M10:23
对，第二点我有点困惑，因为我们已经把它们拆成了四个组，而且也一直在尽量按我们认为合乎逻辑的分组方式，提供相关的财务信息，我们也会继续这么做。
Yeah, the second point I'm confused about because we have broken them down into four groups and tried to give the relevant financial information for what we thought was a logical grouping, and we'll continue to do that.
所以这一点我不太确定自己是不是完全理解了。
So I'm not sure I totally get that.
我们确实有四个相当合乎逻辑的分类。
We really do have four fairly logical breakdowns.
当然，你也可以分成七十种方式之类的，但到了某个点，年报如果再多加一百页，起到的作用就不是让信息更清楚了，反而是把信息搞模糊了。
Now, you can break it down 70 ways and all that, but there's a point at which adding 100 pages to an annual report obfuscates information rather than illuminates.
而这正是我们在努力做的——我们是想用一个还算合理的篇幅——Carol 可能会说还是太多了——但总之是在一个还算合理的字数里，尽可能传达更多信息，也就是如果我们站在你们的位置、你们在给我们写信时，我们自己会想看到的那些信息。
And that's what we're trying to— we're trying to, in a reasonable number of words— Carol might say too many— but in a reasonable number of words, convey as much as we can about the information we would want to have if we were in your place and you were writing to us.
而且我们认为这四种分类——regulated industries，特别资本密集型的业务，像 insurance 这种，还有资本本身不是关键因素、但它能给我们带来多少资本才是关键因素的业务，诸如此类。
And we think these four classifications— regulated industries, terribly capital-intensive, you know, insurance, capital really not a factor, but the amount of capital it gives us being a factor, and so on.
所以我觉得我们在这方面其实并没有什么变化。
So I don't think we really changed on that.
至于说到 look-through earnings，或者有时候我们谈每股收益和每股投资，有些内容我不会每年都重复，因为我们会尽量把年报控制在大概一万两千字左右之类的篇幅，而且我确实觉得，如果写得太长，呃，我这么说吧，到现在还没有人告诉我它太短了，包括今天也在现场的我的编辑。
Now, when you get into look-through earnings, or sometimes when we talk about the earnings per share and the investments per share, some of that I don't repeat every year because we try to get— run it maybe 12,000 words or something like that in the annual report, and I really think if you extend it too much, uh, I'll say this, nobody's told me it was too short yet, including my editor who's here today.
还有，隔年我可能会做一次那种拆分，把 operating earnings 分开来说——不过那样光是给大家解释清楚，就要花上一千字左右。
And every other year I may do that breakdown between operating earnings and then— but that takes 1,000 words or so to explain it to people.
呃，整份年报的写法，从我在七十年代中期开始真正认真对待这件事以来，一直都遵循一个思路：其实，我是在写给今天也在场的我两个姐妹看的，我脑子里想象的读者，就是两个非常聪明、很有兴趣，但平时不在公司、而且已经有一年没接触这些事的人。
Uh, the whole report is guided, as it has been ever since I really started taking it seriously in the mid-'70s, is guided by the idea that I'm— actually, I'm writing it to my two sisters who are here, and I have my audience in my mind as two very intelligent, interested people, but who are not around the place, been gone for a year.
她们完全有能力理解任何东西，但如果我讲得太专业、太冷僻，她们未必熟悉所有这些术语。
And they're very capable of understanding anything, but they're not necessarily familiar with all the lingo if I get, you know, too esoteric on it.
所以这些我就应该解释清楚。
So I should explain that.
而且我也应该——我是真的希望她们能明白，我是怎么思考这门生意的；进一步说，我也觉得她们应该按什么方式来思考它；还要回答那些我认为会出现在她们脑子里的问题，毕竟她们大部分净资产都放在这里了，所以她们一定会把信从头读到尾。
And I should— I really want them to understand how I'm thinking about the business and, by implication, how I think they should think about it, and to answer the questions that I think would be in their mind as they've got their— most of their net worth in it, so they're going to read to the end.
而我脑子里关于怎么写这份年报的这个框架，其实一直没有变过。
And I really haven't changed that framework in my mind for how I've written it.
我心里开始动笔时，通常会先写成：亲爱的 Doris 和 Bertie，然后再把这个划掉，改成：致 Berkshire Hathaway 的股东们。
I start mentally off writing, Dear Doris and Bertie, and then I just cross them off and put, To the shareholders of Berkshire Hathaway.
基本上就是这么写出来的。
But that's the way it's done.
Charlie？
Charlie?
对，不过细节会随着事实变化而变化。
Yeah, but the details can change as the facts change.
过去，我们持有股份但不控股的那些公司的未分配收益，要比现在重要得多。
The undistributed earnings of corporations in which we hold shares but do not control used to be way more important than they are now.
所以重点会发生转移，这再自然不过了。
It's perfectly natural that the emphasis would shift.
对，现在这些未分配收益，如果我不特别仔细去看的话，呃，大概——应该最多也就是占我们报告收益的百分之十五左右，差不多就是这个量级。
Yeah, the undistributed earnings now, without me looking at it very carefully, uh, you know, are probably— they're not more than probably 15% of our reported earnings or something like that.
以前这个比例要高得多，现在它们仍然重要，但我想大家也明白，Coca-Cola 和 American Express 并没有把所有收益都分掉，而这个数字本身又没大到值得我在年报里花很大篇幅去解释。
They used to be a much higher percentage, and they're still important, but I think people understand that Coca-Cola and American Express aren't paying out all their earnings, and it's not a big enough number that I would want to spend a lot of the report explaining it.