M20:41
嗯，我觉得从某些方面来说，你说得对。
Well, I think in certain ways you are.
我是说，我们当然也有劣势，不过从长期收购企业这件事上看，我们确实有一些很明显的优势。
I mean, we do have disadvantages too, but we have some significant advantages in buying businesses over time.
我觉得，对相当数量的私营公司，还有上市公司来说，我们都会是他们更愿意选择的买家。
We would be the preferred purchaser, I think, for a reasonable number of private companies and public companies as well.
而且我们——我们的支票是能兑现的。
And we— our checks clear.
所以我们永远都会有钱。
So we will always have the money.
大家都知道，只要我们达成一笔交易，这笔交易就一定会完成，而且会以任何人能做到的最快速度完成。
People know that when we make a deal, it will get done, and it will get done as fast as anybody can do it.
它不会受到任何犹豫反复或者融资困难的影响。
It won't be subject to any kind of second thoughts or financing difficulties.
而且我们买下——你也知道，我们买下 Johns Manville，就是因为另一方在融资上出了问题。
And we bought— as you know, we bought Johns Manville because the other group had financing difficulties.
如果人们在乎这一点的话，他们知道自己还能继续像以前那样经营自己的企业。
People know they will get to run their businesses as they've run them before, if they care about that.
很多人确实很在乎这一点。
And a lot of people do.
当然，也有人不在乎。
Others don't.
我们的股权结构，可能比这个国家里任何一家和我们规模相当、或者接近我们这个规模的公司，都更加稳定，
We have an ownership structure that is probably more stable than any company our size or anywhere near our size
这一点对人们很有吸引力。
in the country, and that's attractive to people.
所以，而且我们没有任何压力非得去做蠢事。
So, and we are under no pressure to do anything dumb.
你知道，如果我们做了蠢事，那是因为我们自己做了蠢事——不是因为有人逼着我们去做。
You know, if we do things dumb, it's because we do things dumb, and it's not— but it's not because anybody's making us do it.
所以这些都是很重要的优势。
So those are significant advantages.
至于劣势，我们最大的劣势就是规模。
And the disadvantage, the biggest disadvantage we have is size.
我是说，用我们手头现有的这些武器，要把一家一千亿美元市值的公司市值翻倍，肯定比把一家十亿美元市值的公司翻倍要难得多。
I mean, it is harder to double the market value of a $100 billion company than a $1 billion company using our— what we have in our arsenal.
而这一点——我希望它不要消失。
And that isn't— I hope it isn't gonna go away.
我的意思是，我希望我们不要变成一家十亿美元的公司，然后去享受那种规模带来的种种好处。
I mean, I hope we don't become a billion-dollar company and enjoy all the benefits of those.
事实上，我倒希望我们承受那种——你知道——变成一家大得多的公司的痛苦。
And I hope, in fact, we have the agony of becoming, you know, a much larger company.
所以你的方向是对的。
So you are on the right track.
至于我们最后能不能做到，那又是另一回事。
Whether we can deliver or not is another question.
但我们每天上战场的时候，手里都带着这些优势。
But we go into combat every day armed with those advantages.
Charlie？
Charlie?
对，现在对 Berkshire 来说，可不是什么特别如鱼得水的时期。
Yeah, this is not a hog heaven period for Berkshire.
投资这场游戏，竞争越来越激烈了，我也看不出这种情况会有什么改变。
The investment game is getting more and more competitive, and I see no sign that that is going to change.
不过，未来人们还是会干蠢事的，甚至——对，这一点毫无疑问。
But people will do stupid things in the future, even— yeah, there's no question.
我的意思是——我敢向你保证，在接下来的二十年里，某个时候人们一定会在 equity markets 里干出一些特别愚蠢的事。
I mean, it— I will guarantee you sometime in the next 20 years that people will do some exceptionally stupid things in equity markets.
然后问题就是，你知道，到那种事发生的时候，我们是不是处在一个能采取行动的位置上。
And then the question is, you know, are we in a position to do something about that when that happens?
不过，我们确实还是一直更倾向于买下企业。
But we do, we continue to prefer to buy businesses.
所以，那才是我们真正乐在其中的事情。
So that, that's, that's what we really enjoy.
Charlie 一提到 hog heaven，我就觉得我们该把这里的 peanut brittle 打开了，我强烈推荐。
When Charlie mentioned hog heaven, I thought we ought to open the peanut brittle here, which I recommend heartily.
Zone 3。
Zone 3.