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五一收费公路免费:经济学人 | 和去年一样,今年又烧了十亿……

2019-06-05 22:38 来源:网络整理

  

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五一收费公路免费:经济学人 | 和去年一样,今年又烧了十亿……

  

  烧钱,对人来说可能是很酷的,电影中小马哥烧美钞点烟成了经典,但是当企业也开始这么做,是性感还是危险?

  

  Firms that burn up $1bn a year are sexy but statistically doomed

  每年烧10亿美元的公司很性感但是从统计学上看注定要失败

  Five outliers - Chesapeake Energy, Netflix, Nextera Energy, Tesla and Uber - have collectively lost $100bn in the past decade

  五个异常值:切萨皮克能源,网飞,新时代能源,特斯拉和优步,在过去十年间共计损失1000亿美元。

  【1】YVES SAINTLAURENT, Lady Gaga, David Bowie. Some people do not operate by the same rules as everyone else. Might the same be true of companies? Most bosses complain of being slaves to short-term profit targets. Yet a few flout the orthodoxy in flamboyant fashion. Consider Tesla, a maker of electric cars. This year, so far, it has missed its production targets and lost $1.8bn of free cash flow (the money firms generate after capital investment has been subtracted). No matter. If its founder Elon Musk muses aloud about driverless cars and space travel, its shares rise like a rocket—by 66% since the start of January. Tesla is one of a tiny cohort of firms with a licence to lose billions pursuing a dream. The odds of them achieving it are similar to those of aspiring pop stars and couture designers.

  flout:[fla?t] v. 藐视;轻视;嘲笑

  The foolish boy flout his mother's advice.

  这个愚蠢的孩子轻视他母亲的劝告。

  orthodoxy:['??rθ?dɑ?ksi] n. 正统说法;正教;信奉正教

  He had remained true to the old orthodoxy.

  他一直忠实格守古老的正统观念。

  flamboyant:[flæm?b???nt] adj.艳丽的;火焰似的;过分华丽的 n.凤凰木;火焰色红花

  subtract:[s?b'trækt] v. 减去;减少

  muse:[mju?z] v. 沉思;冥想 n. 沉思

  cohort:[?ko?h?:rt] n.(古罗马军队的)步兵大队,军队;一群人

  odds:[?dz] n. 机率;可能性;差别;投注赔率;让步;优势

  伊夫?圣罗兰,Lady Gaga,大卫?鲍伊,总有一些人行事与众不同。公司也可以这样吗?大部分老板常抱怨自己是短期利润目标的奴隶。然而,有一些人用一种招摇的方式表达了对这种正统规则的蔑视。想想电动汽车制造商特斯拉,今年,到目前为止,它没有实现其生产目标,还损失了18亿美元的自由现金流(企业扣除了资本投资后的生产值)。不要紧,只要该公司创始人伊隆?马斯克在自言自语时大声一点,说些无人驾驶的汽车、太空旅行什么的,该公司的股票就会像火箭一样上升,实际上一月以来其股价已经上升了66%。这类企业是一个很小的群体,它们被允许在追求梦想的过程中损失数十亿美元,特斯拉是其中一员。它们实现目标的概率,就和那些有抱负的流行明星和时装设计师能成功的概率差不多。

  [2]Investing today for profits tomorrow is what capitalism is all about. Amazon lost $4bn in 2012-14 while building an empire that now makes money. Nonetheless, it is rare for big companies to sustain heavy losses just to expand fast. If you examine the members of the Russell 1000 index of large American firms, only 25 of them, or 3.3%, lost over $1bn of free cash flowin 2016 (all figures exclude financial firms and are based on Bloomberg data). In 2007 the share was 1.4% and in 1997, under 1%. Most billion-dollar losers today are energy firms temporarily in the doldrumsas they adjust to a recent plunge in oil prices. Their losses are an accident.

  capitalism:[?kæp?tl??z?m] n.资本主义(制度);资本(或财富)的拥有

  sustain:[s?'ste?n] vt. 支持;承受;维持;认可;经受

  free cash flow:自由现金流

  temporarily:[temp??rer?l?] adv.暂时地;临时地

  in the doldrums:无精打采;意气消沉;萧条

  The economy is in the doldrums.

  经济正处于萧条期。

  plunge:[pl?nd?] n. 猛跌,骤降, 骤减