M20:39
这个要看他们能怎么用这些钱——也就是他们会如何运用这些现金，以及能拿它来做什么。
Well, it depends what they could use— how they would utilize the cash and what they could use it for.
这些企业比 Berkshire 更聚焦，至少从产品角度来说是这样。
Those are more focused enterprises than Berkshire, at least in terms of products.
而且——我觉得，如果一家公司的业务非常出色，管理层把现金投到这些出色的业务里，或者投到他们懂、而且同样会有很棒经济效益的业务里，同时把剩下的钱还给股东，这样的管理层我是很赞赏的。
And they— I think I commend managements that have a wonderful business for utilizing cash in those wonderful businesses, or in businesses that they understand and will also have wonderful economics, and for getting the rest of the money back to the shareholders.
所以在我看来，Coca-Cola 对它的现金处理得完全正确。也就是，第一，它把能够有效投入业务的现金都投入进去，用来拓展新市场以及诸如此类的事情；但除此之外，它还发放股息，把现金分配给股东；然后它还大规模回购股票，这也是把现金返还给股东，不过这种方式会让所有股东都受益。
So Coca-Cola, in my book, is doing exactly the right thing with its cash when it both— when, A, it uses all the cash that it can effectively in the business to expand in new markets and all of that sort of thing, but then beyond that, it pays a dividend which distributes cash to shareholders, and then it repurchases shares in a big way, which returns cash to shareholders, but in a way that benefits all of them.
所以——只要我们留存下来的每一块钱，随着时间推移都能创造出超过一块钱的价值，而且是超过一块钱的市场价值，那么你们就会因为我们不发股息而受益。
So we— you will benefit from us not paying dividends just as long as, just as long as we can use every dollar we retain to produce more than a dollar of value and of market value over time.
至于我们能不能一直这样做，你知道，我们还能持续多久，我没法向你保证。
Whether we can continue doing that, you know, how long we can continue doing that, I can't promise you.
但这就是——这就是做这个决定时所依据的标准。
But that is the— that's the yardstick by which the decision is made.
而且我认为，这也是 Coca-Cola 在做这个决定时依据的标准。
And that is the yardstick, I think, by which Coca-Cola is making the decision too.
而且我觉得，他们非常值得称赞的一点是，他们有这种纪律性：当他们已经没有好的机会把现金用好时，就停止继续把现金投进去，然后通过回购股票，把这些钱进一步更有利地配置出去。
And I think that they deserve great credit for exercising the discipline to quit using cash when they've run out of the opportunities to use it well, and then to use it then to further deploy it advantageously by repurchasing shares.
我觉得，我很欣赏我的朋友 Bill Gates 的一点是，Microsoft 手上有四十五亿美元的现金，而很少有管理层能在手里拿着四十五亿美元现金的时候，还不去做一些不明智的事。
I think one of the things I admire about my friend Bill Gates, he's got $4.5 billion of cash in Microsoft, and very few managements can stand having $4.5 billion of cash and not doing something unintelligent with it.
到目前为止，对我们来说，把赚到的钱全部留存下来是合理的。
So far, it's made sense for us to retain everything we earn.
而且我觉得，这样做在未来一段时间里仍然是合理的，但未必会永远都合理。
And I think it'll make sense for a while longer, but it may not make sense indefinitely.
Charlie？
Charlie?
我希望这种情况能持续很久。
I hope it lasts a long time.
第三区？
Zone 3?