M30:41
嗯，关于美元走强这件事，也就是外币利润换算成美元之后没那么多了，我们并没有什么特别强烈的看法。
Well, in relation to the strength of the dollar, which means that profits in foreign currencies don't translate into as many dollars, we don't have any big feeling on that.
我的意思是，如果我——如果我们对美元相对于 yen、euro、pound，或者其他什么货币的走势有很强的判断，那我们其实完全可以通过大量买卖外汇来表达这些看法。
I mean, if I— if we had strong feelings about the dollar's behavior vis-à-vis the yen or the euro or the pound or whatever it might be, you know, we could give vent to those views by actually buying or selling large amounts of foreign exchange.
我们不知道美元会往哪边走。
We don't know which way the dollar is going to go.
所以，在买入还是卖出 Coke 这件事上，我脑子里没有任何一个决定是基于我对美元走势的预测。
So I have nothing in my mind in regard to any decision on buying or selling Coke that would relate to any prediction in my mind about the course of the dollar.
过去几年，Coke 的盈利确实受到了美元走强的影响，尤其是美元相对于 yen 的走强。
The earnings of Coke have been affected by the strength of the dollar in the last few years, particularly the strength against the yen.
你知道，当它从八十几涨到一百四十几的时候，那些利润从 yen 换算成美元，冲击是非常大的。
When, you know, from when it went from 80-odd to 140-odd, that was a huge hit in terms of yen translation into dollars from those profits.
而且总体来说，美元走强会带来伤害。
And the strength of the dollar generally would hurt.
但往前看，我对此没有任何预测。
But looking forward, I don't have any prediction on that.
对 Coke 来说，世界各国都繁荣起来，符合它的利益。
It's in Coke's interest to have countries around the world prosperous.
我的意思是，全球更繁荣、生活水平更提高，都会让它受益。
I mean, they will benefit from increased prosperity, increased standards of living throughout the world.
我觉得，放在任何十年或二十年的时间段里，我们都会看到这一点。
I think we'll see that over any 10 or 20-year period.
我认为，人们对 Coke 的偏好只会越来越强。
I think people's preference for Coke will do nothing but grow.
Coca-Cola 的产品。
Coca-Cola products.
所以我关心的是市场份额，然后还有我说的心智份额。
So what I am concerned about is share of market and then what I call share of mind.
换句话说，现在人们怎么看 Coca-Cola，跟十年前或者二十年前相比有什么变化？
In other words, what do people think about Coca-Cola now compared to 10 years ago or 20 years ago?
再过十年，人们又会怎么看它？
What are they going to think about it 10 years from now?
Coca-Cola 在全世界都有非常了不起的心智份额。
Coca-Cola has a marvelous share of mind around the world.
世界上几乎每个人心里对 Coca-Cola 产品都有一些印象，而且压倒性地都是正面的。
Everybody in the world almost has something in their mind about Coca-Cola products, and overwhelmingly it's favorable.
你几乎没法，嗯，另外再想出三家也像它这样的公司。
You can't, you know, try to think of 3 other companies like it.
就这种广泛存在、而且本质上对产品都抱有好感的程度来说，我想不出来。
I can't do it in terms of that ubiquity of good feeling, essentially, about the product.
我们是通过售出的 unit cases 数量和流通在外的股数来衡量的；我们希望卖出更多得多的 unit cases，也喜欢随着时间推移流通股数越来越少。
We measure it by unit cases sold and by shares outstanding, and we want a lot more unit cases sold, and we like the idea of fewer shares outstanding over time.
十年、十五年，或者二十年以后，我给你的答案还是会是一样的，而且我觉得到那时候售出的 unit cases 会多得多。
I'll give you— I'll be giving you that same answer 10 or 15 or 20 years from now, and I think there'll be a lot more unit cases sold then.
确实，从去年下半年开始一直到今年第一季度，销量箱数的增长放慢了，不过这种情况过去也时不时会发生。
It is true that the case growth slowed starting in the second half of last year and continuing through the first quarter of this year, but that's happened from time to time in the past.
在我看来，你知道，这不算——这不是什么重要的事项。
In my view, you know, that is not— that it's not an important item.
它也许会对股价在六个月或者一年里的表现很重要，你知道。
It may be an important item in what the stock does, you know, in a 6-month period or a 1-year period.
但是，但是十年以后我们还会在，Coca-Cola十年以后也还会在。
But, but we'll be around 10 years from now, and Coca-Cola will be around 10 years from now.
而且现在我们持有Coca-Cola百分之八点一还是二，十年后我们持有的比例很可能会更高，因为他们大概会回购一些股票。
And right now we own 8.1 or 2% of Coca-Cola, and we'll probably own a larger percentage 10 years from now because they'll have probably repurchased some stock.
Coke的市盈率，跟世界上几乎所有其他领先公司一样，在我们看来，你知道，都显得相当高了。
The P/E ratio of Coke, like virtually every other leading company in the world, strikes us as, you know, they all strike us as being quite full.
这并不意味着它们会下跌，但这确实意味着，我们继续买入这些很棒公司的热情，已经不像当初它们市盈率低得多的时候那么高了。
That doesn't mean they're going to go down, but it does mean that our enthusiasm for buying more of these wonderful companies is, is less than it was when the P/E ratios were substantially less.
理想情况下，随着时间推移，这类公司正是我们想要继续增持的。
Ideally, those are the kind of companies we want to buy more of over time.
我们，我们，我们，我们了解它们的业务。
We, we, we, we understand their business.
也就是说，至少有相当大的可能，在接下来的十年里某个时候，我们会再买入Coke、Gillette、American Express，或者我们持有的其他一些很棒公司的股票。
This is to say that, that there's a reasonable chance, at least, that sometime in the next 10 years we, we buy more shares of either Coke or Gillette or American Express or some of those other wonderful companies we own.
总的来说，我们不喜欢现在这些市盈率，不过我还是要强调，这并不意味着它们会下跌。
We do not like the P/E ratios generally, but again, I stress that does not mean they're going down.
这只是说明，过去我们花同样的钱能买到更多东西，把我们给惯坏了，而，而且我们希望以后还能再享受一次这种待遇。
It just means that we got spoiled in terms of how much we got for our money in the past, and, and we hope that we get spoiled again.