火箭实验室首席执行官彼得·贝克访谈

我的脑海里有时就像一口沸腾的地狱熔炉充满冲突，因为我一半是渴望冒险的企业家，一半是天生极度保守的工程师。

It is a raging cauldron of hell and conflict sometimes in my head because I'm half entrepreneur who wants to take extreme risk and then half engineer who by nature is extremely conservative.

这是火箭实验室创始人兼首席执行官彼得·贝克。

That was Rocket Lab founder and CEO Peter Beck.

我是《财富》杂志制作人马特·格里尔。

I'm Motley Fool producer Matt Greer.

火箭实验室是一家拥有发射业务和太空系统业务的航空航天公司，现已发展成大型企业。

Now Rocket Lab is an aerospace company with a launch business and a space systems business, and it has become a big business.

《财富》联合创始人兼首席执行官汤姆·加德纳与分析师塞思·杰森近期就火箭实验室的业务与彼得·贝克进行了对话。

Motley Fool cofounder and CEO Tom Gardner and Motley Fool analyst Seth Jason recently talked with Peter Beck about the business of Rocket Lab.

我们非常荣幸能与火箭实验室创始人兼首席执行官彼得·贝克爵士共度这段时光。

We're so pleased to be spending this time with sir Peter Beck, the founder and CEO of Rocket Lab.

在开始对话前，我想先说明——不知您对《财富》了解多少——当我们推荐公司并经常与会员共同投资时，我们通常设定至少五年的持有期，理想情况下是数十年的持有期。

Before going into our conversation, I'll just share I don't know how familiar you are with the Motley Fool, but when we recommend companies and often put our own skin in the game with our members, we do so with a five year minimum holding period generally and ideally multi decade holding period.

因此我们更倾向于评估企业的长期愿景、使命、战略和业绩表现。

So we we like to assess the long term vision and mission, strategy, and performance of the business.

显然，我们不想让你处于需要做出任何前瞻性声明的境地。

And, obviously, we don't wanna put you in a position where you're having to give any forward looking statements.

所以只需拒绝回答任何你无法回答的长期问题，但想让你知道我们真正最感兴趣的是长期视角和我们最重要的投资——人们一生中最成功的投资往往就是那些持有时间最长的标的，这并不罕见。

So just deny any of our long term questions that you can't answer, but just letting you know that we really are most interested in the very long term and our greatest investments, which is not unusual for people throughout their lives are the ones that they held for the longest period of time.

我很满意自己以每股25美元左右的成本价持有Rocket Lab股票，而今天在场的Seth Jason和未能到场的Lou Whiteman，他们从每股低于5美元时就开始推荐并持有这支股票。

Now I love my low cost basis of $25 a share right around there for Rocket Lab, but Seth Jason, who's here, and Lou Whiteman, can't be here today, have both recommended the stock and owned the stock since it was below $5 a share.

因此我们Motley Fool的许多会员都以早期低价位布局了这家公司。

So a lot of our Motley Fool members have gotten in some early low positions with, the business.

不过彼得，我们想请你概述下Rocket Lab的主要业务板块，或许可以从航天系统开始，因为这个部门容易被忽视，很多人可能只把Rocket Lab看作发射公司。

But I think, Peter, we'd love to hear you just outline the main components of Rocket Lab, maybe beginning with space systems since it's easy to overlook the segment or many may view Rocket Lab as a launch company.

能否请你带我们快速了解下公司业务？

Can you just a walking tour of the business, please.

好的。

Yeah.

完全没问题。

Totally.

嗯，我的意思是，我一直喜欢把Rocket Lab称为端到端的太空公司，因为它大致可以分为两部分：发射业务——就是那个让所有人兴奋的、在天空中轰鸣的大家伙；以及太空系统业务——虽然视觉上不那么炫目，但绝对是公司业务的重要部分。

Well, I mean, I always like to to talk about Rocket Lab as an end to end space company because, it's sort of almost sort of bisected into two parts, like there's launch, which is the big roaring stick in the sky which everybody gets excited about, and then there's space systems which is kind of less visually glamorous, but of course a huge part of the business.

但这两部分对于实现我们的核心目标和端到端使命都至关重要，我认为最终目标是在轨道上部署基础设施或服务。

But both of these elements are necessary to deliver on kind of the key goal here and the key mission of of being end to end, and I think ultimately deploying infrastructure or services on orbit.

如果要谈长期发展，我认为未来最大的太空公司会有点难以界定，你懂的，它们到底是太空公司还是其他类型的公司？

And if you're talking about the long term, it's my view that the biggest space companies in the future, it's gonna be a little bit blurry about, you know, are they a space company or are they something else?

就拿我们的朋友SpaceX来说，他们现在算是太空公司还是电信公司呢？

And, you know, just take our friends over at SpaceX, are they a space company or are they a telecommunications company at this point?

所以界限会变得有点模糊，但我认为绝对正确的是：如果你能获得无限制、快速且可靠的太空访问权限，并能建造任何你想要的航天器，那么你在轨道上部署基础设施或服务的能力将远超那些不具备这些能力的公司。

So it gets a little bit blurry, but I think what is absolutely true is that if you have unfettered, rapid, and reliable access to space and you can build whatever spacecraft you want to build, then your ability to deploy infrastructure or services from orbit is gonna be way better than somebody else who doesn't have those capabilities.

所以我们正在有条不紊地确保拥有所有这些要素，最终实现端到端太空公司的目标。

So we're just sort of methodically going about making sure we have all those elements to ultimately deliver on that end to end space company goal.

我知道你想讨论太空系统，但我认为最好先说明太空系统存在的背景原因。

So I know you wanna talk about space systems, but I think it's always good to wrap it in the context of why space systems even exists.

太空系统业务其实在公司成立初期就启动了，我经常听到有人说是因为发射业务不够大，所以Rocket Lab转向了航天器制造，这完全不符合事实。

And Space Systems was really started very early on in the company's life, and, you know, I often hear people saying, well, launch wasn't big enough, so Rocket Lab pivoted to building spacecraft, and that's just simply not true.

事实上，我们发射的第二枚电子火箭的末级就已经预先切割了所有凹槽，用于安装太阳能板，将其转变为光子号卫星。

In fact, the the second electron vehicle that we ever flew had a whole all of the recesses precut into the kick stage for solar panels to turn that into a photon.

所以这从一开始就是计划的一部分。

So it's been part of the plan from day one.

但最关键且最具变革性的事情是获得进入轨道的能力。

But the thing is the most difficult thing to do and the most transformational thing you can do is have access to orbit.

这是整个环节中必须解决的最大难题。

That's the biggest problem you have to solve in all of this.

要知道，制造航天器固然困难，但远不及获得轨道准入那么艰难。

You know, spacecraft are difficult, but not nearly as difficult as, you know, gaining access to orbit.

这才是真正的颠覆性突破，其他都相形见绌。

That's the real disruptor here, it's anything else.

这就是我们的起点。

So that's kinda where we started.

后来当我们开始内部制造卫星时，某些部件的订购周期和成本着实让我们大吃一惊。

And then as we started to build our own satellites internally, we placed some orders for some components and the lead times associated with them and the cost associated with them really really took us back.

我们当时就想，当获取一个简单的星跟踪器都需要十二个月时，这个行业怎么可能有颠覆性创新呢？

And we're like, well, how can anybody be disruptive in this industry when it takes twelve months to get a star tracker, just a simple star tracker?

所以不出所料，这促使我们首次收购了Sinclair Interplanetary，从此我们再也没有回头。

So, you know, not surprisingly, that led our first acquisition of Sinclair Interplanetary, and we've never looked back from that point.

描述我们在那里所做工作的最佳方式，就是把航天器或卫星摊在会议室桌上，然后系统性地指出所有糟糕的部件，接着逐一攻克——要么内部研发该技术，要么收购当前该技术领域最优秀的公司。

And the best way to describe what we've done there is literally lay a spacecraft out or a satellite out on the boardroom table, and then just systematically point to all the bits that really suck, and then go after each one of those and either build that technology internally, or we'll go and buy the best company that currently makes that technology.

而且不止于此，我们还要实现规模化运作。

And not just stopping there, but actually doing it at scale.

这让我们拥有了一种非常灵活的能力——就像拥有一个零件仓库，你可以随时取用货架上的部件来构建几乎任何你想要的东西。

So that kind of gives us a really healthy ability to just think of it like a storeroom of parts that you can just go and pull off the shelf to build almost anything you want.

至于航天系统的下一阶段，其实我在正式启动航天系统时就设定了三条内部准则。

And then the next leg of of space systems, I mean, the the well, there's really there's really three kind of internal mandates that I set forward when we started space systems officially.

第一条是：所有进入太空的物体都应该带有Rocket Lab的标识。

And that was, one, everything that goes to space should have a Rocket Lab logo on it.

不在乎是否由我们制造或发射，但所有进入太空的物体都应带有Rocket Lab标识——最好是能在部件上印的最大尺寸logo。

Don't care if we built it, don't care if we launched it, but everything that goes to space should have a Rocket Lab logo on it, preferably the biggest logo that you can fit on the component.

其次，我们想要建造航天器，但不仅仅是对建造毫无建树的乏味航天器感兴趣。

And then secondly, we want to build spacecraft, but not interested in just building boring spacecraft that lead nowhere.

它们必须是极具战略意义的航天器，最终实现终极愿景。

They have to be very strategic spacecraft that ultimately fulfill the end vision.

第三点则是，你知道的，建造轨道上的应用或基础设施，这些能形成良性循环。

And then the third one is is like, you know, building applications or infrastructure in orbit that kind of feeds into.

所以零部件这块，我们现在已经掌握得很好。

So the components bit, we're well in hand right now.

我的意思是，在某些领域我们已经是全球最大供应商，比如我认为我们现在是全球最大的基础级太阳能电池和面板供应商。

I mean, we're we're the largest supplier in the world some things, like I think we're the largest base grade solar cell provider and panel provider in the world now.

虽然不确定我们是否是最大的反作用轮供应商，但肯定已经接近了，而且我们还在持续扩大这些业务规模。

And I don't know if we're the largest reaction wheel provider, but we must be getting up there, and we just keep scaling these businesses.

在航天器方面，我们的首款航天器名为'第一道光'，那是一颗小型光子卫星。

And then on the spacecraft side, you know, our first spacecraft was the spacecraft called First Light, which was a little photon.

然后我们差不多跨越了十年，直接用下一代光子卫星登上了月球。

And then we sort of skipped about a decade and went straight to the moon with the next photon.

然后，因为我们成功为NASA建造了那艘登月航天器，我们赢得了即将发射的火星Escapade任务。

And then, you know, because we're able to successfully build that spacecraft for NASA to go to the moon, we won the escapade missions to Mars, which are about to launch.

由于我们出色地完成了这些任务，我们得以与MDA Globalstar签订了一个相当大的通信平台合同，并作为SDA的主承包商赢得了一批国家安全航天器项目。

And then because we executed those really well, we're able to secure a contract with MDA Globalstar on quite a big comms platform, and then we're able to win, as a prime contractor to SDA, a whole bunch of national security spacecraft.

在此过程中，我们还参与了一些极具战略意义的项目，比如Varda再入航天器、LOXAT以及其他一系列有助于实现最终目标的工作。

And then along the way, interesting stuff that's very strategic like the Varda reentry spacecraft and LOXAT and a whole bunch of other stuff that all feeds into the kind of end goal here.

几年后，你看，这就是航天系统的成果。

And a few years later, there you go, you kind of that's space systems.

嘿，伙计们。

Hey, fools.

我们稍事休息，插播今天节目的赞助商信息。

We're taking a quick break for a word from our sponsor for today's episode.

房地产。

Real estate.

它世代以来都是财富积累的基石，但对投资者来说也常常伴随着三大烦恼：维护电话、租户纠纷和房产税。

It's been the cornerstone of wealth building for generations, but it's also often been a major headache for investors with three m maintenance calls, tenant disputes, and property taxes.

欢迎了解Fundrise旗舰基金，这是一个价值11亿美元的房地产投资组合，拥有超过4000套位于阳光地带社区的单户住宅，330万平方英尺的高需求工业设施，全部由经验丰富的团队专业管理。

Enter Fundrise's flagship fund, a $1,100,000,000 real estate portfolio with more than 4,000 single family homes in the Sunbelt communities, 3,300,000 square feet of in demand industrial facilities, all professionally managed by an experienced team.

旗舰基金汇集了房地产最具吸引力的特质：长期增值潜力、通胀对冲能力，以及超越股市的多元化投资。

The flagship fund taps into some of real estate's most attractive qualities, long term appreciation potential, a hedge against inflation, and diversification beyond the stock market.

一应俱全，面面俱到。

Check, check, and check.

无需复杂的文书工作、巨额首付和令人心力交瘁的房东事务。访问fundrise.com/fool查看投资组合，了解历史回报，体验房地产投资竟能如此轻松。

All without the complex paperwork, massive down payments, and soul sucking landlord Visit fundrise.com/fool to explore the portfolio, check out historical returns, and see just how much easier investing in real estate can be.

投资前请仔细考量Fundrise旗舰基金的投资目标、风险、费用及开支。

Carefully consider the investment objectives, risks, charges, and expenses of the Fundrise Flagship Fund before investing.

本基金及其他相关信息可在fundrise.com/flagship的招募说明书中查阅。

This and other information can be found in the fund's prospectus at fundrise.com/flagship.

此为付费广告。

This is a paid advertisement.

作为企业家兼工程师，你能否谈谈创造力与想象力、探索与实验之间的相互作用，以及执行过程中细节与精确度的重要性？在商业领域，大多数人从未接触过这种程度的要求——当你将产品送上发射台时，需要怎样的信念才能确信时机已到。

Can you talk about the interplay as an entrepreneur and an engineer between the importance of creativity and imagination, discovery and experimentation, and how crucial it is to execute down to a layer of detail and precision that, given the business, most people never encounter would ever encounter anything like what it takes to have the conviction when you put something on the launch pad that it's time to go.

是的。

Yes.

有时我的大脑就像一锅沸腾的地狱冲突，因为我一半是渴望承担极端风险的企业家，一半是天生极度保守的工程师。

It is a raging cauldron of hell and conflict sometimes in my head because I'm half entrepreneur who wants to take extreme risk and then half engineer who by nature is extremely conservative.

正如你所说，关键在于找到平衡——既要确保发射台上的东西确实可行，又要快速行动保持创新，这需要走钢丝般的精准把握。

So to your point, you know, finding the balance of putting stuff on the pad that actually works, but moving quickly and being innovative is is a fine line to walk.

我觉得这个问题我也说不清楚。

I think it's something that I don't know.

我认为这也是公司魔力的组成部分。

I think it's also a part of the magic of the company.

如果你纯粹是100%的企业家——就像某些太空公司只有企业家没有工程师——结果往往会非常糟糕。

I think if you're just 100% entrepreneur, and you've seen that with maybe other space companies and no engineer, the results are just real bad.

而如果你100%是工程师却毫无企业家精神，那你可能永远不敢把任何东西送上发射台，因为你根本无法承担任何风险。

And then if you're 100% engineer and then no entrepreneur, then I think you would never ever put anything on the pad because you would be unable to take any kind of risk.

所以必须取得这种平衡，我认为火箭实验室的部分魔力就在于：我们既要有企业家的冒险精神，也要懂得在适当时候保持谨慎。

So I think you have to get that balance right, and I think it's probably some of the magic of Rocket Lab is knowing we are to be entrepreneurial and take risk and knowing we are just to not take risk.

在我看来，我们的大部分问题都会在工程与创业精神之间交织。

It feels to me like most of our questions will weave between engineering and entrepreneurship.

所以也许你可以继续融合这两方面，告诉我们从作为有效载荷提供商到拥有有效载荷的收购过程，为什么这很重要，你们目前进展如何，组装有多复杂，以及为什么这至关重要。

So perhaps you can continue to blend those by telling us the process of making acquisitions to be a payload provider to to own the payload, why that's significant, and how far you are in that process, how complicated it is to assemble that, and why why it matters.

我的意思是，我们基本上已经掌握了卫星的所有零部件。

So, I mean, we've we've basically got all the bits and pieces of the satellite.

虽然还有少数部件尚未完全到位，但我们已经拥有了所需的大部分关键组件。

There's a few bits there that we haven't quite got, but, you know, we've pretty much got everything that it and that that we need there.

你会很快意识到，人们购买卫星不是为了出色的反作用轮和太阳能板。

And you really quickly learn that people don't buy satellites for great reaction wheels and solar panels.

人们购买卫星是为了有效载荷及其功能。

People buy satellites for the payload and what it does.

如果只提供卫星平台，你永远无法将公司规模做大，必须提供端到端的整体解决方案。

And you're never gonna scale to a giant company if you just provide buses, and you you really have to provide the end to end solution.

所以你们也看到，我们已开始涉足有效载荷领域，光电系统算是这方面的首个尝试。

So, you know, you've seen us start to to dip our toe into into payloads now, and, you know, electro optical is kind of the first piece of that.

而且，要知道，如果你想想全球能提供这类高度复杂的电光红外载荷的供应商有多少，一只手就能数得过来。

And, you know, if you think about how many providers in the world are there of these deeply complex electro optical infrared kind of payloads, you can count them on one hand.

所以，能够为别人的航天器提供载荷是一回事，但当你突然出现在客户面前，不仅能提供他们真正需要的载荷，还包括整个平台系统、操作系统、地面段，甚至还能帮他们发射——这完全是另一回事了。

So, you know, being able to provide that payload to other people's spacecraft is one thing, but when you turn up all of a sudden to a customer and you can provide the thing that they actually want to do, being the payload, and by the way, all of the bus, all of the operation systems, all the ground segment, and we can launch it for you, it's just a totally different proposition.

因此你会看到我们收购更多这类载荷相关的业务，因为我认为这是拼图的最后一块。

So, you know, you'll see us acquire more of those payload kind of elements because I think that's kind of the last piece in the puzzle.

顺着类似思路——我负责报道很多AI股票，现在由于各种原因，主权AI已成为热点话题。

Something, along similar lines, I I cover a lot of our AI stocks here, and sovereign AI has become a thing for various reasons right now.

最近听到一些太空领域的讨论，感觉主权太空发射似乎也在朝类似方向发展。

And it sounds a little bit to to hear some of the recent space talk that sort of sovereign space launch is kind of shifting in a similar direction.

我知道你们最近的收购可能也暗示了这点。

And I know I think that your recent acquisitions, maybe kind of nodding at that.

那么你如何看待未来欧洲、亚洲和美国之间的这类市场格局？

And so, how do you think about those kinds of markets going forward between sort of Europe, Asia, The US?

显然有些市场你们永远不会涉足，但这是否是未来战略考量的一部分？

There are some obviously you'll you'll never serve, but is that part of the strategic thinking going forward?

是的。

Yeah.

你看，每个国家都是如此，而且我认为最近有一种收缩趋势，实际上各国基于各种国际事件，已经决定我们需要自己的东西。

So look, every nation is, and I would say there's been a recent kind of retrenchment in that in the fact that nations have have, with with various world events, decided that actually we need our own stuff.

所以这绝对是一种强烈的需求。

And so there's there's definitely a certainly a, you know, a strong strong desire there.

我们在发射领域经常看到这种情况，因为任何新兴航天国家都想要自己的火箭，因为这非常酷而且极其显眼。

We've always seen it a lot from launch because any kind of, you know, emerging space nation always wants their own rocket because it's just super cool and and very, very visible.

所以我们经常被问到，能否来我们国家建一个发射场？

So we've always been approached a lot with, can you come to our country and build a launch site?

然后我就觉得，我这辈子都不想再建发射场了，为什么要这么做？

And and and it's like, I don't wanna build another launch site ever, so why would I do that?

所以除了某个国家想要个发射台外，确实没有战略意义。但他们得用本国航天器来维持那个发射台和需求，这事可能成也可能不成。

So but there's there's no strategic reason to do it other than a country wants a launch pad, but, you know, they have to service that that launch pad and that demand with with their own sovereign spacecraft, and maybe that will happen or maybe that won't.

但可以肯定的是，我们确实看到很多主权国家在寻求建立自主能力。

But certainly, yes, we're definitely seeing, a lot of sovereigns looking to create their own capability.

说到你提到的观点，我们希望在德国完成的Monarch收购项目是个非常棒的产品。

And to your point, the the Monarch acquisition that hopefully we get through in in Germany is it's a fantastic product.

这是一个激光终端。

It's a laser terminal.

它在我们平台及许多其他领域都极其需要。

It's it's it's incredibly needed across, you know, our platforms and many others.

因此就其本身而言，这是一项很棒的收购。

So in its own right, it's a great acquisition.

但同样重要的是，这确实是我们进入欧洲市场的第一步，我们不会止步于仅在美国做大。

But also, it really is our first step into Europe, and we're not stopping it at just becoming large in The United States.

我们希望为全球以及我们能开展业务的国家提供服务。

We wanna, you know, service the the globe and the countries that that we can work in.

所以这可以说是我们进入欧洲市场的第一步。

So that's kind of the, you know, the first step into Europe.

关于Rocket Lab的投资者，我有个简短轻松的问题想问你。

Just a succinct light question for you about investors in Rocket Lab.

如果一位投资者希望将其投资期限与您作为投资者的期限保持一致，他们应该考虑持有股票多长时间？

If an investor today wanted to align their time horizon with your time horizon as an investor, how long should they be thinking about holding the stock?

公开市场上存在大量信息驱动的交易动态。

There's so much of a transactional dynamic in the public markets with a lot of information.

我们The Motley Fool面临的最大挑战之一，就是教导人们理解找到你真正想拥有的东西及其好处的重要性。

One of the biggest challenges we face at The Motley Fool is to teach the importance of finding something that you wanna be an owner of and the and the benefits of that.

因此理想情况是与CEO的投资期限保持一致。

So the dream is to align with the CEO's time horizon.

有些CEO本身也非常注重短期交易，所以每个人的节奏和愿景期限都不同。

Now some CEOs are very transactional themselves, and, you know, so everybody's at a different pace with a different time horizon on their vision.

要与您的愿景保持一致，合适的时间跨度应该是多久？

What's the what's the proper time horizon to align with your vision?

嗯，我在这里不会提供任何财务建议。

Well, I'm not gonna provide financial advice here.

这是肯定的。

That's for sure.

哎呀。

Darn.

但是你看。

But look.

我正在努力打造世界上最大的太空公司，天啊，我本来希望现在已经做到了。

I'm trying to build the biggest space company in the world, and gee, I would've hoped to have done it by now.

所有事情总是耗时太久。

Everything always takes too long.

对吧？

Right?

但你知道，我向你保证这就是我的目标，我已经全力以赴，正在尽我所能去实现它。

But, you know, you have my commitment that that that's my goal, and I'm just my shoulder is down, and I'm running as hard as I can to to to do that.

公司里的每个人也都是如此。

And so is everybody in the company.

这需要多久就是多久。

How long that takes is is is how long that takes.

但你可以看到我们公司在持续增长和扩大规模，一切都在稳步向上发展。

But you can see we kind of consistently keep growing and scaling the company, and everything is consistently moves up and to the right.

而且，希望人们能看到我们正在努力遵循的这条有条不紊的道路。

And and there's, hopefully people see the methodical path that we're trying to walk here.

就像我在通话一开始提到的，发射领域有200亿美元的机会，航天器领域有300亿美元的机会，应用和服务领域有35亿左右美元的机会。

It's like, as I mentioned right at the beginning of the call, there's like $20,000,000,000 opportunity in launch, a $30,000,000,000 opportunity in spacecraft, and a $3.50 whatever billion dollar opportunity in applications and services.

你越能以真正颠覆性的方式快速实现目标，就能打造出规模越大的航天公司。

And the faster you can get there with something that's really disruptive, then, you know, the bigger the the bigger of a space company you can actually build.

本着这种精神，你能谈谈Rocket Lab的企业文化吗？

And in in that spirit, can you talk a little bit about the culture at Rocket Lab?

你知道，这是一家将数年工时压缩到一个月，同时试图打造能延续数代成功的企业。

You know, a company that's squeezing years of hours into a month yet also trying to build something that will succeed for generations.

你如何协调工作与避免过程中的倦怠，并将其设计成能持续独立运营数十年的公司？

How do you align the the work, not burnout in the process, and and match it with something that's designed to sustain as an independent company for decades?

是的。

Yeah.

听着。

Look.

我是说，可以公平地说，如果你想要工作与生活的平衡，别来这里。

I mean, it's it's it's fair to say if if you want work life balance, don't come here.

而且你看看我们的竞争对手，他们也没有工作与生活的平衡。

And And if you look at our competitors, they don't have work life balance either.

所以如果你认为可以在不付出同样努力的情况下与竞争对手抗衡，那将会是个糟糕的惊喜。

So if you think you can compete with your competitors and not work as hard, then that's gonna be a bad surprise.

因此我们绝对全力以赴，我认为这里的文化有几个不容商量的核心要素。

So we absolutely push hard, and I would say the culture here is we have a number of really of nonnegotiable elements.

首要的一点是，我们打造精美绝伦的产品。

And right at the top is we build beautiful things.

我坚信，当你创造出真正精美的东西时，它通常都能正常运作。

And I'm I'm just I just absolutely believe that if you build a a beautiful thing that it generally works.

当你给予人们创造美好事物的自由时，他们会为此感到无比自豪，并且会超越自己的工作范畴去关注他人的成果。

When you you give someone the freedom to build a beautiful thing, they take so much pride in it, and and, you know, they look well well past their work and to other people's work.

而且，你可以去看看任何Rocket Lab的航天器、任何Rocket Lab的组件、任何Rocket Lab的火箭，它们几乎美得如同艺术品，这才是应有的样子。

And and, you know, you can go and look at any Rocket Lab spacecraft, any Rocket Lab component, any Rocket Lab rocket, and they're almost so beautiful, they're artistic, and that's the way it should be.

无论是代码、软件、会议室桌子，无论是什么，它都必须美观。

And whether it's a piece of code, a piece of software, a boardroom table, whatever it is, it needs to be beautiful.

我认为许多太空公司犯的错误在于，他们试图看自己能做出多差劲的东西还能蒙混过关，而我们则完全相反。

And I think where a lot of space companies have gone wrong is they try and see how crappy they can build stuff and get away with it, whereas we're the opposite of that.

在太空领域，首要且必须始终满足的条件是它必须能正常工作。

The number one thing that must be always true first in space is it has to work.

其他所有要求都排在第二位。

Everything else is kind of behind that is it has to be second.

因此，确保每样东西都美观是每个人真正专注的事情。

So making sure that everything is beautiful is something that everybody is really focused on.

这还是个自我实现的预言，因为你吸引的是那些想要打造既美观又实用的东西的人，而那些想走捷径、不愿呈现最佳工作成果的人则无法生存。

And it's a self fulfilling prophecy as well because you attract people that want to build beautiful things that work, and people who wanna take shortcuts and not present the best work that they can do don't survive.

他们要么意识到这里不适合自己，要么周围的同事不接受他们的工作。

They either realize that it's not the environment for them or their peers around them don't accept their work.

所以，这是自我实现的。

So, it's self fulfilling.

如果你看看过去五年或十年内的发射公司，这不是个好赌注。

And if you look at the launch companies over the last, call it five or ten years, it's not a good bet.

一般来说，它们都失败了，对吧？

Generally, they all fail, right?

我经常被问到，为什么火箭实验室成功了而其他公司都失败了？

And I'm always asked, well, why did Rocket Lab succeed and all these others fail?

归根结底就是两件事：打造精美的事物和全力以赴。

And it comes down to really two things, it comes down to building beautiful things, and it comes down to hustle.

当我说全力以赴时，意思是遇到障碍时你有两个选择：要么举手投降说不知道该怎么办，觉得这无法突破解决不了，

And when I say hustle, I mean, when you're greeted with a barrier, you have two options, right, is you can either just throw your arms up and go, well, I don't know what to do, and this seems impenetrable and can't solve it.

要么你尝试攀越它，如果攀不过去就试着绕过去。

Or, you you try and climb it, and if you can't climb it, you try and go around it.

如果绕不过去，就拿出铲子开始挖，直到从底下穿过去。

If you can't go around it, you get out your spade and you just start digging until you get under it.

这就是Rocket Lab的精神内核。

So, and that's the Rocket Lab kind of mentality.

当其他大多数公司在技术或其他方面遇到困难时选择放弃，我认为我们只是比他们更有韧性。

So where many, many others would have reached kind of points in both technical or or otherwise and given up, I think we just have more tenacity than others.

彼得·贝克爵士，Rocket Lab创始人兼CEO，股票代码RKLB，自然会是波动性很大的股票。

Sir Peter Beck, the founder and CEO of Rocket Lab, ticker symbol r k l b, naturally will be a very volatile stock.

许多伟大的公司股票波动性都很大，因为他们将新事物带入世界，而市场需要时间评估其影响力，股东也需要承担相应风险。

Many of the greatest companies have very volatile stocks as they bring something into the world that others try and figure out how consequential it will be, what risks, they will need to endure as a shareholder.

我们很荣幸能与您及您的团队、公司共同踏上这段征程，并致以最美好的祝愿。

And so, we're excited to be on that journey with you and your team and your company, and, we wish you the very best.

感谢您抽出这六十分钟的时间。

And thank you for, sixty minutes of your time.

不客气。

No.

非常感谢大家。

Thanks very much, guys.

很有趣。

It's been fun.

非常多。

A lot.

一如既往，节目嘉宾可能对他们讨论的股票持有利益关系，The Motley Fool可能已发布正式推荐或反对意见。

As always, people on the program may have interest in the stocks they talk about, and The Motley Fool may have formal recommendations for or against.

因此不要仅凭听到的内容买卖股票。

So don't buy or sell stocks based solely on what you hear.

所有个人理财内容均遵循Motley Fool编辑标准，未经广告商批准。

All personal finance content follows Motley Fool editorial standards and is not approved by advertisers.

广告为赞助内容，仅提供信息参考。

Advertisements are sponsored content and provided for informational purposes only.

查看完整广告披露声明，请查阅节目说明。

To see our full advertising disclosure, please check out our show notes.

这里是Motley Fool Money团队，我是Matt Greer。

For the Motley Full Money team, I'm Matt Greer.

感谢收听，我们明天见。

Thanks for listening, and we will see you tomorrow.