The ceo of rio tinto on managing in a hypercyclical industry
力拓CEO Walsh讲述在商品超级周期中，公司因盲目扩张导致亏损，随后通过收紧投资、聚焦现金流和提升效率实现复苏，对矿业及周期行业管理者有借鉴意义。
During the 2000s, in one of the largest commodity booms in history, Rio Tinto allowed itself to be swept up along with other mining companies in the mad rush for growth. Although the smart allocation of capital had traditionally been a strength at the 140-year-old company, Rio Tinto suffered multibillion-dollar write-downs of two of its boom-time acquisitions, and in 2012 it reported a net loss for the first time in 25 years. Early in 2013 the board of directors called on Walsh to take over as CEO. He knew that to succeed in such a turbulent environment, he would need to reconnect Rio Tinto with its core balance-sheet discipline and put it back on a path of measured, sustainable growth. He and the CFO decided to focus on three initiatives: tighten up investment decisions, allowing only the best projects to proceed; run the entire organization for cash; and drive efficiency throughout the company by cutting costs, exiting businesses, and rationalizing the workforce. But they also chose to pull best practices from other industries and fully harness the efficiency gains from new technology.