F1
F10:00
你好，我是 Theresa Ligaczynski。
Hi, I'm Theresa Ligaczynski.
我来自内布拉斯加州的奥马哈，想问一个关于 Microsoft 的问题。
I'm from Omaha, Nebraska, and I have a question about Microsoft.
你通过买入 Apple 进入了科技领域。
You have gotten into the tech world by buying Apple.
你身边还有 Gates 先生。
You have Mr. Gates there.
我只是想知道，你为什么从来没买过 Microsoft？
I'm just wondering why you've never bought Microsoft.
M1
M10:24
嗯……早些年的时候，答案显然就是：愚蠢。
Well— In the earlier years, it's very clear the answer is stupidity.
但自从 Bill，尤其是自从 Bill 加入董事会以后，甚至在那之前，因为我们之间的友谊，Berkshire 买 Microsoft 都会是个错误。因为如果一周后、一个月后发生了什么事，比如他们的业绩好于预期，或者进行了一次收购，不管是什么，Bill 和我都会无端成为各种猜测和指责的目标。人们甚至可能会说，他不知怎么把某些消息告诉了我，或者反过来，是我告诉了他。
But since Bill has— particularly since Bill has joined the board, but even earlier than that because of our friendship, it would be— it just would be a mistake for Berkshire to buy Microsoft because if something happened a week later, a month later, in terms of them having better earnings than expected or making an acquisition, anything, both Bill and I would incorrectly— but would be a target of suggestions and accusations, perhaps even that somehow he had told me something or vice versa.
有几类事情，我会避开……至少尽量避开。
I stay away from— I try to stay away from a few things.
完全避开，因为别人会推断，我们可能谈过什么，或者我可能跟某个人谈过某件事。
Just totally, because the inference would be drawn that we might have talked, I might have talked to somebody about something.
所以，比如说，我跟 Ted 和 Todd 讲过，有几类事情根本不在考虑范围内，因为只要我们买入之后立刻发生了什么好事，就会有很多人不相信我们。
So I've told the fellows, Ted and Todd, for example, that there are just a few things that are off the list, because there'd be a lot of people that wouldn't believe us.
如果我们买入之后，马上就发生了什么好事。
If something good immediately happened after we bought it.
当然，要买入大量股票，可能得花六个月之类的时间才能买完。
And of course, to buy a lot of stock, you can take six months to buy it or something of the sort.
我们没必要冒这个险。
We just don't need it.
不过，这个原因，再加上我的愚蠢，确实让我们损失了很多钱。
But both that and my stupidity have cost us a lot of money.
这是个非常……非常好的问题，而且我觉得这个答案是说得通的。
It's a very— it's a good question, and I think the answer makes sense.
不过 Charlie 呢？
But Charlie?
M2
M22:19
从神学角度来说，晚一点皈依也总比从不皈依好，而你已经大大地提升了自己。
Well, it's part of theology that a late conversion is better than never, and you've greatly improved yourself.