M10:25
嗯，总得在某些方面表现出一点自己的个性吧。
Well, I had to show a little individuality in some respect.
这个，嗯，嗯，其实答案是，在很多情况下我是相信分红的，这也包括我们持有股票的很多公司。
The, um, well, the answer is I do believe in dividends in a great many situations, including many of the ones at companies in which we own stock.
判断该不该分红的标准是，你每留存一美元，能不能持续创造出超过一美元的价值。
The test about whether to pay dividends is whether you can continue to create more than $1 of value for every dollar you retain.
有很多企业——拿我们拥有的 See's Candy 来说。
And there are many business— Take See's Candy, which we own.
See's Candy 基本上把他们赚到的钱几乎都分给我们了，因为在 See's Candy 内部，他们没有能力把赚到的大笔资金，嗯，聪明有效地再投入到自己的业务里。
See's Candy has paid everything virtually out to us that they've earned because they do not have the ability within See's Candy to use large sums which they earn, uh, intelligently in their business.
所以对 See's Candy 来说，把钱留存下来会是一个巨大的错误。
So it'd be an enormous mistake for See's Candy to retain money.
所以他们把钱分配给 Berkshire，而我们希望把这些钱调配到别的领域，让这一美元按现值来算，变成值一块一，或者一块二。
So they distribute to Berkshire, and we hope that we move that around in some other area where that dollar becomes worth $1.10 or $1.20 in present value terms.
如果我们能做到这一点，那股东——不管他们要不要纳税，不管他们是基金会，还是甚至靠投资收入生活的人——如果我们把钱留存下来，他们反而会更划算。
If we do that, the shareholder, whether they're taxable or whether they're not taxable, whether they're a foundation or whether they're living on income even, they are better off if, if we retain the money.
因为如果——如果他们本来会拿到一美元的股息，而这笔钱按现值计算立刻能变成市场价值上的一块一或者一块二，那他们还不如卖掉自己一小部分股票，用这种方式实现自己需要的那部分现金。
Because if in— if they were going to get $1 in dividends and it became worth $1.10 or $1.20 in market value immediately on a present value basis, they're better off selling a small percentage of their stock and, and realizing, uh, the required amount that way.
这样全部算下来，他们手里的钱会比分红给他们还要更多。
And they will have more money when they get all through doing that than if we paid it in dividends.
但是如果有一天，嗯，而且总会有那么一天——如果到了那个时候，我们认为每留存一美元，没法有效地创造出超过一美元的市场价值，那就应该把钱分出去。
But if the time comes, uh, and it will come someday, when the— if the time comes when we don't think we can use the money effectively to create more than a dollar of market value per dollar retained, then it should be paid out.
就像我说的，我们在 Berkshire 内部，对各家公司其实就是这么分别处理的。
And like I say, we do that individually within Berkshire.
但是因为我们有能力在公司内部用一种税务效率更高的方式重新调配资金，所以我们大概更有理由把所有利润都留存下来。
But because we have this ability to redistribute money in a tax-efficient way within the company, we probably had more— we had more reason to retain all of our earnings.
如果 See's Candy 是一家独立公司，我们就会把很大一部分利润，几乎是全部利润，都通过分红发出去，就像我们现在做的一样，只不过现在是发给 Berkshire。
If See's Candy were a standalone company, we would simply pay out a lot of the earnings, practically all of the earnings, in dividends, just like we do now, except it goes to Berkshire.
我们希望我们投资的那些公司，把他们在自己业务里没法高效使用的钱分给我们。
That we like our— we like the companies in which we have investments to pay to us the money they can't use efficiently in their own business.
有些情况下，那就是他们赚到的百分之百。
In some cases, that's 100% of what they earn.
有些情况下，是百分之零——我们也持有一些完全不分红的股票。
In some cases, it's 0% of the— and we own some stocks that don't pay any dividends.
Costco 当年分红很少——Charlie，他们有一段时间是不是根本没分红？
Costco paid a very small— did they pay any dividend for a while, Charlie?
还是——他们——
Or— They—.