M20:30
对，两个都跑赢了。
Yeah, both.
我们大概永远都不会单独披露他们各自的业绩，不过你可以肯定，我和 Charlie 都非常非常在意，我们认为他们到底为 Berkshire 带来了多大的贡献，而且他们——
We'll probably never report their individual performance, but you can be sure that I have an enormous interest in, as does Charlie, in how much we think they contribute to Berkshire, and they have—
他们真的非常出色。
They've been terrific.
他们不光有头脑、有业绩记录，而且还是非常杰出的人。
They not only have the intellect and the record, but they are exceptional human beings.
比如说，Todd 在那个医疗项目上做了大量工作。
Todd has done a tremendous amount of work, for example, on the medical project.
Ted 呢——我交给过他几件事，他做得比我自己做还要好。
Ted is— I've given him several things, and he's done them better than I can do them.
所以从他们各自上任以来的业绩来看——我是这么衡量的，Ted 比 Todd 晚来了一年左右——但从各自上任起算，这两位经理人的业绩几乎一模一样，而且和 S&P 的表现对比下来也是如此。
So the record since inception, and I'm measuring it, Ted came later than Todd, a year or so later, but the record since inception is almost identical, both for the 2 managers from their different inceptions and matching the S&P.
而且他们拿到过一些激励性报酬，这种报酬只有在他们跑赢 S&P 的情况下才会发。
And they've received some incentive compensation, which they only get if they beat the S&P.
就像我说的，他们只是略微领先一点。
And they're, as I say, they're just slightly ahead.
这其实已经——比我做得还好了，所以我当然没法批评。
That really hasn't— it's been better than I've done, so naturally I can't criticize it.
他们两个都是非常、非常、非常好的选择。
They were the— they were 2 very, very, very good choices.
Charlie？
Charlie?
你们以前某一年其实是披露过的。
You did report it in a previous year.
只是今年没披露。
You just didn't do it this year.
不过现在你已经有报告了。
And but now you have your report.
没有。
No.
没有。
No.
嗯，我会这么说——我们所有人面临的问题都是规模。
Well, I would— the problem that all of us have is size.
说实话，管理一百二十亿到一百三十亿美元，其实比管理一亿美元还要难。
It's actually— it's harder to run even $12 or $13 billion, frankly, than it is to run $100 million.
哪怕是一亿美元——如果你管理的是一百万美元之类的资金，那完全就是另一种游戏了。
A billion, and, and if you, if you're running a million dollars or something of the sort, it's, it's a whole different game.
这点你也同意吧，Charlie？
You'd agree with that, wouldn't you, Charlie?
当然。
Of course.
对，好。
Yeah, okay.
就像任何一个好律师一样，除非你觉得自己知道对方会怎么回答，不然你绝不会提那个问题。
Just like any good lawyer, you never ask them a question unless you think you know the answer they're going to give.
好，Gary。
Okay, Gary.