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[参考文献] TTT 第一课 >> Good Profit 柯赫采访 Part II（中英双语文字稿） > 第三节

Peter Robinson：

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Okay, you titled one chapter of Good Profit: Building with Stones That Fit, quote

好，你把《做大利润》的一个章节命名为“用合适的石头建造”，引用原文：

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“I often think of what we do is stonemasonry, once a stone has been carefully selected and set, its shapes a new space in which the Mason can set yet another well-chosen stone”,

“我经常把我们所做的事情视为石匠的工作，一旦仔细地挑选并砌好了一块石头，它就形成了一个新的空间，在那里石匠可以砌上另一块精选的石头”，

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Okay, that's a beautiful image, on the other hand, how the heck does this work?

好吧，这是一个美好的画面，另一方面，它到底是如何起作用的？

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Let's just take one example, keep saying, you start in 1961, you got crude oil gathering

我们来举一个例子，继续说，从1961开始，你们有原油集输。

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and here we are in 2016, you've got nine different business units.

现在2016年，你们有九个不同的业务单元。

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Let's just take an example, one of your divisions, you mentioned Georgia-Pacific

我们来举一个例子，你们的一个部门，你提到乔治亚太平洋公司

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Georgia-Pacific, great paper company, they've got some consumer products unusual for most of the Koch line,

乔治亚太平洋公司，一个大型造纸公司，他们已经有了一些消费产品，与科氏集团的产品很不相同，

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that they've got actual consumer products things, you go buy in a grocery store, one of their lines is brawny paper towels.

他们已经有了真正的消费品，如果你去杂货店，就能看到他们的Brawny牌纸巾。

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Right, now Charles, how on earth do you get from owning crude oil gathering operation to owning a company that makes brawny paper towels?

对，现在，查尔斯，你究竟是如何从原油集输业务，一直发展到造纸巾的？

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How do you get these pieces? How do you know the pieces fit together?

你是如何得到这些产品的？你怎么知道这些产品能放在一个公司？

Charles Koch：

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Well that's good, I mean it's, it starts with this vision of creating value for others.

嗯，那很好，我的意思是，从为他人创造价值的愿景开始。

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Okay, so the first thing you asked yourself, okay, what are my capabilities that will create superior value for others?

好吧，你问你自己的第一件事是，我有没有什么能力能给别人创造更好的价值？

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And what are the now the best opportunities for me to do that?

现在有什么最好的机会让我去做呢？

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And then as I prove that, then okay, if I add some other capabilities to the ones I have, what new opportunities will that open up for me?

然后，当我证明这一点时，那么好吧，如果我新增了一些其他能力，我会得到什么新的机会呢？

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And so this mental model of driving creative destruction of constant innovation of always trying to build new platforms for growth,

这种驱动性创造性颠覆的精神模型总是试图建立新的平台，以实现增长，

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realizing that, as Schumpeter said, the ground is always crumbling beneath the business man's feet.

并意识到，正如熊彼特所说，地面总是在商人的脚下摇摇欲坠。

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So that was part of my studies， figuring this out, and so here's how we got there.

这是我研究的一部分，我们公司就是这样取得了如今的规模。

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When my father was alive, he was worried that a duck could die any time, and he died the way he wanted to, he was in a duck blind, shot the duck and had a heart attack and died.

我父亲在世的时候，他担心随时可能会离开人世，他以想要的方式告别了人间，他心脏病发作，离开了人世。

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That's a way to go, that was that was wonderful for him. That's the way he wanted to go,

他突然走了，走得很安详。他希望这样离世。

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but so then when we were able to negotiate his estate tax, and so we were freed from that potential large liability.

但当我们讨论到他的遗产税时，我们还要从潜在的巨额债务中解脱出来。

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And so I looked at it, okay, we got three sets of capabilities, we've got crude oil gathering and we'd build a trading business around that to trade crude oil,

我看了一下，好的，我们有三种能力，我们有原油集输，我们将建立贸易公司来交易原油，

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because at times it was hard to sell, so we needed to build that capability,

因为有时候原油很难卖，所以我们需要培养这种能力，

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then we had the Koch Engineering. By this time, I'd added a lot of other products and built that capability,

然后我们建立了科赫工程公司。在这个时候，我已经添加了很多其他产品，并建立了这种能力，

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so we had a thriving business there, so process equipment and that kind of thing,

我们这个公司生意兴隆，加工设备之类的产品，

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and then the third is we had this 35% interest in this refining company-- the Great Northern Oil Company

第三，我们持有一家炼油公司35%的股份--大北石油公司。

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So one of my first jobs, first goals was to buy all of that company,

所以，我的第一个任务，第一个目标就是买下那家公司，

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so we would have we would have a processing capability in the chemical process industries,

这样我们就可以在化学加工企业中培养加工能力，

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and we could use that as a platform for growth,

我们可以把它作为成长的平台，

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so I was able to buy the rest of that, and that's a long story, which I won't go into.

所以我可以买下全部，这个故事很长，我就不一一赘叙了。

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But so we bought that and then we started building and improving that refinery,

但是我们买下了它，然后我们开始建造、改造那个炼油厂，

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and it was like 40,000 barrels a day, now it's over 300,000 barrels a day

以前每天炼4万桶，现在每天超过30万桶。

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so we built that, and then we use that capability by refinery in Corpus

所以我们建立了这个，然后我们利用科尔普斯炼油厂的功能

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we also had a chemical plant attached to it

我们还有一个附属的化工厂。

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so then we built that and we started building the chemical business,

于是我们建立了这个，我们开始建立化学工业，

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and we started buying other chemical businesses,

我们开始购买其他的化工企业。

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and then we bought DuPont's lycra and nylon business,

然后我们购买了杜邦的莱卡和尼龙业务，

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which in part was a forward integration of what we have at Corpus

在某种程度上，这是我们在科尔普斯所取得的进展的一种正向整合。

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and then we were saying, okay, we've been successful in all these different chemical process industries,

然后我们说，好吧，我们在所有这些不同的化学加工企业中都取得了成功，

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what other chemical process industries that have similar requirements, that is using chemical process technology,

其他化学加工企业有相似的要求，那就是使用化工工艺技术，

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and we've gotten really good at optimising plants, they have diverse raw materials and a diverse group of products,

我们已经非常擅长优化工厂，他们有多样化的原材料和多样化的产品，

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so we need to optimize the whole system,

因此需要对整个系统进行优化，

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we've built trading capabilities for doing the best job of supplying, and logistic capabilities and delivering understanding what our customers value then,

我们建立了交易能力，为客户提供最好的供应能力和物流能力，并理解客户的价值需求，

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and we had gotten consumer products with them like

我们已经得到他们的消费品。

Peter Robinson：

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INVISTA, Robinson: this is the a company you purchased in, I can’t remember,,

英威达公司，你们收购了这家公司，是在…….?

Charles Koch：

Koch: in 2004, right, and they did, they had some consumer brands like Lycra and like Stainmaster carpet,

对，是在2004年，他们确实，他们有一些消费品品牌如莱卡、Stainmaster地毯，

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and so we, we developed some capability.

所以我们有能力，我们开发了某种能力。

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so we looked at that as a new platform for growth,

所以我们把它看成一个取得增长的新平台，

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so we said okay, the pulp and paper industry is a chemical process industry

我们说：好，纸浆和造纸工业是一个化学加工行业。

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so we're gonna look at that and we did some small experiments,

我们将看看，我们做了一些小实验，

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and then we heard that Georgia-Pacific wanted to become more of a consumer products company and get out of some of their commodity businesses

然后我们听说乔治亚太平洋公司希望成为一个消费品公司，摆脱他们的一些商品业务。

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so their models，……, would go up, their stock price, would go up,

他们的模式……，他们的股价上会上涨，

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so we approached them, buying their pulp business and we made a deal to buy that

于是我们找到了他们，收购了他们的纸浆业务，我们达成收购协议。

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and we applied our management philosophy to it, made some substantial improvements,

我们运用我们的管理理念，做了一些实质性的改进，

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so we went back to them with the idea:

于是我们带着这个想法回到了他们身边：

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why don't they divide the company? We’ll buy all the non-consumer products business,

他们为什么不拆分公司呢？我们将收购所有的非消费品业务，

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their multiple will go up and the combination will be a much higher value for their stockholders.

如果拆分，他们其他的业务将上升，为股东创造更高的价值。

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And they said, boy, we like the value, but we have all these asbestos liabilities,

他们说，孩子，我们喜欢这个价格，但是我们承担所有的石棉债务，

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and it would be considered fraudulent transfer if we broke in the company out, because the lawyers want the full asset base to pay off these liabilities,

如果我们把公司拆分，将会被认为是欺诈性的财产转移，因为律师们希望有充分的资产基础来清偿这些债务，

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so we took a deep breath and we said, okay, you'd like the value, why don't we just buy the whole thing at this value,

我们深深地吸了一口气，然后说，好吧，你满意这个价格，为什么我们不以这个价格收购整个公司呢？，

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and they said, okay, so we bought the whole thing,

他们说，好吧，我们收购了整个公司，

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and it was a huge deal for us, and but it's been great, with our stuff works.

这对我们来说是一笔巨额交易，但这对我们的业务来说非常棒。

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By the way, with the way we look at acquisitions is we want several benefits.