M12:03
这对我们来说，其实没什么本质区别。
It really makes no difference to us.
我们会评估各种各样的企业，而我们真正想要的是一家拥有持久竞争优势的企业，你提到的这两家公司都有这一点。
We evaluate all kinds of businesses, and what we do want is we want a business with a durable competitive advantage, which both of the companies you named do.
我们还希望这是我们看得懂的生意，希望管理层是我们喜欢并且信任的，然后还要有一个合理的价格。
And we want something we understand, and we want the management that we like and trust, and then we want a price that makes sense.
我们会尽量去看——大概过去二十年里，我们可能看过每一家上市的糖果企业，只要我们能拿到它们的数据。
And we try to look at— we probably looked at every confectionery business, you know, for 20 years that's publicly owned, where we get the figures.
有时候我们会发现一些可以出手的机会，但大多数时候并不会。
And sometimes we find something where it's— where we can take action, and, and, and most of the time we don't.
至于私人企业，我们不会去劝——嗯，你知道，那种真正很好的私人企业。
When they're private businesses we don't determine, uh, you know, a really good private business.
我总是跟经营者说，如果你拥有一家非常棒的私人企业，最好的做法就是继续持有它。
I always tell the manager, the best thing to do if you've got a wonderful private business is just keep it.
你知道，明年它会更值钱，后年也会更值钱。
You know, it's gonna be worth more next year and the year after.
所以，除非有一些生意本身之外的因素，否则没有理由卖掉一家很棒的企业。
So there's no reason to sell a wonderful business except for kind of extraneous factors.
可能是家庭方面的情况，可能是税务原因，也可能是没有合适的继承人，或者别的什么原因。
It may be family situations, it may be taxes, it may be that there isn't another potential heir or whatever it may be.
但是，如果你已经拥有一家价值十亿美元的企业，其实没必要非卖不可。
But there's no need if you've got a business worth a billion dollars.
你并不需要那十亿美元现金。
You don't need the billion dollars.
因为你已经拥有一家价值十亿美元的企业了。
You've got a business that's worth a billion dollars.
这就像如果你有一个价值一百万美元的农场一样，你其实已经拥有这一百万美元了。
Any more than if you've got a farm that's worth a million dollars, you've already got the million dollars.
只不过它恰好是以农场的形式存在而已。
You just happen to have it in the farm.
如果你喜欢种地，那你就把它留着。
And if you like farming, you keep it.
所以我们从来不会劝人把好生意卖掉。
So we never urge people to sell good businesses.
我们是劝他们继续持有。
We urge them to keep them.
不过，总会有那么些时候，他们确实会想卖，嗯，出于这样那样的原因，也许二十年或者五十年才会有一次。
But there comes times when they do want to sell, uh, for one reason or another, maybe once every 20 or 50 years.
我们确实认为，如果他们拥有一家自己无比自豪、而且非常出色的企业，那么把它卖给 Berkshire，比起卖给任何其他人，都更能保住这家企业里那些他们所热爱的特质。
And we do think if they have a business that they're enormously proud of, that's a really fine business, that they can keep more of the attributes that they love in that business by selling it to Berkshire, uh, than they can by far selling it to anyone else.
所以我们就是那个最合适的买家。
So we are the logical buyer.
就像你提到的，我要去 Europe。
As you mentioned, I'm going to Europe.
Ajit 在安排这件事上做得非常棒。我们会去做一些介绍，不是为了现在就让谁把企业卖给我们，因为大多数人现在其实都不该把企业卖给我们；但我们确实希望，等到那个时机来了，等到某件事发生、让他们开始考虑出售的时候，他们能想到我们。
Ajit has been wonderful about setting this up, and we're going to make presentations not to try and get anybody to sell us their business now, because most people shouldn't sell us their business now, but we do want them to think of us when the time comes, when an event occurs that does cause them to think about selling.
我们希望能进入他们的视野。
And we want to be on their radar screen.
在 United States，我们更在大家的雷达范围里；在 Europe 还没那么明显，我们会努力纠正这一点。
And we're more on the radar screen in the United States than we are in Europe, and we're going to try to correct that.
不过如果你拿你刚才提到的 Lindt 这样的公司来说，你知道，到了某个价格，我们会买 Lindt 的股票。
But if you take a firm like you named in Lindt, you know, there's a price at which we would buy stock in Lindt.
到了另一个价格，我们也会把整个企业买下来。
There's a price at which we'd buy the whole business.
不过它不太可能会卖到那个价位。
But it's unlikely to be selling there.
你想想看，成百上千家优秀公司，我会接到这些经理人的各种来电——我昨天就接到一个 CEO 打来的电话。你知道，他们都想跟我讲自己的企业，而且他们暗示，或者说他们真觉得，自己的企业是全世界最有吸引力的投资。
You know, if you think about hundreds and hundreds of wonderful companies, I get all these managers that— just got a CEO yesterday who called me, and, you know, they want to tell me about their business, and they imply their business is— or they think their business is the most attractive investment in the world.
其实并不是。
It isn't the most attractive investment in the world.
可选的投资有成千上万种。
There are thousands of possible investments.
所以，你知道，所有这些经理人都说自家的股票是全世界最棒的，这种想法很荒唐。
And, you know, the idea that all these managers are saying our stock is the most wonderful in the world is crazy.
嗯，但我们的工作，就是去看几百个标的，然后在可交易证券里面，从那些我们看得懂、也喜欢其商业模式的对象中，买下我们认为最有吸引力的。
Uh, but it's our job to look at hundreds of things and, and in terms of marketable securities, buy what we think are the most attractive ones among the ones we understand and like as businesses.
然后偶尔我们也会碰到机会，买下一整个企业。
And then occasionally we get the chance to buy an entire business.
但我们从来不是用捡便宜的价格做到这件事的。
We never do that at a bargain price.
这种事根本不会发生。
It just doesn't happen.
人们不会这么干。
People don't do that.
股市会给你便宜价格。
The stock market gives you bargain prices.
个体所有者不会。
Individual owners won't.
但是，当我们有机会用一个合理价格这么做的时候，我们是很愿意做的。
But when we get a chance to do that at a fair price, we like doing it.
我们很喜欢用一批长期经济特征优良的企业来建设 Berkshire。
We love building Berkshire with a bunch of businesses with favorable long-term economic characteristics.
但任何其中一家——你知道，我们不会盯着某一家糖果公司，然后说，不管价格怎样，我们都要把它买下来，因为只要一句话里出现了“不管价格怎样”，我们就什么都不会做。
But the chance that any one of them— you know, we aren't going to look for a given confectionery company and say, regardless of price, we're going to do this, because we don't do anything when the phrase regardless of price enters into the sentence.
Charlie？
Charlie?
对，我曾看着一个人在 Southern California 把一门生意一点点做大，那是一门非常棒的生意。后来到了该卖的时候，那是他倾注了一生心血打造出来的。
Yeah, I watched a man build up a business in Southern California which was a wonderful business, and the time came to sell it, and he devoted his whole life to creating it.
结果他把它卖给了一个大家都知道的骗子。那个骗子显然会把这门生意毁掉，但他还是卖了，只因为对方能多出一点点价。
He sold it to a known crook who was obviously going to ruin the business just because he could get a slightly higher price.
我觉得，如果你拥有一家很兴旺的生意，却还那样过日子，那真是太荒唐了。
I think that's an insane way to live a life if you own a prosperous business.
我觉得，更好的做法是，把它卖给一个你知道会好好守护、经营你亲手创造出来这一切的人。
I think the better course is to sell to somebody you know is going to be a good steward of what you've created.