M1
M10:01
各位先生，你们好。
Hello, gentlemen.
我叫 Randy Bellows，来自 Maryland 的 Rock Hall。
My name is Randy Bellows, and I'm from Rock Hall, Maryland.
我来这里很多很多年了。
I've been coming here for many, many years.
但今天，我从你们每个人身上都感觉到一种谨慎的情绪，一种保留，不算是明显的悲观，但确实很保留。
Yet today, I sense from each of you a guarded sense, a sense of reserve, not quite overt pessimism, but real reserve.
你们提到了即将到来的通货膨胀，还有国内外都比我们过去习惯的水平更高的政府债务。
You have spoken of impending inflation, government debt both here and abroad that's higher than we're accustomed to.
还有更严格的监管和繁文缛节，这些都可能拖慢创新和增长。
Increased regulation and red tape that may slow innovation and growth.
就在几分钟前，Charlie，你还说过，我们必须下调对投资回报的预期。
And just a few minutes ago, Charlie, you spoke of the fact that we have to reduce our expectation of investment returns.
可是在同一天里，你们又会说，India 的孩子将来会过得比我们更好，Chinese 会过得比我们更好，而我们这个国家自己的孩子，也会过得比我们——比我们今天更好。
And yet in the same day, you'll say children in India will live better than we do, Chinese will live better than we do, and our own children here in this country will live better than we— than we do today.
你能不能给我四到五个事实，来解释一下你为什么这么乐观？
Can you give me 4 or 5 facts that, that explain your optimism?
谢谢。
And thank you.
M2
M21:02
嗯，文明面临的那些主要技术问题——当然，基本都和能源有关——眼下已经能看到解决办法了，而且几乎就要实现了，这对人类可不是个小小的好处。
Well, having the main technical problems of civilization, which of course are all energy-related, having a solution that's on the horizon and nearly here, that is not a small benefit to humanity.
那是我们面临的最大单一问题。
That is the biggest single problem we have.
所以，我当然对这一点很乐观。
So, of course, I'm optimistic about that.
还有，我也对 Berkshire 里普遍存在的这种文化感到乐观，因为我觉得它会继续有效。
And I'm optimistic about the culture that generally pervades in Berkshire because I think it will continue to work.
当然，看到那些长期过得很艰难的人，凭着自己非凡的努力和才华迅速崛起——就像 China 和 India 的很多地方那样——这也让我感到高兴。
And of course, it gives me some pleasure to see people that have had it tough for a long time through their own extreme efforts and talents rising rapidly, as in many parts of China and India.
所有这些都让我高兴，而且，而且，而且，为什么不呢？
All of that gives me pleasure, and, and, and why shouldn't it?
当然，糟糕的问题是存在的，当然，降低预期才是理性的做法。
Of course there are terrible problems, and of course reduced expectations are the rational way.
想要过得开心，最好的办法莫过于把自己的预期降下来。
There is no better way to be happy than getting your expectations down.
这可比——
It's much easier than—
M1
M12:12
把结果提高。
Getting your results up.
把结果提高。
Getting your results up.
M2
M22:17
其实吧，我，我，我们在这儿从来都不懂什么高深的东西，只懂最基本的常识。
It's just, I, I, we never know anything here except the most elementary common sense.
神奇的是，光靠这个居然就够我们用了。
It's amazing that it's sufficed for us.
呃，所以不是，我，我对人生还是很乐观的。
Uh, so no, I'm, I'm optimistic about life.
如果我都快死了还能保持乐观，那你们其他人肯定也能应付一点通货膨胀。
If I can be optimistic when I'm nearly dead, surely the rest of you can handle a little inflation.