M20:34
对，我会说，Ajit 是没法被替代的，我们也不会去尝试替代他，所以我们也不会把现在给 Ajit 的那种风险规模上的权限，或者类似那种权限，给别人。
Yeah, I would say that it would be impossible to replace Ajit, and we wouldn't try, and therefore we wouldn't give the latitude in terms of size of risk or that sort of thing that we give to Ajit.
不，我们这里有一个非常独特的天才，至少我是这么看的，我想 Charlie 也是这么看。所以当你碰到这样的人，呃，一旦你心里非常确定你面对的就是这样的人，你就会给他非常大的授权。
No, we've got a unique talent in my view there, and I think in Charlie's, and so when you get somebody like that, uh, you give enormous authority to them after you firmly establish in your mind that that's who you're dealing with.
但这并不意味着这种授权是跟着职位走的。
But that doesn't mean that the authority goes with the position.
授权是跟着个人走的。
The authority goes with the individual.
而且，呃，在保险业里，按他们的说法，把你的 pen 交出去，是一件极其危险的事。
And, uh, giving your pen away in insurance, as they say, is extraordinarily dangerous.
我们这个城里有 Mutual of Omaha，这家公司到上世纪八十年代的时候，已经被大概花了七十五年时间非常谨慎地建立起来了，而且我相信，它当时已经成了全世界最大的 health and accident association。
And we have in this town, we have Mutual of Omaha, which in the 1980s had been built up carefully over probably 75 years by that time and become the largest health and accident association in the world, I believe.
后来他们冒出个想法，觉得自己应该去做 property-casualty reinsurance。
And they got the idea that they should be writing property-casualty reinsurance.
所以他们就把一支 pen 交给了公司里的某个人，可能根本都没人听过那家伙叫什么，你知道。
So they, they gave a pen to somebody within the place, and probably nobody even heard the guy's name, you know.
结果就只是签了几份合同，他们就在很短时间里亏掉了一半净资产，而且他们当时还担心，可能亏掉的还不止这些。
And in just signing a few contracts, they lost half their net worth in a very short period of time, and they were worried that they might have lost more than that.
所以在保险业里，一支 pen 就可能造成巨大的破坏，你最好非常小心，到底把你的 pen 交给谁。
So you can do enormous damage in the insurance business with a pen, and you better be very careful about who you give your pen to.
而我们把我们的 pen 交给了 Ajit，而且交给他的方式，是我们不会给任何其他人的。
And we've given our pen to Ajit in a way that we wouldn't give it to anybody else.
当然，刚好我也很喜欢听他讲他做的那些事，所以我们天天都会聊，但我们天天聊，并不是因为他做什么都需要我批准。
Now, it just so happens that I enjoy hearing about the kind of things he does, so we talk daily, but we don't talk daily because he needs my approval on anything.
我们天天聊，是因为比如他说，我们该收多少钱，来给 Mike Tyson 的人生保个一两年？这种事我会觉得特别有意思。
We talk daily because I find it very interesting, uh, when he says, how much should we charge to insure Mike Tyson's life for a couple of years?
我的意思是，这类事情我还是挺感兴趣的。
I mean, that's the kind of thing I can get kind of interested in.
我还问过他，如果他是被某个因为受到他那样对待而感到不满的女人开枪打了，保单里有没有免责条款之类的，不过，呃，这确实会影响价格。
I, I asked him whether there was an exclusion in case he got shot by a, a, a woman that felt unhappy about her treatment or something, but, uh, and it makes a difference in the price.
不过我喜欢这类事归喜欢，我不是必需的，Ajit 才是必需的，而且我们也找不到他的替代者。
But I enjoy that sort of thing, but I'm not needed, and Ajit is needed, and we won't find a substitute for him.
而且你知道，有些事情就得这么去面对。
And, you know, there's some things that just have to be faced that way.
Charlie？
Charlie?