M20:51
把这个看成任何一家企业的核心。
As being the core of any business.
我可以告诉你，这跟我们的想法完全一致。
And I can tell you that that is exactly the way we think.
我的意思是，归根结底，如果你是在逐年评估一家企业，你最想问自己的头号问题就是，它的竞争优势是不是变得更强了、更持久了。
I mean, that in the end, you— if, if you were evaluating a business year to year, you want to— the number one question you want to ask yourself is whether the competitive advantage has been made stronger and more durable before it.
这一点比某一年的 P&L 还要重要。
And that's more important than the P&L for a given year.
所以我会建议你，凡是你觉得有帮助的东西都去读。
So I would, I would suggest that you read anything that you find that's helpful.
或者说，其实最好的办法是去研究那些真正做到这一点的人，然后问问自己，他们是怎么做到的，为什么能做到。
Or actually, the best way to do it is study the people that have achieved that and ask yourself how they did it and why they did it.
我是说，为什么像 razor blades 这种生意——你知道，几乎每个人在 business school 里长大，都会听说这是一个利润非常丰厚的经典案例。
I mean, why is it that in razor blades, which could— I mean, everybody grows up in business school hearing that as a great example of a product that's very profitable.
而且很明显，未来一百年这种产品的需求都不会减少，为什么这个领域却没有新的进入者？
And why, with it obvious that there's going to be no reduction in demand for the next 100 years for the product, why are there no new entrants into the field?
到底是什么给了 razor blade 这个生意那样的护城河？
What is it that gives you that moat around the razor blade business?
通常来说，如果你有一门赚钱的生意，你知道，肯定会有十来个人想冲进去。
Normally, if you've got a profitable business, you know, a dozen people want to go into it.
如果你们镇上有一家女装店，看起来生意很好，那你知道，旁边马上就会有另外几个人也想开一家店。
If you've got a dress shop here in town and it looks like it's doing well, you know, a couple of other people are going to want to open up a shop next door to it.
可这却是一个全球性的生意，需求基本上怎么都不会出问题，但偏偏就是没人进去。
And here's a worldwide business, nothing can go wrong with the demand to speak of, and yet people don't go into it.
所以我们喜欢问自己这样的问题。
So we like to ask ourselves questions like that.
我们也喜欢问自己，为什么 State Farm 能成功？你知道，当时它面对的是那些拥有惊人代理人网络和大量资本的公司，而在 Illinois 的 Bloomington，有个四十多岁的农民，叫 George Mecherle。
We like to ask ourselves, why was State Farm successful, you know, against people that had incredible agency plants and lots of capital, and here's some farmer out in Bloomington, Illinois named George Mecherle, you know, who's in his 40s.
他创办了一家公司，几乎是在对抗资本主义的那些驱动力。
He sets up a company that defies capitalistic imperatives.
我是说，它没有股票，没有 stock options，也没有什么巨额奖励。
I mean, it has no stock, it has no stock options, it has no big rewards.
它，你知道，算是有点半社会主义式的，可它做的事情就是从那些具备所有这些特征的公司手里，拿走了百分之二十五的市场。
It's, you know, it's kind of half-socialistic, and all it does is take 25% of the market, you know, away from all of these companies that have all these characteristics.
我们认为，你应该去研究这样的事情。
We believe you should study things like that.
我们觉得你也应该研究像 Nebraska Furniture Mart 的 Mrs. B 这样的例子，她拿着五百美元，经过一段时间，把它做成了全世界最大的家居卖场。
We think you should study things like Mrs. B out at the Nebraska Furniture Mart who takes $500 and turns it, you know, over time into the largest home furnishing store in the world.
像这样的事情里面，一定有值得吸取的经验。
There has to be some lessons in things like that.
是什么让你长期能取得那样的结果、那样的竞争优势呢？
What gives you that kind of result and that kind of competitive advantage over time?
而这正是投资的关键。
And that is the key to investing.
我的意思是，如果你能看出来，尤其是当别人还没那么看出来的时候，你就能看出来。
I mean, if you can spot that, particularly if you can spot it when others don't spot it so well.
那你就会，你知道的，你就会做得非常好。
You're on the, you know, you will do very well.
而且，而且，而且我们关注的就是这个。
And, and, and we focus on that.
Charlie？
Charlie?
对，这个——
Yeah, it—.