雪球特别版——段永平投资问答录（商业逻辑篇） (雪球专刊)

by 雪球用户, 雪球 (Editor)

段永平：著名企业家，小霸王品牌缔造者，步步高创始人，vivo和OPPO联合创始人，网易丁磊生命中的贵人，拼多多黄峥的人生导师。段永平同时也是著名投资人，早期投资网易获100倍以上回报，目前重仓茅台、苹果等优质公司。不管是作为管理者，还是作为投资人，段永平都是非常成功的，本期雪球精选出段永平关于商业逻辑的问答录，阅读本文能领略段永平对于商业的深刻理解，希望各位通过这本书能读懂段永平的商业智慧，对各位的工作学习投资能有所帮助。关于《雪球》内容概要前言：买股票就是买公司第1节：伟大企业一、什么样的企业是伟大的企业二、伟大公司管理层（CEO）：造钟人三、长长的坡，厚厚的雪---滚雪球第2节：商业模式一、商业模式最重要二、差异化是好商业模式的前提三、护城河是商业模式最重要的部分四、要有好的企业文化做支撑五、30个商业案例点评第3节：企业文化一、企业文化二、核心价值观三、本分和平常心四、团队合作五、消费者导向六、基业长青——（段永平在企业文化培训课上的讲解）七、26个企业文化案例点评第4节：产品、差异化与创新一、好产品二、产品差异化三、创新第5节：品牌、营销与广告一、品牌二、营销三、广告第6节：收购和多元化一、收购二、多元化第7节：Stop doing list（不为清单）感谢

509 pages, Kindle Edition

Published September 21, 2020

Reviews

[Barack Liu · Rating 5 out of 5]

549-Duan Yongping's Investment Q&A-Xueqiu User-Business-2020

Barack
2024/12/28

"Duan Yongping's Investment Q&A" collects some of Duan Yongping's messages on "Xueqiu". The "Business Logic" section was completed on September 19, 2020. The "Investment Logic" section was completed on November 28, 2020.

Duan Yongping was born in Nanchang, Jiangxi Province in 1961. After graduating from the Radio Department of Zhejiang University in 1982, he was assigned to the Beijing Electronic Tube Factory. In July 1988, he graduated from the Graduate Program of the Economics Department of Renmin University of China. He is the founder of Guangdong BBK Electronics Industrial Co., Ltd. Duan Yongping was once famous throughout the country for founding two well-known brands, "Xiaobawang" and "BBK".

Xueqiu, founded in 2010, is an investor community that is committed to providing Chinese investors with data query, information acquisition, interactive communication and trading services across markets (Shanghai, Shenzhen, Hong Kong, and the United States) and products (stocks, funds, bonds, etc.).

iUS Stocks" website that focused on information production at the beginning , to a mobile stock trading application and investor community that solves the problem of "what stocks to buy", and then to today's combined trading platform, into a mobile Internet financial platform that is very different from traditional media. The information here is personalized (customized company news, announcements, customized investor discussions), users produce content (UGC) instead of professional workers (PPC), and algorithms are used to continuously optimize content (for example, through the "information-people-stocks" link, useful information is filtered and retained on the user's personal page and individual stock page). The name "Snowball" comes from a saying of Warren Buffett, the stock god: "Life is like rolling a snowball. The key is to find snow that is wet enough and a slope that is long enough."

Table of Contents
Business Logic
Section 1: Great Enterprises
Section 2: Business Model
Section 3: Corporate Culture
Section 4: Products, Differentiation and Innovation
Section 5: Branding, Marketing and Advertising
Section 6: Acquisitions and Diversification
Section 7: Stop doing list
Investment Logic
Chapter 1 Investment Philosophy
Chapter 2 Investment Understanding
Chapter 3 Golf and Investment
Chapter 4 Financial Understanding
Chapter 5 Valuation Logic
Chapter 6 Investment Methodology
Chapter 7 Case Analysis

Duan Yongping specifically mentioned the autobiography of Steve Jobs in the last chapter of Steve Jobs, which impressed me when I read the book. In that autobiography, Steve Jobs mentioned that his passion came from building a company that could be passed down for a hundred years, where people were motivated and committed to creating great products. For him , everything else was secondary. Of course, making money is important, because only profits can support the creation of great products, but the driving force comes from the product itself, not the profit. Although not everyone needs to be an entrepreneur, I think this core idea of Steve Jobs is actually universally applicable. No matter what industry we are in, we should always ask ourselves a question: What is the real purpose of doing this? For example, when we work hard every day, is the primary goal to simply make money, or to complete a great cause that makes me feel passionate and worth fighting for? These two seem similar, but there are significant differences in subtlety. This difference may not appear immediately, but it takes time to settle. Perhaps it will take five, ten, or even thirty or even half a century before we can see how this subtle difference will produce different results. Perhaps we can say that no matter what the goal is, what really determines a person's value is his persistence in his choice and his pursuit of his inner passion. When talking about Jobs, Duan Yongping used a very interesting description - "a soul that has a dark side but always shines." In fact, everyone's soul has a dark side to a certain extent, but not everyone can keep the soul shining throughout their life. I believe that everyone's soul is bright and full of hope in the early stages of their life, just like a newly bought item. However, as time goes by, dust gradually covers that brilliance, and the soul may become dim. What is really valuable is how to keep the soul that bright. In this world, there are always some people who can make others see the brilliance of hope and enthusiasm in their eyes at a glance.

In the past two years, I have started to do one thing: invite former classmates and friends to video chat on weekends. In recent weeks, I have tried to record interviews with these classmates who have already chatted and posted them on the Internet. This is a small thing, but just like running a business, I also need to consider two major issues. Is this the "right" thing to do? How to do this thing right efficiently ? Duan Yongping mentioned that a great company should be one that can persist in doing the "right" thing for a long time. He cited the examples of Apple, Jobs and Cook to illustrate this point. I think the question of "what is the right thing" is actually very much affected by our values. Things that we thought were "right" in the past may no longer seem so important; and things that we thought were not worth doing in the past may now feel very meaningful. Is it the "right" thing to invite classmates to video chat? In order to do this, I need to spend time and energy costs, and I may be repeatedly rejected and misunderstood. This not only brings time and energy costs in reality, but also brings emotional costs caused by psychological pressure. So, how to complete this thing efficiently? For example, some people may not reply, and some people politely say "I'm too busy recently, let's make an appointment next time." So even for such a small thing, no matter what my motivation and vision are, in order to increase the success rate, I also need to think: What value can I provide to the other party so that they are willing to spend their precious time video chatting with me? Similarly, for a business, it makes no sense to just promote their great vision. Only when the business can become a profitable and stable company will others be willing to listen to your vision. When I see people who have achieved recognized achievements talking about what they have done, they often go deep into the philosophical and value-level thinking, probably because their realm has reached that level. But for people like me who are still struggling for survival, this height may be out of reach for the time being. For me at this stage, the methodology of "doing things right" may be more urgent, just like in the college entrance examination, we try hard to find a way to get high scores-that is a matter of survival.

When discussing "what is a good company", Duan Yongping repeatedly mentioned a very critical point: the discount of the company's future cash flow. In the final analysis, this is the ability of a company to make money sustainably. It is similar for individuals. No matter how you talk about feelings and dreams, you must eventually return to the actual value creation. In other words, people will pay more attention to your actual ability, such as whether you can get economic returns by creating value. Of course, this ability to make money is in the same vein as the ability to create value. Enterprises aim to make profits, and the generation of cash flow is the core of the survival and development of enterprises. Of course, human goals are more diversified, and human existence is not simply for the purpose of profit, but to pursue a richer meaning of life and growth environment. People's ability to make money is just a criterion, which is different from the company's only criterion of making money. Duan Yongping also mentioned a set of concepts - "clock making" and "time telling". He said that some companies may just be "time tellers" who are good at solving specific problems, such as making an Apple product, a computer, or completing a certain technological innovation. But the ability to "make a clock" is more important. The so-called "making a clock" refers to the ability to establish a complete set of processes and systems so that the company can operate stably and continuously create value. This ability not only allows the company to be more calm in the face of short-term challenges, but also allows it to continue to develop in the long run. I have another feeling. The questioner, as an amateur, is humble and asks questions carefully, but Duan Yongping, as a big boss, often answers briefly and "spares words like gold." This is also my recent idea. Instead of paying so much attention to the big bosses, it is better to pay more attention to the friends around you.

Duan Yongping talks about the topic of "faith" in his book. Many times, when we mention "faith", we tend to subconsciously associate it with religion, as if faith must point to some kind of gods or religious system. But in fact, the core of faith lies in our inner adherence to a certain constant principle. The Analects of Confucius says, "A gentleman will not violate benevolence even for a meal. He will do so in haste and in adversity." For ordinary people, it is not difficult to abide by a certain principle in most cases, but it is the real difficulty to stick to it consistently no matter how the environment changes. For example, honesty. Most people may not have difficulty not lying in 50% of cases in daily life , but who can confidently say that they can completely not lie 90%, 99%, or even 99.99% of the time? This is the value of faith. It is a force that supports us to persist. People with religious beliefs are lucky in a sense. For them, faith is like a lighthouse in the dark night. No matter how stormy the sea is, no matter how a person drifts in the waves of fate, the light always stands firm and gives people peace of mind. For people born in religious families, this "anchor" of faith may even be firmly implanted in their hearts from birth and last throughout their lives. In the field of business and investment, Duan Yongping proposed a core concept similar to faith: investment is buying companies, and good investment is buying good companies. Good companies are those that can generate high-quality cash flow in the future. This principle sounds simple, but it is not easy to really do it. For example, how do we evaluate a company's future cash flow? Just like when we try to judge whether something can succeed, we often have to evaluate the person who does it. But what is the basis for our evaluation? Is it personality, ability, or external conditions? In reality, the information parameters we face are extremely complex, just like today's large language model, which requires hundreds of billions of parameters to generate a simple result. But we can never be sure which parameter plays a decisive role. This process is like a black box for us. In fact, the decision-making process of each of us is also like a black box. We may summarize several seemingly rational reasons to explain our decisions, but those factors hidden under the iceberg, unspoken or even unrealized, often play an important role. This complexity makes us need faith to guide us forward. Whether in life or business investment, faith can provide us with a stable core, just like the earth, which is solid and reliable and will not be shaken by changes in the external environment. In a turbulent world, it is easy for people to lose their way, and faith is the lighthouse deep in our hearts, helping us find our true selves. Many spiritual crises - whether they are youth crises, middle-aged crises, or old age crises - in the final analysis, often stem from the lack of this inner support. Without a constant faith, it is difficult to maintain inner peace and firmness in the storm.

The author mentioned three very important principles in the book: first, do not borrow money to invest; second, do not short; third, do not invest in things you do not understand. These three principles seem simple, but there is profound wisdom behind them. It reminds me of a story I read before, but I have forgotten the specific source. The general idea is that an emperor asked his subordinates to find a talent to govern the country. When the official brought a recommender, the emperor asked, what are the advantages of this person? The official replied: "He has no advantages." The emperor was puzzled and questioned why he wanted to find a person "without strengths." The official explained: "Although he has no outstanding advantages, he has no disadvantages either." From Duan Yongping's investment philosophy, this "avoid making mistakes" thinking is similar to this story. It is actually difficult to learn from others' strengths, because everyone's environment, resources and abilities are different, and we may not be able to do what others can do. But learning others' "not to do" is relatively feasible. Because actions often require the cooperation of external conditions, and avoiding certain behaviors depends more on our inner determination. In theory, this sounds simple, but in practice it is very difficult. Why? Because it requires the support of a kind of faith. What is faith? It is the power that allows us to maintain inner stability when the external environment is turbulent. There is a story in the "Platform Sutra", "Sometimes the wind blows the flag. One monk said it was the wind, and another monk said it was the flag. The discussion continued. Huineng said: 'It is not the wind that is moving, nor the flag that is moving, but the heart of the benevolent that is moving.'" Changes in the outside world are not the real source of our disturbance. The heart moves with external things, which is the essence of the problem. With faith, our hearts can be firm and not be confused by external interference; without faith, the heart is like duckweed swaying in the wind, and it is difficult to be at peace. Duan Yongping particularly emphasized the importance of "not making mistakes". I personally like the saying "the tree wants to be quiet but the wind does not stop" . The wind from the outside world is always blowing, making it difficult for us to be as stable as a rock in our hearts, to watch the wind and clouds rise, and to be as calm as water. Another thing that makes me feel emotional is that some people admire Duan Yongping so much that they even call him the "Chinese stock god", and Duan Yongping himself has great respect for Buffett. Many entrepreneurs are willing to spend a lot of money to have lunch with Buffett. I often wonder why they are willing to pay so much for what Buffett can say to them, which may have been mentioned many times in various public occasions? Perhaps, the feelings brought by personal experience and exposure are more touching than simply reading or hearing. As the "Tao Te Ching" says: "The superior man hears the Tao and practices it diligently; the middle man hears the Tao and is uncertain; the inferior man hears the Tao and laughs at it." People often say, if only someone had said XXX to me before. In fact, this sentence is biased. It's not that no one told us XXX, but because we had eyes at that time, but our eyes were blind.

[Shushi · Rating 5 out of 5]

虽然编排重复率极高，但依旧收获颇丰。