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And then there's this thing of branding.
接下来还有品牌的问题
Which is sort of like this idea that gets lodged in people's brains.
品牌的观念深入人心
I never quite understand how branding works,
但我却不太了解这是为什么
so I never invest in companies where it's just about branding.
我从来不投资只注重品牌的公司
But it is, I think, a real phenomenon that creates real value.
但我想品牌的确是可以产生真正价值的东西
I think one of the things, I'm gonna come back to this a little bit, towards the end.
我想其中有一个--差不多结束的时候，我还会再讲一点这方面的内容
But one of the things that's very striking, is that software businesses are often, are,
显而易见的是出于某种原因，软件公司
for some reason, very good at some of these things.
在这方面做得非常好
They're especially good at the economies of scale part.
他们在规模经济这方面做得很好
Because, the marginal cost of software is zero.
因为软件的边际成本为0
And so if you get something that works in software.
如果你能做出一个好软件
It's often significantly better than the existing solution.
比现有的解决方案好很多的话
And then you have these tremendous economies of scale, and you can scale fairly quickly.
随着相当大的规模经济，你的公司可以迅速扩张
So even if the market starts small,
因此即使开始时的市场很小
you can grow your business quickly enough to stay at the same size as the growing market.
你可以让公司快速发展，并跟上市场增长的脚步
And maintain the sort of monopoly power.
维持垄断的优势
Now, the critical thing about these monopolies is, it's not enough to have a monopoly for just a moment.
关于垄断比较重要的一点是，垄断一时是不够的
The critical thing is to have one that lasts over time.
重要的是能进行持续性的垄断
And so in Silicon Valley there's always this idea that you wanna be the first mover.
硅谷中总有这样一种理念，要做第一个吃螃蟹的人
And I, I always think it's, it's, in some ways,
但我觉得
the better framing is you wanna be the last mover,
笑到最后才会笑得最好
or you wanna be the last company in a category.
你要成为在你的领域里笑到最后的公司
Those are the ones that are really valid.
这样的公司才是最好的
