M10:34
嗯，我们会花很多时间思考这些问题，因为这些都是非常大额的持仓。
Well, we spend a lot of time thinking—those are very large holdings.
把 American Express、Coca-Cola 和 Wells Fargo 加在一起，我的意思是，这个数字已经达到几百亿美元，而且是非常高的几十亿美元。
If you add up American Express, Coca-Cola, and Wells Fargo, I mean, you're getting up, you know, well into the high tens of billions of dollars.
而且这些都是我们喜欢的企业。
And those are businesses we like.
非常喜欢。
Very much.
它们各自有不同的特点。
They're different characteristics.
你提到了 United Airlines。实际上，在那四家大型航空公司里，我们分别都是最大的股东。换句话说，我们是四大航空公司的最大持有者，而这更多是一项对整个行业的押注。
In the case of—you mentioned United Airlines—we actually are the largest holder of all four of the large—we're the largest holder of the four largest airlines, and that is much more of an industry bet.
但所有企业都会遇到问题，有些企业同时也有非常明显的优势。
But all businesses have problems, and some of them have some very big pluses.
我个人来说，他们提到了 American Express。
I personally—they mentioned American Express.
如果你读一下 American Express 的第一季度报告，再看看他们的 Platinum Card，你会发现 Platinum Card 的表现非常好。
If you read American Express's first-quarter report and talk about their Platinum Card, the Platinum Card is doing very well.
它在世界各地都在增长。比如说，我记得英国的账单金额增长了百分之十七左右，日本和墨西哥按原币，也就是当地货币计算，增长了百分之十五，而在美国的表现也非常好。
The gains around the world, you know, I think there were 17% or something like that in billings in the UK and 15%—this is in original currency or the local currency—in Japan, Mexico, and very good in the United States.
所有这些行业里都有竞争。
There's competition in all these businesses.
我们当初买入 American Express、Wells Fargo、United Airlines 或 Coca-Cola，并不是因为我们觉得它们永远不会遇到问题，也不是因为我们觉得它们永远不会面对竞争。
If we thought—we did not buy American Express or Wells Fargo or United Airlines or Coca-Cola with the idea that they would never have problems or never have competition.
我们买入它们的原因，是因为我们认为这些公司拥有非常、非常强大的特许经营优势，而且我们喜欢它们的财务政策。
What we did buy—why we did buy them is we thought they had very, very strong franchises, and we liked the financial policies.
在其中很多公司身上，我们也喜欢它们所处的位置。
In the case of many of them, we, we like, we like their position.
我们买过很多企业，而我们确实会去看，哪些企业拥有我们认为能够长期维持的竞争优势。
We've bought a lot of businesses, and we, we do look to see where we think they have durable competitive advantage.
我们也知道，如果你拥有一家非常优秀的企业，就一定会有很多竞争对手想把这项业务从你手里夺走。
And we recognize that if you've got a very good business, you're going to have plenty of competitors who are going to try and take it away from you.
所以，你要判断的是，你所在的公司、它的产品和管理层，究竟有没有能力抵挡住竞争对手。
And then you make a judgment as to the ability of your particular company and product and management to ward off competitors.
竞争对手不会消失。不过，我们认为，我不打算具体点名，但这些公司总体上都处在非常有利的位置。
They won't go away, but, uh, we think—I'm not going to get into the specific names on it, but those companies generally are very well positioned.
我基本上把这种情况比作这样：即使是一家像 See's Candy 那样规模不大的优秀企业，它本质上也拥有一座经济城堡。
I've likened essentially, if you've got a wonderful business, even if it's a small one like See's Candy, you basically have an economic castle.
而在资本主义环境下，别人一定会想办法把这座城堡从你手里夺走。所以，你需要在城堡周围挖一条护城河，用各种方式保护它。
And in capitalism, people are going to try and take away that castle from you, so you want a moat around it protecting it in various ways that can protect it.
同时，你还需要城堡里有一位非常厉害的骑士，能够击退那些来犯者。
And then you want a knight in the castle that's pretty darn good at warding off marauders.
但来犯者还是会不断出现，而且永远不会彻底消失。
But they're going to be marauders and they'll never go away.
如果你看看这些公司，我想 Coca-Cola 是一八八六年创立的，American Express 则是在一八五一年或者一八五二年开始做快递业务的。
And, uh, if you look at, uh, I think Coca-Cola was 1886, American Express was 1851 or '52, uh, starting out with an express business.
Wells Fargo 是哪一年成立的，我记不清了。
Uh, uh, Wells Fargo was—I don't know what year they were started.
顺便说一句，American Express 也是 Wells 和 Fargo 一起创办的。
Incidentally, American Express was started by Wells and Fargo as well.
所以，这些公司过去经历过很多挑战，未来也会遇到更多挑战。
Uh, so these companies had lots of challenges, and they'll have more challenges.
我们持有的公司也一直在经历各种挑战。
And the companies we own have had challenges.
我们的保险业务也遇到过挑战。不过，你知道，我们在一九六八年开始时，买入 National Indemnity 只花了八百万美元。
Uh, our insurance business has had challenges, but, you know, we started with National Indemnity, an $8 million purchase in 1968.
幸运的是，我们有像 GEICO 的 Tony Nicely 这样的人，还有 Ajit Jain，他已经为我们创造了数百亿美元的价值。
And fortunately, we've had people like Tony Nicely at GEICO, and we've been with Ajit Jain, who's added tens of billions of value.
我们还有一些规模比较小的公司，你们可能连听都没听说过，但它们确实为我们做得非常出色。
And we've got some smaller companies that you probably don't even know about but really have done a terrific job for us.
所以，保险业永远都会有竞争。但只要管理层足够聪明，而且有一个还不错的分销体系，再加上各种有利条件，他们总能做一些事情，来挡住那些虎视眈眈的竞争者。
So there'll always be competition in insurance, but there'll always be things to do that a really intelligent management with a decent distribution system, various things going for them, can do to ward off the marauders.
所以，具体回答这个问题：我们花多少时间来审视持有的股票？我想说，我每天都会做这件事，我相信 Charlie 也每天都会做。
So, to the specific question, how much time is spent reviewing the holdings, I would say that I do it every day, and I'm sure Charlie does it every day.
Charlie？
Charlie?
嗯，我觉得我也没什么可补充的。
Well, I don't think I got anything to add to that either.
好吧，如果他不参与讨论，我们就给他减薪。
Well, we'll cut his salary if he doesn't participate here.
好，Jay Gelb。
Okay, Jay Gelb.