M10:55
不会。我们的可持续竞争优势在于，我们有一种文化，也有一种商业模式，别人会发现这非常非常难以复制，哪怕只是部分模仿都很难。
No, our sustainable competitive advantage is we have a culture and a business model which people are going to find very, very difficult to copy, even semi-copy.
我们有一群很不寻常的股东。
We have an unusual group of shareholders.
我们的企业是由这样一群人持有的：即便把所有重复计算之类的问题都算进去，我们股票的换手率一年可能也就百分之二十左右，而 S&P 500 里几乎每一只股票一年的换手率都是百分之百。
We have a business that's owned by people where the turnover on our stock, even allowing for all the double counting and everything like that, may be something like 20% a year when virtually every stock in the S&P 500 turns over 100% a year.
所以我们的股东基础是不一样的。
So we have a different shareholder base.
我们有一些人，他们对自己持有的企业的理解方式也不一样。
We have people that understand their business differently.
而且我们的公司还能提供给那些私人企业的拥有者一个机会：让他们继续像过去那样经营自己的企业，同时摆脱律师、投行家，以及各种类似事情带来的麻烦。
And we have a business that can offer to people who own private businesses the chance to keep running their businesses as they have in the past and get rid of the problems of lawyers and bankers and all kinds of things like that.
我现在看不到美国还有哪家公司有这种能力，或者说，大概有能力大规模采用这种模式。
And I don't see any other company in the United States that has the ability to do that now, or probably the ability to adopt that model in any big way.
所以我会说，我们某种程度上拥有一种终极优势，而且这并不是我和 Charlie 独有的。
So I would say we have sort of an ultimate, and it's not peculiar to me and Charlie.
我们也许帮助创造了它，但它已经成了一种深深扎根的文化，今后接任的任何 CEO，在走上这个岗位时，都会非常熟悉这种文化，也会认同它，并且能够在未来延续下去。
We may have helped create it, but it's, it is a deeply embedded culture which any CEOs that follow are going to be well-versed in when they come into the job and dedicated to and able to continue in the future.
而这一点——我不想点其他公司的名字——但这一点，你在别的地方是做不到的。
And you can't do—I don't want to name names about other companies, but you can't, you can't do that elsewhere.
所以我觉得，任何想复制 Berkshire 的人，都会非常非常困难。
So I think, I think anybody wanting to copy Berkshire is going to have a very hard time.
而且我觉得，我们拥有的这些优势会持续非常非常久。
And I think the advantages we have are going to be very, very long-lasting.
它们已经不再只是因为 Charlie 和我坐在这里才存在了。
And they're not peculiar to the fact that Charlie and I are sitting up here anymore.
一开始也许是，但现在已经不是了。
They may have been originally, but no longer.
我们的文化会让我们的经理人融入进来，我们的股东也会融入进来。
Our culture, our managers join that culture, our shareholders join that culture.
而且它一直都在被不断强化。
It gets reinforced all the time.
他们看得到，这套东西是行得通的。
They see that it works.
你知道，如果我是经营另外一家公司的人，我都不知道该怎么去复制它。
You know, it's something that I wouldn't—I don't know how I would copy it if I were running, you know, some other company.
而这很有意义，因为以后还会有一些企业，就像前些时候的 Iscar 一样，也像 GEICO 的管理层在九十年代中期当时考虑自己想怎么做那样。
And it's meaningful because there will be businesses, just as there was with Iscar a while back, just as the management at GEICO felt back in the mid-'90s in terms of what they wanted to do.
会有人想要加入我们。
There will be people that want to join up with us.
而且他们真的不会有什么特别好的第二选择。
And they really won't have a good second choice.
当然，也会有很多人不想加入，这也没关系。
There'll be plenty that don't too, but that's okay.
我们只需要让合适的人里的一部分加入我们，这件事就能持续很久很久。
We just need to have the right ones, some of the right ones join us, and it can go on a long, long time.
Charlie？
Charlie?