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Managing American business in hard times: No margin for error
在艰难时期管理美国企业：容不得犯错
A guide to running a company in a period of stagflation.
在滞胀时期经营公司的指南。
For the leaders of American Inc, high inflation is unwelcome.
美国公司的领导人不欢迎高通胀。
It is also unfamiliar.
对其也不熟悉。
WarrenBuffett,91, the oldest boss in the S&P 500 index of big firms, most recently warned about the dangers of rising prices in his annual shareholder letter for 2011.
91岁的沃伦·巴菲特是标准普尔500指数的大企业中年龄最大的老板，最近的一次，他早在2011年致股东的信中就股价上涨的危险发出了警告。
The average chief executive of a company in the index, aged a stripling 58, had not started university in 1979 when Paul Volcker, inflation’s enemy-in-chief, became chairman of the Federal Reserve.
该指数成分股公司的首席执行官平均年龄为58岁，还很年轻，按照这个年纪来算，在1979年，通货膨胀的头号敌人保罗·沃尔克成为美联储主席时，他们都还没有上大学。
By the time the average boss began working the rise of globalised capitalism was ushering in an era of low inflation and high profits.
在这个岁数的老板刚刚开始工作时，全球化资本主义的崛起正迎来一个低通胀、高利润的时代。
Their firms’ share prices rose between the global financial crisis of 2007-09 and the covid-19 pandemic, a decade of rock-bottom inflation.
在2007-2009年的世界金融危机到2019年暴发新冠疫情的这十年间，通货膨胀触底，他们公司的股价都有所上涨。
Inflation will stay high for some time yet.
通货膨胀率仍将在一段时间内居高不下。
On June 7th the World Bank warned that “several years of above-average inflation and below-average growth now seem likely.”
6月7日，世界银行警告称，“未来数年，通货膨胀率高于平均水平，而经济增长低于平均水平的局面，在目前看来是有可能的。”
A new study by Marijn Bolhuis, Judd Cramer and Lawrence Summers finds that if you measure inflation consistently, today’s rate is not that far off the peak in 1980.
马尔金·博尔赫斯、贾德·克雷默和劳伦斯·萨默斯的一项新研究发现，如果你一直衡量通胀率，就会发现今天的通胀率与1980年的峰值相差不远。
As the past creeps up on the future, “stagflation” is preoccupying the denizens of corner offices.
随着过去逐渐逼近未来，“滞胀”正困扰着高级办公室里的人。
Today’s executives may think of themselves as battle-hardened—they have experienced a financial crisis and a pandemic.
今天的高管可能认为自己身经百战--他们经历了一场金融危机和一场疫情。
However, the stagflationary challenge requires a different toolkit that borrows from the past and also involves new tricks.
然而，应对滞胀挑战需要一套不同的工具，一套既借鉴过去，也包含新技巧的工具。
The primary task for any management team is to defend margins and cashflow, which investors favour over revenue growth when things get dicey.
任何管理团队的首要任务都是保护利润和现金流，当形势变得不明朗时，投资者更喜欢利润和现金流，而不是收入增长。
That will require fighting harder down in the trenches of the income statement.
这将需要在损益表的战壕中更加努力地战斗。
商业版块
Managing American business in hard times: No margin for error
在艰难时期管理美国企业：容不得犯错
A guide to running a company in a period of stagflation.
在滞胀时期经营公司的指南。
For the leaders of American Inc, high inflation is unwelcome.
美国公司的领导人不欢迎高通胀。
It is also unfamiliar.
对其也不熟悉。
WarrenBuffett,91, the oldest boss in the S&P 500 index of big firms, most recently warned about the dangers of rising prices in his annual shareholder letter for 2011.
91岁的沃伦·巴菲特是标准普尔500指数的大企业中年龄最大的老板，最近的一次，他早在2011年致股东的信中就股价上涨的危险发出了警告。
The average chief executive of a company in the index, aged a stripling 58, had not started university in 1979 when Paul Volcker, inflation’s enemy-in-chief, became chairman of the Federal Reserve.
该指数成分股公司的首席执行官平均年龄为58岁，还很年轻，按照这个年纪来算，在1979年，通货膨胀的头号敌人保罗·沃尔克成为美联储主席时，他们都还没有上大学。
By the time the average boss began working the rise of globalised capitalism was ushering in an era of low inflation and high profits.
在这个岁数的老板刚刚开始工作时，全球化资本主义的崛起正迎来一个低通胀、高利润的时代。
Their firms’ share prices rose between the global financial crisis of 2007-09 and the covid-19 pandemic, a decade of rock-bottom inflation.
在2007-2009年的世界金融危机到2019年暴发新冠疫情的这十年间，通货膨胀触底，他们公司的股价都有所上涨。
Inflation will stay high for some time yet.
通货膨胀率仍将在一段时间内居高不下。
On June 7th the World Bank warned that “several years of above-average inflation and below-average growth now seem likely.”
6月7日，世界银行警告称，“未来数年，通货膨胀率高于平均水平，而经济增长低于平均水平的局面，在目前看来是有可能的。”
A new study by Marijn Bolhuis, Judd Cramer and Lawrence Summers finds that if you measure inflation consistently, today’s rate is not that far off the peak in 1980.
马尔金·博尔赫斯、贾德·克雷默和劳伦斯·萨默斯的一项新研究发现，如果你一直衡量通胀率，就会发现今天的通胀率与1980年的峰值相差不远。
As the past creeps up on the future, “stagflation” is preoccupying the denizens of corner offices.
随着过去逐渐逼近未来，“滞胀”正困扰着高级办公室里的人。
Today’s executives may think of themselves as battle-hardened—they have experienced a financial crisis and a pandemic.
今天的高管可能认为自己身经百战--他们经历了一场金融危机和一场疫情。
However, the stagflationary challenge requires a different toolkit that borrows from the past and also involves new tricks.
然而，应对滞胀挑战需要一套不同的工具，一套既借鉴过去，也包含新技巧的工具。
The primary task for any management team is to defend margins and cashflow, which investors favour over revenue growth when things get dicey.
任何管理团队的首要任务都是保护利润和现金流，当形势变得不明朗时，投资者更喜欢利润和现金流，而不是收入增长。
That will require fighting harder down in the trenches of the income statement.
这将需要在损益表的战壕中更加努力地战斗。
