M1
M10:00
关于航空公司的另一个问题是什么？
What was the other question on airlines?
M2
M20:04
买航空公司。
Buying airlines.
M1
M10:07
航空公司。
Airlines.
哦，我，我，对，凡是跟航空公司有关的事，我都会下意识压着不去想。
Oh, I, I, yeah, I always repress everything on airlines.
我不想——我们从来——据我记得，我们从来没买过任何一家航空公司的普通股。
I don't want to— we never— we've never bought an airline common stock that I can remember.
所以我们当时做的是，借钱给 USAir，为期十年，而且我们还有一个转换权。
So what we did was we lent money to USAir for a 10-year period, and we had a conversion privilege there.
这看起来——看起来是个非常严重的错误。
It looked like it— it was a terrible mistake.
这个错误是我犯的，不过后来我们算是被救了一把，但我们从来没有做过这样的判断——当我们买入我们那份证券的时候，USAir 的普通股大概是每股五十美元左右，而我们对在五十、四十、三十，甚至二十美元这个价位买入 USAir，都没有兴趣。
I made the mistake, but we got bailed out, but we never made the determination— when we bought our stock, USAir was selling at $50 a share or thereabouts, the common, and we didn't have an interest in buying USAir at $50 or $40 or $30 or $20.
后来随着事情发展，我们一路都有机会买，最低都到四美元一股了，但我们始终没买。
And we got a chance to, as things went along, all the way down to $4, and we never bought it.
而且我们也从来没买过 American、United、Delta，或者其他任何航空公司。
And we never bought American or United or Delta or any other airline.
这不是一个会让我们着迷的行业。
It is not a business that intrigues us.
不过，我们当时确实觉得，以附带转换权的方式借钱给他们，这件事挺有吸引力的。现在结果还算可以——是因为我们运气好，再加上 Steve Wolf 出现了，确实把这家公司从濒临破产的边缘给救了回来。
We did think it was intriguing to lend money to them with a conversion privilege, and it's worked out now as it— because we got lucky and because Steve Wolf came along and really rescued the company from right at the brink of bankruptcy.
但我们大概率还是不会投航空公司，不过话说回来，很多企业我们虽然不会买它们的普通股，但并不介意借钱给它们。
But we're unlikely to be in airlines, although again, we wouldn't mind lending money to a lot of businesses that we wouldn't buy common equity in.
我的意思是，这种事——这种情况，在很多行业里都有可能再次发生，航空业也包括在内。
I mean, that— that, that could happen again in various industries, including the airline industry.
Charlie，关于航空公司或者日本市场，你有什么想说的吗？
Charlie, do you have anything to say on either the airlines or the Japanese market?
M2
M21:33
嗯，航空公司那次经历对我们来说非常不愉快。
Well, the airline experience was very unpleasant for us.
净资产就那么一路蒸发掉了。
The net worth just melted.
本来大概有十五亿美元，然后就这么一亿、一亿、一亿地往下掉。
It was like a billion and a half, and it just went $100 million, $100 million, $100 million.
最后，现金也越来越少。
And finally, the cash is running down.
那真是一段非常难受的经历。
It is a very unpleasant experience.
我们也会尽量从这些经历里吸取教训，不过我们学得很慢。
And we try and learn from those experiences, but we're very slow learners.