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折现率就是个人的机会成本",[430,431,432],"blockquote",{},[383,433,434,435,437,438,440,441,443],{},"\"",[386,436,69],{"href":397},"率实际上是相对于投资人的",[386,439,83],{"href":388},"而言的。最低的",[386,442,83],{"href":388},"就是无风险回报率，比如美国国债的利率。\"",[430,445,446],{},[383,447,448,449,451,452,454,455,457],{},"\"我总觉得每个人给出的'",[386,450,69],{"href":397},"率'应该是每个人自己的（长期）最大",[386,453,83],{"href":388},"。对很多不懂投资的人们而言，最合适的",[386,456,83],{"href":388},"应该是无风险利率。\"（2025-10-05）",[425,459,461],{"id":460},"_2-持有就是买入卖出与买入成本无关","2. 持有就是买入，卖出与买入成本无关",[430,463,464],{},[383,465,466,467,469],{},"\"每天的收盘价就是我们的",[386,468,83],{"href":388},"，没有卖就等于买了，否则可以买其他。所以非常认同段老师的卖和买入成本无关的说法。\"——网友总结，段永平回复：\"赞。\"（2010-03-31）",[425,471,473],{"id":472},"_3-选最好的商业模式就是管理机会成本","3. 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把苹果作为机会成本的标杆",[430,494,495],{},[383,496,497,498,501,502,504,505,507,508,510,511,513],{},"\"在我的理解里，",[391,499,500],{},"苹果","的",[386,503,48],{"href":484},"非常强大，未来的复利回报大概率是会高过长期美国国债的。我总是习惯把美国长期国债作为第一",[386,506,83],{"href":388},"（就是最低的意思），",[391,509,500],{},"第二。所以除非看到未来几十年会好过",[391,512,500],{},"的公司，不然我不愿意换的。\"（2022-01-27）",[379,515,516],{"id":516},"实战案例",[425,518,520],{"id":519},"做空百度的教训机会成本最大的错误","做空百度的教训：机会成本最大的错误",[430,522,523],{},[383,524,525,526,528],{},"\"最可惜的是，这次错误把我们的现金储备全部消耗掉了，",[386,527,83],{"href":388},"巨大，不然这次金融危机我就可以帮大家赚更多钱了。\"（2010-03-07）",[430,530,531],{},[383,532,434,533,535],{},[386,534,83],{"href":388},"大，亏点钱是小事。\"（2010-05-12）",[383,537,538],{},"做空百度不仅亏了1.5-2亿美元，更大的损失是消耗了现金储备，导致2008年金融危机时错过了更好的投资机会。",[425,540,541],{"id":541},"守着烂公司的机会成本",[430,543,544],{},[383,545,546,547,550,551,553,554,556],{},"\"花了很长时间，守着一个",[391,548,549],{},"生意模式","很烂的公司，",[386,552,83],{"href":388},"很高，心情也不好吧?花掉的时间也是",[386,555,83],{"href":388},"。\"（2015-09-09）",[425,558,560,563],{"id":559},"茅台的机会成本计算",[391,561,562],{},"茅台","的机会成本计算",[430,565,566],{},[383,567,568,569,571],{},"\"假如你有一笔现金，长期没有使用计划，你觉得投在哪里最舒服（合算）?每个人的",[386,570,83],{"href":388},"都不一样，自己看着办吧。\"（2022-05-02）",[425,573,574],{"id":574},"多元化经营中的机会成本",[430,576,577],{},[383,578,579,580,582],{},"\"我不做手机不等于我不做别的东西。问题是做什么东西好，这就是一个",[386,581,83],{"href":388},"的问题。\"（2001年）",[383,584,585,586,588],{},"这里的",[386,587,83],{"href":388},"思维不仅适用于投资，也适用于企业经营——做一件事的代价是放弃了另一件可能更好的事。",[379,590,591],{"id":591},"常见误解",[425,593,595],{"id":594},"误解一机会成本只是金钱","误解一：机会成本只是金钱",[383,597,598,599,601,602,604],{},"时间也是",[386,600,83],{"href":388},"。\"花掉的时间也是",[386,603,83],{"href":388},"。\"",[425,606,608],{"id":607},"误解二应该追求最高回报率","误解二：应该追求最高回报率",[430,610,611],{},[383,612,613],{},"\"一旦心里有了要求回报率，动作就可能变形，因为人们是有可能为了达到这个要求回报率去铤而走险的。\"",[383,615,616],{},"应该有的是\"可接受回报率\"的底线（国债利率），而不是要求回报率。",[425,618,620],{"id":619},"误解三用指数作为机会成本基准","误解三：用指数作为机会成本基准",[430,622,623],{},[383,624,625],{},"\"其实跟什么比并不能改变你投资的原则。我喜欢选个标准比较低一点的，满足感比较好。\"",[383,627,628,630,631,633],{},[391,629,393],{},"习惯用国债利率而非标普指数作为",[386,632,83],{"href":388},"的最低基准。",[379,635,636],{"id":636},"思想演变",[383,638,639,642,643,645],{},[391,640,641],{},"2001年（经营阶段）","：在企业经营中已经使用",[386,644,83],{"href":388},"思维来思考多元化和产品选择。",[383,647,648,651,652,654],{},[391,649,650],{},"2006-2010年（投资初期）","：在做空百度事件中深刻体验了",[386,653,83],{"href":388},"的巨大影响——不仅是亏损本身，更是错失了金融危机中的投资良机。",[383,656,657,660,661,663,664,666,667,669,670,672,673,675],{},[391,658,659],{},"2011-2022年（体系化阶段）","：将",[386,662,83],{"href":388},"概念融入投资体系的核心，明确\"",[386,665,69],{"href":397},"率=个人",[386,668,83],{"href":388},"\"的等式，并以国债利率作为底线、",[391,671,500],{},"作为标杆来管理自己的",[386,674,83],{"href":388},"。",[383,677,678,681,682,684,685,687],{},[391,679,680],{},"2025年","：在与方三文对话和雪球问答中继续深化这一概念，更加明确地将",[386,683,69],{"href":397},"率和个人",[386,686,83],{"href":388},"挂钩。",[379,689,690],{"id":690},"原话引用",[430,692,693],{},[383,694,434,695,437,697,440,699,443],{},[386,696,69],{"href":397},[386,698,83],{"href":388},[386,700,83],{"href":388},[430,702,703],{},[383,704,705,706,708],{},"\"对，就是",[386,707,83],{"href":388},"的意思。\"（2010年）",[430,710,711],{},[383,712,525,713,715],{},[386,714,83],{"href":388},"巨大。\"（2010-03-07）",[430,717,718],{},[383,719,434,720,535],{},[386,721,83],{"href":388},[430,723,724],{},[383,725,726,727,729],{},"\"你愿意给多少P\u002FE完全取决于你自己的能力或者说你自己的资金的",[386,728,83],{"href":388},"，其实和市场无关。\"（2011-10-01）",[430,731,732],{},[383,733,734,735,737],{},"\"要想搞懂自己不擅长的东西往往没有那么容易，同样的",[386,736,83],{"href":388},"（时间）在自己明白的圈子里往往有大得多的回报。\"（2011-03-04）",[430,739,740],{},[383,741,478,742,481,744,746],{},[386,743,83],{"href":388},[386,745,48],{"href":484},"最好的投。\"（2021-10-24）",[430,748,749],{},[383,750,546,751,550,753,553,755,556],{},[391,752,549],{},[386,754,83],{"href":388},[386,756,83],{"href":388},{"title":758,"searchDepth":12,"depth":12,"links":759},"",[760,761,767,773,778,779],{"id":381,"depth":12,"text":381},{"id":423,"depth":12,"text":423,"children":762},[763,764,765,766],{"id":427,"depth":16,"text":428},{"id":460,"depth":16,"text":461},{"id":472,"depth":16,"text":473},{"id":491,"depth":16,"text":492},{"id":516,"depth":12,"text":516,"children":768},[769,770,771,772],{"id":519,"depth":16,"text":520},{"id":541,"depth":16,"text":541},{"id":559,"depth":16,"text":559},{"id":574,"depth":16,"text":574},{"id":591,"depth":12,"text":591,"children":774},[775,776,777],{"id":594,"depth":16,"text":595},{"id":607,"depth":16,"text":608},{"id":619,"depth":16,"text":620},{"id":636,"depth":12,"text":636},{"id":690,"depth":12,"text":690},null,"机会成本在段永平的投资体系中有两层含义：一是作为折现率的基准（每个投资者的机会成本不同，决定了他应该用什么标准来评估投资机会）；二是作为投资决策的核心考量（持有一只股票的机会成本是你放弃的其他投资机会...","md",{},true,"\u002Fdao\u002Fconcepts\u002Fjihuichengben",{"title":83,"description":781},"段永平谈机会成本：机会成本在段永平的投资体系中有两层含义：一是作为折现率的基准（每个投资者的机会成本不同，决定了他应该用什么标准来评估投资机会）；二是作为投资决策的核心考量（持有一只股票的机会成本是你放弃的其他投资机会...","机会成本｜大道总纲","dao\u002Fconcepts\u002Fjihuichengben","gxGh2PlZ4PF5WIGfl0feLatslBRV9TJh-cSvqmFlUUE","dao",1778608453602]