M1
M10:00
早上好，Munger 先生，Buffett 先生。
Good morning, Mr. Munger and Mr. Buffett.
我叫 Prakash Puru，来自 Minneapolis。
My name is Prakash Puru from Minneapolis.
科技板块里看起来有很多非常有价值的公司，除了“简单易懂”这一条之外，似乎符合你们大多数的投资理念和标准。
There seem to be great values in the technology sector that meet most of your criteria philosophy in investing, with the exception of the simplicity criterion.
比如 IBM、Microsoft、HP、Intel 这些公司。
Names like IBM, Microsoft, HP, Intel.
你们以后会不会考虑投资这个领域里的公司？
Would you ever consider investing in companies in this sector in the future?
M2
M20:24
嗯，答案是不会，而且这——这大概——这其实挺遗憾的，因为我一直很欣赏 Andy Grove 和 Bill Gates，而且你知道，我也希望自己能把这种欣赏转化成投资。
Well, the answer is no, and it's got— it's probably— it's pretty unfortunate because I've been an admirer of Andy Grove and Bill Gates, and, you know, I wish I translated that admiration.
但我不知道十年后那个世界会是什么样，我也不想参与一种我觉得别人比我更有优势的游戏。
And I don't know what that world will look like in 10 years, and I don't want to play in a game where I think the other guys have got an advantage over me.
我当然可以把所有时间都花在研究科技上。
And I could spend all my time thinking about tech.
但即便这样，我也不会成为这个国家里第 一百、第一千，或者第一万个最聪明的人。
I wouldn't be the 100th or the 1,000th or the 10,000th smartest guy in the country.
在看这些企业这件事上。
In looking at those businesses.
所以那对我来说是一道七八码高的栏，我跨不过去。
So that is a 7- or 8-foot bar that I can't clear.
有些人能跨过去，但我跨不过去。
There are people that can clear it, but I can't clear it.
而且不管我怎么训练，我都跨不过去。
And no matter how I train, I can't clear it.
所以，将来会有人在这里赚到很多钱，这件事其实并不会让我困扰。
So the fact that there will be a lot of money made by somebody doesn't bother me really.
我的意思是，也许也会有人在 cocoa beans 上赚很多钱，但我对那个一无所知。
And I mean, there may be a lot of money made by somebody in cocoa beans, but I don't know anything about them.
而且，呃，还有很多很多领域，我都是一无所知。
And, uh, there are a whole lot of areas I don't know anything about.
所以我觉得，如果 Charlie 和我——如果 Charlie 和我花上一年时间研究，就有可能把自己训练到足够了解，能让我们的判断比别人更好——那你们这么批评我们，就是完全合理的。
So I think it would be a very valid criticism if Charlie and I— if it were possible that Charlie and I, by spending a year working on it, could become well enough informed so that our judgment would be better than other people's.
但事实不是这样，而且那样做也是浪费时间。
But that wouldn't happen, and it would be a waste of time.
对我们来说，去打那些更容易打的球要好得多。
It's much better for us to swing at the easy pitches.
Charlie？
Charlie?
不管你自认为对 technology 了解多少，我觉得我懂得还更少。
Whatever you think you know about technology, I think I know less.
不过顺便说一句，这大概也不是真的。
That's probably not true, incidentally.
Charlie 在某种程度上——他对现实物理世界里的一些东西，理解得比我强得多。
Charlie has a little more of a— he understands some things in the physical world a lot better than I do.
不过总之，我们继续看第一区吧。
But anyway, we'll go to zone 1.