M10:00
今天我还想给大家介绍另外一位人士，我很确定他今天也来了。
There's one more person I would like to introduce to you today, and I'm quite sure he's here.
我还没看到他，不过我知道他——我知道他会来。
I haven't seen him, but I understood he was— I understood he was coming.
他就是我在年报里提到过的 Jack Bogle。
And that is Jack Bogle, who I talked about in the annual report.
Jack Bogle 可能是全美国为美国投资者做得最多的一个人。
Jack Bogle has probably done more for the American investor than any man in the country.
Jack，你愿意站起来一下吗？
Jack, would you stand up?
他在那儿。
There he is.
很多年前，Jack Bogle——当然，不是只有他一个人在谈 index fund，但——如果没有他，这件事就不会发生。
Jack Bogle, many years ago— he wasn't the only one that was talking about an index fund, but he— it wouldn't have happened without him.
我的意思是，Paul Samuelson 谈过这个，Ben Graham 甚至也谈过。
I mean, Paul Samuelson talked about it, Ben Graham even talked about it.
但是，呃，事实是，这并不符合投资——也就是投资行业、Wall Street 的利益。
But, uh, the truth is it was not in the interest of invest— of the investment industry, of Wall Street.
其实，他们并不希望 index fund 发展起来，不希望这种基金做大，因为这会大幅拉低收费。
It was not in their interest actually to have the development of an index fund, of the index fund, because it brought down fees dramatically.
而且就像我们在年报里谈到过的，也像其他人评论过的那样，总体来说，index funds 给持有人带来的结果，比整个 Wall Street 的专业人士整体做出来的还要更好。
And as we've talked about some in the reports and other people have commented, index funds overall have delivered for shareholders a result that has been better than Wall Street professionals as a whole.
其中一个原因就是，它们把成本压低了很多很多。
And part of the reason for that is that they brought down the costs very significantly.
所以 Jack 刚开始做的时候，几乎没有什么人——当然，Wall Street 绝不会为他鼓掌，他还受到了不少嘲笑和很多攻击。
So when Jack started, very few people— certainly Wall Street did not applaud him, and he was the subject of some derision and a lot of attacks.
而现在，一说到 index funds，我们谈的已经是几万亿美元了。
And now we're talking trillions when we get into index funds.
而且说到 index fund 的投资费用时，我们谈的是几个 basis points，但说到其他地方的收费，往往还是几百个 basis points。
And we're talking a few basis points when we talk about investment fees in the case of index funds, but still hundreds of basis points when we talk about fees elsewhere.
我估计，Jack 至少已经替投资者省下了——或者说留在了他们口袋里——而且完全没有在整体表现、也就是总回报表现上伤害他们一分一毫，他已经往他们口袋里放进了几百亿、几百亿、又几百亿美元。
And I estimate that Jack, at a minimum, has saved— left in the pockets of investors without hurting them overall in terms of performance at all, gross performance, he's put tens and tens and tens of billions into their pockets.
而且随着时间推移，这个数字会变成几千亿、几千亿美元。
And those numbers are going to be hundreds and hundreds of billions over time.
所以，周一是 Jack 的八十八岁生日。
So it's Jack's, uh, 88th birthday on Monday.
所以我想说，Jack，生日快乐，也代表美国投资者向你说一声谢谢。
So I just say happy birthday, Jack, and thank you on behalf of American investors.
还有，Jack，我有个特别好的消息告诉你。
And Jack, I've got great news for you.
你周一就八十八岁了，再过两年，你就符合担任 Berkshire 高管职位的资格了。
You're going to be 88 on Monday, and in only 2 years you'll be eligible for an executive position at Berkshire.
所以，老伙计，坚持住。
So hang in there, buddy.
好。
Okay.