M10:26
我们今天在场的，有 Salomon Inc. 这家母公司的 chief executive，也有 Salomon Brothers 这个投资银行业务部门的 chief executive。
We have here today the chief executive of Salomon Inc., the parent company, and also the chief executive of Salomon Brothers, the investment banking arm.
我想说，Charlie 和我感觉特别放心的一点，就是在运营这项业务的这两位先生。
And I would say one of the things Charlie and I feel extraordinarily good about are the 2 fellows that are running that operation.
他们在极其困难的情况下，做出了非常出色的工作。
They did an exceptional job under extraordinarily difficult circumstances.
John Macfarlane 也是这样，他今天也在现场。
As did John Macfarlane, who's also here today.
他们三位——我在年报里提到过四个人，要是没有这三位，Salomon 今天根本不会还在这里；而且如果没有他们，它将来也不会成为它会成为的那家公司。
The 3 of them— I mentioned 4 people in the annual report, and Salomon wouldn't be here today without those 3, and it wouldn't be the company in the future that it's going to be without them.
他们干得真是棒极了。
And they did an absolutely fabulous job.
正如你指出的，这种业务类型会使用很多杠杆。
It's the sort of business that, as you point out, uses a lot of leverage.
不过——从一个角度看，它用的杠杆其实没有表面上看起来那么多。
It doesn't— in one way, it doesn't use as much as it looks like.
但从另一个角度看，它用的杠杆甚至比看起来还要更多。
In another way, it uses even more than it looks like.
不过——检验标准会是，第一，他们能不能以一种方式控制这项业务，让这些杠杆不会变成危险；第二，就是他们在使用这些杠杆的同时，最终能赚到什么样的股本回报率。
But it— the test will be, A, whether they control that business in a way that that leverage does not prove dangerous, and secondly, what kind of returns on equity they earn while using it.
当然，当你必然会暴露在少量系统性风险之下，而且还用了相当多借来的钱时，你就应该预期，它的股本回报率会比那种非常普通、非常平淡的业务稍微高一些。
You certainly should expect to earn somewhat higher returns on equity when you are necessarily exposed to a small amount of systemic risk and significant amounts of borrowed money than you would in a business that's an extremely plain-vanilla business.
不过我不知道你有没有见过 Bob 和 Derek，但我觉得，要把杠杆交在谁手里，你大概会觉得交给他们，比交给你能想到的任何其他人都更让人放心。
But I don't know whether you've met Bob and Derek, but I think you'd feel better about having leverage in their hands than about any other hands you can imagine.
Charlie？
Charlie?