M20:23
对，我们一向不太相信合同这套。
Yeah, we are not big believers in contracts.
有些时候，我们会把几亿美元，甚至几十亿美元，交到别人手上，向他们买下他们的企业。
We hand people hundreds of millions or billions of dollars in some cases to sell us their business.
而我们必须做的判断是，在他们把股票凭证交给我们、我们把钱交给他们之后，他们对这个企业还会不会保持同样的热情？
And the decision we have to make is, are they going to have the same passion for the business after they hand us the stock certificate and we hand them the money?
他们还会不会像之前那样有同样的热情？
Are they going to have the same passion that they had beforehand?
如果我们在这一点上看错了，那什么合同都救不了我们。
And if we're wrong on that, no contract is going to save us.
我们不想——我们，我们不想要那种建立在合同基础上的关系。
We don't want—we, we don't want relationships that are based on contracts.
所以，呃，我一下子还真想不起来，我们有什么正式合同。
So, uh, I can't, you know, I'm—I can't really think of a formal contract, uh, that we have.
我们会就奖金安排之类的事情有一些共识，这类事情在不同经理人那里其实也没那么复杂。
We have understandings about bonus arrangements and that sort of thing, and that's not that complicated with various managers.
我的意思是，每家公司的最高负责人薪酬，呃，基本上是由我来负责。
I mean, we have the comp of the top person at each company, uh, it's basically my responsibility.
而且我们的安排五花八门，因为我们的业务本来就五花八门。
And we have all kinds of different arrangements because we have all kinds of different businesses.
我们有些业务里，资本是很重要的因素，所以你就得把这一点放进薪酬安排里。
Some of our businesses, capital is an important factor, and so you have to, you have to put that in the comp arrangement.
还有一些业务里，资本根本不算什么。
Some of it, capital doesn't mean a thing.
我们有些业务做起来很容易，而且利润很高。
Some of our businesses are very easy and very profitable.
还有一些业务非常难，而且，而且，而且你得是个天才，才能做出一个马马虎虎的结果。
Some of them are very tough, and, and, and it takes a genius to, you know, to get a so-so result.
所以在这方面我们有很多不同的安排，但我们不会试图用合同把人绑住，那也行不通，呃，而且，而且我们本质上也不喜欢这么做。
So we have a whole bunch of different arrangements on that, but we don't try to, we don't try to hold people by contracts and it wouldn't work, uh, and, and we basically don't like engaging in them.
所以你现在看到的是一家——Charlie，你能想到我们有什么合同吗？
So you're look—you're looking at a company that—can you think of any contracts we have, Charlie?