M1
M10:00
大家好，我叫 Tim Spear，来自 England 的 Hertfordshire。
Hello, my name's Tim Spear and I'm from Hertfordshire, England.
我在想，在 Ben Graham 的书《The Intelligent Investor》里，他一开始前几章都在讨论市场所处的水平，以及那个时候是不是适合投资。
I was thinking, in Ben Graham's book The Intelligent Investor, he spends the first couple of chapters discussing the level of the market and whether it was safe for investment.
我就在想，他会怎么看今天的市场。
I was wondering what he'd think of the market today.
M2
M20:18
这个嘛，我们不——我和 Charlie 不会去想市场，Ben 其实也不太会。
Well, we don't— Charlie and I don't think about the market, and Ben didn't very much.
我觉得他偶尔试着给整个市场估值，这一点算是个错误。
I think he made a mistake to occasionally try and place a value on it.
我们看的是一家一家具体的企业，我们不会把股票看成报纸上那些上下波动的小东西，再配上各种走势图。
We look at individual businesses, and we don't think of stocks as, as little items that wiggle around in the paper and that have charts attached to them.
我们会把它们看成企业的一部分。确实，就眼下来说，我们很难找到那种我们俩都喜欢、管理层我们也喜欢，而且价格又有吸引力的企业。
We think of them as parts of businesses, and, and it is true that currently we have great trouble finding businesses that we both like and where we like the managements and find them at an attractive price.
所以在现在这个市场里，在那些属于我们投资范围的大公司当中，我们找不到便宜货。
So we do not find bargains in this market among the larger companies that are, that are our universe.
但这绝不是任何意义上的股市预测。
That is not a stock market forecast in any way, shape, or form.
我们完全不知道市场今天会涨还是跌，下周会怎样，下个月会怎样，明年又会怎样。
We have no idea whether the market's going to go up today or next week or next month or next year.
我们只知道，我们只会买那些按 Berkshire 得到的价值来看，我们觉得划算、讲得通的东西。
We do know that we will only buy things that we think make sense in terms of the value that we receive for Berkshire.
找不到的时候，钱就会越积越多。
And when we can't find things, the money piles up.
找到了——一旦我们真的找到，我们就会大举投入。
And when we find— when we do find things, we pile in.
但是就股市本身来说，我不知道有谁是真靠预测市场的走势而成功、而且真正赚到很多钱的。
But the stock market, I know of no one that has been successful at and really made a lot of money predicting the actions of the market itself.
我倒是知道很多人，是因为挑对了企业，再用合理的价格买进，所以做得很好。
I know a lot of people who have done well picking businesses and buying them at sensible prices.
这也正是我们希望做到的。
And that's what we're hoping to do.
Charlie？
Charlie?
M1
M11:51
这还能说得更好吗？
How could you say it any better?
M2
M21:54
对，不过问题是，你能不能说得比这更好，Charlie。
Yeah, but the question is whether you can say it better, Charlie.
好，我们来看 Zone 2。
Okay, we'll go to Zone 2.
今天你们从他这儿听到的，可能也就这么多了。
That may be all you hear from him today.
习惯就好。
Get used to it.