deck no. 09 Flashcards
(250 cards)
1
Q
willy-nilly
A
jak popadnie, na chybił trafił (bez planu)
Money in the right hands, right founders, right potential long-term platforms works. But it doesn’t work willy-nilly on every pet-walking and hotel-room renting website.
2
Q
impeccable
A
nieskazitelny
Perhaps that is why billionaires are tolerated even by countries with impeccable social-democratic credentials: Sweden and Norway have more billionaires per person than America does.
3
Q
qualms
A
wątpliwości; zastrzeżenia
Rep. Patrick McHenry (R., N.C.), the committee’s top Republican, said he had his “own qualms about Facebook and libra and the shortcomings of Big Tech.”
4
Q
w locie, przy okazji
A
on-the-fly
Humans can use general knowledge and on-the-fly reasoning to react to things that are new to them—a light aircraft landing on a busy road, for instance, as happened in Washington state in August (thanks to humans’ cognitive flexibility, no one was hurt).
5
Q
głosowanie powszechne
A
popular vote
No question in my mind that any of the Democrats will beat Trump by millions of the popular votes.
6
Q
instrumental
A
ważny, zasadniczy, odgrywający znaczącą rolę
But according to people familiar with the matter, Apple said no to more than 1,200 projects before greenlighting the first scripts, while it has enlisted seasoned executives to steer programming, including Jamie Erlicht and Zack Van Amburg, Sony Pictures veterans who played instrumental roles on hit shows such as Breaking Bad and The Crown.
7
Q
owczy pęd
A
mad dash
As deep-pocketed competitors including DoorDash and Uber Eats have grown their presence within Grubhub’s legacy market over the past few years, the incumbent has consistently stuck by its message that its differentiated approach of a disciplined, partnered network of restaurants would be superior to a mad dash to sign up unpartnered ones without a formal contract covering proprietary services for a fee.
8
Q
tumultuous
A
burzliwy (np. okres)
Given the tumultuous state of his career, not everyone has taken Mr. West’s conversion at face value.
9
Q
mieć coś jeszcze do zrobienia
A
to have yet to do something
Privately held DoorDash has the lead at 35% with Uber Eats at 25%. But then Grubhub is and plans to remain profitable—something its competitors have yet to say.
10
Q
to revere
A
szanować; czcić
But McKinsey, too, has some soul-searching to do. Its industry, estimated to be worth $300bn, is, like those of its clients, being transformed. And as its most revered—and hermetic—standard bearer, it is under more scrutiny than ever before.
11
Q
appalling
A
okropny; przerażający
At one point, the vice chairwoman of the Congressional Black Caucus, Rep. Joyce Beatty (D., Ohio), called the testimony “appalling and disgusting” after Mr. Zuckerberg gave a halting answer about details of the company’s work with civil rights leaders.
12
Q
żargon
A
lingo
The electron exists as a kind of probabilistic blur until you observe it, when it “collapses,” in physics lingo, into a single position.
13
Q
dochodzić do siebie, wychodzić z kryzysu
A
to turn the corner
As the company turns a corner, the CEO says Snapchat’s controversial redesign is paying off.
14
Q
to come by something
A
zdobywać coś (co jest trudne do zdobycia)
Ultimately, while the company pegs the U.S. takeout market at an enormous $200 billion, the majority of which is still offline, it also said “easy wins” are harder to come by.
15
Q
to date
A
do dzisiaj, do teraz
Driving is full of them, though most are less dramatic. Mishandled edge cases seem to have been a factor in at least some of the deaths caused by autonomous cars to date.
16
Q
to vex
A
dokuczać
On the eve of its public listing, Aramco is an unrivalled giant in an industry vexed by challenges.
17
Q
rozwiązły (o osobie posiadającej wielu partnerów seksualnych)
A
promiscuous
More troubling was fourth-quarter guidance, which was lowered as the company noted it would rejigger its focus in several areas to better woo increasingly “promiscuous” diners.
18
Q
rozluźniony, zbyt pobłażliwy, niedostateczny (np. dyscyplina, zasady)
A
lax
Public equity investors — dismayed by lax corporate governance and escalating losses—simply did not want to own the stock.
19
Q
to push into
A
wejść (na rynek; terytorium)
This is a pure data play, said Nilesh Chandra, a partner focused on healthcare strategy at PA Consulting, noting tech companies’ broader push into the health industry.
20
Q
defiant
A
prowokujący (o zachowaniu), wyzywający (o spojrzeniu), nieposłuszny (o osobie)
Speaking in Tokyo, Mr Son put on a defiant display and insisted that SoftBank has a valuable portfolio of tech assets that the outside world does not appreciate.
21
Q
loth
A
niechętny
But it is understandably loth to be strong-armed out of the business by Mr Alix. That has made this an unusually public feud for a company that stands out for its discretion.
22
Q
to lure
A
kusić; wabić
Delivery companies are spending furiously on incentives to lure customers and gain market share, while contending with growing frustration among restaurants that resist paying fees to have their meals delivered.
23
Q
w tym celu
A
to that end
Eleven banks and financial advisers have been working feverishly to that end.
24
Q
spree
A
szał; seria
But concerns have grown that the Vision Fund’s investment spree, which has seen it pump $75bn into 88 companies, has further enabled bad behaviour among techfounders.
25
groźny typ, mięśniak
bruiser
I worry about this because back when my co-founder Bobby Murphy and I were trying to raise money for Snapchat, I sent an email to a famous investor who came to one of my college classes.I told him how excited we were, and how we had thousands of users. He said: Gosh, I think you’re flying in the face of some big, bad **bruisers**.
26
to have yet to do something
mieć coś jeszcze do zrobienia
Privately held DoorDash has the lead at 35% with Uber Eats at 25%. But then Grubhub is and plans to remain profitable—something its competitors **have yet to** say.
27
samozwańczy
self-styled
Talking to Mr Misra at a conference, Mr Milken, now a **self-styled** philanthropist, said: There is no one that has the understanding of financial markets and capital markets and the hundreds of different types of instruments that you do.
28
to loom large
odgrywać ważną rolę
As international energy giants and petrostates jostle to find their footing in an uncertain era, no company will **loom larger** than Aramco.
29
obładowany
laden
This person and others see parallels to what took place at Deutsche Bank, the now lender whose lack of oversight and controls saw its balance sheet **laden** with risky products of the sort Mr Misra specialised in.
30
to load up on something
zrobić zapas czegoś
A coming-of-age moment for a Silicon Valley "unicorn" turned into a rude awakening about the public market’s attitude to lossmaking start-ups, which the Vision Fund had **loaded up on**.
31
to outspend
wydawać więcej niż inni
Nonetheless, industry-watchers say McKinsey is often **outspent** by the technology offerings of the Big Four, as well as by firms like Accenture.
32
ostudzić
to chill
Such expropriation would surely **chill** incentives to innovate and to allocate capital efficiently.
33
piedestał
perch
Analysts believe that most viewers will sign up for between three and five video streaming services in total. Netflix, which already has more than 150m subscribers, isu nlikely to lose its **perch**.
34
to trade up
wprowadzać droższą serię produktów; wymieniać na lepsze
It’s the old telecom strategy: Apple has the customer, so how do they **trade them up**, said Roger Kay, analyst and founder of Endpoint Technologies Associates. With the iPhone topping out, turning to accessories is a tried-and-true strategy, and selling them at higher prices with a new design makes sense, especially for Apple customers who like to signal that they have the latest technology.
35
to wait out
przeczekać
Xi feels like he has given up a fair amount of political capital already, and hasn’t got anything done. So they’re willing to **wait him out**, particularly because they see that Trump’s appetite for further escalation with the softening U.S. economy is low.
36
blur
niewyraźna plama; coś, co pamięta się jak przez mgłę
The electron exists as a kind of probabilistic **blur** until you observe it, when it "collapses," in physics lingo, into a single position.
37
to preclude
wykluczać
He claims that its alleged lack of disclosure should **preclude** it from working on bankruptcies.
38
smakować, rozkoszować się
to savour
London **savours** amusical spread.
39
trzymać się czegoś, trwać przy czymś
to stick by something
As deep-pocketed competitors including DoorDash and Uber Eats have grown their presence within Grubhub’s legacy market over the past few years, the incumbent has consistently **stuck by** its message that its differentiated approach of a disciplined, partnered network of restaurants would be superior to a mad dash to sign up unpartnered ones without a formal contract covering proprietary services for a fee.
40
mętny; nieprzejrzysty
opaque
Companies and financial vehicles that get into trouble often have common characteristics: high debts, accounting that is hard to understand, **opaque** assets that are hard to value and managers who have a hard time facing reality.
41
powstrzymać
to arrest
The introduction of the iPhone 11 should help **arrest** that slide, analysts say, when Apple, the largest publicly traded company, reports earnings Wednesday.
42
więcej niż
north of
Puma may be a global player with operations in 120 countries, annual sales **north of** €5bn and amarket capitalisation that is more than twice that.
43
co więcej
what is more
**What is more**, investors have soured on the oil industry. Energy’s weighting in the S&P 500 index dipped below 5% in June, less than a third of its level in 2008.
44
gut check
sprawdzian; test (woli; charakteru; determinacji)
Food delivery gets a **gut check**. Grubhub's shares plummeted as food-delivery companies ramp up spending to attract customers.
45
mieć na coś wpływ; przekładać się na coś
to feed into something
That **feeds into** the second worry, that the underlying performance of the firms that SoftBank invests in is weak, suggesting that their valuations may fall. WeWork has got lots of attention for its vast losses.
46
dziedzina; sfera
realm
This has distorted global capital markets and fomented fears of a bubble in private markets that may spill over into the public **realm**.
47
uproar
rozruchy
This time last year, plans for an offering seemed postponed indefinitely amid **uproar** over the murder of Jamal Khashoggi, a dissident journalist, at the Saudi consulate in Istanbul.
48
to be down to something
być wynikiem czegoś
What users see on Facebook and other Western social media **is in part still down to** who their friends are and what they share.
49
to be hooked on something
mieć bzika na punkcie czegoś; być od czegoś uzależnionym
But with negative reviews calling into question Apple’s ability to lure subscribers, the service is already on the back foot. All the pretty people in the world can’t keep you **hooked** when the purpose is this muddled, said Indiewire of The Morning Show, rating it a C-.
50
trwać przy czymś
to stand by something
Zuckerberg **stands by** Libra plans.
51
mieć bzika na punkcie czegoś; być od czegoś uzależnionym
to be hooked on something
But with negative reviews calling into question Apple’s ability to lure subscribers, the service is already on the back foot. All the pretty people in the world can’t keep you **hooked** when the purpose is this muddled, said Indiewire of The Morning Show, rating it a C-.
52
wrogi, popsuty (np. związek, relacje)
sour
The close bond between Mr Son and WeWork founder Adam Neumann had begun to **sour** long before its disastrous attempt to list in September.
53
niezdecydowany; łamany (polszczyzna)
halting
At one point, the vice chairwoman of the Congressional Black Caucus, Rep. Joyce Beatty (D., Ohio), called the testimony "appalling and disgusting" after Mr. Zuckerberg gave a **halting** answer about details of the company’s work with civil rights leaders.
54
nieskazitelny
impeccable
Perhaps that is why billionaires are tolerated even by countries with **impeccable** social-democratic credentials: Sweden and Norway have more billionaires per person than America does.
55
meat and potatoes
zasadniczy, podstawowy, najważniejszy
Advice on strategy, which used to be **meat and potatoes** for firms like McKinsey and its peers, Bain and the Boston Consulting Group (BCG), is now a side dish; it accounts for about a tenth of revenues.
56
to bring out the big guns
wytoczyć ciężkie działa
For his part, Mark Zuckerberg is less worried about data sovereignty and more about competition from TikTok, China’s first runaway web success in America. Facebook is **pulling out the big guns** it deploys against fast-growing upstarts.
57
centralnie
squarely
Nike, which employs about 77,000 people, has recently found itself **squarely** in the political crosshairs and even for a company that is no stranger to controversy, some of the criticism has been intense.
58
płodny (o artyście, pisarzu)
prolific
Besides HBO programs, it will have hit shows and movies from the Warner Bros. Library as well as new content from **prolific** TV producer Greg Berlanti and actress-producer Mindy Kaling.
59
zaskakujący
baffling
The results of all this can be **baffling**. Is SoftBank a conglomerate or a venture-capital firm? Does Mr Son act in the interests of SoftBank’s shareholders or the Vision Fund’s investors?
60
blitz
szeroko zakrojona kampania, mobilizacja
In recent weeks the streaming wars have reached a fever pitch, as Warner Media unveiled to investors its big streaming bet HBO Max, while Disney has been on amarketing **blitz** ahead of the debut of Disney+ this month.
61
zamrażać (np. kapitał)
to lock up
Uber shares hit a record low yesterday as early investors in the ride-hailing group were released from a six-month **lock-up** period after its flotation.
62
halting
niezdecydowany; łamany (polszczyzna)
At one point, the vice chairwoman of the Congressional Black Caucus, Rep. Joyce Beatty (D., Ohio), called the testimony "appalling and disgusting" after Mr. Zuckerberg gave a **halting** answer about details of the company’s work with civil rights leaders.
63
staroświecki
behind the times
Within the next few quarters, investors will no doubt find out whether Grubhub’s slowdown is systemic or whether Grandma has just been stubbornly **behind the times**.
64
to recoup
odzyskać (np. pieniądze lub zdrowie)
The rescue also included terms that treated the Vision Fund favourably, giving it the chance to **recoup** losses from its investment in WeWork faster than SoftBank.
65
skarb, znalezisko
trove
Yet even with its relative bounty it faces several big risks. The **trove** of oil assets under Saudi soil remain vulnerable to attack.
66
obnażać coś
to lay bare something
The struggles have **laid bare** a sharp elbowed culture within the Vision Fund, which is led by Mr Misra and seen as rife with mistrust, managerial disorganisation and clashes between executives.
67
hardly
raczej nie; z pewnością nie
But consider Arm, supposedly a jewel in the crown, which SoftBank bought for $31bn in 2016. In the most recent quarter its sales fell year-on-year and it made a loss—**hardly** a stellar performance.
68
niewielkie pocieszenie, słaba pociecha
cold comfort
An independent developer recently unearthed a feature hidden in Instagram’s code that apes TikTok’s editing tools. It is **cold comfort** to Mr Zuckerberg that should his defences fail, Big Tech’s critics will have to concede that digital monopolies are not that invincible after all.
69
crosshairs
celownik
Nike, which employs about 77,000 people, has recently found itself squarely in the political **crosshairs** and even for a company that is no stranger to controversy, some of the criticism has been intense.
70
the jury is still out
jeszcze za wcześnie, by rozstrzygać
Wall Street is confident in Disney’s product, which will launch on November 12 with a vast library including popular franchises such as Star Wars and Marvel. But **the jury is still out** on WarnerMedia’s HBO Max, which is charging more than rivals but has an unparalleled catalogue including Harry Potter, Friends and Game of Thrones.
71
to ape
naśladować
An independent developer recently unearthed a feature hidden in Instagram’s code that **apes** TikTok’s editing tools. It is cold comfort to Mr Zuckerberg that should his defences fail, Big Tech’s critics will have to concede that digital monopolies are not that invincible after all.
72
to levy
ściągać (podatki)
Taxes should be **levied** progressively. But that does not justify limitless redistribution or punitive levies.
73
uznany, budzący uznanie, podziwiany
acclaimed
The show the press was scolding was Succession — the HBO hit that was once critically derided but is now among the most **acclaimed** television series of recent years.
74
odzyskać (np. pieniądze lub zdrowie)
to recoup
The rescue also included terms that treated the Vision Fund favourably, giving it the chance to **recoup** losses from its investment in WeWork faster than SoftBank.
75
to turn the corner
dochodzić do siebie, wychodzić z kryzysu
As the company **turns a corner**, the CEO says Snapchat’s controversial redesign is paying off.
76
zmieniać, wymieniać
to rejigger
More troubling was fourth-quarter guidance, which was lowered as the company noted it would **rejigger** its focus in several areas to better woo increasingly "promiscuous" diners.
77
to hasten
śpieszyć się; przyspieszyć
But the compan’s rapid cash burn meant it would need to **hasten** plans for an IPO.
78
fortitude
męstwo; odwaga; siła woli
SoftBank and WeWork teams had been toiling in secret since Thanksgiving on an audacious plan they called Project **Fortitude**, which would have seen SoftBank and the fund buying out every WeWork shareholder bar Mr Neumann for $10bn and injecting a total of $10 bn into the company.
79
to limber up
rozgrzewać się; przygotowywać się
Airbnb **limbers up** for IPO by signing $500m Olympic sponsorship deal.
80
to chill
ostudzić
Such expropriation would surely **chill** incentives to innovate and to allocate capital efficiently.
81
burzliwy; zajadły
acrimonious
Only rarely has Mr Arnault missed out on a prized target. His biggest defeat came 20 years ago when retail businessman François Pinault emerged victorious against him in a long-running and **acrimonious** battle for control of Italian luxury brand Gucci. Mr Pinault used Gucci as a linchpin to build his own luxury empire: Kering.
82
zenit (stan wielkiego podekscytowania)
fever pitch
In recent weeks the streaming wars have reached a **fever pitch**, as Warner Media unveiled to investors its big streaming bet HBO Max, while Disney has been on amarketing blitz ahead of the debut of Disney+ this month.
83
promiscuous
rozwiązły (o osobie posiadającej wielu partnerów seksualnych)
More troubling was fourth-quarter guidance, which was lowered as the company noted it would rejigger its focus in several areas to better woo increasingly "**promiscuous**" diners.
84
osiągnięcie pełnoletności
coming-of-age
A **coming-of-age** moment for a Silicon Valley "unicorn" turned into a rude awakening about the public market’s attitude to lossmaking start-ups, which the Vision Fund had loaded up on.
85
okropny; przerażający
appalling
At one point, the vice chairwoman of the Congressional Black Caucus, Rep. Joyce Beatty (D., Ohio), called the testimony "**appalling** and disgusting" after Mr. Zuckerberg gave a halting answer about details of the company’s work with civil rights leaders.
86
amid
w związku z
The increase is the latest example of Apple raising the average price of a product as it tries to maintain sales growth **amid** a decline in unit sales of the iPhone, which still accounts for more than half of total revenue.
87
overarching
nadrzędny; naczelny; wszechogarniający
Grubhub believes this slowing to be an **overarching** problem that will affect all players eventually.
88
śpieszyć się; przyspieszyć
to hasten
But the compan’s rapid cash burn meant it would need to **hasten** plans for an IPO.
89
to be sharp-elbowed
dążyć po trupach do celu
The struggles have laid bare a **sharp-elbowed** culture within the Vision Fund, which is led by Mr Misra and see nas rife with mistrust, managerial disorganisation and clashes between executives.
90
wzniecać
to foment
This has distorted global capital markets and **fomented** fears of a bubble in private markets that may spill over into the public realm.
91
odbiegać od czegoś
to diverge from something
At the end of this essay, we hope you will not be angry at us for **diverging from** our usual presentation style.
92
baffling
zaskakujący
The results of all this can be **baffling**. Is SoftBank a conglomerate or a venture-capital firm? Does Mr Son act in the interests of SoftBank’s shareholders or the Vision Fund’s investors?
93
opaque
mętny; nieprzejrzysty
Companies and financial vehicles that get into trouble often have common characteristics: high debts, accounting that is hard to understand, **opaque** assets that are hard to value and managers who have a hard time facing reality.
94
w defensywie
on the back foot
But with negative reviews calling into question Apple’s ability to lure subscribers, the service is already **on the back foot**. All the pretty people in the world can’t keep you hooked when the purpose is this muddled, said Indiewire of The Morning Show, rating it a C-.
95
to saddle somebody with something
obciążać, obarczać kogoś czymś
SoftBank is **saddled with** $160bn of interest-bearing debt and its bonds are rated non-investment grade.
96
realm
dziedzina; sfera
This has distorted global capital markets and fomented fears of a bubble in private markets that may spill over into the public **realm**.
97
infighting
walki wewnętrzne, konflikty wewnętrzne
One person who has so far steered clear of the **infighting** is Katsunori Sago, SoftBank’s chief strategy officer and a former top Japanese banker at Goldman, who has been working to rein in SoftBank’s bloated balance sheet.
98
popular vote
głosowanie powszechne
No question in my mind that any of the Democrats will beat Trump by millions of the **popular votes**.
99
to draw on
sięgać do zasobów
As Nike’s fourth chief executive in its five-decade history, Mr Donohoe may again need to **draw on** what Kent Thiry, who was his first boss at Bain, the management consultancy, describes as a "deep reservoir"of inner strength.
100
to stick by something
trzymać się czegoś, trwać przy czymś
As deep-pocketed competitors including DoorDash and Uber Eats have grown their presence within Grubhub’s legacy market over the past few years, the incumbent has consistently **stuck by** its message that its differentiated approach of a disciplined, partnered network of restaurants would be superior to a mad dash to sign up unpartnered ones without a formal contract covering proprietary services for a fee.
101
celownik
crosshairs
Nike, which employs about 77,000 people, has recently found itself squarely in the political **crosshairs** and even for a company that is no stranger to controversy, some of the criticism has been intense.
102
zasadniczy, podstawowy, fundamentalny
underlying
But soon enough, like most troubled businesses, SoftBank will have to confront its **underlying** weakness: a lack of cashflow to back up all of the hype.
103
lingo
żargon
The electron exists as a kind of probabilistic blur until you observe it, when it "collapses," in physics **lingo**, into a single position.
104
najważniejsza osoba, fundament, podpora
linchpin
Only rarely has Mr Arnault missed out on a prized target. His biggest defeat came 20 years ago when retail businessman François Pinault emerged victorious against him in a long-running and acrimonious battle for control of Italian luxury brand Gucci. Mr Pinault used Gucci as a **linchpin** to build his own luxury empire: Kering.
105
nadrzędny; naczelny; wszechogarniający
overarching
Grubhub believes this slowing to be an **overarching** problem that will affect all players eventually.
106
affiliate
oddział; filia
More recently it has faced allegations that its work on behalf of companies in bankruptcy in America represents a conflict of interest, because its $12.7bn investment **affiliate**, McKinsey Investment Office, may invest in securities related to the bankruptcies.
107
on the back foot
w defensywie
But with negative reviews calling into question Apple’s ability to lure subscribers, the service is already **on the back foot**. All the pretty people in the world can’t keep you hooked when the purpose is this muddled, said Indiewire of The Morning Show, rating it a C-.
108
to mitigate
łagodzić
Oil markets are notoriously volatile; they may become more so as efforts to **mitigate** climate change hit oil consumption.
109
bruiser
groźny typ, mięśniak
I worry about this because back when my co-founder Bobby Murphy and I were trying to raise money for Snapchat, I sent an email to a famous investor who came to one of my college classes.I told him how excited we were, and how we had thousands of users. He said: Gosh, I think you’re flying in the face of some big, bad **bruisers**.
110
to be on the receiving end
być kimś, komu coś się przytrafia;
na celowniku; poddany działaniu
The above facts lead us to the conclusion that a massive game of "passing the hot potato" is currently taking place amongst the world’s central banks. And in this game, the "hot potato" is US$ reserves (or trying to show that one doesn’t have too much to an increasingly uneasy US administration) and the main players are the US, China, Japan and Asia ex Japan, ex China. The other players (Europe + OPEC) are simply **on the receiving end** of the game.
111
to turn the page
rozpocząć nowy rozdział (po trudnym okresie w życiu)
The Sunday Services featured expensive merchandise for sale, such as a $50 pair of socks, so it’s reasonable to wonder if the events might be an attempt to **turn the page** on Mr. West’s difficult year and open up new markets.
112
to strong-arm
wymusić, zmusić do czegoś używając zastraszania
But it is understandably loth to be **strong-armed** out of the business by Mr Alix. That has made this an unusually public feud for a company that stands out for its discretion.
113
narada, obrady
deliberation
To get a role on the listing, many of them made optimistic assumptions so they could reinforce the case for a $2tn valuation, according to people familiar with **deliberations**. One banker on the deal said: "We were pitching to get the work, what do you expect?"
114
raczej nie; z pewnością nie
hardly
But consider Arm, supposedly a jewel in the crown, which SoftBank bought for $31bn in 2016. In the most recent quarter its sales fell year-on-year and it made a loss—**hardly** a stellar performance.
115
niepewny; wątpliwy
shaky
The business model of ridehailing, where future profitability is in part predicated on the eventual removal of costly human drivers, looks **shaky**.
116
prolific
płodny (o artyście, pisarzu)
Besides HBO programs, it will have hit shows and movies from the Warner Bros. Library as well as new content from **prolific** TV producer Greg Berlanti and actress-producer Mindy Kaling.
117
walki wewnętrzne, konflikty wewnętrzne
infighting
One person who has so far steered clear of the **infighting** is Katsunori Sago, SoftBank’s chief strategy officer and a former top Japanese banker at Goldman, who has been working to rein in SoftBank’s bloated balance sheet.
118
behind the times
staroświecki
Within the next few quarters, investors will no doubt find out whether Grubhub’s slowdown is systemic or whether Grandma has just been stubbornly **behind the times**.
119
to diverge from something
odbiegać od czegoś
At the end of this essay, we hope you will not be angry at us for **diverging from** our usual presentation style.
120
shaky
niepewny; wątpliwy
The business model of ridehailing, where future profitability is in part predicated on the eventual removal of costly human drivers, looks **shaky**.
121
z powodu
owing to
In October Fitch downgraded Aramco’s credit rating, **owing to** risks posed by geopolitics and its economically shaky sovereign.
122
to be up for grabs
być do wzięcia (np. nagroda, miejsce pracy)
I don’t think all of Biden’s support will go to Warren. A lot will **be up for grabs**, with more centrist candidates.
123
wyrzucać pieniądze w błoto; niepotrzebnie narażać się na dalsze straty
to throw good money after bad
As someone who has put good money after bad, I think this looks like **putting good money after bad**, and SoftBank should have walked away.
124
expropriation
konfiskata, przejęcie (mienia)
Such **expropriation** would surely chill incentives to innovate and to allocate capital efficiently.
125
to close the gap
zmniejszyć różnicę; wypełnić lukę
Riyadh struggles to **close huge IPO valuation gap** on Aramco.
126
niezawodny, sprawdzony
tried-and-true
It’s the old telecom strategy: Apple has the customer, so how do they trade them up, said Roger Kay, analyst and founder of Endpoint Technologies Associates. With the iPhone topping out, turning to accessories is a **tried-and-true** strategy, and selling them at higher prices with a new design makes sense, especially for Apple customers who like to signal that they have the latest technology.
127
to stand by something
trwać przy czymś
Zuckerberg **stands by** Libra plans.
128
do dzisiaj, do teraz
to date
Driving is full of them, though most are less dramatic. Mishandled edge cases seem to have been a factor in at least some of the deaths caused by autonomous cars **to date**.
129
to tap into
uzyskać (kredyt); wydobywać (np. źródła energii, wodę)
The hotel chain’s most recent $2bn investment round was led by Ritesh Agarwal, Oyo’s 25-year-old founder, in an unusual deal that doubled its valuation to $10bn and saw him **tap into** loans from Japanese banks with close ties toSoftBank.
130
mischievous
psotliwy; figlarny
Mr Alix, whose litigious investment firm, Mar-Bow Value Partners, is **mischievously** named after Marvin Bower, one of McKinsey’s founding fathers, claims to be fighting to defend the integrity of the bankruptcy system.
131
deliberation
narada, obrady
To get a role on the listing, many of them made optimistic assumptions so they could reinforce the case for a $2tn valuation, according to people familiar with **deliberations**. One banker on the deal said: "We were pitching to get the work, what do you expect?"
132
ujawniać, wydobywać (na światło dzienne)
to unearth
An independent developer recently **unearthed** a feature hidden in Instagram’s code that apes TikTok’s editing tools. It is cold comfort to Mr Zuckerberg that should his defences fail, Big Tech’s critics will have to concede that digital monopolies are not that invincible after all.
133
nietykalny; święty
sacrosanct
The promise to maintain high dividends to non-state shareholders, he points out, would not be legally **sacrosanct**.
134
ważny, zasadniczy, odgrywający znaczącą rolę
instrumental
But according to people familiar with the matter, Apple said no to more than 1,200 projects before greenlighting the first scripts, while it has enlisted seasoned executives to steer programming, including Jamie Erlicht and Zack Van Amburg, Sony Pictures veterans who played **instrumental** roles on hit shows such as Breaking Bad and The Crown.
135
ustalać (np. cenę); wieszać, mocować
to peg
Ultimately, while the company **pegs** the U.S. takeout market at an enormous $200 billion, the majority of which is still offline, it also said "easy wins" are harder to come by.
136
in dribs and drabs
stopniowo, grupkami
Like its Hollywood rivals, it has built an empire on controlling access to films and tv shows, which were released **in dribs and drabs**—on cinema screens, broadcast networks and cable channels.
137
niewyraźna plama; coś, co pamięta się jak przez mgłę
blur
The electron exists as a kind of probabilistic **blur** until you observe it, when it "collapses," in physics lingo, into a single position.
138
rozpocząć nowy rozdział (po trudnym okresie w życiu)
to turn the page
The Sunday Services featured expensive merchandise for sale, such as a $50 pair of socks, so it’s reasonable to wonder if the events might be an attempt to **turn the page** on Mr. West’s difficult year and open up new markets.
139
to peg
ustalać (np. cenę); wieszać, mocować
Ultimately, while the company **pegs** the U.S. takeout market at an enormous $200 billion, the majority of which is still offline, it also said "easy wins" are harder to come by.
140
to call out
skrytykować; wyzwać; wezwać do wyjaśnień
This week Mike Pence, the US vicepresident, **called out** Nike’s approach to doing business in China—specifically its response when a Houston Rockets executive tweeted support for protesters in Hong Kong.
141
tu: dotkliwy
intense
Nike, which employs about 77,000 people, has recently found itself squarely in the political crosshairs and even for a company that is no stranger to controversy, some of the criticism has been **intense**.
142
to rejigger
zmieniać, wymieniać
More troubling was fourth-quarter guidance, which was lowered as the company noted it would **rejigger** its focus in several areas to better woo increasingly "promiscuous" diners.
143
to scold
skarcić
The show the press was **scolding** was Succession — the HBO hit that was once critically derided but is now among the most acclaimed television series of recent years.
144
trove
skarb, znalezisko
Yet even with its relative bounty it faces several big risks. The **trove** of oil assets under Saudi soil remain vulnerable to attack.
145
to lock up
zamrażać (np. kapitał)
Uber shares hit a record low yesterday as early investors in the ride-hailing group were released from a six-month **lock-up** period after its flotation.
146
to cut one's losses
wycofać się w porę (żeby więcej nie stracić)
A SoftBank spokeswoman declined to comment, but Marcelo Claure, the SoftBank chief operating officer who became chairman of WeWork last week, has told WeWork staff that the Japanese group is betting "everything we have" that it can make a success of the business even after most people advised it to **cut its losses**.
147
soul-searching
głębokie zastanowienie
But McKinsey, too, has some **soul-searching** to do. Its industry, estimated to be worth $300bn, is, like those of its clients, being transformed. And as its most revered—and hermetic—standard bearer, it is under more scrutiny than ever before.
148
wprowadzać droższą serię produktów; wymieniać na lepsze
to trade up
It’s the old telecom strategy: Apple has the customer, so how do they **trade them up**, said Roger Kay, analyst and founder of Endpoint Technologies Associates. With the iPhone topping out, turning to accessories is a tried-and-true strategy, and selling them at higher prices with a new design makes sense, especially for Apple customers who like to signal that they have the latest technology.
149
to lay bare something
obnażać coś
The struggles have **laid bare** a sharp elbowed culture within the Vision Fund, which is led by Mr Misra and seen as rife with mistrust, managerial disorganisation and clashes between executives.
150
zmniejszyć różnicę; wypełnić lukę
to close the gap
Riyadh struggles to **close huge IPO valuation gap** on Aramco.
151
besztać
to scold
The show the press was **scolding** was Succession — the HBO hit that was once critically derided but is now among the most acclaimed television series of recent years.
152
rozgrzewać się; przygotowywać się
to limber up
Airbnb **limbers up** for IPO by signing $500m Olympic sponsorship deal.
153
praca, którą ktoś wykonuje w danym momencie
task at hand
As such, like Churchill, we will ask for our reader’s forgiveness. The following pages are somewhat dry. But the **topic at hand** is, we believe, important enough to ask for your attention over the following pages.
154
brittle
kruchy
Another lesson is that machine-learning systems are **brittle**. Learning solely from existing data means they struggle with situations that they have never seen before.
155
to take something at face value
zakładać prawdziwość czegoś, brać coś za dobrą monetę, brać coś za pewnik
Given the tumultuous state of his career, not everyone has **taken Mr. West’s conversion at face value**.
156
prowokujący (o zachowaniu), wyzywający (o spojrzeniu), nieposłuszny (o osobie)
defiant
Speaking in Tokyo, Mr Son put on a **defiant** display and insisted that SoftBank has a valuable portfolio of tech assets that the outside world does not appreciate.
157
burzliwy (np. okres)
tumultuous
Given the **tumultuous** state of his career, not everyone has taken Mr. West’s conversion at face value.
158
trybik; koło zębate
cog
Soft-Bank controls important companies, including Sprint, an American telecoms outfit, and Arm, a British tech firm that is a vital **cog** in the semiconductor industry.
159
wycofać się w porę (żeby więcej nie stracić)
to cut one's losses
A SoftBank spokeswoman declined to comment, but Marcelo Claure, the SoftBank chief operating officer who became chairman of WeWork last week, has told WeWork staff that the Japanese group is betting "everything we have" that it can make a success of the business even after most people advised it to **cut its losses**.
160
entuzjasta
booster
Its **boosters** like to say that the world’s last barrel of oil will come from Saudi Arabia. But it is unclear what value investors will ascribe to such a distant possibility.
161
prawdopodobny następca (osoba, która prawdopodobnie przejmie pozycję w firmie po kimś)
heir apparent
SoftBank faced criticism from former chief operating officer Nikesh Arora, **heir apparent** to founder Masayoshi Son until a falling-out in 2016 — before it began investing in WeWork.
162
fever pitch
zenit (stan wielkiego podekscytowania)
In recent weeks the streaming wars have reached a **fever pitch**, as Warner Media unveiled to investors its big streaming bet HBO Max, while Disney has been on amarketing blitz ahead of the debut of Disney+ this month.
163
to foment
wzniecać
This has distorted global capital markets and **fomented** fears of a bubble in private markets that may spill over into the public realm.
164
cog
trybik; koło zębate
Soft-Bank controls important companies, including Sprint, an American telecoms outfit, and Arm, a British tech firm that is a vital **cog** in the semiconductor industry.
165
cold comfort
niewielkie pocieszenie, słaba pociecha
An independent developer recently unearthed a feature hidden in Instagram’s code that apes TikTok’s editing tools. It is **cold comfort** to Mr Zuckerberg that should his defences fail, Big Tech’s critics will have to concede that digital monopolies are not that invincible after all.
166
north of
więcej niż
Puma may be a global player with operations in 120 countries, annual sales **north of** €5bn and amarket capitalisation that is more than twice that.
167
lax
rozluźniony, zbyt pobłażliwy, niedostateczny (np. dyscyplina, zasady)
Public equity investors — dismayed by **lax** corporate governance and escalating losses—simply did not want to own the stock.
168
self-styled
samozwańczy
Talking to Mr Misra at a conference, Mr Milken, now a **self-styled** philanthropist, said: There is no one that has the understanding of financial markets and capital markets and the hundreds of different types of instruments that you do.
169
booster
entuzjasta
Its **boosters** like to say that the world’s last barrel of oil will come from Saudi Arabia. But it is unclear what value investors will ascribe to such a distant possibility.
170
run-in
spięcie; zatarg; starcie
Two senior SoftBank executives have had fierce **run-ins** with Mr Misra that have had an impact on the balance of power in the Vision Fund and the company.
171
to arrest
powstrzymać
The introduction of the iPhone 11 should help **arrest** that slide, analysts say, when Apple, the largest publicly traded company, reports earnings Wednesday.
172
acclaimed
uznany, budzący uznanie, podziwiany
The show the press was scolding was Succession — the HBO hit that was once critically derided but is now among the most **acclaimed** television series of recent years.
173
mętny, niejasny
muddled
But with negative reviews calling into question Apple’s ability to lure subscribers, the service is already on the back foot. All the pretty people in the world can’t keep you hooked when the purpose is this **muddled**, said Indiewire of The Morning Show, rating it a C-.
174
sięgać do zasobów
to draw on
As Nike’s fourth chief executive in its five-decade history, Mr Donohoe may again need to **draw on** what Kent Thiry, who was his first boss at Bain, the management consultancy, describes as a "deep reservoir"of inner strength.
175
to incense
rozdrażnić, rozzłościć
Users were so **incensed** by changes he had made to the auction site’s fees and listings system that they launched an internet hate campaign against him.
176
coming-of-age
osiągnięcie pełnoletności
A **coming-of-age** moment for a Silicon Valley "unicorn" turned into a rude awakening about the public market’s attitude to lossmaking start-ups, which the Vision Fund had loaded up on.
177
to contend with something
zmagać się z czymś, borykać się z czymś
Delivery companies are spending furiously on incentives to lure customers and gain market share, while **contending with** growing frustration among restaurants that resist paying fees to have their meals delivered.
178
odgrywać ważną rolę
to loom large
As international energy giants and petrostates jostle to find their footing in an uncertain era, no company will **loom larger** than Aramco.
179
to tick over
kręcić się na pół gwizdka
Mr Sneader could keep things **ticking over** as they are, at least for a while.
180
perch
piedestał
Analysts believe that most viewers will sign up for between three and five video streaming services in total. Netflix, which already has more than 150m subscribers, isu nlikely to lose its **perch**.
181
szeroko zakrojona kampania, mobilizacja
blitz
In recent weeks the streaming wars have reached a fever pitch, as Warner Media unveiled to investors its big streaming bet HBO Max, while Disney has been on amarketing **blitz** ahead of the debut of Disney+ this month.
182
sour
wrogi, popsuty (np. związek, relacje)
The close bond between Mr Son and WeWork founder Adam Neumann had begun to **sour** long before its disastrous attempt to list in September.
183
dążyć po trupach do celu
to be sharp-elbowed
The struggles have laid bare a **sharp-elbowed** culture within the Vision Fund, which is led by Mr Misra and see nas rife with mistrust, managerial disorganisation and clashes between executives.
184
owing to
z powodu
In October Fitch downgraded Aramco’s credit rating, **owing to** risks posed by geopolitics and its economically shaky sovereign.
185
intense
tu: dotkliwy
Nike, which employs about 77,000 people, has recently found itself squarely in the political crosshairs and even for a company that is no stranger to controversy, some of the criticism has been **intense**.
186
być kimś, komu coś się przytrafia
na celowniku; poddany działaniu
to be on the receiving end
The above facts lead us to the conclusion that a massive game of "passing the hot potato" is currently taking place amongst the world’s central banks. And in this game, the "hot potato" is US$ reserves (or trying to show that one doesn’t have too much to an increasingly uneasy US administration) and the main players are the US, China, Japan and Asia ex Japan, ex China. The other players (Europe + OPEC) are simply **on the receiving end** of the game.
187
ściągać (podatki)
to levy
Taxes should be **levied** progressively. But that does not justify limitless redistribution or punitive levies.
188
mad dash
owczy pęd
As deep-pocketed competitors including DoorDash and Uber Eats have grown their presence within Grubhub’s legacy market over the past few years, the incumbent has consistently stuck by its message that its differentiated approach of a disciplined, partnered network of restaurants would be superior to a **mad dash** to sign up unpartnered ones without a formal contract covering proprietary services for a fee.
189
acrimonious
burzliwy; zajadły
Only rarely has Mr Arnault missed out on a prized target. His biggest defeat came 20 years ago when retail businessman François Pinault emerged victorious against him in a long-running and **acrimonious** battle for control of Italian luxury brand Gucci. Mr Pinault used Gucci as a linchpin to build his own luxury empire: Kering.
190
naśladować
to ape
An independent developer recently unearthed a feature hidden in Instagram’s code that **apes** TikTok’s editing tools. It is cold comfort to Mr Zuckerberg that should his defences fail, Big Tech’s critics will have to concede that digital monopolies are not that invincible after all.
191
konfiskata, przejęcie (mienia)
expropriation
Such **expropriation** would surely chill incentives to innovate and to allocate capital efficiently.
192
jeszcze za wcześnie, by rozstrzygać
the jury is still out
Wall Street is confident in Disney’s product, which will launch on November 12 with a vast library including popular franchises such as Star Wars and Marvel. But **the jury is still out** on WarnerMedia’s HBO Max, which is charging more than rivals but has an unparalleled catalogue including Harry Potter, Friends and Game of Thrones.
193
underlying
zasadniczy, podstawowy, fundamentalny
But soon enough, like most troubled businesses, SoftBank will have to confront its **underlying** weakness: a lack of cashflow to back up all of the hype.
194
task at hand
praca, którą ktoś wykonuje w danym momencie
As such, like Churchill, we will ask for our reader’s forgiveness. The following pages are somewhat dry. But the **topic at hand** is, we believe, important enough to ask for your attention over the following pages.
195
wytoczyć ciężkie działa
to bring out the big guns
For his part, Mark Zuckerberg is less worried about data sovereignty and more about competition from TikTok, China’s first runaway web success in America. Facebook is **pulling out the big guns** it deploys against fast-growing upstarts.
196
podawać w wątpliwość
to call into question
But with negative reviews **calling into question** Apple’s ability to lure subscribers, the service is already on the back foot. All the pretty people in the world can’t keep you hooked when the purpose is this muddled, said Indiewire of The Morning Show, rating it a C-.
197
dreary
nudny, drętwy
The reviews came in swift and harsh. "Dull, **dreary** and dubiously written," declared USA Today. A "disappointing creation", said Entertainment Weekly.
198
łagodzić
to mitigate
Oil markets are notoriously volatile; they may become more so as efforts to **mitigate** climate change hit oil consumption.
199
to fly in the face of something
być sprzeczny z; przeciwstawiać się komuś
I worry about this because back when my co-founder Bobby Murphy and I were trying to raise money for Snapchat, I sent an email to a famous investor who came to one of my college classes.I told him how excited we were, and how we had thousands of users. He said: Gosh, I think you’re **flying in the face of** some big, bad bruisers.
200
zdobywać coś (co jest trudne do zdobycia)
to come by something
Ultimately, while the company pegs the U.S. takeout market at an enormous $200 billion, the majority of which is still offline, it also said "easy wins" are harder to **come by**.
201
rozdrażnić, rozzłościć
to incense
Users were so **incensed** by changes he had made to the auction site’s fees and listings system that they launched an internet hate campaign against him.
202
przeczekać
to wait out
Xi feels like he has given up a fair amount of political capital already, and hasn’t got anything done. So they’re willing to **wait him out**, particularly because they see that Trump’s appetite for further escalation with the softening U.S. economy is low.
203
wejść (na rynek; terytorium)
to push into
This is a pure data play, said Nilesh Chandra, a partner focused on healthcare strategy at PA Consulting, noting tech companies’ broader **push into** the health industry.
204
stopniowo, grupkami
in dribs and drabs
Like its Hollywood rivals, it has built an empire on controlling access to films and tv shows, which were released **in dribs and drabs**—on cinema screens, broadcast networks and cable channels.
205
nieprzerwany; nieustający; bezustanny
incessant
It is hard to formulate a cohesive picture of SoftBank and the Vision Fund, in part due toMr Son’s **incessant** dealmaking, and also because of the extreme levels of financial engineering employed by Mr Misra.
206
to throw good money after bad
wyrzucać pieniądze w błoto; niepotrzebnie narażać się na dalsze straty
As someone who has put good money after bad, I think this looks like **putting good money after bad**, and SoftBank should have walked away.
207
rozruchy
uproar
This time last year, plans for an offering seemed postponed indefinitely amid **uproar** over the murder of Jamal Khashoggi, a dissident journalist, at the Saudi consulate in Istanbul.
208
tried-and-true
niezawodny, sprawdzony
It’s the old telecom strategy: Apple has the customer, so how do they trade them up, said Roger Kay, analyst and founder of Endpoint Technologies Associates. With the iPhone topping out, turning to accessories is a **tried-and-true** strategy, and selling them at higher prices with a new design makes sense, especially for Apple customers who like to signal that they have the latest technology.
209
być sprzeczny z; przeciwstawiać się komuś
to fly in the face of something
I worry about this because back when my co-founder Bobby Murphy and I were trying to raise money for Snapchat, I sent an email to a famous investor who came to one of my college classes.I told him how excited we were, and how we had thousands of users. He said: Gosh, I think you’re **flying in the face of** some big, bad bruisers.
210
uzyskać (kredyt); wydobywać (np. źródła energii, wodę)
to tap into
The hotel chain’s most recent $2bn investment round was led by Ritesh Agarwal, Oyo’s 25-year-old founder, in an unusual deal that doubled its valuation to $10bn and saw him **tap into** loans from Japanese banks with close ties toSoftBank.
211
nudny, drętwy
dreary
The reviews came in swift and harsh. "Dull, **dreary** and dubiously written," declared USA Today. A "disappointing creation", said Entertainment Weekly.
212
incessant
nieprzerwany; nieustający; bezustanny
It is hard to formulate a cohesive picture of SoftBank and the Vision Fund, in part due toMr Son’s **incessant** dealmaking, and also because of the extreme levels of financial engineering employed by Mr Misra.
213
squarely
centralnie
Nike, which employs about 77,000 people, has recently found itself **squarely** in the political crosshairs and even for a company that is no stranger to controversy, some of the criticism has been intense.
214
kusić; wabić
to lure
Delivery companies are spending furiously on incentives to **lure** customers and gain market share, while contending with growing frustration among restaurants that resist paying fees to have their meals delivered.
215
zmagać się z czymś, borykać się z czymś
to contend with something
Delivery companies are spending furiously on incentives to lure customers and gain market share, while **contending with** growing frustration among restaurants that resist paying fees to have their meals delivered.
216
zakładać prawdziwość czegoś, brać coś za dobrą monetę, brać coś za pewnik
to take something at face value
Given the tumultuous state of his career, not everyone has **taken Mr. West’s conversion at face value**.
217
wątpliwości; zastrzeżenia
qualms
Rep. Patrick McHenry (R., N.C.), the committee’s top Republican, said he had his "own **qualms** about Facebook and libra and the shortcomings of Big Tech."
218
szał; seria
spree
But concerns have grown that the Vision Fund’s investment **spree**, which has seen it pump $75bn into 88 companies, has further enabled bad behaviour among techfounders.
219
to ascribe
przypisywać
Its boosters like to say that the world’s last barrel of oil will come from Saudi Arabia. But it is unclear what value investors will **ascribe** to such a distant possibility.
220
ceniony, wychwalany
prized
Only rarely has Mr Arnault missed out on a **prized** target. His biggest defeat came 20 years ago when retail businessman François Pinault emerged victorious against him in a long-running and acrimonious battle for control of Italian luxury brand Gucci. Mr Pinault used Gucci as a linchpin to build his own luxury empire: Kering.
221
obciążać, obarczać kogoś czymś
to saddle somebody with something
SoftBank is **saddled with** $160bn of interest-bearing debt and its bonds are rated non-investment grade.
222
muddled
mętny, niejasny
But with negative reviews calling into question Apple’s ability to lure subscribers, the service is already on the back foot. All the pretty people in the world can’t keep you hooked when the purpose is this **muddled**, said Indiewire of The Morning Show, rating it a C-.
223
to that end
w tym celu
Eleven banks and financial advisers have been working feverishly **to that end**.
224
w związku z
amid
The increase is the latest example of Apple raising the average price of a product as it tries to maintain sales growth **amid** a decline in unit sales of the iPhone, which still accounts for more than half of total revenue.
225
to savour
smakować, rozkoszować się
London **savours** amusical spread.
226
kruchy
brittle
Another lesson is that machine-learning systems are **brittle**. Learning solely from existing data means they struggle with situations that they have never seen before.
227
on-the-fly
w locie, przy okazji
Humans can use general knowledge and **on-the-fly** reasoning to react to things that are new to them—a light aircraft landing on a busy road, for instance, as happened in Washington state in August (thanks to humans’ cognitive flexibility, no one was hurt).
228
skrytykować; wyzwać; wezwać do wyjaśnień
to call out
This week Mike Pence, the US vicepresident, **called out** Nike’s approach to doing business in China—specifically its response when a Houston Rockets executive tweeted support for protesters in Hong Kong.
229
sprawdzian; test (woli; charakteru; determinacji)
gut check
Food delivery gets a **gut check**. Grubhub's shares plummeted as food-delivery companies ramp up spending to attract customers.
230
dokuczać
to vex
On the eve of its public listing, Aramco is an unrivalled giant in an industry **vexed** by challenges.
231
to unearth
ujawniać, wydobywać (na światło dzienne)
An independent developer recently **unearthed** a feature hidden in Instagram’s code that apes TikTok’s editing tools. It is cold comfort to Mr Zuckerberg that should his defences fail, Big Tech’s critics will have to concede that digital monopolies are not that invincible after all.
232
laden
obładowany
This person and others see parallels to what took place at Deutsche Bank, the now lender whose lack of oversight and controls saw its balance sheet **laden** with risky products of the sort Mr Misra specialised in.
233
heir apparent
prawdopodobny następca (osoba, która prawdopodobnie przejmie pozycję w firmie po kimś)
SoftBank faced criticism from former chief operating officer Nikesh Arora, **heir apparent** to founder Masayoshi Son until a falling-out in 2016 — before it began investing in WeWork.
234
spięcie; zatarg; starcie
run-in
Two senior SoftBank executives have had fierce **run-ins** with Mr Misra that have had an impact on the balance of power in the Vision Fund and the company.
235
zostać oszukanym
to get screwed
Now, the Kurds have sided with Russia and Assad. It may be easier to move toward a U.N.-brokered peace settlement, in Assad’s favor. The Syrian people are **getting screwed** in all this, but that’s not new.
236
męstwo; odwaga; determinacja
fortitude
SoftBank and WeWork teams had been toiling in secret since Thanksgiving on an audacious plan they called Project **Fortitude**, which would have seen SoftBank and the fund buying out every WeWork shareholder bar Mr Neumann for $10bn and injecting a total of $10 bn into the company.
237
to call into question
podawać w wątpliwość
But with negative reviews **calling into question** Apple’s ability to lure subscribers, the service is already on the back foot. All the pretty people in the world can’t keep you hooked when the purpose is this muddled, said Indiewire of The Morning Show, rating it a C-.
238
zastosować
to put in place
Worries over borrowing levels are compounded by reports that SoftBank and Mr Son have **put in place** unusual debt structures.
239
what is more
co więcej
**What is more**, investors have soured on the oil industry. Energy’s weighting in the S&P 500 index dipped below 5% in June, less than a third of its level in 2008.
240
być wynikiem czegoś
to be down to something
What users see on Facebook and other Western social media **is in part still down to** who their friends are and what they share.
241
sacrosanct
nietykalny; święty
The promise to maintain high dividends to non-state shareholders, he points out, would not be legally **sacrosanct**.
242
prized
ceniony, wychwalany
Only rarely has Mr Arnault missed out on a **prized** target. His biggest defeat came 20 years ago when retail businessman François Pinault emerged victorious against him in a long-running and acrimonious battle for control of Italian luxury brand Gucci. Mr Pinault used Gucci as a linchpin to build his own luxury empire: Kering.
243
to feed into something
mieć na coś wpływ; przekładać się na coś
That **feeds into** the second worry, that the underlying performance of the firms that SoftBank invests in is weak, suggesting that their valuations may fall. WeWork has got lots of attention for its vast losses.
244
być do wzięcia (np. nagroda, miejsce pracy)
to be up for grabs
I don’t think all of Biden’s support will go to Warren. A lot will **be up for grabs**, with more centrist candidates.
245
jak popadnie, na chybił trafił (bez planu)
willy-nilly
Money in the right hands, right founders, right potential long-term platforms works. But it doesn’t work **willy-nilly** on every pet-walking and hotel-room renting website.
246
zrobić zapas czegoś
to load up on something
A coming-of-age moment for a Silicon Valley "unicorn" turned into a rude awakening about the public market’s attitude to lossmaking start-ups, which the Vision Fund had **loaded up on**.
247
to get screwed
zostać oszukanym
Now, the Kurds have sided with Russia and Assad. It may be easier to move toward a U.N.-brokered peace settlement, in Assad’s favor. The Syrian people are **getting screwed** in all this, but that’s not new.
248
przypisywać
to ascribe
Its boosters like to say that the world’s last barrel of oil will come from Saudi Arabia. But it is unclear what value investors will **ascribe** to such a distant possibility.
249
linchpin
najważniejsza osoba, fundament, podpora
Only rarely has Mr Arnault missed out on a prized target. His biggest defeat came 20 years ago when retail businessman François Pinault emerged victorious against him in a long-running and acrimonious battle for control of Italian luxury brand Gucci. Mr Pinault used Gucci as a **linchpin** to build his own luxury empire: Kering.
250
to put in place
zastosować
Worries over borrowing levels are compounded by reports that SoftBank and Mr Son have **put in place** unusual debt structures.
