M10:00
今天我还想再向大家介绍一个人，我相当确定他就在现场。
There's one more person I would like to introduce to you today, and I'm quite sure he's here.
我还没看到他，不过我听说他会来，我是听说他会来的。
I haven't seen him, but I understood he was—I understood he was coming.
他就是Jack Bogle，我在年度报告里提到过他。
And that is Jack Bogle, who I talked about in the annual report.
Jack Bogle为美国投资者所做的贡献，可能比这个国家里的任何人都要大。
Jack Bogle has probably done more for the American investor than any man in the country.
Jack，你能站起来让大家看看吗？
Jack, would you stand up?
他就在那儿。
There he is.
很多年前，Jack Bogle提出了指数基金的想法。他当然不是唯一一个谈论指数基金的人，但如果没有他，这件事不可能实现。
Jack Bogle, many years ago—he wasn't the only one that was talking about an index fund, but it wouldn't have happened without him.
我的意思是，Paul Samuelson谈过，甚至Ben Graham也谈过。
I mean, Paul Samuelson talked about it, Ben Graham even talked about it.
但事实是，这件事不符合投资行业，也不符合Wall Street的利益。
But, uh, the truth is it was not in the interest of the investment industry, of Wall Street.
实际上，推动指数基金发展并不符合他们的利益，因为这会让费用大幅下降。
It was not in their interest actually to have the development of an index fund, of the index fund, because it brought down fees dramatically.
正如我们在报告里谈过的一些内容，以及其他人评论过的那样，总体来说，指数基金为股东带来的回报，一直好于Wall Street专业人士整体取得的回报。
And as we've talked about some in the reports and other people have commented, index funds overall have delivered for shareholders a result that has been better than Wall Street professionals as a whole.
其中一个原因，就是指数基金大幅降低了成本。
And part of the reason for that is that they brought down the costs very significantly.
所以，Jack刚开始做这件事的时候，几乎没有人支持他。Wall Street当然没有为他鼓掌，他还遭到了一些嘲笑和大量攻击。
So when Jack started, very few people—certainly Wall Street did not applaud him, and he was the subject of some derision and a lot of attacks.
而现在，一谈到指数基金，我们说的已经是数万亿美元了。
And now we're talking trillions when we get into index funds.
说到指数基金的投资费用时，我们现在谈的是几个基点；但说到其他地方的费用时，仍然是几百个基点。
And we're talking a few basis points when we talk about investment fees in the case of index funds, but still hundreds of basis points when we talk about fees elsewhere.
我估计，至少可以说，Jack在完全没有损害投资者整体表现，也就是毛回报的情况下，帮他们省下了、让这些钱留在了投资者口袋里的金额，已经达到数百亿美元，而且是几十亿、几十亿、几十亿美元这样累积起来的。
And I estimate that Jack, at a minimum, has saved—left in the pockets of investors, without hurting them overall in terms of performance at all, gross performance—he's put tens and tens and tens of billions into their pockets.
随着时间推移，这些数字会达到数千亿美元。
And those numbers are going to be hundreds and hundreds of billions over time.
所以，Jack星期一就要过八十八岁生日了。
So it's Jack's, uh, 88th birthday on Monday.
所以我想说，Jack，生日快乐，也代表美国投资者谢谢你。
So I just say happy birthday, Jack, and thank you on behalf of American investors.
Jack，我还有一个好消息要告诉你。
And Jack, I've got great news for you.
你星期一就八十八岁了，再过两年，你就有资格在Berkshire担任高管了。
You're going to be 88 on Monday, and in only two years you'll be eligible for an executive position at Berkshire.
所以，坚持住，老伙计。
So hang in there, buddy.
好了。
Okay.