F1
F10:00
今天——抱歉，我是说，Berkshire 的规模决定了它会面临众多企业的竞争。
Today—sorry, today Berkshire's size ensures that it faces competition from numerous businesses.
如果你手里有一颗能一击制胜的子弹，你会干掉哪个竞争对手？为什么？
If you had a silver bullet, which competitor would you take out and why?
还有，抱歉，你——你不能说 Donald Trump。
And sorry, you—and you can't say Donald Trump.
M1
M10:21
你是说，哪些业务里的哪个竞争对手？
Which competitor in which businesses?
M2
M20:25
我的意思是，你是在问，如果可以的话，你会干掉哪个竞争对手？
I mean, you're asking about which, which, which competitor would you kill if you could?
我觉得我们，我觉得我们没必要回答这个问题。
I don't think we, I don't think we have to answer this one.
M1
M10:34
Charlie 是律师。
Charlie's a lawyer.
不过，这个问题我确实想过。
But I've thought about the question.
我们有很多强劲的竞争对手，而且我们涉足很多领域。我们自己也是一个相当强的竞争者。真正重要的是，我们希望管理者每天都在思考，怎么让自己的竞争地位变得更强。
Now, we have, we have lots of tough competitors, and we're in many areas, we're a pretty tough competitor ourselves, and the real—what we want our managers to be doing, you know, is thinking every day about how to achieve a stronger competitive position.
我们把这叫作拓宽护城河。
We call it widening the moat.
但我们希望做出更好的产品。
But we want to turn out better products.
我们希望把成本尽可能降到最低。
We want to keep our costs down to a minimum.
你知道，我们希望思考，客户一个月后、一年后，甚至十年后，可能会希望我们为他们提供什么。
You know, we want to be thinking about what our customer is likely to be wanting from us, you know, a month, a year, 10 years from now.
通常来说，只要你照顾好客户，客户也会照顾你。
And generally, if you take care of your customer, the customer takes care of you.
但有时候，会有某种力量出现，而这确实是——你可能找不到应对办法。
But there are cases where there is some force coming along that really is—you may not have the answer for.
那样的话，你就退出那个业务。
And then, you know, you get out of that business.
一九六六年，我们在 Baltimore 有一家百货商店。如果当时继续经营下去，我们早就破产了。
We had that department store in Baltimore in 1966, and if we kept it, we would have gone out of business.
所以，认清现实也很重要。
So recognizing reality is, is also important.
我的意思是，你不会想去修复一个根本无法修复的东西。
I mean, you do not want to try and fix something that's unfixable.
M2
M21:58
我们并不是要针对竞争对手，把他们消灭掉。
And we're not targeting competitors for destruction.
我们只是想在每个领域都尽自己最大的努力。
We're just trying to do the best we can everywhere.
M1
M12:06
这话说得很像反垄断律师。
Spoken like an antitrust lawyer.
好。
Okay.
我们真正希望的是，成为其他人想用那颗一击制胜的子弹来对付的对象。
We really hope to be the ones that the other guys want to use the silver bullet on.
Becky？
Becky?