372.经济学人-How to cope with middle age-7

If doubling down on the conglomerate model is not the answer, what about the opposite approach: spinning off, selling or closing some units and returning money to shareholders? That would please many investors.

By some calculations, Alphabet is worth $100bn less than the sum of its parts.

Spinning off YouTube would increase competition in internet advertising—a handy sop to regulators—as well as unlocking value.

It might be worth more than Netflix, because it need not pay for content, most of which is user-generated.

But the experiences of firms like at&t and ibm highlight the danger that downsizing hollows out innovation.

And while Google might hope to retain its distinctive culture in whittled-down form, the truth is that no matter how much it wants to be as youthful and free-spirited as Peter Pan, it is no longer a startup.

这是《经济学人》2020年8月刊的一篇文章'How to cope with middle age'第8段，共6句。

1、

如果在这种企业模型上努力没有结果，那相反的方式呢：拆分，卖出或者关闭一些部门，然后把现金分配给股东？这会让投资者感到满意。

2、

据估算，谷歌集团价值比各子公司之和少1000亿美元。

3、

{'sop':'小东西'}

剥离Youtube将会增加互联网广告之间的竞争-这对于监管单位来说是小事情-也可以释放市值。

4、

其市值可能就会超过Netflix，因为YouTube不需要为为内容支付费用，大部分是用户生产的。

5、

{'hollows':'掏空'}

但是像 at&t 以及IBM公司的经验凸显了缩小规模会消减创新的危险。

6、

当谷歌可能期望以削减规模的形式保持其特有的文化，然而无论谷歌多么想像彼得·潘（Peter Pan）那样年轻、自由，事实上它已经不是一家创业公司了。

《彼得·潘》是一部幻想童话，故事主要发生的地点永无岛，是作者虚构出来的一个幻境，彼得·潘会飞，而且永远长不大，还有小仙女叮叮铃，这些都体现着这部童话的幻想性。

--总结--

【词汇部分】

{'sop':'小东西'}

{'hollows':'掏空'}