M20:27
嗯，这是个好问题。
Well, that's a good question.
而且我们跟很多行业不一样，如果我们投资像 pharma 这样的领域，呃，我们其实并不知道它们的研发管线答案是什么，而且反正五年之后也会是完全不同的一条管线。
And we, unlike many businesses, if we were— when we invest in something like pharma, uh, we don't know the answer on the pipeline, and it'll be a different pipeline anyway 5 years from now.
所以，我们并不知道 Pfizer 或者 Merck，呃，或者你随便说一个，Johnson & Johnson，我们并不知道它们里面哪一家会推出一个重磅——
So we, we don't know whether Pfizer or Merck, uh, you know, or you name it, Johnson & Johnson, we don't know which of those will come up with a blockbuster
一个在三四年之后大卖的药，我们也不会去试着评估这个。
commercial drug 3 or 4 years from now, and we don't try to assess it.
我们真正的看法是，如果我们以合理的价格买入一组这样的公司，那整体 pharma 行业会表现不错。
What we do feel is if we have a group of those companies bought at reasonable prices, that overall pharma will do well.
也许不会像过去那样好，但它们做的事情是极其重要的。
Maybe not quite as well as they have in the past, but they're doing something enormously important.
它们在做的事情，长期来看，应该能带来不错利润的机会。
They're doing something that, that should offer chances for decent profits over time.
而且我们不会一家一家去挑。
And we do not pick one by one.
我没法告诉你，呃，J&J 或者 Sanofi，或者你想点名的任何一家公司，它们研发管线里排名第一的潜力产品到底是什么。
I could not tell you, uh, what's the number one potential in the pipeline of a J&J or Sanofi or whatever one you want to name.
所以我觉得在这个领域，实际上，用组合、一组公司的方式来投资是有道理的；这跟我们投资银行股或者类似行业时的做法不一样。
So I think in that area, actually, a group, a group approach makes sense, which is not the way we would go at the banks or something of that sort.
我确实觉得，如果你用合理的估值去买一组 pharma 股票，那你在五年或十年之后，大概率会有还不错的结果。
I, I do think if, if you buy pharma stocks at a reasonable multiple, a group of them, you know, you'll probably do okay 5 or 10 years from now.
但我不知道该怎么挑出那个具体的赢家。
I would not know how to pick the specific winner.
Charlie？
Charlie?
嗯，你这个问题的出发点，好像默认你垄断了我们两个人在 pharmacology 方面的全部知识。
Well, you speak from a position where you have a monopoly of our joint knowledge about pharmacology.
我们继续看第十二个问题。
We will move on to number 12.
他到了晚一点的时候脾气就会有点急。
He gets cranky later in the day.
现在也差不多快结束了，不过我们还能再回答几个。
And we're just about to the end, but we can take a couple more.