M21:03
嗯，这总比让一个 broker 把你的账户折腾得一塌糊涂要好。
Well, it's better than having a broker churning the hell out of the account.
如果他拿的是 management fee，那他这么做的动机会稍微少一点。
He's got a little less incentive if he's getting a management fee.
不过在你这个具体情况下，我没法替你回答到底该做哪种选择。
But I can't answer your question as to which decision you should make in that case.
但我要说，你这一点是对的：如果你买 Berkshire，你就应该只把它当作一个非常长期的持有。
But I would say that you're right in the sense that if you buy Berkshire, you should only think about buying it for a very long period of time.
长期。
Time.
我的意思是，我们也不知道 Berkshire 在接下来一年里，不管是内在价值还是市场表现，会怎么样。
I mean, we have no idea what Berkshire is going to do either intrinsically or in the market in the next year.
坦白说，你知道，我们不——我们在乎的是它内在价值那部分。
And frankly, you know, we don't— we care about the intrinsic part of it.
我们不在乎市场那一面。
We don't care about the market aspect.
我们在乎的是持续提升内在价值。
We do care about building intrinsic value.
而且你知道，说到底，当我们持有 Berkshire 的时候，我们并不觉得那是把所有鸡蛋都放在一个篮子里。
And, you know, in the end, we don't think— when we own Berkshire, we don't think of all our eggs being in one basket.
我的意思是，因为我们手里有很多好业务。
I mean, because we have got a lot of good businesses.
不过如果你说的是某种，呃，不知道从哪儿来的晴天霹雳，比如一场巨额责任诉讼，或者类似的事情，砸到某一个企业实体上，那我们确实就是一个企业实体。
But if you're talking about some, you know, lightning from someplace, huge— a huge liability suit or something like that hitting one corporate entity, uh, we're one corporate entity.
但如果你从一个实体中所隐含的经营风险这个角度来想，我们有很多不同的好业务。
But if you think about it in terms of the business risk implicit in, in an entity, we, we have a lot of different good businesses.
我——事实上，我觉得我们拥有的这批好业务，整体质量大概不比我能想到的任何一家公司差。
I— in fact, we probably have as, as decent a collection of good businesses as, as, as any company I can, I can think of.
不过你的 money manager 也毫无疑问还有一个优势，那就是他大概率操作的是更小规模的资金，这会给他带来更大的机会范围。
But your money manager will also undoubtedly have the advantage of working with probably smaller sums too, and that gives him a bigger universe of, of opportunity.
跟一个用自己资金投资的个人相比，我们在税务安排上并不是最理想的。
We're not set up tax-wise perfectly as compared to an individual working with their own capital.
不过从税务角度来说，对那种打算一直持有它、差不多等于永远持有的人，我们这样的安排是没问题的。
We're set up tax-wise fine for somebody who's going to sort of own it forever.
但我们在资本结构上不是这么设置的。
But we're not set up capital.
从税务角度讲，对那种打算一直持有它、差不多等于永远持有的人，我们这样的安排是可以的，但我们的设置并不是——
We're set up tax-wise fine for somebody who's gonna sort of own it forever, but we're not set up—.