M1
M10:00
嗨，我叫 Boppe Pande。
Hi, my name is Boppe Pande.
我来自宾夕法尼亚州的费城。
I'm from Philadelphia, Pennsylvania.
呃，想问一下 Todd Combs，就是你们去年年底聘用的那位年轻投资经理。
Uh, questions about Todd Combs, the young money manager you hired late last year.
这个问题是给 Munger 先生的，呃，我知道是你把他介绍给 Berkshire 的。
For Mr. Munger, uh, I understand you introduced him to Berkshire.
你能不能稍微讲一讲，呃，这段关系是怎么开始的？还有，作为股东，我们之后要怎么评估他的表现？
Could you talk a little bit about that, uh, how that relationship started, and how, as we as shareholders, are we going to be able to assess his progress?
M2
M20:25
嗯，我不太愿意这么说，因为这样一来我可能会收到比我想要更多的来信，不过，他当时给我写了一封信。
Well, I hate doing this because I may get more letters than I want, but he sent me a letter.
事情就是这么发生的。
That's how it happened.
这就有点像 Warren 当年写信给 Marshall-Wells 那个人一样。
It was like Warren's letter to the guy at Marshall-Wells.
总之，我后来跟他一起吃了顿饭，然后我就打电话给 Warren 说，我觉得这就是你该去聊聊的人。
And at any rate, I had a meal with him, and I called Warren and said, I think this is the guy you should talk to.
我们这个业务非常复杂，流程也非常精细，你们也看得出来。
We have a very complicated business and very elaborate procedures, as you can tell.
M3
M30:56
而他的业绩表现，要放在五年左右这样的时间里去看，才会比较清楚。
And his results will be known over a 5-year period or something.
我的意思是，你不能根据一个投资人在六个月或者一年里的表现，就去判断他。
I mean, you cannot judge an investor, uh, by what they do in 6 months or a year.
M2
M21:06
不过，Todd 的一个优势在于，多年来他一直在研究像 Berkshire 这样的金融公司。
But, uh, Todd has the advantage that he's been thinking about financial companies like Berkshire for a great many years.
这对我们来说很有用。
That's useful for us to have around.
M3
M31:18
而且就像我们在年报里写的那样，从概率上说，更可能是会这样，但也不是板上钉钉——随着时间推移，我们可能会有不止一位投资经理。
And as we put in the annual report, it's more likely than not, but not a sure thing, that over time we have more than one investment manager.
你知道，Berkshire 有很多资金需要管理，所以，呃，这并不是个坏主意，但前提是我们得找到合适的人。
You know, there's a lot of money at Berkshire to be managed, and, uh, it would not, not be a bad idea, but we have to find the right people.
而所谓合适的人，并不只是说 IQ 有多高，或者过去业绩有多好。
And the right people just does not mean a given IQ or a given past record.
这里面包含很多因素。
It means a lot of things.
如果最后我们有两位或者三位，你知道，那是加分项。
And if we end up with 2 or 3, you know, that, that's a plus.
但是，这并不是——我们并没有硬性要求一定要得到那样的结果。
But, but it's not—we don't mandate that sort of a result.