M10:49
这个问题呢，大致可以分成我人生里的两个阶段来看。
Well, that sort of breaks down into two periods of my life.
在我点子比钱多的时候，我会一直想着每一个持仓，因为我总在想下一个要买什么，以及为了买进更有吸引力的东西，我得先卖掉哪一个。
When I had more ideas than money, I was thinking about every one all the time because I was thinking about buying the next one and which one I would have to sell in order to buy something even more attractive.
所以用 Charlie 的说法，当时我的机会成本，就是我手里最没吸引力的那只股票；为了买更有吸引力的东西，我会把它卖掉。
So my opportunity cost, as Charlie would put it, then was the least attractive stock, which I would give up to buy something more attractive.
所以我当时——真的就是这样——如果我有十万美元，而且已经全部投出去了，而我又想拿出一万或两万美元去买一个我觉得更有吸引力的东西，我就会一直想，这里面我到底该卖掉哪一个。
So I was—I literally, if I had $100,000 and it was all invested and I wanted to put $10,000 or $20,000 in something I felt was more attractive, I would be thinking all the time of which one of these do I unload.
现在我们的情况是，钱比点子多，这就意味着，我们不会每分每秒都去重新审视某个东西，因为现在的备选项是持有现金，而不是非得去做一件让我们特别兴奋的事。
Now our situation is such that we have more money than ideas, and that means that we really aren't reexamining something every minute because the option is cash and not doing something that we really are excited about.
不过，我们还是会一直想着我们所投资的这些企业，不管是我们全资拥有的，还是通过股票部分持有的，我们都会一直思考它们。
We still think about the businesses we're in, whether they're wholly owned or whether they're partially owned through stocks, we think about them all the time.
我的意思是，你知道，我们脑子里已经存了很多信息，而你又会不断收到一些零零碎碎的新信息，关于那家公司、关于竞争对手，或者关于其他正在发生的事情。
I mean, you know, we've got a lot of information filed away in our minds, and you keep getting little incremental bits about that company or the competition or other things going on.
所以你知道，这是一个持续不断的过程，但并不是那种带着“每天、每周或者每月都要因此做出操作”这种想法的持续过程。
So it's, you know, it is a continuous process, but it's not a continuous process with the idea that daily activity or weekly activity or monthly activity is going to result.
我们只是希望不断往自己的思考和认知里添东西，把它打磨得更细、更完善。
It's just we want to just keep adding to our thinking and knowledge, refining it further.
针对我们投资的每一家企业都是这样。
about every business that we're in.
比如说，如果我们为了一个非常大的交易需要一些资金，假设我们需要两百亿、三百亿或者四百亿美元，而我们必须决定卖掉一百亿美元的股票资产——随便举个数字——那我们就会用上平时每天积累的那些信息。那些信息在积累过程中可能看起来并没有太大意义，但到那时，我们就会据此决定，这一百亿美元该从哪里筹出来。
If we needed some money for a very big deal, for example, let's say we needed $20 or $30 or $40 billion and we had to decide to sell $10 billion of equities, just to pick a figure, you know, we would use the information we've been collecting daily, which hasn't really meant much as we've gone along, and then we would come to a decision about where we raise that $10 billion.