F1
F10:00
各位先生，下午好。
Good afternoon, gentlemen.
我是来自 New Jersey Montclair 的 Paul Wigdor。
Paul Wigdor from Montclair, New Jersey.
你们正在采取什么措施，来保护我们公司的投资组合，抵御通胀带来的风险？
What are you doing to protect our company's portfolio against the perils of inflation?
具体来说，你们会不会进一步考虑做货币投资和金属投资？
Specifically, are you looking at further currency investing and metals investing?
M1
M10:16
这个嘛，我们不一定会把金属投资看成是对抗通胀的保护手段，不过，抵御通胀最好的办法，还是你自己的赚钱能力。
Well, we would not necessarily look at metals investing as being any protection against inflation at all, but the best protection against inflation is your own earning power.
我的意思是，一个顶尖的外科医生、律师、老师、销售员，或者其他任何专业人士，不管货币是贝壳、纸币，还是什么别的东西，他都能过得不错，因为他有能力调动和获取别人的资源。
I mean, somebody that is a first-class surgeon or lawyer or teacher or salesperson or anything else, whether the currency is seashells or paper money or whatever, will do all right in terms of commanding the resources of other people.
所以，你自己的赚钱能力，才是对抗通胀最好的对冲。
So your own earning power is the best hedge against inflation.
第二好的对冲方式，就是拥有一家很棒的企业。
The second best hedge is to own a wonderful business.
不一定是金属企业，也不一定是原材料企业、矿产业务，而是那种真正很棒的企业。
Not a metals business necessarily, not a raw material business, not a minerals business, but a wonderful business.
事实是，如果你拥有 Coca-Cola，拥有 Snickers bars，拥有 Hershey bars，或者拥有任何一种人们会愿意持续拿出自己当期收入的一部分来购买的东西，而且这类生意所需要的资本投入相对较低，这样你就不必为了跟上通胀需求而不断投入巨额资金，那这大概就是在通胀环境里你能拥有的最佳投资了。
And the truth is, if you own Coca-Cola, if you own Snickers bars, if you own Hershey bars, if you own anything that people are going to want to give a portion of their current income to keep getting, and it has relatively low capital investment attached to it so that you don't have to keep plowing tremendous amounts of money in just to meet inflationary demands, that's the best investment you can probably have in an inflationary world.
不过，不管在什么情况下，通胀对投资者来说几乎都不是好消息。
But inflation is bad news for investors under almost any circumstances.
你可以这么说，如果你拥有某种几乎不需要太多资本投入、而且在通胀时期又有很强定价弹性的生意，这样人们每个月还是愿意拿出自己半个小时的劳动所得来买你的产品，再加上你用了杠杆，那么你甚至有可能在一定程度上跑赢通胀。
You can argue that if you owned some business that required very little capital investment and had real flexibility of price during an inflationary period so that people will continue to give up a half an hour of their own work every month to buy your product, and you leveraged it, then you might even beat inflation to some extent.
但杠杆不是我们这一套。
But leverage is not our game.
不过，我们会尽量持有好企业。
But we try to own good businesses.
我觉得，按实际购买力来看，在高通胀时期，Berkshire 的表现肯定不会像低通胀时期那么好。
I think that Berkshire would not do as well during high rates of inflation at all in real terms as it does in periods of low inflation.
但我认为，我们还是会比很多公司做得更好。
But I think we would do better than a good many companies.
Charlie？
Charlie?
F1
F12:23
我没什么可补充的。
I've got nothing to add.
M1
M12:25
第四位。
Number 4.