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段永平挣了大钱的3家公司
Sou Hu Cai Jing· 2025-09-15 09:10
投资最大的风险,不是宏观经济走势,不是股票价格波动,投资风险其实只有一个,就是对公司不够了 解! 因为不够了解,就拿不住,股价涨了跌了你都想卖,挣不到时间的复利。 阿段同学说:"真懂了,就拿得住,不需要什么技巧。" 阿段同学挣大钱的三家公司: 1. 网易:投资成本200多万美元,持有时间8-9年,投资回报100倍以上, 赚了20亿人民币。 2. 苹果:2011年开始买入,重仓时间比巴菲特还早,投资成本8-12倍PE,持有时间超过14年, 回报超 过20倍,持股市值超过百亿美金。 3. 茅台:投资成本8-10倍PE,持有时间超过12年, 回报超过10倍,持股市值超过200亿人民币。 沃伦·巴菲特说:你有多少个投资的好主意?每1-2年有一个就很不错了。 投资人詹姆斯·安德森说,他一生真正看懂的公司(看到别人看不到的东西)只有三个——亚马逊、特 斯拉和腾讯。因为重仓和长期持有,詹姆斯交出20多年年化回报超过20%的业绩。 段永平说:很难吗?还好吧。我自己从事企业经营只有10多年,开始投资10年,在这10年里有兴趣的企 业中,我大致看懂了10家,重手投了5家,差不多两年一家,没想象的那么难吧? 文:徐新;摘自:今日资 ...
7月荐书 | 周期罗盘 复利长坡
Di Yi Cai Jing· 2025-07-22 02:08
投资之道,首在确立"以所有者身份买企业"的第一性原理,并以十年维度审视其护城河与现金流。财富之路,不 在预测明天的价格,而在理解永恒的节奏,不仅要辨别循环何时孕育新机,也要分辨货币幻觉怎样偷走时间价 值。唯有将微观企业价值、中观周期位置与宏观货币环境三者纳入统一框架,才能在喧嚣市场保持理性,在极端 时刻保持果决,将资本复利转化为可持续的生活复利。 第一财经精心挑选了《大道:段永平投资问答录》《周期、估值与人性》《通胀的教训》三本书籍,为读者呈现 了一个更加立体的货币世界。 《大道:段永平投资问答录》 作者:赵理亚(选)/芒格书院(编)/段永平 出版社:中信出版社 编辑部推荐: 这本段永平亲自认可的全球首部问答录,把"做对的事,再把事做对"拆成两百多条能套用在日常可复制的思考模 型,涵盖了资产配置、企业甄选及人生战略等维度。即使投资者的情绪如潮汐般翻涌,也能锁定企业的真身与滚 滚向前的现金流。 原文摘录: 首先,好赛道是不会进入低毛利时期的,低毛利的都是商业模式比较差,产品差异化很小的。作为创业者,你还 要进去,那就脑子坏了呗。 投资也好,创业也好,其实都是要很认真地去想商业模式的。但我觉得创业还是有点不一样, ...
风投女王徐新:巴菲特股东大会后,我立刻读了段永平的新书
雪球· 2025-05-16 08:09
Core Viewpoint - The article highlights the investment philosophy and business insights of Duan Yongping, often referred to as the "Chinese version of Buffett," emphasizing his impact on various influential companies and the release of the book "The Great Way," which systematically organizes his thoughts on business and investment [1][3]. Investment Philosophy - Duan Yongping's investment approach centers on value investing, which he defines as buying companies based on their future cash flow discounted to present value [3][4]. - Key considerations for investing in a company include its long-term profitability and how profits are distributed to shareholders [4]. Business Model and Company Culture - The importance of a strong business model and corporate culture is emphasized, with Duan stating that these factors are more critical than price in assessing a company's value [5][6]. - A good business model is characterized by consistent profits and cash flow, with high barriers to entry that deter competition [5]. Investment Criteria - Duan employs a "soul five questions" framework to evaluate companies, focusing on their business model, culture, and long-term prospects [7]. - He believes that understanding a limited number of companies deeply is more beneficial than spreading investments too thinly across many [8]. Successful Investments - Duan's notable investments include NetEase, Apple, and Moutai, with significant returns achieved through long-term holding [10][11][12]. - His success is attributed to a deep understanding of the companies he invests in, allowing him to hold onto them through market fluctuations [14]. Margin of Safety - The concept of margin of safety is crucial in Duan's investment strategy, emphasizing the need for a buffer when predicting future cash flows [15]. - He believes that the frequency of finding great investment opportunities is less important than the strength of the investment decisions made [16]. Valuation Insights - Duan stresses that learning to value companies takes time and that a solid understanding of a company's future cash flow is essential for making informed investment decisions [18][19]. - He advocates for using discounted cash flow (DCF) as a logical valuation method, focusing on companies with monopolistic advantages and strong cash flow certainty [19]. Long-term Perspective - The article underscores the importance of making principled investment choices and maintaining a long-term perspective, as exemplified by Duan's adherence to value investing principles [20][21]. - Duan's investment philosophy aligns with the belief that value investing leads to sustainable success and personal fulfillment [23][24].