M10:57
我觉得这个问题还是我来回答比较好。
I think I better answer the question.
我可以毫不含糊地回答，我穿的是 Fruit of the Loom。
I can answer unequivocally, I am wearing Fruit of the Loom.
至于 Charlie 穿不穿内裤，我就不太确定了。
And I'm not sure whether Charlie wears underwear.
你穿吗？
Do you?
我已经很久没买新内裤了，所以我现在穿着不太得体。
I haven't bought any new underwear in a long time, and therefore I'm inappropriately attired.
他在等打折。
He's waiting for a discount.
别听他逗你。
Don't let him kid you.
好，那个答案——关于卖出，这确实是个非常好的问题。
Well, the answer— it's a very good question about selling.
我是说，我们——卖出不是我们的天然倾向。
I mean, we— it's not our natural inclination to sell.
另一方面，呃，而且，而且 Washington Post 的股票我们从一九七三年就一直持有到现在。
And on the other hand, uh, and, and we have held the Washington Post stock since 1973.
嗯，我从一九六二年买入第一批 Berkshire 股票以来，一股都没卖过。
Um, I've never sold a share of Berkshire, having bought the first shares in 1962.
嗯，Coke 的股票我们从一九八八年就一直持有到现在。
Um, and we've held Coke stock since 1988.
我们从一九八九年就一直持有一只股票，从一九九一年起一直持有 American Express 的股票。
We've held stock since 1989, held American Express stock since 1991.
其实更早在六十年代，我们就持有过 American Express 和 Disney。
We had actually previously been in American Express in the '60s and Disney.
所以，这些都是我们很熟悉的公司。
So, they're companies we're familiar with.
我们一般会卖出——嗯，如果我们需要钱去做别的事情，我们会卖，但在过去十年到十五年里，这并不是问题。
We generally sell— well, we would sell if we needed money for something else, but that has not been the problem in the last 10 or 15 years.
十年到十五年里。
10 or 15 years.
四十年前，我那些卖出的操作，全部都是因为我找到了我更喜欢的东西。
40 years ago, my sales were all because I found something that I liked even better.
我很不愿意卖掉那些我卖掉的东西，但我也不想借钱。
I hated to sell what I sold, but I also didn't want to borrow money.
所以，我会很不情愿地卖掉一些我认为便宜得不得了的东西，去买一些更便宜的。
So I would reluctantly sell something that I thought was terribly cheap to buy something that was even cheaper.
那时候我的点子比钱多。
Those were the times when I had more ideas than money.
现在呢，我的钱比点子多了，这就是完全不同的一道题了。
Now I've got more money than ideas, and that's a different equation.
所以现在我们卖出，真的主要是在我们重新评估这家公司经济特性的时候。
So now we sell really when we think that we've— when we're reevaluating the economic characteristics of the business.
换句话说，拿它们来说——我不想点名——但就拿我们卖掉过的一只股票来举例吧。
In other words, if you take them— don't want to name names, but take a stock we've sold of some sort.
我们在买入的时候，对这家公司长期竞争优势大概有一个判断，后来这个判断可能调整了。
We probably had one view of the long-term competitive advantage of the company at the time we bought it, and we may have modified that.
这并不意味着我们觉得这家公司要进入什么灾难期，或者任何类似的情况。
That doesn't mean we think that the company is going into some disastrous period or anything remotely like that.
我们觉得 McDonald's 的未来很好。
We think McDonald's has a fine future.
我们觉得 Disney 的未来也很好，还有其他一些公司也是。
We think Disney has a fine future, and there are others.
但我们大概不再认为，它们的竞争优势有我们当初做决定时所认为的那么强——或者说，没有我们最开始判断的那么强。
But we probably don't think that their competitive advantage is as strong as we might have thought— as we thought it was when we initially made the decision.
这可能意味着，我们当初做那个决定的时候判断错了。
That may mean that we were wrong when we made the decision originally.
也可能意味着，现在是我们错了，它们的优势其实一点也没变，和以前完全一样强。
It may mean that we're wrong now and that their strengths are every bit as what they were before.
但不管出于什么原因，我们觉得这些优势可能已经在某种程度上被削弱了。
But for one reason or another, we think that the strengths may have been eroded to some degree.
一个很典型的例子，就是整个报纸行业。
A classic case on that would be the newspaper industry generally, for example.
我的意思是，如果 Charlie 和我在一九七零年看报纸这个行业，我们会觉得这几乎是你能找到的最牢不可破的特许经营之一。
I mean, in 1970, if Charlie and I were looking at the newspaper business, we felt it was about as impregnable a franchise as could be found.
我们现在还是觉得它是一门相当不错的生意，但我们不认为二零零二年的这种特许经营地位，和一九七零年时还是一样的。
We still think it's quite a business, but we do not think the franchise in 2002 is the same as it was in 1970.
我们也不认为，二零零二年的一家网络电视台，它的特许经营地位还和一九六五年时一样。
We do not think the franchise of a network television station in 2002 is the same as it was in 1965.
而且这些看法的变化都很渐进，谁知道它们到底精不精确呢，你知道，也不知道到底是不是对的。
And those beliefs change quite gradually, and who knows whether they're precise, you know, whether they're right even.