M10:23
嗯，我会说，GEICO 对 Berkshire 来说是个巨大的加分项。
Well, I would say that GEICO is a huge plus to Berkshire.
在这之前，我们已经持有它百分之五十的股份。
Now, we owned 50% of it before.
我是说，从一九七六年以来，我们已经从 GEICO 这笔投资里大大受益了。
I mean, we've benefited from our GEICO investment in a big way ever since 1976.
所以，这并不完全是一项全新的收益来源。
So, it's not entirely a new benefit that's coming in.
我们买下 GEICO 的价格很不错，而且它确实是一家非常棒的公司。
We paid a good price for GEICO, but it is a terrific company.
它有非常出色的管理层。
It has outstanding management.
它有一种低成本的销售分发方式，这点别人很难做到——我的意思是，谁都想拥有这个，但真正能接近的没有几个。
It has a low-cost method of distribution, which is very difficult for people to— I mean, everybody wants to have that, but very few come close to it.
管理层正专注于进一步降低成本，并且拓宽那条竞争护城河。
The management is focused on bringing costs down even further and widening that competitive moat.
GEICO，我个人觉得，至少从我现在看到的情况来说，GEICO 未来的增长率很可能会比过去更高；不过它过去的表现也完全令人满意。
GEICO, I personally think that just from what I see, that GEICO— I would think GEICO's growth rate is likely to be greater, at least in the future that I can see, over what it has been in the past, but it's been perfectly satisfactory in the past.
我觉得，成为 Berkshire 的一部分，对它是有一些好处的，因为把新业务做到报表里是有成本的，而我们根本不在乎每个季度报出来的盈利。
I think there are some advantages to it being part of Berkshire in that there are costs attached to bringing new business on the books, and we care not at all about reported quarterly earnings.
GEICO 以前对这些事情相对没那么敏感——我这么说是在夸他们——但在已披露盈利这件事上，他们以前多少还是会承受一些压力，而成为 Berkshire 的一部分之后，这种压力就会小一些。
GEICO was relatively insensitive to those before, and that's a compliment when I say that, but they had some more pressure on them in respect to reported earnings than they will have as part of Berkshire.
而且我觉得，这里面真的有一些非常大的机会。
And I think there's some really big opportunities.
就是把 GEICO 放在 Berkshire 体系里之后，能做成很多事情。
In terms of what can be done with GEICO as part of Berkshire.
所以我觉得，五年之后，你会很高兴我们拥有了 GEICO 百分之百的股权。
So, I think 5 years from now, you'll be very happy with the fact that we own 100% of GEICO.
我也觉得你会看到，GEICO 本来作为一家独立公司就已经非常出色了，但成为 Berkshire 的一部分之后，它可能还会发展得更好一点，不是因为我们带来了什么特别的东西。
And I think you will see that, as marvelous a company as GEICO was independently, as an independent company, it will flourish maybe even a bit more as being part of Berkshire, not because we bring anything to the party.
我的意思是，管理层还是会继续自主运营它，但作为一家更大企业的一部分，它确实会有一些优势。
I mean, the management will continue to run it autonomously, but there are some advantages for it in being part of a larger enterprise.
六区？
Zone 6?