M10:13
对，问题是关于全球分散投资。
Yeah, the question is about global diversification.
我们只想投资那些我们看得懂的企业，由我们喜欢的人来经营，而且价格有吸引力。
All we want to be in is businesses that we understand, run by people that we like, and priced attractively.
跟它未来的发展前景相比，是这样。
Compared to the future prospects.
所以，我们并没有特别想去投 Europe 其他地方，或者世界其他地区，或者 Far East，呃，也不是说要刻意回避。
So there is no specific desire to either be in the rest of Europe or the rest of the world or Far East or, uh, to avoid it.
这只是一个因素，那个，呃，它不是，不是一个很大的因素。
It's simply a factor that, that, uh, it's, it's not, it's not a big factor.
有些国家可能确实有更多增长机会。
There may be more chances for growth in some countries.
呃，Coca-Cola 大概有百分之八十的盈利会来自美国之外。
Uh, 80% of Coca-Cola's earnings, roughly, will come from outside the United States.
Guinness 也有百分之八十的盈利会来自美国之外，不过它的注册地在美国之外，而 Coca-Cola 的注册地在美国。
80% of Guinness's earnings will come from outside the United States, but they're domiciled outside the United States, whereas Coca-Cola is domiciled here.
当然，很多情况下，美国以外的一些市场，增长前景确实比美国市场要好得多，但它们大概也会带有一些这个市场未必有的其他风险。
Certainly, in many cases, there are markets outside the United States that have way better prospects for growth than the U.S. market would have, but they probably have some other risks to them that this market may not have.
不过你知道，我们显然喜欢像 Coke 这样的公司在国际市场上的前景。
But we, you know, we like the international prospects, obviously, of a company like Coke.
我们也喜欢像 Gillette 这样的公司在国际市场上的前景。
We like the international prospects of a company like Gillette.
Gillette 有百分之七十的收入来自这个国家之外。
Gillette earns 70% of its money outside this country.
所以，如果你按穿透来看，单是 Coke 这一项，我们今年可能就会拿到大概一亿五千万美元的盈利。
So, if you look on a look-through basis, Coke, we might this year get something like $150 million of earnings.
这可是一大笔钱。
That's a lot of money.
这是 Berkshire 通过 Coca-Cola 这一家公司，间接从世界其他地区获得的收益。
Indirectly for Berkshire's interest from the rest of the world just through Coca-Cola alone.
但我们不会特意去做这种判断，我们不会按这种方式想：我喜欢这个地区，所以我就想投在那里，或者类似这种想法。
But we don't make any specific—we don't think in terms of, I like this region, so I want to be there, or something of the sort.
关键还是看我们当时在研究的具体公司，然后我们会尽量去评估这个因素。
It's something that's specific to the companies we were looking at, and then we'll try to evaluate that.
Coke 正在 China 扩张。
Coke is expanding in China.
嗯，你知道，那件事，我想想，我忘了他们去年给出的数据了，可能销量箱数增长了百分之三十八左右，或者差不多吧。
Well, you know, that—I think—I forget what they showed last year, maybe 38% growth or something like that in cases.
也许吧，能有这种相对还没被充分开发的市场，是很不错的。
Maybe—it's nice to have markets like that that are relatively untapped.
其实，Gillette 也在大举进入 China，而且中国人刮胡子的频率没那么高，那边更多人属于他们说的 dry shavers，而不是 wet shavers，也就是用电动剃须刀的人更多。不过，不过，你知道，也许我们可以往 Coke 里加点什么，让他们喝了以后就会，嗯，也许 Berkshire 终于能有一点协同效应了。
Actually, Gillette is expanding in China in a big way, and the Chinese don't shave as often, and more of them are what they call dry shavers than wet shavers there, which is electric shavers, but, but, you know, maybe we could stick something in the Coke that would come—maybe a little synergy at Berkshire finally.
谁知道呢？
Who knows?
Zone 1。
Zone 1.