????多年來，哈雷戴維森公司（Harley-Davidson）在經營上起起伏伏，堪比摩托車越野賽，華爾街的大佬們實在是跟不上趟。

????上世紀90年代中期摩托車旺銷時，哈雷戴維森公司（簡稱哈雷公司）的股票與惠普（Hewlett-Packard）一樣都是增長型股票。20世紀90年代末到21世紀初，訂單增長超過產量，二手貨價格也漲了上來，分析師們斷言哈雷應該像蒂芙尼（Tiffany）一樣算得上奢侈品廠商。2007年至2009年經濟危機，泡沫破滅，銷售大幅下滑（北美地區減少了50%），哈雷公司在投資者眼中成為和福特汽車（ Ford Motor）一樣的周期性產業股票。

????2012年收入和盈利雙雙顯著上漲，哈雷公司再次翻身。過去6個月里，哈雷公司股價上漲了13.6%，公司2月份分紅提高了35.5%。相應地，市場分析師將哈雷公司股票調整至分紅增長股票，與菲利普莫里斯公司（Philip Morris International）比肩。

????多年來一直沒變的是，哈雷公司對自身品牌和百年歷史的堅持和一貫追求。這種對傳統和傳承的一往情深迎合了品牌認可型車主們的心理，只要對現有型號進行無盡的變形和升級，就能把老客戶牢牢穩住。同梅賽德斯-奔馳（Mercedes-Benz）和勞力士（Rolex）一樣，哈雷公司算得上善于經營品牌歷史的大師。

????哈雷摩托廣告中隨處可見“傳奇”、“遺產”和“傳統”這些字眼。哈雷公司的產品很少背離經典時期的那種反叛風格。馬龍?白蘭度在1953年的電影《飛車黨》（The Wild One）中騎的不是哈雷，而是凱旋（Triumph）摩托，但是他塑造出的亡命騎士形象已經被哈雷完整地繼承下來。想要像廣告里所說的那樣，勇敢無畏、永不妥協、絕不后悔么？騎哈雷吧。

????今年，哈雷公司自己成為了關注的核心。哈雷公司將迎來自己110歲生日，要在全球為擁躉們舉辦系列拉力賽，還要推出十多款紀念型號——將現有型號噴涂特殊油漆，同時安裝徽章制成限量版——加價2,500美元。正如哈雷廣告所說：“我們要向世界展示反叛精神”（We're putting the rebel spirit on display for the world to see）。除了傳統的代頓海灘和南達科他州斯特吉斯鎮之外，哈雷公司在全球各地組織拉力賽，遠至新西蘭、南非、吉隆坡和巴西。慶祝活動將以在密爾沃基勞動節的一個為期六天的活動告終。哈雷公司希望擁躉們在“自由、自我表達和史詩般探險”的熱情感召下團結起來。

????哈雷這種桀驁不馴的態度來之不易。1903年，在密爾沃基的車間里，22歲威廉?S?哈雷和朋友亞瑟?戴維遜將一臺小汽油引擎裝在了一部普通自行車上。從那時算起，哈雷公司就一路坎坷。公司勉強撐過大蕭條——產品銷量從1929年的21,000輛銳減到1933年的3,703輛——上世紀70年代和80年代，它在日本廠商本田（Honda）、川崎（Kawasaki）和雅馬哈（Yamaha）的打擊下差點關門。旗下的布爾（Buell）和阿古斯塔（MV Agusta）等專有品牌最終于2009年倒閉歇業。

????Harley-Davidson has experienced more ups and downs than a motocross racer over the years, and Wall Street has had a hard time keeping up.

????Amid booming sales in the mid-1990s, Harley was pronounced a growth stock, on a par with, say, Hewlett-Packard. Then in the late '90s and early '00s, orders began outpacing production, and used prices shot up, leading analysts to the conclusion that Harley really ought to be considered a maker of luxury goods, like Tiffany. That bubble burst in the downturn of 2007-2009 when plummeting sales (down 50% in North America alone) downgraded Harley in the eyes of investors to the ranks of a mere cyclical stock like Ford Motor (F, Fortune 500).

????Now Harley (HOG, Fortune 500) is rolling again after reporting solid increases in revenues and earnings for 2012. Its shares have risen 13.6% in the past six months, and in February, Harley raised its dividend 35.5%. Accordingly, market analysts have reclassified Harley as a dividend growth stock along the lines of companies such as Philip Morris International (PM,Fortune 500).

????What hasn't changed over the years is Harley's consistent and durable devotion to its brand and its century-old history. It single-mindedly focuses on its heritage and traditions, caters to owners who already identify with the brand, and creates endless variations and updates of its existing model range to snare repeat customers. Along with companies like Mercedes-Benz and Rolex, Harley is a master at marketing the past.

????Its advertising is studded with words like "legendary," "heritage," and "traditional." Harley products seldom deviate from what is considered the "classic" era of motorcycle styling with its attitude of rebellion. Marlon Brando rode a Triumph, not a Harley, in 1953's The Wild One, but the outlaw biker image he created has been embraced by Harley ever since. Want to be bold, make no compromises, and never apologize, as the company promises in its ads? Ride a Harley.

????This year has brought Harley's obsessive attention with itself to the forefront. It is celebrating its 110th anniversary by holding a series of rallies for its fans around the world and launching a dozen anniversary bikes -- limited editions of existing models decked out with special paint and badging -- that will carry price premiums as high as $2,500. Says Harley in its promotional material: "We're putting the rebel spirit on display for the world to see." Literally. Harley is staging rallies in, among other places, exotic locations like New Zealand, South Africa, Kuala Lumpur, and Brazil, in addition to its traditionally raucous events in Daytona Beach and Sturgis, S.D. The celebration concludes with a six-day event over Labor Day weekend in Milwaukee. Harley urges its fans to unite over their shared passion for "freedom, self-expression, and epic adventure."

????Harley came by its scrappy attitude the hard way. It hasn't all been a smooth ride from its founding in a Milwaukee machine shop where 22-year-old William S. Harley and his friend Arthur Davidson attached a small gasoline engine to a regular bicycle frame in 1903. The company barely survived the Depression -- sales fell from 21,000 in 1929 to 3,703 in 1933 -- and nearly wilted again in the 1970s and '80s under assault from Japanese makers like Honda, Kawasaki, and Yamaha. Late-life diversions into the Buell and MV Agusta specialty brands flopped and were discontinued in 2009.