物的本质，平常心自然就在那里了。\n 071.\n很多年前，我和华以刚下过一盘围棋，有一块我感觉非常不舒服，复盘的时候我问他，为什么我怎么下都觉得不对。\n然后他告诉我其实这里怎么下都一样的，因为你前面下错了。\n 072.\n高手和其他选手的差别就在错误率低，而不是能打出多少好球来。\n 073.\n很多所谓厉害的人，其实仅仅是因为他们一直在老老实实地做他们该做的事情而已，单看每件事情是很难看出来他们厉害在哪里的。厉害是攒出来的。\n 074.\n知道和骨子里相信是完全不同的两回事。\n 075.\n不知知不易，恐将行更难。\n 076.\n我们不知道“我们不知道”。\n 077.\n知道自己能力圈有多大，往往比自己能力圈有多大要重要得多。\n 078.\n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有这样的态度，然后如果能看懂一个东西，那它就是在我的能力圈内，否则就不是。\n 079.\n有多大的能力做多大的事，而不是有多大的胆量。\n 080.\n愿意化繁为简的人很少，大家往往觉得那样显得没水平，就像买茅台一样，没啥意思。\n学会简单其实就不简单。我懂的生意非常少，和很多人的差别在于我承认我懂的少，所以就变简单了。\n 081.\n简单和容易完全不是一回事。比如一个好的高尔夫运动员一天大概要练8-10个小时的球，常年如此，简单而枯燥但绝对不容易。\n 082.\n很多“聪明”人会把别人的成功或自己的不成功，归结于运气或“accidents”，而且他们总是能够很“聪明”地找到办法让自己认为确实如此。《功夫熊猫1》里说，“there are no accidents”其实是蛮有道理的。\n 083.\n不整天想着出奇，犯错机会会下降，不小心出个奇反而成为可能了。我说的不出奇并不是说结果不出奇，而是说心里不要老想着出奇。你如果老想着本质的东西，总有机会出奇。\n会打高尔夫的人大概都知道，凡是想打远点儿的时候都是最容易犯错的时候。\n 084.\n突然想到老巴的一句话：如果你在坑里，至少别再往下挖了。只要看看有多少人在给自己挖坑就明白了。\n 085.\n理性面对现实的勇气，有时候还是会有回报的。\n 086.\n凡事能往后想几年，往往（决策）难度会大幅度下来。\n 087.\n“道”的东西确实难教，必须要靠自己悟。心中无道的人你怎么说也是没用的。\n大多数人（经常包括本人在内）都是不容易open的，很难接受跟自己以前认识不同的东西，即使对方做得很好也老是想办法给自己找个不用学他的借口，有趣得很。\n我有时候感觉很奇怪的是，如果是个已经很成功的人，不太接受新东西我也能理解，因为人家已经有了足够成功的经历和理解了。\n现实中我看到的情况刚好相反，那些不open的人常常就是那些不太成功的人。举个例子，炒了30年股票都不赚钱的人，当我说老巴时，人家居然会说……布拉布拉的。\n 088.\n改变不容易，但任何时候可能都是好时机。\n 089.\n舍不是为了得。我曾经用“有借有还、再借不难”这句话来说明本分的意思。其中“有借有还”就是本分，但“再借不难”其实是功利。当你不再想着“再借不难”时，你就真的“本分”了。\n 090.\n信誉不是讲讲而已，只有当你需要付出代价的时候才知道，你是不是个守信誉的人。“讲”信誉谁都会，但当需要“守”信誉的时候很多人就不行了。\n 091.\n善良不是去把蛇放怀里。善良体现最多的是不作恶。\n一般来说，恶人自有恶人磨，最重要的是远离他们就好。\n 092.\n我不认为我对别人很苛刻，但如果谁把什么事情搞砸了，我会当面跟他说。诚实是我的责任。我知道我在说什么，而且事实证明通常我是对的。那是我试图创建的文化。\n我们相互间诚实到残酷的地步。任何人都可以跟我说，他们认为我就是一堆狗屎，我也可以这样说他们。我们有过一些激烈的争吵，互相吼叫，那可以说是我最好的一段时光。\n 093.\n恐惧程度和了解程度成反比。\n 094.\n说起孤独，让我想起当年买网易的时候，从开始买到网易跌破1块钱“满3个月”的那天，总共2个多月的时间里，每天的买单可能有一半都是我的。\n当时确实感觉很孤独，尤其是最后一天，居然一下子买了接近50万股。据说那天卖的人是害怕3个月满了会被摘牌。买的那个人的想法非常简单，认为买的是公司，上不上市无所谓。\n孤独有时候确实价值连城。\n 095.\n“敢为天下后”的整句话是“敢为天下后，后中争先”，没有能力后中争先的地方是绝对不该去的。\n 096.\n不听老人言，吃苦在眼前和眼后。看了这句话以后，其实大多数人还是不会听的。\n能从自己的错误里吸取教训就已经很了不起了，能从别人的错误里吸取教训的那都是天才。\n 097.\n单纯的理想主义者走不远，单纯的现实主义者做不大。\n 098.\n我的动力是什么？我觉得大多数创造者，都想为我们能够得益于前人取得的成就而表达感激。我并没有发明我用的语言或数学，我的食物基本都不是我自己做的，衣服更是一件都没做过。\n我所做的每一件事都有赖于我们人类的其他成员，以及他们的贡献和成就。我们很多人都想回馈社会，在历史的长河中再添一笔。\n我们只能用这种大多数人都掌握的方式去表达——因为我们不会写鲍勃·迪伦的歌或汤姆·斯托帕德的戏剧。\n我们试图用我们仅有的天分去表达我们深层的感受，去表达我们对前人所有贡献的感激，去为历史长河加上一点什么。那就是推动我的力量。\n 099.\n就像鲍勃·迪伦所说，如果你不忙着求生，你就在忙着求死。\n 100.\n希望你不要寄希望于有人可以一句话让你明白。\n我花20年理解的东西，如果你能花10年搞懂就至少比我厉害多了。","news_type":1,"symbols_score_info":{"002251":0.9,"NTES":0.9}},"isVote":1,"tweetType":1,"viewCount":2627,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108055963,"gmtCreate":1619966168952,"gmtModify":1704336839090,"author":{"id":"3566781753281034","authorId":"3566781753281034","name":"TeddyYoung","avatar":"https://static.tigerbbs.com/0b958b6ffdd952041a6d53ef33ecf5b4","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566781753281034","idStr":"3566781753281034"},"themes":[],"title":"","htmlText":"fyi","listText":"fyi","text":"fyi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108055963","repostId":"1120703707","repostType":4,"isVote":1,"tweetType":1,"viewCount":2843,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}