M10:18
对，嗯，通胀时期最好的业务，通常本来就是最好的业务——就是那种你买一次，之后不需要不断继续追加资本投入的业务。
Yeah, well, the best businesses during inflation are usually the best—they're the businesses that you buy once and then you don't have to keep making capital investments subsequently.
这样的话，你就不会面临那个问题：因为通胀，不得不持续再投资，而且投入的金额越来越大。
So you, you, you get—you do not face the problem of continuous reinvestment involving greater and greater dollars because of inflation.
所以，这也是为什么房地产整体上在通胀时期表现不错。
That's one reason real estate in general is good during inflation.
如果你像 Charlie 那样，五十五年前自己盖了房子，或者像我这样，五十五年前买了一套房子，那就是一次性支出；可如果你——你就能享受到因为通胀带来的重置资本扩张，而不用自己去重置它。
If you built your own house 55 years ago like Charlie did, or bought one 55 years ago like I did, it's a one-time outlay, whereas if you're—and you get the—you get an inflationary expansion in replacement capital without having to replace it yourself.
而且如果你手里有某种对别人有用的东西，随着时间推移，它的定价往往会靠拢重置价值。
And if you've got something that's useful to someone else, it tends to be priced in terms of replacement value over time.
所以你就真的能吃到通胀带来的那股劲。
So you really get the inflationary kick.
但是，如果你做的是像公用事业或者铁路这样的生意，它就会不断吞掉越来越多的钱，而且你的折旧计提是不够的，你其实是在骗自己，以为自己有那么高的真实经济利润。
Now, if you're in a business such as the utility business or the railroad business, it just keeps eating up more and more money, and your depreciation charges are inadequate, and you're kidding yourself as to your real economic profits.
所以，任何资本投入很重的生意，在通胀时期往往都不是好生意，而且很多时候，平时也未必是好生意。
So any business with heavy capital investment tends to be a poor business to be in, in inflation, and often it's a poor business to be in generally.
而那种你一次买下来的东西——品牌，在通胀时期是非常棒的资产。
And the business where you, where you buy something once—a brand is a wonderful thing to own during inflation.
你知道，See's Candies 的品牌是很多年前就建立起来的。
You know, See's Candies built their brand many years ago.
当然，这一路走来我们也一直在持续培育它，但这个品牌的价值会在通胀时期上涨，实际上，任何真正强势品牌商品的价值都会这样。
Now, we've had to nourish it as we've gone along, but the value of that brand increases during inflation, just as the value of, of really any, any strongly branded goods.
Gillette 在一九三九年买下了 World Series 的全部广播权。
Gillette bought the entire radio rights to the World Series in 1939.
如果我没记错的话，花了他们十万美元。
And as I remember, it cost them $100,000.
而花这笔钱，他们就能转播一九三九年我记得是 Yankees 对 Reds 的比赛。
And for that, they got to broadcast the Yankees, I think, versus the Reds in 1939.
你想想看，一九三九年的十万美元，能在人的脑海里打下多少印象。
And think of the number of impressions they made on minds in 1939 for $100,000.
而且他们影响到的是像我这样的年轻小伙子。
And they were getting into the minds of young guys like myself.
那时候我八九岁。
I was 8 or 9.
还有几百万人，他们当时就是用那时候的那点钱做到的。
And millions of people, and they did it in those dollars then.
当然，如果你现在要出去做一件类似的事——在几百万人的脑子里留下类似的印象，那得花一大笔钱。
And of course, if you were going to go out and try and do—have similar impressions on millions of minds now, it costs a fortune.
这里面一部分是因为通胀，另一部分是因为别的因素。
And part of that's due to inflation, part of it's due to other things.
但这在一九三九年的美元条件下，是一笔非常棒的投资。
But it was a great investment which could be made in 1939 dollars.
而它的回报，是后来在一九六零年代、一九七零年代和一九八零年代卖剃须刀和刀片时兑现出来的。
That paid off in terms of selling razors and blades in 1960 and 1970 and 1980 dollars.
所以，这就是你想持有的那种生意。
So that's the kind of business you want to own.
Charlie？
Charlie?