M1
M10:00
下午好，Warren。
Good afternoon, Warren.
我是来自 California 州 Los Angeles 的 Jerry Zucker。
Jerry Zucker, Los Angeles, California.
在年报里，第二大类股票证券持仓被标成了“others”。
In the annual report, the second largest holdings of equity securities are labeled others.
你能不能具体多讲讲里面都有些什么持仓？
Could you please expand on some of the holdings there?
比如说，我们是不是还持有 PNC？还有，像媒体报道的那样，我们是不是该去买 Big Macs？
Like, do we still own PNC, and are we supposed to be buying Big Macs, as the press has reported?
M2
M20:22
对，嗯，其实这个标题已经说得很清楚了，就是“others”。
Yeah, well, actually, it's a very descriptive title, others.
我们这么做有几个原因，其中一个原因是，我们不希望别人为了给自己找投资点子而去买 Berkshire，或者去看 Berkshire 的报告，或者做别的类似的事。
We do that for several reasons, but one is that we have no interest in people buying Berkshire or looking at the Berkshire report or anything else in order to generate investment ideas for themselves.
可能有些人会这么做，但我们不是干这个的。
Some people may do it, but we are not in that business.
Berkshire Hathaway 的股东也不是为了这个拿回报的。
Berkshire Hathaway shareholders are not being paid for that.
这对公司的所有者没有任何好处。
There's no way it benefits the owners of the company.
所以，对于我们的证券持仓，我们不会披露超出我们认为为保持公允、以及对那些可能对公司有重大影响的事项所必须披露的内容。
So, we will— we will not disclose in the way of our security holdings more than we feel we have to disclose in order to be fair about things that can be material to the company.
而且我们当然也没有兴趣把这些披露给那些本质上是想利用这些信息，来判断我们接下来可能会把购买力投向哪里的那些人，或者类似目的的人。
And we certainly have no interest in disclosing them to people who essentially want to use the information to try and figure out where our buying power may be subsequently or something of the sort.
所以，我们会继续提高披露的门槛，你们可能会看到越来越多的内容被归到“others”里面。
So we will keep raising the cutoff level and you may see more and more in others.
我还想说，媒体对我们在做什么有很多猜测，我会说，大概一半是准确的，另一半是不准确的。
And I will say this, there's a lot of speculation about what we do in the press, and I'd say about half of it's accurate and about half of it's inaccurate.
再说一次，哪一半是对的，这个乐趣就留给你们自己去判断了。
And again, we leave to you the fun of figuring out which half is right.
对，我们希望你们买一股 Berkshire 能物有所值，但我们不想充当投资顾问服务。
Yeah, we hope you get a lot for your money in buying a share of Berkshire, but we don't want to act as an investment advisory service.
二区？
Zone 2?