M20:15
那肯定是 Charlie 的主意，Peter。
That must have been Charlie's idea, Peter.
顺便说一句，Peter 他们家已经有四代人基本上都和我们一起投资了，而且我还得补充一句，他们一家人都特别棒。
Peter, incidentally, is in a family that four generations have essentially invested with us, and they're all terrific people, I might add.
你爸爸是个非常了不起的人。
Dad was a wonderful guy.
这个嘛，你知道，我说过卖掉它是个错误，而那也的确是个错误。我只是出于坦诚，把这件事照实讲出来。
The, you know, I said it was a mistake to sell it, and it was a mistake, and I just reported that in the interest of candor.
当时我也有一些理由，觉得这家公司——我并不认为——我当然不认为这是一次多么高明的卖空，甚至也谈不上是什么特别高明的卖出，但我觉得它不该留在那八家或十家企业的名单里，也就是我们在全世界真正想持有的那极少数企业。
And there were some reasons why I thought it was something we— I didn't think it was— I didn't think, obviously, that it was any great short sale or even a great sale, but I didn't think it belonged in the list of 8 or 10 of the businesses, of the very few businesses that we want to own in the world.
我得说，这一个决定让你们损失了大概十亿美元以上。
And I would say that, that particular decision has cost you in the area of $1 billion plus.
Charlie，你是想再往我伤口上撒盐吗？
Charlie, you want me to rub your nose in it?
你已经在撒了。
You're doing it.
你自己干得就挺不错了。
You're doing a pretty good job by yourself.
顺便说一句，这在 Berkshire 是个挺好的做法。
By the way, that's a good practice around Berkshire.
我们确实会自己反复检讨自己。
We do rub our own noses in it.
连 Kenters 的帮忙都不需要。
We don't even need the help of the Kenters.
我们在 Berkshire 是相信做事后复盘的。
We, we believe in postmortems at Berkshire.
我是说，我们是真的相信这一点——我以前管理 partnership 的时候，我会把所有卖出的决定和所有买入的决定拿来对照。
I mean, we really do believe— one of the things I used to do when I ran the partnership is I, I contrasted all sale decisions versus all purchase decisions.
光是买入决策最后效果不错还不够，它们还得比卖出决策更好才行。
It wasn't enough that the purchase decisions worked out well, they had to work out better than the sale decisions.
而经理人通常都不太愿意特别详细地回头看，一两年前他们向董事会提议的那些资本项目或者收购案，最后结果到底怎么样；他们也不太想把实际数据摆出来，看现实结果和当初预测相比到底差了多少。
And managers tend to be reluctant to look at the results of the capital projects or the acquisitions that they proposed with great detail a year or two earlier to a board, and they don't want to actually stick the figures up there as to how the reality worked out against the projections.
这就是人性。
And that's human nature.
但我觉得，如果你偶尔去一趟 pathology department 看看，你会是个更好的医生；同样，如果你把自己做过的每一个重要决定都拿出来看看，哪些成了，哪些没成，然后看看你自己的打击率是多少，那你就会是个更好的管理者或者投资人。
But I think you're a better doctor if you drop by the pathology department occasionally, and I think you're a better manager or investor if you look at every one of the decisions you've made of importance and see which ones worked out and which ones didn't, and, you know, what is your batting average.
如果你的打击率变得太差，那你最好把决策权交给别人。
And if your batting average gets too bad, you better hand the decision-making over to someone else.
Charlie，你还想继续挖苦我吗？
Charlie, you want to rub my nose anymore?
不想。
No.
不用了，这样就行。
No, that's okay.