M10:31
嗯，我们还没看到什么有吸引力的东西。
Well, we haven't seen anything attractive.
而且说实话，这本来不是基于这一点，但 Federal Reserve 反应是对的，而且他们做得非常及时，他们本来就该这么做。
And frankly, it wasn't predicated on this, but the Federal Reserve did the right thing and they did it very promptly, which they should have.
我对他们表示敬意。
And I salute them for it.
但这意味着，很多需要钱的公司，也许本来应该更早一点融资，不过它们都是相当不错的公司，在过去大概 5 周左右的时间里，有机会大规模融资。
But that means that a lot of companies that needed money and probably should have done their financing a little earlier, but they're perfectly decent companies, got the chance to finance in huge ways in the last, uh, 5 weeks or thereabouts.
我的意思是，这都创纪录了。
I mean, it's set records.
有些公司甚至回头融资了两次。
Some companies have come back twice.
还有一些非常大的公司，之前懒得把借款期限往后延一延，结果也来过好几次。
A number of very big companies that didn't bother to, to, uh, extend out their borrowings, uh, came a couple times.
Berkshire 其实也又筹了一些钱。
Berkshire actually raised some more money.
我们不需要，但我想，从长远看这还是个好主意。
We don't, we don't need it, but we'll I think it's still a good idea over time.
而且，还有一些情况相当边缘的公司，也拿到了资金。
And, uh, and then there are some pretty marginal companies that have also had access to money.
所以，资金一点都不短缺，而且利率也不是我们会投资的那种。
So there is no shortage of, of funds at, uh, rates which we would not invest at.
所以我们什么也没做，因为我们没看到任何特别有吸引力的机会可做。
So we have not, we have not done anything because we don't see anything that attractive to do.
现在，这种情况可能会很快改变，也可能不会变。
Now, that could change, you know, very quickly, or it may not change.
但是在 2008 年和 2009 年，事实是，我们买那些东西并不是为了向世界表态。
But in 2008 and '09, the truth is we weren't, we weren't buying those things to make a statement to the world.
它们在某种程度上也许确实向世界传递了某种信号，如果真是这样，我也很高兴。
They may have made a statement to the world to some extent, and I'm glad that they did if they did.
但我们买它们，是因为那看起来是很明智的做法，而且市场环境使得我们其实没有太多竞争。
But we made them because they seemed intelligent things to do, and markets were such that we didn't really have much competition.
结果证明，如果我们等上 4、5 个月再去做类似的事，会好得多。
Now, it turned out that we would have been a lot better off if we'd waited 4 or 5 months to do similar things.
所以我在 2008 年或 2009 年的时机其实糟透了，但当时能买到的东西太有吸引力了，以至于尽管我的时机很差，我们最后还是表现得还不错，或者说，比还不错还要好一点。
So my timing was actually terrible in 2008 or '09, but the what was available was so attractive that even though my timing was terrible, we still, we still came out okay, or a little bit better than okay.
但我们做的事并不是为了表态。
But it was not designed what we did was not designed to make a statement.
它是为了利用我们认为非常有吸引力的条款，只不过在当时，因为市场处于恐慌状态，没人愿意给出那样的条款。
It was designed to take advantage of what we thought were very attractive terms, but they were terms that nobody else was willing to offer at that time because the market was in a state of panic.
而当病毒在美国爆发，或者说开始蔓延，并且情况变得明显时，股市在短时间内陷入了恐慌，债券市场也被冻结了，或者正处在冻结过程中。
And the market in equities was in a state of panic for a short period of time when the virus broke out and or spread in the United States, and it became apparent And the debt market was frozen or in the process of freezing.
而 Fed 一出手，这种情况就剧烈改变了。
And that changed dramatically when the Fed acted.
但谁知道下周、下个月，或者明年会发生什么呢？
But who knows what happens next week or next month or next year?
美联储不知道。
The Fed doesn't know.
呃，我不知道。
Uh, I don't know.
呃，而且，也没有人知道。
Uh, and, and nobody knows.
呃，这里会出现各种不同的情况——有很多不同的情景都可能发生。
Uh, there's various— there's a lot of different scenarios that can play out.
而在某些情景下，我们会花很多钱。
And under some scenarios, we'll spend a lot of money.
在另外一些情景下，我们不会。
In other scenarios, we won't.
Greg，你一直在关注 Berkshire 周围发生的事。
Greg, you've been watching what's been happening around Berkshire.