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价值投资不等于长期投资，但价值投资一般都是长期投资",[428,429,430],"blockquote",{},[383,431,432,433,435,436,438],{},"\"只想说一点:'长期投资'并不自动等于",[386,434,38],{"href":397},"，但",[386,437,38],{"href":397},"一般都是长期投资。\"",[428,440,441],{},[383,442,443],{},"\"也许'长期投资'这个说法有点问题，叫'投资长期'似乎不容易误解。\"",[428,445,446],{},[383,447,448,449,451],{},"\"我跟好多人讲，他就是讲不明白。说哎呀",[386,450,38],{"href":397},"就是长期投资，不是的。\"（2025年浙大演讲）",[423,453,455],{"id":454},"_2-好公司才值得长期持有","2. 好公司才值得长期持有",[428,457,458],{},[383,459,460,461,463,464,466,467,469],{},"\"",[386,462,38],{"href":397},"并不是盲目地买进并",[386,465,87],{"href":388},"。如果是好公司才值得在好价格时买进并",[386,468,87],{"href":388},"。当然，好价格并不一定是抄底的价格（如果是当然好），好价格指的是10年后回头看:哇塞，那真是好价格。\"",[428,471,472],{},[383,473,474,475,477,478,480],{},"\"好价和",[386,476,87],{"href":388},"的关系是什么呢?其实是好股",[386,479,87],{"href":388},"就是好价了，而不是买到了好价钱的意思。\"（2019-10-14）",[423,482,484],{"id":483},"_3-不打算拿十年就不要碰","3. 不打算拿十年就不要碰",[428,486,487],{},[383,488,489],{},"\"不打算拿10年的股票一定别去打算拿10天，不然就是'炒'了。\"（2011-12-13）",[428,491,492],{},[383,493,494,495,498],{},"\"不打算拿十年的'投资'最好就不要碰，不要想着市场或者风口啥的。打算拿十年的结果未必就一定要拿十年的，但不打算拿十年的心态会让你很容易做一个",[386,496,91],{"href":497},"\u002Ftouji","的决定。\"（2026-01-23）",[423,500,502],{"id":501},"_4-时间是好生意的朋友","4. 时间是好生意的朋友",[428,504,505],{},[383,506,507,508,510,511,513,514,516,517,519],{},"\"时间是好生意的朋友，烂生意的敌人。如果",[386,509,87],{"href":388},"一个烂生意，就算买得再便宜，最后也只能取得很烂的收益。如果",[386,512,87],{"href":388},"好生意，就算买得贵了一些，只要",[386,515,87],{"href":388},"，还是会取得出色的收益。\"（引用",[391,518,404],{},"演讲）",[379,521,522],{"id":522},"实战案例",[423,524,526,529],{"id":525},"苹果14年的持有",[391,527,528],{},"苹果","：14年的持有",[383,531,532,534,535,537,538,541],{},[391,533,393],{},"2011年买入",[391,536,528],{},"，到2025年已持有14年。他说：\"要是对这个生意理解不了，对文化理解不了，对",[386,539,48],{"href":540},"\u002Fshangyemoshi","理解不了，早就跑了，也不可能留到现在。\"（2025年浙大演讲）",[423,543,545,548],{"id":544},"茅台十几年的持有",[391,546,547],{},"茅台","：十几年的持有",[428,550,551],{},[383,552,553,554,556,557,559,560,562],{},"\"很多人说，",[386,555,38],{"href":397},"很难。但",[386,558,91],{"href":497},"更难！我买",[391,561,547],{},"一直拿着，拿了十几年，我难在哪儿了？\"（2025年）",[423,564,566,569],{"id":565},"网易赚了100多倍但最终卖出",[391,567,568],{},"网易","：赚了100多倍但最终卖出",[383,571,572,573,575,576,578,579,582],{},"段永平在",[391,574,568],{},"上赚了100多倍，但后来还是卖出了。他坦言：\"我卖肯定有我卖的原因，有卖的道理，而且我其实也没少赚，因为我有其他的也很好的投资标的。\"——这说明",[386,577,87],{"href":388},"不是永远不卖，而是基于对公司和",[386,580,83],{"href":581},"\u002Fjihuichengben","的判断。",[423,584,586],{"id":585},"被套时才想起长线最危险的情形","被套时才想起长线：最危险的情形",[428,588,589],{},[383,590,591],{},"\"长线持有一定是在买对好股票的前提下。有很多人往往只是在'被套'的时候才想起'长线'来。\"",[428,593,594],{},[383,595,596],{},"\"这里'被套'的意思是指有些人本来只打算拿10天的股票，结果因为'亏钱'了而决定改为拿10年，这种决定往往会让人亏更多。\"（2011-12-13）",[379,598,599],{"id":599},"常见误解",[423,601,603],{"id":602},"误解一长期持有就是价值投资","误解一：长期持有就是价值投资",[428,605,606],{},[383,607,608,609,611,612,614],{},"\"最危险的可能是一知半解的那种:比如号称自己是",[386,610,38],{"href":397},"者，也知道",[386,613,38],{"href":397},"要拿长线的道理（知其然不知其所以然），结果买错股票又坚持长线持有。\"",[423,616,618],{"id":617},"误解二长期持有意味着坚守","误解二：长期持有意味着坚守",[428,620,621],{},[383,622,623,624,626,627,630],{},"\"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",[391,625,547],{},"，每天",[386,628,62],{"href":629},"\u002Fxianjinliu","杠杠的，你在坚守啥?\"",[383,632,633],{},"网友补充：\"'坚守'好像是在说抱着印钞机感觉很难受的样子。\"",[423,635,637],{"id":636},"误解三不应该做差价","误解三：不应该做差价",[428,639,640],{},[383,641,642],{},"\"我也想过这么做来着，谁不想赚差价啊，但这么做的结果基本上都是瞎忙半天还少赚了，所以以后就不再想干这种事情了。\"",[379,644,645],{"id":645},"思想演变",[383,647,648,651,652,654,655,657],{},[391,649,650],{},"2007年","：与",[391,653,404],{},"共进午餐后，明确了\"买股票就要",[386,656,87],{"href":388},"\"的理念。",[383,659,660,663,664,666],{},[391,661,662],{},"2010-2013年","：在雪球上大量讨论",[386,665,87],{"href":388},"的条件和注意事项。特别提出\"投资长期\"的说法来纠正\"长期投资\"的误解。",[383,668,669,672,673,675,676,678],{},[391,670,671],{},"2019-2020年","：提炼出\"好股",[386,674,87],{"href":388},"就是好价了\"的精妙表述，将好公司和",[386,677,87],{"href":388},"紧密联系。",[383,680,681,684,685,687,688,690,691,694,695,697],{},[391,682,683],{},"2025-2026年","：在多个场合重申",[386,686,87],{"href":388},"的前提是看懂公司的",[386,689,48],{"href":540},"和",[386,692,99],{"href":693},"\u002Fqiyewenhua","。同时明确\"不打算拿十年的心态会让你做出",[386,696,91],{"href":497},"的决定\"。",[379,699,700],{"id":700},"原话引用",[428,702,703],{},[383,704,705,706,708],{},"\"买股票就像买一个公司的一部分，买股票就要",[386,707,87],{"href":388},"。\"（2007年网易专访）",[428,710,711],{},[383,712,460,713,463,715,466,717,411],{},[386,714,38],{"href":397},[386,716,87],{"href":388},[386,718,87],{"href":388},[428,720,721],{},[383,722,723],{},"\"长线持有一定是在买对好股票的前提下。有很多人往往只是在'被套'的时候才想起'长线'来。\"（2011-12-13）",[428,725,726],{},[383,727,489],{},[428,729,730],{},[383,731,443],{},[428,733,734],{},[383,735,736,737,480],{},"\"好股",[386,738,87],{"href":388},[428,740,741],{},[383,742,743,744,746,747,749],{},"\"呵呵，最理想的就是可以",[386,745,87],{"href":388},"、永远不想卖的股票（",[391,748,404],{},"讲的）。\"（2010-05-16）",[428,751,752],{},[383,753,507,754,756,757,759],{},[386,755,87],{"href":388},"一个烂生意，就算买得再便宜，最后也只能取得很烂的收益。\"（引用",[391,758,404],{},"）",{"title":761,"searchDepth":12,"depth":12,"links":762},"",[763,764,770,779,784,785],{"id":381,"depth":12,"text":381},{"id":421,"depth":12,"text":421,"children":765},[766,767,768,769],{"id":425,"depth":16,"text":426},{"id":454,"depth":16,"text":455},{"id":483,"depth":16,"text":484},{"id":501,"depth":16,"text":502},{"id":522,"depth":12,"text":522,"children":771},[772,774,776,778],{"id":525,"depth":16,"text":773},"苹果：14年的持有",{"id":544,"depth":16,"text":775},"茅台：十几年的持有",{"id":565,"depth":16,"text":777},"网易：赚了100多倍但最终卖出",{"id":585,"depth":16,"text":586},{"id":599,"depth":12,"text":599,"children":780},[781,782,783],{"id":602,"depth":16,"text":603},{"id":617,"depth":16,"text":618},{"id":636,"depth":16,"text":637},{"id":645,"depth":12,"text":645},{"id":700,"depth":12,"text":700},null,"长期持有在段永平看来不是一个独立的投资策略，而是价值投资的自然结果。他特别强调\"投资长期\"比\"长期投资\"更准确——重点不在于\"长期\"，而在于投的是值得长期拥有的好公司。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fzhangqichiyou",{"title":87,"description":787},"段永平谈长期持有：长期持有在段永平看来不是一个独立的投资策略，而是价值投资的自然结果。他特别强调\"投资长期\"比\"长期投资\"更准确——重点不在于\"长期\"，而在于投的是值得长期拥有的好公司。","长期持有｜大道总纲","dao\u002Fconcepts\u002Fzhangqichiyou","m6qXc_ybIfSYI3U898bq9y_G-_YcIzkORFnVUygX-1k","dao",1778608453608]