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投机与投资的本质区别",[412,433,434],{},[383,435,436,437,439],{},"\"",[386,438,91],{"href":388},"和投资的概念，看起来在行为上似乎很近似，但结果上差异会很大。\"（2006年网易证券对话）",[412,441,442],{},[383,443,444,445,447,448,450],{},"\"投资这个游戏其实只有一个玩法，就是'",[386,446,38],{"href":397},"'。",[386,449,91],{"href":388},"则有不同的玩法，到赌场有很多玩法，可以玩'大小'等等，什么都可以玩。\"（2007年网易专访）",[412,452,453],{},[383,454,455,456,458,459,461,462,464],{},"\"投资其实就是",[386,457,38],{"href":397},"。你不投价值，那你投的是什么？但",[386,460,91],{"href":388},"不一样，人家",[386,463,91],{"href":388},"投资在机会上，你这样讲也OK。\"（2025年浙大演讲）",[428,466,468],{"id":467},"_2-投机会上瘾","2. 投机会上瘾",[412,470,471],{},[383,472,473,474,476,477,480],{},"\"呵呵，",[386,475,91],{"href":388},"是会上瘾的，不好改。这是",[391,478,479],{},"芒格","说的。\"",[412,482,483],{},[383,484,485,486,488,489,492],{},"\"其实每个人都有一颗",[386,487,91],{"href":388},"的心，所以才需要信仰。我对信仰的理解就是'",[386,490,14],{"href":491},"\u002Fzuoduideshiqing","'，或者说知道是'不对的事情'就别做了。人们热爱做'不对的事情'是因为这类事情往往有短期诱惑。\"",[428,494,496],{"id":495},"_3-用融资就是投机","3. 用融资就是投机",[412,498,499],{},[383,500,501,502,504],{},"\"因为你从事的是很长期的事业，但是用到融资就变成短期的",[386,503,91],{"href":388},"了，一旦价格影响，就会导致你出现巨大的亏损。\"（2006年新浪财经）",[412,506,507],{},[383,508,509,510,512],{},"\"投资用的是闲钱，不然就是",[386,511,91],{"href":388},"了。\"",[428,514,516],{"id":515},"_4-投机者的下场","4. 投机者的下场",[412,518,519],{},[383,520,521,522,524],{},"\"你看那些，很",[386,523,91],{"href":388},"很有名的那些人，大部分死得都很惨。这是真事，真死了，或者说生意也死得很惨，国内也不是没有。作为一个有钱人，好好的跑去坐了牢了，你这种多想不开。\"（2025年浙大演讲）",[412,526,527],{},[383,528,436,529,531,532,534],{},[386,530,38],{"href":397},"的风险不该比开车出门大，",[386,533,91],{"href":388},"的风险不会比去赌场小。\"",[379,536,537],{"id":537},"实战案例",[428,539,540],{"id":540},"段永平自己的投机经历",[412,542,543],{},[383,544,436,545,547,548,550,551,553,554,556],{},[391,546,422],{},"有",[386,549,91],{"href":388},"过的，不是没有的，",[386,552,91],{"href":388},"是好玩，投资是赚钱的，所以是两回事，我现在也会",[386,555,91],{"href":388},"的，但是金额比较少，全力以赴押上去的就会非常的小心。\"（2006年网易证券对话）",[428,558,560],{"id":559},"做空百度最差的投机","做空百度：最差的投机",[412,562,563],{},[383,564,565,566,568],{},"\"不过，这其实不算我最差的投资，因为这根本就是彻头彻尾的",[386,567,91],{"href":388},"。以后不会再有这种例子了。\"（2010-03-07）",[383,570,571,572,574],{},"段永平做空百度亏了1.5-2亿美元，这是在",[391,573,422],{},"告诫他不要做空之后犯的错误。",[428,576,577],{"id":577},"买option是投机",[412,579,580],{},[383,581,582,583,586,587,590,591,593],{},"\"卖option其实不会有短期赚大钱的机会，但是实实在在产生净",[386,584,62],{"href":585},"\u002Fxianjinliu","的办法，在懂的",[386,588,79],{"href":589},"\u002Fjibenmian","的前提下长期而言是有机会获得高于平均市场回报的回报的。买option则是",[386,592,91],{"href":388},"，常做铁亏。\"（2011-07-16）",[428,595,596],{"id":596},"止盈止亏是投机的概念",[412,598,599],{},[383,600,601,602,604],{},"\"是的，止盈止亏都是",[386,603,91],{"href":388},"的概念。\"（2025-12-01）",[379,606,607],{"id":607},"常见误解",[428,609,611],{"id":610},"误解一短线就一定是投机","误解一：短线就一定是投机",[383,613,614,615,617],{},"段永平区分的标准不是时间长短，而是是否在买\"未来",[386,616,62],{"href":585},"\"。",[412,619,620],{},[383,621,622,623,625,626,628],{},"\"做空是比较",[386,624,91],{"href":388},"的。\"（2006年网易证券对话）——这里短不是因为时间短，而是因为做空不是在买未来",[386,627,62],{"href":585},"。",[428,630,632],{"id":631},"误解二投机总是亏钱","误解二：投机总是亏钱",[412,634,635],{},[383,636,436,637,639,640,642],{},[386,638,91],{"href":388},"是好玩，投资是赚钱的。\"——段永平承认",[386,641,91],{"href":388},"有时能赚钱，但长期来看不如投资。",[428,644,646],{"id":645},"误解三可以从投机转向投资","误解三：可以从投机转向投资",[412,648,649],{},[383,650,651,652,654,655,657,658,660],{},"\"如果股民意识到",[386,653,91],{"href":388},"无法赚钱，如果想从",[386,656,91],{"href":388},"转向投资，有什么样的心态可以从",[386,659,91],{"href":388},"转向投资？\"",[412,662,663],{},[383,664,665,666,668,669,671],{},"\"我想一、二句话是说不清楚的，起码要看整套",[391,667,422],{},"的书。这么多年，我碰到了很多的人，都看了",[391,670,422],{},"的书，但是懂了吗？\"（2006年网易证券对话）",[383,673,674,676],{},[391,675,393],{},"认为以自己10年投资的经历来看，\"还真没有见过谁真的变了\"（2011-12-31）。",[379,678,679],{"id":679},"思想演变",[383,681,682,685,686,688,689,692],{},[391,683,684],{},"1999年（经营阶段）","：在企业经营中就已经树立了反",[386,687,91],{"href":388},"的价值观——\"比如，在企业中，经常有各种各样的诱惑围绕着你，面对这些诱惑就需要",[386,690,10],{"href":691},"\u002Fpingchangxin","。\"（1999年人大演讲）",[383,694,695,698,699,628],{},[391,696,697],{},"2006年（区分投资与投机）","：首次在投资语境中系统区分投资与",[386,700,91],{"href":388},[383,702,703,706],{},[391,704,705],{},"2007-2010年（痛定思痛）","：做空百度的惨痛教训让他更加坚定\"不做空、不借钱、不做不懂的东西\"。",[383,708,709,712,713,715,716,718],{},[391,710,711],{},"2025年","：在浙大演讲和方三文对话中，用更加通俗直白的语言阐述",[386,714,91],{"href":388},"的危害，并提出\"止盈止亏都是",[386,717,91],{"href":388},"的概念\"这一清晰论断。",[379,720,721],{"id":721},"原话引用",[412,723,724],{},[383,725,726,727,410],{},"\"股票市场绝大多数人是在",[386,728,91],{"href":388},[412,730,731],{},[383,732,733,734,628,736,439],{},"\"做投资和做企业本身没有本质的差异……你要是不会做，往往就变成了",[386,735,91],{"href":388},[386,737,91],{"href":388},[412,739,740],{},[383,741,436,742,476,744,480],{},[386,743,91],{"href":388},[391,745,479],{},[412,747,748],{},[383,749,485,750,752],{},[386,751,91],{"href":388},"的心，所以才需要信仰。\"",[412,754,755],{},[383,756,509,757,512],{},[386,758,91],{"href":388},[412,760,761],{},[383,762,436,763,531,765,534],{},[386,764,38],{"href":397},[386,766,91],{"href":388},[412,768,769],{},[383,770,771,772,774,775,777,778,780],{},"\"很多人说，",[386,773,38],{"href":397},"很难。但",[386,776,91],{"href":388},"更难！",[386,779,91],{"href":388},"百分之八九十的散户都是亏钱的，牛市、熊市都亏。\"（2025年）",[412,782,783],{},[383,784,601,785,604],{},[386,786,91],{"href":388},[412,788,789],{},[383,790,791,792,794],{},"\"不打算拿十年的心态会让你很容易做一个",[386,793,91],{"href":388},"的决定。\"（2026-01-23）",{"title":796,"searchDepth":12,"depth":12,"links":797},"",[798,799,805,811,816,817],{"id":381,"depth":12,"text":381},{"id":426,"depth":12,"text":426,"children":800},[801,802,803,804],{"id":430,"depth":16,"text":431},{"id":467,"depth":16,"text":468},{"id":495,"depth":16,"text":496},{"id":515,"depth":16,"text":516},{"id":537,"depth":12,"text":537,"children":806},[807,808,809,810],{"id":540,"depth":16,"text":540},{"id":559,"depth":16,"text":560},{"id":577,"depth":16,"text":577},{"id":596,"depth":16,"text":596},{"id":607,"depth":12,"text":607,"children":812},[813,814,815],{"id":610,"depth":16,"text":611},{"id":631,"depth":16,"text":632},{"id":645,"depth":16,"text":646},{"id":679,"depth":12,"text":679},{"id":721,"depth":12,"text":721},null,"投机在段永平的框架中是与价值投资对立的概念。他在1999年做客人民大学时就已经在经营理念中体现了反投机的思想——强调\"播种、耕种，然后才收获\"，反对\"投入2000万短时间挣两亿\"的诱惑。","md",{},true,"\u002Fdao\u002Fconcepts\u002Ftouji",{"title":91,"description":819},"段永平谈投机：投机在段永平的框架中是与价值投资对立的概念。他在1999年做客人民大学时就已经在经营理念中体现了反投机的思想——强调\"播种、耕种，然后才收获\"，反对\"投入2000万短时间挣两亿\"的诱惑。","投机｜大道总纲","dao\u002Fconcepts\u002Ftouji","a7FL1SR3sC0m9uH1o3LSLWUioDekSed8uaeS5v7uiaM","dao",1778608453618]