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When we brought US$1.2 million back to China, it was like peanuts comparing to a lot of other Internet startups in China.
当我们成功融资120万美元回到中国,相比其他新兴互联网公司,这些钱简直就是九牛一毛。
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So yes, my whole thing is I don't necessarily want to work for some firm.
所以，是的，我就是想说我并不一定要给某些公司打工。
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This was a process that was perfected on an industrial scale by the company Genentech in California, in the 1970s.
这就是一个完美的工业规模的流程,是加州的一个基因技术公司在七十年代,所完成的
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Or the insurance company could be a mutual insurance company, in which case the insurance company is owned by the insured.
保险公司也可以是互助保险公司,也就是保险公司的股东就是被保险人
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I know a number of people in this room probably have the similar company in mind, which is Apple.
我知道这个房间里的很多人可能都从,这家公司汲取灵感，它就是苹果。
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It's true of Windows, it's true of the Sequel Databases from guys like Oracle, the Google guys were at it for a number of years before that thing really took off.
视窗“系统就是这样，甲骨文公司的关系数据库也是这样，谷歌公司的创立者花了很多年,才让一切走上正轨。
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So the first critical decision I made is that when I raised the money, $1.2 million, I told our investors that money would last for about six months.
我做的第一个重要决定就是,当拿到120万美元时，我曾对投资人说过,这笔钱能够维持公司运营6个月。
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If Firm 2 produces this amount then Firm 1's best response is this amount.
如果公司2的产量是这么多,那么公司1的最佳对策就是这个产量
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And an interesting piece of data is that the students reported that one of the primary values that they got out of the course was the opportunity to get to know people throughout the company that it would take them years to get to know on their own.
一个有趣的现象是,学生们报告称,该课程带给他们,最大的收获之一就是,借此机会认识了,全公司的人，而今后,他们会继续加深了解。
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The rate and pace of change in the industry is such that it's always kind of a jump ball environment where companies are not able to hang on to a great position for a super long time.
这一行变化的速度,就是这样,总处于一种跳球环境中,公司不能,永远处于不败之地。
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They see if they like you and bring you back, so that's for finance.
他们会寻找合适的人选，邀请你去公司工作，这就是金融领域的情况。
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but ours was all over the news when,
但是所有的新闻都在报道我们公司，就是，
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If I own the last one hundred shares, it's all mine; I don't have to take any--I can do whatever I want.
如果最后一百股是我的,那公司就是我的,我不需要付任何...都是我说了算
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I just want to know the bottom line; how much do I have to pay for the whole company?
我只想知道底价,也就是买下整个公司最少要花多少钱
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So they're going to share equally in the profits of this firm, or this joint project, but you're going to supply efforts individually.
总结起来就是两家公司平分利润,但是都要各自为协作项目付出努力
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And they will not leave your company until all your money's gone. And that's the way they like it. And that's fundamentally a flawed model.
并一直赖着不走,直到公司没钱了，这就是他们喜欢的方式,这就是根本上就有缺陷的模式。
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If you have that sort of high-level, this is where we're going, this is the vision, this is the next 30 days and three months and six months and a year maybe, it makes it very, very easy to set priorities and for all of the edges of the company to set their own priorities to do the right thing.
如果你做到这么高水准的内部交流，就与我们的前进方向不谋而合，这就是未来，这是接下来30天,3个月，半年或是1年的前景，这让公司各部门的人,做正确的事,设立工作重点,变得非常容易。
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But it was also what we call shareholder activism or investor activism -that he was getting involved in changing the way corporations do business.
但是它同时也被人们称作,股东行动主义,或投资者行动主义,也就是他参与进来,去改变公司经营的方式
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So if Firm 2 produces this amount then Firm 1's best response is this amount.
如果公司2的产量是这么多,那么公司1的最佳对策就是这个产量
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Suppose you are a naive investor and you say, okay I'm going to invest in companies' paper, which is their promise to pay --their IOU.
假如你是一个菜鸟投资者,想投资于这些公司的债券,债券就是他们的偿还凭证或者说欠条
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Goodbody & Company was a broker, but it failed in 1970, it went bankrupt.
古德巴迪公司就是经纪商,不过在1970年破产了
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So, the way it has worked out in practice is that companies, when they have a major announcement to make, they have some kind of web event.
因此,现实中上市公司的做法就是,当公司需要对外公布一条重大消息时,会利用互联网这个渠道
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Let's just make sure we understand this, if the other guy is selling below cost, the only way I can make any sales is to price below his price.
来确认下大家都明白这点,如果另外一家公司定价低于成本,我想卖出产品的唯一方法就是定价比它低
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When we were taking 90% of dividends that was 90% of the stock market being taken by the government; but that's not all because we were also taxing the corporations.
当我们从股利中征收90%的税,也就是股票市场收益中的90%都被政府拿走,这还不算完,因为公司获得利润后也要交税
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The purpose of the corporation is the shareholders.
公司就是为股东而服务的
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It doesn't mean anything until you know how many shares are outstanding because if I own one thousand shares and then you look it up and find out how many shares are outstanding-- there are one thousand-- you say, hey I own the whole company.
这毫无意义,除非你知道总共发行的股票数量,如果你有十手股票,但后来发现,总共发行的股票数量,就是一千股,你就可以说,整个公司都是我的
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But the company generally doesn't give to charity; it doesn't contribute to political campaigns; it shouldn't be, ideally, doing any of those things.
但是公司一般不给慈善机构捐款,也不向政治团体投资,理想的情况就是不掺和这些事
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It has to have a contract design; that would be a document, which is a contract between the insured and the insurance company.
它必须有合同设计,那是一个文件,也就是被保险人和保险公司签订的合同
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But in many cases firms do a mixture of different activities one of which is investment banking.
但是大部分情况下，公司做各种各样的业务,其中一个就是银行投资业务。
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