M20:10
嗯，第二个问题是这样：我想，我们大概有五项股权投资，投的是注册地在美国以外、主要或完全在美国以外运营的公司。
Well, the second question—we have about, I think, about five equity investments in companies that are domiciled and that operate primarily or entirely outside the United States.
我们不会把所有投资都列出来。
We don't list all our investments.
我记得，去年我们列出了所有价值超过五亿美元的投资。
We listed, I believe, last year all those above $500 million.
除了多年前的 Guinness，我想我们从来没有哪项投资达到需要在 Berkshire 的报告里披露的门槛，虽然我们确实持有过一些这样的投资。
We have never had—I think maybe since Guinness some years back, I don't think we've ever had one hit the threshold of reporting in the Berkshire report, although we've owned some.
而 Hong Kong Stock Exchange 最近刚刚修改了规定，现在只要持有任何一家在 Hong Kong Stock Exchange 上市的公司百分之五的股份，就必须申报。
And the Hong Kong Stock Exchange has just recently changed their requirements so that you have to report 5% of the holding of any company listed on the Hong Kong Stock Exchange.
至于我们持有的 PetroChina 股份，实际上现在大概是百分之十三，但这百分之十三只是所谓 H-shares 的百分之十三。
And our PetroChina holdings, actually, they're now, whatever it is, 13%, but they're only 13% of something called the H-shares.
中国政府拥有这家公司的百分之九十。
The Chinese government owns 90% of the company.
H-shares 占百分之十。
The H-shares are 10%.
这是他们几年前卖给公众的那部分股份。
They sold that to the public a few years back.
所以，我们持有的是一个很小比例中的百分之十三。之所以必须申报这项持股，只是因为申报规定里有这么一个有点偶然的情况。
So we own 13% of a very small percentage, and it's kind of a fluke of reporting that we're required to report that particular holding.
就像我说的，我们还持有大概另外四项国际证券投资。
And like I say, we own four or so others in international securities.
我们并没有对中国做出什么特别重大的判断。
We don't make any great judgment about China.
你可能比我更了解中国。
You probably know more about China than I do.
我们只是考察全世界各地的投资，然后尽量买入我们认为最有价值的资产。
We simply look at investments around the world, and we try to buy into things that we think offer the most value.
如果这些投资在美国，我们可能会稍微偏好它们是在美国；当然，我们也可能会强烈偏好，或者强烈排斥某些国家。
And if they're in the United States, we might prefer slightly that they be in the United States, and we might have strong preferences against or strong biases against certain countries.
我们会把美国排在第一位，因为在这里，我们对这套游戏规则最熟悉。
We would regard the United States as number one because we understand the game the best here.
我们了解税法，还有这类相关规定，也了解企业文化等等。
We understand the tax laws and all that sort of thing, and the corporate cultures and so on.
但我们会认为，有好几个其他国家基本上和美国差不多；当然，也有一些国家会被我们打折看待。
But we would regard a number of other countries as virtually equivalent to the U.S., and there's others that would have been marked down.
有些国家，无论如何我们都不会进去，因为我们对它们实在不够了解。
Some of them we'd have a whole bunch we wouldn't go into under any circumstances because we just don't understand them well enough.
不过，你知道，我们觉得自己对中国的石油行业之类的事情，还是有相当合理的了解。
But, you know, we think we understand something like the oil business in China reasonably well.
所以，如果价格相对于我们认为它未来能够产生的现金流来说合适，我们就会对这样的投资做出决定。
And at a price relative to what we think the future cash generation is, we would make a decision on something like that.
但这不是什么大事。
But it's not a big deal.
它之所以变成必须申报的投资，是因为法律里有这么一个特殊规定：如果你持有某项资产的一定比例，而这项资产只占整个公司的百分之十，那你还是必须申报。
It's a big—it became reportable because of this peculiarity of the law where if you own a certain percentage of something that's only 10% of the whole pie, you still have to report it.
中国政府牢牢控制着 PetroChina。
The Chinese government is firmly in control of PetroChina.
我的意思是，如果我们和中国政府投票，我们两方加在一起就能控制 PetroChina。
I mean, if we vote with the Chinese government, the two of us will control PetroChina.
就是这样。
That's it.