M10:29
我们内部没有第二个 Ajit。
There's not another Ajit in the house.
这一点对其他一些子公司的某些经理人也同样成立，不过在 Ajit 负责的业务上，这种情况特别明显。因为确实有那么几年，我们那块业务大概只有二十五个人左右，或者三十个人。那是一个很特殊的时期，正适合做那种业务——而在 Ajit 的带领下，它的盈利潜力简直惊人。
And that would be true of some other managers at some other subsidiaries, but it's quite dramatic with Ajit's operation because literally there were a few years when we had like 25 or so, or 30 people, where that operation—it was an unusual period to be in—but where its earning potential under Ajit was fantastic.
这种程度的情况，以后大概不会再发生了，虽然我真希望还会。
That probably won't happen to that degree again, and I wish it would.
但他确实为 Berkshire 做了非常非常多。
But he's done a tremendous amount for Berkshire.
不过你知道，我也可以从 Tony 说起。
But I could, you know, start with Tony.
你放眼去看——有很多经理人为 Berkshire 创造了几十亿、几十亿美元的价值，
You go to all— there have been a lot of managers that have created billions and billions of dollars of value
都是为 Berkshire 创造出来的。
for Berkshire.
我是说，甚至可能上到几百亿美元这个量级。
I mean, and maybe you can get into the tens of billions.
你知道，关键就在于，有一位非常出色的经理人，手上又有一项规模很大、很有潜力的业务可以去做，而且他还能把这个机会发挥到极致。
You know, it's having a fantastic manager that has a large business, potential business available to them, and who makes the most of it.
从长期来看，这个影响是巨大的。
You know, it's huge over time.
你未必会在一周或者一个月里立刻看出来，完全不是那种感觉。但如果你是在积累资本价值的话，你想想 Jeff Bezos 对 Amazon 的价值。
You don't see it necessarily in a week or a month or anything of the sort, but when you're building capital value, I mean, think of the value of Jeff Bezos to Amazon.
我是说，没有他，这一切根本不会发生。你看到的是极其巨大的价值。
I mean, it wouldn't have happened without him, you know, and you're looking at huge values.
我还可以再举别的例子。
And I can name other situations.
你知道，Tom Murphy 和 Dan Burke 的价值，就是从零到他们最终做到那个结果之间的全部差别。
You know, the value of Tom Murphy and Dan Burke was the difference between zero and what they ended up with.
我是说，他们是从 Albany 一家破产的 UHF 电视台，把那整个事业一点点建立起来的。
I mean, they built that thing from a bankrupt UHF station in Albany.
倒不是说他们发明了电视，或者类似这样的事。
It wasn't that they were— They didn't invent television or anything of the sort.
他们只是把它经营得特别好。
They just managed it so well.
所以，真正杰出的经理人，是无价之宝。
So really outstanding managers, they're invaluable.
我们希望和他们保持一致——Charlie 和我自己做不了这些事——但我们希望和他们站在一起，也希望他们能像我们看待 Berkshire 那样去看待 Berkshire。
And we want to align— Charlie and I can't do it ourselves, but we want to align ourselves with them and then, you know, have them feel about Berkshire the way we feel about it.
如果我们做到了这一点，那我们就拥有了一项非常巨大的资产。
And if we do that, we have an enormous asset.
而 Ajit，还有其他一些经理人，我们确实已经拥有这样的人。
And we do have that in Ajit and a number of the other managers.
Charlie？
Charlie?