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全文字数：1549字
阅读时间：15分钟
上期翻译答案
According to the hydrogen merit ladder devised by Michael Liebreich, host of the Cleaning Up podcast, swapping clean hydrogen for the fossil fuel-based grey and brown stuff currently used for synthetic fertilisers, petrochemicals and steel is a no-brainer.
根据“治理污染”播客的主持人迈克尔·利布瑞奇设计的氢价值阶梯，用清洁氢取代目前用于合成肥料、石化产品和钢铁的煤炭和石油等化石燃料物质，这是理所应当的。
1. no-brainer: a decision that is easy, and that you do not need to think about, used when you want to emphasize that it is really very easy
《本期内容》
双语阅读
Until last year, venture capital (VC) had beenriding high. With interest rates close to zero and little yield to be found elsewhere, large companies, hedge funds and sovereign-wealth investors beganploughing cash intostartups, sending valuations upwards. In 2021 alone the amount of money flowing to startups doubled to nearly $640bn. Then soaring inflation and surging interest rates brought the market crashing down. Last year the investments made in startups worldwide sank by a third. Between the final quarter of 2021 and the same period in 2022, the valuations of private startups tumbled by 56%.
直到去年，风险投资一直都顺风顺水。翻译划线句，长按文末小程序码打卡，答案下期公布~仅在2021年，流向创业公司的资金就翻了一番，接近6400亿美元。之后通胀飙升和利率上行让这个市场崩溃。去年全球对创业公司的投资减少了三分之一。从2021年第四季度到2022年同期，私人创业公司的估值缩水了56%。
The downturn inevitably draws comparisons to the dotcom crash of 2000-01, when deep winter set in and VC investments froze. Luckily for both founders and their backers, conditions are not so frosty today. Startups’ balance-sheets are stronger than they were 20 years ago; valuations are not quite so detached from revenues. In America alone, venture capitalists have about $300bn in dry powder. Nonetheless, the industry that is emerging from the tech slump and into an era of dearer money looks different from the one that went into it. In many respects, VC is returning to the ways of decades past.
人们难免会把这次衰退与2000年至2001年的互联网泡沫相比较，当时行业寒冬降临，风险投资陷入冰封。对公司创始人和投资者来说，幸运的是今天并不像当年那么寒意彻骨。创业公司的资产负债表要强于20年前；估值相对于营收也不是特别离谱。单在美国，风险投资家就有3000亿美元的“干火药”。然而，这个正在从科技业衰退中爬出、进入高成本资金时代的行业看起来已与进入这轮衰退之前不同了。在很多方面，风险投资正在重新走回几十年前的老路。
One change is a focus on small, profitable firms. This is a habit venture investing sometimes forgot in the boom years, when rapid growth and the hope of big profits tomorrow were prized over profits today. Many backers who were in search of a quick returnpiled intoolder, “late-stage” startups, which would probably go public soon and seemed assured of heady valuations.
一个变化是关注盈利的小公司。风投在繁荣时期有时会忘记这一习惯，因为繁荣时期，人们对快速增长和未来巨额利润的希望，比对眼前的利润更重视。许多寻求快速回报的支持者纷纷涌向较老的、处于“后期”阶段的初创企业，这些企业可能很快就会上市，而且似乎肯定会有令人兴奋的估值。
A second shift is a renewed emphasis on strategic firms. In an echo of vc’s earliest days, when investors often backedsemiconductor-makers thatviedto win huge public contracts, many today areeyeing upfirms in areas that stand to gain from governments’ newfondnessfor industrial policy. Administrations in both America and Europe, for instance, plan to spend hundreds of billions of dollars supporting chip firms and clean tech.
第二个转变是对战略性企业的重新重视。在风投的早期，投资者通常会支持那些争抢巨额公共合同的半导体制造商，而今天，许多人都盯上了那些有望从政府钟爱的产业政策中获利的公司。例如，美国和欧洲的政府都计划花费数千亿美元来支持芯片公司和清洁技术。
A final shift in vc’s approach is an emphasis on better governance. In the boom years too much venture money chased too few good investments. The mismatch gave founders theupper handin negotiations, helping them keep oversight relatively light.
风投的最后一个转变是强调治理优化。在经济繁荣时期，太多的风险资金追着向少之又少的优质投资涌去。这种错配让企业创始人在谈判中占据上风，使得他们能保持相对宽松的监管。
本文节选自：The Economists（经济学人）
发布时间：2023.03.16
作者：Business
原文标题：The tech slump is encouraging venture capital to rediscover old ways
词汇积累
1.semiconductor
英/ ˌsemikənˈdʌktə(r) /美/ ˈsemikəndʌktər /
n.半导体；半导体装置
2.vie
英/ vaɪ /美/ vaɪ /
v.争夺，激烈竞争
3.fondness
英/ ˈfɒndnəs /美/ ˈfɑːndnəs /
n.爱好；喜爱
词组搭配
1.ride high 得意洋洋
2.plough into 投入
3.pile into 挤进；进入
4.eye up 色迷迷地看; 目光在…身上打转
5.upper hand 优势，上风
写作句总结
原句：Nonetheless, the industry that is emerging from the tech slump and into an era of dearer money looks different from the one that went into it.
结构：A that is emerging from B and into an era of C looks different from the one that went into it.
例句：An industry emerging from a downturn into an era of new financing looks different from the one that went into it.
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