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不确定性是用安全边际来对付的",[406,486,487],{},[383,488,489,490,492],{},"\"不确定性是用",[386,491,72],{"href":388},"去对付的。\"（2011-05-09）",[406,494,495],{},[383,496,497,498,500],{},"\"如果你指的是你对公司10年后的理解，那把握度就是你的",[386,499,72],{"href":388},"。\"",[434,502,504],{"id":503},"_4-理解越深需要的价格安全边际越小","4. 理解越深，需要的价格安全边际越小",[406,506,507],{},[383,508,509,510,512,513,515,516,518,519,521],{},"\"如果你对一家企业及其未来发展了如指掌，那么你所需要的",[386,511,72],{"href":388},"就会很小。所以，假设你仍想投资一家较为脆弱的企业，你就需要更大的",[386,514,72],{"href":388},"。就好比你开着一辆卡车通过一座标明限重10000磅的桥，而你的卡车重9800磅，如果桥下只有6英寸深的沟壑，你可能会觉得没问题;但要是这座桥横跨大峡谷，你可能就会觉得需要更大的",[386,517,72],{"href":388},"。\"（引用",[391,520,425],{},"1997年原话）",[383,523,524,526,527,529],{},[391,525,400],{},"评论：\"以前没看过",[391,528,425],{},"讲的原话，今天偶尔看到，发现跟我的意思一样一样的。\"（2024-01-21）",[379,531,532],{"id":532},"实战案例",[434,534,535],{"id":479},[391,536,479],{},[383,538,539,540,542,543,545],{},"当年投资",[391,541,479],{},"时，段永平有天然的",[386,544,72],{"href":388},"——他在游戏行业浸润多年，对市场规模的判断远比一般投资者准确。市场认为游戏市场不大，但他\"很确定这个市场非常大\"。",[434,547,549],{"id":548},"苹果",[391,550,548],{},[406,552,553],{},[383,554,555,556,558],{},"\"可能是我说的。我认为老巴的'",[386,557,72],{"href":388},"'实际上指的是理解度而不是价格。从10年的角度看，买的时候比最低价贵30%其实没多少。\"（2013-03-01）",[383,560,561,562,564,565,567,568,570,571,574,575,578],{},"段永平买",[391,563,548],{},"时的",[386,566,72],{"href":388},"来自于他在消费电子行业20多年的经验，让他能看懂",[391,569,548],{},"的",[391,572,573],{},"生意模式","和",[386,576,51],{"href":577},"\u002Fhuchenghe","。",[434,580,581],{"id":581},"雅虎",[383,583,584,585,587,588,591,592,594,595,597],{},"网友说买入雅虎的",[386,586,72],{"href":388},"在于其持有的",[391,589,590],{},"阿里巴巴","股份。段永平回应：\"没有",[391,593,590],{},"集团的话，雅虎就不便宜了。\"——这里的",[386,596,72],{"href":388},"确实更偏向价格层面。",[379,599,600],{"id":600},"常见误解",[434,602,604],{"id":603},"误解一安全边际就是便宜买入","误解一：安全边际就是便宜买入",[406,606,607],{},[383,608,609],{},"\"不了解的公司再便宜也可能不便宜。\"（2020-10-15）",[434,611,613],{"id":612},"误解二安全边际可以用数字衡量","误解二：安全边际可以用数字衡量",[406,615,616],{},[383,617,442,618,445],{},[386,619,72],{"href":388},[406,621,622],{},[383,623,624],{},"\"赌一般指的是48%赢面的下注，90%以上赢面的下注我一般称之为投资。\"",[434,626,628],{"id":627},"误解三安全边际是最重要的","误解三：安全边际是最重要的",[383,630,631,632,634,635,637],{},"网友说\"",[386,633,72],{"href":388},"是重中之重\"，段永平回答：\"很重要的东西之一吧。\"（2010-04-04）——他不把",[386,636,72],{"href":388},"孤立地看作最重要的，而是整个理解体系的一部分。",[379,639,640],{"id":640},"思想演变",[383,642,643,646,647,649,650,652],{},[391,644,645],{},"早期（2010年前后）","：",[391,648,400],{},"开始在网上讨论",[386,651,72],{"href":388},"，已经倾向于将其理解为\"理解度\"而非纯粹的价格折扣。",[383,654,655,658,659,661],{},[391,656,657],{},"中期（2013年）","：明确提出\"我认为老巴的'",[386,660,72],{"href":388},"'实际上指的是理解度而不是价格\"这一标志性观点。",[383,663,664,667,668,670],{},[391,665,666],{},"成熟期（2020-2024年）","：反复强调\"想了很多年\"才理解这个概念。2024年偶然看到",[391,669,425],{},"1997年的原话（桥梁与大峡谷的比喻），发现与自己的理解\"一样一样的\"。",[383,672,673,676,677,679],{},[391,674,675],{},"最新（2025年）","：在方三文对话中再次强调",[386,678,72],{"href":388},"是\"你对公司有多懂\"。",[379,681,682],{"id":682},"原话引用",[406,684,685],{},[383,686,410,687,413,689,417],{},[386,688,72],{"href":388},[386,690,22],{"href":416},[406,692,693],{},[383,694,442,695,445],{},[386,696,72],{"href":388},[406,698,699],{},[383,700,450,701,703],{},[386,702,72],{"href":388},"的理解是对公司的理解度而不是股票短期的价格波动。\"（2020-10-15）",[406,705,706],{},[383,707,555,708,558],{},[386,709,72],{"href":388},[406,711,712],{},[383,713,489,714,492],{},[386,715,72],{"href":388},[406,717,718],{},[383,719,458,720,461,722,724],{},[386,721,72],{"href":388},[386,723,72],{"href":388},"指的是你对公司有多懂，这是我的理解。\"（2025年方三文对话）",[406,726,727],{},[383,728,442,729,731,732,734,735,734,737,739],{},[391,730,425],{},"有几条东西:",[386,733,22],{"href":416},"、",[386,736,51],{"href":577},[386,738,72],{"href":388},"，他没说哪个行业。\"（2010-05-08）",[406,741,742],{},[383,743,744,745,747,748,751],{},"\"买股票应该在公司股价低于其内在价值时买。至于应该是40%还是50%（",[386,746,72],{"href":388},"）还是其他数字则完全由投资人自己的",[386,749,83],{"href":750},"\u002Fjihuichengben","情况来决定。\"",{"title":753,"searchDepth":12,"depth":12,"links":754},"",[755,756,762,767,772,773],{"id":381,"depth":12,"text":381},{"id":432,"depth":12,"text":432,"children":757},[758,759,760,761],{"id":436,"depth":16,"text":437},{"id":467,"depth":16,"text":468},{"id":483,"depth":16,"text":484},{"id":503,"depth":16,"text":504},{"id":532,"depth":12,"text":532,"children":763},[764,765,766],{"id":479,"depth":16,"text":479},{"id":548,"depth":16,"text":548},{"id":581,"depth":16,"text":581},{"id":600,"depth":12,"text":600,"children":768},[769,770,771],{"id":603,"depth":16,"text":604},{"id":612,"depth":16,"text":613},{"id":627,"depth":16,"text":628},{"id":640,"depth":12,"text":640},{"id":682,"depth":12,"text":682},null,"安全边际原是格雷厄姆价值投资理论的核心概念，传统理解为\"以低于内在价值的价格买入，留出足够的价格安全空间\"。段永平对这个概念进行了独特的重新诠释——他认为安全边际的核心不是价格，而是对公司的理解度。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fanquanbianji",{"title":72,"description":775},"段永平谈安全边际：安全边际原是格雷厄姆价值投资理论的核心概念，传统理解为\"以低于内在价值的价格买入，留出足够的价格安全空间\"。段永平对这个概念进行了独特的重新诠释——他认为安全边际的核心不是价格，而是对公司的理解度。","安全边际｜大道总纲","dao\u002Fconcepts\u002Fanquanbianji","lGnoEg-E5zeEmB75jlHw6L5tH0dXsTNl9hjdHuvsG5k","dao",1778608453583]