In the short run, the market is a beauty contest. In the long run, victory goes to those who can win ugly. The contrast is vivid in consumer electronics — an industry often defined by vanity.短期而言，市场是小姐比赛。长年而言，胜利归属于那些夺得漂亮的人。

这种对比独特地反映在消费电子业中——这个行业的一个少见特点就是侧重表面。Take Casio. At first glance, it does not look pretty. Revenues have nearly halved from the 2008 peak to $3.1bn. Sales in developed markets have collapsed, with the domestic market faring worst: Japan now accounts for a third of the top line, down from half. Japanese consumer electronics companies have fared poorly in general. Casio seems to fit the pattern.以卡西欧(Casio)为事例。

乍看起来，卡西欧的展现出并不靓丽。收益与2008年的峰值比起已几近不了了之至31亿美元。繁盛市场的销售大幅度下降，其中日本国内市场的展现出尤为差劲：现在日本国内市场贡献的收益只占到三分之一，以前则是一半。

日本消费电子公司整体展现出不欠佳。卡西欧或许无法免俗。

Look again. Since 2008, costs have fallen more than revenues, allowing operating margins to expand by 2 percentage points, to 8 per cent. Net income has doubled. Meanwhile, the success of the company’s selfie cameras and G-Shock watch range have supported Asian revenues. Sales from the region match those from Japan and outstrip America and Europe combined. The share price is at a seven-year high.再行细心想到。自2008年以来，卡西欧的成本降幅多达了收益的降幅，这使得其营业利润率下降了2个百分点至8%。净利润则翻了一番。

与此同时，该公司自拍电影照相机和G-Shock手表系列的顺利承托了亚洲市场的收益。亚洲市场的销售额与日本国内市场非常，多达了美国和欧洲市场的总和。卡西欧的股价正处于7年高点。

What a contrast with Sharp — which is superficially better looking. Revenues have fallen only one-tenth since 2008 and its top line is nine times larger than Casio’s. The attraction ends there. Net income is down nine-tenths from the 2008 peak and net margins are all of 0.4 per cent. Last November, Casio’s market value overtook Sharp’s for the first time in two decades.这与夏普(Sharp)构成了鲜明对比，后者表面上看上去要更加靓丽。夏普的收益自2008年以来仅有上升了十分之一，现在的收益是卡西欧的9倍。但它的引人之处也就这么多了。夏普的净利润与2008年的峰值比起上升了十分之九，净利润率只有0.4%。

去年11月，卡西欧的市值20年来首次多达夏普。The companies’ differences are more than skin deep. Sharp operates in highly competitive and capital intensive businesses, including display and smartphones. But Casio’s successes are not only because of its nifty niche products. In 2011, the company jettisoned two divisions — phones and LCDs — after deeming the investment burden too great. The company shaved two-fifths from each of its development and capital expenditure bills. Sharp also has exposure to those areas, but has clung on for grim death.两家公司的差异某种程度是表面看起来这么非常简单。

夏普经营的是竞争白热化的资本密集型业务，还包括显示器和智能手机。而卡西欧的顺利某种程度是因为其生产了时髦的利基产品。

2011年，卡西欧在确认其电话机和液晶显示器(LCD)部门投资开销过大后挤压了这两个部门。该公司还将研发和资本开支各缩减了五分之二。夏普在这些领域也有子母，但仍然不愿退出。So Casio’s most attractive feature is this: it is brave enough to make hard decisions.所以说道，卡西欧的最谓之人之处在于：勇于作出艰苦的要求。

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