M1
M10:00
你觉得 Berkshire 会不会成为 Standard & Poor's 500 的成分股，或者成为 Dow Jones 的成分股？
Do you expect that Berkshire would become one of the Standard & Poor's 500 stocks or a Dow Jones stock?
M2
M20:10
嗯，我，我觉得它不太可能会成为 Dow Jones 的成分股。
Well, I, I'm— I think it's unlikely it ever becomes a Dow Jones stock.
我不知道 S&P 500 的筛选标准是什么，不过我猜应该有某些原因让我们不符合。
I don't know what the criteria are for the S&P 500, but I imagine there's some reason why we don't fit.
我不知道他们是不是会考虑流通在外的股数之类的问题，或者别的什么，我从来没跟 S&P 核实过。
I don't know whether they have questions about number of shares outstanding, or— I've never checked with S&P.
如果我们是所有没被纳入 S&P 的公司里市值最大的那一家，我也不会觉得意外，虽然我也不确定。
I wouldn't be surprised if we have the largest market capitalization of any company that isn't in the S&P, although I don't know that.
不过他们可能有一些标准，或者类别上的要求，会把 Berkshire 排除在外。
But they may have some criteria, variety, that preclude Berkshire being part of it.
我一直觉得这件事很有意思，对你们这些喜欢琢磨这类问题的人来说尤其如此。假如我们是 S&P 500 的成分股，而且有足够多的人开始做指数化投资，以至于市场里百分之六十都被指数化了，而 Charlie 和我又不会卖，我们确实不会卖，那就会变成一个很有意思的问题：如果指数基金想复制 S&P，它们到底要怎么拿到那百分之六十？
I've always thought it'd be very interesting, for those of you who like to think about such things, that if we were part of the S&P 500 and enough people became indexed so that 60% of the market was indexed, and if Charlie and I wouldn't sell, which we wouldn't, it'd be an interesting proposition as to how the index funds would ever get their 60% if they tried to replicate the S&P.
这会变成——我也不知道他们是不是连股权集中度都有相关规定。
It'd be— I don't know whether they have rules even about concentration of ownership.
沿着这个思路想下去，Walmart 或者别的公司也可能碰到类似情况。举个极端一点的例子，假设一家公司有百分之九十的股票都被一个人持有，而市场里的资金有百分之十二是指数化的，呃，而且那百分之九十又不肯卖，那就会重演 Northern Pacific corner 那种局面，或者类似的情况。
That same line of thinking might have applied to Walmart or some company, because just take the extreme example of a company that had 90% of its stock owned by one individual and 12% of the money in the market were indexed, uh, and the 90% wouldn't sell it, would bring back the Northern Pacific corner or something of the sort.
不管怎么说，我觉得那不会成为问题，而且，而且我也不觉得我们最后会进入这两个指数里的任何一个。
In any event, I don't think that's going to be a problem, and, and I don't think we are going to end up being in either index.
对，一个都不会。
Yeah, no one.