F1
F10:00
你好，我是 Theresa Ligasinski。
Hi, I'm Theresa Ligasinski.
我来自 Nebraska 州的 Omaha，想问一个关于 Microsoft 的问题。
I'm from Omaha, Nebraska, and I have a question about Microsoft.
你通过买入 Apple，进入了科技领域。
You have gotten into the tech world by buying Apple.
你身边还有 Gates 先生。
You have Mr. Gates there.
我只是想知道，你为什么从来没买过 Microsoft？
I'm just wondering why you've never bought Microsoft.
M1
M10:24
嗯，在早些年，答案很明显，就是因为愚蠢。
Well—in the earlier years, it's very clear the answer is stupidity.
不过后来，尤其是 Bill 加入董事会之后，其实在那之前，因为我们之间的友谊，Berkshire 买 Microsoft 也会是个错误。因为如果一周以后、一个月以后发生了什么，比如他们的业绩好于预期，或者进行了一笔收购，不管是什么，Bill 和我都会莫名其妙地成为别人猜测和指责的对象。甚至有人可能会说，他不知怎么把什么事情告诉了我，或者反过来，是我告诉了他。
But since Bill has—particularly since Bill has joined the board, but even earlier than that because of our friendship, it just would be a mistake for Berkshire to buy Microsoft, because if something happened a week later, a month later, in terms of them having better earnings than expected or making an acquisition, anything, both Bill and I would incorrectly be the targets of suggestions and accusations, perhaps even that somehow he had told me something or vice versa.
有几类事情，我会避开，或者说，我尽量避开。
I stay away from—I try to stay away from a few things.
完全避开。因为别人会推断，我们可能聊过这些事，或者我可能跟某个人谈过某件事。
Just totally, because the inference would be drawn that we might have talked, I might have talked to somebody about something.
所以，比如说，我告诉 Ted 和 Todd，他们有几类事情是不能碰的，因为很多人根本不会相信我们。
So I've told the fellows, Ted and Todd, for example, that there are just a few things that are off the list, because there'd be a lot of people that wouldn't believe us.
如果我们刚买完，它马上就发生了什么好事，那就更是如此。
If something good immediately happened after we bought it.
当然，要买很多股票，可能得花六个月，或者差不多这么长的时间才能买完。
And of course, to buy a lot of stock, you can take six months to buy it or something of the sort.
我们没必要承担这种麻烦。
We just don't need it.
不过，这件事和我的愚蠢，确实让我们损失了很多钱。
But both that and my stupidity have cost us a lot of money.
这是个非常好的问题，我觉得这个答案是说得通的。
It's a very—it's a good question, and I think the answer makes sense.
不过，Charlie，你怎么看？
But Charlie?
M2
M22:18
有一种说法是，晚一点改弦更张，总比永远不改好，而你已经让自己进步了很多。
Well, it's part of theology that a late conversion is better than never, and you've greatly improved yourself.