F1
F10:00
早上好。
Good morning.
我是来自 Wisconsin 州 Milwaukee 的 Sarah Pruitt。
I'm Sarah Pruitt from Milwaukee, Wisconsin.
我想问一下，你觉得如今信息获取和传播的速度，会不会影响你们收购企业时的决策流程？你也觉得这种速度会不会让你错过一些机会？
And I wondered if you feel that the speed with which information is available and disseminated today has affected your business-buying decision process, and do you believe that speed has caused you to miss opportunities?
M1
M10:24
是问 Sears 扩张的事吗？
Question about Sears expanding?
不是。
No.
M2
M20:27
现在这个信息传播速度，会影响我们的决策过程吗？
Does the speed of information today affect our decision-making process?
M1
M10:35
不会。我们呢，我会说，我们现在做事的方式，跟三四十年前差不多。
No, we - I would say that we perform about like we were doing 30 or 40 years ago.
我的意思是，我们会读年报。
I mean, we read annual reports.
信息传播的快慢，对我们来说其实没什么影响。
It isn't - the speed of information really doesn't make any difference to us.
真正有用的，是把信息消化处理完，最后形成某种判断。
It's the processing and finally coming to some judgment that actually has some utility.
也就是说，这个判断是关于一家企业、企业的一部分，或者某种证券，它的价格和它本质价值相比到底怎么样。
That is, that it's a judgment about the price of a business or a part of a business or security versus what it's essentially worth.
而这些，呃，实际上都跟获取快速信息没什么关系。
And none of that, uh, involves anything to do really with quick information.
它真正相关的是拿到高质量的信息。
It involves getting good information.
但通常来说，那不是——我们不是在大海捞针，或者找那种东西。
But usually that - it's not - we're not looking for needles in haystacks or anything of the sort.
你知道，基本上我们喜欢的是草堆，不是针。
You know, we like haystacks, not needles, basically.
而且我们希望它能自己冲着我们大喊。
And we want it to shout at us.
我会说，嗯，我们做过的几乎所有事情，都是先读公开报告，然后也许再四处问一问，确认一下行业地位、产品优势之类的东西。
And I would say that - well, virtually everything we've done has been reading public reports and then maybe asking questions around to ascertain trade positions or product strengths or something of that sort.
不过我们从来不需要——我们做决定其实可以非常快。
But we never have to - we can make decisions very fast.
我的意思是，别人拿一个企业来找我们，我们两三分钟内就能判断自己有没有兴趣。
I mean, we get called on a business, or we can make up our mind whether we're interested in two or three minutes.
我是说，这根本花不了多少时间。
I mean, that takes no time.
之后我们也许还要再核实少数几件事，但我想不出有什么情况，是我们真的需要大量价格数据，或者类似那样的东西，而且还得快到极致，才能做决定。
We may have to do a little checking on a few things subsequently, but I can't think of anything where we really need lots of price data or things like that extremely fast to make any decisions.
我们的运营企业里当然有很好的 management information systems，但那只是另外一回事——你知道，那是为了把库存控制在该有的位置，以及诸如此类的事情。
We've got good management information systems in our operating businesses, but that's just another - you know, that's a question of keeping inventories where they should be and all of that sort of thing.
我觉得在投资这件事上——我觉得哪怕你待在一个地方，邮件要晚三个星期才到，报价也要晚三个星期才到，你一样可以做得很好。
I don't think the invest- I think you could be in someplace where the mails were delayed three weeks and the quotations were delayed three weeks, and I think you could do just fine.
六区？
Zone 6?