M1
M10:00
Buffett 先生，我很感激 Walter Schloss，大概四十年前是他把我介绍给您的。
Mr. Buffett, I'm indebted to Walter Schloss for introducing me to you some 40 years ago.
最后，到了八十年代初，我成了股东。
And finally, in the early '80s, I became a stockholder.
我的问题是，现在您把总部规模从十一个人扩大了百分之九，变成十二个人了，您现在会不会更常回复股东来信了？
My question is, now that you've expanded headquarters 9% from 11 people to 12 people, do you now more frequently answer letters from stockholders.
具体来说，您有没有看过我一九八六年一月写给您的那封信——
As a specific, had you looked at my letter from January 1986—
M2
M20:39
我们现在还没到一月份呢。
We haven't gotten to January yet.
M1
M10:43
——那封信是关于 Cap Cities/ABC 和 talk radio 的，要是您当时谈过这件事，Cap Cities 上个月发生的那个问题，会不会本来是可以避免的？
—relating to Cap Cities/ABC and talk radio, the problem that occurred last month at Cap Cities might have been prevented?
M2
M20:56
你应该会收到我们的一封套话回信，不过我们不会——第一，我们不会介入被投资公司的事务。
You should get a form letter from us, but we do not— A, we do not get into the activities of our investee companies.
我的意思是，如果有人对 Coca-Cola 或者 Gillette 不满意——虽然他们其实没理由不满意——但如果他们碰巧就是不满意，那他们应该直接去跟那些公司谈。
I mean, if people are unhappy about Coca-Cola or Gillette, and they shouldn't be, but if they happen to be, they should talk to the companies themselves.
我不会把自己插手到被投资公司的管理或者运营里去。
I don't interject myself into the management or operations of the investee companies.
至于关于 Berkshire 的问题，我几年前就在年报里写过，光是管理 Berkshire，本身就已经要花掉相当多的时间了，因为要跟踪很多业务。
In terms of questions about Berkshire, I put in the annual report a few years back, just running Berkshire takes up a fair amount of time in terms of keeping track of a lot of businesses.
而且其实也不一定非得像我现在这样花这么多时间，不过我乐在其中。
And it doesn't need to take up as much time as it does with me, but I enjoy it.
但是——我觉得，年报和年度股东大会，才是拿来讨论股东心里所有问题的时候。
But the— I feel that the annual report, the annual meeting are the time to take up everything on shareholders' minds.
所以我不会一对一地回答问题。
And so I don't answer one-on-one questions.
我会收到各种各样的来信。
I get all kinds of letters.
有人想要职业发展方面的指导。
They want career guidance.
有人想让我给他们的生意提建议。
They want advice on their business.
我的意思是，寄来的信多得不得了，要是一一回复这些东西，真的——那会占掉很多本来应该花在 Berkshire 上的时间。
I mean, there's a million letters that come in and it would really be— it would take a significant amount of time that otherwise would be spent on Berkshire to reply to that sort of thing.
我可能会留意这些来信，看看以后在年报里要回应哪些问题，但我觉得，年度股东大会和年报，才是和股东沟通的最好方式。
I may note them in terms of what I address in subsequent annual reports, but the annual meeting and the annual report, I feel, are the best ways to communicate with shareholders.