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TeddyYoung

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- TeddyYoungTeddyYoung
  ·2024-05-30
  $老虎证券(TIGR)$ ......
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- TeddyYoungTeddyYoung
  ·2024-05-19
  $腾讯控股ADR(TCEHY)$ 500
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- TeddyYoungTeddyYoung
  ·2021-05-02
  fyi
  After reading Duan Yongping's 100 Thoughts, I finally realized why he is so awesome
  “大道无形我有型”。这是段永平的网名。大多数人对他的认知一般还停留在：步步高、OPPO、vivo的“幕后老板”，中国第一位拍下巴菲特午餐的企业家，拼多多创始人黄峥的“导师”。而他堪称辉煌的投资战
  After reading Duan Yongping's 100 Thoughts, I finally realized why he is so awesome
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- TeddyYoungTeddyYoung
  ·2021-05-02
  fyi
  Sorry, this post has been deleted
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Most people's cognition of him generally remains at:</p><p><a href=\"https://laohu8.com/S/002251\">Backgammon</a>, the \"behind-the-scenes boss\" of OPPO and vivo, the first entrepreneur in China to photograph Buffett's lunch,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>The \"mentor\" of founder Huang Zheng.</p><p>However, his brilliant investment record is rarely mentioned. Twenty years ago, 40-year-old Duan Yongping retreated behind the scenes, with his \"main business\" taking care of children and playing golf, and his sideline business \"playing investment\".</p><p>As a result, this \"outlier among entrepreneurs\" often \"plays\" more than 100 times the return on investment, including heavy positions<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, Maotai,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>, Pinduoduo, and so on.</p><p>Success once, twice, three times, or even ten times may have luck, but Duan Yongping, who continues to succeed and keeps failure under control, must have seen and done something right at the level of \"avenue\".</p><p>To simplicity, it is not difficult to find that Duan Yongping's thoughts are all straightforward truths, but there is the truth of \"thinking carefully and fearing\" hidden in them. I hope the \"avenue\" realized by Duan Yongping will inspire you:</p><p><img src=\"https://static.tigerbbs.com/bf8b50cf18618568903937b9cbfb9967\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">About the Company</p><p> 001.</p><p>As an enterprise, such as a diver, the fewer movements, the better.</p><p> 002.</p><p>An entrepreneur should focus 80% of his energy on 20% of things, and these 20% things can bring you 80% benefits.</p><p>When I was CEO, I didn't have a time allocation table, but I knew roughly what was important. In short, don't let something important become something urgent.</p><p> 003.</p><p>Sometimes people ask me if I am interested in a certain project, and I say I am not interested without even asking.</p><p>I know that myself and my enterprise have so little ability and scale that it is impossible to disperse resources. I don't pursue pie in the sky at all.</p><p> 004.</p><p>Konosuke Matsushita said that it is evil for an enterprise not to make a profit, but the purpose of an enterprise is not to make a profit.</p><p> 005.</p><p>For a business that doesn't make money, no matter how much turnover is useless.</p><p>Just like unprofitable net assets are sometimes burdensome. For example, building a hotel in an uninhabited place costs 100 million yuan, loses 5 million yuan every year, and the replacement cost is still 100 million yuan. Now 50 million yuan wants to be sold. Who wants this?</p><p>So I made up the term \"effective net worth\". In other words, net assets that do not generate cash flow are actually worthless (and sometimes negative).</p><p> 006.</p><p>A good business model is very simple, that is, profits and net cash flow are always leveraged, and it is difficult for competitors to grab them even for a long time. You can think about whose business is hard to grab? Then think about why?</p><p> 007.</p><p>The need to use a lot of people (relative to turnover and profit) is a feature of a bad model.</p><p> 008.</p><p>Low price is the easiest way, but also the hardest way.</p><p>It's always wrong to use price weapons unless you have to. Few people understand that low prices will not expand market share, but being forced to cut prices will only have a chance to keep market share.</p><p> 009.</p><p>Companies that pursue \"value for money\" are mostly making excuses for their low prices. Longevity companies probably don't emphasize the concept of \"cost performance\".<a href=\"https://laohu8.com/S/603883\">Common people</a>I have a steelyard in my heart: Good goods are not cheap.</p><p> 010.</p><p>If you can do one thing well, why do you have to do many things that you can't do well?</p><p>Just like how to change Maotai's position in the hearts of Chinese people? Push more cheap non-53% wines, including Maotai beer and red wine, and even Maotai rice wine, as well as Maotai mineral water, Maotai hotels, Maotai mobile phones, and Maotai air conditioners. I don't care about fake wine... After 10 years, Maotai's status should be completely different.</p><p> 011.</p><p>\"Time is the friend of good businesses and the enemy of mediocre businesses.\" You may think this principle is prosaic, but I learned it through profound lessons. --Quote: Buffett</p><p> 012.</p><p>Corporate culture refers to the pursuit of \"above profit\". There seems to be a little difference between \"above profit\" and \"beyond profit\". \"Beyond profit\" can be understood as different from the pursuit of profit, while the purpose of \"above profit\" seems to be different.</p><p> 013.</p><p>It is difficult to tell whether a corporate culture is good or not, but it is much easier to see a bad one.</p><p> 014.</p><p>When I was in the United States, I went to the airport to pick up a BBK colleague. It was estimated that I had to wait at the airport for an hour, so I invested an hour's parking fee in the parking lot. As a result, the colleague came half an hour early.</p><p>There is a question. If you invest an extra half hour of coins, should you continue to wait in the car for this half hour or waste the extra half hour of money? The conclusion is self-evident. In real life, people must be driven away.</p><p>But in actual decision-making, many people make the stupid mistake of continuing to wait: I have already invested tens of millions in this matter, how can I stop it? In order to save these sinking costs, I will invest tens of millions more, knowing that things are wrong and keep doing it, and the result will naturally be a worse defeat.</p><p>On the issue of principle, we can't be divorced from the attributes of things. Right is right, wrong is wrong, and right and wrong should not give way to interests.</p><p> 015.</p><p>I often think of a company in an anthropomorphic way: people I don't want to deal with, and I don't want to invest in their companies.</p><p> 016.</p><p>I won't touch any company that says how much market value it wants to achieve.</p><p> 017.</p><p>It must be very interesting to ask a consultant to do a strategic evaluation of your company from the outside. It's hard to understand that when you don't know what strategy to use, others can help, no matter who they are.</p><p>Perhaps he can point out mistakes when the onlookers are clear, but it is probably impossible to teach himself what to do. Also, if you let the problem find it yourself, you probably won't find the problem.</p><p> 018.</p><p>If I think a company is dishonest, I won't touch it. There are probably two forbidden areas: bad business model and bad corporate culture.</p><p>The most typical feature of a bad corporate culture is that he often lies. You only need to look at how many lies he has told before to understand.</p><p> 019.</p><p>Here's a little secret: everything is priced at a real price and not bargained. Bargaining is actually a very short-sighted and costly behavior for sellers.</p><p>High cost means that it cannot be authorized and it is easy to cause management loopholes. Short-sightedness means that if you can counter-offer, it is encouraging repeat customers to bargain. For customers, any bargaining will make them feel that they may have suffered a loss, because customers feel that the price is not enough.</p><p>So we didn't haggle over 20 years ago. There are too many advantages of not bargaining, let's think about it slowly.</p><p> 020.</p><p>In the long run, consumers are an extremely smart group. The so-called marketing is just a link for a company, which is equivalent to a board of a wooden barrel.</p><p>Anyone who thinks that a company is good because of its marketing is actually as ridiculous as thinking that a wooden barrel that can hold water is because of a wooden board called \"marketing\".</p><p> 021.</p><p>If internationalization refers to learning good things in the world, there is no problem. If it refers to desperately doing business in other countries, it is quite dangerous for most Chinese companies.</p><p> 022.</p><p>The advantage of being in debt is that it can develop faster. The advantage of not being in debt is that you can live longer. Besides, generally speaking, banks only lend you money when they make sure you don't need it.</p><p> 023.</p><p>Be cautious when expanding. I call this \"sufficient minimum development speed\", which means giving consideration to adequacy and safety. Most people use the so-called maximum speed when expanding, and the last one overturns if they are not careful.</p><p>For example, when you drive to work, who would say that you can drive faster and kill you, right? My family is telling you to drive slowly and pay attention to safety. He is not worried that you won't get to that place.</p><p>However, many media, ordinary people, and even many enterprises have this mentality. Everyone encourages to drive fast, and everyone publicizes to drive fast. It doesn't matter if you drive fast, kill you and pull you down. How can you do this?</p><p> 024.</p><p>It is difficult for people who don't understand enterprises to understand enterprises, just as it is difficult for people who don't understand this sentence to understand this sentence.</p><p><b>About Management</b></p><p> 025.</p><p>The word culture can basically explain the \"things\" that fail more than anything.</p><p> 026.</p><p>I always think that there is something wrong with the management level of department heads who always force overtime, and there is something wrong with the management level of bosses of companies who always force overtime.</p><p> 027.</p><p>Wolf culture will eventually lose to human culture.</p><p> 028.</p><p>The cost of training is expensive, but the cost of not training is even more expensive. Enterprises that don't know the second point can't go far.</p><p> 029.</p><p>Lao Ba (Buffett) quoted Peter Lynch as saying that investing in a business that stupid people can manage well, because sooner or later there will be a stupid person to manage it. The subtext refers to buying a company with a good business model, but then Lao Ba still emphasized: Even so, he still hopes to have a good management.</p><p> 030.</p><p>Logically speaking, two turkeys combined won't become eagles.</p><p> 031.</p><p>The suitability of talent is often more important than qualification.</p><p> 032.</p><p>I often see reports that some people pay how much money to motivate employees, and it is even said that some people carry money to the stadium to supervise the battle.</p><p>I don't know if it's true that there must be brave men under heavy rewards, but it actually has no incentive effect on employees by paying more money in business operations.</p><p>In fact, money is a \"health factor\", not an \"incentive factor\". It is something that is useless if there is more and useless if there is less.</p><p>For example, if employees are already working hard, paying more money will not make them work harder, but paying less money will not keep people and have significant \"destructive power\". Therefore, how much you send actually reflects fairness.</p><p>Some so-called bosses send \"red envelopes\" to employees are actually problematic, because this \"red envelope\" is actually what employees deserve. I don't like the feeling of \"gifting\" very much.</p><p>I remember when I was still in Xiaobawang in the early days, because there were still very few people in the company, I distributed many colleagues' year-end bonuses to everyone one by one. Sometimes someone will say \"thank you boss\", and I will seriously say that it should be the company to thank you for your year's hard work. This is really unwelcome.</p><p> 033.</p><p>Entrepreneurs should bear the main responsibility for the failure of an enterprise; The success of an enterprise must be attributed to everyone.</p><p> 034.</p><p>I am an opposition in the company, and I will raise objections to almost everything I do. If everyone is not afraid of my objections, I will feel more at ease in what I do. What I am most afraid of is when everyone says \"yes\" when the boss says anything.</p><p> 035.</p><p>Any company where employees are afraid when they see their leaders will have problems over time. Because most employees in such companies will become impatient, and they want to leave everything to their superiors to decide, and the efficiency will gradually decrease.</p><p>Unless the products of this kind of company are very focused, and the big boss can really take care of all the big aspects, something will go wrong sooner or later. I think this is the reason why Japanese companies have had problems in some industries in recent years.</p><p> 036.</p><p>When a department in a company emphasizes that its own department is the most important, this department is often the weakest department of the company.</p><p> 037.</p><p>Personally, I understand that there is no absolute fairness-that is, fairness that everyone thinks is fair.</p><p>As a maker of the rules of the game, the most important thing is to be fair. Fairness is not equal to equality, nor is it egalitarianism.</p><p> 038.</p><p>The most important thing in decentralization is to tolerate mistakes made in the process of \"doing things right\". My personal understanding is that I make mistakes when doing the same thing. Why can't others make mistakes?</p><p>In some enterprises, if the boss loses money because of his own reasons, he will feel normal; But if it is the loss caused by his subordinates, he will often feel very distressed.</p><p>I am someone who can equate the money lost by others with the money lost by myself. This kind of tolerance is very important for building a healthy corporate culture.</p><p> 039.</p><p>Only when you have stayed in a reliable place can you know what unreliable means, and the other way around doesn't hold true.</p><p> 040.</p><p>If there are rules in an organization that everyone doesn't implement, in the long run, it will encourage everyone not to implement the rules set by everyone, and everyone will be in great trouble in the future-such as common intersections without traffic police and traffic lights.</p><p>The way to face it is actually very simple, that is, implement your rules or abolish the rules that can't be implemented. It's best not to have a middle ground, otherwise everyone will be very busy.</p><p> 041.</p><p>No matter how good a driver is, it's hard to drive a bad car.</p><p><b>About investing</b></p><p> 042.</p><p>In fact, value investing is the only way to invest. There are no shortcuts or tricks.</p><p>If you want to take the easy road, I promise, it's longer and more painful than the hard road.</p><p>Many people can make themselves uncomfortable regardless of bear market or bull market.</p><p> 043.</p><p>Investment belief refers to the belief that in the long run, the stock market is a weighing machine, and for those without faith, the stock market will always be a stock machine.</p><p> 044.</p><p>The \"worst way to invest\" is to talk about value investing, but to do speculation.</p><p> 045.</p><p>Speculation is a very fun thing, just like going to the casino once in a while, if you are prepared to lose money.</p><p> 046.</p><p>I often see people running outside their circle of competence to do things. When I look back to comfort myself, I have to pay tuition fees for \"expanding the circle of competence\". Most of those who lose money in the stock market for a long time belong to people who don't know how big their circle of competence is.</p><p> 047.</p><p>In fact, everyone has a speculative heart, so they need faith. My understanding of faith is to \"do the right thing, do the right thing\", or don't do it when you know it's \"wrong thing\".</p><p>Does anyone still do something that knows it's wrong? Just look at how many people smoke around and you'll understand. People love doing \"wrong things\" because such things often have short-term temptations.</p><p>The most important thing for Buffett to be today is \"what not to do\".</p><p> 048.</p><p>I asked Buffett what he can't do in investing? He told me: Don't short, don't borrow money, and the most important thing is not to do things you don't understand. The basic principle of investment is not to invest if you don't understand it!</p><p> 049.</p><p>I found that people and companies that \"do the wrong thing\" often continue to \"do the wrong thing\" after they are lucky enough to survive, which is a bit like swindlers often think that the deception is not good enough after being caught, and summarize how to improve the deception.</p><p> 050.</p><p>The right thing to do is-correct it as soon as possible when you find something wrong, no matter how big the cost is, it is the smallest cost.</p><p> 051.</p><p>Mistakes made in the process of doing the right thing should be strictly distinguished from the results of doing the wrong thing.</p><p>If you still don't understand, please look at what those who have always been smart but always dissatisfied have been busy with all these years.</p><p> 052.</p><p>What is the most important thing in investing? right business, right people, right price ( Right business model, right corporate culture, reasonable price). That's what Lao Ba said. price is not that important, business and people are the most important.</p><p> 053.</p><p>The investment I understand can be summed up as that buying stocks is buying a company, and buying a company is buying a discounted future cash flow of the company, full stop!</p><p>Discounted future cash flow is not a calculation formula, but a way of thinking. Munger said that he had never seen Buffett calculate it, and I actually didn't calculate it seriously. It was all a \"gross estimate.\" Just like Yao Ming stops there, everyone can see that he is heavier than me. Do you have to use a scale to know?</p><p> 054.</p><p>Buying stocks means buying a company, and it has nothing to do with whether it is listed or not. Just think of this company as an unlisted company, and there is no change in the stock price.</p><p>However, most people probably can't do this. Objectively speaking, if there is no way to invest in a company as an unlisted company, most of them will lose money in the end.</p><p>When I buy stocks, I always assume whether I will buy the whole company if I have enough money.</p><p> 055.</p><p>There is a saying that \"if you don't plan to take stocks for 10 years, why should you take them for 10 days?\" This sentence does not mean that you must take the stocks you buy for 10 years, but that if you feel that you will definitely take them after 10 years, you should not buy a bad company now.</p><p> 056.</p><p>The so-called margin of safety should refer to one's own understanding of the company, not the price.</p><p>Stocks are \"priced\" by each buyer himself, and you can only buy them when you think they are cheap. In fact, they have nothing to do with the market or others. When you can understand this sentence, your stock career will basically have a good chance of continuing to make money.</p><p> 057.</p><p>Buying a stock has nothing to do with how much the stock used to be, just as selling a stock has nothing to do with the cost of buying it.</p><p> 058.</p><p>The simplest criterion for understanding a company is that you don't want to ask others \"Do I understand this company?\"</p><p>A real investor is absolutely \"arrogant\". He is staring at this enterprise in his mind. He doesn't look at whether anyone around him buys it. It's best to hope that no one else buys it.</p><p> 059.</p><p>Focus on the business rather than the stock price.</p><p> 060.</p><p>I remember a reporter asked me before, why did I have so much courage to buy Netease? I said that someone cried and shouted to sell something for 10 yuan to you for 1 yuan. What do you need courage to do?</p><p>This sentence also applies here: When someone insists on selling you gold at the price of copper, you don't need courage. You just have to make sure it is really gold.</p><p>However, when you don't know what you want to buy, it's really a bit difficult. At that time, you will look around to see other people's reactions.</p><p>Therefore, what requires courage is speculation, and investment does not require courage, which means that when you need courage, you are in danger.</p><p> 061.</p><p>In fact, there is only one real buyer of any stock, and that is the company itself.</p><p> 062.</p><p>No one can change the phenomenon that more than 85% of people in the stock market will lose money. If I have to give some advice, it is best to stay away from the stock market, at least not to lose money. This sentence can help 85%-90% of people in the stock market.</p><p>However, I know no one will actually listen to this sentence. Because the problem is that no one knows who the 85% are.</p><p> 063.</p><p>What looks free tends to be the most expensive, and what looks cheap tends to be not cheap. This is true of buying things, and so is often investing.</p><p> 064.</p><p>Investment mentality and size shouldn't have a relationship. If you feel like a small investor, you most likely have always been a small investor.</p><p> 065.</p><p>There are many places in golf that are particularly like investing. For example, the principle of swing is very simple: 1. I just can't learn it, but I don't know it; 2. Always forget principles when playing ball; 3. It is difficult to keep a normal mind and stick to principles.</p><p> 066.</p><p>I hope you can understand when putting eggs in more baskets is actually the best way to effectively increase the risk, although it is not easy to understand this thing.</p><p> 067.</p><p>A long time ago, someone told me that the stock market is a casino. I said no, and he insisted that yes.</p><p>It suddenly dawned on me: to those who say the stock market is a casino, it is a casino.</p><p> 068.</p><p>Actually, Lao Ba didn't teach us anything. If we don't understand it, no one can teach us.</p><p>About cognition</p><p> 069.</p><p>Impatience is a sign of lack of rationality.</p><p> 070.</p><p>It is generally difficult for ordinary people to have a normal mind. A normal mind is actually an abnormal mind, because it is not easy to have it.</p><p>Normal mind is to think back to the original point of everything. If you are not concerned about the nature of things, it is normal to have no normal mind. The same is true in reverse. If you only focus on the essence of things, the normal mind will naturally be there.</p><p> 071.</p><p>Many years ago, Hua Yigang and I played a game of Go, and I felt very uncomfortable with one game. When I was in review, I asked him why I felt wrong no matter how I played it.</p><p>Then he told me that it's actually the same no matter how you get down here, because you got down wrong in front of you.</p><p> 072.</p><p>The difference between masters and other players lies in the low error rate, not how many good shots they can hit.</p><p> 073.</p><p>Many so-called powerful people are actually just because they have been doing what they should do honestly. It is hard to see where they are powerful just by looking at everything. Awesome is saved.</p><p> 074.</p><p>Knowing and believing in your bones are two completely different things.</p><p> 075.</p><p>I don't know it's not easy, but I'm afraid it will be even more difficult.</p><p> 076.</p><p>We don't know \"we don't know\".</p><p> 077.</p><p>Knowing how big your circle of competence is often much more important than how big your circle of competence is.</p><p> 078.</p><p>The circle of ability is not drawing a circle on the ground with a golden hoop, saying that stay inside and don't go out. There are monsters outside. The circle of competence is: be honest with yourself, know what you know, and don't know what you don't know.</p><p>Have such an attitude, and then if you can understand something, it is within my circle of competence, otherwise it is not.</p><p> 079.</p><p>How much ability to do, not how much courage.</p><p> 080.</p><p>There are very few people who are willing to simplify complexity. People often think that it seems inferior, just like buying Maotai, which is meaningless.</p><p>Learning to be simple is actually not simple. I know very little about business, and the difference with many people is that I admit that I know little, so it becomes simple.</p><p> 081.</p><p>Simple and easy are not the same thing at all. For example, a good golfer has to practice about 8-10 hours a day, which is like this all the year round. It is simple and boring but definitely not easy.</p><p> 082.</p><p>Many \"smart\" people will attribute the success of others or their own failures to luck or \"accidents\", and they can always be \"smart\" enough to find ways to make themselves think that they do. In Kung Fu Panda 1, \"there are no accidents\" is actually quite reasonable.</p><p> 083.</p><p>If you don't think about surprises all day, your chances of making mistakes will decrease, but it will become possible to accidentally surprise. By not surprising, I don't mean that the result is not surprising, but that I don't always think about surprising in my heart. If you keep thinking about essential things, there is always a chance to be surprising.</p><p>Anyone who can play golf probably knows that it is easiest to make mistakes when you want to play farther.</p><p> 084.</p><p>Suddenly I thought of Lao Ba's words: If you are in a pit, at least don't dig further. Just look at how many people are digging their own holes.</p><p> 085.</p><p>The courage to face reality rationally sometimes pays off.</p><p> 086.</p><p>If you can think about everything for a few years later, the difficulty of (decision-making) will often be greatly reduced.</p><p> 087.</p><p>\"Tao\" is really difficult to teach, and you must realize it by yourself. It's useless to say anything about people who have no way in their hearts.</p><p>Most people (often including myself) are not easy to open, and it is difficult to accept things different from what they knew before. Even if the other person does well, they always try to find an excuse for themselves not to learn from him, which is interesting.</p><p>Sometimes I feel strange that if I am an already successful person and don't accept new things, I can understand, because people have already had enough successful experience and understanding.</p><p>In reality, what I see is just the opposite. Those who are not open are often those who are less successful. For example, someone who has been speculating in stocks for 30 years and hasn't made any money, when I say Lao Ba, people will actually say... Bla Bla's.</p><p> 088.</p><p>Change isn't easy, but any time may be a good time.</p><p> 089.</p><p>Giving up is not for the sake of gaining. I once used the phrase \"it's not difficult to borrow and repay, and it's not difficult to borrow again\" to explain the meaning of my duty. Among them, \"borrowing and paying back\" is the duty, but \"borrowing again is not difficult\" is actually utilitarian. When you stop thinking \"it's not hard to borrow again\", you really \"do your job\".</p><p> 090.</p><p>Reputation is not just talk about it. Only when you need to pay the price will you know whether you are a reputable person. Anyone can \"talk\" about credibility, but many people can't when they need to \"keep\" credibility.</p><p> 091.</p><p>Kindness is not about putting a snake in your arms. Kindness is most manifested in not doing evil.</p><p>Generally speaking, wicked people have their own wicked people grind, and the most important thing is to stay away from them.</p><p> 092.</p><p>I don't think I'm hard on others, but if anyone messes up something, I'll talk to him in person. Honesty is my responsibility. I know what I'm talking about, and it turns out usually I'm right. That's the culture I'm trying to create.</p><p>We are cruelly honest with each other. Anyone can tell me that they think I'm a pile of shit, and I can tell them the same. We had some heated arguments, yelling at each other, and that was arguably my best time.</p><p> 093.</p><p>The degree of fear is inversely proportional to the degree of knowledge.</p><p> 094.</p><p>Speaking of loneliness, it reminds me of when I bought Netease. From the day when I started buying Netease and it fell below 1 yuan for \"three months\", in total, half of the daily bill may be mine for more than 2 months.</p><p>I really felt very lonely at that time, especially on the last day, when I actually bought nearly 500,000 shares at once. It is said that the person who sold that day was afraid that he would be delisted after 3 months. The person who bought it had a very simple idea, thinking that he was buying a company, and it didn't matter whether he was listed or not.</p><p>Loneliness is sometimes priceless.</p><p> 095.</p><p>The whole sentence of \"dare to be the queen of the world\" is \"dare to be the queen of the world, and strive for the first place\". You should never go to a place where you have no ability to strive for the first place.</p><p> 096.</p><p>If you don't listen to the old man, you will suffer in front of you and behind your eyes. After reading this sentence, most people still won't listen to it.</p><p>It's great to learn from your own mistakes. Those who can learn from others' mistakes are geniuses.</p><p> 097.</p><p>Pure idealists can't go far, and pure realists can't do much.</p><p> 098.</p><p>What is my motivation? I think most creators want to express their gratitude for the achievements we can benefit from our predecessors. I didn't invent my language or mathematics. I basically didn't make my own food, and I never made any clothes.</p><p>Everything I do depends on other members of our human race, and their contributions and achievements. Many of us want to give back to society and add another stroke in the long river of history.</p><p>We can only express it in this way that most people master-because we won't write Bob Dylan songs or Tom Stoppard plays.</p><p>We try to use our only talent to express our deep feelings, express our gratitude for all the contributions of our predecessors, and add something to the long river of history. That's what pushes me.</p><p> 099.</p><p>As Bob Dylan said, if you're not busy trying to live, you're busy trying to die.</p><p> 100.</p><p>I hope you don't hope that someone can make you understand in one sentence.</p><p>What I spent 20 years understanding, if you can understand it in 10 years, you are at least much better than me.</p>","source":"zhenghedao","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After reading Duan Yongping's 100 Thoughts, I finally realized why he is so awesome</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter reading Duan Yongping's 100 Thoughts, I finally realized why he is so awesome\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">正和岛</strong><span class=\"h-time small\">2021-05-02 08:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"The road is invisible and I have style\".</p><p>This is Duan Yongping's screen name. Most people's cognition of him generally remains at:</p><p><a href=\"https://laohu8.com/S/002251\">Backgammon</a>, the \"behind-the-scenes boss\" of OPPO and vivo, the first entrepreneur in China to photograph Buffett's lunch,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>The \"mentor\" of founder Huang Zheng.</p><p>However, his brilliant investment record is rarely mentioned. Twenty years ago, 40-year-old Duan Yongping retreated behind the scenes, with his \"main business\" taking care of children and playing golf, and his sideline business \"playing investment\".</p><p>As a result, this \"outlier among entrepreneurs\" often \"plays\" more than 100 times the return on investment, including heavy positions<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, Maotai,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>, Pinduoduo, and so on.</p><p>Success once, twice, three times, or even ten times may have luck, but Duan Yongping, who continues to succeed and keeps failure under control, must have seen and done something right at the level of \"avenue\".</p><p>To simplicity, it is not difficult to find that Duan Yongping's thoughts are all straightforward truths, but there is the truth of \"thinking carefully and fearing\" hidden in them. I hope the \"avenue\" realized by Duan Yongping will inspire you:</p><p><img src=\"https://static.tigerbbs.com/bf8b50cf18618568903937b9cbfb9967\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">About the Company</p><p> 001.</p><p>As an enterprise, such as a diver, the fewer movements, the better.</p><p> 002.</p><p>An entrepreneur should focus 80% of his energy on 20% of things, and these 20% things can bring you 80% benefits.</p><p>When I was CEO, I didn't have a time allocation table, but I knew roughly what was important. In short, don't let something important become something urgent.</p><p> 003.</p><p>Sometimes people ask me if I am interested in a certain project, and I say I am not interested without even asking.</p><p>I know that myself and my enterprise have so little ability and scale that it is impossible to disperse resources. I don't pursue pie in the sky at all.</p><p> 004.</p><p>Konosuke Matsushita said that it is evil for an enterprise not to make a profit, but the purpose of an enterprise is not to make a profit.</p><p> 005.</p><p>For a business that doesn't make money, no matter how much turnover is useless.</p><p>Just like unprofitable net assets are sometimes burdensome. For example, building a hotel in an uninhabited place costs 100 million yuan, loses 5 million yuan every year, and the replacement cost is still 100 million yuan. Now 50 million yuan wants to be sold. Who wants this?</p><p>So I made up the term \"effective net worth\". In other words, net assets that do not generate cash flow are actually worthless (and sometimes negative).</p><p> 006.</p><p>A good business model is very simple, that is, profits and net cash flow are always leveraged, and it is difficult for competitors to grab them even for a long time. You can think about whose business is hard to grab? Then think about why?</p><p> 007.</p><p>The need to use a lot of people (relative to turnover and profit) is a feature of a bad model.</p><p> 008.</p><p>Low price is the easiest way, but also the hardest way.</p><p>It's always wrong to use price weapons unless you have to. Few people understand that low prices will not expand market share, but being forced to cut prices will only have a chance to keep market share.</p><p> 009.</p><p>Companies that pursue \"value for money\" are mostly making excuses for their low prices. Longevity companies probably don't emphasize the concept of \"cost performance\".<a href=\"https://laohu8.com/S/603883\">Common people</a>I have a steelyard in my heart: Good goods are not cheap.</p><p> 010.</p><p>If you can do one thing well, why do you have to do many things that you can't do well?</p><p>Just like how to change Maotai's position in the hearts of Chinese people? Push more cheap non-53% wines, including Maotai beer and red wine, and even Maotai rice wine, as well as Maotai mineral water, Maotai hotels, Maotai mobile phones, and Maotai air conditioners. I don't care about fake wine... After 10 years, Maotai's status should be completely different.</p><p> 011.</p><p>\"Time is the friend of good businesses and the enemy of mediocre businesses.\" You may think this principle is prosaic, but I learned it through profound lessons. --Quote: Buffett</p><p> 012.</p><p>Corporate culture refers to the pursuit of \"above profit\". There seems to be a little difference between \"above profit\" and \"beyond profit\". \"Beyond profit\" can be understood as different from the pursuit of profit, while the purpose of \"above profit\" seems to be different.</p><p> 013.</p><p>It is difficult to tell whether a corporate culture is good or not, but it is much easier to see a bad one.</p><p> 014.</p><p>When I was in the United States, I went to the airport to pick up a BBK colleague. It was estimated that I had to wait at the airport for an hour, so I invested an hour's parking fee in the parking lot. As a result, the colleague came half an hour early.</p><p>There is a question. If you invest an extra half hour of coins, should you continue to wait in the car for this half hour or waste the extra half hour of money? The conclusion is self-evident. In real life, people must be driven away.</p><p>But in actual decision-making, many people make the stupid mistake of continuing to wait: I have already invested tens of millions in this matter, how can I stop it? In order to save these sinking costs, I will invest tens of millions more, knowing that things are wrong and keep doing it, and the result will naturally be a worse defeat.</p><p>On the issue of principle, we can't be divorced from the attributes of things. Right is right, wrong is wrong, and right and wrong should not give way to interests.</p><p> 015.</p><p>I often think of a company in an anthropomorphic way: people I don't want to deal with, and I don't want to invest in their companies.</p><p> 016.</p><p>I won't touch any company that says how much market value it wants to achieve.</p><p> 017.</p><p>It must be very interesting to ask a consultant to do a strategic evaluation of your company from the outside. It's hard to understand that when you don't know what strategy to use, others can help, no matter who they are.</p><p>Perhaps he can point out mistakes when the onlookers are clear, but it is probably impossible to teach himself what to do. Also, if you let the problem find it yourself, you probably won't find the problem.</p><p> 018.</p><p>If I think a company is dishonest, I won't touch it. There are probably two forbidden areas: bad business model and bad corporate culture.</p><p>The most typical feature of a bad corporate culture is that he often lies. You only need to look at how many lies he has told before to understand.</p><p> 019.</p><p>Here's a little secret: everything is priced at a real price and not bargained. Bargaining is actually a very short-sighted and costly behavior for sellers.</p><p>High cost means that it cannot be authorized and it is easy to cause management loopholes. Short-sightedness means that if you can counter-offer, it is encouraging repeat customers to bargain. For customers, any bargaining will make them feel that they may have suffered a loss, because customers feel that the price is not enough.</p><p>So we didn't haggle over 20 years ago. There are too many advantages of not bargaining, let's think about it slowly.</p><p> 020.</p><p>In the long run, consumers are an extremely smart group. The so-called marketing is just a link for a company, which is equivalent to a board of a wooden barrel.</p><p>Anyone who thinks that a company is good because of its marketing is actually as ridiculous as thinking that a wooden barrel that can hold water is because of a wooden board called \"marketing\".</p><p> 021.</p><p>If internationalization refers to learning good things in the world, there is no problem. If it refers to desperately doing business in other countries, it is quite dangerous for most Chinese companies.</p><p> 022.</p><p>The advantage of being in debt is that it can develop faster. The advantage of not being in debt is that you can live longer. Besides, generally speaking, banks only lend you money when they make sure you don't need it.</p><p> 023.</p><p>Be cautious when expanding. I call this \"sufficient minimum development speed\", which means giving consideration to adequacy and safety. Most people use the so-called maximum speed when expanding, and the last one overturns if they are not careful.</p><p>For example, when you drive to work, who would say that you can drive faster and kill you, right? My family is telling you to drive slowly and pay attention to safety. He is not worried that you won't get to that place.</p><p>However, many media, ordinary people, and even many enterprises have this mentality. Everyone encourages to drive fast, and everyone publicizes to drive fast. It doesn't matter if you drive fast, kill you and pull you down. How can you do this?</p><p> 024.</p><p>It is difficult for people who don't understand enterprises to understand enterprises, just as it is difficult for people who don't understand this sentence to understand this sentence.</p><p><b>About Management</b></p><p> 025.</p><p>The word culture can basically explain the \"things\" that fail more than anything.</p><p> 026.</p><p>I always think that there is something wrong with the management level of department heads who always force overtime, and there is something wrong with the management level of bosses of companies who always force overtime.</p><p> 027.</p><p>Wolf culture will eventually lose to human culture.</p><p> 028.</p><p>The cost of training is expensive, but the cost of not training is even more expensive. Enterprises that don't know the second point can't go far.</p><p> 029.</p><p>Lao Ba (Buffett) quoted Peter Lynch as saying that investing in a business that stupid people can manage well, because sooner or later there will be a stupid person to manage it. The subtext refers to buying a company with a good business model, but then Lao Ba still emphasized: Even so, he still hopes to have a good management.</p><p> 030.</p><p>Logically speaking, two turkeys combined won't become eagles.</p><p> 031.</p><p>The suitability of talent is often more important than qualification.</p><p> 032.</p><p>I often see reports that some people pay how much money to motivate employees, and it is even said that some people carry money to the stadium to supervise the battle.</p><p>I don't know if it's true that there must be brave men under heavy rewards, but it actually has no incentive effect on employees by paying more money in business operations.</p><p>In fact, money is a \"health factor\", not an \"incentive factor\". It is something that is useless if there is more and useless if there is less.</p><p>For example, if employees are already working hard, paying more money will not make them work harder, but paying less money will not keep people and have significant \"destructive power\". Therefore, how much you send actually reflects fairness.</p><p>Some so-called bosses send \"red envelopes\" to employees are actually problematic, because this \"red envelope\" is actually what employees deserve. I don't like the feeling of \"gifting\" very much.</p><p>I remember when I was still in Xiaobawang in the early days, because there were still very few people in the company, I distributed many colleagues' year-end bonuses to everyone one by one. Sometimes someone will say \"thank you boss\", and I will seriously say that it should be the company to thank you for your year's hard work. This is really unwelcome.</p><p> 033.</p><p>Entrepreneurs should bear the main responsibility for the failure of an enterprise; The success of an enterprise must be attributed to everyone.</p><p> 034.</p><p>I am an opposition in the company, and I will raise objections to almost everything I do. If everyone is not afraid of my objections, I will feel more at ease in what I do. What I am most afraid of is when everyone says \"yes\" when the boss says anything.</p><p> 035.</p><p>Any company where employees are afraid when they see their leaders will have problems over time. Because most employees in such companies will become impatient, and they want to leave everything to their superiors to decide, and the efficiency will gradually decrease.</p><p>Unless the products of this kind of company are very focused, and the big boss can really take care of all the big aspects, something will go wrong sooner or later. I think this is the reason why Japanese companies have had problems in some industries in recent years.</p><p> 036.</p><p>When a department in a company emphasizes that its own department is the most important, this department is often the weakest department of the company.</p><p> 037.</p><p>Personally, I understand that there is no absolute fairness-that is, fairness that everyone thinks is fair.</p><p>As a maker of the rules of the game, the most important thing is to be fair. Fairness is not equal to equality, nor is it egalitarianism.</p><p> 038.</p><p>The most important thing in decentralization is to tolerate mistakes made in the process of \"doing things right\". My personal understanding is that I make mistakes when doing the same thing. Why can't others make mistakes?</p><p>In some enterprises, if the boss loses money because of his own reasons, he will feel normal; But if it is the loss caused by his subordinates, he will often feel very distressed.</p><p>I am someone who can equate the money lost by others with the money lost by myself. This kind of tolerance is very important for building a healthy corporate culture.</p><p> 039.</p><p>Only when you have stayed in a reliable place can you know what unreliable means, and the other way around doesn't hold true.</p><p> 040.</p><p>If there are rules in an organization that everyone doesn't implement, in the long run, it will encourage everyone not to implement the rules set by everyone, and everyone will be in great trouble in the future-such as common intersections without traffic police and traffic lights.</p><p>The way to face it is actually very simple, that is, implement your rules or abolish the rules that can't be implemented. It's best not to have a middle ground, otherwise everyone will be very busy.</p><p> 041.</p><p>No matter how good a driver is, it's hard to drive a bad car.</p><p><b>About investing</b></p><p> 042.</p><p>In fact, value investing is the only way to invest. There are no shortcuts or tricks.</p><p>If you want to take the easy road, I promise, it's longer and more painful than the hard road.</p><p>Many people can make themselves uncomfortable regardless of bear market or bull market.</p><p> 043.</p><p>Investment belief refers to the belief that in the long run, the stock market is a weighing machine, and for those without faith, the stock market will always be a stock machine.</p><p> 044.</p><p>The \"worst way to invest\" is to talk about value investing, but to do speculation.</p><p> 045.</p><p>Speculation is a very fun thing, just like going to the casino once in a while, if you are prepared to lose money.</p><p> 046.</p><p>I often see people running outside their circle of competence to do things. When I look back to comfort myself, I have to pay tuition fees for \"expanding the circle of competence\". Most of those who lose money in the stock market for a long time belong to people who don't know how big their circle of competence is.</p><p> 047.</p><p>In fact, everyone has a speculative heart, so they need faith. My understanding of faith is to \"do the right thing, do the right thing\", or don't do it when you know it's \"wrong thing\".</p><p>Does anyone still do something that knows it's wrong? Just look at how many people smoke around and you'll understand. People love doing \"wrong things\" because such things often have short-term temptations.</p><p>The most important thing for Buffett to be today is \"what not to do\".</p><p> 048.</p><p>I asked Buffett what he can't do in investing? He told me: Don't short, don't borrow money, and the most important thing is not to do things you don't understand. The basic principle of investment is not to invest if you don't understand it!</p><p> 049.</p><p>I found that people and companies that \"do the wrong thing\" often continue to \"do the wrong thing\" after they are lucky enough to survive, which is a bit like swindlers often think that the deception is not good enough after being caught, and summarize how to improve the deception.</p><p> 050.</p><p>The right thing to do is-correct it as soon as possible when you find something wrong, no matter how big the cost is, it is the smallest cost.</p><p> 051.</p><p>Mistakes made in the process of doing the right thing should be strictly distinguished from the results of doing the wrong thing.</p><p>If you still don't understand, please look at what those who have always been smart but always dissatisfied have been busy with all these years.</p><p> 052.</p><p>What is the most important thing in investing? right business, right people, right price ( Right business model, right corporate culture, reasonable price). That's what Lao Ba said. price is not that important, business and people are the most important.</p><p> 053.</p><p>The investment I understand can be summed up as that buying stocks is buying a company, and buying a company is buying a discounted future cash flow of the company, full stop!</p><p>Discounted future cash flow is not a calculation formula, but a way of thinking. Munger said that he had never seen Buffett calculate it, and I actually didn't calculate it seriously. It was all a \"gross estimate.\" Just like Yao Ming stops there, everyone can see that he is heavier than me. Do you have to use a scale to know?</p><p> 054.</p><p>Buying stocks means buying a company, and it has nothing to do with whether it is listed or not. Just think of this company as an unlisted company, and there is no change in the stock price.</p><p>However, most people probably can't do this. Objectively speaking, if there is no way to invest in a company as an unlisted company, most of them will lose money in the end.</p><p>When I buy stocks, I always assume whether I will buy the whole company if I have enough money.</p><p> 055.</p><p>There is a saying that \"if you don't plan to take stocks for 10 years, why should you take them for 10 days?\" This sentence does not mean that you must take the stocks you buy for 10 years, but that if you feel that you will definitely take them after 10 years, you should not buy a bad company now.</p><p> 056.</p><p>The so-called margin of safety should refer to one's own understanding of the company, not the price.</p><p>Stocks are \"priced\" by each buyer himself, and you can only buy them when you think they are cheap. In fact, they have nothing to do with the market or others. When you can understand this sentence, your stock career will basically have a good chance of continuing to make money.</p><p> 057.</p><p>Buying a stock has nothing to do with how much the stock used to be, just as selling a stock has nothing to do with the cost of buying it.</p><p> 058.</p><p>The simplest criterion for understanding a company is that you don't want to ask others \"Do I understand this company?\"</p><p>A real investor is absolutely \"arrogant\". He is staring at this enterprise in his mind. He doesn't look at whether anyone around him buys it. It's best to hope that no one else buys it.</p><p> 059.</p><p>Focus on the business rather than the stock price.</p><p> 060.</p><p>I remember a reporter asked me before, why did I have so much courage to buy Netease? I said that someone cried and shouted to sell something for 10 yuan to you for 1 yuan. What do you need courage to do?</p><p>This sentence also applies here: When someone insists on selling you gold at the price of copper, you don't need courage. You just have to make sure it is really gold.</p><p>However, when you don't know what you want to buy, it's really a bit difficult. At that time, you will look around to see other people's reactions.</p><p>Therefore, what requires courage is speculation, and investment does not require courage, which means that when you need courage, you are in danger.</p><p> 061.</p><p>In fact, there is only one real buyer of any stock, and that is the company itself.</p><p> 062.</p><p>No one can change the phenomenon that more than 85% of people in the stock market will lose money. If I have to give some advice, it is best to stay away from the stock market, at least not to lose money. This sentence can help 85%-90% of people in the stock market.</p><p>However, I know no one will actually listen to this sentence. Because the problem is that no one knows who the 85% are.</p><p> 063.</p><p>What looks free tends to be the most expensive, and what looks cheap tends to be not cheap. This is true of buying things, and so is often investing.</p><p> 064.</p><p>Investment mentality and size shouldn't have a relationship. If you feel like a small investor, you most likely have always been a small investor.</p><p> 065.</p><p>There are many places in golf that are particularly like investing. For example, the principle of swing is very simple: 1. I just can't learn it, but I don't know it; 2. Always forget principles when playing ball; 3. It is difficult to keep a normal mind and stick to principles.</p><p> 066.</p><p>I hope you can understand when putting eggs in more baskets is actually the best way to effectively increase the risk, although it is not easy to understand this thing.</p><p> 067.</p><p>A long time ago, someone told me that the stock market is a casino. I said no, and he insisted that yes.</p><p>It suddenly dawned on me: to those who say the stock market is a casino, it is a casino.</p><p> 068.</p><p>Actually, Lao Ba didn't teach us anything. If we don't understand it, no one can teach us.</p><p>About cognition</p><p> 069.</p><p>Impatience is a sign of lack of rationality.</p><p> 070.</p><p>It is generally difficult for ordinary people to have a normal mind. A normal mind is actually an abnormal mind, because it is not easy to have it.</p><p>Normal mind is to think back to the original point of everything. If you are not concerned about the nature of things, it is normal to have no normal mind. The same is true in reverse. If you only focus on the essence of things, the normal mind will naturally be there.</p><p> 071.</p><p>Many years ago, Hua Yigang and I played a game of Go, and I felt very uncomfortable with one game. When I was in review, I asked him why I felt wrong no matter how I played it.</p><p>Then he told me that it's actually the same no matter how you get down here, because you got down wrong in front of you.</p><p> 072.</p><p>The difference between masters and other players lies in the low error rate, not how many good shots they can hit.</p><p> 073.</p><p>Many so-called powerful people are actually just because they have been doing what they should do honestly. It is hard to see where they are powerful just by looking at everything. Awesome is saved.</p><p> 074.</p><p>Knowing and believing in your bones are two completely different things.</p><p> 075.</p><p>I don't know it's not easy, but I'm afraid it will be even more difficult.</p><p> 076.</p><p>We don't know \"we don't know\".</p><p> 077.</p><p>Knowing how big your circle of competence is often much more important than how big your circle of competence is.</p><p> 078.</p><p>The circle of ability is not drawing a circle on the ground with a golden hoop, saying that stay inside and don't go out. There are monsters outside. The circle of competence is: be honest with yourself, know what you know, and don't know what you don't know.</p><p>Have such an attitude, and then if you can understand something, it is within my circle of competence, otherwise it is not.</p><p> 079.</p><p>How much ability to do, not how much courage.</p><p> 080.</p><p>There are very few people who are willing to simplify complexity. People often think that it seems inferior, just like buying Maotai, which is meaningless.</p><p>Learning to be simple is actually not simple. I know very little about business, and the difference with many people is that I admit that I know little, so it becomes simple.</p><p> 081.</p><p>Simple and easy are not the same thing at all. For example, a good golfer has to practice about 8-10 hours a day, which is like this all the year round. It is simple and boring but definitely not easy.</p><p> 082.</p><p>Many \"smart\" people will attribute the success of others or their own failures to luck or \"accidents\", and they can always be \"smart\" enough to find ways to make themselves think that they do. In Kung Fu Panda 1, \"there are no accidents\" is actually quite reasonable.</p><p> 083.</p><p>If you don't think about surprises all day, your chances of making mistakes will decrease, but it will become possible to accidentally surprise. By not surprising, I don't mean that the result is not surprising, but that I don't always think about surprising in my heart. If you keep thinking about essential things, there is always a chance to be surprising.</p><p>Anyone who can play golf probably knows that it is easiest to make mistakes when you want to play farther.</p><p> 084.</p><p>Suddenly I thought of Lao Ba's words: If you are in a pit, at least don't dig further. Just look at how many people are digging their own holes.</p><p> 085.</p><p>The courage to face reality rationally sometimes pays off.</p><p> 086.</p><p>If you can think about everything for a few years later, the difficulty of (decision-making) will often be greatly reduced.</p><p> 087.</p><p>\"Tao\" is really difficult to teach, and you must realize it by yourself. It's useless to say anything about people who have no way in their hearts.</p><p>Most people (often including myself) are not easy to open, and it is difficult to accept things different from what they knew before. Even if the other person does well, they always try to find an excuse for themselves not to learn from him, which is interesting.</p><p>Sometimes I feel strange that if I am an already successful person and don't accept new things, I can understand, because people have already had enough successful experience and understanding.</p><p>In reality, what I see is just the opposite. Those who are not open are often those who are less successful. For example, someone who has been speculating in stocks for 30 years and hasn't made any money, when I say Lao Ba, people will actually say... Bla Bla's.</p><p> 088.</p><p>Change isn't easy, but any time may be a good time.</p><p> 089.</p><p>Giving up is not for the sake of gaining. I once used the phrase \"it's not difficult to borrow and repay, and it's not difficult to borrow again\" to explain the meaning of my duty. Among them, \"borrowing and paying back\" is the duty, but \"borrowing again is not difficult\" is actually utilitarian. When you stop thinking \"it's not hard to borrow again\", you really \"do your job\".</p><p> 090.</p><p>Reputation is not just talk about it. Only when you need to pay the price will you know whether you are a reputable person. Anyone can \"talk\" about credibility, but many people can't when they need to \"keep\" credibility.</p><p> 091.</p><p>Kindness is not about putting a snake in your arms. Kindness is most manifested in not doing evil.</p><p>Generally speaking, wicked people have their own wicked people grind, and the most important thing is to stay away from them.</p><p> 092.</p><p>I don't think I'm hard on others, but if anyone messes up something, I'll talk to him in person. Honesty is my responsibility. I know what I'm talking about, and it turns out usually I'm right. That's the culture I'm trying to create.</p><p>We are cruelly honest with each other. Anyone can tell me that they think I'm a pile of shit, and I can tell them the same. We had some heated arguments, yelling at each other, and that was arguably my best time.</p><p> 093.</p><p>The degree of fear is inversely proportional to the degree of knowledge.</p><p> 094.</p><p>Speaking of loneliness, it reminds me of when I bought Netease. From the day when I started buying Netease and it fell below 1 yuan for \"three months\", in total, half of the daily bill may be mine for more than 2 months.</p><p>I really felt very lonely at that time, especially on the last day, when I actually bought nearly 500,000 shares at once. It is said that the person who sold that day was afraid that he would be delisted after 3 months. The person who bought it had a very simple idea, thinking that he was buying a company, and it didn't matter whether he was listed or not.</p><p>Loneliness is sometimes priceless.</p><p> 095.</p><p>The whole sentence of \"dare to be the queen of the world\" is \"dare to be the queen of the world, and strive for the first place\". You should never go to a place where you have no ability to strive for the first place.</p><p> 096.</p><p>If you don't listen to the old man, you will suffer in front of you and behind your eyes. After reading this sentence, most people still won't listen to it.</p><p>It's great to learn from your own mistakes. Those who can learn from others' mistakes are geniuses.</p><p> 097.</p><p>Pure idealists can't go far, and pure realists can't do much.</p><p> 098.</p><p>What is my motivation? I think most creators want to express their gratitude for the achievements we can benefit from our predecessors. I didn't invent my language or mathematics. I basically didn't make my own food, and I never made any clothes.</p><p>Everything I do depends on other members of our human race, and their contributions and achievements. Many of us want to give back to society and add another stroke in the long river of history.</p><p>We can only express it in this way that most people master-because we won't write Bob Dylan songs or Tom Stoppard plays.</p><p>We try to use our only talent to express our deep feelings, express our gratitude for all the contributions of our predecessors, and add something to the long river of history. That's what pushes me.</p><p> 099.</p><p>As Bob Dylan said, if you're not busy trying to live, you're busy trying to die.</p><p> 100.</p><p>I hope you don't hope that someone can make you understand in one sentence.</p><p>What I spent 20 years understanding, if you can understand it in 10 years, you are at least much better than me.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/4hOF047PhDRcgFBpkyQ-Zg\">正和岛</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf8b50cf18618568903937b9cbfb9967","relate_stocks":{"NTES":"网易","002251":"步步高"},"source_url":"https://mp.weixin.qq.com/s/4hOF047PhDRcgFBpkyQ-Zg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2132672645","content_text":"“大道无形我有型”。\n这是段永平的网名。大多数人对他的认知一般还停留在：\n步步高、OPPO、vivo的“幕后老板”，中国第一位拍下巴菲特午餐的企业家，拼多多创始人黄峥的“导师”。\n而他堪称辉煌的投资战绩却鲜少有人提及，20年前，40岁的段永平退居幕后，“主业”带孩子、打高尔夫，副业“玩投资”。\n结果，这位“企业家中的异类”动辄“玩出”100倍以上的投资回报，包括重仓苹果、茅台、腾讯、网易、拼多多，等等。\n成功一次、两次、三次、甚至十次，可能都有运气成分，但持续成功、把失败控制在可控范围内的段永平，一定是在“大道”的层面上看对了什么、做对了什么。\n大道至简，不难发现，段永平的思想都是些再直白不过的道理，但其中却藏着“细思极恐”的真理。希望段永平悟出的“大道”对你有所启发：\n关于企业\n 001.\n做企业如跳水运动员，动作越少越好。\n 002.\n一个企业家应该将80%的精力放在20%的事情上，这20%的事情能给你带来80%效益。\n我当CEO时并没有一个时间分配表，但大致知道什么是重要的。简而言之，不要让重要的事情变成紧急的事情。\n 003.\n有时有人问我对某一个项目有没有兴趣，我问都不问就说没有兴趣。\n我知道我自己和我的企业就这么点能力和规模，不可能再分散资源，我根本就不追求有天上掉馅饼的事。\n 004.\n松下幸之助讲过，企业不盈利就是罪恶，但是企业的目的不是为了盈利。\n 005.\n不赚钱的生意，多少营业额都是没用的。\n就像不赚钱的净资产有时就是累赘，比如在渺无人烟的地方建个酒店，花了1个亿，每年亏500万，重置成本还是1个亿，现在5000万想卖，这谁要？\n所以我编了个“有效净资产”的名词。也就是说，不能产生现金流的净资产其实没有价值（有时还可能是负价值）。\n 006.\n好的商业模式很简单，就是利润和净现金流一直都是杠杠的，而且竞争对手哪怕在很长时间里也很难抢。你可以想想谁的生意是很难抢的？然后再想想为什么？\n 007.\n需要用很多人（相对营业额和利润而言），是不好的模式的一个特征。\n 008.\n低价是条最容易的路，也是一条最难的路。\n除非迫不得已，用价格武器总是错的。很少人明白，低价是不会扩大市场份额的，但被迫降价有机会保住市场份额而已。\n 009.\n追求“性价比”的公司大多是在为自己的低价找借口。长寿公司大概是不太强调“性价比”这个概念的。老百姓心里有杆秤：好货不便宜啊。\n 010.\n如果大凡你能做好一件东西，你为啥还要做很多做不好的东西呢？\n就像怎样改变茅台在中国人心中的地位啊？多推一些便宜的非53度酒，包括茅台啤酒和红酒，甚至茅台米酒啥的，以及茅台矿泉水、茅台酒店、茅台手机、茅台空调，加快推出的速度，5年出厂的规矩也不要了，假酒也不管了……10年后，茅台的地位应该就彻底不一样了。\n 011.\n“时间是优秀企业的朋友，平庸企业的敌人。”你可能认为这个原则平淡无奇，但我是通过深刻的教训才学习到的。——引用：巴菲特\n 012.\n企业文化指的就是“利润之上”的追求。“利润之上”和“利润之外”好像是有一点点差别的，“利润之外”可以被理解成不同于利润的追求，“利润之上”的目的则似乎会不同。\n 013.\n很难判断一个企业文化是否好，但看出不好的企业文化要容易得多。\n 014.\n我在美国的时候，去机场接一位步步高的同事，估计要在机场等1个小时，所以在停车场投了1个小时停车收费的币，结果那位同事提前半小时来了。\n这就有个问题，多投了半小时的币，是继续在车里等这半小时还是浪费多投的这半小时的钱？结论不言而喻，现实生活中肯定是开车走人的。\n但在实际决策中，很多人都犯继续等下去的愚蠢错误：这件事我已经投了几千万呀，怎么停得下来，为了救这些沉下去的成本再投入几千万，明知事情是错的还要坚持做下去，结果自然是败得更惨。\n在原则性问题上，不能脱离事物的属性，对就是对、错就是错，是非不应该给利益让路。\n 015.\n我经常会用拟人化的角度去想一家公司：我不想打交道的人，我也不想投资他们的公司。\n 016.\n凡是说要把市值做到多少钱的公司，我都不碰。\n 017.\n从外面请顾问对自己公司做战略评估，一定是件非常有趣的事情。很难理解当自己都不知道该用什么战略时，别人可以帮得上忙，不管别人是谁。\n旁观者清的情况下，或许他可以指出错误，但要教会自己该干嘛大概是不可能的事。还有就是，让问题自己找问题大概是不会找到问题的。\n 018.\n我如果认为一家公司不诚信的话，我就不碰了，禁区大概是两个：生意模式不好、企业文化不好。\n企业文化不好最典型的特征就是经常说瞎话，你只要看他以前说过多少瞎话就明白了。\n 019.\n这里透露一个小机密：任何东西都是标实价、不讲价的好。可以讲价实际上对卖家而言，是个非常短视且成本很高的行为。\n成本很高指的是无法授权且容易造成管理漏洞，短视指的是如果可以还价，那就是在鼓励回头客来讨价还价。对客户而言，任何讨价还价都会让他们有“可能吃亏了”的感觉，因为客户觉得价钱还没还够。\n所以我们在20多年前就没有讨价还价了。不讨价还价的好处实在是太多了，大家慢慢想哈。\n 020.\n消费者长期来讲，是极聪明的一个群体。所谓的营销对一个公司来说，只是一个环节而已，相当于木桶的一块板。\n凡是认为公司好是因为营销好的说法，其实就像认为一个能装水的木桶是因为有了一块叫“营销”的木板一样可笑。\n 021.\n如果国际化指的是学到世界上的好东西的意思，就没问题，如果指的是拼命到别的国家去做生意的话，对中国绝大多数公司而言还是蛮危险的。\n 022.\n负债的好处是可以发展快些。不负债的好处是可以活得长些。再说，一般来讲，银行都是要确认你不需要钱时才借钱给你的。\n 023.\n扩张的时候要谨慎。我把这个叫“足够的最小发展速度”，就是兼顾足够和安全的意思。多数人在扩张时用的都是所谓的最大速度，最后一个不留神就翻车了。\n你比方说开车上班，谁会说开快点撞死算了，对不对？家人都是跟你说，开慢点注意安全，他没有担心你去不到那个地方。\n但是呢，很多媒体啊、老百姓、甚至是很多企业都是这种心态，大家鼓励的都是开快，宣传的也都是开快，说开快点撞死拉倒没关系，哪有这样做的呢。\n 024.\n不懂企业的人是很难懂企业的，就像不懂这句话的人也很难懂这句话。\n关于管理\n 025.\n文化这两个字，基本上可以解释败事有余的“事情”。\n 026.\n我一直认为老是强迫加班加点的部门负责人的管理水平有问题，老是强迫加班加点的公司的老板的管理水平有问题。\n 027.\n狼性文化最终会输给人性文化。\n 028.\n培训的成本很贵，但不培训的成本更贵。不知道第二点的企业走不远。\n 029.\n老巴（巴菲特）引用过彼得·林奇的一句话，说投资要投蠢人都能管好的企业，因为早晚都会有个蠢人来管理。潜台词指的是要买生意模式好的企业，但随后老巴还是强调：即便如此，他还是希望有个好的管理层。\n 030.\n逻辑上讲，两个火鸡加起来也不会变成老鹰的。\n 031.\n人才的合适性往往比合格性重要。\n 032.\n经常看到报道说有人发多少多少钱去激励员工，甚至据说还有扛着钱到球场边督战的。\n不知道是不是真的重赏之下必有勇夫，但在企业经营中靠多发钱对员工其实是没有激励作用的。\n钱其实是“保健因子”，而不是“激励因子”，是多了没用、少了不行的东西。\n比如，如果员工已经很努力在工作了，多发钱并不会让他们更努力，但少发是会留不住人的，会有显著的“破坏力”。所以，发多少其实体现的是公平。\n某些所谓老板给员工发“红包”的说法其实也是有问题的，因为这个“红包”其实是员工应该得的。我非常不喜欢那种“恩赐”的感觉。\n记得早期还在小霸王时，由于公司人还很少，很多同事的年终奖都是我一个一个发到大家手里的。有时有人会说“谢谢老板”，我就会很严肃地说应该是公司谢谢大家一年的努力。这个真不是客气。\n 033.\n一个企业的失败，企业家要负主要责任；一个企业的成功，功劳肯定是大家的。\n 034.\n我在公司里是个反对派，几乎做什么我都会提反对意见。如果连我的反对意见大家都不怕时，做什么我都会放心一些。我最怕的是当老板说什么大家都说“好”。\n 035.\n凡是员工见到领导都战战兢兢的公司，时间长了都会出问题的。因为这种公司的员工大多都会变得没有担待，凡事希望交给上级去决定，效率慢慢会降低。\n除非这种公司的产品非常聚焦，大老板确实可以照顾到所有大方面，不然早晚会出问题的。我觉得日本企业这些年在有些行业出问题就是这个原因。\n 036.\n当一个公司里哪个部门强调自己部门是最重要的时候，往往这个部门就是公司最弱的部门。\n 037.\n我个人理解，其实没有绝对的公平——就是所有人都觉得公平的公平。\n作为游戏规则的制定者，最重要的是要有公平心。公平并不等于平等，也不是平均主义。\n 038.\n放权里最关键的是可以容忍在“把事情做对”的过程中所犯的错误。我个人的理解是干同样的事情我也犯错，为什么别人不可以犯错。\n在一些企业里，如果是老板自己的原因导致赔钱，他会觉得正常；但如果是下属导致的亏损，他往往会很心疼。\n我是可以把别人亏的钱和自己亏的钱等同起来的人，这种容忍对于建立健康的企业文化来说十分重要。\n 039.\n只有在靠谱的地方呆过才知道什么叫不靠谱，反过来其实不成立。\n 040.\n一个组织里如果有大家都不执行的规矩存在，长期来讲就是鼓励大家不执行大家制定的规矩，未来大家的麻烦可就大了——比如常见的没有交警和红绿灯的十字路口。\n面对的方式其实也很简单，就是执行你的规矩或者废掉执行不了的规矩，最好不要有中间地带，不然大家会很忙的。\n 041.\n再好的车手也很难开好一辆烂车。\n关于投资\n 042.\n其实价值投资是所谓投资的唯一一条路，不存在什么捷径，不存在什么窍门。\n如果你想走轻松的路，我保证，它比艰难的路更长更痛苦。\n很多人是可以不管熊市还是牛市都让自己难受的。\n 043.\n投资的信仰指的是：相信长期而言股市是称重机，对没有信仰的人来说，股市永远是股票器。\n 044.\n“最糟糕的投资方式”就是嘴上讲的是价值投资，干的却是投机的事。\n 045.\n投机是件非常好玩的事情，就像偶尔去下赌场一样，如果你做好了输钱准备的话。\n 046.\n我经常看到有人跑到自己的能力圈以外去做事情，回头安慰自己的话就是“扩大能力圈”是要付学费的。股市上那些长期亏钱的大多属于不知道自己能力圈有多大的人。\n 047.\n其实每个人都有一颗投机的心，所以才需要信仰。我对信仰的理解就是“做对的事情、把事情做对”，或者说知道是“不对的事情”就别做了。\n难道还有人明知是错的事情还会做的吗？看看周围有多少人抽烟你就明白了。人们热爱做“不对的事情”，是因为这类事情往往有短期诱惑。\n巴菲特能有今天最重要的是“不做什么”。\n 048.\n我问过巴菲特在投资中不可以做的事情是什么？他告诉我说：不做空，不借钱，最重要的是不要做不懂的东西。投资的基本原则就是不懂不投！\n 049.\n我发现“做错的事情”的人和公司，往往在侥幸活过来后还会继续“做错的事情”，就有点像骗子被抓以后往往会认为是骗术还不够好，而去总结如何提高骗术一样。\n 050.\n做对的事情就是——当发现错了就尽快改，不管多大的代价都是最小的代价。\n 051.\n在做对的事情过程中所犯的错误，要和因为做错的事情而带来的结果严格区分开来。\n如果还不明白的话，就请看看那些一直很聪明但老是不如意的人这些年都在忙啥就明白了。\n 052.\n投资中最重要的是什么？right business，right people，right price（对的商业模式，对的企业文化，合理价钱）。这是老巴说的。price没有那么重要，business和people最重要。\n 053.\n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现金流折现，句号！\n未来现金流折现不是一个计算公式，只是一种思维方式。芒格说他从来没见巴菲特算过，我其实也没认真算过，都是“毛估估”。就像姚明往那儿一站，谁都能看出来他比我重，难道还要用磅秤后才知道？\n 054.\n买股票就是买公司，和上不上市无关。你们只要把这公司想象成一家非上市公司，没有股价的变化就明白了。\n不过，绝大多数人大概做不到这点。客观讲，没办法将一家公司看成非上市公司来投资的话，最后多数是会亏钱的。\n我买股票时总是假设，如果我有足够多的钱的话，我是否会把整个公司买下来。\n 055.\n有一种说法是“不打算拿10年的股票，你为什么要拿10天呢”，这句话不是说自己买的股票一定要拿10年，而是说如果自己觉得，10年以后自己认为肯定不好的公司，就不应该现在去买。\n 056.\n所谓的安全边际指的应该是自己对公司的理解度，而不是价钱。\n股票是由每个买家自己“定价”的，到你自己觉得便宜的时候才可以买，实际上和市场、别人无关。啥时候你能看懂这句话，你的股票生涯基本上就很有机会持续赚钱了。\n 057.\n买股票和这只股票过去是多少钱没关系，就像卖股票和买入成本无关一样。\n 058.\n看懂了一家公司最简单的标准就是，你不会想去问别人“我是不是看懂了这家公司”。\n真正的投资者绝对是“目中无人”的，脑子里盯的就是这个企业，他不看周围有没有人买，最好希望别人都不买。\n 059.\n关注生意而不是股价。\n 060.\n记得以前有记者问我，为什么当年那么有勇气买网易？我说10块钱的东西有人1块钱哭着喊着要卖给你，你要勇气干什么？\n这句话放在这里也适用：当有人非要把金子按铜的价钱卖给你时，你是不需要勇气的，你只要确认那真的是金子就行了。\n不过，当你也不知道你要买的东西到底是什么的时候，那可确实有点难了，那种时候就会东张西望地看别人的反应。\n所以，需要胆量的是投机，投资是不需要勇气的，也就是说当你需要勇气时你就危险了。\n 061.\n其实任何股票都只有一个真正的买家，那就是公司自己。\n 062.\n没人可以改变股市上85%以上的人会亏钱的现象。如果非要我指点一下的话，那就是最好远离股市，至少不亏钱，这句话可以帮到股市上85%-90%的人。\n不过，我知道其实不会有人听这句话的。因为问题是没人知道谁是那85%。\n 063.\n看起来免费的东西往往最贵，看起来便宜的东西往往不便宜。买东西如此，投资也常常如此。\n 064.\n投资心态和大小不应该有关系。如果你觉得自己是小投资者，那你很可能一直是小投资者。\n 065.\n高尔夫有很多地方特别像投资。比如，挥杆原则非常简单：1.就是学不会，但自己不知道；2.打球时老是会忘掉原则；3.很难保持平常心去坚持原则。\n 066.\n希望你什么时候能明白把鸡蛋多放几个篮子，其实是有效提高风险的最好办法，虽然能明白这个东东非常不容易。\n 067.\n很久以前，有人对我说，股市就是个赌场，我说不是，他坚持说是。\n我突然悟到：对那些说股市是赌场的人来说，那就是赌场。\n 068.\n其实老巴并没有教会我们什么。我们如果本来不懂的话，是没有人可以教会的。\n关于认知\n 069.\n没耐心是理性不够的表现。\n 070.\n平常人一般难有平常心。平常心实际上就是不平常心，因为不容易有。\n平常心就是凡事要回到原点去考虑。如果你关心的不是事物的本质，没有平常心是正常的。倒过来也一样，如果你关注的只是事物的本质，平常心自然就在那里了。\n 071.\n很多年前，我和华以刚下过一盘围棋，有一块我感觉非常不舒服，复盘的时候我问他，为什么我怎么下都觉得不对。\n然后他告诉我其实这里怎么下都一样的，因为你前面下错了。\n 072.\n高手和其他选手的差别就在错误率低，而不是能打出多少好球来。\n 073.\n很多所谓厉害的人，其实仅仅是因为他们一直在老老实实地做他们该做的事情而已，单看每件事情是很难看出来他们厉害在哪里的。厉害是攒出来的。\n 074.\n知道和骨子里相信是完全不同的两回事。\n 075.\n不知知不易，恐将行更难。\n 076.\n我们不知道“我们不知道”。\n 077.\n知道自己能力圈有多大，往往比自己能力圈有多大要重要得多。\n 078.\n能力圈不是拿金箍棒在地上画个圈，说待在里面不要出去，外面有妖怪。能力圈是：诚实对自己，知之为知之，不知为不知。\n有这样的态度，然后如果能看懂一个东西，那它就是在我的能力圈内，否则就不是。\n 079.\n有多大的能力做多大的事，而不是有多大的胆量。\n 080.\n愿意化繁为简的人很少，大家往往觉得那样显得没水平，就像买茅台一样，没啥意思。\n学会简单其实就不简单。我懂的生意非常少，和很多人的差别在于我承认我懂的少，所以就变简单了。\n 081.\n简单和容易完全不是一回事。比如一个好的高尔夫运动员一天大概要练8-10个小时的球，常年如此，简单而枯燥但绝对不容易。\n 082.\n很多“聪明”人会把别人的成功或自己的不成功，归结于运气或“accidents”，而且他们总是能够很“聪明”地找到办法让自己认为确实如此。《功夫熊猫1》里说，“there are no accidents”其实是蛮有道理的。\n 083.\n不整天想着出奇，犯错机会会下降，不小心出个奇反而成为可能了。我说的不出奇并不是说结果不出奇，而是说心里不要老想着出奇。你如果老想着本质的东西，总有机会出奇。\n会打高尔夫的人大概都知道，凡是想打远点儿的时候都是最容易犯错的时候。\n 084.\n突然想到老巴的一句话：如果你在坑里，至少别再往下挖了。只要看看有多少人在给自己挖坑就明白了。\n 085.\n理性面对现实的勇气，有时候还是会有回报的。\n 086.\n凡事能往后想几年，往往（决策）难度会大幅度下来。\n 087.\n“道”的东西确实难教，必须要靠自己悟。心中无道的人你怎么说也是没用的。\n大多数人（经常包括本人在内）都是不容易open的，很难接受跟自己以前认识不同的东西，即使对方做得很好也老是想办法给自己找个不用学他的借口，有趣得很。\n我有时候感觉很奇怪的是，如果是个已经很成功的人，不太接受新东西我也能理解，因为人家已经有了足够成功的经历和理解了。\n现实中我看到的情况刚好相反，那些不open的人常常就是那些不太成功的人。举个例子，炒了30年股票都不赚钱的人，当我说老巴时，人家居然会说……布拉布拉的。\n 088.\n改变不容易，但任何时候可能都是好时机。\n 089.\n舍不是为了得。我曾经用“有借有还、再借不难”这句话来说明本分的意思。其中“有借有还”就是本分，但“再借不难”其实是功利。当你不再想着“再借不难”时，你就真的“本分”了。\n 090.\n信誉不是讲讲而已，只有当你需要付出代价的时候才知道，你是不是个守信誉的人。“讲”信誉谁都会，但当需要“守”信誉的时候很多人就不行了。\n 091.\n善良不是去把蛇放怀里。善良体现最多的是不作恶。\n一般来说，恶人自有恶人磨，最重要的是远离他们就好。\n 092.\n我不认为我对别人很苛刻，但如果谁把什么事情搞砸了，我会当面跟他说。诚实是我的责任。我知道我在说什么，而且事实证明通常我是对的。那是我试图创建的文化。\n我们相互间诚实到残酷的地步。任何人都可以跟我说，他们认为我就是一堆狗屎，我也可以这样说他们。我们有过一些激烈的争吵，互相吼叫，那可以说是我最好的一段时光。\n 093.\n恐惧程度和了解程度成反比。\n 094.\n说起孤独，让我想起当年买网易的时候，从开始买到网易跌破1块钱“满3个月”的那天，总共2个多月的时间里，每天的买单可能有一半都是我的。\n当时确实感觉很孤独，尤其是最后一天，居然一下子买了接近50万股。据说那天卖的人是害怕3个月满了会被摘牌。买的那个人的想法非常简单，认为买的是公司，上不上市无所谓。\n孤独有时候确实价值连城。\n 095.\n“敢为天下后”的整句话是“敢为天下后，后中争先”，没有能力后中争先的地方是绝对不该去的。\n 096.\n不听老人言，吃苦在眼前和眼后。看了这句话以后，其实大多数人还是不会听的。\n能从自己的错误里吸取教训就已经很了不起了，能从别人的错误里吸取教训的那都是天才。\n 097.\n单纯的理想主义者走不远，单纯的现实主义者做不大。\n 098.\n我的动力是什么？我觉得大多数创造者，都想为我们能够得益于前人取得的成就而表达感激。我并没有发明我用的语言或数学，我的食物基本都不是我自己做的，衣服更是一件都没做过。\n我所做的每一件事都有赖于我们人类的其他成员，以及他们的贡献和成就。我们很多人都想回馈社会，在历史的长河中再添一笔。\n我们只能用这种大多数人都掌握的方式去表达——因为我们不会写鲍勃·迪伦的歌或汤姆·斯托帕德的戏剧。\n我们试图用我们仅有的天分去表达我们深层的感受，去表达我们对前人所有贡献的感激，去为历史长河加上一点什么。那就是推动我的力量。\n 099.\n就像鲍勃·迪伦所说，如果你不忙着求生，你就在忙着求死。\n 100.\n希望你不要寄希望于有人可以一句话让你明白。\n我花20年理解的东西，如果你能花10年搞懂就至少比我厉害多了。","news_type":1,"symbols_score_info":{"NTES":0.9,"002251":0.9}},"isVote":1,"tweetType":1,"viewCount":1466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108055963,"gmtCreate":1619966168952,"gmtModify":1704336839090,"author":{"id":"3566781753281034","authorId":"3566781753281034","name":"TeddyYoung","avatar":"https://static.tigerbbs.com/0b958b6ffdd952041a6d53ef33ecf5b4","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566781753281034","idStr":"3566781753281034"},"themes":[],"htmlText":"fyi","listText":"fyi","text":"fyi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108055963","repostId":"1120703707","repostType":4,"isVote":1,"tweetType":1,"viewCount":1484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}