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	<title>生意模式 &#8211; Zhang Haibo</title>
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		<title>生意模式：段永平说这顿巴菲特午餐值100顿</title>
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		<dc:creator><![CDATA[海波 vincent]]></dc:creator>
		<pubDate>Wed, 10 Jun 2026 08:56:07 +0000</pubDate>
				<category><![CDATA[分析方法]]></category>
		<category><![CDATA[护城河]]></category>
		<category><![CDATA[段永平]]></category>
		<category><![CDATA[生意模式]]></category>
		<category><![CDATA[行业选择]]></category>
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					<description><![CDATA[段永平认为投资的第一标准是生意模式。好的生意模式能长期、可持续地产生净现金流，具有深厚的护城河，即长坡厚雪。相比于管理层，选对生意模式更为关键。投资应避开难以差异化的行业，寻找如苹果、茅台般确定性高的伟大企业。]]></description>
		
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