M11:00
嗯，我不认为我会——我不认为我谈了那么多科技公司，不过事实是，我们在 IBM 上做了一笔很大的投资。
Well, I don't think I would— I don't think I've talked that much about tech companies, but the truth is we made a large investment in IBM.
我在 IBM 上下了很大一笔注，但结果并不算太好。
I made a large investment in IBM, which has not turned out that well.
我们倒是没亏钱，但考虑到这段时间我们所处的是一轮牛市，它的表现明显拖后腿了。
We haven't lost money, but in terms of the bull market we've been in, it's been a significant laggard.
然后就在相当近的一段时间里，我们又大举建仓了 Apple。就某些经济特征来说，我其实更把它看成一家消费品公司，当然，从这个产品本身能做什么，以及未来别人可能做出什么来在某种程度上超越它这些角度看，它又确实带有非常强的科技属性。
And then fairly recently, we took a large position in Apple, which I do regard as more of a consumer goods company in terms of certain economic characteristics, although it has a huge tech component in terms of what that product can do or what other people might come along to do to leapfrog it in some way.
不过我觉得，最后我大概会是——当然不保证——但我觉得最后大概会是一比二中了一次，而不是两次都错。
But I think I'll end up being— no guarantees— but I think I'll end up being 1 for 2 instead of 0 for 2.
不过我们走着瞧吧。
But we'll find out.
Charlie？
Charlie?
我丝毫不假装自己在智识层面上，能比得上某个对科技感兴趣的十五岁孩子。
I make no pretense whatsoever of being on the intellectual level of some 15-year-old that's got an interest in tech.
但我觉得，我也许懂一点——对消费者行为有一些洞察。
I think I may know— have some insights into consumer behavior.
我当然，呃，能够拿到很多关于消费者行为的信息，然后试着从中推断，这对未来消费者的行为可能意味着什么。
I certainly, uh, can get a lot of information on consumer behavior and then try to draw inferences about what that means about what consumer behavior is likely to be in the future.
呃，不过我们会发现——还有一点我可以保证，就是我在上市证券上一定会犯一些错误，而且我犯错的领域也不只是，呃，不只是科技。
Uh, but we will find— the one— the other thing I'll guarantee is I'll make some mistakes on marketable securities, and I've made them in other areas than, uh, than tech.
呃，所以你不可能做到百分之百全对，你知道，不管你努力把自己限定在哪些行业里。
Uh, so you'll not bat 1,000, you know, no matter what industries you, you stick— you try to stick with.
我对保险还是挺了解的，但这些年来，我想我们大概也在保险股上亏过钱，也许还不止一次两次。
I know insurance pretty well, but I think we probably lost money on an insurance stock perhaps, you know, once or twice over the years.
所以，呃，你不可能每次都打中。
So it, uh, you don't bat 1,000.
不过在科技这件事上，过去这些年——嗯，准确地说，其实从我出生到现在——我并没有获得什么真正的新知识。
But I have gained no real knowledge about tech in the last— well, since I was born, actually.