M20:16
嗯，它们显然是在试图颠覆其他一些行业，而那些行业也会用竞争性的方式反击，也可能会试图通过立法来反击。
Well, they're obviously trying to disrupt some other businesses, and those businesses will fight back in, in competitive ways, and they may try to fight back through legislation.
你知道，只要任何人受到威胁，或者任何一家企业受到威胁，它都会试着反击。
You know, when anybody is threatened or any business is threatened, it tries to fight back.
我的意思是，如果你回头看 State Farm 刚出现的时候，一九二一年，或者一九二零年，或者不管具体是哪一年，当时在保险行业里，代理人体系是神圣不可侵犯的。
I mean, if you go back to when State Farm came on the scene in 1921, or '20, or whenever it was, the agency system was sacrosanct in terms of insurance.
那个体系已经存在很久很久了，大公司都在 Hartford 或者 New York，它们竞争的就是抢到城里排名第一的代理人。
It'd been around forever, and the big companies were in Hartford or New York, and they fought over having the number one agency in town.
所以如果你来到 Omaha，而你是 Travelers、Aetna，或者别的什么公司，你的目标就是拿下那个代理人。
So if you came to Omaha and you were Travelers or Aetna or whomever it might be, your objective was to get the agent.
而保单持有人其实根本没有被认真考虑。
And the policyholder really wasn't being thought about.
后来 State Farm 出现了，他们有了一个更好的办法，再后来 GEICO 也来了，而且办法更好。
And then State Farm came along and they had a better mousetrap, and then GEICO came along with a better mousetrap yet.
所以每一个——而且这个行业，呃，一开始，那些保险公司用了很多方式来反击，但其中一个办法就是坚持推动各种州法律，去规定代理人能做什么、不能做什么，还有哪些保险业务没有代理人就不能做，诸如此类。
And so every— and the industries, uh, originally, uh, the insurance companies fought back in a lot of ways, but one of the ways they tried to do it was to insist, you know, on various state laws involving what agents could do and what could not be done in insurance without agents and all that.
这，这很正常。
It's, it's, that's standard.
你们以后也会看到这种情况。
And you'll see that.
而最终，通常还是更好的办法会赢。
And in the end, the better mousetrap usually wins.
但是，但是那些只有第二好或者第三好办法的人，会尽量阻止这种事发生。
But, but the people with the second or third best mousetrap will try to keep that from happening.
你提到的这几家公司，我并不了解。
I, the ones you name, I don't know anything about.
我的意思是，我知道它们是做什么的，但我不了解它们各自具体的发展前景，这也是为什么我们会尽量避开这类东西，因为我们知道一定会发生变化。
I mean, I know what they do, but I don't, I don't know their specific prospects, which is why we kind of stay away from that sort of thing because we don't, we know there'll be change.
但我们不知道谁会是赢家。
And we don't know who the winners will be.
我们会尽量坚持投资那些我们知道赢家会是谁的企业。
And we try to stick with businesses where we know the winners.
我们知道，我们的能源公司、我们的铁路，还有我们很多业务，都非常非常非常有可能会是赢家。
We know that our energy companies, that our railroad, a lot of our businesses are very, very, very likely to be winners.
这并不是说它们不会经历一些变化，但它们会是赢家。
And that doesn't mean they don't have some change involved with them, but they're going to be winners.
还有一些其他领域，我们没法判断谁会赢，所以我们就只是坐着看。
And then there's other fields where we can't pick the winners, and so we just sit and watch.
我们觉得它们很有意思，但我们不会被诱惑下场。
We find them interesting, but we don't get tempted.
Charlie？
Charlie?