耐克

你实际上可以在采访中听到菲尔·奈特的引述，在《鞋狗》一书中也有少量记载，这些内容与其他关于事件经过的记录存在分歧。人们对此非常关注，因为显然，我们这里讨论的是勾形标志和耐克品牌的起源。那么这一切究竟是如何发生的？最有趣的信息来自斯科特，他将这段故事发布在了领英上。

And you can actually hear quotes from Phil Knight in interviews and a little bit in Shoe Dog where it disputes other records of how this all went down. And people care a lot about this because, obviously, what we're getting here is the origin of the swoosh and of Nike. And so how does this end up happening? The most interesting thing is from Scott. He put this on LinkedIn.

他亲自与卡罗琳谈过此事。她的回忆是：最初在设计后来成为勾形标志的请求中，他们希望将结构支撑作为设计元素。她提交了几版设计稿，但全被否决了。于是在第二版修改中，他们放弃了任何支撑功能的要求，只要求将品牌标志缝制在

He talked to Carolyn herself about this. Her recollection is that, originally, in the request to create what became the swoosh, they wanted structural support as an element in the design. And she came back with some designs. They didn't like any of them. And so in the second revision, they drop the requirement that it be supportive in any way and that it's just about having the brand sewn onto the

鞋面外侧。关键的是，这里讨论的还不是品牌命名问题。第一点，我们讨论的只是鞋身上的一个标识。那些关于勾形标志象征胜利女神翅膀的说法——完全不是。

outside. Also, importantly, this is not the name that we're talking about here. So point one, we're just talking about a logo to go on the shoes. So all the thought of, like, oh, the swoosh is like the wing of the goddess of victory. No.

事实并非如此。这发生在命名之前。

Not the case. This is before the name.

没错。所以它确实不是受希腊胜利女神启发。我最近刚在法国巴黎，就站在萨莫色雷斯的胜利女神像前——那尊美丽绝伦的带翼雕像。

Right. So it's literally not inspired by the Greek goddess of victory. Like, I was just in France. I just stood in front of the winged victory statue. It's this beautiful, incredible thing in Paris.

长久以来流传着一个神话，说勾形标志的灵感来自女神翅膀。实际上耐克这个名字是在勾形标志设计完成后才有的，顺便说，当时这个标志甚至还不叫'勾形'。

There's this myth running around forever and ever that the swoosh is inspired by one of those wings. The name Nike came after the design of the swoosh, which, by the way, also was not called a swoosh yet.

好的。如你所说，她经历了两轮设计稿。当第二轮提交时，时间已经非常紧迫。工厂来电催促：鞋子即将完工，

Okay. So as you say, she goes through two rounds of sketches. When the second round comes back, they're out of time. The factory is calling, and they're like, hey. Shoes are just about ready.

就差侧边标志了，你们要什么图案？最后菲尔、杰夫·约翰逊、鲍勃·瓦德尔和其他几个人围坐讨论。他们说总得选一个，有人犹豫着表示：

We just gotta put the sides on them. What do you want? So finally, Phil and Jeff Johnson and Bob Waddell, they're sitting around and a couple other folks. And they're like, well, we gotta pick one. And they're like, well, maybe I don't know.

这个有点像对勾的图案，可能是这批里最好的了。菲尔那句名言就此诞生：'我不算喜欢，但说不定会看顺眼。'于是这就成了勾形标志。后来公司在上市前给了卡罗琳股份，她的报酬总算超过了每小时两美元，

This one that kinda looks like a check mark. It maybe is the best of the bunch. And Phil very famously says the line, I don't love it, but maybe it'll grow on me. And that becomes the swoosh. Now, ultimately, they do give Carolyn stock in the company before the IPO, so she makes more than two dollars an hour.

但这个设计项目的报酬当时只有35美元。

But for this project, she was paid $35.

她还提到自己花费的时间远超十七个半小时，但这不过是随便报个价而已。有趣的是我计算了IPO股份——耐克上市时确实给了她500股。如今股价约110美元，并经历了七次拆股。所以2的7次方乘以每股110美元再乘以500股，如今价值700万美元。

Which also she says she spent way more than seventeen and a half hours, but it was just kind of coming up with some price to charge. Fun thing about I did the math on the IPO shares. When Nike went public, they did give her 500 shares. The stock price today is around 110, and it has split seven times. So two to the seventh times a $110 a share times her 500 shares is worth $7,000,000 today.

不错。我记得菲尔在某处说过，可能是在GSP毕业演讲里，他说她一直持有这些股份。

Nice. And I heard Phil say somewhere, I think it might have been in the GSP graduation speech, I believe he said that she held the shares.

是的。直到2016、2017年，他公开记录显示她从未卖出过一股。

Yes. As late as twenty sixteen, twenty seventeen, he is on the record saying she has never sold a share.

哇。难以置信。太酷了。于是他们把logo寄出去了。

Yeah. Wow. Incredible. Pretty cool. So they send the logo off.

不久后墨西哥工厂来电说：鞋子做好了，准备装箱发货。这款鞋该叫什么型号？比如科尔特斯、阿兹特克黄金之类的名字。

So a short while later, factory in Mexico calls them up, and it's like, alright. Shoes are done. We're ready to box them and ship them. What should the model name of these shoes be? Like, the Cortez or the Azteca Gold or, you know, whatever they had called them.

耐克总部的人正围坐 brainstorming。这时各种著名点子被抛出来——菲尔·奈特钟爱'第六维度'，其他人提议'手镯'、'猎鹰'等命名方案。

What's the model name of the shoes? And so back at Nike headquarters, they're all sitting around brainstorming. And this is where all the famous ideas that get thrown out. Phil Knight loves dimension six. The other people are throwing out the bangle, the falcon, you know, all the naming ideas.

重点是要给这款钉鞋命名，而非公司。他们始终定不下名称。

The idea is they wanna name the model of the shoes, like these cleats. What are the cleats called? They're not coming up with a name for the company.

原本可能叫'蓝丝带第六维度'。

And it's the idea it's gonna be the blue ribbon dimension sixes.

没错。根据最可信的传说（这很可能是真的），典型的菲尔·奈特式拖延症又犯了——就像当初设计logo时那样，直到最后期限前夜都做不了决定。

Yes. So legend has it, and as best as we can tell, this is actually true. In typical Phil Knight style, he can't make a decision. They're waiting towards the end. It's the same story has happened with the logo all over again.

他们反复讨论。最后期限前一晚，工厂急需确定鞋名时，杰夫·约翰逊进来说：我昨晚做了个梦...

They're batting it around. And then the night before, they need to finally drop dead, give the name of the shoes to the factory. Jeff Johnson comes in and he's like, I had a dream last

晚上好，约翰逊。

night. Johnson.

在梦里，我灵光一现想到了这个名字——耐克。所有人都一脸茫然：你在说什么？他解释道，那是希腊胜利女神的名字，带翅膀的那位。

And in the dream, the name came to me. Nike. And everybody's like What are you talking about? What are you talking about? And he's like, the winged Greek goddess of victory.

这将成为耐克足球鞋。大家反应都是：好吧，至少比之前那些名字强。就这么定了。但其实当时并没引起多大轰动。

These are gonna be the Nike football cleats. And everybody's like, alright. Well, we like that better than the other stuff. Ship it. But it wasn't that big a deal.

说重要也重要，但没那么重要。本意不是要创立耐克品牌，只是给这款足球鞋型号命名而已。

Like, it was a big deal, but it wasn't that big a deal. This wasn't intended to be Nike. This was intended to be the name of the model of the football cleat.

他们甚至不确定这名字能成。

That they weren't even sure it was gonna work.

没错，而且确实没成。

Right. And it didn't work.

后来发现这家工厂质量不怎么样。

Turns out this factory, not very high quality.

不，我觉得问题不在这。工厂其实不错，还曾为阿迪达斯生产过奥运鞋款。问题在于工厂位于瓜达拉哈拉。

Well, no. I don't think that was the problem. I think the factory was fine. I mean, they made shoes for Adidas for the Olympics. The problem was it was in Guadalajara.

瓜达拉哈拉气候温暖，鞋子本身没问题，但在严寒中会开裂——压根没做过低温测试。而美国人很清楚，许多橄榄球赛都在低温中进行。结果他们订的3000双鞋...

It doesn't get very cold in Guadalajara. So the shoes were great, but in freezing temperatures, they would crack. They'd never been tested in the cold. And, you know, as Americans at least know, many American football games are played in cold temperatures. So they ordered 3,000 pairs.

虽然卖出去了，据说那年圣母大学橄榄球队（至少四分卫）穿过，但低温就会开裂。耐克和这个勾形标志的开端，实在算不上吉利。

They sold them. Apparently, the Notre Dame football team wore them that year, or at least the quarterback did, then they would crack in cold weather. So it's a very inauspicious start to, Nike and the swoosh here.

是啊。令人惊讶的是他们居然在那之后还能继续，甚至没有直接放弃说‘好吧，鞋子分销听起来比制鞋好多了’。

Yeah. It's kind of amazing that they even continued after that or that they didn't just give up and say, okay. Shoe distribution sounds a lot better than making shoes.

没错。但再次强调，无论是否违反与鬼冢虎的协议条款，最终法院会判定没有违规。但关系已经完了，桥梁已断。

Yes. But, again, whether it violated the letter of the agreement with Onitsuka or not, ultimately, the courts would decide it didn't. But it's game over here. Like, the relationship is done. They have burned the bridge.

结束了。

It's over.

对。这在我看来是耐克DNA里的一种特质——他们竞争到极限，然后还会再越界一点点。

Yeah. And this to me is a little bit of a thing in Nike's DNA where they are competitive all the way up to the line and then one toe over.

是啊。就像特拉维斯时代的Uber企业价值观——越界试探？

Yeah. What's the Uber corporate value toe stepping from the Travis era?

非常像。我们极度好胜。当时是为了生存，所以我理解。但他们整个发展历程都贯穿着‘能不能做别人觉得不能做的事？做了再承担后果’的作风，这种模式在耐克身上反复上演。

It's very much that. It's we are fiercely competitive. And at this point in time, was to stay alive, so I get it. But for their whole existence, it's like, is there anything we can do that other people aren't doing because they kinda think you can't, but maybe we'll do it anyway and deal with the repercussions? That kind of happens with Nike over and over and over again.

大多数情况下——这次也不例外——最终会闹上法庭，确实有点越界。但换个角度看，又像早期Uber的越界：当时出租车行业垄断，他们越界反而造福了世界。如果没有这种越界...

And for most of these situations, this one very much included, yeah, like, this ends up in lawsuits and, yeah, it's probably a toe over the line. On the other hand, it's also a little bit like Uber in the early days with toe stepping. Like, the alternative was the taxi industry. It's good for the world that they stepped a toe over the line. Like, they didn't do this.

就不会有耐克。总之鬼冢虎终止合作，不再给蓝带发虎牌鞋。菲尔最终与日商岩井签约，核心条款是：日商将全额满足蓝带所有资金需求，规模上不封顶。

There's no Nike. Yep. So with that, Onitsuka pulls out of the relationship. They don't send any more tigers to Blue Ribbon. Phil signs a deal finally with Nisho And the core part of the deal is Nisho will, a, finance all of Blue Ribbon's financing needs, henceforth, pretty much at a scale that goes all the way up to the moon.

日商是千亿级营收企业，远非俄勒冈州银行可比。他们按市场利率放贷；第二，日商协助蓝带建立日本直采生产线；第三，作为回报，日商收取蓝带每双鞋4%特许权使用费——最终这段合作关系非常成功。

I mean, they're a $100,000,000,000 revenue company, certainly way more than any of the Oregon banks could do. And they'll do that at market interest rates. Two, Nisho will help Blue Ribbon set up direct manufacturing relationships in Japan, which they do. And then three, in exchange for all that, Nisho gets a 4% royalty on every shoe that Blue Ribbon sells, which ultimately ends up being a great relationship.

这还是在融资之外的。所以他们既要支付借款利息，还要额外支付4%的特许权费。

And that's on top of the financing. So they already owe interest on borrowing the money, but now they additionally owe a 4% royalty.

是的。这有点像贸易公司的标准操作流程。

Yes. This is sort of like the trading company playbook.

这是仅适用于他们融资的库存还是所有销售？

And is that just for the inventory they finance or all sales?

我认为适用于所有销售。

I believe it's for all sales.

哇哦。这种模式现在还存续吗？

Woah. Does that still exist?

我不确定。估计就算存在形式也不同了。我知道与西水外的合作关系持续了大概三四十年的时间，非常漫长。如果今天还存在这种模式，我敢肯定条款已经不同了。但这种关系确实延续了很长时期。

I don't know. I doubt if it does in the same way. I know that the relationship with Nishuiwai continued for, like, thirty, forty years, like, a very long time. If it still does exist today, I I'm sure it is not the same terms. But this goes on for a very long period of time.

天哪。在历史这个节点上，能有个资金雄厚的合作伙伴稳住局面，还有太多疯狂的事我们没谈到。比如他被多家银行拒之门外，FBI都介入调查了。他们当时玩得太野，把每一分钱都用来囤货，结果连工资支票都会跳票。

Wow. I mean, at this point in history, to have the house in order with a strong financing partner, there's crazy stuff we didn't even cover. Like, he got kicked out of multiple banks. The FBI got involved. They were playing a little bit too fast and loose where they were using every available penny to buy inventory, and so there would be checks that bounced for payroll and things like that.

这种局面一旦崩溃就是全面崩塌。他们某天突然被银行传唤，接着银行就联系了FBI，然后因欺诈被调查。那几年简直疯狂。

When these things topple, they topple all at once. And so they had, like, a day where they got called into the bank, and then the bank called the FBI, and then they got investigated for fraud. It was an insane few years there.

没错。《鞋狗》里菲尔·奈特的亲身经历写得很精彩，无论如何都值得一读，尤其推荐看这段故事。

Yeah. Shoe Dog has a lot of great, like, Phil Knight's personal experience going through this, which is I mean, it's worth the read no matter what, but read it for that.

不过可以确定这个时间点是在...1971年？

But safe to say this moment here in, what is it, 1971?

71到72年。

7172.

他们可以深吸一口气说，好吧，前方的路依然艰难，因为现在鬼冢虎要与我们为敌了。我们必须学会自己设计和生产鞋子。但至少我们有了一个真正的财务合作伙伴，他们已敲定协议与我们合作。

They can kind of take a deep breath and say, well, the business ahead is still really hard because now Onitsuka is gonna be working against us. We have to figure out how to design and make shoes ourselves. But at least we have a real financing partner that has struck a deal to work with us.

没错。当这一切安排妥当后，菲尔去了日本，与日商合作，走访了许多工厂，最终遇到了日本橡胶厂。他带着团队考察各家工厂，测试它们是否能成为好伙伴的方式是：他掏出一双Cortez鞋，问工厂需要多久能仿制出来。上午他会见了日本橡胶厂，对方说：我们先去吃午饭吧。

Yep. So once this is all in place, Phil goes over to Japan and works with Nisho, goes visits lots of factories, ends up meeting the Nippon Rubber factory. He's touring with lots of folks, and it's sort of test of these factories of whether they can be a good partner is he pulls out a Cortez, and he asks the factory how long it would take them to make a version of this shoe. So he meets with Nippon Rubber in the morning. They say, let's go out to lunch.

把鞋借给我们研究下。午餐后回来，我们会给你答案。等他们午饭后回来时，会议室桌上摆着一双几乎完美的Cortez复刻品——这感觉简直太棒了，就是我想要的效果。

Let us borrow the shoe, inspect it a little bit. We'll come back after lunch, and we'll have an answer for you. They come back after lunch, and there is an almost perfect duplicate of the Cortez sitting there on the conference room table and feels like, hell, yeah. This is what I'm talking about.

这才是做生意的绝妙方式。因为他之前见过的其他工厂都说'几周后给您回复'，而这家工厂居然在午饭时间就造出了一双。

What an amazing way to do business. Because he had met with all these other factories. They're like, yeah. We'll get back to you in a few weeks. And, like, over lunch, they built one.

太神奇了。他兴奋不已，开始订购各种鞋款：'你们能生产我们之前Tiger品牌的所有跑鞋吗？至少那些我和Bowerman设计的款式？'对方爽快答应。

Amazing. So he is jazzed. He orders all sorts of models. He's like, can you do all the running shoes that we slash Tiger were doing before at least the ones that we and Bowerman designed? They're like, yep.

完全没问题。他又问：'网球鞋、篮球鞋、钉鞋呢？'对方连连应允：'可以，可以，都可以'。

No problem. He's like, can you do tennis shoes, basketball shoes, cleats? He's like, yep. Yep. Yep.

'想要什么尽管说'。此刻他信心爆棚，像个意气风发的骑士：'太好了，那我开始写型号名称了'。于是他列出了温布尔登网球鞋、森林山网球鞋、Blazer篮球鞋、Bruin篮球鞋、Marathon跑鞋，当然还有Cortez——'太棒了'。

Whatever you want. So, in a kind of very unfilled knight like peak of confidence here, he says, great. Well, I'll just start writing out model names. So he writes out the Wimbledon tennis shoe, the Forest Hill tennis shoe, the Blazer basketball shoe, the Bruin basketball shoe, the Marathon, of course, the Cortez. He's like, great.

这些全都要生产。

Let's do all of them.

这些耐克经典系列经受住了时间考验，其中很多鞋款至今仍在生产。

And these are Nike franchises that stood the test of time. Many of these shoes are still made.

Blazer肯定还在产，当然还有Cortez。对方回应：'好的，没问题'。

The Blazer, for sure. Yep. Of course, the Cortez. And they're like, okay. Great.

然后菲尔就说，还有一件事。那些盒子。你能把它们做成亮橙色吗？我希望它们能引人注目。而日本橡胶公司的人就说，没问题，老兄。

And then Phil's like, one more thing. The boxes. Can you make them bright orange? I want them to stand out. And Nippon Rubber's like, you got it, man.

你想要什么都行。太棒了。真是太好了。直到今天，那些盒子还是橙色的。这次行程结束时，菲尔和蓝带体育公司有了一个全新的运动鞋系列，这些鞋子来自日本，双方关系大为改善，资金也稳固了，还有一个全新的品牌来展示这一切——胜利的 winged goddess，耐克。

Whatever you want. It's awesome. So great. And to this day, they're orange. And by the end of this trip, Phil and Blue Ribbon Sports has a whole new line of athletic shoe models coming out of Japan with a much better relationship, solid financing, and a brand new brand to show it all off, the winged goddess of victory, Nike.

没错。而且有个有趣的地方是，它仍然是蓝带体育公司。所以在1971年，他们确实创建了耐克公司。它是蓝带体育公司的全资子公司，负责制造，或者说与制造商签订合同来生产这条鞋类产品线，这条由蓝带体育公司拥有的耐克设计的鞋类产品线。当然，后来情况反转，耐克成为了母公司。

Yep. And there's kind of this funny thing where it is still Blue Ribbon Sports. So in 1971, they do create Nike Inc. It is a wholly owned subsidiary of Blue Ribbon Sports, and it is responsible for manufacturing well, or contracting with manufacturers to make this line of shoes, this Nike designed line of shoes owned by Blue Ribbon Sports. Of course, later on, these would flip, and Nike would become the parent company.

但现在，它是蓝带体育的子公司。

But for now, it's a subsidiary of Blue Ribbon.

太神奇了。菲尔回到家后，把这事告诉了鲍尔曼。这时，蓝带体育/耐克又迎来了鲍尔曼那偶尔但惊人的天才灵光一现。鲍尔曼兴奋不已。他说，太好了。

Amazing. So Phil gets home, and he tells Bowerman about this. And this is where yet another sporadic but incredible Bowerman stroke of genius comes to play for Blue Ribbon slash Nike. Bauerman's jazzed. He's like, great.

反正我本来就不怎么喜欢鬼冢公司那些人。嘿。但他其实并不在乎这个。他在乎的是，他像是突然想到什么，等等。所以现在有工厂了？

I never liked the Onitsuka guys that much anyway. Hey. But he doesn't really care about that. What he cares about is he's like, wait. So there are factories now?

我们可以直接告诉他们该怎么做？你是说，我现在是蓝带体育公司的新任研发总监了？那咱们开工吧。据说，就在奈特告诉鲍尔曼这件事的那个周末之后，他回到家，周日吃早餐时，比尔坐在那里。

We can tell them exactly what to do? You mean, I'm the new chief r and d officer of Blue Ribbon Sports? Let's get to work. So that weekend, supposedly, was the weekend right after Knight told Bowerman about what was happening. He goes home, and over breakfast on Sunday, Bill is sitting there.

他的妻子芭芭拉正在做华夫饼当早餐。说实话，我觉得，你知道，根据斯科特的说法，根据所有人的说法，这事真的发生过。比尔突然灵感迸发，他说，嘿，亲爱的。我能借用一下那个华夫饼机吗？借用。

His wife, Barbara, is making waffles for breakfast. And honest to god, I think, you know, I mean, according to Scott, according to everybody, this really happened. Bill is struck with inspiration, and he's like, hey, honey. Can I borrow that waffle iron? Borrow.

那个华夫饼机是有借无还了。他走到山间小屋的后院，那里放着一桶聚氨酯。他有这个是因为俄勒冈大学刚刚翻新了他们的跑道，把它从煤渣跑道改成了聚氨酯跑道。当时鲍尔曼就想，这太棒了。这是未来。

That waffle iron was not coming back. He goes out in the back in his mountain home, and, he had a vat of polyurethane sitting there. And he had it because the University of Oregon had just redone their track and made it into a polyurethane track instead of a cinder track. And Bowerman at the time was like, well, this is great. This is the future.

奥运会也会这么做之类的。但我给运动员们穿的鞋子，它们在跑道上抓地力不够好。于是他看到了华夫饼机。他想，如果我把聚氨酯倒进华夫饼机会怎样？

The Olympics are gonna do this and whatnot. But the shoes that I have that I have my runners in, they're not gripping the track that well. And so he sees the waffle iron. He's like, what if I pour polyurethane into the waffle iron?

这存在两个问题。是的。形状确实如此。你可以想象它如何能很好地抓住跑道。有两个问题。

Which has two problems. Yes. The shape is yeah. You can imagine how that could grip a track well. There's two problems.

第一，热的聚氨酯毒性极强。这个人，因为他一直在做实验，多年来都在吸入这些高温的有害化学物质。

One, hot polyurethane, super toxic. The man, for many years of his life, because he's been experimenting forever, is, like, breathing in all these hot, terrible chemicals.

他简直是个疯狂的科学家。

He's literally a mad scientist.

没错。第二，将热的聚氨酯倒入华夫饼机里会永久性地把机器粘住。

Yes. And two, pouring hot polyurethane into a waffle iron is going to permanently glue the iron shut.

是的。这正是后来发生的事情。

Yes. Which is exactly what happens.

所以，显然第一双真正的华夫训练鞋的灵感来自这个设计，但他实际上无法用传统的华夫饼机制作出来。

So, apparently, the first actual waffle trainer shoe was inspired by this design, but, like, he literally couldn't make one in a traditional waffle iron.

根据斯科特的说法，这简直让人难以置信。大家都以为那个原始的华夫饼机已经消失在历史中，甚至怀疑这个故事是否真实。多年后，比尔去世后，他的孩子们在整理遗产时——不，实际上是在后山，他家在山上。

Now according to Scott, in a really, like, you cannot make this stuff up. Everybody thought that that original waffle iron was lost to history and, like, was this even true or apocryphal anyway? Years and years later, after Bill had died, his I think it was his kids are going through the estate. No. And out back, his Memphis is up in the mountains.

因为他们没有真正的垃圾处理服务，所以把垃圾扔在后院的垃圾堆里。他们在翻修房子时，不知怎么在垃圾堆里发现了那个被粘住的华夫饼机，至今仍由耐克公司保管。

Like, they didn't have real trash service, so they threw the trash in, like, a garbage pile in the back, and they're doing some renovations to the house or something. Somehow, they discover out in the trash heap the glued shut waffle iron, and it is in Nike's possession to this day.

这太棒了。

That is awesome.

是不是很酷？所以这自然引出了华夫训练鞋，这是鲍尔曼的又一天才发明，并成为耐克新品牌的第一款大热鞋款。在第一次粘住华夫饼机后，他最终用石膏在华夫饼机里制作模具，倒入聚氨酯，然后为鞋子制作华夫鞋底。这种鞋底在人造表面上表现极佳，不仅适用于跑道，也适用于当时新兴的塑胶草坪。俄勒冈大学橄榄球队那年就在他们的新塑胶草坪场上穿着这双鞋。

Isn't that awesome? So where, of course, this is leading is the waffle trainer, which is another one of Bowerman's genius inventions and becomes the first big hit shoe for the new Nike brand. He would eventually, after gluing the first waffle iron shut, then create a mold out of plaster in the waffle iron, pour polyurethane into that, and then make the waffle soles for the shoes. They work incredibly well on artificial surfaces, not just tracks, but also astroturf, which is becoming a thing at this point in time. The University of Oregon football team wears them that year on their new astroturf field.

这简直是件大事。他们穿着华夫训练鞋击败了俄勒冈州立大学。这对耐克来说是难以置信的宣传。

It's like a huge thing. They beat Oregon State wearing their waffle trainers. This is incredible publicity for Nike.

而且我认为华夫训练鞋开始被穿到田径场之外了。这算是第一款带有生活方式属性的运动鞋雏形。

And I think the waffle trainer is starting to be worn outside of track situations. Like, this is the first hint of a lifestyle sneaker.

没错。我忘记他们最初推出的配色方案是什么了。

Yes. I forget what the first colorway that they do it in is.

瞧瞧你，那边那位球鞋发烧友。还知道配色方案呢。

Look at you, sneaker head over there. Colorway.

配色方案。后来好像是菲尔提议说，我们应该做个蓝色款来搭配牛仔裤。啊对。经典款的复古华夫训练鞋就是蓝底配黄色勾标，很多都是作为搭配牛仔裤的生活鞋款售出的。

Colorway. Eventually, I think it's Phil who's like, oh, we should do this in a blue that'll go well with blue jeans. Ah. Yeah. The canonical old school waffle trainer is blue with a yellow swoosh, and I think a lot of those were sold to be lifestyle shoes going with blue jeans.

这最终演变成了耐克真正的业务支柱。

Which turns into Nike's real business eventually.

但1972年他们在人造草皮赛场和田径场取得的成功——这是蓝带体育以纯耐克品牌独立运营的第一个完整财年，营收达到320万美元。要知道几年前他们与虎牌合作时年收入才50万美元。经历了终止合作、自建工厂、研发华夫训练鞋等一系列疯狂波折后，完全依靠日商岩井的资金支持做到了这个规模。

But that the success on the field, on Astroturf fields, the success in track, that year so this is 1972. Blue Ribbon's first full year doing sales as Nike purely on their own. They do $3,200,000 in revenue. Remember, just a couple years before their last kinda full year with Tiger, they're doing half a million dollars in revenue. So to go from all the crazy drama, ending the Tiger relationship, starting up their own factory production, making the waffle trainer to be at $3,200,000 fully financed by Niso.

这局面简直太理想了。

What a great spot to be in.

耐克现在自主设计并直接对接制造商。我认为现阶段对业务的益处不在于利润率提升，而是纯粹的生存验证——能否说服人们购买非虎牌的产品？因为至今仍无法证明的是：人们到底是因为信任蓝带体育的渠道而愿意购买他们经销的任何产品，还是说消费者只认准作为优质跑鞋的鬼冢虎，对新推的产品根本不感兴趣。

Nike is designing their own shoes and going direct to the manufacturer. I think the benefit to the business at this point is not margin expansion. It's purely aliveness, and can we convince people to buy things from us that aren't Onitsuka tigers? Because to this point, it's still unproven if it's, hey. Blue Ribbon has great distribution, and people will buy anything from these guys because we trust the company.

或者说人们真正想要的是鬼冢虎，因为那是跑者的顶级装备，而不是你现在推销的这些新玩意儿。

Or if it's people really wanted Onitsuka Tiger because they were really good shoes for runners, and I don't really want whatever this new thing you're selling is.

是的。结果证明是前者。人们确实愿意购买蓝丝带鞋和比尔·鲍尔曼鞋，而不在乎虎牌或鬼冢。

Yes. And it turned out that it was the former. People were willing, definitely willing, to buy Blue Ribbon shoes and to buy Bill Bowerman shoes regardless of Tiger and Onitsuka.

这有点不可思议。这完全与我的直觉相反。我原本肯定会认为既然这些鞋在其他竞争者中很受欢迎，我也该穿它们以保持竞争力。如果我亲自穿着跑步，就会慢慢喜欢上它们。最终起决定作用的竟是人际关系，这非常奇怪。

Which is kind of amazing. That is completely opposite to what my intuition would have suggested. I would have definitely believed there's these shoes that are popular among other competitors, so I should be wearing them to be as competitive as them. If I run-in them myself, I learn to like them. It's very strange that it ends up being the relationship that matters.

就像会想，哦，我相信这家跑鞋分销公司现在生产的任何产品，因为他们说它好。我确信它很好。

Like, thinking, oh, I trust whatever this running shoe distribution company is now making because they say it's good. I'm sure it's good.

这就是鲍尔曼的重要性。他开始慢跑。他不仅是传奇田径教练比尔·鲍尔曼，还开始推广慢跑。所有促成耐克成为耐克的蝴蝶效应都在此刻汇聚——就在耐克诞生、蓝丝带自立门户时，鲍尔曼在俄勒冈大学遇到了划时代的跑者史蒂夫·普雷方丹。

Well, this is how important Bowerman was. He started jogging. Not only was he Bill Bowerman, you know, legendary track coach, he also started jogging. So the convergence of things, all the butterfly wing flapping that had to happen for Nike to become Nike, Right at this time, right as Nike is being born and Blue Ribbon is going out on their own, Bowerman gets a generational runner at Oregon. Steve Prefontaine.

悲剧的是，就像我们最近讲述的许多人物一样，他在车祸中英年早逝。詹姆斯·迪恩式的结局，讽刺的是这反而巩固了他的传奇。但普雷就是美国跑者的象征——他在俄勒冈为鲍尔曼效力时就登上了《体育画报》封面。

Tragedy. Like, weirdly, many people we've covered recently on acquired dies in a car crash way too young. You know, James Dean style, which ironically, of course, just cements his legacy. But Prie was the American runner. He was on the cover of Sports Illustrated while he was a runner at Oregon for Bowerman.

他同时保持着从2010米到马拉松所有距离的美国纪录。

He simultaneously held every American record for every distance between 2,010 meters.

太疯狂了。他去世时仍然保持着所有这些纪录。

It's crazy. He died holding every single one of those records.

没错。难以置信的是，他先在俄勒冈大学创下这些成绩，后来成为职业选手仍为鲍尔曼效力，穿着初生的耐克参加奥运。这简直是最完美的剧本。

Yes. Incredible. And he did this at Oregon and then later as a professional, but still for Bowerman and his Olympic teams in Nikes right as Nike was starting. You can't script this any better.

事实上，由于业余体育联合会的规定，他当时不能接受有偿代言。

And in fact, he was not allowed to take a paid endorsement due to AAU rules.

是的。这又引出了另一个即将发生的越界行为。

Yes. This is another toe stepping that's gonna happen here.

就像从公文包里抢出文件那样不择手段取胜，菲尔·奈特想方设法确保：一、自己穿着耐克跑步；二、通过找到巧妙方式避免有偿代言，转而采取其他策略，从而无需为钱发愁。

Just like snatching the document out of the briefcase, whatever it takes to win, Phil Knight figures out a way to, a, make sure that he's running in Nikes, and, b, make sure that he doesn't need to worry about money by finding a clever way to not do a paid endorsement, but something else.

这正是AAU（美国业余体育联合会）和那些业余规则的问题所在。耐克在这件事上百分百站在正义一方。

And this is one of those things that the AAU and the amateur rules and all that. Like, Nike was a thousand percent on the side of right here.

耐克始终站在运动员这边，这既是他们一贯立场，也是其战略核心部分。

And Nike was on the side of the athlete, which is a thing that they've always been and is a huge part of their strategy.

没错。当时业余田径规则和奥委会规定要求运动员必须保持业余身份——不能成为职业选手，不能接受赞助或参赛报酬。普雷方丹（Pri）这个来自俄勒冈的穷小子，毕业后不得不靠调酒谋生，同时却保持着美国所有主要长跑项目的纪录。这简直荒谬。

Yes. So what was happening was amateur athletic rules and the Olympic organizing committees rules were that you had to be an amateur. You couldn't be a professional athlete. You couldn't take endorsements or take money to race. Pri was this poor kid from Oregon.

于是菲尔决定以耐克公司员工名义雇佣普雷，给他挂名「全国公共事务总监」头衔，年薪5000美元。

So after he graduated and wasn't at the university anymore, he literally had to bartend to make money while he's simultaneously holding the American records in every major distance event. This is criminal. So what Phil does is he decides to employ Prie as a corporate employee of Nike as the national director of public affairs for $5,000 a year.

而且不用履行任何职责。

With no responsibility.

对。《鞋狗》里有段精彩描述：当人们问菲尔这个头衔意味着什么时，他说『意思就是他跑得很快』。太绝了。

Yes. And there's this amazing quote in Shoe Dog. Phil says, people asked me what that meant. I said it means he can run fast. So great.

这完美诠释了——我先稍作剧透——待会儿要讨论的耐克十大原则文档中第三条：『结果至上，过程不拘』。

So great. This is the perfect encapsulation. I'm gonna foreshadow just a little bit here of the later number three in the later Nike document of the 10 principles of Nike that we will talk about in a bit. Number three is so great. Perfect results count, not a perfect process.

打破规则，挑战体制。这正是菲尔和耐克在此的所作所为。

Break the rules. Fight the law. That's exactly what Phil and Nike are doing here.

没错，正是如此。

Yep. You bet.

这就是耐克早期营销策略的雏形开始形成的地方。要知道，花5000美元就能获得你可能得到的最佳宣传效果。

So that's on the sort of proto marketing front that this early Nike playbook is getting going. You know, $5,000 for the best publicity you could possibly ever get.

这基本上算是开创了体育营销的先河。当时虽然已有运动员赞助的雏形概念，但如今我们所知的体育营销模式正是由此诞生。所有运动品牌都由运动员定义，而这是真正意义上的首次实践。

It's filled like basically inventing sports marketing. I mean, there was a sort of nascent idea of athlete sponsorship at the time, but it really this is the invention of it as we know it today. And all athletic brands are defined by athletes, and this is really the first instance.

没错。这是菲尔重组耐克初创策略的第一部分精妙之处。同样具有开创性的第二部分，是他提出了所谓的'期货计划'。当时的零售模式是——耐克虽然自有门店，但当然也通过零售商销售。

Yes. That's part one of just the brilliant kind of restart up of the Nike startup playbook that Phil puts together here. Part two, equally brilliant and innovative. He comes up with an idea for what he calls the futures program. So the way retailing worked back then and Nike had their own stores always, but they also sold through retailers, of course.

零售商会向耐克下单采购鞋款，再以零售价转售。他们收到货后才付款——这是零售业的行规，虽非法定但约定俗成。

The retailers would place orders with Nike to buy the shoes, and then they would resell them at retail. And then they would pay after they got the inventory. This is how retail works. This is like the law of the land. Not the official law, but the way it all works.

是的。菲尔想出了新方案：记住他当时虽有日商岩井的合作，但融资仍是痛点。于是他向零售商提议——若提前六个月预付订单，蓝带体育将给予7%折扣，这个计划就叫'耐克期货'。本质上他将融资渠道从银行转移到了零售合作伙伴身上。

Yep. Phil comes up with the idea. Because remember, he's got the niche OEI partnership, but financing is still like, he's scarred by this. So he goes to the retailers and says, if you commit and pay for your orders six months in advance, Blue Ribbon will give you a 7% discount, and we're gonna call this the Nike futures program. So he's essentially moving his financing from banks and over to his retail partners, to his customers.

零售商起初当然拒绝。但随着华夫训练鞋爆红供不应求，想要获得这些香饽饽库存的唯一方式，就是加入期货计划。

And the retailers, of course, tell him to take a hike at first. But then the waffle trainer comes out, and they can't make enough of them. And retailers can't get enough of them. And the only way that they can get the waffle trainer sweet, sweet inventory, those delicious waffles that they want, is to sign up for the futures program.

这真正开启了耐克以批发商为核心的经销策略。数十年来从七十年代初开始，他们主要通过零售中间商触达消费者。

And this really starts Nike down a path of their distribution strategy being a wholesaler. They sell to retail chains. And for decades, starting here in the early seventies, they are predominantly someone who reaches their customers through an intermediary, through retail. Yes.

这是第二部分。第三部分虽始终存在但如今随着自主制鞋而凸显——制造业的全球化外包。耐克并不自建工厂（虽然中途确实收购过新罕布什尔州的工厂作为过渡，菲尔派杰夫·约翰逊去运营）。

So that's the second piece. The third piece then is sort of obvious and has happened all along, but now as Nike is making their own shoes, is outsourcing and global outsourcing of manufacturing. So, again, Nike isn't making the shoes in their own factories. Now they did actually buy a factory in New Hampshire along the way, which is a little bit of a detour. Phil sent Jeff Johnson out to, like, buy it and run it.

那更多是从虎牌过渡时期的权宜之计，也算是对冲策略。

That was more of a stop gap measure while they were transitioning from Tiger. Kind of a hedge too. It was a hedge.

没错。而且是对冲暗箱操作——再次打破规则：他们挪用日商岩井本应用于采购库存的资金，秘密投资工厂购置与改造，用违规资金运作自有工厂。

Yes. And it was a secret hedge. Again, break the rules, fight the law. They used Niso's money, which was supposed to be to buy inventory, instead to plow it into CapEx of buying and rehabbing a factory. And then they were secretly operating their own factory with money that was not supposed to be used for that purpose.

但耐克再次证明了，打破规则、挑战法律，如今他们已成为一家庞大而成功的公司。

But, again, Nike, break the rules, fight the law, and here they are today, a huge and successful company.

我喜欢这种说法。‘打破规则、挑战法律’听起来比‘亦步亦趋’激励人心多了。说到全球外包，最初是与日本橡胶公司合作。但正如我们所说，当时日本经济正在全球崛起。

I like that. Break the rules, fight the law sounds much more inspiring than toe stepping. So global outsourcing, though. At first, this, of course, is in Japan with Nippon Rubber. But as we were saying, Japan is coming up in the global economy.

就在此时，尼克松政府解除了日元与美元的挂钩，日元开始对美元浮动。二战结束到七十年代中期，日元一直与美元固定汇率。随着汇率浮动和日本经济几十年来的迅猛发展，货币问题成为耐克从日本进口的重大障碍，劳动力成本也在攀升。显然，形势已不言而喻——他们再也无法以每双3美元的价格获取运动鞋了。

And right around this time, Nixon cuts the dollar peg to the yen loose, and the yen starts floating against the dollar. So up until this point, from after World War two until the mid seventies, the yen was pegged to the dollar. Once the currency floats and the Japanese economy, of course, has come up hugely over these decades, now currency issues become a big problem for Nike in terms of importing from Japan, and the cost of labor is going up. So basically, the writing's on the wall. There's no way that they're getting shoes for $3 a pair anymore anytime soon.

这意味着他们必须寻找新的制鞋国家。没错，于是菲尔和管理团队开始飞往亚洲各地考察，他们去了台湾，去了韩国。

This means that they gotta go find other countries to make the shoes in. Yep. So Phil and a bunch of the management team starts flying around Asia. They go to Taiwan. They go to South Korea.

最终他们的足迹延伸到中国、印尼和越南，耐克的全球生产体系由此诞生。最初主要选择台湾和韩国。

Ultimately, they go to China. They go to Indonesia. They go to Vietnam. And this is where the Nike global production machine is born. And at first, it's primarily Taiwan and then South Korea that they go to.

而后重大转折是进军中国，包括生产和销售。我记得《鞋狗》里有个场景，1963年环球旅行时，菲尔从香港遥望中国内地，憧憬着20亿双脚的市场。耐克将成为最早获准在中国销售的公司之一，也是首个进入中国市场的鞋类品牌。

Then the big move is into China, both in terms of production and for selling. I think there's a scene in Shoe Dog even when he's on the trip around the world in 1963 that he, like, peers into China from Hong Kong and is dreaming about 2,000,000,000 feet in China. Nike would be one of the very first companies, and I think the first footwear company that would be allowed to sell in China.

既销售又建厂，他们堪称为整个行业打开了中国市场的大门。

To sell and open factories. They sort of opened the country for the industry.

因此我们做耐克专题时，若不谈其负面影响就是严重失职。积极面当然是廉价运动鞋，而且可以有力论证这是许多国家融入全球经济的过程。看看日本、韩国和台湾的经济轨迹：从制鞋到芯片制造，再到科技强国，这是发展的必经阶段。

So this, we would certainly be remiss in doing a Nike episode if we didn't talk about the downside of this. The upside, of course, is cheap shoes. And the upside, I think you can make a strong argument in the case with many of those countries that this is part of the coming up process in the global economy. If you look at what happened to the Japanese economy, to the South Korean economy, to the Taiwanese economy, they went from making shoes to making chips to making technology to being global economic powers. It's part of the process.

但与此同时，这些工厂的工人日薪仅70美分。确实如此。

At the same time, people are making, like, 70¢ a day working in these factories. Totally.

让我们快进到九十年代矛盾爆发的时期，稍后再回到主线。既然说到这里，就不得不提那些骇人听闻的新闻报道：童工在高温泥地上缝制足球、有毒胶水含致癌物等等。耐克粉丝将此视为这个伟大品牌难以抹去的污点。

Well, let's flash forward to the nineties here where this really hits a flash point, and then I think we'll come back to the story. While we're here, we may as well be here. So stories hit the news of some really horrible things like child labor, stitching soccer balls on dirt floors in high temperatures, toxic glues Carcinogens. Etcetera. Nike fans looked at this as, oof, the company really has a black mark on their otherwise great reputation.

但这某种程度上是公司基因中一直存在的理念自然发展的终点。我是说，菲尔·奈特的斯坦福论文本质上就是关于利用进口商品的廉价劳动力进行套利，再卖给愿意支付更高价格的市场。他们早该意识到如果不加约束，事情就会发展成这样。更雪上加霜的是，耐克对此事的处理极其糟糕。他们试图表现得这与他们无关。

But it kinda was the natural endpoint of an idea that had been in the company's DNA the whole time. I mean, literally, Phil Knight's Stanford paper is about arbitraging cheap labor from imported goods and selling into markets willing to pay higher prices. They should have realized this is where it could have gone if left unchecked. So to add insult to injury, Nike wildly mishandled this. They tried to act like it wasn't their problem.

他们居然对媒体说'我们并不生产鞋子'。后来马克·帕克改口表态称'无知不是福，必须理解系统性难题并与工厂伙伴合作解决'。他们确实做了大量整改工作：制定了新的代工厂标准、

They literally said to the press, oh, we don't make shoes. Mark Parker later walked this back with a stance where he said, ignorance is not bliss. You have to understand the systemic issues and work with factory partners to solve them. They did do a huge amount of work to clean up their act. They created new standards for factory partners.

公布了供应商名单、引入第三方工厂审计、投入巨资研发无毒胶水等技术并分享给竞争对手。但是大卫，我总觉得还有个更有趣的理论问题——

They published supplier lists. They have third party audits of factories. They do huge investments in r and d and invented things like new types of glue that weren't toxic, which they then went on to share with their competitors. But, David, I don't know. There is still this interesting and more theoretical question.

可接受性的界限在哪里？该由谁来界定？当企业触及童工这样的明确红线时，公众的强烈抗议是正当的。但如果是更模糊的情况呢？75华氏度的工厂环境可以接受吗？时薪3美元算合理吗——如果当地平均工资是2美元？

What is the line of acceptability, and who should determine it? Obviously, when a company trips a clear bright line like child labor, there is appropriately public outcry. But what about when the lines are blurrier? Are 75 degree factories okay? Or are $3 wages fine if the local average is $2 an hour?

归根结底，我们不得不面对一个令人不适的事实：从运动鞋到智能手机，你购买的每件产品背后，都有人在忍受你绝不会接受的工作环境——即便这已是他们最好的选择。企业需要在这个光谱上定位自己：一端是利润最大化，另一端是创造让消费者了解全部细节后仍能心安的工作条件。而九十年代的耐克过分倾向利润端，故意对工厂现状视而不见。

At the end of the day, there's a discomfort of sitting with the idea that in order to manufacture a product that you are buying from shoes to smartphones, somebody has to work in conditions you wouldn't endure even if it's better than all of their other options. And companies need to grapple with a spectrum that they sit on. On one end, there's making the absolute maximum margin. And on the other end, there's creating labor conditions that customers would totally be fine with if they learned every single little detail. And in the nineties, Nike chose to sit too far on maximizing the margin side of things, and they intentionally turned a blind eye to what was going on in the factories.

他们的错误在于这导致了对他人的剥削。

And they were in the wrong because it led to exploiting people.

当时耐克员工特别困惑的是：'所有鞋企都这么做，所有服装公司都这么干，为什么单单针对我们？'

One of the things that Nike folks were really surprised by at the time when the controversy came up is they were like, all the other shoe companies do it this way. All the clothing companies do it this way. Why are we being picked on?

没错。但耐克是始作俑者，而且规模最大。

Yeah. But Nike started it, and they're the biggest.

我觉得更深层的原因是：人们太热爱耐克了，这个品牌承载了太多意义，所以感觉像遭遇巨大背叛。就像在说'我以为你们更高尚，你们标榜激励伟大，但这绝非伟大'。

But I think it's even more than that. People had come to love Nike so much, and the brand represented so much that it was, like, a huge betrayal. It was a disappointment. It was like, oh, I thought you were better than that. You are about inspiring greatness, and this is not greatness.

耐克从一开始就存在这个问题，但讽刺的是，正是那些造就其成功的特质，反而让他们没达到公司宣扬的高标准。消费者自然会质问：这根本说不通啊。

And I think that's really interesting that, like, yeah, this was part of Nike from the beginning. But because of everything else that made Nike successful, it's super ironic that they didn't hold themselves to the high standard that the whole company was all about. And then their customers were like, yo, this doesn't compute.

是啊。他们某种程度上发现无法两全其美——既标榜自己是激励人心的品牌，又总在出问题时推脱说‘那是供应商的问题’。尽管从技术上讲没错，但舆论法庭会判定你有罪。

Yeah. They sort of discovered they couldn't have their cake and eat it too of saying, we are the brand that inspires you. Oh, but by the way, anytime there's an issue, oh, that's one of our suppliers' problems. We simply don't make shoes. Even though it is technically correct, the court of a public opinion will find you guilty.

那么回到1970年代中期。1974年，耐克初创时期的这些策略——开创体育营销（即赞助所谓'准运动员'，每人5000美元）、将融资压力转嫁给零售伙伴、全球制造外包——在1974年汇聚成爆发性的一年。《鞋狗》里菲尔用类似'限制器被摘掉了'这样的字眼描述。

So okay. Back to the mid nineteen seventies. In 1974, these pieces of the Nike startup playbook, the inventing sports marketing, basically, sponsoring, quote, unquote, pre for $5,000, the outsourcing your financing to your retail partners, and then the global outsourcing of manufacturing. All of this combines in 1974 for just an explosive year. I can't remember exactly the phrase, but in Shoe Dog, Phil says something like, the limiters were off.

调速器被卸下，我们可以全力奔跑了。1974年他们的营收达到800万美元。

The governors were off. We could run. They do $8,000,000 in revenue in 1974.

这几乎是翻倍增长。从1973到1974年他们几乎再次实现倍增。1974年

Which is up almost a 100%. They nearly doubled again in 1973 to 1974. 1974

对蓝带公司也是里程碑式的一年，他们终于了结与鬼冢公司的法律纠纷并胜诉。最终和解方案是鬼冢支付40万美元，这对当时的蓝带只是九牛一毛。但这个看似微小的结果对耐克发展产生了蝴蝶效应般的重要影响——正是这场诉讼将罗布·斯特拉瑟引入了菲尔·奈特和耐克的轨道。

is also a momentous year for Blue Ribbon because they finally settle the legal battles with Onitsuka, and they win in court. Amazingly. Ultimately, they settle for Onitsuka paying Blue Ribbon $400,000, which by this point in time is a pittance to Blue Ribbon. But the actual butterfly flaps its wings, hugely important outcome of this for the Nike journey, is that the court case with Onitsuka leads to one Rob Strasser Yes. Coming into Phil Knight and the Nike Orbit.

他是本案的代理律师对吧？

He was their lawyer on this case. Right?

没错。斯特拉瑟当时是波特兰律所的初级律师，参与处理耐克案件。这个人简直是个能量体——他天生不是做企业律师的料。结案后他作为内部法律顾问加入蓝带，但菲尔很快意识到：‘这家伙的价值远不止当个律师’。

Yes. Strasser was the junior attorney at the Portland law firm that was working on the Nike case. And Strasser is just a force. I mean, this guy was not cut out to be a corporate lawyer. He actually comes in after the case is settled to Blue Ribbon as in house counsel, But then Phil quickly realizes, like, oh, this guy is way more valuable to me than has my lawyer.

要知道当时耐克其他人都是退役跑者，大多师从鲍尔曼。而斯特拉瑟身高约1米88，体重超136公斤，他的个性与体型同样惊人。他在公司有个绰号叫‘滚雷’，老天，他确实像雷霆般势不可挡。

You know, everybody else at Nike at the time, they're all former runners. Most of them ran for Bowerman. Strasser is, I think, about six foot two and weighs over three hundred pounds, and he has an equally outsized personality as his actual size. He gets the nickname within Nike of rolling thunder. And boy, does he roll like thunder.

虽然他和菲尔最终确实产生了冲突，发生了那场可怕的背叛。但曾有段时间，

And while he and Phil, of course, did ultimately clash, and there was the terrible betrayal that happened. For a while,

他们亲密无间。

they were thick as thieves.

是的。菲尔交给罗伯的第一项任务，就是将这个早期体育营销概念——与运动员签订赞助协议——发扬光大。在罗伯加入前，他们已与网球选手伊利·纳斯塔塞完成了首例官方运动员赞助，支付1万美元让他穿着耐克网球鞋参赛。天啊。

Yes. So the first thing that Phil puts Rob in charge of is taking this really early sports marketing concept of doing sponsorship deals with athletes and blowing it out. So they had already, before Rob joined, done the first official sponsorship of an athlete with Illy Nastasi, the tennis player. They paid him $10,000 to wear Nike tennis shoes. Oh, boy.

多么古早的做法。斯特拉瑟上任后，开始系统化运作赞助事宜。他主动出击与运动员及经纪人谈判，以极低代价签下近半数NBA球员——当然不是巨星，而是那些角色球员和蓝领球员。

How quaint. When Strasser comes in, he starts doing sponsorships in a systematic manner. So he goes out and negotiates with athletes and agents. He signs up, like, half the NBA for Peanuts. Now not the big stars, but the journeyman, the role players in the NBA.

他在谈判中彻底碾压了这些球员及其经纪人。具体金额我不清楚，但绝对少得可怜。

He just obliterates them and their agents in negotiations. I mean, they're getting, like I don't even know the dollar amounts, but not a lot.

说白了就是白拿鞋子。

They're getting free shoes, basically.

而耐克 logo 从此每晚都出现在全国电视转播中。没错。这进而催生了斯特拉瑟策划的更大动作——如果你看过最近那部《气垫传奇》电影，剧情完全把功劳归给了索尼·瓦卡罗。实际上是斯特拉瑟聘请索尼来为耐克打造大学篮球项目。

And then Nike is showing up on nationally televised broadcast every single night. Yep. This leads then to a bigger initiative that Strasser puts together. And if you've watched the recent movie air about Air Jordan, This totally gets played as, like, a Sunny Vaccaro thing. Strasser hires Sunny Vaccaro to come in and build the college basketball program for Nike.

这又是步妙棋。斯特拉瑟让索尼走遍全国，与顶尖篮球名校教练签约成为耐克系教练。当时没有任何规定禁止校队教练担任品牌顾问、指导或开办耐克训练营。

And this is another just equally brilliant move. So Strasser gets Sunny to go around the country and sign up coaches of the big basketball schools to become Nike coaches. Now there's nothing preventing the coaches at schools from being consultants, advisers, running Nike clinics.

没错。想付多少都行。

No. You can pay them whatever you want.

薪酬完全由你决定。

You can pay them whatever you want.

对吧？而且教练可以随意要求队员。球队和教练之间又没签鞋类合同。但如果教练说：嘿，我特别中意这个牌子的鞋...

Right? And they can tell their teams to do whatever they want. There's no contract between the team and the coach about wearing shoes. But if the coach says, hey. I really like this shoe company.

你们比赛时就应该穿这个。

You should wear the shoes on court.

你觉得球员们会怎么做？

What do you think the players are gonna do?

这其实是团队政策。对，没错。

It's actually a team policy. Yeah. Exactly.

于是在开展这项工作一个月内，斯特拉瑟和瓦卡罗就搞定了UNLV、乔治城大学、德州大学、阿肯色大学。他们让爱奥纳学院的传奇教练吉米·V签约承诺成为耐克教练，并让球队穿上耐克装备。这太滑稽了。所有这些正在进行时，《华盛顿邮报》得知了消息。

So within a month of working on this, Strasser and Vaccaro have got UNLV, Georgetown, Texas, Arkansas. They get legendary coach Jimmy v at Iona to sign up to be committed to being Nike coaches and their teams wearing Nike. This is hilarious. So all this is happening. The Washington Post gets word of this.

他们发表了一篇故作正经的文章，声称这很可耻。耐克正在将大学体育的纯洁性商业化。天啊，饶了我吧。说什么这些孩子被剥削了。

They run a real Pearl clutchy article saying that this is shameful. Nike is commercializing the purity of college athletics. Like, oh my god. Give me a break. Like, these kids are being exploited.

至少现在他们能免费拿到鞋子了。文章中，《邮报》错误地将爱荷华大学列为耐克签约学校，而非爱奥纳学院。于是爱荷华大学的传奇教练卢德·奥尔森——他后来去了亚利桑那大学执教，很多听众可能知道他是谁，现在已是名人堂成员——就站出来表态了。

Like, at least they're getting free shoes here now. In the article, the post mistakenly says that Iowa is one of the colleges that Nike has signed up, not Iona. So Lewd Olsen, the coach at Iowa, who's legendary, he goes on and coaches at Arizona. Lots of listeners probably know who Lewd Olsen is. He's in the hall of fame now.

他非但没有因被列入这篇与帖子相关的可耻文章而恼火，反而打电话给耐克，像是说，嘿，我能加入吗？于是他们签下了他，横扫爱荷华州和亚利桑那州，他成了耐克的大牌教练。这太不可思议了。接着，斯特拉瑟将同样的策略运用到大学橄榄球中，以极低的价格签下了所有名校的大牌教练和强队。

Instead of being pissed off that he was included in this shameful article with the post, he calls up Nike, he's like, yo. Can I get in on this? So then they sign up, looted Iowa and then Arizona, and he becomes a big Nike coach. It's incredible. Strasser then takes the same playbook to college football, signs all the big coaches in schools, all the big powerhouses for peanuts.

这简直难以置信。对耐克来说，卖橄榄球鞋从来不是大生意，但大学橄榄球影响力巨大。我是说，至今仍是如此。

This is incredible. Now selling football cleats is never a big business for Nike, but college football is huge. I mean, it's still huge.

无数双眼睛盯着那些勾勾标志。

Lot of eyeballs on those swooshes.

无数双眼睛盯着那些勾勾标志。

Lot of eyeballs on those swooshes.

这清晰地揭示了他们的体育营销策略。这些代言合约与篮球运动员能卖多少鞋无关，也不是说‘我想买我最爱大学橄榄球队在场上穿的球鞋’。除了大学橄榄球学生和极少数NFL球员，没人会踢橄榄球。所以实际上没什么可买的，但你确实会看到这些勾勾标志。它在你的脑海中固化了一个观念：这才是真正运动员穿的东西。

And this is so clarifying of what their sports marketing strategy is. These endorsement deals are not about the sneakers that that basketball player is going to sell or, oh, I wanna buy the cleats that my favorite college football team is wearing on the field. No one else plays football other than college football students and the very few NFL players that exist. So there's really nothing to buy, but what you do see are these swooshes. And it's cementing that brand in your head of this is what real athletes wear.

有件事值得一提，虽然显而易见，但我直到深入研究耐克时才真正明白。实际上只有三项运动是真正重要的。耐克、阿迪达斯、锐步等品牌赞助许多运动，但跑步、篮球和网球才是关键，因为只有这些鞋款普通人日常会穿。无论棒球钉鞋、橄榄球钉鞋或足球钉鞋多受欢迎，普通人根本不会穿它们。

So one thing that's worth mentioning, this is sort of obvious but didn't click for me until really getting pretty deep in the research here for Nike. There are actually only three sports that matter. So Nike, Adidas, you know, Reebok, they sponsor lots of sports. But running, basketball, and tennis are the only sports that matter because those are the only shoes that normal people can wear. Normal people don't wear baseball cleats or football cleats or soccer cleats no matter how popular those sports are.

没错。直到今天，耐克和其他运动品牌的所有营销、所有运动员代言、你在电视上看到的一切，都不是为了让你购买运动员脚上的特定鞋款，而是为了让你选择耐克这个品牌。

Yep. Even to this day, all the marketing, all the athletes, everything you see on TV of Nike and the other athletics companies, it's not about getting you to buy the shoes that that athlete is wearing. It's about getting you to buy Nike.

对。这个漏斗效应意味着每个曝光都是品牌印象。把它们都看作广告牌。然后他们只需要生产足够的产品来满足你的生活需求，让你通过购买所需商品参与品牌故事。而那些动态广告牌和运动员的表现会激励你消费——运动员穿的专业装备是为他们的竞技旅程打造的，而你在商店买到的产品则是为你运动和生活方式需求设计的。

Right. The funnel is every single one of those is a brand impression. So consider them all billboards. And then they just need to manufacture enough products to meet needs in your life that you can go and participate in the brand story by buying things that you need in your life. And you're inspired to do that because what you saw on those moving billboards and all the players running around, But the products that the players are wearing are made for them in their athletic journey, and the products that you're buying at the store are things that are made for you in your athletic and increasingly lifestyle journey.

但广告牌上的内容会激发你的购买欲。

But you're inspired by what you see on the billboards.

你购买的是胜利的感觉。

You're buying victory.

没错。所以他们整个商业模式最终演变成解决这个多面方程式：能否通过赞助活动创造足够需求（他们损益表上确实写着'需求创造'）？然后能否提供正确的产品组合，让人们愿意花钱参与我们的品牌？

Right. And so their whole business eventually becomes figuring out this multisided equation of, can we create enough demand? Like, literally on their income statement says demand creation by doing these sponsorships. And then can we create the right product mix for people to participate in our brand by giving us their dollars?

是的。我不想说这个宏大战略完全由斯特拉瑟（Strasser）一人设计，甚至不确定菲尔·奈特或当时耐克其他人是否理解这点。但斯特拉瑟的执行力确实惊人——当时没人这么做。大学教练们被全面攻克，七十年代末这场战役打得漂亮极了。

Yes. Now I don't wanna say that Strasser alone architected this grand strategy, or even I'm not really sure that Phil or anybody at Nike understood this at this time. But certainly, Strasser executes this in just an incredible way. Nobody else was doing this. The college coaches, they ran the table, and it was just an incredible run-in the late seventies.

与此同时，慢跑运动正变得越来越流行。

All the while, the jogging movement is just getting bigger and bigger and bigger.

对。要记住，当时他们只生产跑鞋。没有运动服饰，也没有其他运动鞋款——虽然有些边缘产品，但90%以上的收入都来自跑鞋。

Right. Keep in mind, they still only make running shoes. There's no apparel. There's no shoes for other sports, really. There's, like, some things on the margins, but 90 plus percent of their revenue is running shoes.

没错。他们核心营销的就是：去买双华夫训练鞋，搭配你的蓝色牛仔裤穿吧。

Yeah. The core sales, what they are marketing is go buy a waffle trainer and wear them with your blue jeans.

没错。整个七十年代末期，公司收入每年都翻倍增长。销售额从1400万美元跃升至2900万美元，再到7100万美元，最终在1979年达到1.5亿美元的销售额。

Yep. So through the late seventies, revenue just doubles year over year over year. They go from 14,000,000 in sales to 29,000,000 in sales to 71,000,000 in sales, finishing out in 1979 with a 150,000,000 in sales.

是的。1976年他们正式将公司更名为耐克。然后1977年是个重要年份，如你所说他们做到了。那年营收7000万美元，还签下了约翰·麦肯罗。

Yes. It was 1976 when they officially changed the actual name of the company to Nike. Then 1977 was a huge year, as you say they do. 70,000,000 in revenue that year. They signed John McEnroe.

员工人数突破千人，这已经是个相当庞大的组织了。

They crossed a thousand employees, so it's gonna be a real beefy organization.

还有两件事。他们招揽了前NASA工程师、真正的科学狂人弗兰克·鲁迪，他是气垫技术的发明者。

Two other things. They bring one former NASA engineer and true mad scientist, Frank Rudy, into the fold, the inventor of air soul technology.

菲尔·奈特初次听说这个创意时并不看好。

Which Phil Knight is not a fan of when he hears about the idea.

他觉得这想法太疯狂。第一次会面时，菲尔心想：我甚至不知道鲁迪怎么进到我办公室的，这怪人是谁？正要赶他走时，鲁迪说了句——

Well, thinks it's a crazy idea. First, Phil's meeting with Rudy. He's like, I don't even know how Rudy got into my office. Who is this crazy dude? He's about to kick him out, then Rudy's like, yeah.

阿迪达斯也不要这个技术。菲尔顿时来了兴趣：噢，你提到了那个A开头的词。

Adidas didn't want it either. And Phil's like, oh, you said the a word.

好吧，让我试试看。

Alright. Let me try it.

据说菲尔穿着气垫原型鞋去跑步后表示：嗯，其实还挺不错的。

So supposedly, Phil goes for a run-in the prototypes of the Air Souls, and he's like, yeah. Actually, these are pretty great.

需要说明的是，对于不了解的人——现在你们听说的Air Max、Air Jordan、Air Force 1，里面真的有个气囊。准确说是氮气袋，位于中底部位。想象鞋底橡胶层与内底之间的夹层，就是脚后跟下方你接触不到的那部分。有时这个气囊会贯穿整个鞋底直到脚尖，取代传统泡沫缓震材料，用这个神奇的不爆裂小气囊来实现缓震。

And we should say, for anybody who doesn't know everything that you hear of now, the Air Max, the Air Jordan, the Air Force one, it is a literal airbag. Actually, it's a nitrogen bag that sits in the midsole. So think about the thing between the lower sole, the rubber on the bottom, and inside of the insole, the basically, the part of the shoe that you can't get to that's underneath your heel. And sometimes that runs all the way across all the way up to the toe that replaces foam cushioning instead using a little airbag that magically doesn't pop.

是啊。我是说，鲁迪确实是个天才。所以菲尔就说，好吧，我们干吧。他还指派了谁？

Yeah. I mean, Rudy really was a genius. So Phil's like, alright. Let's do it. He tasks who else?

罗布·斯特拉瑟去和鲁迪谈成了这笔交易。他们达成协议，耐克每卖出一双采用气垫技术的鞋，鲁迪就能获得10到20美分的专利费。最终耐克直接收购了鲁迪的公司，鲁迪也成了耐克的员工。时间回到1977年，斯特拉瑟当时正干劲冲天。

Rob Strasser with going and doing a deal with Rudy. They do a deal. Rudy gets between 10 to 20¢ royalty for each pair of Air Sole Technology shoes that Nike sells. Eventually, Nike would just buy Rudy's company, and Rudy would become an employee of Nike. So still here in 1977, Strasser is just on fire.

我不清楚具体背景细节，斯科特·里姆斯在领英上有篇精彩文章。但据我们了解，本，正如你所说，公司当时飞速扩张，新员工们都把耐克的成功视为理所当然。某天斯特拉瑟终于爆发了，他冲到打字机前打了一份备忘录。

I don't know the full context around this. Scott Reams has a great LinkedIn post. But as best as we can tell, Ben, as you said, the company was growing hugely. There are all these new employees there who are just kinda taken for granted that Nike is winning. Strasser gets kinda pissed off one day, and he goes to his typewriter, and he fires off a memo.

他用施乐复印机把备忘录复印多份，贴满耐克办公室的墙面。十条准则。这份文件堪称经典，我们之前推特发过。

He Xeroxes. He copies this memo and paste it up on the walls all around the office of Nike. 10 principles. And this document is just amazing. We've tweeted it before.

现在全网都在传。

It's going around the Internet.

没错，网上确实在传，但传播版本是这样的：'这是菲尔·奈特阐述耐克准则的文件'。这种说法有三处错误：第一，这不是菲尔·奈特写的，

Yeah. It's going around the Internet, but it's going around the Internet described in the following way. Here is the document that Phil Knight wrote articulating Nike's principles. Here are the things that are wrong with that statement. One, Phil Knight did not write it.

是罗布·斯特拉瑟写的；第二，'耐克准则'也不对，当时公司还叫蓝带体育，尚未更名为耐克；第三，文件顶部那个纤细的勾形标志，

Rob Strasser did. Two, Nike's principles. Also incorrect. When this was written, it was actually still Blue Ribbon Sports, so that it was not yet the Nike corporation. Three, the top of the document has this, like, thin, wispy swoosh.

从来就不是耐克的对勾标志。这是后期有人篡改时仿造的旧版标志。真正的旧版对勾标志（我们会在资料来源里附链接）仍保留在美国专利商标局的档案里，是卡罗琳手绘的版本，和这个伪造的细长标志完全不同。

That was never the Nike swoosh. This is someone's attempt who doctored this at some point to make it look like some old version of the swoosh. There is an old version of the swoosh, which we will link to in our sources. It is still in the USPTO for the Swoosh trademark. It is a hand drawn version, Carolyn's hand drawn version of the Swoosh that looks nothing like this weird thin wispy thing that was, like, doctored and added to the document.

所以既不是耐克公司，也不是对勾标志——原文件根本没有任何标志，是用打字机打的，怎么可能有标志？第三点，作者也不是菲尔·奈特。

So not Nike Inc, not the swoosh. There was never a swoosh on the document. It was done on a typewriter. How are you gonna do that? And three, not Phil Knight.

但这些准则确实精彩绝伦，我们稍后会逐条解读。现在要特别感谢节目赞助商ServiceNow，我们曾讲述过他们惊艳的创业故事，以及他们如何成为过去十年表现最出色的企业之一。不过有听众询问ServiceNow的具体业务，

But, yes, oh my god. These principles are amazing, and we're gonna go through them. Now is a great time to thank good friend of the show, ServiceNow. We have talked to listeners about ServiceNow's amazing origin story and how they've been one of the best performing companies the last decade. But we've gotten some questions from listeners about what ServiceNow actually does.

所以今天，我们将回答这个问题。

So today, we are gonna answer that question.

首先，最近媒体频繁引用一个说法——ServiceNow是企业级的‘AI操作系统’。具体来说，ServiceNow创立于22年前，最初专注于自动化领域，将实体文书转化为软件工作流，主要服务于企业内部的IT部门。随着时间推移，他们在这个平台上逐步构建了更强大、更复杂的任务处理能力。

Well, to start, a phrase that has been used often here recently in the press is that ServiceNow is the, quote, unquote, AI operating system for the enterprise. But to make that more concrete, ServiceNow started twenty two years ago focused simply on automation. They turned physical paperwork into software workflows, initially for the IT department within enterprises. That was it. And over time, they built on this platform going to more powerful and complex tasks.

其服务范围从IT部门扩展到人力资源、财务、客户服务、现场运营等多个部门。在过去二十年间，ServiceNow完成了连接企业各个角落、实现自动化所需的繁琐基础工作。

They were expanding from serving just IT to other departments like HR, finance, customer service, field operations, and more. And in the process over the last two decades, ServiceNow has laid all the tedious groundwork necessary to connect every corner of the enterprise and enable automation to happen.

当AI技术兴起时，本质上AI本身就是高度复杂的任务自动化。而谁早已搭建好支持这种自动化的企业级平台和连接网络？正是ServiceNow。因此回答‘ServiceNow如今做什么’这个问题时，他们宣称‘连接并赋能每个部门’绝非虚言。

So when AI arrived, well, AI kinda just by definition is massively sophisticated task automation. And who had already built the platform and the connective tissue with enterprises to enable that automation? ServiceNow. So to answer the question, what does ServiceNow do today? We mean it when they say they connect and power every department.

IT和人力资源部门用它管理全公司的人员、设备和软件许可；客户服务部门通过ServiceNow检测支付失败并路由到内部正确团队处理；供应链组织用它进行产能规划，整合各部门数据确保协同一致。不再需要在不同系统间反复录入相同数据。最近ServiceNow还推出了AI助手，任何岗位的员工都能创建AI代理处理繁琐事务，让人专注于战略性工作。

IT and HR use it to manage people, devices, software licenses across the company. Customer service uses ServiceNow for things like detecting payment failures and routing to the right team or process internally to solve it. Or the supply chain org uses it for capacity planning, integrating with data and plans from other departments to ensure that everybody's on the same page. No more swivel chairing between apps to enter the same data multiple times in different places. And just recently, ServiceNow launched AI agents so that anyone working in any job can spin up an AI agent to handle the tedious stuff, freeing up humans for bigger picture work.

ServiceNow去年入选《财富》全球最受尊敬公司榜单和《快公司》最佳创新者职场，正是源于这一愿景。若您希望在企业各环节运用ServiceNow的规模与速度优势，请访问servicenow.com/acquired，只需告知是Ben和David推荐即可。

ServiceNow was named to Fortune's world's most admired companies list last year and Fast Company's best workplace for innovators last year, and it's because of this vision. If you wanna take advantage of the scale and speed of ServiceNow in every corner of your business, go to servicenow.com/acquired and just tell them that Ben and David sent you.

感谢ServiceNow。好了David，这些原则是什么？

Thanks, ServiceNow. Okay, David. What are these principles?

根据Rob Strasser 1977年提出的耐克原则：第一，我们的业务就是变革；第二，这句太棒了——我们永远保持进攻姿态；

Alright. Nike principles according to Rob Strasser in 1977. One, our business is change. Two, oh, this is so good. We are on offense all the time.

第三，我们已暗示过——重要的是完美结果而非完美流程。打破规则，挑战权威。第四，这既是商业也是战役。第五，不要做任何假设。

Three, we already alluded to, perfect results count, not a perfect process. Break the rules. Fight the law. Number four, this is as much about battle as about business. Five, assume nothing.

确保人们信守承诺。鞭策自己，督促他人。突破极限。第六，因地制宜。

Make sure people keep their promises. Push yourselves. Push others. Stretch the possible. Number six, live off the land.

第七条，工作未完成前绝不收工。第八条，危险（加下划线作为标题），官僚主义、个人野心、能量消耗者与能量给予者、认清自身弱点、别把太多事堆在盘子里。第九条，过程不会美好。第十条，只要做对的事，赚钱几乎水到渠成。这太棒了。

Number seven, your job isn't done until the job is done. Eight, dangers, with a underline as a heading, bureaucracy, personal ambition, energy takers versus energy givers, knowing our weaknesses, don't get too many things on the platter. Number nine, it won't be pretty. And then number 10, if we do the right things, we'll make money damn near automatic. It's so good.

这太棒了。最后一条简直一针见血。对任何企业至今都是如此——人们太容易陷入其他破事中。只要做对的事，做出顾客喜爱的产品。

It's so good. That last one is so spot on. For any business through to this day, it's so easy to get wrapped up on all the other crap. You do the right things. You make product that customers love.

正确营销，打造品牌，赚钱几乎自动实现。

You market it right. You build a brand. You will make money damn near automatic.

现在读这些的感受和过去不同。因为当我还不了解耐克的历程时，读这些只会觉得‘嗯，很酷’或者‘哇，真精炼’。

So I read these differently than I used to read them. Because when I didn't know Nike's journey, I sort of would just read them and be like, yeah. That's awesome. Or like, wow. That's so pithy.

难以置信他们正式的企业价值观如此犀利。不，这些都是罗布·斯特拉瑟对着打字机一气呵成的意识流。有些内容耐克今天绝不会公开，因为它们暴露了企业内在的取舍。比如‘靠土地生存’——

I can't believe their official corporate values are in such a pithy way. No. This is stream of consciousness all from Rob Strasser, all into the typewriter. And, like, some of them are things that Nike would never say today because it shows the trade offs inherent in their business. I mean, live off the land.

令人尴尬对吧？你们曾有过严重的劳工问题，这可不光彩。所以你能看出某些条款的渊源。

It's cringeworthy. Right? It's almost like, you guys, you had this huge labor issue. It's not good. So you sort of see where some of this stuff comes from.

‘打破规则，对抗法律’。还有非常明显的部分：‘危险：官僚主义、个人野心’——这预示了罗布·斯特拉瑟在耐克上市后对官僚主义的厌恶，我们稍后会谈到他与菲尔·奈特的冲突。

Break the rules. Fight the law. I think there's also something very clear. Dangers, bureaucracy, personal ambition. Like, this is a foreshadow of Rob Strasser hating the bureaucracy at Nike after its IPO that we'll talk about in a second, clashing with Phil Knight.

发展他自己的个人野心。

Developing his own personal ambition.

然后发展个人野心，离开公司去了阿迪达斯。当你真正了解公司历史、故事以及他敲下这些文字时的心态，阅读体验就完全不同了。不再是单纯觉得‘哇，耐克这品牌真酷，好想去有这种犀利价值观的公司工作’。

And developing his own personal ambition, leaving and going to Adidas. So there's, like, so much in here that when you really start to know the company's history and story and the headspace that he was in when he punched this out, it reads entirely differently to me than I sort of used to just read it as a, hey. I love Nike, a brand. Wow. So cool.

真希望我能在一家拥有如此精炼有力价值观的公司工作。

I wish I could work at a company that had these pithy punchy values.

是啊。这绝对是那种‘无知是福’的典型案例。

Yeah. This is definitely one of those cases where ignorance is bliss.

没错。但老兄，它们太棒了。耐克至今仍奉为员工信条的那句箴言——大卫，这也是你我珍视并经过时间验证的理念——就是‘我们永远在进攻’。

Yeah. But, man, they're awesome. The one that is still in Nike's maxims today that they distribute to employees that is, David, something you and I both hold near and dear and think of with acquired is, we're on offense all the time.

防守赢不了比赛。

You don't win by playing defense.

确实。好，时间快进到1980年。他们即将上市，当时完全是个跑鞋公司。完全看不出今天涉足服装、横跨无数体育项目的耐克影子。

Nope. Okay. So we're approaching 1980. They're about to go public, and they are entirely a running shoe company. Still no sign of the Nike that they are today where they have apparel, where they're diversified across a zillion sports.

从营收看，他们本质上是家生产男式跑鞋的公司，这就是他们的收入来源。

And from their revenue, they're basically a running shoe company that makes shoes for men. That is where their revenue comes from.

耐克在1980年12月与苹果同周上市，简直难以置信，太神奇了。

So Nike IPOs, the December in 1980, the same week as Apple. Unbelievable. It's amazing.

你通读《鞋狗》全书，几乎找不到IPO时市值的记载。这太疯狂了，充分说明当时根本没人重视企业价值。

You get all the way through Shoe Dog. There is basically no mention of market cap at IPO. It's the craziest thing. Like, it really underscores how much nobody believed enterprise value mattered then.

是的。上市时市值约4亿美元，相比之下苹果是18亿。有趣的是，上市前鲍尔曼将大部分股份卖回给菲尔·奈特，这其实与早期融资有关。

Yep. It was about $400,000,000, the market cap at IPO. Apple, for comparison's sake, was $1,800,000,000. Now interestingly, before they went public, Bowerman sold most of her stake back to Phil Knight. Actually, this was related to some of the financings earlier.

随着耐克壮大，他不想成为高曝光上市公司的大股东。毕竟他已到退休年龄，想着‘我把股份卖回给菲尔吧’。所以上市后，菲尔持有46%股份，一夜成为美国顶级富豪。

But as Nike got bigger, he just didn't wanna be a major listed shareholder in a highly visible public company. Certainly, he was in retirement age towards the end of his life. He was like, I'm gonna sell my stake back to Phil. So when they went public after the IPO, Phil owned 46% of the company and was overnight one of the richest people in America.

最疯狂的是，当时美国顶级富豪的身家也就1.78亿美元。

And the craziest thing is, like, one of the richest people in America then was a $178,000,000.

是的，截然不同。那时他已远非美国最富有的人，但这依然成为全国头条。没错。这就是《鞋狗》的结尾，有点疯狂。

Yes. Quite different. Now he was far from the top richest person in America, but still, this made national headlines. Yeah. So this is where Shoe Dog ends, which is kind of crazy.

重读之前我忘了这点——书中没有乔丹。耐克上市后即将遭遇的重大声誉崩塌也完全没有提及。菲尔选择了一个有趣的节点结束故事。

I had forgotten this before I went back and reread it. There's no Jordan. There's no huge fall from grace that is about to happen for Nike, basically, right after they go public. Phil picked an interesting time to end the story.

确实如此。特别是他们上市后，菲尔直接休了一年学术假。就像是说'任务完成，就此撒手'。

Very much so. Especially because right after they go public, Phil goes on sabbatical for a year. It's sort of like, you know, the job's done. Wash my hands of it.

本，任务完成才算完成。这才对嘛。

Ben, the job's not done until the job is done. There you go.

但整个公司当时充满傲慢。他们站在顶峰——'我们统治跑鞋市场，永远处于这个神奇、长期、持续增长的潮流中，未来必定继续'对吧？

But, like, the whole company, there was a lot of hubris going on. They're on top. We own the running shoe market. We've been in this magical, secular, growing trend forever, and it's just surely gonna continue. Right?

健身热潮持续着，但跑步不再是最主要的驱动力。当时他们在美国跑鞋市场占有50%份额，但未来增长取决于转型方向——毕竟在这种行业要突破50%市占率极其困难。

And the fitness boom continues, but running is not exactly the thing that keeps carrying. I mean, they have 50% market share in running shoes at this point in America, And yet their growth in the future is gonna be dictated by where they go from there, because it's really hard to have more than, you know, 50% market share in an industry like this.

早期的耐克做对了许多事，但犯了个致命错误：他们将跑步/慢跑热潮等同于整体健身热潮。后者是延续至今的巨大长期趋势，而前者只是周期性时尚。随着八十年代到来（与七十年代截然不同），跑步过时了，有氧运动正流行。

Early Nike did so many things right, but they made one critical mistake. They mistook the running and the jogging boom for the broader fitness boom. The broader fitness boom was a massive secular trend that continues through to this day. The running boom was a cyclical trend that was part of the fad driven fitness cycle. And by the early eighties, as we're heading into everything that the eighties was and that the seventies were not, running and jogging is out, and aerobics are in.

耐克却坚决拒绝承认这点，并基于原则抵制有氧运动鞋。

And Nike absolutely refused to see that and refused to do aerobics, like, on principle.

这很耐人寻味。1980年锐步美国成立，到1988年销售额就超越了耐克。

It's fascinating. I mean, in 1980, Reebok USA is founded. And by 1988, Reebok eclipses Nike in sales.

没错，销售额轻松突破十亿美元。

Yes. At well over a billion dollars.

耐克并非在跑步领域失宠，跑步人群也并未减少。但耐克曾借跑步热潮实现了惊人的增长速率。即便跑步运动持续发展，其增速也将大幅放缓，市场份额增长将停滞。因此，他们确实需要开拓新市场，而我认为正是傲慢蒙蔽了他们寻找下一片天地的眼光。

And it's not like Nike fell out of favor in running, and it's not like people who were running stopped running. But Nike had ridden the running boom at this insane growth rate of running. And even if running continued, its growth rate was gonna massively taper off, and they were gonna stop growing their market share. So, like, they really did need to look elsewhere, and I think it was pure hubris that blinded them from finding their next market.

有趣的是，锐步最初是英国公司Foster and Sons。他们为1924年英国奥运代表队制作跑鞋，这段历史正是电影《烈火战车》的原型。而我们熟知的锐步——不是如今的，而是当时的——完全是另一番景象。它是由美国人保罗·费尔曼创立的营销驱动型公司。

So Reebok, funny, originally a British company, started as Foster and Sons. They were the company that made the track shoes for the nineteen twenty four British Olympic team that was the basis for the movie Chariots of Fire. Ah. The Reebok we all know well, not today, but back then, is a completely different animal. It's a marketing driven company started by a guy named Paul Fireman, who is American.

他们迅速制定了利用有氧运动热潮的商业计划，推出了一款在耐克原则性眼光看来很糟糕的鞋。但这鞋与护腿袜堪称绝配——纯白色设计，采用会形成好看褶皱的软皮革，深受女性喜爱。

And pretty quickly, they developed a business plan to cash in on the aerobics fad, and they made a shoe that in Nike's principled opinion sucked, but it went really great with leg warmers. You know? It was all white. It had soft leather that wrinkle that looked good. Women loved it.

这款鞋具备耐克所不具备的一切特质。正如你所说本，他们的崛起曲线比耐克更为陡峭。讽刺的是，锐步最终在多年后被阿迪达斯收购，最近又由私募股权重新剥离。哇。

It was everything that Nike was not. And their rise, like you said, Ben, was even steeper and faster than Nike's. Ironically, Reebok would end up much later getting acquired by Adidas and then spun back out to private equity recently. Wow.

财务上他们当时相当滋润。IPO刚融资2200万美元（当时是巨款），之后基本无需再融资。虽然后期进行过小额融资，但公司主要靠债务融资和这笔IPO资金支撑。由此你就能理解他们为何变得臃肿懈怠。

So financially, they're sitting pretty pretty. They've just raised 22,000,000 in the IPO, which then was a lot of money. They basically wouldn't need any more money after that. They raised one smaller pipe later in their history, but the company was basically built on debt financing and this 22,000,000 in the bank from IPO. And you can see how they got fat and lazy.

他们长期资金匮乏，如今终于宽裕；长期处于劣势，如今已非弱者——占据半数跑鞋市场，凭借强势品牌横扫各类体育合作协议。

Their whole life, they were starved for capital. Finally, they had it. Their whole life, they were the underdog. They're not the underdog. They've got half the running market and this dominant brand where they just steamrolled the competition to get into all these sports deals.

恰在有氧运动兴起时，阿迪达斯也成为体育营销协议领域的劲敌。耐克这才惊觉：我们的资金实力远不如他们，这些我们刚发现'付钱就能让运动员代言'的合作渠道，眼看就要被他们截胡——我们廉价的品牌宣传优势即将消失。

But right at the same time as the aerobics boom is coming up, Adidas is becoming a very real competitor in the sports marketing deals too. And so Nike is kind of realizing, like, oh, we are not nearly as well capitalized as them, and they're kinda gonna come eat our lunch and all these deals where we just figured out that you can pay people, and they'll wear your stuff. So our cheap brand advertising is kinda going away.

与此同时，在我们核心的健身市场——人们成吨购买运动鞋的实际需求领域，你听到的'嗖嗖'声正是市场份额流向锐步的动静。有趣的是，财务上耐克营收仅少数季度下滑，我认为这要归功于期货计划再次挽救了他们。

And meanwhile, in our core, like, consumer actual reason people buy truckloads of shoes, the fitness market, the swooshing sound you hear is that going to Reebok. Yes. So interestingly, financially, there only are a couple quarters where Nike's revenue declines. I think that's because of the futures program. Kinda saves their skin again.

零售商需提前六个月以上下单。是的，耐克借此至少维持了营收。但此刻企业的实际基本面相当糟糕，正如我说的，市场正在'嗖嗖'流失。这就将我们带到1984年。

Retailers had to commit six plus months in advance to their orders. And, yeah, Nike was able to at least maintain revenue through a lot of this. But the actual underlying dynamics of the business are ugly at this point in time. The market, like I said, is swooshing away. So that brings us to 1984.

菲尔·奈特曾在当年致股东信中写道：正如乔治·奥威尔预言，1984年对耐克而言是艰难之年，我们讨论的所有问题都在爆发。但1984年也埋下了惊人转机的种子——来自北卡罗来纳州的年轻人迈克尔·乔丹的加入，将使耐克此前的一切成就相形见绌。

Phil Knight actually wrote in the letter to shareholders that year. 1984, like George Orwell predicted, was not a good year for Nike. Everything that we talked about is happening. But 1984 was also the seed of something pretty incredible that would make everything that happened before in Nike look like child's play. And that would be a young kid from North Carolina, Michael Jordan, who walks in the door.

现在做耐克这期节目真是个好时机，因为电影《气垫传奇》刚上映，这就像一部有趣的暑期档大片。不过它对所有事情的描绘都非常、非常不准确。

This is such a fun time to do the Nike episode because the movie air just came out, which really is like a fun kinda summer blockbuster movie. Also, very, very inaccurate in how it portrays everything.

哦，是啊。完全就是部胡闹的虚构作品。

Oh, yeah. No. It's a very fun campy work of fiction.

我的意思是，它抓住了大方向——迈克尔·乔丹确实彻底拯救了耐克，这点千真万确。但涉及的人物、事件经过和交易细节，几乎全错了。

I mean, it gets the broad point right. Michael Jordan saved Nike absolutely. 100%. The characters involved and how it all went down and what the deals were No. Almost all wrong.

有很多细节让人恼火。比如这交易本是斯特拉瑟的心血，不是瓦卡罗主导的。瓦卡罗根本没飞去北卡罗来纳州在迈克尔家里和他母亲谈判——这些都没发生过。而且如果交易失败，他们也不会解雇整个篮球部门。

There's a lot of little dynamics that we can be mad about. Like, it was kind of Strasser's baby to do the deal, not Vaccaro's baby to do the deal. You know, Vaccaro never flew to North Carolina to negotiate at Michael's house with Michael's mother. Like, all of this doesn't actually happen. They weren't gonna fire everyone in the basketball division if this didn't work.

但话说回来，事实错误无所谓。真正让我难受的是人物塑造。我知道我在评价一部可能不是所有人都看过的电影——剧透预警——但他们把菲尔·奈特塑造成完全不是本人的样子，把他演得像个乡巴佬。

But, again, factual inaccuracies are fine. It's the characters that they messed up that really bothered me. I know I'm doing a review of a movie that maybe not all of you have seen, so spoilers. But, like, god, they make Phil Knight just not at all who Phil Knight is. They make him out to be kind of a rube.

我看过他的所有采访，读过关于他的所有资料，本·阿弗莱克演的那个角色根本不像菲尔·奈特。总之《气垫传奇》挺好看的，下面才是真实故事。

And after watching every interview he's ever given and reading all the stuff about him, and I just don't think that the Ben Affleck character is anything like Phil Knight. Anyway, Air is entertaining. Here's the real story.

迈克尔·乔丹和Air Jordan 1最重要的意义在于，它不仅拯救了耐克，更改变了世界。这话听起来很浮夸，但千真万确。如今你走在世界上任何一条街道，进入任何场所，看看人们脚上穿的——基本都是篮球鞋和跑鞋。

The big important thing from Michael Jordan, the Air Jordan one, and then everything it became in the Jordan brand is that it didn't just save Nike. It changed the world. That's a super campy thing to say, but it is 100% true. If you walk down any street, pretty much anywhere in the world today, or you go into any event, building, venue, whatever, and you look at what people are wearing, they are wearing sneakers. And they are mostly wearing basketball shoes and running shoes.

在Air Jordan之前可不是这样。是Air Jordan和迈克尔·乔丹让运动鞋成为了文化符号。

That was not the case before Air Jordans. Air Jordans and Michael Jordan made sneakers into culture.

于是耐克赌了一把。这个北卡罗来纳州的小伙子在选秀中第三顺位被选中，他非常优秀，刚在NCAA四强赛投进制胜球。

So Nike takes a chance. There's a kid out of North Carolina. He's picked third in the draft. He's really good. He just took the game winning shot to win the NCAA final four.

不过你知道，他高中时可不像勒布朗那样轰动全美。

But, you know, he's not LeBron in high school.

没错。他是第三顺位被选中的。

Yeah. He was picked third.

对。我记得去现场看过高中时期的勒布朗，因为我住在俄亥俄州阿克伦附近，他当时就读于著名的圣文森特圣玛丽高中。那时候他就明显已经是高中新生中最顶尖的NBA级别球员了。乔丹当年可没这么突出，他是另一种类型的球员。

Right. I remember going to see LeBron as a high school athlete because I live near Akron, Ohio, and he went to Saint Vincent Saint Mary's famously. And, like, he was very obviously one of the best NBA players as a freshman in high school. Jordan wasn't quite that. He was a different type of player.

他的体型和力量不如当时统治NBA的许多球员。所以对耐克来说，与乔丹签大合同比现在签任何运动员都要冒险得多。

He was not as big and as physical as a lot of the guys dominating the NBA at the time. And so doing a big deal with Jordan really was more of a gamble for Nike than they would do with really any athlete today.

好的。那我们聊聊这个合同的具体内容和它的特别之处。正如刚才所说，耐克当时背水一战，需要靠这个来拯救公司。实际上这个合同是由斯特拉瑟促成的。

Alright. So let's talk about what that deal was and why it was so different. Nike, like we just said, their back's against the wall. They need to do something to save the company. And it's actually Strasser who puts this deal together.

虽然电影里展现的是索尼·瓦卡罗负责招募乔丹，但整个合同架构都是斯特拉瑟设计的。这份合同保证五年内最低支付250万美元，但实际运作机制更特别——革命性条款在于乔丹能从Air Jordan全系列产品（包括鞋类、周边商品等）的总营收中获得5%的特许权使用费。

And together with Sonny Vaccaro as portrayed in the movie goes after Jordan, but Strasser puts it all together. So the deal is a 2 and a half million dollar minimum guaranteed payout over five years. But that's not actually how the economics work. The revolutionary aspect of the deal was the payouts were calculated as a 5% royalty on gross revenue from the sales of Air Jordans, the whole line, the shoes, the merchandise, everything.

这有点像图书行业的运作模式。他们先给乔丹每年50万美元的预付款，但超出预付款部分后，他就能从每双鞋的销售额中抽取5%分成。

It's almost like the way the book industry works. They gave him an advance on the first 500 k a year. But, you know, once he sold through the advance, he was gonna get a 5% participation on any of the shoe sales.

对。这还不止，这种结构在当时完全是革命性的。要知道当时的球鞋合同——比如当时NBA最耀眼的魔术师约翰逊和拉里·伯德都与匡威签约。

Right. And it goes even deeper than that. This structure was completely revolutionary. So the way shoe deals were done at the time so Magic Johnson and Larry Bird were the biggest stars in the NBA at the time. They were both signed with Converse.

他们的合同大概每年10万美元现金报酬，条件是穿着匡威武器系列。本，你穿过匡威武器系列吗？

Their deals were roughly a $100,000 a year in cash payments to wear the Converse weapons. Ben, have you ever worn the Converse weapons?

没，从没穿过。

No. Never.

你知道那是什么鞋吗？不，完全不知道。这可不是Air Birds。

Do you know what they are? No. No. I don't. These are not AirBirds.

那些并非签名鞋款。耐克表示，我们将为你打造专属签名鞋，然后你将从中获得分成。这是他们有意为之的安排，并非乔丹主动要求的，而是耐克希望如此运作。

They weren't signature shoes. Nike says, we are gonna make you a signature shoe, and then you are gonna participate in the upside from that. They did that intentionally. It wasn't Jordan who asked for that. Nike wanted it that way.

他们认为需要激励乔丹在此构建梦想，必须将所有环节紧密联结。

They thought we need to incentivize Jordan to build the dream here. We need to tie this all together.

这是绝妙的逆向定位策略，因为其竞争对手基本无法效仿。匡威旗下球星太多无法全面签下这类附带收益分成的合约。耐克当时毫无包袱——他们当然可以让出部分收益。若匡威或阿迪达斯这么做，让出收益确实会让他们蒙受不小损失。

And it's brilliant counter positioning because all their competitors basically couldn't do it. Converse has too many stars to go all around signing these, a, you get some of the upside deals. Like, Nike had freaking nothing to lose. They of course, they could give away some of the upside. If Converse is gonna do this or AT does is gonna do this, they actually do have quite a bit to lose by giving away upside.

当然，事实证明耐克多年来支付给乔丹的支票金额惊人。但他们真正在做的是竞争对手无法企及之事——巧妙利用自身规模小、资金有限且在NBA渗透率低的劣势，思考'我们有哪些独特优势？'

Of course, Nike, it turns out, it was a big paycheck that they cut Jordan for years and years and years. But Nike was truly doing something here that their competitors could not, and it was smart to figure out what are the things that by being small and cash constrained and underpenetrated in the NBA, what strengths do we have?

不仅如此。合约中还约定：前一年耐克篮球鞋销量为40万双，他们加入了条款——乔丹可获取耐克篮球产品线未来超出基准销量的增量部分版税。

Right. It goes even further. Also in the deal, the previous year, Nike had sold 400,000 pairs of Nike basketball shoes. They include a clause that Jordan gets a royalty on incremental sales in future years beyond the baseline of everything in the Nike basketball line.

这点我之前并不知晓。

I did not realize that.

运作机制就是如此。我们节目前面提到过的光环效应。没错，乔丹系列固然重要，稍后我们会详细讨论Air Jordan 1。

This is how it works. We alluded to this earlier in the episode. It's the halo effect. Yes. The Jordans are important, and we'll talk all about the Air Jordan ones in a second here.

但核心不在于乔丹鞋款本身，而在于那个勾形标志，在于其带来的光环效应及对整个公司销售额的提升。

But it's not about the Jordans. It's about the swoosh, and it's about the halo effect and the lifting up of the whole company's sales.

我完全不知道乔丹还能从非乔丹系列鞋款中获得版税。

I had no idea that Jordan got a royalty of non Jordan shoes.

确实如此。这最终演变为乔丹品牌及产品线，锡安·威廉姆森、杰森·塔图姆等乔丹阵营运动员都属此体系。耐克还保证乔丹系列的最低广告投入，他们这次是全力押注。

He did. And this would eventually morph into the Jordan brand and the Jordan line and Zion Williams and Jason Tatum, and, like, they are Jordan athletes. This is part of it. So Nike also guarantees a minimum ad spend to promote the Jordan line. They're all in here.

他们还给了乔丹公司的股票期权。这简直是笔超划算的交易，对耐克来说也很明智。

They also give Jordan stock options in the company. This is a hell of a deal, and it's smart for Nike.

这里有件挺有趣的事——我一直在想是否该把这称为合伙关系。大卫，你和我在Acquired是合伙人关系。我们共同承担盈亏，这才是合伙的本质。这算是合伙关系吗？

So there's something kind of interesting here, which is I was trying to figure out if I would describe this as a partnership. David, you and I are partners in acquired. We, together, benefit from the upside and the downside. That is what makes a partnership. Is this a partnership?

是否存在乔丹需要承担风险的情形？还是说所有风险都由耐克承担？

Is there any scenario where Jordan has any downside, or is all of the downside owned by Nike?

没有。所有风险都由耐克承担，因为有最低保障金条款。

No. It's all owned by Nike because there's the minimum guaranteed payment.

没错。

Right.

五年250万美元的保底金如今看来微不足道，但在当时是天文数字。没人能拿到这种报价。重点来了——电影里也记载过这点——这绝对真实。

For 2 and a half million dollars over five years, that seems like a pittance today. But that was huge. Nobody else was getting that kind of money. So here's the thing, and this was chronicled in the movie. This is absolutely true.

乔丹根本不想和耐克合作。耐克是二流球员的选择，乔丹想要阿迪达斯。八十年代的乔丹还是个青少年，在那个运动鞋刚开始成为文化符号的年代，阿迪达斯才是潮流。

Jordan didn't wanna work with Nike. Nike was for the second rate pro players. Jordan wanted Adidas. Jordan was a kid in the eighties, like a teenager. To the extent that sneakers had started to transcend into culture, it was Adidas.

嘻哈、霹雳舞、运动套装、贝壳头鞋——这些都是阿迪达斯的标签，也是乔丹向往的。更准确地说...

Hip hop, breakdancing, tracksuits, shell toes, that was Adidas. That was what Jordan wanted. And so to put a finer point on this here,

乔丹不愿成为耐克的合伙人，实际上也确实不是。耐克只能开出天价条件：部分用浮动薪酬，部分用现金。但毫无疑问，这本质上就是耐克毫无议价权，乔丹掌握全部主动权，最终达成了至今无人超越的里程碑式交易——从资金流出规模来看，仍是运动员代言史上空前绝后的。

Jordan didn't wanna be Nike's partner, so he basically wasn't, and they backed up the truck for him. And some of that truck was in variable comp, and some of that truck was in cash. But make no mistake. That is what this is, is Nike having no leverage, Jordan having all the leverage, and getting a landmark, unbelievable deal still to this day unmatched in terms of the amount of dollar outflows that has gone to an athlete because of it.

是的。乔丹签完合约后还拿着报价去找阿迪达斯，他说：'我真的不想选耐克，我真心想和阿迪合作。你们不用匹配这个报价，只要接近这个区间行吗？'

Yeah. So Jordan actually takes the deal and shops it to Adidas afterwards, and he's like, I really don't wanna go with Nike. Like, I really wanna be with Adidas. You don't have to match this. Can you just come anywhere in the ballpark close?

阿迪达斯当时表示，我们可以每年给你10万美元。你知道吗？于是乔丹虽不情愿，还是选择了耐克。但你说得太对了，这非常关键，它奠定了激励机制。

And Adidas is like, we could give you a $100,000 a year. You know? And and so reluctantly, Jordan goes with Nike. But you're so right, and it's so important. It sets up the incentives.

尽管乔丹毫无后顾之忧，他还是...

Even though Jordan has no downside, he's like,

而且乔丹始终处于进攻状态。这是个为胜利而战的家伙。所以你给他激励，他和菲尔·奈特会相处得非常融洽。

well Jordan also is on offense all the time. This is a guy who plays to win. So you give him the incentives. He and Phil Knight are gonna get along real well.

接下来发生的事情是这样的。第一年，Air Jordan一代鞋款的表现会让人难以置信。在座有些人知道这个故事，有些人听完会震惊不已。

So here's what happens. In that first year, the Air Jordan ones, this is gonna be very incredible. Some of you know this. Some of you are gonna listen to this. You're gonna be blown away.

请耐心听，因为故事还有第二部分会出乎意料。第一年，Air Jordan一代的销售额达到1.26亿美元，这包括鞋款和相关周边商品。

Hang on because there is a second part to this story that is not what you expect. In the first year, Air Jordan ones sell $126,000,000. That's the shoes and the associated merchandise with it.

大卫，你知道他们的目标是多少吗？

David, do you know what their goal was?

三年300万美元。这相当于耐克当年总收入的15%左右。

$3,000,000 over three years. So it's about 15% of Nike's entire revenue for the whole year.

上市后的前六周，他们就卖出了150万双。

In the first year, they sold 1,500,000 pair in the first six weeks after releasing them.

先不考虑乔丹从耐克其他篮球产品中获得的光环版税。仅计算他从这1.26亿美元中获得的5%分成，1985年乔丹就从耐克拿到了630万美元。你知道乔丹与公牛队的合同金额吗？简直完美得不像话。

So put aside the halo royalties that Jordan is getting on the rest of Nike basketball. Let's take just the 5% of that $126,000,000 that he made in his first year. That's $6,300,000 that Jordan got from Nike in 1985. Do you know what Jordan's contract with the bulls was? It's too perfect.

七年总共630万美元。

$6,300,000 over seven years.

所以他在与耐克合作的第一年就赚到了完全相同数额的钱。

So he made the exact same amount from the Nike deal in his first year.

他在第一年就赚到了与公牛队七年合同的全部金额。

He made his entire seven year contract with the Bulls in his first year.

哇。我一直想把这个故事理解为，哇，乔丹冒了些风险，最终获得了巨大回报。但实际上，回报是立竿见影的，而且他无需为此做出任何妥协。他既得到了现金保障，又享有版税收益，这一切立即实现，并且之后只会越来越大。

Wow. I always wanted to think of the story as like, wow. Jordan took some risk, and it paid off big on the back end. It's like, it paid off immediately, and he had to make no trade offs to do it. He got the cash guarantees, and he got the royalty upside, and it happened immediately, and it only got bigger from there.

嗯，关于妥协。我认为有两点。第一，如果乔丹没有成为后来的乔丹，这一切都不会发生。

Well, trade offs. I think there are two things. One, none of this would have happened if Jordan didn't turn out to be Jordan.

完全正确。事实上，这字面上也是对的。如果他没有达到那三个条款中的任何一个——要么赢得年度最佳新秀，要么赢得NBA总冠军，要么成为MVP之类的，合同中就有退出条款。

Totally. And in fact, that's literally true. If he wasn't what were the three clauses? If he didn't either win rookie of the year or win the NBA finals or win the MVP or something, there was an out in the contract.

哦，有意思。我之前不知道这一点。

Oh, interesting. I didn't know that.

他们基本上是说，如果你是个天才，我们就给你整个农场，或者农场的5%。如果你不是的话，那就……有意思。所以这里面还是有些

They were basically like, we will give you the entire farm or 5% of the farm if you are a phenom. And if you're not Interesting. So there was some

对耐克的保护措施。

protection for Nike.

是的。而且他是迈克尔·乔丹。所以无论条款是什么，他都达成了全部三项。哦，不是NBA总冠军。

Yes. And I think he's Michael Jordan. So whatever the thing was, he got all three of them. Oh. It wasn't the NBA finals.

是成为全明星球员。

It was become an all star.

啊，有意思。我觉得他第一年就做到了。是的。

Ah, interesting. Which I think he did in the first year. Yes.

是啊。

Yeah.

没错。因为其他球员故意不给他传球，出于嫉妒孤立他。好，首先乔丹必须成为乔丹；其次，他为此付出了巨大牺牲。

Yes. That's right because the other players kept the ball away from him, and they froze him out because they were so jealous. Okay. One, Jordan had to become Jordan. Two, though, he sacrificed a huge amount.

乔丹第一次退役时有句名言，他说菲尔·奈特和耐克把我变成了一个梦想。表面听来很美好，但内里非常残酷。迈克尔·乔丹的生活从此与普通人再无交集。某种程度上，现在每个明星都会经历这种异化。

There's this great quote from Jordan when he retired for the first time. He said, Phil Knight and Nike have made me into a dream. And that's very sweet on the surface, but that's very dark underneath of it. Michael Jordan's life was no longer the life of a normal person or anything close to it. And now to a certain extent, that happens to every star.

如今人们会觉得理所当然，但在当时这是破天荒的。乔丹成了一个梦想符号，这对真实的人类而言是难以承受的。所以这其实有负面影响。

But, like, today, you're like, duh. But back then, this was the first time this happened. Jordan became a dream, and that's very hard to live with as an actual human being. So there was some downside.

没错。大卫你说得太对了。想象一下，我来跟你说：嘿，我会付你钱还给你分成，你只需要继续做你擅长且热爱的事。顺便说，未来几个月我会把你的脸投放在价值500万美元的付费媒体上。

Yeah. David, you're so right. Imagine that I come to you and I say, hey. I'm gonna pay you and give you revenue upside, and, you know, all you have to do is do the thing that you're already good at and work hard at the thing you're already passionate about. By the way, I'm gonna use your face on $5,000,000 of media of paid media in the next few months.

这就像...哇靠？什么？但从此我的正常生活就彻底完蛋了。

It's like, woah. What? But that's it for any normal life that I get, like, out the bat.

对。而且他还是个孩子。是的，再说一次，如今这些都很平常，大家都懂。

Right. And he's a kid. Yes. So, again, like, this is all normal today. Everybody understands this.

勒布朗高中毕业签约耐克进NBA时，完全清楚自己要面对什么。但这一切的起点正是乔丹时代。

LeBron knew exactly what he was getting into when he signed with Nike out of high school and went to the NBA. But, like, was the beginning of all of this.

那为什么销量这么疯狂？首年1.26亿美元太惊人了。是因为人们太爱乔丹了吗？我认为这是耐克第一次真正展现他们捕捉绝佳营销机遇的能力。

So why did they sell so well? That's sort of this interesting a $126,000,000 in the first year. Like, why was the demand for them crazy? Did people just love Michael Jordan? Nike, this is, I think, the first time they really flex their ability to recognize an opportunity for an incredible marketing moment.

回到1984年，乔丹在季前赛和热身时开始穿着一些改良版的Airship鞋款，因为耐克当时其实还没完成Air Jordan一代的设计。所以他穿着这些黑红配色的鞋子，现在被称为Jordan Bred（拼写为b r e d）。这些鞋子是黑红配色的。而在NBA，球员只能穿白色球鞋，仅此而已。因此乔丹准备穿着这些黑红配色的鞋子参加联盟比赛，但事实上他还没在正式比赛中穿过它们。

So back in '84, Jordan starts wearing, in preseason and in warm ups, some modified airships, because Nike is actually not done making the Air Jordan one yet. And so he's wearing these black and red shoes that are now called the Jordan breads, b r e d. And these shoes are black and red. And in the NBA, you wear white, and that's it. And so Jordan's getting ready to play in the league with these black and red shoes, which, again, he hasn't actually worn on court.

直到今天，没人能找到他在球场上穿着这双黑红配色、作为Air Jordan一代前身的改良版Airship鞋款的影像资料。所以我们其实不确定这件事是否真实发生过。

And to this day, no one can find footage of him wearing the black and red precursor to the Air Jordan one, these modified airships on the court. So we're not actually sure that it happened.

没错。因为制作新鞋需要时间。所以Air Jordan一代当时还在生产中。

Right. Because it takes a while to actually make a new shoe. So the Air Jordan one is still in production.

对。但这双黑红配色引起了联盟的注意。大卫·斯特恩表示：嘿，你不能穿这双鞋。如果穿了我们会罚款。

Right. But this black and red catches the league's attention. David Stern says, hey. You can't wear those. We're gonna fine you if you do.

事实上，这导致联盟正式发了一封信函，虽然没写明具体金额，但明确指出：穿黑红配色球鞋违反联盟规定。信中没提Air Jordan，也没提Air Jordan一代，只说'那些黑红配色的鞋子'。

In fact, this results in literally writing a letter that doesn't state the dollar amount, but does say, hey. It's against league policy to wear the black and red shoes. It doesn't mention the Air Jordan. It doesn't mention the Air Jordan one. It just says those black and red shoes.

这给了耐克一个绝佳的营销机会。实际上罚款机制相当昂贵——深入研究后发现：首次违规罚1000美元，第二次5000美元，第三次可能高达10000美元。考虑到82场比赛的赛季和可能面临的禁赛风险，这对耐克是笔巨款，对乔丹也是个难题。

And this gives Nike this incredible opportunity to make a marketing moment out of it. Now it would have actually been very expensive because the way that the fine worked technically, after you dig into it for a while, is $1,000 for the first infraction, $5,000 for the second infraction. It may have even been the case that it was $10,000 for the third. Over an 82 game season and facing possible ejection. It's a big tab for Nike, and it's a big problem for Jordan.

在他还没机会穿着这双黑红球鞋上场前，耐克就改款了。Air Jordan一代最终做成白红配色——就是现在你能买到的经典款，所有复刻版都基于这个设计。AJ一代不是Bred配色，但正是Bred引发了这场风波。后来耐克为乔丹拍摄了那个著名广告：镜头从他头部下移到脚部，他穿着黑红球鞋，画面突然'哔'地打上黑条遮挡鞋款。

And before he could even wear these black and red shoes in a game or have the opportunity to, they switched. The Air Jordan one, they made white and red. The one that is iconic that you can go buy, and then they make all the remakes out of. The AJ one is not the bread, and the bread is the thing that kicked up the big issue. Anyway, so Jordan, they just film him in this incredible commercial where he's just standing there, and the camera pans down from his head to his feet where he's wearing the black and red, and it just goes bong bong and puts these black bars over the shoes.

他们大肆宣传这双鞋好到被NBA禁穿，而消费者却能在零售店买到。这让人们疯狂追捧。

And they make a whole big deal out of the fact that these shoes are so great, they are banned in the NBA, and you can go buy them at your local retailer. And people go nuts.

太棒了。真是个精彩的故事。

So great. Such a good story.

这件事的尾声是：即便阅读了大量书籍、观看无数视频和采访后，我仍不确定实际支付了多少罚款。有人说每场罚5000美元乘以82场赛季，有人说只罚过1000美元就没了。甚至有种说法是耐克和NBA、或耐克和乔丹之间根本没发生金钱交易——因为罚款从未执行，只是威胁。耐克在联盟采取行动前就推出了Air Jordan一代。

And the coda to all this is even after reading all these books and watching all these videos and these interviews, I actually don't know what dollars ever changed hands. Some people said it was $5,000 times an 82 game season. Some people said it was $1,000 ever and then nothing after that. I have even heard that no dollars ever exchanged between Nike and the NBA or Nike and Michael Jordan because the fine was never levied. It was a threat that then Nike made the Air Jordan ones before anything could be enforced.

如果有人知道的话，请加入Slack并私信我们或发到公共频道。我很好奇。

If anybody knows, please join the Slack and shoot us a DM or put it in the general channel. I'm very curious.

但耐克最了不起的地方在于，对吧？关键是故事，是梦想。

The thing that's so great, though, Nike. Right? Like, it doesn't matter. It's the story. It's the dream.

就是说，这并不重要。

Like, it doesn't matter.

没错。他们直接在好莱坞电影里说这是5000乘以82场比赛，所有人只会记住这个。

Right. They just put it in a freaking Hollywood movie that it was 5,000 times 82 games, and that's all anybody's gonna remember.

天啊。好吧。刚才我提到Air Jordan 1故事的另一面。这不是迈克尔·乔丹名声的阴暗面。我觉得这太疯狂了。

Oh, man. Okay. So I mentioned a minute ago about the other side of the Air Jordan one story. It's not the dark side of Michael Jordan's fame. I think this is crazy.

我觉得没人真正知道这个。耐克在第一年卖出了价值1.26亿美元的Air Jordan 1鞋和周边产品。事实。另一个被公布的事实是耐克在前三年卖出了1.5亿美元的Air Jordan鞋和周边。现在你看着这个会说，等等。

I don't think anybody really knows this. Nike sold a $126,000,000 worth of Air Jordan one shoes and merchandise in the first year. Fact. Another fact that gets put out there is that Nike sold a $150,000,000 of Air Jordan shoes and merchandise during the first three years. Now if you look at that, you're like, wait a minute.

发生了什么？第二年和第三年出了什么问题。

What happened? Something bad happened in years two and three.

是的。实际上第二年和第三年以及第一年确实出了问题。耐克需要乔丹合作的第一年大获成功，所以他们大量铺货。通过期货计划等方式向零售商强推了太多产品，这才实现了1.26亿美元的销售额。那年实际上并没有1.26亿美元的乔丹产品需求。

Yes. And indeed, something bad did happen in years two and three and in year one. Nike needed that first year of the Jordan deal to be a huge hit, so they stuffed the channel. They pushed so much product on retailers and through the futures program and whatnot that that's how they hit the $126,000,000 in sales. There wasn't actually a $126,000,000 of demand for Jordan products that year.

所以广告很成功，但不是1.26亿美元需求的成功。

So good commercial, but not $126,000,000 of demand commercial.

我是说，可能有——我瞎编的——5000万到1亿美元的需求，对任何一款鞋来说都是史无前例的年销量。但耐克这次其实打了兴奋剂。是的。这后来成了大问题，因为零售商和消费者在第二年出现了严重后遗症，还叠加了两个问题：一是乔丹在第二个赛季初脚部骨折，缺席了大半个赛季。

I mean, there probably was I'm making this up $50.70, a $100,000,000 of demand, like, unprecedented for any shoe in history for a single year. But Nike also effectively took some steroids on this one. Yep. That turned into a huge problem because the retailers and the buying public had a huge hangover the next year in year two that was compounded by two issues. One, Jordan broke his foot early in the season of his second year, missed most of the season.

第二点，Air Jordan二代糟糕透了。实在没别的说法。这是斯特拉瑟（他再次主导了这一切——乔丹合约、乔丹一代鞋，与合作伙伴彼得·摩尔共事）开始失控的地方。Air Jordan二代售价100美元，而一代仅售65美元。

Two, the Air Jordan twos sucked. There's kinda no other way to put it. This was where Strasser, who again had masterminded all of this, the Jordan deal, the Jordan ones, working with his collaborator, Peter Moore, all this stuff, they kinda went rogue. The Air Jordan twos cost a $100. The Air Jordan ones cost $65.

Air Jordan二代采用意大利优质皮革在意大利制造。这听起来既不符合耐克的常规操作，也不像是一双好的篮球鞋。你会想穿古驰皮革打篮球吗？大概率不会。

The Air Jordan twos were made in Italy out of premium Italian leather. This doesn't sound like the Nike playbook. This also doesn't sound like a good basketball shoe. Do you wanna play basketball in Gucci leather? Probably not.

乔丹不喜欢这双鞋。它们不适合打篮球，鞋身异常僵硬，难以磨合，也不符合他的风格。对吧？

Jordan didn't like the shoes. They were not good to play basketball, and they were super stiff. They were hard to break in. They didn't fit his style. Right?

所以，首先他不穿这鞋上场；其次他没有推广动力。虽然经济上有激励，但他就是不喜欢这鞋。整个项目逐渐崩盘。更糟的是，在此期间，斯特拉瑟（摩尔也是，但主要是他）在耐克内部越来越不受控。

So, a, he wasn't playing. B, he wasn't incentivized to push them. I mean, he was economically incentivized, but he didn't like the shoe. It all kinda fell apart. On top of that, as this is all happening, Strasser and more too along with him, but, you know, really Strasser is becoming increasingly rogue within Nike.

他直接脱离团队，在公司其他部门之外的独立办公区成立了新部门，称为新产品事业部。

He breaks away. He starts a new division in a separate office complex from the rest of the company called the new products division.

老兄，这简直太史蒂夫·乔布斯风格了，就像麦金塔项目。

Dude, this is, like, very Steve Jobs, Macintosh.

百分之百。说真的，这种相似性最终以悲剧收场。他建立了新园区、新部门，远离奈特和其他团队，规定所有新产品发布必须经他和这个新团队把关，声称要接管并优化流程——而乔丹二代正是这个阶段的产物。

100%. I mean, literally, like, the parallels here, unfortunately, comes to a tragic end. He sets up his new campus, new division, you know, away from Knight, away from the rest of the company. He mandates that all new product launches have to go through him and this new group, and that they're gonna take control and streamline the process. And the Jordan two's come out of this.

显然这不是双好鞋，问题严重了。结局只有两种可能：要么斯特拉瑟成为耐克CEO，要么他离开耐克。没错。

Obviously, it's not a very good shoe. This becomes a big problem. Obviously, there's only one way that this is gonna end. Either Strasser is gonna become CEO of Nike or Strasser is gonna leave Nike. Yep.

而斯特拉瑟绝无可能当上CEO。一来菲尔·奈特是耐克CEO；二来耐克采用双重股权结构，奈特掌控所有高投票权股份和董事会。所以斯特拉瑟的结局已定。

And Strasser ain't gonna become CEO of Nike. Because one, Phil Knight is CEO of Nike. Two, Nike has a dual class voting structure. Phil Knight controls all the high vote shares, and he controls the board. So, really, this is the end for Strasser.

1987年他们爆发激烈冲突，斯特拉瑟离职，带着彼得·摩尔在波特兰创办咨询公司Sports Incorporated。这一切本可以和平收场，或许未来某天奈特与斯特拉瑟会和解，重归于好地说：'罗伯，你在耐克历程中贡献卓著，让我们冰释前嫌吧。'

They get in a huge fight in 1987. Strasser leaves the company. He goes off and takes Moore with him, Peter Moore, and they start a consulting firm in Portland called Sports Incorporated. All of which is fine, and you could imagine a future where one day Knight and Strasser might reconcile, and they could be friends again and say, wow, Rob, you've had such, you know, incredible part of the Nike journey, contribution to everything. We can bury the hatchet.

嗯，Sports Incorporated将阿迪达斯作为其主要客户之一。

Well, Sports Incorporated takes on as one of their major clients, Adidas.

最终，他们唯一的客户。

And eventually, their only client.

后来，阿迪达斯收购了这家公司，将北美总部迁至俄勒冈州波特兰市，并任命斯特拉瑟为阿迪达斯美国公司的首席执行官。唉。接着，极其悲惨的是，这真是太糟糕了。上任八个月后，斯特拉瑟突发严重心脏病去世，我记得他当时才46岁。唉。

And then eventually, Adidas buys the company, moves their North American headquarters to Portland, Oregon, and makes Strasser the CEO of Adidas America. Oof. And then incredibly tragically, this is just terrible. Eight months into the job, Strasser has a massive heart attack and dies, I believe, at age 46. Ugh.

这真是太糟糕了。是的。但这种背叛引发的后果是不可逆转的。本，你之前提到过耐克的企业文化。这里引用一下杰夫·约翰逊的话，他是蓝丝带公司的第一位员工，我想那时他已经离开公司了。

It's just terrible. Yeah. But the betrayal that this engenders, it's irreversible. Ben, you talked about earlier the Nike culture. There's a quote from Jeff Johnson, blue ribbon employee number one, who I think had already left the company at this point.

在《Just Do It》这本书中，有人问他关于罗布成为阿迪达斯CEO的看法。他说，我知道阿迪达斯已今非昔比，但阿迪达斯的人曾是匈奴人。我宁愿饿死也不会为阿迪达斯工作。哇。而当罗布去世时，菲尔没有参加他的葬礼。

He's asked in the book, Just Do It, about Rob becoming CEO of Adidas. And he says, I know they, Adidas, aren't what they once were, but Adidas people were the Huns. I would starve to death before I would work for Adidas. Wow. And then when Rob dies, Phil does not attend his funeral.

这真的令人心碎。

It's really just heartbreaking.

《波特兰月刊》有篇文章引用了一句话完美概括了为何斯特拉瑟在两家公司之外鲜为人知，以及他的角色如何逐渐被历史淡忘。他们说，为什么？因为他的工作对两家公司都至关重要，以至于很难将他简单地归入任何一方的传奇叙事。对阿迪达斯而言，品牌复兴是由一个肥胖的美国前耐克员工和他艺术气息浓厚的伙伴构想并执行的；而对耐克来说，斯特拉瑟的卓越成就不仅被掩盖，甚至因他‘叛徒’的身份而严重蒙羞。

There's a quote that sums it up in this Portland Monthly article that talks about why Strasser isn't known to many people outside the companies and why his role sort of fades into history. And they say, why? Because his work was vital to both, which makes it incredibly difficult to neatly write him into the mythology of either one. For Adidas, it was a brand revival conceived and executed by a fat American ex Nike guy and his artsy partner. For Nike, Strasser's overachievements are overshadowed, if not severely tarnished, because he was a traitor.

来自菲尔·奈特。如果他只是辞职可能还好，但他转而为阿迪达斯效力。这是不可饶恕的背叛，我从未原谅过他。

From Phil Knight. It might have been okay if he had just quit, but he went to work for Adidas. An intolerable betrayal, I never forgave him.

是啊。唉。而且这件事的余波至今仍在。阿迪达斯的美国总部至今仍设在俄勒冈州波特兰市。

Yeah. Oof. And still, the repercussions of this exist to this day. Adidas' American headquarters are still in Portland, Oregon.

没错。他们还挖走了很多耐克的人。

Yep. And they poach a lot of Nike people.

没错。好吧，回到乔丹的话题。剧情在这里变得复杂了。

Yep. So okay. Back to Jordan. The plot thickens here.

乔丹不高兴。斯特拉瑟是他那边的人？

Jordan's not happy. Strasser was his guy there?

是的，斯特拉瑟是他的人。斯特拉瑟离职后创立了新公司，开始为阿迪达斯工作，后来成为阿迪达斯的CEO。乔丹会去阿迪达斯。这已经是板上钉钉的事了。

Yeah. Strasser was his guy. Strasser leaves, starts this new company, starts working for Adidas, becomes the CEO of Adidas. Jordan's gonna go to Adidas. The writing's on the wall here.

我是说，乔丹的合约在90年到期，对吧？

I mean, Jordan's deal is up in '90. Right?

不仅他的合约在90年到期，他还试图重新谈判。所以在第三年，乔丹非常不满。阿迪达斯那边已经在行动了。阿迪达斯有斯特拉瑟，虽然还没掌权，但在幕后耳语，他们愿意为乔丹提供一份乔丹式的合约。迈克尔一直想要阿迪达斯。

Not only is his deal up in '90, he tries to renegotiate. So in year three, Jordan is so unhappy. The wheels are in motion at Adidas. Adidas with Strasser, not yet at the helm, but whispering in the ear, is gonna be willing to do a Jordan type deal for Jordan. Michael always wanted Adidas anyway.

他会解除与耐克的合约，转投阿迪达斯。没错。所以回到耐克和菲尔这边。这是真正的战时状态。他们安排了一次与乔丹的推销会议。

He's gonna break the deal with Nike and go with them. Yep. So back to Nike and Phil. This is serious wartime mode. They schedule a pitch meeting with Jordan.

我想这是在合约第三年快结束时，试图挽救他，试图重新签下他。他们愿意做任何事：重新谈判合约，给他更多经济利益，再给他一款鞋，什么都行。菲尔去找了耐克设计团队中的一颗新星——汀克·哈特菲尔德。

This is, I think, towards the end of year three of the deal to try and save him, to try and resign him. They're willing to do anything. Renegotiate the deal, give him more economics, give him another shoe, anything. Phil goes to a bright young star within the Nike Design Group, Tinker Hatfield.

他之前是耐克建筑与规划团队的成员，甚至不是以鞋类设计师的身份被雇佣的。

Formerly of Nike's architecture and building planning team. He wasn't even hired as a shoe designer.

他是一名建筑师。这非常重要。汀克也是鲍尔曼的人。他在俄勒冈为鲍尔曼跑田径，并学习建筑。后来他加入耐克，与后来成为耐克CEO的马克·帕克一起设计了Air Max。

He was an architect. This is super important. Tinker was another Bowerman guy. He ran track for Bowerman at Oregon and studied architecture. And then he comes into Nike, and together with Mark Parker, who would become the CEO of Nike, they designed the Air Max.

他们设计了Air Trainer。他们是耐克在跑步和训练领域复兴的一部分，并最终通过他们的训练鞋在健美操领域竞争。现在斯特拉瑟和摩尔都离开了，汀克是能给乔丹带来惊喜的明星。他说，飞去芝加哥吧，和霍华德·怀特一起，乔丹在耐克的联系人。

They designed the Air Trainer. They're part of Nike's revival on the running and training side and competing ultimately in aerobics with their trainer. Now that Strasser and Moore are gone, Tinker is the star that he can give Jordan. He says, go fly out to Chicago. Go with Howard White, Jordan's guy at Nike.

去和他谈谈。回家时，就像带着你的盾牌一样。于是廷克出去了。我记得他受过建筑师培训，后来成了鞋类设计师。建筑师与客户见面时会做什么？

Go talk to him. Come home, like, bearing your shielder on it, essentially. So Tinker goes out. I remember he's trained as an architect and then became a shoe designer. What do architects do when they meet with their clients?

他们会问问题。他们会说，你想要什么？你有什么具体要求？廷克和乔丹坐下来，他说，告诉我你不喜欢乔丹二代鞋的哪些地方。它们太难穿软了。

They ask them questions. They say, what do you want? What are your specifications? Tinker sits down with Jordan, and he's like, tell me what you don't like about the Jordan two. They're too tough to break in.

好的。还有哪些问题？它们是高帮鞋。你知道，那太重了。

Okay. Cool. What else is wrong with them? They're high tops. You know, that's too much weight.

我是迈克尔·乔丹。我需要脚上的轻盈感。我想飞翔。我不想要额外的重量。好的。

I'm Michael Jordan. I need likeness on my feet. I wanna fly. I don't want the extra weight. Okay.

酷。在理想情况下，迈克尔，你想要什么样的鞋？它会是什么样子？迈克尔说，嗯，我想要一双既能在球场上表现出色，又能在场外看起来很棒的好篮球鞋，但它必须两者兼备。不能像乔丹二代那样，场外看起来不错，但作为篮球鞋很糟糕。

Cool. In an ideal world, Michael, what shoe would you want? What would it look like? And Michael's like, well, I want a great basketball shoe that will also look great off the court, but it needs to be both. It can't be like the Jordan two that look great off the court, maybe, but sucked as a basketball shoe.

廷克说，好的。记下了。于是他回到耐克，疯狂工作。乔丹来参加这次最后的推销会议。他迟到了四个小时。

Tinker's like, okay. Noted. So he goes back to Nike, works feverishly. Jordan comes in for this last ditch pitch meeting. He shows up four hours late.

菲尔开始会议，感觉像是，哦，天哪。开始了。廷克像个建筑师一样，把鞋放在桌子上的黑布下面，就像多年后史蒂夫·乔布斯在主题演讲中那样。菲尔把会议交给廷克，他说，迈克尔，我记下了我们的谈话内容。这就是乔丹三代鞋。

Phil starts the meeting, and it's like, oh, boy. Here we go. Tinker, like an architect, has the shoe under a black cloth on the table, just like Steve Jobs in the keynotes many years later. Phil hands the meeting over to Tinker, and he's like, Michael, I took notes on our conversation. Here is the Jordan three.

埃迪揭开布，把鞋递给乔丹。他说，这就是你要求的鞋。他直接按照清单来。柔软的皮革，不需要穿软。你可以每场比赛都穿一双新鞋。

Eddie pulls the shroud off and hands the shoe to Jordan. And he's like, it's the shoe you asked for. He goes right down the checklist. Soft leather that doesn't need to be broken in. You can wear a new pair in every single game.

中帮高度，不是高帮，也不是低帮。你需要的支撑，但没有高帮鞋的重量。大象纹皮革，场外风格不会影响场上表现。然后是压轴之作，没有耐克标志。后跟标签上有一个小标志。

Mid cut height, not a high top, not a low top. The support you need without the weight of a high top. Elephant print leather for style off the court that won't detract from performance on the court. And then the piece de resistance, no swoosh. There's a little swoosh on the back tab.

主标志是鞋舌上的乔丹飞人标志。飞人标志之前确实存在。彼得·摩尔设计了它，但它从未占据主要位置。总是耐克标志在前，飞人标志在后。

The main logo is the Jordan jump man logo on the tongue. The Jump Man logo did exist beforehand. Peter Moore had actually designed it, but it was never in the prime position. It was always the swoosh and then the Jump Man.

这在耐克简直就像异端邪说——不让勾子标志当主角。但迈克尔·乔丹当时并不真想成为耐克代言人，所以留住他的唯一办法就是弱化勾子标志的存在感。

That's, like, heretical at Nike at this point to not have the swoosh be the main character. But Michael Jordan didn't really wanna be a Nike, so the only way to keep him is to kinda hide the swoosh.

这有点像回溯到最初——菲尔·奈特本可以完全掌控蓝丝带体育公司，或者选择持有比尔·鲍尔曼蓝丝带体育公司51%的股份。

It's kinda like harkening back to the beginning of, like, Phil Knight could have had a 100% of Blue Ribbon Sports, or he could have had 51% of Bill Bowerman's Blue Ribbon Sports.

没错。这很疯狂，因为这些合作的核心本应是获取勾子标志的曝光度。但他们甘愿表示：'我们相信长期与你合作能带来足够利润，所以同意不在鞋侧放置勾子标志'。事实证明这个决策极其正确。

Yeah. It's pretty crazy because the whole point of these deals is to get swoosh impressions. And they were willing to say, we think it's gonna be profitable enough in the long run to be in business with you that we will not put the swoosh on the side of these shoes. And they were extremely right to do that.

确实如此。作为协议的一部分，他们重新谈判条款。乔丹同意留在耐克，乔丹品牌成为耐克旗下独立分支——拥有专属鞋款、服饰、配色、标志和广告体系，完全独立运营。最终经过数年发展，形成了锡安·威廉姆森穿着乔丹鞋的盛况。

Indeed. So as part of that, they renegotiate the deal. Jordan agrees to stay with Nike. The Jordan brand becomes its own subsegment within Nike, its own shoes, its own clothes, its own colors, its own logo, its own advertising, all managed standalone. And then ultimately, this would take several years, but it would become Zion Williamson wears Jordans.

杰森·塔图姆也穿乔丹鞋。

Jason Tatum wears Jordans.

密歇根大学队服供应商莫名其妙是乔丹品牌而非耐克。

The University of Michigan, for some reason, is Jordan, not Nike as their official uniform supplier.

北卡大学也是乔丹品牌。

UNC is Jordans.

你知道重新谈判中具体改变了什么条款吗？

And so do you know what changed in that renegotiation?

知道。他们将合约延长了七年，我记得仍保持总销售额5%的特许权使用费。但新协议大幅强化了对乔丹子品牌独立化的承诺，并将最低保证金总额提高到至少1800万美元——三年内从250万飙升至1800万，惊人。

Yes. So they extend the deal for seven more years, I believe at the same 5% royalty on gross sales. But there's the new massive further commitment to making the Jordan sub brand much more of its own brand, and they upped the total guarantee to at least $18,000,000. So from 2 and a half to 18 in three years. Wow.

最终就像当初那250万一样，这个数字也失去意义——乔丹品牌销售额在88、89、90年持续攀升，达到2亿、3亿、4亿、5亿美元。正是在这个时期，他们与斯派克·李合作推出了经典广告。

Ultimately, just like the two and a half, that's meaningless because Jordan brand sales go back up in '88, '89, '90, on and on and on. 200,000,000, 300,000,000, 400,000,000, 500,000,000 in sales. This is when they do the Spike and Mike ads with Spike Lee

肯定是鞋子的问题。

It's gotta be the shoes.

还有怀登·肯尼迪。绝对是鞋子。乔丹在这份合同期间轻松赚取至少1亿美元，轻而易举。

And Wyden Kennedy. Gotta be the shoes. Jordan earns over the course of this contract easily, at least a $100,000,000 easily.

在七年期间。

Over the seven year.

没错。这完全碾压了他从NBA赚取的收入。

Yeah. It's just dwarfing what he's earning from the NBA.

他整个篮球职业生涯的合同收入大约是9000万美元。所以，就像你一开始说的，从第一年起，耐克的收入就已经远超NBA的收入了。

In his total career from basketball contracts, he made something like $90,000,000. So, I mean, you even said it in that first year, just from the get go with his Nike earnings were way outpacing his NBA earnings.

是的。有趣的是，在零售端，回到这种光环策略，乔丹三代以及后续所有乔丹鞋，真的，这时它们成为了奢侈品牌。乔丹鞋就是耐克的路易威登旅行箱。对，它们从中赚取了大量收入。

Yep. Now interestingly, at retail, again, back to this halo strategy, the Jordan threes and then all Jordan subsequently, really, this is when they become the luxury brand. The Jordans are Nike's Louis Vuitton trunk. Yeah. They make a lot of revenue from them.

没错。它们卖出了很多。但你知道吗？这也帮他们卖出了很多钱包。是的。

Yeah. They sell a lot of them. But you know what? It also helps them sell a lot of wallets. Yeah.

所以乔丹三代的定价大概是200美元左右？

So the Jordan three is priced at, like, $200 or something?

哦，100美元。但这是1988年、1989年的价格。

Oh, $100. But But this is $19.88, $19.89.

对，好的。这说得通。那么你提到他在那七年合同结束时赚了多少。

Right. Okay. That makes sense. Alright. So you mentioned how much he made at the end of that seven year contract.

2023年，乔丹品牌正发生着令人震撼的事情，我认为人们尚未完全理解过去三年间的巨变。乔丹品牌是耐克旗下增长最快的部分。耐克年增长率约10%，而乔丹品牌过去三年保持着约35%的增速，以数十亿美元营收规模实现着35%的增长。

There's something mind blowing going on today in 2023 with the Jordan brand, and I don't think people quite have a handle on what has happened in the last three years. So the Jordan brand is the fastest growing part of Nike. Nike grows, like, 10% a year. The Jordan brand, over the last three years, keeps growing at, like, 35%. And it does billions in revenue growing at 35%.

根据最新公布的2022财年报告，乔丹品牌创造了66亿美元营收。假设5%的特许权使用费比例仍大致准确——这个数字基本靠谱——乔丹每年从品牌中获利超过3亿美元。

So this past year, they just reported f y twenty two. The Jordan brand did $6,600,000,000 in revenue. Let's assume that the 5% figure is still accurate enough. It's accurate ish. Jordan's making over $300,000,000 a year from the Jordan brand at a five ish percent royalty.

他最后一次退役

He retired for the last time

是在二十年前。

twenty years ago.

当今没有任何运动员年收入能达到3亿美元。迈克尔·乔丹将从他缔造的品牌中获得50亿甚至100亿美元的终身收益，这对运动员而言绝对是空前的。他实质上是一个年增速35%、营收超60亿美元品牌的创始人。

There is no athlete making $300,000,000 a year. Michael Jordan will make 5, maybe $10,000,000,000 over his lifetime from the Jordan brand. Absolutely unprecedented for an athlete. He's effectively a founder of a brand that is growing 35% at 6 plus billion dollar revenue scale.

还享有耐克的全套运营、分销和营销体系支持。

With all the operations and distribution and marketing of Nike.

这简直不可思议。他早年通过积极活动建立品牌资产，如今只需被动维持就能使其持续增值。当然他对乔丹品牌签约人选仍有话语权，但关键在于迈克尔始终远离丑闻、永葆梦想形象，这创造了巨大的品牌价值。

It is unfathomable. So he did active work for many years in order to build the brand equity, but he does passive work now to keep it alive. Of course, he has sort of input on who they're signing to the Jordan brand. He has sort of a vote in that. But in Michael staying out of trouble and Michael staying the dream, he builds a tremendous amount of brand equity.

而耐克坐享其中95%的收益，自然对这个安排非常满意——他们乐意开出3亿美元的支票。换作是我，面对660亿美元营收的另一端也会如此。但乔丹必须彻底重塑人生才能成为那个梦想化身并持续下去。

And Nike reaps 95% of that. So, like, they're perfectly happy with this arrangement. They're happy to cut him $300,000,000 checks. I would be too if I was earning the other side of the $6,600,000,000. But Jordan totally has had to shape his life in order to be the dream Michael and continue to be that.

他与品牌已完全融为一体，必须保持完美形象才能维系品牌奇迹。

He is so synonymous with the brand that he has to be perfect to keep the brand doing what it's doing.

没错。这正是迈克尔面临的阴暗面。在继续探讨耐克其他历史之前——我们后续会涉及——关于乔丹、梦想构建与文化变革，还有个关键点不容忽视：时机。这一切都与ESPN和体育中心的崛起同步，这点至关重要。

Yes. And that's the dark side for Michael. One more really critical thing I wanna say about all this and Jordan and the building of the dream and the changing of culture before we move on to all the rest of Nike history, which we will cover here. You can't ignore too, again, the timing in this. All of this coincided with the rise of ESPN and SportsCenter, and that was so important.

早期，比如史蒂夫·普雷方丹登上《体育画报》封面或一些网球运动员时，耐克的想法是，我们可以投入X百万美元做广告，但如果能让我们的鞋子登上《体育画报》封面，那就相当于价值2000万美元的宣传。有了ESPN和体育中心频道，那些运动员和迈克尔·乔丹每晚24/7全天候曝光，每晚就相当于2000万美元的免费广告。

In the early days, like, when Steve Prefontaine was on the cover of Sports Illustrated or some of the tennis players, it was like there was a Nike line of, oh, we could spend x million dollars in advertising, but if we get our shoes on the cover of Sports Illustrated, that's worth $20,000,000. With ESPN and SportsCenter, those athletes and Michael Jordan being all over that twenty four seven every night, that was $20,000,000 a night of free advertising.

说得好。随着乔丹品牌的崛起，1988年他们推出了'Just Do It'广告战役，我记得这是威登肯尼迪公司为耐克做的第一支广告？不对，应该是第二支重磅广告。

That's a great point. So off the back of the rise of the Jordan brand, in 1988, they launched the just do it campaign with the very first I think this is the first Wyden and Kennedy ad. Right? Second real big one.

第一支是Air Max的'革命'广告，用了披头士的音乐。

The first was the revolution ad with the Beatles that they did for the Air Max.

明白了。

Okay.

还有提克·哈特菲尔德和马克·帕克也加入了团队。

Another Ticker Hatfield and Mark Parker joined.

所以他们正在重新站稳脚跟。他们意识到可以突破跑步领域的局限，找到更多地方兜售梦想，开发不同产品来实现梦想的商业化，让人们参与其中。1988年这时他们的市值达到10亿美元，投资者开始意识到他们正在打造非凡的事业。

And so they're kind of finding their footing again. They're realizing that, okay, we can diversify outside of running. We can find a lot of places to sell the dream. We can make different products to monetize the dream, to let people participate. Their market cap hits a billion dollars at this point in 1988, so investors are starting to wake up to, like, they're building something really special here.

他们在波特兰开了第一家耐克城。八十年代末到九十年代初对耐克全是利好，到91年市值达50亿，96年突破100亿。他们完美执行了我们讨论过的战略，直到遭遇之前谈到的劳工问题和舆论危机。

They opened their first Nike town in Portland. The early nineties late eighties, early nineties are just all good for Nike. I think by '91, their market cap hit 5,000,000,000. By '96, their market cap hit 10,000,000,000. And they're really just executing the strategy that we talked about, but at scale until they get hit with everything we already talked about on the labor challenges and that controversy.

没错，那几年很艰难。有趣的是，互联网泡沫破裂时期他们也受创，市值从200亿跌到80亿。虽然他们当时完全不算科技公司，但同期遭遇了困境。

Yep. So that's a tough few years. Interestingly, like, right around the .com crash is also kind of tough for them. Their, market cap drops from 20,000,000,000 to $8,000,000,000. They weren't in any way yet a tech company, but tough times right around the same time period.

有个相关趣闻——科比转投阿迪达斯对耐克打击很大。

An interesting thing from that front, losing Kobe to Adidas Yes. Was big.

非常大。人们都忘了科比最初是阿迪达斯代言人，就像忘了侃爷最初是耐克代言人一样。

Really big. And people forget this. People forget that Kobe was an Adidas athlete first. Yes. In the same way that people forget that Kanye was a Nike athlete or a Nike Right.

说唱歌手。首先是说唱歌手。不过，确实，两千年代初对耐克来说并不景气。但有趣的是，科比在阿迪达斯非常不开心，渴望耐克能提供的东西，以至于他自掏腰包解除了与阿迪的合约转投耐克。

Rapper. Rapper first. But, yeah, those early two thousands were not a great time for Nike. But then interestingly, Kobe was so unhappy at Adidas and wanted what Nike could give him that he bought Adidas out of his deal to move over to Nike.

没错，我有具体数据。科比从96年到02年2月与阿迪合作，他极度厌恶科比二代鞋，传闻他支付了800万美元解约金转投耐克。这对耐克是重大胜利，也是巨大转折点。

Oh, yeah. I have the numbers. So Kobe was with Adidas from '96 to 02/2002, and he hated the Kobe twos so bad that it's rumored that he paid $8,000,000 to get out of his contract so he could move over to Nike. Yeah. That was a huge win for Nike and a big turnaround.

可以说2002年才是他们真正开始复苏的年份。

Like, 2002 is really when it started to get good again for them.

确实。部分原因肯定是球鞋问题，而且多方证实科比二代确实糟糕。我认为——这点稍后分析会提到——耐克能为顶尖运动员提供其他公司无法给予的支持。

Yep. I'm sure part of that was the shoes and, yeah, by all accounts, the Kobe twos sucked. I do think there is, and this will get to analysis in a little bit. Nike can do something for athletes, for the big superstars that the other companies can't.

哦，差不多同期2003年勒布朗进入NBA，耐克直接签下了高中毕业的他。

Oh, and right around the same time in 2003 is when LeBron came into the NBA, and Nike signed him out of high school.

对。

Yep.

好，梳理时间线：02年2月得科比，03年2月得勒布朗。他们重塑品牌形象，整顿工厂生产。

Okay. So 02/2002, they get Kobe. 02/2003, they get LeBron. They've cleaned up their image. They're cleaning up their factories.

优化供应链。03年2月以3.09亿美元收购匡威。曾经的对手如今——要知道耐克市值已超数十亿，而匡威规模相形见绌。03年2月乔丹退役。有个数据很有意思：

They're cleaning up their supply chain. In 02/2003, they acquire Converse for $309,000,000. They're once foe and, you know, now Nike's in the multibillion dollar market cap, and Converse is a tiny fraction of that size. 02/2003, Michael Jordan retires. And it's fascinating just to get a quick data point.

乔丹品牌在2003年年销售额7亿美元，如今已达66亿美元。这增长全部发生在他退役之后。

The Jordan brand that year in 2003 is doing $700,000,000 a year, and today, it's doing 6,600,000,000.0. And that's been the delta since he stopped playing basketball.

要我说，这两个数字都疯狂得离谱。

I mean, the thing is both of those numbers are bonkers.

没错。

Right.

7亿美元已经够疯狂了，60亿更是离谱。

$700,000,000 is bonkers, and $6,000,000,000 is bonkers.

是啊。乔丹已经完全超越了代言协议，蜕变成一个品牌。人们心中乔丹的完美形象更是一个品牌而非真人。于是在2006年2月，另一件重要的事发生了。当时大多数人没意识到这点，因为要知道2006年苹果那边，史蒂夫·乔布斯还是CEO。

Yeah. Jordan has completely transcended a sponsorship deal and turned into a brand. The notion the platonic ideal of Jordan is a brand more than a human. So in 02/2006, another important thing happens. And most people didn't realize it at the time because keep in mind, 2006 over in Apple, Steve Jobs is still the CEO.

所以当时没几个人知道蒂姆·库克这个名字，但蒂姆加入了耐克董事会。我记得大概是2005年底，他加入了董事会。他立刻开始帮助耐克理解如何运用数字技术转型业务。2006年2月，他们推出了Nike+iPod。

So not a lot of people know this guy named Tim Cook's name, but Tim joins Nike's board. I believe in, like, late two thousand and five, he joined the board. He immediately starts helping Nike into understanding how to use digital technology to transform their business. And in 02/2006, they launched the Nike plus iPod.

对。没错。

Yes. Yes.

这个产品在市场上不算特别成功，但它确实让耐克看清了未来趋势。

Which was not a terribly successful product in the market, but, man, did it help Nike understand where the puck is going.

这是企业首次在产品名中使用'plus'。

And this was the first corporate use of plus in a product name.

哦，真的吗？

Oh, was it really?

正是这一刻导致了如今数字产品泛滥的糟糕局面。

This is the moment that has led to the terribleness of the sea of digital corporate products today.

我们都得'感谢'这个开端。

We all have this to thank.

这个加那个，再加巴拉巴拉。我惊讶居然没有乔丹Plus。不，确实没有，因为乔丹品牌管理得太好了。

Plus this, plus that, plus blah blah blah. I'm surprised there's not a Jordan plus out there. No. There's not because Jordan is too well managed a brand.

这个我还真不知道，挺有意思的。

I actually did not know that. It's funny.

那就是Plus的起源。

That was the origin of plus.

有趣的是，它最初是个可以塞进某些鞋垫里的小玩意儿，能测量你的步幅长度和各种跑步数据。通过30针接口连接到iPod传输数据，堪称史上最笨拙的设计。但随着它演变成FuelBand手环，再进化成iPhone应用，耐克开始真正建立起与顾客的直接关系——不仅通过产品，更通过这套服务体系。2006年，再到2013、2014年左右，他们开启了新战略。

It was interesting because it was this little, thing that you would put in the insole of certain shoes, and it would measure your stride length and your you know, all the metrics about running it. It would report it to your iPod because it had a little, like, 30 pin connector thing you could put into your iPod. It was the most clunky kludgy thing ever. But as that evolved into the fuel band, and then as the fuel band evolved into apps on your iPhone, Nike started really building a way to have a relationship with their customers directly and not just through their products, but with this sort of suite of services. And 2006 and then again in, like, twenty thirteen, fourteen, they'd had a sort of a new strategy start.

公司确实有几个彻底改变基因的关键时刻。技术转型要追溯到2006年，这完全改变了他们的收购策略。此前他们一直收购品牌，比如买下匡威。

There's really these clear moments in time where the company changed its DNA. And I go all the way back to 2006 on the technology one. It also completely changed their acquisition strategy. Because up until then, they had been acquiring brands. They bought Converse.

他们还收购了Starter，原本想把它打造成沃尔玛渠道专属品牌。

They had bought Starter. Starter was gonna kinda be their, like, Walmart brand.

哦对，还有Cole

Oh, that's right. Cole

Haan。没错。就在那时他们顿悟：应该把所有资源都注入耐克品牌这个飞轮。于是他们剥离了许多资产，转而收购其他公司的技术能力来推动数字化转型。

Haan. Cole Haan. Yeah. And I think this sort of moment happened where they realized, actually, what we wanna be doing is pouring everything into the flywheel of the Nike brand. So they divested a bunch of stuff, but they started acquiring capabilities from a bunch of these other companies to help them make this tech migration.

这二十年里他们并行推进两大战略：数字化是其一。给你个惊人数据——目前耐克运营的四款移动应用，每季度有5亿用户在使用，从电商APP到跑步应用。

It's like a two decade thing where they have these two different strategies that are happening at the same time. One is the digitization. And to give you a stat on how impressive that is, across the four mobile apps that Nike operates today, they have 500,000,000 users a quarter who are now using Nike digital apps from their ecommerce app to their running app.

跑步俱乐部、训练俱乐部、球鞋APP。

Run club, training club, sneakers.

耐克移动商店。庞大的用户基础。一切始于他们意识到：首先，我们应该涉足科技领域；其次，我们的收购对象不应是其他品牌，而是能帮助我们扩展品牌影响力、更深融入顾客生活的技术。另一关键点稍晚些，大约在2013、2014年，他们果断实施了重大战略转型——摆脱菲尔·奈特开创的零售合作模式，转向直销。耐克逐渐认识到，在这个互联网与全球化时代，只有达到一定规模才能执行特定战略。他们将成为那个能实施直销战略、运营nike.com直接向顾客售鞋、在全球各地开设零售门店直达消费者的规模玩家。

And the Nike mobile store. Huge user base. All sort of started at this moment in time where they realized, a, we should be in technology, and, b, we should be making acquisitions not of other brands, but of technologies that we can integrate to help us extend our brand and participate more in the lives of our customers. The other thing, and this is a little bit later, this is more of the twenty thirteen, fourteen era, they pull the trigger on this big strategy shift away from what Phil Knight had sort of pioneered with the retail relationships to go direct. And Nike started to realize in this new era, this Internet era, this global era where you have to be at scale to execute certain strategies, they're gonna be the player at scale that can execute a direct strategy, that can operate nike.com to sell shoes directly to customers, that can operate retail stores in all these different places to go directly to customers.

转型尚未彻底完成，我们在基础案例分析中会讨论他们所处的过渡阶段及成功概率。但当品牌成为规模玩家时就会出现临界点。就像迪士尼在媒体领域的地位——他们已成为规模玩家，能采用不同策略直接触达消费者，而其他内容创作者则需要依赖现有分销渠道。

And they're not all the way there, and I think there's a lot of like, we'll talk in their sort of barebull case about where they are in that transition and how successful it will be. But there is this tipping point where a brand becomes the scale player. Like, think about Disney in media. They've become the scale player. They can run a different playbook and go directly to customers in a way where other places that make content need to integrate with the existing distribution channels.

迪士尼能用十年、十五年时间，尤其是借助合适技术完成直销转型。耐克本质上在赌自己也是能执行这种战略的头部品牌之一。

Disney can make a ten, fifteen year transition, especially with the right technology to go direct. Nike's basically betting that they're also one of these hero brands that can run that playbook.

补充背景：如今耐克规模是阿迪达斯的两倍多？是的。而阿迪达斯又是第三名斯凯奇的三倍左右？

For context, today, Nike is, what, more than twice the size of Adidas Yep. Who is more than three times, I think, the size of the number three player, which is Skechers, maybe?

对。这完全符合幂律分布。

Yep. It's super power law distributed.

另一个维度是个性化。我认为耐克通过最初Nike ID（现称Nike by me）真正站在了服装个性化前沿。任何人都能定制专属配色设计的耐克鞋。要在维持标准产品线的同时为海量客户提供这种服务，需要无人能及的规模经济效应。

The other aspect of that is personalization. Nike, I actually think, is really at the forefront of apparel personalization with what started as Nike ID and now is, I think, called Nike by me. But anybody can make their own Nike shoes in their own colors with their own designs on them. To be able to do that at scale with their customer base and produce the standard lines, that requires a level of scale economies that nobody else can really match.

2014年左右他们真正开始推行数字化与直销转型。同期，历史悠久的球鞋文化开始大规模兴起——这个蓬勃发展的领域里，二手鞋市场（多数情况下你会觉得旧鞋毫无价值）...当然我有点调侃，因为多数二手鞋其实未被穿着...至少直到最近

Okay. So that's like the 2014 era where they really start to execute this digital and direct migration. Around this time, you had this very old idea of sneakerheads starting to take root in a big way, this huge growth category where the secondary market for shoes, in most situations, you would think, like, used shoes are worthless. And, like, I'm being tongue in cheek here because most, you know, secondary market shoes are not used. Well, until

主流人群都会认同这个说法。

recently, any mainstream person would have said, of course, to that statement.

没错。但正如大卫提到乔丹和耐克如何创造文化、参与文化运动、改变人们的生活方式——让运动鞋成为身份象征而非仅是网球场的装备，他们真正掌握了触及受众并激发身份认同的方法，这是菲尔·奈特当年做跑鞋时无法想象的。运动鞋已成为自我表达媒介，二手市场庞大到有人估计20亿，有人估60亿美元。要知道整个运动鞋市场规模才...我刚才说150亿左右？

Right. But there became, David, to your point about Jordan and Nike creating culture and participating in cultural movements and changing the way that people move around in the world and having a sneaker as a thing that defines you rather than sneaker as a thing you throw on for the tennis court, but you wear, you know, proper shoes anytime you go somewhere else, they really have figured out how to reach an audience and tap into their identity in a way that the original Phil Knight track shoe thing never could have dreamed. And shoes have become this method for self expression, and the secondary market is huge. It's like a some estimate $2,000,000,000, some people estimate $6,000,000,000 category. Keep in mind, all of athletic shoes are, what what did I say, a 150 ish?

大概这个量级。所以相比整体运动鞋市场仍很小。但谁能想到特别版二手鞋或转售市场竟能成为数十亿美元的生态系统呢？

You know, somewhere around there. So still a tiny fraction compared to the athletic sneaker market broadly. But who would have thought that used special edition shoes or secondary sales of shoes could possibly be a single digit billion dollar ecosystem.

没错。我指的是像GOAT和StockX这样的公司，我们稍后会在分析中详细讨论。但耐克做出了一个我认为非常刻意的决定，不去攫取这部分价值。

Right. I mean, this is companies like GOAT and StockX, and we'll talk about this more in analysis. But Nike has made the, I think, very conscious decision not to capture any of that value.

是啊，这让我很着迷。我觉得他们找到了聪明的方法，通过限量版球鞋赚大钱，而不必成为所有二级销售的市场平台。

Yeah. I'm fascinated by that. I think they've figured out clever ways to make a bunch of money on limited edition sneakers without having to be the marketplace for all the secondary sales.

耐克可能获取这部分价值的另一种方式是大幅提高价格。这真的很有趣。我认为这正是耐克与我们报道过的奢侈品牌（如LVMH、保时捷）不同的地方。保时捷通过那些可购买的典藏级酒红色车漆，能增加数万美元的毛利润。而耐克出售这些极其限量的复古或其他款球鞋时，定价仅为150、200或300美元。

The other way that Nike potentially could capture this value would be to massively increase their prices. And this is really interesting. I think this is where Nike is different from the luxury brands that we've covered, the LVMHs, the Porsches. Porsche makes tens of thousands of dollars of incremental gross margin with their library wine colors that you can buy. Nike sells these incredibly limited edition retro and otherwise sneakers, but they sell them for $150, $200, maybe $300.

真的不算贵。这些鞋一经购买，转手就能在二级市场卖到5000美元，有些甚至1万美元或更高。这是耐克刻意不获取这部分价值的决策。我认为他们这么做是为了让整个体系运转，让这个梦想以适用于全球每个人的方式实现，而不仅仅是路易威登的客户群——他们必须保持产品的可触及性。因此他们宁愿让那260亿美元（或无论多少）流向二级市场玩家，流向StockX，也要维持这个梦想。

Like, not a lot of money. The instant that they get purchased, you can turn around and sell them on the secondary market for $5,000, some of these shoes, $10,000, maybe more. That is a very intentional decision by Nike not to capture that value. And I think the reason they do it is to make all of this work, to make the dream work in a way that is applicable to everybody on the planet and not just Louis Vuitton's market, is they have to keep it attainable. And so they're willing to let that $26,000,000,000 or whatever go to secondary players, go to StockX in order to keep the dream alive.

这太疯狂了。我想不出耐克有什么产品能卖到500美元。

It's pretty crazy. I don't think there is anything that I can buy from Nike that costs $500.

是啊。但耐克绝对生产过许多价值远超500美元的商品。

Yeah. And yet Nike absolutely produces many items that are worth way more than $500.

对。而且这个数字甚至不算高。不是说'我买不起耐克1万美元的东西'——我是真的想不出他们有什么东西能卖到500美元。

Right. And, like, it's not even a high number. It's not like, oh, I can't buy something from Nike for $10,000. Like, I really can't think of a single thing I could possibly purchase for them even for 500.

没错。我知道的唯一产品是《回到未来》里的自动系带鞋，他们实际生产过，但那是为迈克尔·J·福克斯的慈善项目。我记得只做了50双，每双卖1.7万美元。不过首先这是慈善行为。

Right. The one product that I know of was the mags, the back to the future shoes that they actually produced, but those were for Michael J. Fox's charity. I think they made 50 of them and sold them for $17,000, if I have that right. But, a, that was for charity.

其次这明显是噱头，和路易威登那种不一样。

B, that was, like, obviously a stunt. That's not Louis Vuitton.

好吧。我能买到的是：490美元可以买到全明星赛的美联和国联球衣。还有300美元的橄榄球鞋。有意思。

Alright. Here's what I can buy. For $490, I can get American and National League jerseys for the all star game. And they have some football shoes that cost $300. Curious.

哇。

Wow.

疯狂。但关键点依然成立——他们靠规模弥补了这一点。

Crazy. But the point still stands. They make it up in volume.

是的。我一时真的想不出还有哪家公司会如此明显且明确地选择为生态系统中的其他参与者创造价值——无论是企业还是套利者。

Yes. I really can't think of anything else off the top of my head where a company is making such a obvious and clear choice to give value to other players in the ecosystem. Yeah. Whether those be companies or just people who are arbitraging.

没错。就像奢侈品牌需要营销梦想，但他们的价值捕获机制完全不同。好，我要快速带大家从2018年跳到当下，分析公司现状。

Yeah. Just like a luxury brand, they have to market the dream, but their mechanism for capturing value is entirely different. Yep. Okay. I'm gonna move us quickly here through 2018 to today so we can analyze the business in its current state.

2018年发生了件特别的事：他们推出了科林·卡佩尼克的怀登与肯尼迪广告《为信念而立》。

So in 2018, something pretty special happened. They pulled the trigger on a Wyden and Kennedy ad with Colin Kaepernick about standing for something.

《疯狂梦想》广告？

The dream crazy ad?

对。广告画面就是卡佩尼克的脸，配文'相信某事，即使意味着牺牲一切'。配合线上发布的商业广告，卡佩尼克发推后，他们在各大城市竖起巨型广告牌。

Yep. The text of which obviously was just Colin Kaepernick's face and says, believe in something even if it means sacrificing everything. They accompanied it with a commercial. It launched online. Kaepernick tweeted it, then they did these big billboards in every major city.

我记得初见时的震撼——耐克完美实现了他们的意图。这则广告直击心灵，像许多耐克广告一样，在特定历史时刻抓住机遇做正确的事，成为持续数月的媒体焦点，堪称年度最佳广告。

I remember the first time I saw it, and I was like, woah. Nike executed perfectly on exactly what they were trying to do here. It strikes you emotionally. Much like many of the Nike commercials, it was at a particular moment in time where they saw an opportunity to do something that they felt was right and become the center of media conversation for, like, months. Like, this was the advertisement of the year.

实际上，他们为此取消了全年其他已准备好的广告计划，包括'Just Do It'三十周年重启企划，全部改用这个新基调。卡佩尼克广告引发巨大共鸣，同时也激怒了持对立政治立场的人群，导致耐克全球各地区的所有体育项目媒体计划彻底重组。

And in fact, I know that when they launched this, they actually scrapped their plans for the whole rest of the year for a whole bunch of ad campaigns that were already ready for a different way that they were gonna do the thirtieth anniversary relaunch of Just Do It and instead made everything in this new tone. This Kaepernick ad struck such an incredible chord and made a lot of people super angry on the sort of other side of the political aisle of this particular issue that Nike was supporting that, like, it entirely changed Nike's media plan in every geography for every sport for the rest of the year. Yeah.

这比乔治·弗洛伊德事件引发'黑人的命也是命'运动早了两年。当时真是冒险——若晚两年推出，效果会大不相同，风险也会小得多。

This was two years before Black Lives Matter became a really, you know, big thing with George Floyd. This actually was, like, a big risk. If this had been done two years later, it would have played out very differently. It would have been way less of a risk.