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And, so one of the things that we always overvalue in Silicon Valley is growth rates, and we undervalue durability.
在硅谷中，我们通常高估了增长率，而低估了持续性
Because, growth is something you can measure in the here and now, and you can always track that very precisely.
因为增长率可以在当下进行衡量，可以得到准确的数据
The question of whether a company's still gonna be around a decade from now.
但一个公司十几年后是否还会存在
That's actually what, what dominates the value equation and that sort of is a much more qualitative sort of a thing.
决定了公司真正的价值，这是一个很定性的东西
And so if we, if we went back to this idea of these characteristics of monopoly,
如果我们回来看看垄断所具备的的特征
proprietary technology, network effects, economies of scale,
专利技术，网络效应，规模经济
You can think of these characteristics as ones that exist at a moment in time when you capture a market and take it over.
当你获得市场份额，形成垄断的时候，这些特征都同时存在于一个特定的时间内
But you also want to think about, are these things going to last over time.
但你也会想，这些东西会一直存在吗
And, so, there's a time dimension to all these characteristics.
因此这些特征都有一个时间维度
So, network effects also have a great time element,
网络效应也具有时间属性
where as the network scales the network effects actually get more robust,
随着网络的扩展，网络效应变得更加稳固
and so if you have a network effect business
因此如果你的公司具有网络效应
that's often one that can become a bigger and stronger monopoly over time.
随着时间的推移，你的公司一定会做大并形成垄断
Proprietary technology is always a little bit of a tricky one,
专利技术一直比较棘手
so you want something that's order magnitude better.
你想要做出比世上现存的
Than, the state of the art in the world today.
好得多的东西
And that's how you get people's attention.
这样才能吸引人们的注意
That's how you initially break through.
这样你才能有所突破
But then, you don't wanna be superseded by somebody else.
但在这之后你不想让别人超越
And so there are all these areas of innovation where, there was tremendous innovation, but no one made any money.
因此你需要进行创新，但大量的创新并不意味着赚钱
