M20:25
我会说，凡是提出这种建议的人，都该去做五百个仰卧起坐。
I would say that whoever suggested that should do 500 sit-ups.
其实，Charlie 和我——至少我自己是这样，Charlie 让他自己说——我们都认同，而且也一直鼓励股东要像所有者那样行事。
Actually, Charlie and I— certainly I have, I'll let Charlie speak for himself— we like the idea and we've encouraged the idea of shareholders behaving like owners.
我的意思是，这个国家的股东太多时候表现得像羊群一样，而，而且，呃，很多时候也就被薅了羊毛。
I mean, shareholders have too often behaved like sheep in this country, and, and, uh, and they got shorn in many cases.
呃，而且大型机构股东一直袖手旁观，眼看着一些事情发生了；如果他们当时积极一点，那些事本来或许是可以被纠正的。
Uh, and big institutional shareholders have, have sat on the sidelines while some things that might possibly have been corrected had they gotten active took place.
所以我们——我们其实很赞成股东像所有者那样行事这个想法。
And so we have— we actually applaud the idea of shareholders behaving like owners.
问题在于，他们能不能，怎么说呢，像聪明的所有者那样行事。
The question is whether they, you know, can behave like intelligent owners.
我觉得，过去这一两年里，随着他们某种程度上开始醒过来，他们就在到处找各种各样的检查清单，想拿这个来判断一家公司的董事到底合不合适。
And I think that in the last year or two, as they've sort of woken up, they've searched for checklists of one sort or another to determine whether directors are appropriate in a given company or not.
但坦白说，检查清单代替不了思考。
And frankly, checklists are no substitute for thinking.
董事真正的工作，是为公司选出合适的 CEO，并且防止他或者她做得过头。
The real job of the directors is to come up with the right CEO for a company and prevent him or her from overreaching.
如果这件事做得好，其他事情自然会跟着理顺。
If they do that job well, the rest takes care of itself.
而你得动点脑子，才能判断这件事是不是真的在发生。
And you have to think some to determine whether that's taking place.
你不能靠过一遍一张小小的检查清单就把问题解决了。
You can't solve it by just running down a little checklist.
我想这话是 Bertrand Russell 说的：大多数人宁可去死，也不愿意思考。
I think it was Bertrand Russell who said, most men would rather die than think.
很多人还真是这样。
Many do.
我觉得，我们在一些投票里已经多少看到了他当年说的那种情况。
And I think we've seen a little bit of what he was thinking about in some of the voting.
坦白讲，如果 Berkshire Hathaway 持有 Coca-Cola 两亿股，价值一百亿美元，却还认为——因为 FlightSafety 卖出几个小时的培训服务之类的事情——我就会因此做出违背股东利益的事，那就有点可笑了。毕竟我们在桌子这边押着的是一百亿美元。
I think it's absolutely silly, frankly, if Berkshire Hathaway owns 200 million shares of Coca-Cola, $10 billion worth, to not be able— it's a little silly not to think that the interest that Berkshire Hathaway has in selling some hours of training at FlightSafety or something would cause me to do something counter to the interests of the shareholders when we have $10 billion riding on that side of the table.
我的意思是，这几乎荒唐得很。要是有人得出这种结论，那他根本就不懂什么叫比例轻重。
I mean, it's, it's almost absurd, and somebody doesn't understand proportionality at all, uh, when they come to that sort of conclusion.
我还觉得，这也绝对很愚蠢。就拿 Coca-Cola 来举例吧，我想 Coca-Cola 的董事，我都没特意去查，但我猜我们一年拿的大概是十万美元左右。
I also think it's absolutely foolish, uh, if, just to use Coca-Cola as an example, I think the directors of Coca-Cola, I haven't even looked, but I think we probably receive something like $100,000 a year.
如果我们去救济队伍里找一个完全没有收入的人出来，对他说，我们希望你来当董事；然后这个人一年能拿十万美元，而这就是他的全部收入；然后你还说这个人是独立的。
And if, if we were to go out into the welfare line and pick somebody out who has no income and say, we'd like you to become a director, and that person would get $100,000 a year, which would be their entire income, and to say that person would be independent.