M20:18
嗯，我们确实读过很多报告，这个我可以告诉你。
Well, we've read a lot of reports, I will tell you that.
然后我们，呃，怎么说呢，我们会先看那些我们觉得自己能看懂的公司的报告。
And we, uh, well, we start by looking at the reports of companies that we think we can understand.
所以我们希望找到——我们希望自己读的是那些，而且我，我每年确实会读几百份——
So we hope to find— we hope to be reading reports, and I, and I do read hundreds of them every year.
我们希望读到的是那些我们自己能理解的企业的报告。
We hope to be reading reports of businesses that are understandable to us.
然后，我们会从报告里看，管理层有没有告诉我们：如果我们拥有这家公司百分之百的股权，我们最想知道的那些事情。
And then we see from that report whether the management is telling us about the things that we would want to know about if we owned 100% of the company.
当我们遇到这样的管理层——他们确实会把这些事情告诉我们，像子公司经理跟我们沟通时那样坦诚，而且说的话我们也听得懂——那当然会大大提升我们投资这类企业的意愿。
And when we find a management that does tell us about those things and that is candid in the same way that a manager of a subsidiary would be candid with us and talks in language that we can understand, it definitely improves our feeling about investing in such a business.
而且——对投资这类企业的感觉肯定会更好；反过来，如果不是这样，就会在某种程度上让我们倒胃口。
And the— It definitely improves our feeling about investing in such a business, and the reverse turns us off to some extent.
所以，如果我们读到一大堆公关套话、空话，我们的标准是：读完这份年报之后，我们应该比拿起它之前更懂这门生意。
So if we read a bunch of public relations gobbledygook, we want to understand the business better when we get through with the annual report than when we picked it up.
如果管理层愿意这么做，其实一点都不难。
And that is not difficult for management to do if they want to do it.
如果他们不愿意这么做，那么你知道，这在我们判断未来大概十年左右，要不要跟他们做伙伴时，就是一个考虑因素。
If they don't want to do it, you know, we, we think that is a factor, uh, in whether we want to be their partners over a 10-year period or so.
不过，我们的确从年报里学到了很多。
But we've learned a lot from annual reports.
比如说，我会说，Coca-Cola 过去很多年的年报，都是信息量极大的文件。
For example, I would say that the Coca-Cola annual report over the last good many years has been an enormously informative document.
我的意思是，我想不出来——我想不出来有什么情况下，就算我跟 Roberto Goizueta，或者现在的 Doug Ivester，当面聊这门生意，他们能告诉我的，也不会比我从那份年报里读到的更多。
I mean, I can't— I can't think of any way, if I had had a conversation with Roberto Goizueta or now Doug Ivester and they were telling me about the business, they would not be telling me more than I get from reading that annual report.
我们买那只股票，就是基于一份年报。
We bought that stock based on an annual report.
在买入我们那部分持股之前，我们没有基于任何一种和 Coca-Cola 最高管理层的谈话来做决定。
We did not buy it based on any conversation of any kind with the top management of Coca-Cola before we bought our interest.
我们就是单纯基于阅读年报，再加上我们对这个生意怎么运作的了解，就买了。
We simply bought it based on reading the annual report plus our knowledge of how the business worked.