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Doing List \u002F 不为清单","），另一份是",[508,526,527],{},"要盯着看、看到就提高警觉的危险信号","（警惕清单）。前者是纪律，后者是排雷。这两份清单与",[520,530,27],{"href":531},"\u002Fbuzuoshenme","、",[520,534,5],{"href":535},"\u002Fbenfen",[520,537,15],{"href":538},"\u002Fzuoduideshiqing","是一体的。",[541,542,543],"h2",{"id":543},"底层逻辑",[545,546,547,551,558,565,572],"ul",{},[548,549,550],"li",{},"秘诀不是\"做了什么\"，而是\"不做什么\"——好公司都有一张长长的 Stop Doing List。",[548,552,553,554,557],{},"它不是技巧或公式，而是一种思维方式：",[508,555,556],{},"发现错了就立刻停","，因为这时成本最小，要抵抗短期诱惑。",[548,559,560,561,564],{},"不做的事分两类：① 谁都不该做的（如欺骗、不诚信）；② 与自己使命 \u002F ",[520,562,23],{"href":563},"\u002Fnengliquan","相违背的。",[548,566,567,568,571],{},"芒格：\"知道自己会死在哪里就坚决不去那里。\" 多数企业死在资金链断裂，所以",[508,569,570],{},"绝不借太多钱、不用 margin","。",[548,573,574,575,578,579,571],{},"\"做对的事情\"是通过",[508,576,577],{},"不做不对的事情","来实现的；学巴菲特、芒格，最该学的也是他们",[508,580,27],{},[582,583],"hr",{},[541,585,587],{"id":586},"一不做清单stop-doing-list","一、不做清单（Stop Doing List）",[589,590,592],"h3",{"id":591},"企业经营篇段永平亲述-19-条","企业经营篇（段永平亲述 19 条）",[594,595,596,612],"table",{},[597,598,599],"thead",{},[600,601,602,606,609],"tr",{},[603,604,605],"th",{},"#",[603,607,608],{},"不做的事",[603,610,611],{},"核心理由",[613,614,615,627,646,661,672,683,694,713,724,735,746,757,768,779,790,801,812,823,834],"tbody",{},[600,616,617,621,624],{},[618,619,620],"td",{},"1",[618,622,623],{},"不讨价还价（无销售部）",[618,625,626],{},"所有客户一个价，无折扣无返利；省下大量谈价时间，避免授权漏洞",[600,628,629,632,635],{},[618,630,631],{},"2",[618,633,634],{},"不做代工（OEM）",[618,636,637,638,641,642,645],{},"代工无",[520,639,113],{"href":640},"\u002Fchayihua","、难有利润；资源要投到自己的",[520,643,109],{"href":644},"\u002Fpinpai","上",[600,647,648,651,654],{},[618,649,650],{},"3",[618,652,653],{},"不借钱（无有息贷款）",[618,655,656,657,660],{},"\"",[520,658,48],{"href":659},"\u002Ffuzhai","的好处是发展快，不负债的好处是活得长\"；永远不会倒在资金链断裂上",[600,662,663,666,669],{},[618,664,665],{},"4",[618,667,668],{},"不赊账",[618,670,671],{},"\"收不到钱的生意我们不做，不管听起来多好\"",[600,673,674,677,680],{},[618,675,676],{},"5",[618,678,679],{},"不拖欠供应商货款",[618,681,682],{},"推崇\"不赚人便宜\"；财务逾期付款是\"没能力\"的表现",[600,684,685,688,691],{},[618,686,687],{},"6",[618,689,690],{},"不晚发 \u002F 克扣工资",[618,692,693],{},"契约精神，连离职员工年终奖照发",[600,695,696,699,702],{},[618,697,698],{},"7",[618,700,701],{},"不做不诚信的事",[618,703,704,705,709,710],{},"对不诚信\"零容忍\"；",[520,706,708],{"href":707},"\u002Fzhengzhi","正直诚信","才是真正的",[520,711,56],{"href":712},"\u002Fhuchenghe",[600,714,715,718,721],{},[618,716,717],{},"8",[618,719,720],{},"不攻击竞争对手",[618,722,723],{},"\"攻击对手恰恰是没有自信的表现\"；不把\"干倒谁\"当目标",[600,725,726,729,732],{},[618,727,728],{},"9",[618,730,731],{},"不打价格战",[618,733,734],{},"\"除非不得已，用价格武器总是错的\"；低价不会扩大份额",[600,736,737,740,743],{},[618,738,739],{},"10",[618,741,742],{},"不谈性价比",[618,744,745],{},"\"'性价比'就是为性能不够好找借口\"",[600,747,748,751,754],{},[618,749,750],{},"11",[618,752,753],{},"不做没有差异化的产品",[618,755,756],{},"没差异化只能靠价格竞争，很难赚钱",[600,758,759,762,765],{},[618,760,761],{},"12",[618,763,764],{},"不参加展会（含 CES）",[618,766,767],{},"对建立品牌事倍功半",[600,769,770,773,776],{},[618,771,772],{},"13",[618,774,775],{},"不弯道超车",[618,777,778],{},"\"捷径是迷路的最快办法\"；弯道超车 = 提高翻车率",[600,780,781,784,787],{},[618,782,783],{},"14",[618,785,786],{},"不收购兼并（M&A）",[618,788,789],{},"\"为做大而并购，结局一定很难看\"；靠自己滚雪球，长期反而最快",[600,791,792,795,798],{},[618,793,794],{},"15",[618,796,797],{},"不多元化",[618,799,800],{},"\"不为多元化而多元化\"；能做好一样，何必做做不好的",[600,802,803,806,809],{},[618,804,805],{},"16",[618,807,808],{},"不关注市场占有率 \u002F 销量排名",[618,810,811],{},"份额是果不是因；盯着份额会本末倒置（诺基亚之鉴）",[600,813,814,817,820],{},[618,815,816],{},"17",[618,818,819],{},"不盲目扩张",[618,821,822],{},"\"足够的最小发展速度\"，核心是安全；fast is slow（丰田之鉴）",[600,824,825,828,831],{},[618,826,827],{},"18",[618,829,830],{},"不赚快钱",[618,832,833],{},"\"三不嫌原则\"：违法的钱、违背道德的钱、超过自己能力的钱，都不赚",[600,835,836,839,842],{},[618,837,838],{},"19",[618,840,841],{},"不虚夸产品",[618,843,844],{},"\"最不好的广告就是夸大其词\"；营销最重要的是不能瞎说",[504,846,847,848,571],{},"完整出处与问答见：",[520,849,850],{"href":522},"商业逻辑篇·第7节 Stop doing list（不为清单）",[589,852,853],{"id":853},"投资篇",[545,855,856,862,868,877,890,896,902,911],{},[548,857,858,861],{},[508,859,860],{},"不用 margin \u002F 不借钱买股票","——\"赚的时候快，赔的时候更快；湿一回鞋就湿一辈子\"；满仓之后市场涨跌都与我无关。",[548,863,864,867],{},[508,865,866],{},"不做空","——老巴的教导：\"不做空，不借钱，不做不懂的东西\"；\"做空是愚蠢的\"。",[548,869,870,876],{},[508,871,872,873],{},"不",[520,874,96],{"href":875},"\u002Ftouji","——投机会上瘾；\"用到融资就变成短期投机了\"；投资用闲钱。",[548,878,879,885,886,889],{},[508,880,872,881,884],{},[520,882,100],{"href":883},"\u002Fzhisun","、不止盈","——\"止盈止亏都是投机的概念\"；",[520,887,43],{"href":888},"\u002Fjiazhitouzi","只有\"止错\"（生意变质才卖），与股价无关。",[548,891,892,895],{},[508,893,894],{},"不预测短期、不猜牛熊周期","——\"赌牛市或熊市是危险的，看不懂就歇着\"。",[548,897,898,901],{},[508,899,900],{},"不择时","——\"最好的办法是不择时，只想 10 年后的情况\"。",[548,903,904,910],{},[508,905,906,907,909],{},"不投自己看不懂的（不出",[520,908,23],{"href":563},"）","——\"知道能力圈有多大，比能力圈有多大更重要\"。",[548,912,913,916],{},[508,914,915],{},"不频繁交易","——长期持有，频繁买卖是投机心态。",[582,918],{},[541,920,922],{"id":921},"二警惕清单危险信号-red-flags","二、警惕清单（危险信号 \u002F Red Flags）",[589,924,925],{"id":925},"财务报表上要警惕的",[504,927,928],{},[508,929,930],{},"现金流 vs 利润背离（最核心）：",[545,932,933,940,947],{},[548,934,935,936,939],{},"\"好多公司看起来赚很多钱，",[520,937,67],{"href":938},"\u002Fxianjinliu","却一直在减少，那就有危险了。\"（2010-03-08）",[548,941,942,943,946],{},"\"净利润大于现金流时",[508,944,945],{},"一定要更小心","，要看清楚利润到底是些什么。\"（2010-05-08）",[548,948,949],{},"\"如果现金流少于利润就要小心了，要看他的钱花在哪里、是否真对未来有好处，不然会不见的。长期现金流少于利润不是好事。\"（2010-05-27）",[504,951,952],{},[508,953,954],{},"利润质量与管理层诚信：",[545,956,957,971],{},[548,958,959,960,963,964,967,968,909],{},"\"我在乎利润、成本这些数据里",[508,961,962],{},"到底由哪些东西组成","，要知道它真实反映的是什么；要把数据",[508,965,966],{},"连续几个季度甚至几年","来看，跟踪久了就知道他是在说谎还是说真话。\"（2010-03-08，参见",[520,969,70],{"href":970},"\u002Fzhenshilirun",[548,972,973,974,976],{},"GE 教训：怀疑它的盈利**\"老是刚刚好\"**→ 警觉做假账；文化只挂在嘴上、网站上却找不到 → \"",[520,975,166],{"href":707},"必须体现在行为中，而非口号上\"。",[504,978,979],{},[508,980,981],{},"净资产 \u002F 总资产的水分：",[545,983,984,995],{},[548,985,986,987,991,992,571],{},"\"不能被'",[520,988,990],{"href":989},"\u002Fjingzichan","净资产","'的表面数字迷惑\"——自创\"有效净资产\"，指真实盈利能力；",[508,993,994],{},"不赚钱的净资产是累赘，甚至是负价值",[548,996,997],{},"\"总资产是包括债务的\"——别被总资产迷惑（通用汽车、AIG 破产前总资产巨高、市值近乎 0）。",[504,999,1000],{},[508,1001,1002],{},"价值陷阱（看着便宜其实不便宜）：",[545,1004,1005,1012],{},[548,1006,1007,1008,1011],{},"\"市值低于现金的公司",[508,1009,1010],{},"千万要小心","，一眼看上去便宜，多数情况下未必是便宜货。\"（2018-01-12）",[548,1013,1014,1015,1018],{},"市值低于净资产 \u002F ",[520,1016,60],{"href":1017},"\u002Fjingxianjin","\"特别容易陷于价值陷阱——账面看着有价值，实际有很多水分\"。",[504,1020,1021],{},[508,1022,1023],{},"负债要看\"有息负债\"：",[545,1025,1026,1032,1039],{},[548,1027,1028,1029,1031],{},"担心的是\"很多公司为了发展快去",[520,1030,48],{"href":659},"，结果某天因负债陷入麻烦\"。",[548,1033,1034,1035,1038],{},"看负债要算",[508,1036,1037],{},"有息负债","（银行借贷 \u002F 债券，到期要还的）；预收款等风险意义差很多。",[548,1040,1041],{},"\"企业手上现金很少，很危险很被动——因为人总会犯错，不要让一个错误把你打倒。\"（2010-04-03）",[504,1043,1044],{},[508,1045,1046],{},"对待财报的总态度：",[545,1048,1049,1056,1062],{},[548,1050,1051,1052,1055],{},"\"看资产负债表不知道有没有用，但",[508,1053,1054],{},"不看有危险","。\"（2010-05-12）",[548,1057,656,1058,1061],{},[508,1059,1060],{},"看不懂财报的公司，最好不要碰","；如果所有公司的财报都看不懂，那最好别做投资。\"（2011-01-27）",[548,1063,1064,1065,1068],{},"他自己看财报",[508,1066,1067],{},"主要用于\"排除\"公司","——看完不喜欢或看不懂就不看了。",[589,1070,1071],{"id":1071},"商业模式上要警惕的",[545,1073,1074,1080,1088,1094],{},[548,1075,1076,1079],{},[508,1077,1078],{},"最差的生意","：发展很快、需要大量资本投入才能维持发展、利润却少得可怜甚至赚不到钱。",[548,1081,1082,1083,1087],{},"\"需要用很多人（相对营业额和利润而言）是不好",[520,1084,1086],{"href":1085},"\u002Fshangyemoshi","模式","的一个特征；短期内大量增加人手往往很危险。\"（2011-12-29）",[548,1089,1090,1093],{},[508,1091,1092],{},"重资产、高负债","商业模式要警惕。",[548,1095,1096,1099,1100,1102],{},[508,1097,1098],{},"差异化小、变化快","的行业——",[520,1101,56],{"href":712},"难建（如加工业、光伏\"拼到死去活来\"，甚至可能被替代）。",[589,1104,1106],{"id":1105},"管理层-诚信上要警惕的","管理层 \u002F 诚信上要警惕的",[545,1108,1109,1112,1119,1122],{},[548,1110,1111],{},"\"不诚信公司大概率不会有好下场。\"（2015-08-14）",[548,1113,1114,1115,1118],{},"\"'讲'信誉谁都会，但需要'守'信誉、要",[508,1116,1117],{},"付出代价","时很多人就不行了。\"",[548,1120,1121],{},"文化\"说一套做一套\"、只在口号 \u002F 广告里 → 危险信号。",[548,1123,1124],{},"\"管理层不好的公司怎么会有很深的护城河？\"（2013-04-02）",[589,1126,1127],{"id":1127},"市场行为上要警惕的",[545,1129,1130,1133,1136,1143],{},[548,1131,1132],{},"\"赌牛市或熊市是危险的，看不懂就歇着。\"",[548,1134,1135],{},"借钱 \u002F 用 margin——\"没人知道市场到底有多疯狂（向下或向上）\"。",[548,1137,1138,1139,1142],{},"做空——\"要同时面对",[520,1140,84],{"href":1141},"\u002Fjibenmian","和市场的疯狂，风险无限\"。",[548,1144,1145],{},"\"任何时候只要你还想着要空一把谁，那就表示你还是个投机分子（以为自己比市场聪明）。\"",[582,1147],{},[541,1149,1150],{"id":1150},"一句话总结",[504,1152,1153,1154,1157],{},"别被表面数字（总资产、净资产、账面利润、低市值）迷惑，要穿透到",[508,1155,1156],{},"真实现金流 + 真实盈利能力 + 管理层是否诚信","，连续几年地看；看不懂的就排除掉、不碰。能尽量不做不对的事、同时努力把事做对，10 年 20 年后的区别是巨大的。",{"title":1159,"searchDepth":13,"depth":13,"links":1160},"",[1161,1162,1166,1172],{"id":543,"depth":13,"text":543},{"id":586,"depth":13,"text":587,"children":1163},[1164,1165],{"id":591,"depth":17,"text":592},{"id":853,"depth":17,"text":853},{"id":921,"depth":13,"text":922,"children":1167},[1168,1169,1170,1171],{"id":925,"depth":17,"text":925},{"id":1071,"depth":17,"text":1071},{"id":1105,"depth":17,"text":1106},{"id":1127,"depth":17,"text":1127},{"id":1150,"depth":13,"text":1150},"汇总段永平的「Stop Doing List（不为清单）」与「警惕清单（危险信号）」：从企业经营 19 条不做的事、投资上的不做空不借钱不投机，到财报上现金流与利润背离、价值陷阱、有息负债等需要提高警觉的信号。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fbuzuo-yu-jingti",{"title":31,"description":1173},"段永平的 Stop Doing List 不为清单与警惕清单合辑：企业经营 19 条不做的事、投资上的不做空不借钱不投机，以及财报现金流与利润背离、价值陷阱、有息负债等危险信号。","段永平的不做清单与警惕清单｜段永平投资问答录","dao\u002Fconcepts\u002Fbuzuo-yu-jingti","R2mZQ8DQmXFKkEKY3bbdrm0zTQl2HqAwIXl7V7ny7Sc","dao",1781770400059]