M20:54
所以——而且它并不复杂。
And so—and it's not complicated.
我的意思是，你知道，当然，一家公司有五十万名员工，还有这些那些，但作为一家大型一体化石油公司，它的经济特性其实是比较容易理解的。
I mean, you know, obviously a company with half a million employees and all of that, but a big integrated oil company, it's fairly easy to get your mind around the economic characteristics that will exist in the business.
至于说它不透明，实际上，他们的年报里讲到这门生意的信息，可能比你从其他石油巨头的报告里看到的还要多。
And in terms of being opaque, actually their annual report may well tell you more about that business, you know, than you will find from reading the reports of other oil giants.
而且他们有一点我特别喜欢，其他石油公司至少据我所知并不会这么做，就是他们会明确告诉你，他们会拿出百分之多少来分配。
And they do one thing that I particularly like, which other oil companies don't, at least to my knowledge, is that they tell you they will pay out X percent.
我记得应该是利润的百分之四十五，除非政策发生变化。
I think it's 45% of their earnings, absent some change in policy.
但我喜欢的是，像这样一家大企业，你知道它赚到的钱里有百分之四十五会流到 Berkshire 这边来。
But I like the idea of knowing in a big enterprise like that, that 45% of what they earn is going to come to Berkshire.
剩下的则会继续投入业务里。
And the remainder will be plowed back.
我们买它，并不是因为它在中国。
It was bought not because it was in China.
买它——是的，买它——呃，完全只是因为按盈利、按储量、按日产油量、按炼油能力来看，它都非常非常便宜。
It was—but it was—but, but it was, uh, it was bought simply because it was very, very cheap in relation to earnings, in relation to reserves, in relation to daily oil production, in relation to refining capacity.
不管你用什么指标去衡量，它都比 Exxon、BP、Shell 这些公司便宜得多。
Whatever metric you wanted to use, it was far cheaper than Exxon or BP, or Shell or companies like that.
当然，你也可以说，它本来就应该更便宜，因为它有百分之九十是由中国政府持有的，你不知道以后会发生什么。
Now, you can say it should be cheaper because you don't know what'll happen with it 90% owned by the government of China.
这显然是你在估值时要考虑进去的因素，但我不认为这个因素足以解释它当时买入价格和其他公司之间那么巨大的差距。
And that's obviously a factor that you stick in valuation, but I did not think that was a factor that accounted for the huge differential in the price at which it could be bought.
而且，你知道，到目前为止，按这个逻辑看起来还不错。
And, you know, so far it looks okay on that basis.
我们不是因为它是中国公司才去投它，但我们也不会因为它是中国公司就回避它。
We weren't—we aren't there because it's China, but we're not avoiding it because it's China either.
我们只是——我们会把一个相当合适的数字放进评估里。
We just—we stick in a fairly appropriate number.
不过如果你去读 PetroChina 的年报，呃，我觉得毫无疑问——你对这家公司的理解，不会比你读任何其他大型石油公司年报时差。
But if you read the annual report of PetroChina, uh, I think that there's no—you will have as good an understanding of the company as you would if you read the annual report of any of the other big oil majors.
然后你再把你自己的判断加进去，比如中美关系会不会出现某种巨大的冲击，或者类似这样的情况，导致你的损失并不是来自全球油价变动之类的因素。
And then you would factor in your own thinking about whether there could be some huge disruption in Chinese-American relationships or something of the sort, where you would lose for reasons other than what happened in terms of world oil prices and that sort of thing.
不过我们对这笔投资是满意的。
But we're happy with it.
Charlie？
Charlie?
我没什么要补充的。
I've got nothing to add.
如果一个东西便宜到一定程度，那显然你就可以承受多一点国家风险、监管风险，或者别的什么风险。
If a thing is cheap enough, obviously you can afford a little more country risk or regulatory risk or whatever.
这并不复杂。
This is not complicated.
对，你可以——你也知道，Yukos 是一家非常大的 Russian oil company，在评估 Russia 和 China 的时候，就国家风险来说，你可以自己做判断。呃，但在我们看来，像 PetroChina 这样的标的，既更便宜，风险也更小。
Yeah, you can— Yukos, as you know, is a very big Russian oil company, and in evaluating Russia versus China, in terms of country risk, you know, you can make your own judgments, uh, but in our view, uh, something like PetroChina was both cheaper and had less risk.
不过别人也可能会有不同看法。
But other people might see that differently.
我们来看第十二个问题。
We'll go to number 12.