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	<title>安全边际 &#8211; Zhang Haibo</title>
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	<title>安全边际 &#8211; Zhang Haibo</title>
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		<title>安全边际：段永平说这是理解度，不是折扣</title>
		<link>https://zhanghaibo.com/margin-of-safety/</link>
					<comments>https://zhanghaibo.com/margin-of-safety/#respond</comments>
		
		<dc:creator><![CDATA[海波 vincent]]></dc:creator>
		<pubDate>Sat, 06 Jun 2026 00:50:52 +0000</pubDate>
				<category><![CDATA[认知基石]]></category>
		<category><![CDATA[安全边际]]></category>
		<category><![CDATA[段永平]]></category>
		<category><![CDATA[理解度]]></category>
		<category><![CDATA[集中投资]]></category>
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					<description><![CDATA[段永平认为“安全边际”的本质是对公司的理解度，而非价格折扣。深度理解能降低不确定性，是集中投资的基石。好的生意模式本身就是安全边际的一部分。从十年视角来看，短期价格波动并不重要，真正的安全来自于对企业未来确定性的透彻把握。]]></description>
		
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