M21:04
嗯，有这种可能，但我觉得到头来被连带影响的会是我们，而不是那些 trust 的推广者。
Well, they might have, but I think the rub-off would have been on us rather than the promoters of the trust.
当然，也可能会影响到那些推广者，不过我说的失败，不是指绝对意义上的失败，而是说它们让投资人失望。
It might have been on the promoters too, but in terms of the failure of the trust, I don't mean failure in an absolute sense, but in terms of disappointing their investors.
我真觉得，如果有成千上万、甚至几十万、几十万人买进了一种被包装成完全是 Berkshire 风格的 trust，几年之后如果大家失望而归，我觉得他们会把这种失望投射到 Berkshire 身上，至少和投射到卖这个 trust 的推广者身上一样多。
I really think if tens of thousands or hundreds of thousands of people had come into something that was sold as being an all-Berkshire-type trust, if people came away disappointed some years, I think they would tend to project that disappointment upon Berkshire fully as much as the promoter who sold the trust to.
到那个时候，他们甚至未必还找得到那些人。
They might not even be able to find at that time.
至于第一个问题，你知道，我觉得如果我们认为这会伤害现有股东，我们就不会这么做。
The first question, you know, this— I don't think we would be doing this if we thought it would hurt present shareholders.
不管我们多么反感当时发生的其他那些事，我们在设计这件事的时候，都是按不会伤害现有股东来设计的。
Much as we might detest something else that was going on, and we designed it so we felt that it wouldn't hurt present shareholders.
至于说新股东会不会和现在的股东有类似的理念，我们一直在尽量通过一些筛选机制，把合适的人筛进来。不过我打算在这次 offering 之后寄出一本小册子，有点像大学新生入学时的 orientation 欢迎资料，像欢迎来到 Seward's U 这种感觉。我们会寄给所有人，新股东和老股东都会收到，里面会解释我们的理念，也相当于给大家上一门关于这家公司的入门课。大概会在 offering 稳定下来之后一个月左右发出去。
In terms of them having a philosophy, the new shareholders having a philosophy similar to the present ones, we've tried to filter those out coming in, but I intend after the offering to send out a booklet, you know, kind of like freshmen at college, you know, orientation greetings to Seward's U, and we'll send it to everybody, new shareholders and the old shareholders, explaining our philosophy and just as an orientation course on the company, and we'll get that out probably in a month or so after the offering settles down.
我看不出有什么理由——你知道，Berkshire 是经过很长时间慢慢发展演变成今天这样的。
I don't see any reason that— You know, Berkshire has evolved over a long period of time.
十五年前，我们的年度股东大会只有十二个股东参加，而到现在——我们看起来还是能保留住同一类、同一群股东，也就是那些真正理解这门生意的人。
We had 12 shareholders at the annual meeting 15 years ago and it— we seem to be able to retain the same class and group of shareholders in terms of people who really understand the business.
这跟你在别的公司会见到的股东群体不一样。我觉得，只要这个筛选机制在新成员加入时一直有效运作下去，我们就能把这种特质保持住。
It's a different group than you find at other companies and I think we can, as long as we've had this filter in effect operating as new people join us, I think we can keep it.
Charlie？
Charlie?