F1
F10:02
早上好，Munger 先生，Buffett 先生。
Good morning, Mr. Munger and Mr. Buffett.
我是来自 Minnesota 州 Rochester 的 Mary Bundrick。
This is Mary Bundrick from Rochester, Minnesota.
我想请教一下，在 Berkshire Hathaway 和低费率共同基金之间做投资选择时，您会考虑哪些因素？
I was wondering, what factors would you consider in deciding between investment in Berkshire Hathaway versus a low-load mutual fund?
M1
M10:19
嗯，实际上，如果一个人不打算主动做投资的话，我会建议他们买指数基金。
Well, I advise people to buy index funds, actually, if they're not going to be active in investments.
我的意思是，如果你就是——如果你有一份本职工作，只想长期慢慢把钱存进去，我觉得对普通个人来说，长期持续买入指数基金，结果会比他们能接触到的几乎任何其他选择都更好。
I mean, if you just are going— if you've got a day job and you want to just put money aside over time, I think the average individual will do better buying an index fund consistently over time than almost anything else available to them.
我觉得这会是一项完全令人满意的投资。
I think it'll be a perfectly satisfactory investment.
它永远不会被看作是一项伟大的投资，但它会是一项完全令人满意的投资。
It'll never be regarded as a great investment, but it'll be a perfectly satisfactory investment.
如果以目前的价格，让我个人在指数基金和 Berkshire 之间做选择，我会更愿意持有 Berkshire。
If I personally had a choice between an index fund or Berkshire at present prices, I would rather own Berkshire.
不过，如果你告诉我，我这辈子剩下的钱都必须放在指数基金里，我也不会不高兴。
But I wouldn't be unhappy if you told me I had to leave all my money in an index fund for the rest of my life.
但我还是更喜欢 Berkshire。
But I like Berkshire better.
Charlie 呢？
Charlie?
M2
M21:27
嗯，我喜欢它多得多，要是我非得持有指数基金，我会很不开心。
Well, I like it a lot better, and I'd be very unhappy if I had to own an index fund.
我——我的目标更大。
I— my ambitions are larger.
我不认为未来五十年里，一个有能力的投资者在考虑完所有因素之后，平均回报还能像过去五十年那么好。
I don't think the average return of a skilled investor over the next 50 years is going to be as good after all factors as it was over the last 50 years.
所以我觉得，降低预期，是任何投资者最好的防御。
So I think reduced expectations are the best defense any investor has.
在这之后，我觉得 Berkshire 是个相当不错的选择。
And after that, I think Berkshire's a pretty good bet.
M1
M12:00
Charlie 特别强调降低预期。
Charlie's big on lowering expectations.
M2
M22:03
绝对是。
Absolutely.
我就是靠这个结婚的。
That's the way I got married.
我太太降低了她的预期。
My wife lowered her expectations.
M1
M12:16
而且他还真没让这个预期落空。
And he lived up to them.