M20:48
嗯，我觉得这会卖得出去。
Well, I think it would sell.
至于这个问题——Charlie 和我自己是做不了的。
The question about— Charlie and I won't be able to do it.
我们——Charlie 可能懂高科技，不过你们也看得出来，想从他嘴里套出点信息有多难，所以他到现在还没告诉我。
We— Charlie probably understands high-tech, but you can see how hard it is to get any information out of him, so he hasn't told me yet.
我们尽量不碰那些我们看不懂的东西。
We try not to get into things that we don't understand.
如果我们要把你们的钱亏掉，我们希望明年还能站到你们面前，告诉你们，我们之所以亏了你们的钱，是因为我们当时是这么想的，结果事情的发展却变成了那样。
And if we're going to lose your money, we want to be able to come before you, you know, next year and tell you we lost your money because we thought this and it turned out to be that.
我们不想说，哦，有人给我们写了一份报告，说某个我们根本不懂的领域接下来会怎么样，所以我们是因为听了别人的建议，才把你们的钱亏掉的。
We don't want to say, you know, somebody wrote us a report saying, you know, this is what's going to happen in some field that we don't understand, and therefore we lost your money by following someone else's advice.
所以，这件事我们自己不会做。
So, we won't do it ourselves.
我认为这些原则，我认为 Ben Graham 的那些原则，用在高科技公司身上也完全有效。
I think that the principles, I think Ben Graham's principles, are perfectly valid when applied to high-tech companies.
不是说这套方法行不通，而是说我们不知道怎么做；但这并不代表别人也不知道怎么做。
It's not that we don't know how to do it, but that doesn't mean somebody else doesn't know how to do it.
我的猜测是，如果 Bill Gates 在考虑一件他懂、而我不懂的事情，他在做投资决策时，采用的思考方式，很可能和我差不多。
My guess is that if Bill Gates were thinking about something that he understood and that I didn't understand, he would apply much the same way of thinking about the investment decision that I would.
他只是——在投资决策上，会和我差不多。
He would just— investment decision that I would.
他只是更懂那个生意本身。
He would just understand the business.
我可能觉得我懂 Coca-Cola 或者 Gillette，而他也许有能力理解很多别的企业，对他来说那些企业可能就像 Coke 或 Gillette 对我一样清楚。
I might think I understand Coca-Cola or Gillette, and he may have the ability to understand a lot of other businesses that seem as clear to him as Coke or Gillette would seem to me.
我觉得一旦他把这些企业识别出来，他在决定怎么行动时，衡量标准大体上还是会差不多。
I think once he identified those, he would apply pretty much the same yardsticks in deciding how to act.
我觉得他也会——我觉得他也会有安全边际这个原则。
I think he would act— I think he would have a margin of safety principle.
也许会稍微有点不一样，因为高科技公司的风险本质上更大一些，但他还是会有安全边际这个原则，只不过会在他脑子里根据亏损的数学风险做一些调整。
It might be a little different because there's essentially more risk in a high-tech company, but he would still have the margin of safety principle, sort of adjusted for the mathematical risk of loss in his mind.
他会——他会把它当成一门生意来看，而不是当成一只股票来看。
He would have— He would look at it as a business, not as a stock.
你知道，他不会借钱去买。
You know, he would, he would not buy it on borrowed money.
我的意思是，这一整套原则都会贯彻下去。
I mean, a bunch of principles would be carried through.
但是，我们自己能看懂的那个范围，真的不太可能扩大。
But our circle of things we understand is really unlikely to enlarge.
也许这里一点、那里一点，稍微扩大那么一点点；但只要资金规模别变得太大，这个范围就够用了。而且即便我们在自己的范围内很难找到机会，我们也不会为了这个去硬把范围扩大。
Maybe a tiny bit here or there, but if the capital doesn't get too large, the circle's okay, but we will not, if we have trouble finding things within our circle, enlarge the circle.
你知道，我们会等。
You know, we'll wait.
这就是我们的做法。
That's our approach.