IBM has spent more money on stock buybacksand dividends than research and development for some time, a strategy thatcertainly pushes earnings per share up, but only makes it tougher to compete,and even tougher to find a new path to renewed growth.

近期，IBM用于股票回购和发放红利的资金已经超过研发资金。这一战略当然会促进每股盈利的增长，但是它也会削弱IBM的竞争力，阻碍它寻找新的增长途径。

5. No company lives forever

5. 没有长盛不衰的公司

This is the one nobody in the executivesuite really wants to hear about, but it’s simply a core lesson of businesshistory. Of the top 100 companies by revenues in 1955, for example, only abouta dozen still enjoy that same ranking almost 70 years later. Everything leadersdo to grow a business is designed to forestall the day when that growth stops.And of course new waves of entrepreneurial ventures rise to take up the topspots over time. After all, back in 1955 Wal-Mart and Amazon were nowhere to befound, and McDonald’s was a tiny regional player. Today they’re allgiants. What will we see in another few decades?

这一条没有任何管理人员希望听到，但它正是商业历史中的核心一课。以1955年收入前100的公司为例，70年以后，只有12家左右仍然保持相同的排名。企业的领导者做的每一件事都是试图阻止增长停止那一天的到来。不过，新一波创业公司在崛起的同时自然也会进入收入排行榜。毕竟，1955年时，沃尔玛和亚马逊还不存在，麦当劳只是一个微不足道的地方企业。而如今，它们都成长为商业巨头。再过几十年，我们又会见证什么变化呢？

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