THIS WAS supposed to be the quarter that Kraft Heinz showed America's huge, struggling food companies a new model for success. A merger in 2015 had joined two of the world's most iconic food makers. Backed by 3G Capital, a private-equity firm, the new group slashed costs at a pace that made rivals shudder and investors swoon. After a failed bid in 2017 for Unilever, an Anglo-Dutch giant, Kraft Heinz set out to prove it could not just cut fat but boost sales on its own. Bernardo Hees, the company's boss, pointed cheerfully to new products, including Heinz Mayochup and something called Just Crack an Egg. The company was on the path to "sustainable, profitable growth", he declared in November. Unfortunately, it wasn't.
On February 21st Kraft Heinz announced a staggering $15bn impairment, a dividend cut of more than 3o% and an inquiry into its procurement by the Securities and Exchange Commission (SEC). Earnings calls are often sleepy affairs. This one was a nightmare. Some of 3G's long-time critics are now clucking with satisfaction. Others fear 3G is tarnishing American treasures such as Kraft Macaroni and Cheese and Warren Buffett, who partnered with 3G to combine Heinz and Kraft and last year lost nearly $3bn on the deal. Yet dramatic as Kraft Heinz's decline may seem, 3G's impact and the food industry's problems extend far beyond it.
While its founders are Brazilian, 3G's buyout business is based in Manhattan.(Its most famous founder, Jorge Paulo Lemann, lives in Switzerland.) Unlike many big private-equity firms, 3G's main investors are not pension funds but family offices and individuals, including its partners. It does not have a wide portfolio, but backs just two companies: Kraft Heinz and Restaurant Brands International (RBI). Blackstone, a private-equity firm based a few blocks away, has nearly 2,5oo staff.3G's New York office has fewer than two dozen. Yet 3G's leaders have rocked the consumer industry like few investors in history.
All buyout firms are thirsty for deals, but 3G is uniquely parched. Before starting 3G, the firm's founders went on a beer-buying spree that culminated in 2o16 with Anheuser-Busch InBev's purchase of SAB Miller for more than $100bn. AB InBev, in which 3G's partners have a large stake, now brews more than one in four of the world's beers. Kraft Heinz counts Kraft cheese, Heinz Ketchup, Jell-0, Philadelphia Cream Cheese and Oscar Mayer among its holdings. RBI includes Burger King, Popeyes, a fried-chicken restaurant, and Tim Hortons, a popular Canadian chain.
The way 3G runs companies is as notable as its appetite for buying them. In a practice called zero-based budgeting, managers must justify their expenses anew each year. The idea is to expand margins continuously. Overseeing this are managers chosen for their talent and work ethic, rather than mere experience. Daniel Schwartz, a 3G partner, became the chief executive of Burger King at 32. Mr Hees, a 3G partner who spent more than a decade working for a Latin American railroad, became Kraft Heinz's boss at 45. David Knopf, its chief financial officer, assumed his position in 2017 at 29.
To 3G's detractors, this all seems a bit mad. The company's strategy can be caricatured as follows: buy a big business, cut costs, repeat. This is not entirely fair. RBI has invested in marketing Burger King, winning prizes for its ads. AB InBev is working to boost its sales, for instance by pushing higher-priced beers and deploying best practices across its vast geography.
But buying big companies and slashing costs remain 3G's speciality. The risks of that strategy have become clear. RBI struggled to integrate franchisees at Tim Hortons. AB InBev last year said it would slash its dividend by half.
Nowhere has 3G's approach played out more tumultuously than at Kraft Heinz. America's food industry seemed the perfect target, with flabby companies and powerful brands. Rare is the American who has not slurped Kool-Aid or downed an Oscar Mayer hot dog smothered in Heinz Ketchup.3G reckoned the brands were strong enough to withstand large cuts. As it turns out, they were not.
This was not the same for AB InBev, which despite abysmal results in America, has little beer competition from in-store brands, is rarely sold online and faces ample growth abroad. Kraft Heinz's business, by comparison, is concentrated in America, where the food industry is being turned on its head. Its brands may be familiar, but that does not make them popular. Small firms are offering healthier options, taking advantage of cheap digital marketing and nimble contract manufacturers. The smallest 20,000 packaged goods players account for about half the industry's growth, according to Nielsen, a research firm.
Meanwhile, the rise of e-commerce and European discount grocers has put pressure on food retailers, which are in turn squeezing food companies. Stores led by Walmart are using extensive data to launch their own, increasingly sophisticated, low-cost private label goods, all the while pushing companies to lower their prices.
Things started well for Kraft Heinz. Its operating profit margin surged from 15% in 2014 to 24% in 2017. The first big setback came that year when Paul Polman, then Unilever's boss, rebuffed the company's $143bn courtship.(Unilever, wisely, has devoted growing attention not to food but to beauty and household products.) Without his megadeal, Mr Hees turned to the basic work of lifting sales by pouring more money into advertising, product innovation and Kraft Heinz's sales force, but that ate into profits.
Equally striking is the company's new $15bn impairment, a recognition that the value of giant brands has shrivelled. Mr Buffett says that he misjudged the worth of Kraft's stable of products. "The management team entered into this merger with the assumption they could cut the spending needed to maintain brands, let alone help them grow," says Robert Moskow of Credit Suisse, a bank. "The world changed on them-retailers changed and consumers changed."
Flawed though 3G's approach may seem, few food companies offer a successful alternative. Companies have tried to evolve by buying smaller firms, often at lofty prices and with mixed results. For instance Campbell Soup bought Bolthouse Farms, a maker of fruity drinks, in 2o12, but is now trying to sell it. Last year it bought Snyder's-Lance, a pretzel and popcorn company, to boost its snacks business. Its debt level has risen accordingly. Indeed, shopping sprees at Campbell, ConAgra and General Mills have made those companies more levered than Kraft Heinz, according to Sanford C Bernstein, a research firm.
Kraft Heinz now wants to shrink to grow: it plans divestments over the next 18 months to improve its balance sheet so it can make other, big deals. But the SEC's subpoena suggests that some internal processes might be unravelling as managers struggle to meet bold goals. The notion that big deals will save American food firms looks increasingly dubious. In 2014, before Heinz bought Kraft, the combined gross operating profits of the companies were about $6.5bn. Now, due in part to some problems beyond its control, Kraft Heinz expects its 2019 profits to be about the same.
卡夫亨氏《Kraft Heinz）本应在这个季度向美国规模巨大但陷入困境的食品公司展示一种通往成功的新模式。2015年，两家全球最具标志性的食品制造商合二为一。在私募股权公司G资本的支持下，新集团以令竞争对手战栗、令投资者狂喜的速度削减成本。2017年收购英荷巨头联合利华失败后，卡夫亨氏开始想办法证明自己不但会减肥，还能凭自身提高销焦额。公司老板贝尔纳多·希斯（Bernardo Hees）兴高采烈地搬出新产品作例证，包括亨氏的蛋黄番茄酱（Mayochup）和一种叫“打个蛋”（just Crack an Egg）的食品。去年11月他查布公司正走在遇往可持续、有盈利的增长“的道路上。遗憾的是，并没有。
上月21日，卡夫亨氏披露了150亿美元的巨额减记、削减超过30%的股息，以及美国证券交易委员会（SEC）调查其采购部门的事宜。财报电话会议通常让人昏昏欲题，这一次却是一场露梦。一些长期批评3G资本的人现在难掩得意之情。另一些人则担心，3G资本正在玷污像卡夫亨氏通心粉和巴菲特这样的美国瑰宝。之前正是巴非特与3G资本联手促成了亨氏和卡夫的合井，去年他因这笔交易亏损近30亿美元。不过，尽管卡夫亨氏的业绩下滑看起来很惊人，3G资本的影响和食品行业的问题却远不止于此。
3G资本的几位创始人都是巴西人，但收购业务的总部设在曼哈顿。（公司最知名的创始人豪尔赫·保罗·雷曼[Jorge Paulo Lemann]住在瑞士。）与许多大型私募股权公司不同，3G资本的主要投资者不是养老基金，而是家族办公空和个人，包括它的合伙人。它的投资组合并不广泛，只支持两家公司：卡夫亨氏和国际餐饮品牌公司（Restaurant Brands International，RBJ）。私募股权公司需石（Blackstone）的总卸离3G资本只有几个街区，有近2500名员工，而3G资本纽约办事处的员工还不到24人。不过，3G贸本的领导者却震憾了整个消费行业，极少有投资者曾做到这一点。
所有的投资收购公司都渴望达成交易，但3G资本在这方面的热望独一无二。在成立3G资本之前，该公司的创始人掀起了一场啤酒业收购狂湖，在2016年百威英博（Anheuser-Busch InBev）以逾1000亿美元收购SAB米勒（SAB Miller）时达到顶峰。如今，由G资本的合伙人大量持股的百威英博酿造了超过全球四分之一的啤酒。卡夫亨氏的产品包括卡夫奶酪、亨氏番茄、Jell-O果冻、菲力奶油奶酪和Oscar Mayer肉制品。RBI旗下有汉堡王、炸鸡店Popeyes和颇受欢迎的加拿大连锁店Tim Hortons。
3G资本运营所持有公司的方式和收购它们的劲头一样引人注目。它采用一种“零基预算法”的做法，经理们每年都要重新证明他们的支出是合理的。此举是为了持续扩大利润率。而监督这一操作的管理层是因他们的才能和职业道德而不仅仅是经验被选定的。3G资本的合伙人之一丹尼尔·施瓦茨（Daniel Schwartz）出任汉堡王的首席执行官时才32岁。另一位合伙人希斯在一家拉美铁路公司工作了十多年，45岁时成为卡夫亨氏的老板。首席财务官戴维·克诺夫（David Knopf）2017年上任时才29岁。
对于3G资本的抨击者来说，这一切似乎有点疯狂。夸张一点说，该公司的战略就是：收购一家大企业，削减成本，然后再重复。但这么说并不完全公平。RBI在汉堡王的营销上投资，赢得了广告大奖。百威英博正努力提振销售，比如推销价格更高的啤酒，并在公司广阔的版图上应用最佳实践。
但收购大公司和削减成本仍是3G资本的专长。这种策略的风险已经变得很明显。整合Tim Hortons的加盟商让RBI不堪重负。百威英博去年表示将把股息削减一半。
3G资本的这套做法用在卡夫亨氏上时表现得最为混乱。美国的食品产业看起来是个完美的目标，因为该行业里企业臃肿但品牌强大。很少有美国人没喝过速溶饮料Kool-Aid，或是没吃过涂满亨氏番茄酱的Oscar Mayer热狗。3G资本认为这些品牌足够强大，能承受大幅成本削减。事实证明它们并不能。
百威英博的情况就不一样了。尽管在美国的业绩糟糕透顶，但百威英博几乎没有遇到过来自商店自有品牌啤酒的竞争，很少在网上销售，而且海外增长强劲。相比之下，卡夫亨氏的业务集中在美国，而美国的食品行业正在发生翻天覆地的变化。它的各个品牌可能为人熟知，但这并不能让它们大卖。小公司正利用便宜的数字营销和灵活的承包生产商带来的优势，提供给消费者更健康的选择。根据研究公司尼尔森的数据，规模最小的两万家包装食品公司占了整个行业增长的一半左右。
与此同时，电子商务和欧洲折扣杂货商的崛起给食品零售商带来了压力，它们继而又向食品公司施压。以沃尔玛为首的商店正在利用大量数据推出越来越精致且价格低廉的自有品牌商品，并始终在促使食品公司降价。
卡夫亨氏的开局不错。营业利润率从2014年的15%飙升至2017年的24%。2017年，卡夫亨氏遭遇了第一次重大挫折，时任联合利华老板的保罗.波尔曼（Paul Polman）拒绝了该公司1430亿美元的求购。（联合利华明智地将注意力越来越多地放在美容和家用品而非食品上。）巨额收购计划落空，希斯转而专注于提高销售额这项基础工作，将更多资金投在广告、产品创新和卡夫亨氏的销售队伍上，但这侵蚀了利润。
同样惹人注目的是该公司150亿美元的新一轮减记，这等于承认公司各大品牌价值缩水。巴菲特表示他错误地判断了卡夫众多产品的价值。“管理团队设想的是，合并之后他们可以削减品牌维护所必需的开支，更不用说帮助品牌成长了，”瑞信银行的罗伯特·莫斯可（Robert Moskow）说道，“世界在他们那里发生了变化——零售商变了，消费者也变了。”
3G资本的方法似乎存在缺陷，但极少有食品公司能拿出一个成功的替代方案。各大公司尝试通过收购规模较小的公司来自我进化，这些收购交易的价格往往很高，而收效不一。例如，金宝汤（Campbell Soup）于2012年收购了果汁饮料生产商Bolthouse Farms，但现在又想把它卖掉。去年它收购了一家椒盐脆饼和爆米花公司Snyder's-Lance，以扩大零食业务。它的债务水平也相应上升。研究公司盛博称，实际上，金宝汤、康尼格拉（ConAgra）和通用磨坊（General Mills）的疯狂收购使得这些公司的杠杆率比卡夫亨氏还高。
卡夫亨氏现在希望通过收缩规模来实现增长：它计划在未来18个月剥离资产以改善资产负债表，以便能实现其他大规模交易。但美国证交会的传票显示，由于管理层难以达到大胆的目标，一些内部流程可能正在瓦解。大型交易能拯救美国食品公司的想法看起来越来越不可靠了。2014年在亨氏收购卡夫之前，两家公司的总营业利润约为65亿美元。现在，一定程度上由于公司自身无法控制的一些问题，卡夫亨氏预计2019年的利润将与合并前大致相同。
Three kingdoms, two empires
三国鼎立，两帝称雄
★题目翻译：
three kingdoms应该是借鉴了中国的《三国演义》，而中文翻译也同样借鉴了“三国鼎立”这个成语，相当于增补了一个动词；
后半部分的two empires则为了和前面对应，同样增补了动词“称雄”♂
这个增补词语的选择与正文所讲述的内容有关，主要讲了中国三大互联网公司的发展现状，其中阿里巴巴和腾讯发展势头迅猛而百度则被甩开，所以这里取“称雄”作为动词。
THERE was a time, not that long ago, when China’s big internet companies were dismissed by investors in Silicon Valley as marginal firms with a tendency to copy Western products. Not any more . Today they are monsters with increasingly hefty international ambitions .
就在不久前，硅谷的投资者还根本不把中国的大型互联网公司放在眼里，认为它们不过是些边缘企业，往往都是照搬西方的产品。时过境迁，今天这些中国互联网公司已经长成了猛兽，在国际市场上的野心不断膨胀。
★单词
dismiss : V-T If you dismiss something, you decide or say that it is not important enough for you to think about or consider. 不予理会，比如：
Mr. Wakeham dismissed the reports as speculation.
韦克厄姆先生把这些报道当作臆测而不予理会。
其他常用含义：
解雇 V-T When an employer dismisses an employee, the employer tells the employee that they are no longer needed to do the job that they have been doing.
marginal : ADJ If you describe people as marginal, you mean that they are not involved in the main events or developments in society because they are poor or have no power. 无足轻重的，比如：
The tribunals were established for the well-integrated members of society and not for marginal individuals.
这个特别法庭是为社会中的主流人群设立的，而不是为了无足轻重的小人物。
其他常用含义：
边际的 ADJ Marginal activities, costs, or taxes are not the main part of a business or an economic system, but often make the difference between its success or failure, and are therefore important to control. 边际的
hefty : ADJ Hefty means large in size, weight, or amount. 庞大的; 沉重的，比如：
She was quite a hefty woman.
她是个相当高大的女人。
其他常用含义:
有力的 ADJ A hefty movement is done with a lot of force.
★翻译tips
as-这里把介词翻译成了“认为”，动词化。
with a tendency：译为频度副词“往往”，而不是直译成“有…的趋势”。
Not any more. 英文文章中常见的一句话，“时过境迁”是个值得积累的中文表达，意思是随着时间推移，情况发生了变化。
international ambitions：增译，只译为“国际野心”没有任何含义，在根据语境增译了“市场”，意思就通顺了。
Alibaba, China’s biggest e-commerce group, handles more transactions each year than do eBay and Amazon combined. Jack Ma, its chairman, pledges to serve 2bn consumers around the world within 20 years. Tencent, which specialises in online games and social media, is now the world’s tenth most valuable public firm , worth some $275bn. Pony Ma (no relation), its chairman, wants China to “preside over the global tech revolution of the future”. But as the two firms become global forces, the third member of China’s “ BAT” trio of internet giants, Baidu, an online-search firm that came to dominate the mainland market after Google left the country to avoid censorship, is lagging behind.
中国最大的电商集团阿里巴巴每年处理的交易量超过eBay和亚马逊的总和，董事局主席马云承诺要在20年内为全球20亿消费者提供服务。专注网络游戏和社交媒体的腾讯公司现在是世界第十大最有价值的上市公司，市值约2750亿美元。董事长马化腾（和马云不是亲戚）希望中国能“领导未来的全球科技革命”。中国互联网三巨头“BAT”中的第三位是百度。谷歌为避免审查制度退出中国后，百度便称霸中国大陆的在线搜索市场。另外两大巨头已成为国际大公司，百度却落在人后。
★单词
马云、马化腾有“二马”之称，在外刊中一般都只使用他们的英文名字，前者Jack Ma，后者Pony Ma
public firm ：上市公司。go public 上市
preside over : to be in a position of authority at a time when important things are happening 负责（重要局面），比如：
The government seemed to be presiding over large-scale unemployment.
政府似乎正面临着大规模的失业状况。
其他含义：
1）to be the head of a company or organization 掌管，管辖，领导
2）to be in charge of a meeting or activity 主持
BAT trio ：
1）trio：a set or group of three people or things三人组，三件套。主要是强调“三”这个概念，和原文中的trio of internet giants合起来就是常说的“三巨头”。Trio还有一个意思是“三重唱，三重奏”，与之相关的独唱（奏）、二重唱（奏）、四重唱（奏）分别是solo，duet，quartet
2）BAT-中国国内三大互联网公司，B-Baidu百度、A-Alibaba阿里巴巴、T-Tencent腾讯。
美国也有类似的三巨头，称为“GAF”,即：G-Google谷歌、A-Amazon亚马逊/A-Apple苹果、F-Facebook脸书。
bn=billion 十亿；mn=million 百万；tn=trillion 万亿/兆
★长难句解析
Alibaba(主语), China’s biggest e-commerce group（同位语）, handles（谓语） more transactions（宾语） each year（时间状语） /than do eBay and Amazon combined(状语).
不好理解的点在于than后面的部分，do代替了前面的handle，combined作后置定语修饰eBay and Amazon表示二者加起来的。涉及比较的句子中，如果谓语动词是实义动词，那么than后面的比较对象的动词一般用do/did/does替代，并提到名词前面。
But as the two firms become global forces（状从）, the third member of China’s “BAT” trio of internet giants（主语）, Baidu（同位语）, an online-search firm（同位语）/ that came to dominate the mainland market after Google left the country to avoid censorship（定语从句，after是定从嵌套的状从）/, is lagging behind（主句谓语）.
这一句主语部分较长，官方的译文并没有严格按照英文的顺序进行翻译，而是根据中文的表达逻辑进行了调整。
1）先翻译the third member of China’s “BAT” trio of internet giants, Baidu将短语译成了句子。先翻这一句是因为前面分别介绍了阿里巴巴和腾讯，从这一句开始都是讲百度，所以先把句子的主要对象引出来，再去翻译它的情况。
2）an online-search firm that came to dominate the mainland market after Google left the country to avoid censorship 把定语从句和先行词也单独译成了一句。这一句主要按照时间顺序翻译，先说谷歌退出中国，再说百度占领市场，并且先行词和定从中的market进行了结合，避免重复介绍百度，同时说清楚了它所占领的是什么市场。
3）介绍了百度之前的情况之后，在翻译现在和另外两家公司的对比，But as the two firms become global forces以及is lagging behind两部分。
这一个长句的翻译很好的体现了中英文表达上逻辑的不同，这一句主要是按照以时间为线索，先介绍主体，再介绍主体过去和现在的情况。
All three firms differ from their Western peers in important ways. First, Western companies usually prefer to focus on a few core areas, whereas Chinese internet firms typically try to do everything from cloud computing to digital payments. When this works, as with Tencent’s wildly successful app, WeChat, the results can be impressive.
这三家公司与西方同行在几个重要方面有所不同。首先，西方公司通常会聚焦几个核心领域，而中国互联网公司一般涉猎广泛，从云计算到数字支付无不尝试。这样的尝试一旦成功，结果便会非常可观，腾讯大获成功的应用微信即是如此。
★单词
as with ：正如，如同…一样
★翻译tips
When this works, as with Tencent’s wildly successful app, WeChat, the results can be impressive.
this-Chinese internet firms typically try to do everything from cloud computing to digital payments
as…WeChat 插入语放到了后面翻译，先翻译从句和主句
Second, with the exception of political censorship , the internet sector in China is lightly regulated. Facebook, Apple and Google, in contrast, face increasing scrutiny. Chinese internet firms can achieve market domination of a sort that would attract close attention in other markets.
第二，抛开要接受政治审查这一点，中国互联网行业的监管较为宽松；而Facebook、苹果和谷歌则面临日益严格的审视。以中国互联网企业能达到的市场支配地位，换在其他市场，会受到监管机构的密切关注。
★单词
censorship : N-UNCOUNT Censorship is the censoring of books, plays, movies, or reports, especially by government officials, because they are considered immoral or secret in some way. (官方对书刊、剧本、电影或新闻报道的) 审查，比如：
The government today announced that press censorship was being lifted.
该政府今日宣告说正在撤销新闻审查。
中国的电影审查制度就用 film censorship；电影分级制度可以说film/motion picture rating system；（电影电视中）广告植入 product placement
of a sort ：一种，一类，sort可看做等于market domination
其他含义：of sorts/of a sort 勉强称得上的，勉强算的，比如：
I have a conversation of sorts with a very drunk man at the bus stop.
The third difference is that they can succeed on a rapid and massive scale because the state-dominated economy is so inefficient. Often there is not even a physical infrastructure to leapfrog —so-called third-tier cities, for example, often lack big retail centres. Nationwide there is one shopping mall per 1.2m people.
第三个区别是，由于国家主导的经济效率低下，中国互联网企业可以快速取得大规模成功。企业发展过程中通常甚至都没有挡路的实体机构，比如在所谓的三线城市，往往都缺少大型零售中心。中国每120万人才有一个大型购物中心。
★单词
physical ：实体的。实体店-physical store
leapfrog : V-T/V-I If one group of people leapfrogs into a particular position or leapfrogs someone else, they use the achievements of another person or group in order to make advances of their own. (利用别人成就) 超越，比如：
It is already obvious that all four American systems have leapfrogged over the European versions.
显然，美国的全部4套系统已经超越了欧洲的版本。
third-tier ：三线城市；second-tier：二线城市。或者也可以说tier two/tier three city
★翻译tips:
a physical infrastructure to leapfrog：
1)infrastructure 通常译为“基础设施”，既可以是可数名词也可以是不可数名词，原文前面加了a，所以译文将其具体化成“实体机构”，主要是指国有的机构。
2）按照顺序应该是“对企业来说甚至没有可以让其超越的实体机构”，译文直接转换了角度，将“企业去超越实体机构”转换成“挡路的实体机构”，更符合中文表达习惯。
A huge home market has not stopped the trio from fighting bloody turf wars among each other. The outcome to this battle is rapidly becoming clear. Tencent and Alibaba are surging ahead; a series of own goals has left Baidu far behind. The common jibe about Baidu among local experts is that it is becoming the Yahoo of China, a once-dominant search giant that sank owing to a lack of innovation and a series of management blunders .
国内市场如此巨大，却仍未能阻止这三巨头相互厮杀抢夺地盘。这场战斗的结果正迅速明朗。腾讯和阿里巴巴遥遥领先，百度则因自己一连串的乌龙球而远远落后。国内专家最常用来挖苦百度的一个说法就是它正在变成中国的雅虎。雅虎一度是占据市场主导地位的搜索巨头，却因缺乏创新和一系列管理失误而沉沦。
★单词
turf wars : a fight or argument over the areas or things you think belong to you 地盘之争
turf：N-UNCOUNT
1）Someone's turf is the area which is most familiar to them or where they feel most confident. 地盘; 活动范围，比如：
Their turf was St.Louis: its streets, theaters, homes, and parks.
他们的地盘是圣路易斯：它的街道、剧院、住宅和公园。
2）草皮
own goal ：
1）a goal that you accidentally score against your own team without intending to in a game of football, hockey etc. 乌龙球（足球、曲棍球等比赛中）
2）an action or remark that has the opposite effect from what you intended （不利于自己的）错事，蠢话，自打嘴巴 ，比如：
The minister’s admission turned out to be a spectacular own goal.
这位部长的招认结果成了引人注目的自打嘴巴。
leave behind ：把…落在后面（常用被动），比如：
In class, a child with poor eyesight can soon be left behind.
在课堂上，视力不好的孩子很快就会落在别人的后面。
近义词：lag behind 落后于（与be left behind同义），比如：
Britain is lagging behind the rest of Europe.
英国落后于欧洲其他国家。
blunder ：
1）N-COUNT A blunder is a stupid or careless mistake. 愚蠢错误，比如：
I think he made a tactical blunder by announcing it so far ahead of time.
我认为他如此提早宣布消息是犯了战术上的错误。——可以替换mistake
2）V-I If you blunder, you make a stupid or careless mistake. 犯愚蠢错误，比如：
No doubt I had blundered again.
不用说我又犯了个蠢错。
3）V-I If you blunder into a dangerous or difficult situation, you get involved in it by mistake. 误入 (危险境地或困境)，比如：
People wanted to know how they had blundered into war, and how to avoid it in the future.
人们想弄清他们怎么会错误地卷入战争，将来如何才能避免这样的事。
4）V-I If you blunder somewhere, you move there in a clumsy and careless way. 跌跌撞撞地走，比如：
He had blundered into the table, upsetting the flowers.
他撞上了桌子，打翻了花。
★翻译tips
The common jibe about Baidu among local experts is that it is becoming the Yahoo of China, a once-dominant search giant that sank owing to a lack of innovation and a series of management blunders.
1）The common jibe about Baidu among local experts：国内专家最常用来挖苦百度的一个说法——jibe-词性转换，译为动词；增译“一个说法”
2）a once-dominant search giant that sank owing to a lack of innovation and a series of management blunders. 同位语，介绍Yahoo的情况，译文中以“雅虎”为主语重启一句。
Its revenue growth fell to 6.3% in 2016, down from 35% in 2015 and 54% in 2014. The firm gets some nine-tenths of its revenues from online ads, but this income is plunging as marketers redirect spending from search ads on Baidu to social-media networks like WeChat and mobile-commerce platforms run by Alibaba. Meanwhile, Baidu is burning cash trying to keep its various big bets on artificial intelligence (AI), online video, virtual and augmented-reality technologies, and “online to offline” (O2O) services going. One of China’s most respected business consultants is pessimistic about its future: “There is very little chance they’ll be relevant in five years.”
百度的收入增长率在2016年下降至6.3%，远低于2015年的35%和2014年的54%。公司收入约九成都来自在线广告，但由于商家把花在百度搜索广告的钱转投至微信这样的社交媒体网络以及阿里巴巴运营的移动商务平台，百度的收入大幅下滑。同时，百度还在烧钱维系它的几个大赌注：人工智能（AI）、在线视频、虚拟和增强现实技术，以及“线上到线下”（O2O）服务。中国最受尊敬的商业顾问之一对百度的未来持悲观态度：“五年以后很可能就没百度什么事了。”
★单词
burn cash ：花钱，烧钱。跟中文的“烧钱”意思相通。
★翻译tips
There is very little chance they’ll be relevant in five years.
五年以后很可能就没百度什么事了
正说反译，原句中未出现not之类的否定词，而在翻译中则用到了“没”这个中文中的否定词。
原文出处： The Economist, Business, New York, Apr. 20th 2017.
Recreational Vehicles:On the road
房车：在路上
An all-American product finds new takers.
美国产品找到新买家。
Early spring is the main selling season for recreational vehicles (RVs) and the phone on Tom Troiano's desk has been ringing incessantly. The owner of Continental RV, a dealership in Farmingdale, a village on Long Island, Mr Troiano is on track to sell more RVs this year than in any other since the early 2000s. Buoyed by cheap financing, rising wages and inexpensive gas, travellers are once again splurging on big-ticket camper vans.
早春是房车销售的黄金季，Tom Troiano桌上的电话一直响个不停。Tom Troiano是长岛法明代尔村房车经销店大陆房车(Continental RV)的老板，该店销售状况很好，预计今年销售额将达到2000年初以来的最高水平。贷款利率低，工资上涨，油价低廉，驴友们再次疯狂了，不惜撒上大把钞票购买房车。
RVs are a quintessentially American invention: more than two-thirds are made in the United States. Nationally, sales surged to 430,000 units last year, a 40-year high. At the inexpensive end they sell for as little as $5,000 for a caravan; deluxe versions cost up to $1m and are typically equipped with a bedroom, kitchen and bathroom that are bigger than in many European flats. The share prices of Thor Industries, the biggest RV-manufacturer in America, and Winnebago, the third-largest, have risen by 43% and 17%, respectively, in the past year.
房车是典型的美国发明：世界上三分之二以上的房车都产在美国。去年全美销量飙升至43万辆，达到40年来最高水平。低端产品如旅行拖车，售价只在5000美元；豪华车型价格高达100万，一般有一个卧室、一个厨房、一个卫生间，比欧洲许多公寓房还大。去年，美国最大房车生产商霍尔工业和第三大生产商温内巴戈股价分别上涨43%和17%。
That is a big change.During the 2008-09 recession, notes Mr Troiano, RV dealerships everywhere closed down, leaving his shop among the very few left serving the New York metropolitan area. The current rebound is mostly owing to the economy's recovery, but it also springs from the fact that new types of customer are embracing the lifestyle.
真是形势剧变。Troiano指出，08-09年经济衰退，各处房车经销商纷纷倒闭，像他这样仍坚持在纽约大都市区经营的经销商没有几家。眼下销售回暖主要是经济复苏的结果，同时，有新的客户群开始崇尚这种生活方式，也是销售反弹的一个原因。
A decade ago the average age of an RV-owner was 49, and over 90% were white, says Kevin Broom of the Recreational Vehicle Industry Association (RVIA), an industry body. That didn't bode well for the future. But stereotypes are being dented. Anecdotal reports suggest that ethnic minorities now make up around asixth of all new customers, says Mr Broom. The fastest-growing customer demographic is 35- to 44-year-olds. Another boost comes from affluent immigrants, who are keen to experience long, self-planned road trips in America. Mr Troiano's most recent big sale was to a rich Asian family.
房车行业协会（RVIA）的Kevin Broom表示：十年前，房车车主平均年龄在49岁，白人占90%以上。这样的结构对于未来而言不是好事，不过人们眼中过去的情况正在逐渐发生改观。Broom先生说，一些非正式报告显示：少数族裔已经占到新客户总数的六分之一左右。增长最快的客户群体是35-44岁之间的人士。另一个迅速增长的群体是经济状况良好的移民，这些人非常渴望亲身体验美国的长途自由行。Troiano先生最近的一大单就来自于一个富裕的亚裔家庭。
The industry hopes that its poor record with foreign sales—last year less than 1% of RVs produced domestically were shipped to foreign markets (excluding Canada)—may improve, too.China's government, for example, has pledged to build 2,000 campgrounds by 2020, up from an estimated 300 today, in a bid to promote domestic tourism, particularly to remote rural regions. Chinese firms such as Yutong Bus make RVs, but not of the quality that many Chinese want. The country imported 1,000 vehicles last year, over half of them American.
去年，国产房车出口海外市场（不包括加拿大）的比例还不到1%，面对海外销售的惨淡经营，业内希望今年出口销量也能有所增加。例如，中国政府承诺到2020年将建成2000个露营地，而目前这一数字估计只有300左右。此举旨在促进国内旅游业的发展，尤其是偏远农村地区的发展。宇通客车等中国企业也生产房车，但质量达不到许多中国人的要求。去年中国进口房车1000辆，一半以上为美国制造。
RV manufacturers are also marketing the notion that their motor homes can be commercial as well as leisure vehicles.They can allow travelling salesmen, businessmen and university-admissions officers to save onfood and hotel costs, for example, when they hit the road trying to recruit prospective new clients and students. The office, as well as home, can be wherever you park it.
房车制造商同时也在推销一种理念，即房车既可用于商业用途，也可用作休闲车辆。比如说，销售人员和商务人士出差寻找潜在客户，大学招生负责人外出招生，这时使用房车就能省下食宿费用。只消停下车来，处处办公处处家。
