M10:51
嗯，对相当大一部分人来说，买房是他们一生中最大的一笔金融交易。
Well, the purchase of a home is the largest financial transaction for a significant percentage of the population that they make.
而且人们，很多很多人，都需要大量关注；你可能得带人看很多很多套房子，最后才能卖出去一套。
And people, a lot of people need a lot of attention, and you can show a lot of houses before you sell one.
我会这么说，如果你看看我们现在差不多五万名经纪人。
I would say this, if you look at our close to 50,000 agents now.
我觉得他们过得不错，或者说收入还算体面；但我得说，那些管钱的人赚的钱要多得多，而他们对所服务对象的福祉，也许贡献还更少。
I think they make a good living or decent living, but I would say that people who manage money make a whole lot more money with perhaps less contribution to the welfare of the person that they're dealing with.
所以我不认为做房地产经纪人这里面有什么不寻常的暴利。
So I don't think that there are unusual profits involved in being a real estate agent.
我也不认为在所有权这一层面有什么不寻常的暴利。
I don't think there are unusual profits involved in the ownership.
我们喜欢这个行业，是因为它从根子上说是个好生意；但现在我们做的是全美国大概百分之三的房地产交易，一年也许赚两亿美元。
We like it because it's fundamentally a good business, but here we are doing 3% of all the real estate transactions in the United States, and we're making maybe $200 million a year.
这个嘛，Wall Street 那边要赚到两亿美元，付出的努力对比起来如何，我们就先不展开了；不过我想我得顺便讲一点 Roy Tolles 的故事。
Which, well, we won't get into what the comparative efforts are on Wall Street to earn $200 million, but I think I have to tell them about Roy Tolles a little bit on this.
比如说，Roy Tolles，也就是很多很多很多年前 Charlie 的合伙人，决定他想在 San Marino 买一套房子。
Roy Tolles, for example, Charlie's partner many, many, many years ago, decided he was going to want to buy a house in San Marino.
他当时打算要生好几个孩子。
He was going to have a number of kids.
所以他就让他那位很棒的太太 Martha 出马，整整六个月，让她去看 San Marino 的房子。
So he sent his wonderful wife, Martha, out, and for 6 months he had her look at houses in San Marino.
而这已经是很多年前的事了。
And this was many years ago.
如果房子开价是十五万美元，他就让她出价七万五千美元。
And if they were priced at $150,000, he had her offer $75,000.
当然，房地产经纪人都快疯了，因为他们本来以为一套挂牌十五万美元的房子，最后居然要按七万五千美元卖掉。
And of course, the real estate agents were going crazy because they were going to get something listed at $150,000 sold at $75,000.
最后，等她找到一套他们俩都真的很喜欢的房子时，他让她出价大概十二万美元。
And then finally, when she found one that they both really liked, he had her offer something like $120,000.
那位房地产经纪人高兴坏了，终于拿到一个大体上还在卖方报价区间里的出价，于是他会非常卖力地去做卖家的工作，劝卖家接受这个报价，因为他知道自己可不想再来六个月，看着 Roy 继续按更低的价格出价。
And the real estate agent was so happy to get a bid that was in the general area of the offering price that he would work very hard on the seller to take that bid because he knew he did not want 6 more months of Roy bidding at the lower prices.
所以你不是第一次带看就能把房子卖掉的。
So you don't sell them on the first trip.
顺便说一句，我曾经让 Roy 在没看房的情况下就从我这儿买了一套房，因为这家伙真的很懂人性。
Incidentally, I had Roy buy a house from me sight unseen, because this was a guy that knew human nature.
做房地产中介你是发不了大财的，人们赚的是辛苦钱，而且他们赚钱的方式是完全体面、完全光明正大的。
You don't get rich in real estate agency, you know, people earn their money, and they earn it in a perfectly respectable and honorable way.
就他们拿到的报酬来说，就是这么回事。
Manner in terms of what they get paid.
当然，任何一个行业里，都可能会有过头的地方，或者犯错，或者类似的情况。
And as in every single industry, there can be excesses or mistakes or that sort of thing.
不过我们还是会继续收购更多经纪公司。
But we will continue to buy more brokers.
事实上，可能过不了多久，我们还会再宣布两家。
In fact, we'll probably have another couple to announce before long.
而且我们会认为，如果有一天我们做到全国房地产经纪业务的百分之十，税前一年赚六亿到七亿美元，我们不会觉得这是什么离谱的钱，毕竟这是在帮助美国每年五百万个换房人群中的百分之十完成住房更换。
And we will feel that if we get to where we're doing 10% of the real estate brokerage business in the country, and we're making $600 or $700 million a year pretax, we will not think that's a crazy amount of money to make for enabling 10% of 5 million people to change their homes every year in the United States.
Charlie？
Charlie?