M20:28
对。
Yeah.
嗯，还是那句话，我们不——我可以告诉你，你提到的这些点我都知道，而且我非常喜欢我们持有的 Apple。
Well, again, we're not— I will tell you that all of the points you've made, I'm aware of, and I like our Apple holdings very much.
我是说，它确实是我们最大的持仓。
I mean, it is our largest holding.
而且实际上，就 Apple 这个情况来说，真正让人难受的是股价涨上去了。我们其实更希望这只股票——我不是说要对它做什么——但我们其实更希望它价格低一点，这样我们就能买到更多股票。
And actually, what hurts in the case of Apple is that the stock has gone up, and we'd much rather have the stock— and I'm not proposing anything be done about it— but we'd much rather have the stock at a lower price so we could buy more stock.
还有很重要的一点，如果 Apple——我记得他们前两天又授权了七百五十亿美元，不过假设他们未来三年会花一千亿美元回购自己的股票。
And importantly, if Apple— I think they authorized another $75 billion the other day, but let's say they're going to spend $100 billion in buying in their stock in the next 3 years.
这个道理其实很简单。
You know, it's very simple.
如果他们按每股两百美元回购，那他们能买回五亿股。
If they buy it at $200, they're going to get 500 million shares.
他们现在外面流通的是四十六亿股，所以在那种情况下，最后就会变成四十一亿股。
They've got 4 billion, 600 million out now, and so they'll end up with 4.1 billion under that circumstance.
如果他们按每股一百五十美元回购，那他们就能回购六亿六千七百万股。
If they're buying it at $150, they buy in 667 million shares.
这样一来，相比第一种情况我们原本会持有的比例，现在——分母就会少于四十亿，我们拥有的占比就会更高。
And instead of owning what we would own in the first case, we'd now— the divisor would be less than 4 billion, and we'd own a greater percentage of it.
所以实际上，很大一部分 earnings，至少有这个可能——至少已经被授权了——会用来在我们一分钱都不用出的情况下提高我们的持股比例，这一点我很喜欢。
So in effect, a major portion of earnings, at least possibly, has been— it's at least been authorized— will be spent in terms of increasing our ownership without us paying out a dime, which I love.
我们持有的是一家企业，一家很棒的企业，而最近股价大幅上涨这个发展，从长期来看其实会伤害 Berkshire。
We're owning a business, a wonderful business, and the recent development when the stock has moved up substantially actually hurts Berkshire over time.
不过我认为我们还是会做得不错，但我们不会去——我们不会把我们对 Apple 的预期掰开揉碎来讲。
We still do, in my opinion, we'll do fine, but we're not going to get into— we're not going to dissect our expectations about Apple.
毕竟，说不定明天就有人在跟我们竞价之类的。
You know, for people who may be bidding against us tomorrow or something.
所以这种投资建议，我们不会白白送出去。
So we don't give away investment advice on that for nothing.
不过你提到的那些事情，我们当然都知道。
But we have all the things you've mentioned, obviously, we know about.
我们还知道——我们还有一大堆别的变量会一起纳入考量，而且我们喜欢它是我们最大的持仓这一点。
We know some— we've got a whole bunch of other variables that we crank into it, and we like the fact that it's our largest holding.
Charlie？
Charlie?
嗯，在我家里，那些用 Apple 手机的人，最后才会放弃的就是它。
Well, in my family, the people who have Apple phones, it's the last thing they'll give up.
这可不是个差东西。
Not a bad item to have.
还有一样我们也不会放弃，那就是午饭。
And the other thing we won't give up is lunch.
那我们现在就休会，呃，大概一点钟左右再继续开会。
And we'll, uh, we'll now adjourn and we'll, uh, reconvene at, uh, 1 o'clock or thereabouts.
咱们待会儿见。
I'll see you a little later.