M10:22
我觉得这个问题其实是，你们会不会某种程度上通过维持一定水平的现金，来做资产配置，依据某种前景判断之类的东西。
I think the question is, do we sort of get into asset allocation by maintaining given levels of cash depending on some kind of outlook or something of the sort.
我们，我们甚至——我们其实根本不是那样想问题的。
We, we don't even— we don't really think that way at all.
我们，我们，我们——如果我们手上有现金，那只是因为那一天我们还没找到任何聪明的用法，呃，比如买进我们喜欢的那类企业。
We, we, we— if we have cash, it's because we haven't found any— anything intelligent to do with it that day, uh, in the way of buying into the kind of businesses we like.
然后，如果我们有一阵子都找不到合适的东西，现金就会越堆越多。
And, and when we can't find anything for a while, the cash piles up.
呃，但是那，那不是——那不是我们主动选择的。
Uh, but that, that's not— that's not through choice.
那是因为我们在一件本来最想做的事情上失败了，也就是找到值得买的东西。
That's because we're failing at what we essentially are trying to do, which is to find things to buy.
而且我们完全不会去猜，三个月后、六个月后，或者一年后，现金会不会更值钱。
And we make no attempt to guess whether cash is going to be worth more 3 months from now or 6 months from now or a year from now.
所以就是——你永远不会看到——反正 Berkshire 本来也不开什么会，但我们绝不会开什么资产配置会议。
So it is— you will never see— we don't have any meetings of any kind anyway at Berkshire, but we would never have an asset allocation meeting.
我们会——我们会——我们会继续找。
We would— we would— we would keep looking.
我的意思是，Charlie 在找，我在找，我们有些经理人也在找。
I mean, Charlie's looking, I'm looking, some of our managers are looking.
我们在找那些符合我们标准、值得买的东西。
We're looking for things to buy that meet our tests.
如果到年底的时候，我们账上完全没有现金或者短期证券了，我们会很高兴，因为那就说明我们已经找到了我们喜欢的方式，把这些钱用出去。
And if we showed no cash or short-term securities at year-end, we would love it because it would mean that we'd, we'd found ways to employ the money in, in, in ways that we like.
我想我得承认，如果我们手头有很多钱，那我们通常就会比平时更笨一点。
I think I would have to admit that if we have a lot of money around, we are a little dumber than usual.
我的意思是，这往往会让你变得不够谨慎。
I mean, it, it tends to make you careless.
而且我会说，最好的买入通常是在你必须先卖掉点什么、筹到钱才能去买的时候，因为那样会把你心里做决策时要跨过去的门槛稍微抬高一点。
And I would say that the best purchases are usually made when you have to sell something to raise the money to get them, because it just raises the, the bar a little bit that you jump over in, in the mental decisions.
不过我们现在——我也不知道最后会报多少，但是——九亿美元。
But we have— I don't know what we'll show, but— $900 million.
肯定远远超过十亿美元的现金在手上，而那不是我们主动想要的。
Certainly well over $1 billion of cash around, and that's not through choice.
这个——你们可以把它看成是管理层失败的一个指标。
That is a— you can look at that as an index of failure on the part of your management.
等到我们能买到企业，或者企业的一小部分，把这笔钱用掉的时候，我们就会很高兴。
And we will be happy when we can buy businesses or small pieces of businesses that use up that money.
四区？
Zone 4?