M10:00
我们在 Berkshire 一直都会保留两百亿美元左右的现金。
We always will have $20 billion around Berkshire.
我们永远不会去依赖陌生人的善意。
We will never be dependent on the kindness of strangers.
这对 Blanche DuBois 来说，结果也不怎么样。
It didn't work that well for Blanche DuBois either.
不过不管怎么说，我们不指望银行授信额度。
But in any event, we don't count on bank lines.
我们什么都不指望。
We don't count on anything.
在未来这一百年里的某个时候，可能就是明天，也可能是一百年之后，谁也不知道，会有那么一个时刻，我们没法依赖任何别人，只能靠我们自己的实力来维持运转。
There will be some time in the next 100 years, and it may be tomorrow, and it may be 100 years from now, and nobody knows, you know, where we cannot depend on anybody else to keep our own strength and to maintain our operations.
我们花了太长时间来打造 Berkshire，不会让那样一个时刻把我们毁掉。
And we spent too long building Berkshire to have that one moment destroy us.
我的意思是，你们大概也知道，我们曾经以百分之十五的利率借钱给 Harley-Davidson。
I mean, we lent money, as you probably know, to Harley-Davidson at 15%.
而且那是在短期利率大概只有百分之零点五的时候借出去的。
And we lent it at a time when short-term rates were probably 0.5%.
Harley-Davidson 当然是家很不错的公司，但它和 Goldman Sachs、General Electric，还有一大堆别的公司——其中一家是 Tiffany's——都面临过同样的情况：当你需要现金的时候，那就是最关键的东西，也是你唯一需要的东西，因为别人这时候拿不出钱来给你。
Well, Harley-Davidson is a fine company, but it, like Goldman Sachs and General Electric and a bunch of other companies—one of these is Tiffany's—they needed—when you need cash, it's the thing, it's the only thing you need, and it's because other people aren't coming up with it.
我一直都说，现金——可动用的现金或者信用——很像氧气，百分之九十的时候你都感觉不到它缺不缺。
I've always said that, you know, cash is—available cash or credit is a lot like oxygen, that you don't notice the lack of it 90% of the time.
但如果它没了，那就成了你唯一会注意到的东西。
But if it's absent, it's the only thing you notice.
而我们不想落到那种处境。
And we don't want to be in that position.
所以我们会一直保留两百亿美元。
So we will keep $20 billion.
我们晚上睡觉，绝不会因为已经发生的任何事情而担心。
We will never go to sleep at night worrying about any event that's taken place.
担心它会伤害我们继续玩这场游戏的能力。
That could hurt our ability to keep playing our game.
而超过两百亿美元的部分，我们会尽量用聪明的方式把它投出去。
And above $20 billion, we'll try to find ways to invest it intelligently.
到目前为止，我们总体上也确实是这么做的。
And so far, we've generally done it.
我的意思是，对吧，我们一直都不止这点钱，不过你知道，今年到目前为止我们已经花了相当一笔钱。
I mean, right, you know, we've always had something above that, but, you know, we've spent a fair amount of money so far this year.
今年晚些时候我们大概还会花更多。
We'll probably spend more later in the year.
所以到目前为止，我觉得我们还是能把这些现金以合理的回报投出去。
So, so far, I feel we can get the cash out at reasonable returns.
不过，我们从来不会因为手里有钱，就觉得非得把它用掉不可。
We never feel a compulsion to use it, though, just because it's there.
Charlie？
Charlie?