M10:37
对，不过我们的会议内容最后还是会被整理出来。
Yeah, well, our meeting does get written up.
至少各种 blog 之类的，都会写很多相关内容。
At least it gets written up a lot with various blogs and everything else.
Outstanding Investor Digest 会把会议内容相当完整地整理出来，呃，另外还有一些渠道，也会整理出关于我的详细报告，然后发到网上。
It gets written up pretty well in its entirety by Outstanding Investor Digest, and, uh, and there are others that, that prepare extensive reports on me, and they pop up on the internet.
所以他十有八九还是会知道，呃，这个答案的。
So he will in all likelihood find out, uh, the answer.
我们当然可以做 webcast。
We, we could webcast.
别人也会拿同样的问题来问我，说我跟学生开的那些会，为什么不做 webcast。
I get asked the same question about webcasting the, the meetings I have with students.
你知道，为什么不这么做呢？
You know, why not do that?
这样不是轻松多了，诸如此类的。
It's so much easier and everything.
我觉得，人与人直接接触，还是能带来一些东西的。
I, I think there, there is something gained by personal contact.
我自己非常清楚，我当年学习的时候，也是这样。哪怕我已经读过 Ben Graham 的书了，光是去见他、跟他待在一起，我都收获很大。
I certainly know that when I was studying and all of that, I, I gained a lot by personal contact, even though I'd read Ben Graham's books, just going and being with them.
而且我在教学上也一直遵循这个做法。
And, and I follow that practice in teaching.
我也很喜欢我们现在这样的到场情况。
And I think that I like the turnout we get.
我喜欢我们的合伙人亲自过来，看看我们卖的产品，看看这些东西。
I like our partners to show up and see the products we sell and all of that.
这不是那种我们要躲起来开会的事，你知道，不会跑到 Nebraska 西部哪个小村子里去开，好故意让大家不方便来。
This is not something where we're going to go and hide and hold our meeting, you know, and then in, in some hamlet, you know, in western Nebraska or something to discourage attendance.
我们的态度不一样。
We've got a, we've got a different attitude.
我也希望这一点大家能感受得到。
And I think that, that, that I hope that comes across.
而且我觉得，如果我们做成 webcast，你知道，那就有点像打开一个电视节目一样了。
And I think that if we webcast it, you know, it was something like turning on a television show.
我觉得那种感觉不会完全一样。
I don't think it would be quite the same.
至于问题的第一部分，就是去买我们买的那些证券，确实有很多人会这么做。呃，不过他们——顺带一提——他们买这些，可没有保险业务提供的免费 float 可以用。
In terms of the first part of the question about buying the securities we buy, plenty of people do that, and, uh, some of them—but they, they incidentally, they're not buying it with free float that's available from insurance.
所以，如果他们也能拿到五百八十亿美元、而且是免息可用的资金，呃，那他们在买这些证券时，所处的位置就跟我们一样了，但他们并没有。
So, so if, if they have $58 billion that they can get interest-free, uh, they will be in the same position we are in buying those securities, but they aren't.
另一方面，他们也有一些我们没有的税务优势。
On the other hand, they have some tax advantages we don't have.
所以，呃，我并不反对别人这么做。
So, uh, I don't quarrel with people to do that.
呃，我们在一定程度上也必须公开披露我们持有哪些东西。
Uh, we have to publicize to some extent, uh, what we own.
有些东西他们是买不到的，因为我们会直接进行收购。
Some things they wouldn't be able to buy because we make direct purchases.
他们没法买进我们持有的那些企业，不过，呃，他们完全有可能通过某种方式跟着我们投，反而做得更好。
They wouldn't be able to buy into the businesses we own, but, uh, they might very well do better piggybacking us in some way.
而且他们当然完全可以这么做。
And they're certainly free to do it.
Charlie？
Charlie?