段永平：投机百分之八九十的散户都是亏钱的，牛市、熊市都亏

市场资讯2025-12-09

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　摘取自：中信书院　　在公众视野渐隐多时的知名企业家、投资人段永平，近期罕见现身纪实节目《共同说》第三季，与王石、田朴珺展开一场深度对谈，这是一次难得的同框。　　投资逻辑：懂生意才是核心　　王石：永平，我觉得很难得，咱们虽然认识这么长时间了，这样的认真聊天很难得。我印象中大家一提你都说你买网易，实际上大家不知道你买...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2590189423?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-09 15:11","share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","id":"2590189423","market":"sg","top_or_hot":-1,"title":"段永平：投机百分之八九十的散户都是亏钱的，牛市、熊市都亏","media":"市场资讯","content":"<div>\n<p>炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　摘取自：中信书院\n　　在公众视野渐隐多时的知名企业家、投资人段永平，近期罕见现身纪实节目《共同说》第三季，与王石、田朴珺展开一场深度对谈，这是一次难得的同框。\n　　投资逻辑：懂生意才是核心\n　　王石：永平，我觉得很难得，咱们虽然认识这么长时间了，这样的认真聊天很难得。我印象中大家一提你都说你买网易，实际上大家不知道你买...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/roll/2025-12-09/doc-inhaeunf1456201.shtml\">网页链接</a>\n\n</div>\n","source":"sina","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>段永平：投机百分之八九十的散户都是亏钱的，牛市、熊市都亏</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n段永平：投机百分之八九十的散户都是亏钱的，牛市、熊市都亏\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-09 15:11 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/roll/2025-12-09/doc-inhaeunf1456201.shtml><strong>市场资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　摘取自：中信书院\n　　在公众视野渐隐多时的知名企业家、投资人段永平，近期罕见现身纪实节目《共同说》第三季，与王石、田朴珺展开一场深度对谈，这是一次难得的同框。\n　　投资逻辑：懂生意才是核心\n　　王石：永平，我觉得很难得，咱们虽然认识这么长时间了，这样的认真聊天很难得。我印象中大家一提你都说你买网易，实际上大家不知道你买...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/roll/2025-12-09/doc-inhaeunf1456201.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1146622755.USD","symbol_name":"安本中国A股股票基金A Acc","start_time":0,"source_url":"https://finance.sina.com.cn/stock/roll/2025-12-09/doc-inhaeunf1456201.shtml","article_id":"2590189423","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2590189423","pubTimestamp":1765264260,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　在公众视野渐隐多时的知名企业家、投资人段永平，近期罕见现身纪实节目《共同说》第三季，与王石、田朴珺展开一场深度对谈，这是一次难得的同框。投机百分之八九十的散户都是亏钱的，牛市、熊市都亏。所以投资最主要的是懂对方的生意，不然就真的很难。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600519":"贵州茅台","LU1146622755.USD":"安本中国A股股票基金A Acc","BK1521":"挪威政府全球养老基金持仓","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","SGXZ81163826.USD":"UNITED CHINA A-SHARES INNOVATION \"A\" (USD) ACC","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU1979443071.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"AD\" (USDHDG) INC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","02202":"万科企业","LU0228659784.USD":"施罗德金砖四国基金","LU0359201612.USD":"贝莱德中国基金A2","LU1051768304.USD":"贝莱德新兴市场股票收益A6","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU1497734951.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund ASDM SGD-H","IE00BMCWC346.EUR":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (EUR) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU1226288170.HKD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P6%\"(HK D) INC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1226287875.USD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"PM\" (USD) INC","LU1634259391.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund AS SGD","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU1255011170.USD":"JPM CHINA A-SHARE OPPORTUNITIES \"A\" (USD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","BK0196":"行业龙头","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU2177674079.SGD":"Fidelity Asia Pacific Opportunities A-ACC-SGD (hedged)","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","BK1507":"粤港澳大湾区","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC"},"translate_title":"Duan Yongping: Eighty to ninety percent of retail investors who speculate lose money, both in bull and bear markets","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600519":0.67,"02202":0.67},"content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　摘取自：中信书院\n　　在公众视野渐隐多时的知名企业家、投资人段永平，近期罕见现身纪实节目《共同说》第三季，与王石、田朴珺展开一场深度对谈，这是一次难得的同框。\n　　投资逻辑：懂生意才是核心\n　　王石：永平，我觉得很难得，咱们虽然认识这么长时间了，这样的认真聊天很难得。我印象中大家一提你都说你买网易，实际上大家不知道你买万科。你还记得吗？就是当年到深圳，你和我面谈完，那时候股票价格非常低。\n　　段永平：那个时候，很多人说万科的一些问题，我说至少你们看到的东西应该大概率不是真的。因为我觉得，王石给我的印象不是一个跑到小房间里跟财务商量怎么做假账的那种人，做错是有可能，但是作假那是两回事儿。所以看你的财务数据，在当时来讲，我觉得这个价钱显然是便宜了。当时我确实买了，后来涨很多就卖了，刚好那个时候碰到万科股价特别便宜的时候。\n　　田朴珺：那是哪一年啊？我都不知道。\n　　段永平：〇四、〇五年左右，大概是那个时候吧。二十年了，那还是蛮有意思的一件事。之前我没怎么买过A股，就那时候我开始做投资，买过星巴克。后来慢慢地，买A股就买了茅台。\n　　田朴珺：现在您还看好茅台吗？\n　　段永平：有什么理由不看好呢？当然，你要不喝酒很难理解这个问题，但是我有太多朋友喜欢喝茅台了，所以我能够懂它这个生意。我觉得你有闲钱，买茅台肯定是比放银行好，但是有没有东西可以涨得比茅台更多？肯定有。\n　　田朴珺：像巴菲特当时买可口可乐。\n　　段永平：喜诗糖果，特别像喜诗糖果。可口可乐的判断可能难度会更高一点，喜诗糖果是很像的，所以他就把整个公司都买下来了。我没那么多钱，我买不下整个公司，我买一点点总可以。\n　　很多人说，价值投资很难。但投机更难！很多人不理解这个问题。投机百分之八九十的散户都是亏钱的，牛市、熊市都亏。然后说我很难，我买茅台一直拿着，拿了十几年，我难在哪儿了？\n　　田朴珺：您中间不会打开账户去看吗？\n　　段永平：看不等于要卖，美股的账户我经常看。如果真的懂了这个企业，你不会受市场的影响。越到后头就越不容易受影响，看着账户准备随时赶紧逃的这种，就是在投机。这样也有好处，多巴胺上升会觉得很快乐，当然赢的时候是开心的，输的时候也没那么快乐，投资不是这样。但是涨的时候也可以快乐，也有多巴胺，但它们不是同一个东西。所以投资最主要的是懂对方的生意，不然就真的很难。\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：杨赐","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590189423","isCrawlerRequest":true}