M20:23
我们经历过一些投资，不过没法用美元金额来衡量，因为很明显，我们现在做的事情比早期大得多。
We've had—you can't measure it by dollar terms because obviously we're doing bigger things now than early on.
我的意思是，See's 对我们的成功来说极其重要。
I mean, See's was an enormously important part of our success.
现在它对我们净利润的贡献比例并不算很高，但过去它提供的收入，让我们能够买下其他企业。
It doesn't, it doesn't contribute a huge percentage of our net income now, but it provided income that let us buy other things in the past.
它还教会了我们很多关于企业经营的道理，各种各样的东西。
It taught us a lot of lessons about business, all kinds of things.
所以，如果把它已经带来的成果，以及随着时间推移它将带来的成果放在一起看，
So we've probably, in terms of what it's done already and where it's going to go over time.
嗯，最好的单笔投资可能就是我们买下 GEICO 一半股权的那次，当时花了四千万美元。
Uh, probably the, the single, um, best investment was the first half of GEICO, which we purchased for $40 million.
后来，另一半股权花了我们二十亿美元。
Now, the second half cost us $2 billion.
还好当时没把它分成三次买。
I'm glad I didn't buy it in thirds.
不过你知道，那四千万美元买下公司一半股权，最终会带来非常好的回报。
But, uh, you know, that $40 million for half the company will turn out very well.
不过，GEICO 这件事是这样：我们有些企业具备增长潜力，有些没有。
But GEICO—some of our businesses have growth potential, some don't.
而我们并不要求一家企业必须具备增长潜力。
And we don't require growth potential as part of a business.
只要一家企业能赚到不错的钱，而我们又能拿这些钱去买其他企业就行了。Berkshire 体系的优势之一，就是我们可以用一种税务效率很高、几乎没有摩擦的方式，把资金转移到最好的机会那里。
If a business makes good money and we can use it to buy other businesses—one of the advantages of the Berkshire system is we have a tax-efficient and, and, and kind of frictionless way of moving money to the best opportunities.
而且 GEICO 在公司内部仍然有巨大的增长空间。
And GEICO internally has still enormous possibilities for growth.
顺便说一句，我看过那部电影，也一直在推介 American Express 卡。不过这是我们的 GEICO 卡，我相信在座各位应该都符合申请资格。
Incidentally, we've—you know, I watched that movie and I kept touting the American Express card, but here is our GEICO card, which I'm sure all of you are eligible for.
我不建议大家使用信用卡循环还款，但事实是，确实有人这么做。
I don't advise people using credit cards to revolve, but the truth is that people do.
所以，如果你打算用信用卡消费，那就用 GEICO 卡，按这种方式来用。
So use a GEICO card if you're going to behave in—if you're going to charge anything.
不过我还是建议你在账户开始循环计息之前，就把欠款全部还清。
I still advise you to pay off your account before it starts revolving.
我认为，人们一旦习惯了高利率的循环信用，那将是一个非常严重的错误。
And I think it's a terrible mistake for people to get hooked on revolving credit at high interest rates.
我跟学生们说的第一件事就是：如果他们什么别的都记不住，那至少要记住，别乱用信用卡，别让欠款余额越滚越大。
And that's the first thing I tell students is that if they don't remember anything else I say, just, you know, don't fool around with charge cards and run up balances that keep getting larger and larger.
不过 GEICO 现在已经有超过六百万名客户了。
But GEICO has well over 6 million customers now.
正如刚才提到的，我们去年进入了 New Jersey。
As was mentioned, we entered New Jersey last year.
我们在那里发展得非常快。
We're adding very rapidly there.
这是一门非常非常棒的生意。
It's a great, great business.
商业模式非常出色，而且经营它的是一位极其优秀的人和商人，Tony Nicely。
Great business model, and it's run by a superb human being and businessman, Tony Nicely.
我认为它的潜力非常巨大，不过这些企业我都喜欢。
And I think it's got huge potential, but I love them all.