M20:31
对，我们对银行使用的标准，其实跟我们看其他企业没有任何不同。
Yeah, we really have no different— there's no difference in the criteria we apply to banks than to other businesses.
有几家出版物可能把这件事说得比实际情况更夸张了一点，因为我怀疑差别可能连几个百分点都不到。
And a couple of publications have maybe made a little more of that than is warranted, because I doubt if there's more than a couple percentage points difference.
顺便说一句，我们自己其实也不是这么想问题的。
And we don't think of it that way, incidentally.
而且我们并没有很多那种行业——我们根本没有什么行业配置
And we do not have a lot of sector— we don't have any sector allocation
之类的理论。
theories whatsoever.
所以我们看银行的时候，完全就是套用看任何其他企业时同样的标准。
So we simply apply the same criteria when looking at banks that we would at any other business.
顺便你也应该知道，我会说，媒体上关于我们活动的报道，大概有一半，甚至可能还要更多一点，是不准确的。
Incidentally, you should know that I would say that maybe half, or maybe even a little more, of the reports about our activities in the press are erroneous.
当然，也有一些是准确的。
Now, some are accurate too.
然后，当然，还有一些已经过时得很厉害了。
And then, of course, some are way out of date.
我的意思是，我们向 SEC 提交的关于持仓的文件，可以获得保密处理，所以通常是在我们提交一年多以后才会公开。
I mean, we get confidential treatment on the filings we make with the SEC as to our holdings, so they're published well over a year after we filed them.
所以，过去一两个月里有几篇报道说我们买了什么东西。
And therefore, there have been a couple of stories in the last month or two as to something we've bought.
当然，如果你仔细去看那篇报道，我们可能是一年半以前买的；我们也可能已经卖掉了，也可能又买了更多，什么情况都有可能。
And of course, if you read the story carefully, we bought it a year and a half ago maybe, and we may have sold it, we may have bought more, all kinds of things.
所以对媒体报道，整体上我会比较谨慎。
So I'd be careful about press reports generally.
事实上，我们早在一九六九年就为 Berkshire 买过一家银行，就是 Rockford 的 Illinois National Bank and Trust。
We've actually bought a bank for Berkshire in 1969, the Illinois National Bank and Trust of Rockford.
我们一直都对银行业有兴趣。
We've had an interest in the banking business.
我们觉得，这是属于我们能力圈之内、能够评估的东西。
We feel it's something that falls within our circle of competence to evaluate.
这并不意味着我们每次都能看对，但我们不认为理解银行业这件事超出了我们的能力范围。
That doesn't mean we'll be right every time, but we don't think it's beyond us to understand the banking business.
所以我们会看这个领域里的企业。
And so we look at businesses in that area.
Charlie？
Charlie?
没什么要补充的。
Nothing to add.
好。
Okay.
那我们有 Zone 2 吗？
And do we have Zone 2?