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现金流是区分好生意和苦生意的标准",[410,529,530],{},[383,531,532,533,536,537,539],{},"\"好的",[386,534,48],{"href":535},"\u002Fshangyemoshi","很简单，就是利润和净",[386,538,62],{"href":388},"一直都是杠杠的，而且竞争对手哪怕用很长的时间也很难抢。\"（2020-10-11）",[410,541,542],{},[383,543,544,545,548,549,551],{},"\"买了一个好生意一直拿着真的会觉得很难受吗?假设我们拥有整个",[391,546,547],{},"茅台","，每天",[386,550,62],{"href":388},"杠杠的，你在坚守啥?\"",[379,553,554],{"id":554},"实战案例",[428,556,558],{"id":557},"网易",[391,559,557],{},[383,561,562,564,565,567,568,570,571,573,574,576,577,579],{},[391,563,393],{},"2001年买入",[391,566,557],{},"时，关键判断就是看到了",[391,569,557],{},"未来能够产生可观的",[386,572,62],{"href":388},"。当时",[391,575,557],{},"股价约1美元，但他看到游戏业务将带来巨大的",[386,578,62],{"href":388},"。",[428,581,583],{"id":582},"苹果",[391,584,582],{},[383,586,587,588,590,591,594,595,597,598,600],{},"2011年买入",[391,589,582],{},"时的简单计算：市值3000亿，",[386,592,55],{"href":593},"\u002Fjingxianjin","1000亿，利润约200亿。\"用2000亿\"去衡量未来的",[386,596,62],{"href":388},"，判断未来5年利润大概率涨到500亿——这就是\"毛估估\"看未来",[386,599,62],{"href":388},"的典型案例。",[428,602,604],{"id":603},"加密货币没有现金流就不碰","加密货币：没有现金流就不碰",[410,606,607],{},[383,608,609,610,612],{},"\"没有",[386,611,62],{"href":388},"的东西我不会感兴趣的，you don't get the point!!!\"（2025-11-20）",[379,614,615],{"id":615},"常见误解",[428,617,619],{"id":618},"误解一可以用公式精确计算","误解一：可以用公式精确计算",[410,621,622],{},[383,623,624,625,627],{},"\"一般来讲，任何人只要试图用未来",[386,626,62],{"href":388},"的计算公式去计算公司的内在价值时，就说明其实他还不太懂自己在干什么。\"",[428,629,631],{"id":630},"误解二应该重点关注某个财务指标","误解二：应该重点关注某个财务指标",[383,633,634,635,637,638,640],{},"网友问\"净利润、",[386,636,62],{"href":388},"和自由",[386,639,62],{"href":388},"，哪个指标是我们应该重点关注的？\"",[410,642,643],{},[383,644,645],{},"\"如果你拥有一家公司的话，你就知道什么是你应该重点关注的了。如果你没有拥有一家公司的感觉，怎么说也都是没用的。\"",[428,647,649],{"id":648},"误解三未来现金流折现可以学会","误解三：未来现金流折现可以学会",[410,651,652],{},[383,653,654],{},"\"大概只有一个办法，那就是保有拥有这家公司的心态。你要真有这种心态，其实不用学就会了，因为那都是真金白银啊。\"",[379,656,657],{"id":657},"思想演变",[383,659,660,663,664,666,667,669],{},[391,661,662],{},"早期（2001-2006年）","：主要是实践阶段，通过投资",[391,665,557],{},"等验证\"买未来",[386,668,62],{"href":388},"\"的思路。",[383,671,672,675,676,678,680],{},[391,673,674],{},"中期（2007-2015年）","：在雪球上反复阐述\"未来",[386,677,62],{"href":388},[386,679,69],{"href":399},"\"的概念，强调这是一种思维方式而非计算方法。归纳出\"基本版、说明版、啰嗦版\"三个层次的投资理解。",[383,682,683,686,687,689],{},[391,684,685],{},"近期（2020-2025年）","：表述更加直接。在2025年方三文对话中说：\"你一定要看懂生意，你也要看懂未来的",[386,688,62],{"href":388},"；难是难在你很难做到这一点，大部分公司都不容易看懂。\"",[383,691,692,693,695],{},"特别值得注意的是，2025年前后段永平开始更多使用具体计算来举例（如以",[391,694,547],{},"利润增长率带入公式），但始终强调这只是帮助思考的工具，不是投资决策的公式。",[379,697,698],{"id":698},"原话引用",[410,700,701],{},[383,702,414,703,417],{},[386,704,62],{"href":388},[410,706,707],{},[383,708,436,709,711,441,713,444,715,717],{},[386,710,62],{"href":388},[386,712,69],{"href":399},[386,714,62],{"href":388},[386,716,62],{"href":388},"，未来指的是公司的整个生命周期。\"",[410,719,720],{},[383,721,722,723,725,726,417],{},"\"公司价值是什么?就是公司未来",[386,724,62],{"href":388},"的",[386,727,69],{"href":399},[410,729,730],{},[383,731,732,733,735,737],{},"\"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",[386,734,62],{"href":388},[386,736,69],{"href":399},"，句号!\"",[410,739,740],{},[383,741,742,743,745],{},"\"我说的信仰就是你骨子里真的相信的东西，是不会被某些事情动摇的，比如长期利润及净",[386,744,62],{"href":388},"好的公司股价早晚会跟上来等等。\"",[410,747,748],{},[383,749,750,751,753,754,756],{},"\"很多人说很难看懂未来",[386,752,62],{"href":388},"。其实绝大多数公司的未来",[386,755,62],{"href":388},"我也是看不懂的。看不懂的就不碰。\"",[410,758,759],{},[383,760,761,762,764,765,767],{},"\"非常有趣的是，如果人们不是买'未来",[386,763,62],{"href":388},"'的话，那他们到底买的是什么呢?不是买'未来",[386,766,62],{"href":388},"'的实际上很可能是在加入一个零和游戏中。\"",[410,769,770],{},[383,771,609,772,612],{},[386,773,62],{"href":388},{"title":775,"searchDepth":12,"depth":12,"links":776},"",[777,778,784,789,794,795],{"id":381,"depth":12,"text":381},{"id":426,"depth":12,"text":426,"children":779},[780,781,782,783],{"id":430,"depth":16,"text":431},{"id":466,"depth":16,"text":467},{"id":494,"depth":16,"text":495},{"id":526,"depth":16,"text":527},{"id":554,"depth":12,"text":554,"children":785},[786,787,788],{"id":557,"depth":16,"text":557},{"id":582,"depth":16,"text":582},{"id":603,"depth":16,"text":604},{"id":615,"depth":12,"text":615,"children":790},[791,792,793],{"id":618,"depth":16,"text":619},{"id":630,"depth":16,"text":631},{"id":648,"depth":16,"text":649},{"id":657,"depth":12,"text":657},{"id":698,"depth":12,"text":698},null,"现金流是段永平投资哲学中最基础的概念。他将整个投资体系建立在\"未来现金流折现\"这一核心思维方式之上。这一理念直接来源于巴菲特和格雷厄姆的价值投资理论。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fxianjinliu",{"title":62,"description":797},"段永平谈现金流：现金流是段永平投资哲学中最基础的概念。他将整个投资体系建立在\"未来现金流折现\"这一核心思维方式之上。这一理念直接来源于巴菲特和格雷厄姆的价值投资理论。","现金流｜大道总纲","dao\u002Fconcepts\u002Fxianjinliu","X7tr-i4pZPuO-QkxAp-JrL64uHh91sORPmrLqAJXMo4","dao",1778608453799]