M20:29
对，我们——像这位先生提到的，我们是一九八七年买的，从一九九五年开始，我们有一个——我们在接下来五年里，每年都必须对最初发行的七亿美元中的百分之二十，选择要么拿现金，要么转换成普通股。
Yeah, we— as the gentleman mentioned, we bought it in 1987, and starting in 1995, we have a— we have every, every year for 5 years, uh, we either have to take cash or convert to common 20% of the original issue of $700 million.
而且，呃，我们不用提前做这些决定，所以我们，呃，在一九九五年选择了拿现金。
And, uh, we don't have to make those decisions ahead of time, so we, uh, in 1995, we elected to take cash.
一九九六年，我们选择了拿股票。
In 1996, we elected to take stock.
而且你知道，我们觉得，在球还在投手手套里的时候，完全没必要急着挥棒。
And, you know, we see no reason ever to swing at the ball while it's still in the pitcher's glove.
我们宁可等球到了本垒板，再来做决定。
We'd just as soon wait till it gets to the plate to make the decision.
所以下一个百分之二十，我想会在一九九七年十月三十一号到本垒板，到时候我们再决定要不要挥棒。
So the ball will get to the plate on October 31st of 1997, I believe, for the next 20%, and we'll decide whether to swing at that point.
但我们今天不需要做这个决定。
But we don't need to make that decision today.
我会说，你知道，我们选择转换的可能性压倒性地高，但我们还是会等到那个时候再做最后决定。
I would say that, you know, the odds are overwhelming that we'll convert, but we'll wait until that time to make the final decision.
我们对经营 Salomon 的那些人非常有信心。
We have terrific confidence in the, in the, in the people that, that run Salomon.
过去有一些特别黑暗的日子，他们帮我们撑了过来，也证明了他们到底是什么样的人。
They, they helped us through some incredibly dark days in the past and showed the stuff of which they were made.
所以我们对此感觉非常好。
And so we feel very good about that.
不过，对于 investment banking 或者 brokerage 这个行业整体的盈利能力，我们没有同样程度的把握。
We don't have the same degree of conviction about the profitability of the investment banking or brokerage business as a whole.
这不是那种——你不会像看 Coca-Cola 那样，对这个行业形成那种程度的确定性判断。
It's not the sort of— you don't develop that kind of conviction about that business versus a Coca-Cola or something.
它们不一样。
They're different.
它们的经济特性不同。
They have different economic characteristics.
所以我们会看看这门生意、这个行业会怎么发展。
So we will see how the business, the industry evolves.
但我们对管理层感觉非常好，而且我们转换的可能性非常非常高。
But we feel very good about the management, and the odds are extremely high that we will convert.
不过，我们还是会等球到了本垒板再挥棒。
But we will, we will swing at the ball when it gets to the plate.
Charlie？
Charlie?