M10:51
对，嗯，那是在二零零二年和二零零三年，报告是在春天出来的，我读了，然后那就是我做过的全部了。
Yeah, well, it was in 2002 and 2003, and the report came out in the spring, and I read it, and that's the only thing I ever did.
我从来没有联系过任何管理层。
I never contacted any management.
我从来没有看过任何券商报告。
I never got a brokerage report.
我也从来没有问过任何人的意见。
I never asked for anybody's opinion.
但我确实做了一件事，就是我得出一个结论：这家公司——而且说实话，原油开采、炼油、销售，还有他们的化工业务，并不难理解。
But what I did do was I came to the conclusion that the company— and it's not hard to understand crude oil production and refining and marketing and the chemical operation they have.
我的意思是，Exxon 也一样，BP 也一样，随便哪家都可以这么看，我对这些公司都是这么看的——我都会看。
I mean, you can do the same thing with Exxon or BP or any of them, and I do that with all— I look at them.
然后我得出的结论是，它值一千亿美元，接着我再看价格，结果它当时大概只卖三百五十亿美元。
And I came to the conclusion it was worth $100 billion, and then I checked the price and it was selling for $35 billion, roughly.
呃，那还有什么必要去跟管理层谈呢？
Uh, what's the sense of talking to management?
我的意思是，基本上你要是去跟管理层谈，几乎每家公司都会说他们觉得自家股票特别值得买，他们会把所有好的东西都告诉你，把那些——反正那些也不会有什么影响的东西就略过去。
I mean, basically, if you talk to management, almost every company, they'll say they think their stock's a wonderful buy, and they'll give you all the, the good stuff and skip over things that— it just doesn't make any difference.
当然，如果我觉得这家公司值四百亿美元，而它当时卖三百五十亿美元，那你知道，这时候你就得开始想办法把分析做得更精细一些。
Now, if I thought the company was worth $40 billion and had been selling for $35 billion, you know, then at that point you have to start trying to refine your analysis more.
但这里没有理由把分析做得那么精细。我的意思是，如果我是按三百五十亿美元买的，那我根本不需要知道它到底值九百七十亿美元还是一千零三十亿美元。
But there's no reason to refine your analysis. I mean, I didn't need to know whether it was worth $97 billion or $103 billion if I was buying it at $35 billion.
所以，在这种情况下再去做更细的分析就是浪费时间，因为我真正该做的是买这只股票。
So any further refining analysis would be a waste of time when what I should be doing is buying the stock.
所以我们真的很喜欢那种你不需要精确到小数点后三位的东西。
So we really like things that you don't have to carry out to 3 decimal places.
你知道，如果一件事非得算到小数点后三位，那它多半就不是个好主意。
You know, if you have to carry it out to 3 decimal places, it's not a good idea.
然后，还有，你知道，像 PetroChina 这种情况。
And, and, and, you know, it was something like PetroChina.
这就像如果现在有人从门口走进来，体重大概在三百到三百五十磅之间，我可能不知道他具体多重，但我知道他很胖。
It's like if somebody walked in the door here and they weighed somewhere between 300 and 350 pounds, I might not know how much they weigh, but I would know they were fat.
你知道，而我找的就是这种——财务上很胖的东西。
You know, and the— that's all I'm looking for is something that's financially fat.
而 PetroChina 到底是值九百五十亿美元还是一千零五十亿美元，其实差别并不大。
And whether PetroChina weighed $95 billion or $105 billion didn't make much difference.
因为它当时卖三百五十亿美元。
It was selling for $35 billion.
如果它当时卖九百亿美元，那就有差别了。
If it had been selling for $90 billion, it would have made a difference.
所以，如果像 PetroChina 这种东西，你光看数字都没法做决定，那就别再继续往下折腾了。
So if you can't make a decision on something like PetroChina off the figures, forget about going further.
而这基本上就是我们当时做的事。
And that's basically what we did.
那就是一份很直接、很 straightforward 的报告，就跟看别家的年报一样——就像看 Chevron 的，或者 ConocoPhillips 的，或者其他类似公司的。
It's a straightforward report, just like reading another— like, just like reading Chevron's or ConocoPhillips' or anything like that.
信息量一样足。
Just as informative.
你知道，我们会通过走出去多了解一些，然后判断一下，你觉得他们在中国是不是就那一个特别大的油田，它的寿命是十三年还是十四年，或者类似这样的事。
We're going to learn more, you know, by going out and deciding whether you thought they've got one huge field in China, whether the life of it was 13 years or 14 years or something of the sort.
这些东西应该一下子就打中你，让你一眼看明白。
They, they should hit you between the eyes.
Charlie？
Charlie?