F1
F10:00
嗨，嗨，Warren 和 Charlie。
Hi, hi Warren and Charlie.
我是来自 Germany 的 Thomas Schulz。
This is Thomas Schulz from Germany.
你们以前说过，如果你们现在只有一百万美元可以投资，也能做到每年百分之五十的回报。
You once said that if you had just $1 million to invest now, you could achieve returns of 50% per year.
根据你们现在知道的这些，跟你们当年刚开始做 partnership 时已经非常惊人的表现相比，你们会怎么做得更好？
Given what you know now, how would you improve on the already spectacular performance of when you started out with your partnership?
M1
M10:26
以我们现在的资源条件，没法再做我们当年做过的那些事了。
We can't do with our present resources what we did once.
有很多事情，我现在做不了，或者说不像以前那么擅长了。
There are a lot of things I can't do that I used to do better.
M2
M20:36
对，不过这些你倒是可以坦白，Charlie。
Yeah, well, you can confess to those, Charlie.
所以，我觉得他想问的大概是，我们在管理上学到的这些东西，是不是意味着，如果现在回到只有一百万美元那个规模，我们会比当年拿着一百万美元时做得更好？
And so, well, but I think he may be driving at the point that have we learned things in managing since we were at that level where we could do even better with $1 million now than we could have done with $1 million then?
我的回答是，会的。
And I would say the answer to that is yes.
M1
M10:59
你不也这么觉得吗？
Wouldn't you?
对，我觉得这是真的。
Yeah, I think that's true.
外面还是有足够多疯狂的机会。
There's enough craziness out there.
如果你有的是时间，而且手里的钱又很少，我觉得你还是能找到办法，做得相当不错。
If you have endless time and only a very small amount of money, I think you could find ways to do pretty well.
M2
M21:13
而且在这五十来年的过程中，我们大概确实学到了更多东西，或者接触到了更多东西，所以如果我们回到只有一百万美元的那个阶段，我觉得我们会知道更多值得去找的地方。
And in the course of 50 or so years, we have probably learned more or been exposed to more that if we were back at the million-dollar level, we would know more places to look, I think.
M1
M11:28
我想说，Berkshire 很有意思的一点是，你们很多人在这儿待了很久，实际上是亲眼看着这件事发生的。
Well, I say what's interesting about Berkshire, and many of you have been around for so long you've actually seen it happen.
如果 Warren 不是一路不断地学习、学习、再学习，那 Berkshire 的业绩跟最后呈现出来的结果相比，会差得很远。
Berkshire's record would have been terrible compared to the way it turned out if Warren hadn't kept learning, learning, learning all the way.
我的意思是，每一个十年里，为了让业绩还过得去，他都得学会一些在那个十年刚开始时自己还不会做的事情。
I mean, each decade, to make the record decent, he had to learn to do some things he didn't know how to do at the start of the decade.
我觉得这基本上就是人的处境。
And I think that's pretty much the human condition.
当然了，他也在变老。
And of course, he's getting old.
我可挺替他担心的。
I worry about him a lot.
M2
M22:07
这个我就忍住不评论了。
I'll resist commenting.