In the short run, the market is a beauty contest. In the long run, victory goes to those who can win ugly. The contrast is vivid in consumer electronics — an industry often defined by vanity.
短期而言，市场是选美比赛。长期而言，胜利属于那些赢得难看的人。这种对比鲜明地体现在消费电子业中——这个行业的一个常见特点就是注重表面。Take Casio. At first glance, it does not look pretty. Revenues have nearly halved from the 2008 peak to $3.1bn. Sales in developed markets have collapsed, with the domestic market faring worst: Japan now accounts for a third of the top line, down from half. Japanese consumer electronics companies have fared poorly in general. Casio seems to fit the pattern.
以卡西欧(Casio)为例。乍看上去，卡西欧的表现并不靓丽。收入与2008年的峰值相比已近乎腰斩至31亿美元。发达市场的销售大幅下滑，其中日本国内市场的表现最为糟糕：现在日本国内市场贡献的收入只占三分之一，以前则是一半。日本消费电子公司整体表现不佳。卡西欧似乎不能免俗。
Look again. Since 2008, costs have fallen more than revenues, allowing operating margins to expand by 2 percentage points, to 8 per cent. Net income has doubled. Meanwhile, the success of the company’s selfie cameras and G-Shock watch range have supported Asian revenues. Sales from the region match those from Japan and outstrip America and Europe combined. The share price is at a seven-year high.
再仔细看看。自2008年以来，卡西欧的成本降幅超过了收入的降幅，这使得其营业利润率上升了2个百分点至8%。净利润则翻了一番。与此同时，该公司自拍相机和G-Shock手表系列的成功支撑了亚洲市场的收入。亚洲市场的销售额与日本国内市场相当，超过了美国和欧洲市场的总和。卡西欧的股价正处于7年高点。
What a contrast with Sharp — which is superficially better looking. Revenues have fallen only one-tenth since 2008 and its top line is nine times larger than Casio’s. The attraction ends there. Net income is down nine-tenths from the 2008 peak and net margins are all of 0.4 per cent. Last November, Casio’s market value overtook Sharp’s for the first time in two decades.
这与夏普(Sharp)形成了鲜明对比，后者表面上看起来要更为靓丽。夏普的收入自2008年以来仅下降了十分之一，现在的收入是卡西欧的9倍。但它的引人之处也就这么多了。夏普的净利润与2008年的峰值相比下降了十分之九，净利润率只有0.4%。去年11月，卡西欧的市值20年来首次超过夏普。The companies’ differences are more than skin deep. Sharp operates in highly competitive and capital intensive businesses, including display and smartphones. But Casio’s successes are not only because of its nifty niche products. In 2011, the company jettisoned two divisions — phones and LCDs — after deeming the investment burden too great. The company shaved two-fifths from each of its development and capital expenditure bills. Sharp also has exposure to those areas, but has clung on for grim death.
两家公司的差异不仅仅是表面看上去这么简单。夏普经营的是竞争激烈的资本密集型业务，包括显示器和智能手机。而卡西欧的成功不仅仅是因为其生产了时髦的利基产品。2011年，卡西欧在认定其电话机和液晶显示器(LCD)部门投资负担过大后剥离了这两个部门。该公司还将研发和资本支出各削减了五分之二。夏普在这些领域也有敞口，但一直不愿放弃。So Casio’s most attractive feature is this: it is brave enough to make hard decisions.
所以说，卡西欧的最引人之处在于：敢于做出艰难的决定。