M1
M10:00
关于把 Berkshire 说成是——我想想，是不是说成什么有钱人的 mutual fund 之类的？
The question about Berkshire being a— I think, was it rich man's mutual fund or something like that?
我们完全不是这么看的。
We don't look at it that way at all.
我们把它看成是一组企业的集合，而且理想情况下，我们希望把这些企业全部都整个拥有。
We look at it as a collection of businesses, and ideally, we would own all of those businesses.
所以——从某种程度上说，mutual fund 持有很多公司的股票，在不同企业之间做分散配置，而我们也在努力拥有很多企业，只不过是我们自己来拥有。
So it's— to the extent that a mutual fund owns stock in a lot of companies and diversifies among businesses, and we try to own a lot of businesses, ourselves.
我想这也算对吧，不过我觉得你对 General Electric 这样的公司，其实也可以这么说。
I guess that's true, but I guess you could say the same thing of General Electric or an operation like that.
相比一般的管理者，我们更倾向于买下企业的一部分；但从某种意义上讲，我们想做的事，和 Jack Welch 在 General Electric 想做的是一样的，也就是尽量拥有一批一流的企业。
We are more prone to buy pieces of businesses than the typical manager, but we are trying to do, in a sense, the same thing Jack Welch is trying to do at General Electric, which is try to own a number of first-class businesses.
他可以把他自己的管理风格——而且我认为是非常好的管理风格——打到这些企业身上。
He gets to put the imprint of his own management, which I think is very good, on those businesses.
而我们，不管是对那些我们全资拥有的企业，还是对那些我们只持有一部分的企业，都会更少介入。
And, and we are more hands-off, both in the businesses we own outright and in the ones we own pieces of.
但我们的做法，本质上是一样的。
But we're, we're going at it the same way.
而且，General Electric 在 Jack 的领导下，用他的方式去做这件事，一直非常成功。
And, and General Electric has been very successful, uh, under Jack's leadership in doing it his way.
我们会从我们自己能给这个局面带来什么来思考，也会考虑资金必须一直持续投入运作这个问题；所以我们觉得，我们自己的这套体系，对我们来说会是最有效的。
Uh, we think in terms of what we bring to the game, and the problems of putting money to work all the time, that our own system is, you know, will work best for us.
Charlie？
Charlie?
对，这个我没什么要补充的。
Yeah, I've got nothing to add to that.
一区。
Zone 1.