M1
M10:00
有没有一个点，会让你们的股价涨到你们可能会拆股？
Is there any point at which your stock would rise to the point where you might split the stock?
哎呀，还真是个意外的问题。
Surprise, surprise.
我想今年这个问题就让 Charlie 来回答吧。
I think I'll let Charlie answer that this year.
他在股东里面太受欢迎了，所以这种难答的问题，我完全可以让他来接。
He's so popular with the shareholders that I can afford to let him take the tough questions.
M2
M20:19
我觉得答案是否定的。
I think the answer is no.
我觉得，把一家企业的所有权切成一小块一小块二十美元的份额，几乎是疯狂的。
I think the idea of carving ownership in an enterprise into little tiny $20 pieces is almost insane.
去服务一个二十美元的账户，效率是很低的。我也看不出来，为什么加入一家企业，不应该设一个最低门槛。
It's quite inefficient to service a $20 account, and I don't see why there shouldn't be a minimum as a condition of joining some enterprise.
当然，我们大家都会这么想。
Certainly, we'd all feel that way.
对私人企业来说更是这样。
A private enterprise.
M1
M10:58
对，我们不会把它切成二十美元一个单位。
Yeah, we would not carve it up in $20 units.
我们觉得这点非常——很有意思，因为每一家公司都会想办法把自己的普通股股东名单填满。
We find it very— it's interesting because every, every company finds a way to fill up its, uh, its common shareholder list.
你从 A 开始一路看到 Z 就会发现，你知道，New York Stock Exchange 的每一家公司，不管用什么方式，都会吸引来某一类股东群体。
And you can, you can start with the A's and work through the Z's, and, you know, every company in the New York Stock Exchange, one way or another, has attracted some constituency of shareholders.
坦白说，我们很难想象，还有比这个房间里的股东更好的群体。
And frankly, we can't imagine a better constituency than, than is in this room.
我的意思是，我们——我们觉得没法把这一群人再优化了。我们一直采取某些政策，我们认为这些政策吸引了某些类型的股东，同时也确实把另外一些人挡在了外面。
I mean, we, uh, we have— we don't think we can improve on this group, and we followed certain policies that we think attracted certain types of shareholders and actually pushed away others.
这也算是我们 Berkshire 这里优生学计划的一部分。
And that is part of our eugenics program here at Berkshire.
M2
M21:43
对，你们看看这个房间，彼此交流一下就知道了。
Yeah, just look around this room and as you mingle with one another.
这真的是一群非常出色的人。
This is a very outstanding group of people.
那又有谁会想要换成另一种人群呢？
And why would anybody want a different kind of a group?
M1
M11:57
对，如果我们——如果我们采取一些政策，结果让一大堆人因为错误的理由来买 Berkshire，那他们唯一能买到的方式，就是替换掉这个房间里的人，或者说，替换掉我们这个更大意义上的股东房间里的某个人。
Yeah, if we cause— if we follow some policies that cause a whole bunch of people to buy Berkshire for the wrong reason, the only way they can buy it is to replace somebody in this room or in this larger metaphorical room of shareholders that we have.
也就是说，这些座位里有一个人站起来，另一个人走进来坐下。
So someone in one of these seats gets up and somebody else walks in.
问题是，我们得到的是不是一个更好的听众？
The question is, do we have a better audience?
我觉得不是。
I don't think so.
所以我觉得，Charlie 刚才说得非常好。
So I think that Charlie said it very well.