M20:18
嗯，如果你用市盈率来说，按那样的倍数去回购股票，听起来确实是个很高的价格。
Well, it sounds like a very high price when you name it in terms of a P/E to buy back the stock at that sort of number.
不过我会这么说，Coca-Cola 到现在已经存在一百一十二年了，在这一百一十二年里，很少有哪个时候——如果真有的话——是不适合 Coca-Cola 回购自己股票的。
But I would say this, Coca-Cola has been around 112 years now, and there are very few times in that 112 years, if any, when it would not have been smart for Coca-Cola to be repurchasing its shares.
在我能理解的那些企业里，Coca-Cola 在我看来，可能是世界上最好的大型企业。
Coca-Cola is probably, in my view, among businesses that I can understand, it's the best large business in the world.
我的意思是，这是一门非常了不起的生意。
I mean, it is a fantastic business.
而且，呃，Coke 回购股票我们是很喜欢的，因为我们的持股比例会提高。
And, uh, we love it when Coke repurchases shares and our interest goes up.
我们一九八八年买入的时候，持有 Coca-Cola 百分之六点三的股份。
We owned 6.3% of Coca-Cola in 1988 when we bought in.
实际上，几年之后我们还稍微增持了一点。
We actually increased that a little bit a few years later.
但如果他们当时没有回购股票，我们现在大概只会持有 Coke 百分之六点七或者百分之六点八。
But if they had not repurchased shares, we probably would own about 6.7% or 6.8% of Coke now.
而实际上，通过回购，我们现在持有的是略高于百分之八。
As it is, we own a little over 8% through repurchases.
今天，全世界大概会卖出十亿份八盎司的 Coke——或者说 Coca-Cola 的产品。
There are going to be about 1 billion 8-ounce servings of Coke sold around the world—or Coca-Cola products sold around the world today.
其中百分之八就是八千万份，百分之六点八就是六千八百万份。
8% of that is 80 million, and 6.8% is 68 million.
所以，等于说，Berkshire Hathaway 这个账户在全球范围内多卖出了额外的一千二百万份。
So there are 12 million extra servings for the account of Berkshire Hathaway being sold around the world.
而且他们每卖一份能赚略高于一美分，所以，你知道，这会让我有点兴奋。
And they're making a little over a penny a serving, so, you know, that gets me kind of excited.
所以我想——我能告诉你的就是，我赞成 Coke 回购股票。
And I think it—all I can tell you is I approve of Coke repurchasing shares.
我当然更希望他们是在十五倍市盈率的时候回购，但当我去看资本的其他用途时，我依然觉得这是一种非常好的资本使用方式。
I'd a lot rather have them repurchasing shares at 15 times earnings, but when I look at other ways to use capital, I still think it's a very good use of capital.
也许有一天，他们能在二十倍市盈率的时候买回来。
And maybe the day will come when they can buy it at 20 times earnings.
如果真能那样，我希望他们出去借很多钱，在那样的价格上大量回购。
And if they can, I hope they go out and borrow a lot of money to buy a ton of it at those prices.
而且我觉得，如果 Coke 采取一种持续一致的回购策略，那我们二十年后会过得更好。
And I think we will be better off 20 years from now if Coke follows a consistent repurchase approach.
我不认为这对很多公司都成立。
I do not think that is true for many companies.
我的意思是，我觉得回购现在已经变成一种时髦做法了，而且很多回购的理由都很荒唐。
I mean, I think that repurchases have become in vogue and done for a lot of silly reasons.
所以我并不认为每家公司回购股票都是经过充分理性思考的。
And so I don't think everybody's repurchase of shares is well-reasoned at all.
你知道，我们看到有些公司成吨成吨地发放期权，然后又在更高的价格上回购股票。
You know, we see companies that issue options by the ton and then they repurchase shares much higher.
我六岁的时候就开始读投资方面的东西了，我想我读到的第一条原则就是，你知道，低买高卖。
You know, I started reading about investments when I was 6, and I think the first thing that I read was, you know, buy low, sell high.
但这些公司呢，通过他们的期权操作，你知道，他们是低价卖出，然后高价买回。
But these companies, through their options, you know, they sell low and then they buy high.
他们这套公式，跟我当年学到的可不一样。
And they've got a different formula than I was taught.
所以，这里面有不少做法是我们不赞成的。
So there are a number that we don't approve of.
但是，当我们持有一家很棒的公司的股票时，我们是喜欢回购这个想法的，哪怕价格高得都让你流鼻血。
But when we have— when we own stock in a wonderful business, we like the idea of repurchases, even at prices that may give you nosebleeds.
一般来说，结果往往证明这是一项相当不错的政策。
It generally turns out to be a pretty good policy.
Charlie？
Charlie?