M21:01
这个嘛，American Express 在这方面一直做得相当不错，尤其是在 Ken Chenault 掌舵的时候。
Well, American Express has been pretty good at that, and particularly when Ken Chenault's been running it.
嗯，这个——它，它会，怎么说呢——支付领域的方方面面都会面临大量创新，还有各种各样的冲击和挑战。
Uh, the— it, it will be, you know, it— all aspects of payments will be subject to lots of innovation and, and various modes of attack.
嗯，我觉得 American Express 依然是一家非常、非常特别的公司。
Uh, I think that American Express is still a very, very special company.
而且就像我说的，Ken 在预判很多这类趋势、并把公司带进不同市场这件事上，做得非常出色。
And like I say, Ken has done a sensational job in anticipating a lot of these trends and guiding it into different markets.
就像你提到的，它实际上已经进入了 debit cards 这些领域，还有类似的业务。
As you mentioned, it's gone down into debit cards effectively and things of that sort.
我觉得 American Express 的持卡人忠诚度是很高的。
I think there's a lot of loyalty with American Express cardholders.
我确实认为 proprietary card 比 co-branded card 更有价值，不过我觉得——我大概不该深入谈 Costco 的具体情况。
I do think a proprietary card is worth more than a co-branded card, but I think that— I probably shouldn't get into the specifics of Costco.
因为我旁边就坐着一位 Costco 的董事。
I've got a Costco director sitting next to me.
不过我们对 American Express 非常满意，但如果股价跌下去，那他们每年花四十亿到五十亿美元回购股票就能买到更多股份，我们会更高兴。
But we're very happy with American Express, but we'd be even happier if the stock goes down and the $4 or $5 billion they spend a year buying stock buys even more shares.
当然，如果它的竞争少一点，我会更喜欢，不过这就是现实。
Well, I liked it a little better when they had a little less competition, but that's life.
顺便说一句，你们会在 Berkshire 这五十年的历史里看到，American Express 在上世纪六十年代真的是帮了我们大忙。
Hey, incidentally, you'll find in this 50-year history of Berkshire, you know, American Express did wonders for us back in the 1960s.
还有，里面也稍微提到了一点历史，就是这曾经是一只普通投资者也买得到的股票，嗯，一直到 1970 年。
And, uh, there's a little history on there on the fact that it was an accessible stock, uh, until 1970.
1965 年——其实在 1963 年之后之前，根本没什么人注意它。
'65, which nobody paid any attention to until 1963 on.
但这家公司有着令人难以置信的适应历史。
But the company has an incredible history of adapting.
我的意思是，它最早是一家 express company，运送箱子，也运送贵重物品。
I mean, they started out as an express company, moved trunks around and valuables around.
后来铁路出现了，也开始做同样的事情。
And then the railroad came along and started doing the same thing.
所以他们就转向了 traveler's checks，作为一种——一种非常方便的、在全球范围内转移资金的方式。
So they went to traveler's checks as a way to— very handy way of moving money around the world.
后来 credit card 出现了，Diners Club 在上世纪五十年代也出现了。
And then the credit card came along, Diners Club came along in the 1950s.
这就对 traveler's check 构成了威胁。
And that threatened the traveler's check.
然后他们就进入了 travel and entertainment card，也就是当时的那种卡。
And then they moved into the travel and entertainment card, it was called then.
有意思的是，率先进入市场的 Diners Club，也就是 Ralph Schneider 和 Al Bloomingdale，当时给他们的卡定价——如果我没记错的话——是三美元。
And the interesting thing is that Diners Club, who was first, Ralph Schneider and Al Bloomingdale, priced their card at, as I remember, $3.
当时看起来他们简直像是要把整个市场都拿下来了。
And they looked like they were sewing up the market.
然后 American Express 出场了，做了一件非常有意思的事。
And American Express came along and did something very interesting.
我记得他们把这张卡的定价定在五美元。
They priced their card, I think, at $5.
而且实际上还树立了一个更好的形象。
And actually established a, a better image.
我是说，在餐桌上掏出 American Express 卡的人，看起来就像 J.P. Morgan 那样的人物。
I mean, people that pulled out their American Express card at a dinner table, they, they looked like J.P. Morgan.
而掏出 Diners Club 卡的人，上面有一大堆花里胡哨的东西，看起来就像那种在费用报销上做手脚的人，或者类似那样的人。
And the guy that pulled out a Diners Club card, they had a whole bunch of flashy things on it, he looked like a guy who was kiting his expense account or something of the sort.
所以你拿着 American Express 卡，就会自然而然觉得自己是个更重要的人。
So you just automatically felt like a more important person with your American Express card.
他们一直都非常灵活，也非常聪明，尤其是最近这些年，在应对各种事情方面经历了很多——当然他们未来还会面临不少挑战，而我们持有这家公司百分之十五的股份，我对此非常高兴。
They have been very nimble and very smart, and particularly in recent years undergone, in, in terms of meeting all kinds of— they'll have plenty of challenges in the future, and I'm delighted we own 15% of the company.