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This was a pretty unusual objective for a company with no capital and with no people and no anything.
通常一个公司不会定这样的目标,如果没钱，没人，一无所有。
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and we help businesses that are doing business in other countries get insurance in those countries, so.
我们帮助在外国经营的公司在那些国家得到保险，就这样。
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On one level, there are things like companies that have two . different classes of stock that are economically identical.
一方面，我们有这样的例子，有的公司拥有两种,不同类别的股票，他们在经济意义上是相同的。
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And in something like a consumer internet company like Facebook, that constant real time interaction and experimentation is something that the very best entrepreneurs do.
像脸谱网这样的,用户导向型的互联网公司，即时交流，不断试验,是企业家最佳的生财之道。
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And we see this, because a lot of these companies come to us because they want to see if they can learn this from us.
我们知道是因为，很多这样的公司找到我们,希望向我们学习。
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Because if we don't do that, a year from now I don't see the company doubles in revenue and I don't really see the future of this company.
如果不这样做，一年之后，公司的营业额就不能翻一番,那么公司的未来也变得迷茫。
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So already, just from Firm 2's production the price has been driven all the way down to costs.
这样公司2的产量会,导致价格下降直到成本价格
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I kind of knew what I was doing when I walked down that road but anyway-you need to have a mix, even in a big company, of smaller entrepreneurial projects, bigger entrepreneurial projects.
当我开始创业的时候，只是了解一星半点,但是你们需要把各种事物综合来看，即使在大公司也是这样，把类型不同的创业共同对待。
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If you don't, we may have to review your future with this company.
如果不这样的话，恐怕我们需要重新考虑你在公司的发展前景。
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Now there's a political and business history to this because KFC, as large a company as it is, is owned by a larger parent company, believe it or not, called Yum Brands.
这是它的行政和商业历史,因为像肯德基这样庞大的公司,为一个更为庞大的母公司所有,信不信由你,这个母公司叫做百胜餐饮集团
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I am convinced--even though I'm sure that the Toyota Motor Company didn't organize it this way— I am convinced that on my automobile when I do not plug in my safety belt that there is a bell ringing "DING, ding, ding, DING, ding, ding."
我相信,尽管我确信,丰田汽车公司不会这样组织,我确信在我车上,当我没有系上安全带的时候,会有响铃,"叮,叮,叮,叮,叮,叮"
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Now incidentally, in a for-profit corporation-- this is how to understand this, this is a concept that is enshrined in law.
顺便提一下,在一家盈利性公司中,我们需要这样理解,这是个在法律中明文昭示的概念
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So, why don't we set up a company that creates a portfolio like that and investors can buy into that portfolio.
那么，为什么我们不设立一家公司,专门创造这样的投资组合,然后投资者们再将这些投资组合买进呢。
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But there's some things that that person can do and they're definitely useful in an organization and can do a lot of stuff.
这样的人才,知道该怎么做事,这公司来说十分重要，他们很能干。
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So that happened to a number of American Internet companies.
一些美国互联网公司碰到过这样的情况。
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And that's something you often experience in a company like ours.
这在我们这样的,公司是很常见的。
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All that is fine, it sounds good that managers should be given options because it will incentivize them to work for the benefit of the corporation.
这样不错,向经理人提供期权激励听起来不错,因为这样可以激励他们,为了公司的利益而努力工作
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We would like a model in which firms set prices because for the most part we think firms do set prices not quantities: Not always but for the most part.
我们想要的是一个由公司设定价格的模型,因为在大多数情况下,我们认为公司是设定价格而不是产量,虽然不总是如此,但大多数情况是这样
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There are still plenty of them out there.
现在还有一些这样的公司。
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The problem that's been revealed in finance literature is that there's an uncanny tendency for the stock price to go up after the company awards large quantities of options to its executives.
但一些金融文献中提到这样一个问题,即出现了一种诡异的趋势,一旦公司奖励了大量的股票期权给,公司管理层,之后股价就会上升
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You have an incentive to say, because you're the equity holder, you have an incentive to say, hey why don't I just take some big gamble here and not tell anybody.
因为你是这家公司的股东,可能就有动力促使你这样想,我干嘛不来赌上一把呢,我不会告诉别人的
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We know the early example in sort of Golden Age America, but where else did we see a competitive fringe enter when there was a collusive agreement to keep quantities down?
我们知道美国全盛时期有这样的先例,还有什么行业原来也有产量协议,但新公司进入后却导致协议瓦解呢
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Again, that is a problem that lenders have that the company that's borrowing the money has this unfortunate incentive, at least at certain times, to take excessive risks because the debtors will end up bearing the losses.
这便是贷方遇到的又一问题,即借款公司可能会,抱有此种不良动机,至少在特定情况下会过分地追求风险,这样最终蒙受损失的将是债务人
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The managers of the companies are kind of a group helping each other -let's award options to each other and then after we award them we'll announce the good news and the stock price will go up and you guys will get money.
这些公司的经理在一起,彼此互相帮助,我们互相奖励股票期权给对方吧,在这之后,我们就发布利好消息,然后股价就会上升,这样大家就都能赚到钱了
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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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Well, innovation is a process, not a thing, with a company like ours.
对我们这样的公司来说，创新是过程而非结果。
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In the SIV contract, there was some language that implied that if the SIV ever went bankrupt, the bank would come back and rescue them.
结构投资公司的合同中包含着这样的条款,如果结构投资公司破产,银行会拯救他们
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You might see them on the site and we just keep our operating expenses low so far and by doing that, we've been able to stay cash flow positive for basically the entire existence of the company.
在网站上可以看到,我们一直保持低成本运营，这样可以使得现金流的流入大于流出,自公司创办以来都是这样做的。
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So for most of you these decisions will be a question of whether you spend 20 hours a day at the firm or 21 hours a day at the firm, something like that.
对于大多数人来说就是要决定,你每天在公司工作20小时,还是每天工作21小时这样的问题
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And I actually think it's probably important for anybody who wants to do a startup, anybody who wants to join a place like Microsoft and work on an established or a new product.
实际上我想这对任何想创业的人,来说应该都很重要，任何想加入微软这样的公司,为新老产品工作的人都是这样。
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