肯德基在炸鸡大战中惨败。它能东山再起吗？

美国对自己偏爱的蛋白质来源非常明确。

America is clear about its preferred protein.

那就是鸡肉，尤其是炸鸡，无论是三明治里的鸡胸肉、鸡柳、鸡块，最好都蘸上酱汁。

It's chicken, especially fried chicken, in sandwiches, tenders, nuggets, and preferably dipped in sauce.

平均每个美国人每年要吃掉100磅鸡肉，其中大部分来自快餐炸鸡店。

On average, each American eats a 100 pounds of chicken a year, and much of that comes from fast food chicken restaurants.

我的同事希瑟·哈顿负责餐饮行业报道，她追踪了所有相关数据。

My colleague Heather Hatton, who covers the restaurant industry, has tracked it all.

鸡肉产业确实在蓬勃发展。

Chicken is definitely booming.

有福乐鸡（Chick-fil-A）的三明治。

You've got Chick fil A with their sandwiches.

对我来说，福乐鸡原味鸡排三明治的精髓在于外皮的酥脆和肉排的鲜嫩。

And what makes the Chick fil A chicken sandwich original to me is the crispiness of the breading and the tenderness of the fillet.

还有Raising Cane's的鸡柳。

You've got Raisin Cane's with their fingers.

Raising Cane's的鸡柳，一生挚爱。

Raisin Cane's chicken fingers, one love.

还有戴夫热鸡（Dave's Hot Chicken）。

Got Dave's Hot Chicken.

美国最好吃的炸鸡是哪家？

What is the best fried chicken in America?

我要去尝尝看。

I'll go try it.

老实说，我觉得是戴夫辣鸡。

Honestly, I think it's Dave's Hot Chicken.

我们走吧。

Let's go.

有Wingstop、Zaxby's、Popeyes、Bojangles这些店。

There's Wingstop, Zaxby's, Popeyes, Bojangles.

我还能继续列举。

I could keep going.

简直遍地都是。

It is just everywhere.

而且这是餐饮业真正在增长的领域。

And it's the area of restaurants that's really growing.

你知道，除了鸡肉和饮料，快餐业整体都不景气。

You know, fast food in general is not doing well except for chicken and beverages.

所以鸡肉是大家都在蜂拥而入的领域之一。

So chicken is one of the areas where everyone is flocking.

嘿。

Hey.

我才是这里负责说双关语的人。

I'm the one who does puns around here.

开个玩笑。

Just kidding.

但有家公司没有像你预期的那样乘上鸡肉热潮，那就是炸鸡界的元老。

But one company that isn't riding the chicken wave as much as you'd expect, the OG of fried chicken.

肯德基。

KFC.

肯德基。

KFC.

吮指回味，自在滋味。

It's finger licking good.

肯德基。

KFC.

几十年来，肯德基一直是街区里最耀眼的炸鸡巨头。

For decades, Kentucky Fried Chicken was the biggest rooster on the block.

肯德基堪称是我们如今所熟知的大规模销售炸鸡业态的开创者。

KFC is really kind of the originator of what we think of as fried chicken sold in mass.

在全国各地的快餐店都有销售。

So sold at fast food restaurants all over the country.

他们已深耕这一领域数十年，但在过去一二十年间，随着众多新兴竞争者的涌现，他们确实失去了'炸鸡之王'的桂冠，这给公司带来了严峻挑战。

And they've been doing this for decades and decades, and yet in the last decade or two, they've really lost their crown as the chicken champ as all of these other newer competitors have come around, and so that's presented a real issue for this company.

欢迎收听《The Journal》，这是一档关于金钱、商业与权力的节目。

Welcome to The Journal, our show about money, business, and power.

我是瑞安·克努森。

I'm Ryan Knudson.

今天是11月21日，星期五。

It's Friday, November 21.

本期节目将探讨：肯德基如何痛失炸鸡王座，以及其重振雄风的计划。

Coming up on the show, how KFC lost its chicken crown and its plan to take it back.

肯德基的起源可以追溯到1930年代的一家加油站，当然是在肯塔基州。

Kentucky Fried Chicken traces its roots back to the 1930s at a gas station, obviously in Kentucky.

它由被称为'上校'的哈兰·桑德斯创立。

It was founded by Harlan Sanders, known as the Colonel.

他在加油站开了家小餐馆，开始供应他标志性的炸鸡。

He set up a small restaurant at the station and started to serve his iconic chicken.

这是70年代桑德斯参加脱口秀时的片段。

Here's Sanders on a talk show in the '70s.

我希望我餐厅的炸鸡能比任何竞争对手的都好吃。

I wanted to have the best chicken in my restaurant than any competitor had.

我在通往佛罗里达或大烟山的高速公路上，想在他们返程时吸引他们光顾。

So I was on the highway where they go to Florida or to the Smoky Mountains, as they went down to there, I wanted to get them as they come back.

在那里，他完善了11种香料的配方，并尝试用压力锅替代传统炸锅使鸡肉更酥脆。

There, he honed his mix of 11 herbs and spices and experimented with a pressure cooker instead of a traditional fryer to make his chicken crispy.

他完善了这个配方，开始在餐厅销售，结果大获成功。

He perfects this recipe and he starts selling it at his restaurant and it does great.

他获得了那些在公路旅行中品尝过炸鸡的顾客的好评。

He gets some write ups from folks who have sampled it on road trips.

他获得了州政府授予的上校头衔。

He gets that colonel designation from the state.

他并非真正的军队上校，这只是个荣誉头衔。

He is not an actual military colonel, but it is an honorific.

他获得荣誉上校头衔，是因为他的炸鸡实在太好吃了吗？

He got the honorific colonel title, like act like legitimately because of his chicken was so good?

是的。

Yes.

这与任何军事服役无关。

It was not for any military service.

希瑟告诉我的关于肯德基历史最奇怪的事情是，桑德斯曾一度与一个竞争对手的加油站老板发生了枪战。

The strangest thing about KFC's history that Heather told me about was that at one point Sanders got into a gunfight with a rival gas station owner.

镇上另一个拥有加油站的竞争者不喜欢他开设了加油站。

The other competitor in that town who had a gas station did not like that he had set up a gas station.

这两位加油站老板之间发生了枪战，哈兰·桑德斯的一名工人被杀。

And there was a shootout between these two gas station owners, and Harlan Sanders, one of his workers, was killed.

天啊。

Holy cow.

聊聊鸡肉大战吧。

Talk about chicken wars.

确实如此。

Indeed.

这里可是原版鸡肉大战的发源地。

OG chicken wars here.

于是另一家加油站老板真的进了监狱，消除了他的竞争对手。

And so the other gas station owner actually went to jail, eliminating his competition.

生意一直很好，直到五十年代新公路建成，桑德斯的加油站客流量大减。

Business was good until the nineteen fifties when a new highway was built and Sanders' gas station stopped getting as much traffic.

但他是个狡猾精明的企业家。

But he is a wily, crafty entrepreneur.

于是在1950年左右，他开始寻找在其他餐厅销售他的特色炸鸡的方法。

And so around 1950, he starts looking for ways to sell his his special fried chicken in other restaurants.

我没有任何依据可以消除这种机会。

I had nothing no any anything to go by that would be get rid of any opportunity for that.

但无论如何，我接手了特许经营权，拿到了我的鸡肉，之前我称它为肯德基炸鸡。

But anyhow, I undertook the franchise getting my chicken, And I called it Kentucky Fried Chicken before

于是他找到了一位在犹他州相当受欢迎的餐厅老板来销售他的鸡肉。

And so he finds a restaurant owner who's pretty, popular in Utah to sell his chicken.

那位餐厅老板获得了配方授权，在餐厅里创立了肯德基炸鸡，并发明了至今仍在销售的红白相间的鸡腿和鸡翅桶。

That restaurant owner licensed the recipe, established Kentucky Fried Chicken in the restaurant, and invented those red and white buckets of drumsticks and thighs that they still sell today.

正是这些桶装炸鸡最终受到了忙碌家庭的极大欢迎。

And it was those buckets that eventually proved to be a big hit with busy families.

全镇的女性心中都有一个疑问。

All over town, women have a question on their minds.

应该

What should

我今晚晚餐该准备什么？

I serve for dinner tonight?

让桑德斯上校来回答这个问题。

Let colonel Sanders answer the question.

去您附近的肯德基门店购买。

Pick up Kentucky Fried Chicken in your neighborhood.

桑德斯上校让它看起来更丰盛诱人。

Colonel Sanders makes it bigger looking good.

你

You

可以享用一顿包含鸡肉和配菜的家庭餐，要知道，我认为最初的搭配是14块鸡肉配肉汁，再加上饼干或土豆泥。

can have a family meal of chicken and sides, you know, I think it was the original permutation of this with 14 pieces of chicken with gravy and, you know, either biscuits or mashed potatoes.

你可以和家人围坐一起，将丰盛的食物摆开享用，甚至可以用真正的陶瓷碗盘盛装，这样你就拥有了一顿配有各种小菜的家庭餐。

You can sit down with your family, spread all that bounty out, serve it up, you know, maybe even put it in actual ceramic bowls and dishes, and, you know, you've got a meal for your family with sides.

他们确实抓住了当时许多美国人的需求——用相对低廉的价格，为家人提供美味、新鲜且热气腾腾的食物，这类餐厅也因此越开越多。

They really tapped into that demand that I think a lot of Americans had at that time to eat you know, feed their families, have it relatively inexpensive, have it be tasty and fresh and hot, and more and more of these restaurants were built.

到了20世纪60年代，肯德基已拥有数百家特许经营店，成为美国最大的快餐连锁品牌，并在随后几十年里始终保持领先地位。

By the nineteen sixties, Kentucky Fried Chicken had hundreds of franchise stores and was the biggest fast food chain in America, and it remained near the top for decades.

该公司很早就将业务扩展到了美国以外。

The company also expanded beyond The US pretty early.

1987年，它成为首家在中国开设分店的西方快餐连锁品牌。

In 1987, it was the first Western fast food chain to open up in China.

如今肯德基已遍布全球150个国家。

There are now KFCs in a 150 countries around the world.

他们在国际市场上取得了巨大成功，很大程度上是因为全球都消费鸡肉。

They have really become, successful internationally, and a lot of that is because the world eats chicken.

全世界都爱炸鸡。

The world loves fried chicken.

要知道，非洲、亚洲、中国、欧洲、南美...

You know, Africa, Asia, China, Europe, South America.

我是说，全世界真的都爱炸鸡。

I mean, the world really loves fried chicken.

于是他们开始意识到海外市场对他们来说大有可为，而这一想法后来确实成真了。

So they started to see that there was a good business for them abroad, and that has really become true.

但没过多久，其他炸鸡店就开始涌入肯德基的市场。

But it wasn't long before other chicken restaurants started crowding into KFC's coupe.

其中一个大品牌是来自乔治亚州的福乐鸡。

A big one was Chick fil A from Georgia.

福乐鸡当时正在尝试新做法。

And Chick fil A was doing something new.

它只卖无骨鸡肉制成的三明治和嫩鸡块，深受人们喜爱。

It only sold boneless chicken in sandwiches and tenders, and people loved it.

随着发展，人们不仅喜欢这种鸡肉，也喜爱福乐鸡闻名遐迩的南方风格热情服务。

As it grew, people really loved this chicken, and they loved also the hospitality that Chick fil A is really known for, the southern style hospitality.

他们还喜欢菜单上的冰茶等其他产品。

They also liked, you know, the iced tea and other things on the menu.

因此随着福乐鸡的壮大，它确实对肯德基构成了前所未有的威胁。

And so as Chick fil A grew, I mean, it really posed new threat to KFC where they really didn't have much of a threat before.

要知道当时主导市场的其实是汉堡和披萨。

I mean, it it really was, burgers and pizza that was dominating the market at the time.

这引发了无骨炸鸡店的蓬勃发展，这种趋势延续至今，比如专营鸡条和三明治的Raising Cane's和Dave's Hot Chicken。

This led to a boom in boneless chicken spots that's continued through today, like Raising Cane's and Dave's Hot Chicken, which specialize in strips and sandwiches.

与此同时，肯德基也谨慎涉足无骨市场，推出了三明治和鸡米花。

KFC, meanwhile, did tiptoe into the boneless market with sandwiches and popcorn chicken.

但其主要重心始终放在带骨肉的桶装产品上，而这似乎已不再满足美国家庭的需求。

But its main focus was always on its buckets, filled with meat on the bone, which didn't seem to be meeting American families' needs anymore.

如今，餐桌上用真正餐具享用完整餐食的场景越来越少了。

These days, there's just less of the full meals on real plates at the dinner table thing going on.

家庭变得更忙碌了。

Families have gotten busier.

根据一家研究公司的数据，消费者不再是在路上买食物带回家吃，而是有26%的快餐订单是在车里完成的。

Instead of grabbing food on the road and eating it when they get home, consumers are eating 26 of fast food orders in their cars, according to one research firm.

而且单手吃鸡肉三明治另一只手开车，比吃鸡腿要方便得多。

And eating a chicken sandwich with one hand and driving with the other is a lot easier than eating a drumstick.

不过说实话，这两种方式我都不推荐。

Though, honestly, I wouldn't recommend either.

现在人们真的很需要便携式餐食。

People really want portable meals these days.

他们想要三明治。

They want sandwiches.

他们想要鸡柳条这类可以边走边吃、在车里吃的食物。

They want tenders, things they could eat on the go, things that they could eat in their car.

我认为这确实反映了美国人饮食方式正在改变。

And I think this does speak to, you know, the way Americans are eating is changing.

这对销售家庭团体餐的公司来说真是个问题。

And that's that's really a problem for companies that sell meals, group meals for families.

他们必须思考新的销售方式，针对个人午餐，或是那些赶时间、深夜进食的人群。

You know, they have to think of new ways to sell that for individuals, for for lunch, or for just people, you know, eating on the go, eating it late at night.

鸡肉三明治变得如此流行，以至于2019年爆发了一场被称为'鸡肉三明治大战'的激烈竞争。

Chicken sandwiches became so popular that in 2019, an all out brawl broke known as the chicken sandwich wars.

快餐连锁店Popeyes推出了一款新鸡肉三明治，但真相是这样的。

The fast food chain Popeyes has a new chicken sandwich, but here's the real story.

Popeyes与Chick fil a正面交锋

Popeyes pitted against Chick fil

两家餐厅在推特上开战后，A代表最佳鸡肉三明治。

A for the best chicken sandwich after both restaurants took to Twitter.

Popeyes向Chick fil a发起挑战，你们准备好了吗？

Popeyes issuing the challenge to Chick fil a, y'all good?

于是大战开始了。

And the battle began.

我支持Popeyes。

I'm rooting for Popeyes.

看完这个我绝对要再去买个三明治。

I'm definitely going to get another sandwich after this.

Chick fil a比Popeyes好吃一千倍。

The Chick fil a is a thousand times better than Popeyes.

百分之一千的更好吃。

A thousand percent better.

没错，这太简单了。

Yeah, that was easy.

鸡肉大战对大多数快餐炸鸡店来说都是福音。

Chicken wars were a boon for most fast food chicken joints.

Popeyes门口排起长队，其2019年同比销售额增长了42%。

Popeyes had lines out the door, and its year over year sales in the 2019 went up 42%.

这迫使其他快餐店推出或重新推出自己的鸡肉三明治。

And it forced other fast food restaurants to introduce or re release their own chicken sandwiches.

今晨消费新闻：福乐鸡和大力水手炸鸡做好准备，因为麦当劳即将加入炸鸡三明治大战。

In consumer news this morning, get ready Chick fil A in Popeyes because McDonald's is entering the fried chicken sandwich war.

温蒂汉堡并非炸鸡大战的发起者。

Wendy's didn't start the chicken wars.

它们只是用

They just ended

温蒂的新经典鸡肉三明治终结了这场战争。

them with Wendy's new classic chicken sandwich.

肯德基当时缺席了战场。

KFC was missing in action.

等到它重新推出鸡肉三明治时，已经错过了最佳时机。

By the time it reintroduced a chicken sandwich, it had missed the moment.

当所有炸鸡产品在市场上大爆发时，肯德基在做什么？

As all this chicken was exploding in the marketplace, what was KFC doing?

我是说，他们还在卖他们的全家桶。

I mean, they're still selling their buckets.

对吧？

Right?

他们仍在服务核心市场，同时也在尝试开发新产品。

They were still catering to their core market, and they were trying to come up with new things.

就像我说的，他们确实有自己的鸡肉三明治。

Like I said, you know, they do have their own chicken sandwiches.

有些人真的非常喜欢他们的鸡肉三明治。

Some some folks really like their chicken sandwich.

他们试图尝试新的营销方式，但效果并不显著。

And they were trying to, you know, experiment with new marketing, but they just weren't breaking out as much.

部分问题在于他们与桶装鸡的形象绑定太深。

Part of the issue is they just became associated with the bucket.

他们完全和这种桶装带骨鸡的吃法联系在了一起。

They just became associated with this bone in way of eating chicken in a bucket.

为什么这位鸡肉界的原初王者没能让所有形式的鸡肉都充满吸引力？

Why was the original king of chicken not making chicken enticing in all of its forms?

嗯，有几个问题。

Well, couple of issues.

一种只是习惯、传统，也许还有些管理层的选择。

One is just habit and tradition and maybe some executive choices.

但说到鸡块，你知道，那完全是另一条供应链了。

But when you're talking about nuggets, you know, you're talking about a whole different supply chain.

对吧？

Right?

所以如果你的供应链是基于带骨鸡肉，要转向无骨无骨鸡肉确实需要时间和工作来重新调整。

So if you've built your supply chain about bone in chicken, it does take time and work to reorient your chain around boneless boneless chicken.

我是说，这完全是不同的供应商。

I mean, it's just a different supplier.

我确实认为他们没早点这么做是个失误。

I do think it was a miss that they didn't do that sooner.

肯德基直到2023年才开始大规模销售鸡块。

It wasn't until 2023 that KFC started widely selling chicken nuggets.

那么这些竞争对肯德基意味着什么？

So what did all this competition mean for KFC?

这意味着，所有这些竞争和消费者习惯的改变确实导致了他们在美国的销售额下降。

Well, it means that all this competition and the change in consumer habits really means that their sales have fallen, in The US.

要知道，他们已不再是鸡肉市场的主导者之一了。

You know, they are no longer one of the dominant chicken players.

去年，肯德基是美国第四受欢迎的炸鸡店，而且一直在关闭门店。

Last year, KFC was the fourth most popular chicken spot in The US, and it's been closing stores.

有顾客表示，与新兴竞争对手相比，剩余门店显得更陈旧，吸引力不足。

Some customers say the remaining locations feel older and less inviting compared to its newer competitors.

我听到顾客反映，现在的体验和他们记忆中的完全不一样了。

I have heard from customers who have just said it's just not the same that they remembered.

可能这些餐厅看起来有些陈旧了。

You know, maybe the restaurants look a little tired.

可能提供的餐品也显得缺乏新意。

Maybe the offering looks a little tired.

这完全不符合如今人们外出就餐的期待。

It's just not what they're looking for when they go out to eat these days.

接下来将报道肯德基为振兴品牌采取的措施。

What KFC is doing to revive the brand, that's next.

肯德基隶属于一家名为百胜餐饮集团的快餐巨头。

KFC is owned by a huge fast food conglomerate called Yum Brands.

它还拥有塔可钟和必胜客。

It also owns Taco Bell and Pizza Hut.

在目睹肯德基近年来的下滑后，百胜集团决定进行改革，引入新的美国管理层。

And after watching KFC slide in recent years, Yum decided to shake things up and bring on new US leadership.

所以他们新任命的美国总裁具备市场营销和全球经验，将带来新的活力和创新理念。

So they have a new US president who has marketing and global experience who is coming in with fresh energy and fresh ideas.

他们新任命了一位首席营销官。

They have a new CMO.

这位营销高管来自Wingstop连锁餐厅。

This marketing officer is from Wingstop.

因此人们真心希望她能将其营销秘诀带到肯德基。

So folks are really hoping that she can bring some of their, you know, marketing magic to KFC.

肯德基还在测试一个名为Saucy的新餐厅概念，这是一个衍生品牌，只销售无骨肉类，如嫩肉、三明治和卷饼，并配有多种酱料。

It's also testing a new restaurant concept called Saucy, a spin off brand that only sells boneless meat, like tenders, sandwiches, and wraps, along with tons of different sauces.

让我们试试肯德基的新餐厅Saucy，基本上是一家提供各种鸡柳套餐的鸡肉餐厅。

Let's Try Saucy, a new restaurant by KFC, is basically a chicken restaurant with different variations of chicken tender meals.

嫩鸡柳和三明治。

Tendi's and Sammie's.

天啊。

Oh my gosh.

我超爱它们真的就叫这个名字。

I love that they're actually called that too.

是嫩鸡柳。

It's tenders.

共有11种不同的酱料，还有饮料。

It's 11 different sauces, and then it's drinks.

这是为了吸引那些可能不喜欢带骨炸鸡桶的年轻消费者。

And so this is to try to appeal to younger consumers who might not want that bone in bucket.

他们在佛罗里达州已经开设了一家门店，还收购了13家餐厅准备改造成Saucy's品牌，想看看市场反响如何。

And so they have one of them that has started in Florida, but they've just purchased 13 different restaurants to convert them into Saucy's and try to see how this goes.

发言人表示该连锁品牌正处于快餐业复兴故事的早期阶段。

Spokesman said the chain is in the early stages of a fast food comeback story.

他说：‘我们对发展轨迹持乐观态度。’

He said, quote, we're optimistic about the trajectory.

至于原版肯德基，公司已升级营销策略，采用更前卫俏皮的广告风格。

As for the original KFC, the company has upped its marketing game, leaning into edgier and playful advertising.

嫩鸡柳大战才刚刚打响。

The chicken tender battle has just begun.

这对我们来说将是重大机遇。

This is gonna be big for us.

嫩

Tender

我们已经能从广告中感受到截然不同的品牌态度。

And already, we're seeing just a different attitude with the ads.

他们似乎正在更直接地挑战竞争对手，甚至指名道姓。

It seems like they're taking up their competitors more and naming them out.

你知道，他们在广告里直接点名福乐鸡，基本上就是在说‘我们冲你来了’。

You know, they've been naming Chick fil A in their advertising and saying, we are coming for you, basically.

Chick fil A的一个简单特点是他们周日不营业，所以他们可以轻松地说，你知道的，周日来吃我们的鸡肉。

An easy point with Chick fil A is that they're not open on Sundays, so they can easily say, you know, get our chicken on Sundays.

这种更前卫的营销策略中，他们请了一位上校形象代言人，基本上就是在表达：我们对目前在鸡肉市场的地位不满意。

Part of this edgier marketing where they have this colonel who is basically saying, we are not happy about our position in the chicken market these days.

这也利用了品牌怀旧情结。

It's also leaning into brand nostalgia.

最近，肯德基重新推出了90年代末的薯角和蜂蜜烧烤三明治。

Recently, KFC brought back potato wedges and a honey barbecue sandwich from the late nineteen nineties.

他们还对经典全家桶提供了折扣。

It's also been offering discounts on its original bucket.

这些改变有见效的迹象吗？

Are there any signs that these changes are working?

有。

Yes.

我们在11月初公布的Young Brands财报中看到了一些早期迹象。

So we have some early signs in Young Brands earnings that came out early in November.

肯德基美国确实实现了——我记得是2%的同店销售额增长。

KFC US did show, I believe it was a 2% same store sales growth.

要知道，在此之前他们已经连续六个季度亏损。

You know, they had six quarters of losses before that.

所以，这确实值得关注。

So, You know, that is notable.

这算是有所成效了。

That is something.

小有收获。

A little bit of a win.

但他们必须持续证明其有效性。

But they have to keep showing that it works.

对吧？

Right?

希瑟表示，肯德基的案例提醒我们，过去的成功不能保证未来。

Heather says the KFC story is a reminder that past results are not a guarantee of future success.

企业必须与时俱进，不断进化。

And that companies always need to evolve in order to keep up with the times.

你不能总是重复同样的做法却期待奏效。

You can't just keep doing the same thing over and over again and expect it to work.

看看Chili's餐厅，这就是餐饮业当前最成功的转型案例之一。

I mean, you look at Chili's, that's one of the big turnaround stories of the industry right now.

这需要资金投入、时间沉淀、市场营销，还需要提升产品质量并保持创新——但这些付出确实取得了成效。

And that took money, it took time, it took marketing, and it took investing in the quality of the product and keeping it new and fresh to work, but it has worked.

所以我认为必须持续倾听消费者，无论是通过社交媒体、TikTok等渠道，确保始终满足他们的需求。

So I think you have to keep listening to your consumers, find where they are, whether it's on social media, TikTok, etcetera, and make sure you're really still catering to them.

不能固步自封却期待达成目标。

You can't just keep doing the same thing and expect the results that you want.

以上就是今天（11月21日，周五）的全部内容。

That's all for today, Friday, November 21.

《华尔街日报》播客由Spotify与华尔街日报联合制作。

The Journal is a co production of Spotify and The Wall Street Journal.

本节目由凯瑟琳·布鲁尔、皮娅·格德卡里、瑞秋·汉弗莱斯、伊莎贝拉·贾帕尔、索菲·科德纳、马特·邝、科林·麦克纳尔蒂、杰西卡·门多萨、安妮·米诺夫、劳拉·莫里斯、恩里克·佩雷斯·德拉罗萨、莎拉·普拉特、艾伦·罗德里格斯·埃斯皮诺萨、希瑟·罗杰斯、皮尔斯·辛吉、吉维卡·维尔马、丽莎·王、凯瑟琳·惠兰、塔蒂亚娜·扎米兹以及我，瑞安·克努森共同制作。

The show is made by Katherine Brewer, Pia Gedkari, Rachel Humphries, Isabella Japal, Sophie Codner, Matt Kwong, Colin McNulty, Jessica Mendoza, Annie Minoff, Laura Morris, Enrique Perez de la Rosa, Sarah Platt, Alan Rodriguez Espinosa, Heather Rogers, Pierce Singi, Jeevika Verma, Lisa Wang, Katherine Whelan, Tatiana Zamiz, and me, Ryan Knudson.

我们的工程师是格里芬·坦纳、内森·辛加帕克和彼得·伦纳德。

Our engineers are Griffin Tanner, Nathan Singapak, and Peter Leonard.

我们的主题音乐由So Wiley创作。

Our theme music is by So Wiley.

本周的附加音乐来自凯瑟琳·安德森、彼得·伦纳德、艾玛·芒格、内森·辛加帕克、So Wiley以及Brutaut Sessions。

Additional music this week from Katherine Anderson, Peter Leonard, Emma Munger, Nathan Singapak, So Wiley, and Brutaut Sessions.

本周的事实核查由玛丽·马西斯负责。

Fact checking this week by Mary Mathis.

感谢收听。

Thanks for listening.

周一见。

See you Monday.