評(píng)論
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Let’s talk a little about going public,
我們來談一談上市，
and whether that was something that everybody accepted that you needed to do，
你們做的事情是不是所有人都認(rèn)可的，
whether it was a controversial issue， and what difference it made?
有沒有爭(zhēng)議？帶來什么變化？
Well, Microsoft had started giving out stock options to people as early as 1981.
嗯，微軟早在1981年就開始對(duì)外出售股票。
So we were sharing in the success we thought we’d have.
所以我們分享的是我們覺得理應(yīng)有的成功。
As we did that, they had about a five year vesting period.
這樣做，我們大概有5年的財(cái)產(chǎn)保留期。
And so as some people were starting to vest on quite a bit of their stock,
當(dāng)有些人開始對(duì)他們的股票實(shí)行保留權(quán)的時(shí)候，
there was the question of how would they get liquidity?
問題來了，他們?nèi)绾芜M(jìn)行資產(chǎn)流動(dòng)？
Now you could just let it be traded privately,
現(xiàn)在，你可以直接私下交易，
but then the price would fluctuate a lot because the supply would be so short.
但當(dāng)時(shí)價(jià)格會(huì)浮動(dòng)得很大，因?yàn)楣?yīng)不足。
And I was quite reluctant to go public because of the overhead.
由于經(jīng)費(fèi)問題，我不愿意上市。
We had been able to track our stock price internally up in a very linear way.
我們可以直接內(nèi)部跟蹤我們的股價(jià)。
And with the market sort of maybe over-anticipating the future,
而在股票市場(chǎng)上可能對(duì)未來期望過高，
or getting paranoid—you know the stock would be very volatile.
或變得多疑——你知道股票是變幻無常的。
But I was convinced that it made sense.
但我確信它有意義。
And as long as we were going to do it,
并且只要我們著手去做，
it was an opportunity to really expose the company broadly.
這就是一次公司廣泛曝光的機(jī)會(huì)。
Talk about our vision where we had done well, where we were taking the industry.
談?wù)撐覀兊膲?mèng)想，我們做得好的地方，我們將這個(gè)產(chǎn)業(yè)帶向何方。
And it did become something that was covered very, very broadly by a lot of people.
確實(shí)，有許多人參與進(jìn)來。
And it was extremely successful.
確實(shí)辦得很成功。
The stock took off after this offering at $21.00，
股票發(fā)行時(shí)的價(jià)值是21美金，
and it just zoomed up from there for many, many years.
這么多年一直在升。
There was no regret about going public?
所以上市并沒有什么遺憾了？
Going public is not without its complexities in terms of dealing with analysts and all the reports.
上市并不容易，需要和分析家討論并處理所有的報(bào)告。
It is a little convoluted about when can you keep things secret versus having to go out and talk about those things.
什么時(shí)候應(yīng)該保密，什么時(shí)候?qū)ν夤迹@并不好控制。
So, it is not totally simple.
所以并不簡(jiǎn)單。
But the benefit of having the stock be very liquid for everyone was very positive.
但股票可以隨時(shí)流通對(duì)每個(gè)人來說是有很明顯的好處的。
We didn’t use any of the money that we raised.
我們沒有花一分籌到的錢。
We just put that money in the bank and it sat there with all of the money that we had earned,
我們把這些錢存入銀行，和我們賺到的錢放在一起，
because we were very profitable and had plenty of cash by this time.
因?yàn)槲覀兊睦麧?rùn)空間很大，并且現(xiàn)金充裕。
So our reason for going public was very different than any other company that was going public.
所以我們上市的原因與其他上市公司完全不同。
You have a couple of charts there,Bill，
你那有兩個(gè)表格，比爾，
that kind of track your growth that you might want to pick up.
你期望的公司發(fā)展軌跡。
I’m curious to know whether it was more satisfying for you to add your first 100, 1,000，or 10,000 employees?
我很好奇，當(dāng)你在雇用第100名、1000名、10000名員工的時(shí)候，
And, how did you feel about the incredible growth in your company in this time period?
這種公司規(guī)模的擴(kuò)張是不是讓你感覺更滿意？你對(duì)公司這個(gè)時(shí)期令人難以置信的發(fā)展怎么看？
Well, the growth in sales was pretty rapid.
嗯，銷售的發(fā)展很快。
We were doubling every two years.
每?jī)赡昃蜁?huì)翻一番。
It just looks like an exponential curve.
就像一條指數(shù)曲線。
It is unusual because in here there is a lot of products that are coming and going,
這很不尋常，因?yàn)椴粩嗟挠行庐a(chǎn)品被開發(fā)出來，
and products that are doing incredibly well and yet it looks very well ordered.
并且都做得好到令人難以置信，看起來訂單不少。
The profits went up the same way.
利潤(rùn)同樣也在上升。
Actually, the profitability percentage rose a little bit as we moved up here.
事實(shí)上，我們搬到這里以后，利潤(rùn)率又有所上升。
So it was very tightly managed.
因此，管理很緊湊。
