Golf and Investing
Like golf, what matters most in investing is avoiding errors—especially big ones
📌 Concept Explanation
Golf and Investing = Duan uses golf, his favorite sport, to elucidate his investment philosophy: both investing and golf are games of “avoiding major mistakes” rather than “pursuing perfection”; both require ordinary mindset, both require focusing only on the current shot/current investment rather than being swayed by results or others’ performance.
Golf is an 18-hole game—total score is what matters. One exceptional hole doesn’t mean you’ve won; one ball in water doesn’t mean you’ve lost. It’s the same with investing—one highly profitable investment doesn’t prove your investment system is correct; one losing investment doesn’t prove your system wrong. What matters is long-term total score, not any single shot’s performance.
💡 Core Understanding
1. The difference between masters and ordinary people lies in low error rate, not how many good shots they can hit.
The most core investment philosophy Duan distilled from golf: masters don’t win by hitting more good shots but by making fewer errors than others. Buffett’s success isn’t because every investment made huge money but because he almost never makes big errors. This aligns with error and correction.
2. Golf is an 18-hole game; investing is a long-term game—pursue total score, not single-shot perfection.
Golf scores are calculated by total strokes; a few bad holes ruin the overall result. This logic maps directly to long-termism—investment total score accumulates long-term; don’t waver overall strategy because of one investment’s short-term performance.
3. Ordinary mindset is the shared prerequisite for good golf and good investing.
Duan views ordinary mindset as the shared core of golf and investing: focus only on how to play each shot, don’t think about results—if you can do this, your winning odds increase greatly. In investing, ordinary mindset means focusing only on the company itself, not being swayed by price fluctuations or market sentiment.
4. The biggest difference between golf and investing: in investing there are no “mandatory” shots.
In golf you often have an arrow nocked—when it’s your turn, you must shoot, can’t wait. But in investing nothing must be invested; if you don’t understand, you can always wait. This is Duan’s alternative expression of circle of competence and opportunity cost—in investing, not acting is itself a choice, and often the correct one.
5. Swing principles are very simple but extremely hard to execute—investment principles are the same.
Golf swing principles are simple but just can’t be learned; during play you constantly forget principles and struggle to maintain ordinary mindset while sticking to them. Value investing principles are similar—the reasoning is simple, but adhering to principles amid market volatility and emotional pressure is extremely difficult.
🛠 How to Practice
Investment practice principles distilled from Golf philosophy:
- Pursue “double bogey-free” (avoid big errors) rather than “hole-in-one”: Duan says his highest aspiration in golf is “double bogey-free”—no double bogeys. “Somewhat like investing: try to avoid major errors. As long as you achieve this, results are generally acceptable.” In investing, this means avoiding major principled errors rather than pursuing perfection in every investment.
- Each shot is unrelated to any previous shot: “Golf is quite like investing—it requires eliminating distractions, concentrating; each shot has no relationship with any previous shot.” Each investment decision should be based on current information and judgment, not influenced by previous gains or losses.
- Just play your own game, unaffected by others’ performance: “Golf scores actually have no relation to other players’ scores—just play your own game, yet many people still get influenced by others’ performance.” In investing, how much others earned or how much markets rose shouldn’t affect your judgment.
📖 Case Study
Duan Competes with Tiger Woods (2000)
In 2000, Duan played 18 holes with Tiger Woods in a two-vs-two format, losing by 5 strokes. Duan said: “Played 18 holes with Tiger in 2000—we two played as one team, lost by 5 strokes.” This detail reflects Duan’s passion and serious attitude toward golf, showing he’s a genuine golf enthusiast, not merely using golf as metaphor for investing. His handicap is around 5-6—which for a non-dedicated amateur represents quite high skill level.
Source: Investment Logic Chapter, 2010-07-15
⚠️ Common Misconceptions
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❌ “One highly profitable investment proves the investment system is correct” — “Amateurs can occasionally play a great round, just like occasionally bowling a high score. Professional level requires playing well almost every time.” Occasional success doesn’t indicate correct system—long-term stable performance is true capability.
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❌ “Investing means seizing every opportunity” — “There’s a huge difference here between investing and golf, because in golf often the arrow is already nocked—when it’s your turn, you must shoot, you can’t wait. In investing nothing must be invested; if you don’t understand, you can always wait.” In investing, not acting is completely reasonable.
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❌ “If principles are simple, execution is easy” — “Swing principles are very simple. a) Just can’t learn it but don’t realize it; b) During play constantly forget principles; c) Hard to maintain ordinary mindset while sticking to principles.” Simple principles are often extremely hard to sustain in practice. This is precisely where value investing gets difficult.
💬 Original Quotes
“Like golf, what matters most in investing is avoiding errors—especially big ones. As long as you avoid major errors, results will generally be good.” (Source: Investment Logic Chapter, 2011-10-28)
“There’s no perfect golf, no perfect investing—and life is the same.” (Source: Investment Logic Chapter, 2012-12-20)
“No matter how skilled the golfer, when ordinary mindset is lost, they’ll play terribly.” (Source: Investment Logic Chapter, 2012-12-20)
“There’s a huge difference here between investing and golf, because in golf often the arrow is already nocked—when it’s your turn, you must shoot, you can’t wait. In investing nothing must be invested; if you don’t understand, you can always wait.” (Source: Investment Logic Chapter, 2013-02-12)
“I understand golf as a shot-by-shot game where handling each shot has no relation to the previous one—most importantly avoid big errors, somewhat like investing.” (Source: Investment Logic Chapter, 2019-03-15)
🔗 Related Nodes
Upstream Concepts (prerequisites for understanding this concept): Ordinary Mindset · Error and Correction · Circle of Competence
Downstream Concepts (conclusions derived from this): Long-termism · Doing the Right Thing · Value Investing
Related Figures Duan Yongping · Buffett · Tiger Woods
Golf与投资
打球和投资一样，最重要的是避免犯错，尤其是犯大错
📌 概念解析
Golf与投资 = 段永平用高尔夫这个他最喜欢的运动，来阐释他的投资哲学：投资和打高尔夫都是”避免犯大错”的游戏，而不是”追求完美”的游戏；两者都需要平常心，都需要只关注当下这一杆/这一笔投资，而不是被结果和他人的表现所左右。
高尔夫是18洞的游戏，总成绩才是关键。你某一洞打得特别好，不代表你赢了；你某一洞打进水里，也不代表你输了。投资也是一样——某一笔投资赚了大钱，不代表你的投资体系是对的；某一笔投资亏了，也不代表你的体系是错的。关键是长期的总成绩，而不是某一杆的表现。
💡 核心理解
1. 高手和普通人的差别，在于错误率低，而不是能打出多少好球。
段永平从 golf 中提炼出的最核心投资哲学：高手赢的方式不是打出更多好球，而是比别人少犯错。巴菲特的成功，不是因为每一笔投资都赚了大钱，而是因为他几乎不犯大错。这和错误与纠错是同一个道理。
2. Golf 是18洞的游戏，投资是长期的游戏——追求总成绩，而不是某一杆完美。
golf 的输赢按总杆数计算，打坏几个洞总成绩就不好了。这个逻辑直接对应长期主义——投资的总成绩是长期积累的，不能因为某一笔投资的短期表现而动摇整体策略。
3. 平常心是打好高尔夫和做好投资的共同前提。
段永平把平常心视为 golf 和投资的共同核心：只想每一杆怎么打，别想结果，能做到的赢面就大了。在投资中，平常心意味着只关注公司本身，不被股价波动和市场情绪左右。
4. Golf 和投资最大的不同：投资里没有“必须打”的球。
打球经常是笭在弦上，到你了就必须打，不能等。但投资里没有必须投的东西，不懂永远可以等。这是段永平对能力圈和机会成本的另一种表达——在投资中，不出手本身就是一种选择，而且往往是正确的选择。
5. 挥杆原则非常简单，但很难做到——投资原则也是如此。
golf 的挥杆原则非常简单，但就是学不会，打球时老是忘掉原则，很难保持平常心去坚持。价值投资的原则也是如此——道理很简单，但在市场波动和情绪压力下坚持原则极其困难。
🛠 如何实践
从 Golf 哲学中提炼的投资实践原则：
- 追求”double free”（不犯大错），而不是追求”一竿进洞”：段永平说他打球的最高追求是”double free”——不犯双柏忌。“有点像投资，尽量少犯大错。只要能做到这一点，成绩总还是过得去。“在投资中，这意味着避免重大的原则性错误，而不是追求每一笔投资都完美。
- 每一杆都和以前的任何一杆没关系：“打 golf 很像投资，需要排除干扰，集中，每一杆都和以前的任何一杆没关系。“每一笔投资决策都应该基于当前的信息和判断，而不是被之前的盈亏所影响。
- 只管打自己的球，不受别人表现的影响：“golf 的成绩实际上和别的选手成绩无关，只管打自己的球，但很多人还是会受到别的选手的表现的影响。“在投资中，别人赚了多少、市场涨了多少，都不应该影响你的判断。
📖 案例拆解
段永平与老虎伍兹同场竞技（2000年）
2000年，段永平和老虎伍兹打了18洞，两人合作对抗，输了5杆。段永平说：“2000年和老虎打过18洞，我们两个打一个，输了5杆。“这个细节体现了段永平对 golf 的热爱和认真态度，也说明他是真正的高尔夫爱好者，而不只是用 golf 来比喻投资。他的差点在5-6左右，对于一个不专门练球的爱好者来说，这是相当高的水平。
来源：投资逻辑篇，2010-07-15
⚠️ 常见误区
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❌ “某一笔投资赚了大钱，说明投资体系是对的” — “业余球员可以偶尔打一场好球，就像偶尔打一局高分的保龄球一样。职业水平是几乎每一场都必须打好。“偶尔的成功不代表体系正确，长期稳定的成绩才是真正的能力。
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❌ “投资需要抓住每一个机会” — “这点上投资和 golf 有巨大的差别，因为打球经常是箭在弦上，到你了就必须打，不能等。投资里没有必须投的东西，不懂永远可以等。“投资中，不出手是完全合理的选择。
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❌ “只要原则简单，执行就容易” — “挥杆原则非常简单。a.就是学不会，但自己不知道；b.打球时老是会忘掉原则；c.很难保持平常心去坚持原则。“简单的原则，在实际操作中往往极难坚持。这正是价值投资难的地方。
💬 原文金句
“打球和投资一样，最重要的是避免犯错，尤其是犯大错。只要少犯大错，成绩总是不错的。“（来源：投资逻辑篇，2011-10-28）
“没有完美的 golf，也没有完美的投资，人生也一样。“（来源：投资逻辑篇，2012-12-20）
“不管多好的球手，当失去平常心时，一样会打得很烂。“（来源：投资逻辑篇，2012-12-20）
“这点上投资和 golf 有巨大的差别，因为打球经常是箭在弦上，到你了就必须打，不能等。投资里没有必须投的东西，不懂永远可以等。“（来源：投资逻辑篇，2013-02-12）
“我理解 golf 就是一杆一杆打的游戏，每一杆的处理和上一杆都没关系，最重要是避免犯大错，和投资有点像。“（来源：投资逻辑篇，2019-03-15）
🔗 关联节点
上游概念（理解这个概念的前提）： 平常心 · 错误与纠错 · 能力圈