F1
F10:00
我叫 Steve Check。
My name is Steve Check.
我来自 Southern California。
I'm from Southern California.
我的问题有点跟质量和价格之间的取舍有关。
And my question has to deal with kind of quality versus price.
我来过三次年度股东大会了，每年都听到很多关于 Coke 的好评价。
I've been to 3 annual meetings and have heard great things about Coke every year.
但据我所知，过去三年里你们并没有继续增持 Coke，尽管这只股票的表现一直还不错。
But as far as I'm aware, you have not bought any additional shares of Coke over the last 3 years, even though the stock has done just fine.
如果一个投资者的时间跨度比较短，比如说三到五年，你觉得在质量和价格之间，应该各给多大的权重？
If an investor has a relatively short time frame, say 3 to 5 years, how much weight do you think one should give to quality versus price?
M1
M10:27
嗯，如果你的时间跨度是三到五年，第一，我不建议你这样想，因为如果你想着到那个时候就退出，那就更像是在赌后面会有更大的傻瓜接盘。
Well, if your time frame is 3 to 5 years, A, I wouldn't advise it being that way because I think if you think you're going to get out then, it gets more toward leaning toward the bigger fool there.
看任何一笔投资，最好的方式是问自己：如果我要永远持有它，我会是什么感受？你知道的，甚至把我全家所有的净资产都放进去。
The best way to look at any investment is how would I feel if I owned it forever, you know, and put all my family's net worth in it.
但我们的基本想法是买入——如果你说的质量，是指一家企业在一段时间里会按照你的预期去运作的确定性，也就是它各种可能的经营结果区间比较窄。
But we basically believe in buying— if you talk about quality, meaning the certainty that the business will perform as you expect it to perform over a period of time, so the range of possible performance is fairly narrow.
你知道，这就是我们喜欢买的那种企业。
You know, that's the kind of business we like to buy.
我能说的就是，我们喜欢用一个让自己舒服的价格去买，而这个价格在某种程度上也取决于利率水平。
And all I can say is that we like to pay a comfortable price, and that depends to some extent on what interest rates are.
过去一年里，我们还没有在自己喜欢的那类企业上找到让我们觉得舒服的价格。
We haven't found comfortable prices for the kind of businesses we like in the last year.
倒也不是说价格高到让我们不舒服、想把它们卖掉，但也还没到那种我们会继续加仓的价位——我们大概在五年前左右增持过一次 Coke，未来也不是没有可能再增持。
We don't find them uncomfortable in the sense that we want to sell them, but they're not prices at which we— We added to Coke one time about, I don't know, 5 years ago or thereabouts, and it's conceivable we would add again.
比起减持，我们增持的可能性要大得多，不过我们对大多数企业也都是这种看法。
It's a lot more conceivable we would add than subtract, but that's the way we feel about most of the businesses.
我们去年确实做了一个决定，认为债券相对来说更有吸引力，所以我们减持了一些持仓，也清掉了一些小仓位，好把更多资金投到债券上。
We did make a decision last year that we thought bonds were relatively attractive, and we trimmed certain holdings and eliminated certain small holdings in order to make a bigger commitment in bonds.
Charlie？
Charlie?
M2
M21:50
对，你提到质量和价格。
Yeah, you talk about quality versus price.
投资这个游戏永远都要同时考虑质量和价格，关键就在于，你买到的质量要高于你在价格里付出的东西。
The investment game always involves considering both quality and price, and the trick is to get more quality than you're paying for in the price.
道理其实就这么简单。
It's just that simple.
只是做起来不容易。
But not easy.
对，道理不复杂，但并不容易。
No, but not easy.
M1
M12:12
10区。
Area 10.