M1
M10:00
今天——抱歉，今天 Berkshire 的规模，决定了它会面对很多企业的竞争。
Today— sorry, today Berkshire's size ensures that it faces competition from numerous businesses.
如果你有一颗银弹，你会干掉哪个竞争对手，为什么？
If you had a silver bullet, which competitor would you take out and why?
还有，抱歉，你——你不能说 Donald Trump。
And sorry, you— and you can't say Donald Trump.
M2
M20:21
哪个行业里的哪个竞争对手？
Which competitor in which businesses?
M3
M30:25
我的意思是，你是在问，如果可以的话，你会干掉哪一个、哪一个、哪一个竞争对手？
I mean, you're asking about which, which, which competitor would you kill if you could?
我觉得我们——我觉得这个问题我们不必回答。
I don't think we, I don't think we have to answer this one.
M2
M20:34
Charlie 是律师。
Charlie's a lawyer.
不过我认真想过这个问题。
But I've thought about the question.
现在，我们有很多很强硬的竞争对手，我们涉足很多领域，而我们自己其实也是个相当强硬的竞争对手。还有，真正——我们希望我们的经理人每天都在想的是，怎么去建立更强的竞争地位。
Now, we have, we have lots of tough competitors, and we're in many areas, we're a pretty tough competitor ourselves, and, and the real— what we want our managers to be doing, you know, is thinking every day about how to achieve a stronger competitive position.
我们把这叫做拓宽护城河。
We call it widening the moat.
我们想要做出更好的产品。
But we want to turn out better products.
我们想把成本压到最低。
We want to keep our costs down to a minimum.
你知道，我们希望自己每天都在想，客户一个月后、一年后、十年后，可能会希望我们提供什么。
You know, we want to be thinking about what our customer is likely to be wanting from us, you know, a month, a year, 10 years from now.
通常来说，如果你照顾好客户，客户也会照顾你。
And generally, if you take care of your customer, the customer takes care of you.
但是有些情况下，会出现某种力量，真的会——让你可能根本没有答案。
But there are cases where there is some force coming along that really is— you may not have the answer for.
那样的话，你知道，你就退出那个行业。
And then, you know, you get out of that business.
我们在一九六六年在 Baltimore 有那家百货商店，如果我们一直留着它，我们早就关门了。
We had that department store in Baltimore in 1966, and if we kept it, we would have gone out of business.
所以，认清现实也同样重要。
So recognizing reality is, is also important.
我的意思是，你不该试图去修一个根本修不好的东西。
I mean, you do not want to try and fix something that's unfixable.
M3
M31:58
而且我们也不是把目标定成要毁掉竞争对手。
And we're not targeting competitors for destruction.
我们只是在努力，让自己在每个地方都做到最好。
We're just trying to do the best we can everywhere.
M2
M22:06
这话说得真像个反垄断律师。
Spoken like an antitrust lawyer.
好。
Okay.
我们真正希望的是，成为那个让别人想把银弹用在我们身上的人。
We really hope to be the ones that the other guys want to use the silver bullet on.
Becky？
Becky?