M1
M10:00
我叫 Mike Assael，来自 New York City。
My name is Mike Assael from New York City.
你刚才提到，Berkshire 的鞋类业务很棒，但其他一些鞋类业务就没那么好。
You mentioned earlier that Berkshire's shoe business was great, but that other shoe businesses were not so good.
那 Berkshire 看起来比较喜欢的那些全球品牌领导者，存在哪些不确定性呢？
What are the uncertainties of the global brand leaders that Berkshire seems to like?
他们喜欢 Coke 和 Gillette。
They like Coke and Gillette.
鞋类业务里的全球品牌领导者，也就是 Nike 和 Reebok，从长期竞争优势、商业经济性、消费者行为，还有你今年年报里提到的其他风险因素这些角度来看，它们有哪些不确定性？
The global brand leaders in the shoe business being Nike and Reebok, what are their uncertainties in terms of long-term competitive advantage, business economics, consumer behavior, and the other risk factors that you mentioned in the annual report this year?
谢谢。
Thank you.
M2
M20:35
所以你其实是在问 Nike 和 Reebok 未来的发展前景，对吧？
So you're really asking about the future prospects of Nike and Reebok?
对，呃，我、我、我、我、我对这些业务其实没那么了解。
Yeah, I, I, I, I, I don't know that much about those businesses.
我们现场观众里至少有一位持有很多 Reebok 的股票，不过我这么说，绝不是在以任何方式表达负面看法。
We do have one person in this audience at least who owns a lot of Reebok, but I, I, I'm not expressing a negative view in any way on that.
只是，我不理解——我不理解它们的竞争地位，也不太看得清这种竞争地位在十年或者二十年的时间里有多大可能持续下去；相比之下，我觉得我对 Brown 和 Dexter 的地位理解得更清楚。
I just, I don't understand the—I don't understand their competitive position and the likelihood of permanence of their competitive position over a 10- or 20-year period, as well as I think I understand the position of Brown and Dexter.
这并不代表我觉得它们更差。
That doesn't mean I think that it's inferior.
也不代表我觉得我们的业务就更好，或者别的什么。
It doesn't mean that I think that we've got better businesses or anything.
我觉得我们的业务非常好，不过——不过我觉得你说得对。
I think we've got very good businesses, but I—I think you're right.
我没有——我还没有做过这方面的功课，而且我也不确定，就算我做了功课，我是不是就能看懂它们。
I'm not—I haven't done the work, and I'm not sure if I did the work I would understand them.
坦率地说，我觉得它们更难理解，也更难形成一个明确的判断，不像我们这类企业那么容易把握。
I think they are harder to understand, frankly, and to develop a fix on than our kinds.
不过对另外一些人来说，它们也许更容易理解，因为那些人对这类业务就是有更好的洞察。
But they may be easier for other people who just have a better insight into that kind of business.
有些企业就是比另外一些企业更容易看懂。
Some businesses are a lot easier to understand than others.
而且 Charlie 和我都不喜欢难题。
And Charlie and I don't like difficult problems.
我的意思是，如果一件事很难算清楚，你知道的，我们宁可乘以三，也不想乘以 pi。
I mean, we—if something is hard to figure, you know, I mean, we'd rather multiply by 3 than by pi.
我是说，这对我们来说就是更容易。
I mean, it's just easier for us.
对。
Yeah.