Watch full afternoon session from 2023 Berkshire shareholder meeting with Warren Buffett - YouTube

Sales are terrific out there so you're my kind of crowd. I've been getting reports. We're breaking all kinds of records and we're going to start off with question number 26 which goes to station station two. Hi, Warren and Chalice. My name is James from Malaysia.

销售业绩很好，你们就是我喜欢的人群。我收到了报告，我们打破了各种记录，现在我们将从第26个问题开始，发向第二个站。你好，沃伦和查丽斯。我来自马来西亚，我叫詹姆斯。

Given the reason challenged faced by the major US bank, what is your overall outlook on the banking industry? How do you assess the risks and the opportunity in this section? Well, anticipating a few questions on banks, I decided we should start using bank language here to describe. And Charlie.

鉴于美国主要银行所面临的挑战和困难，您对银行业的总体前景如何？您如何评估该行业的风险和机遇？好的，考虑到银行方面可能会有一些问题，我决定我们应该开始使用银行语言来描述。还有查理。

The situation in banking is very similar to what it's always been in banking that that fear is contagious always and historically sometimes the fear was justified and sometimes it wasn't my dad lost his job in 1931 because of a bank run and they had a bank run on state banks and they had the all-mone national banks said well we're a national bank and they never run on the national banks and of course they both face the same problem.

银行业的局势和以往一样，恐惧传染且历史上有时恐惧是合理的，有时则不是。我父亲在1931年因银行挤兑而失业，国立银行和州立银行都面临同样的问题。国立银行说：“我们是国家银行，永远不会挤兑。”然而，他们最终也面对了同样的问题。

So it used to be that if you saw people lining up at a bank the proper response was to get into the line and they'll always leave it and the story is that Sydney Wyberg of Goldman Sachs during one of the bank runs back in 1907 or thereabouts how the job is a runner Goldman Sachs and asked if he could take them week off and you boss said sure not much is going on anyway so he got in line that whether it's the Nicarbarco Trust or wherever and as he got toward the front of the line he sold his place in line to somebody he didn't have an account of the bank but that was an asset.

从前，如果你看到人们在银行排队，正确的做法是加入队伍，他们总会排到最前面。据说在1907年左右的一次银行抢购中，高盛的悉尼·怀伯格担任一名促销员，然后请假一周，他的老板说没关系，因为也没有多少事情要做。他在队列中排到前面时，将自己的位置出售给了一个没有在银行开户的人，但这是一项资产。

The banking system has changed so much over the years and we did something enormously sensible in my view when we set up the FDIC as many as 2,000 banks have failed in one year back after World War I I mean bank bank runs were just part of the picture and if you have people that are worried about whether the money is safe in the bank and all find wood draw you can't run an economy very well so the FDIC was very logical it's got changed over the years some but here we are in you know 2,023 and we actually see the FDIC pay off at a hundred cents on the lower to everybody or make it available on all the man deposits and yet you still have people very worried about their the periodically geographically all kinds of crazy ways and that just shouldn't happen so the messaging has been very poor it's been poor by the politicians who sometimes have an interest in having a poor it's been poor by the agencies and I'd say it's been poor by the press I mean you shouldn't have so many people that misunderstand the fact that although there may be a debt ceiling it's going to get changed although there's a $250,000 limit on FDIC the FDIC and the US government and American public have no interest in having a bank fail or have deposits actually lost by people we had a demonstration project the weekend of Silicon Valley bank and the public is still confused so it's really it's something to have a law that was passed in 19th or a law that became effective in 1934 or modified in some way not understood about something as important as the banking system I don't think the American public is that dumb and I just want I made that offer over in Tokyo incidentally I haven't heard from anybody that wants to take up my million dollar bet on whether the public will lose money and if they have a demand deposit at a bank no matter what the size so that's the world we live in.

银行系统经过多年的变革，我们创立联邦存款保险公司（FDIC）是非常明智的决定。在二战后，高达2000家银行一年内破产，银行挤兑只是其中的一部分。如果人们担心他们的钱在银行不安全，经济就不能很好地运转。FDIC是非常合理的，尽管经过了多次变革，但我们现在在2023年，我们实际上看到FDIC向每个人支付100美分，或提供所有的存款，但你仍然有很多人非常担心他们的存款，这在周期性和地理上都很疯狂，不应该发生。信息传播非常差，政客有时有意倾向于让信息不明确，机构传播也不好，我想说，新闻界传播也不好。不能有这么多人误解事实，尽管可能会有债务上限，它也将被改变，尽管FDIC有250,000美元的限制，但FDIC、美国政府和美国公众不愿出现银行破产或人民存款实际上丢失的情况。上周末我们进行了硅谷银行的演示项目，但公众仍然感到困惑。对于一个1934年的法律，或以某种方式进行修改，而关于像银行系统这样重要的事情还不理解，这是一件值得反思的事情。我不认为美国公众是那么蠢的，顺便说一句，我在东京提出了一百万美元的赌注，是否会有公众损失，无论存款的大小，但我还没有收到任何人想要接我的赌注。这就是我们生活的世界。

It means that a lot of magic can turn into a configuration or it can be blown out and who knows what will happen and we don't have any worry we keep our money up to cash and treasures you're both at Berkshire because we keep a hundred and 28 billion or whatever it was at the end of the quarter and we want to be there if the banking system temporarily even gets stalled in some way it shouldn't I don't think it will but I think it could and I think that the incentives in bank regulation are are so messed up and so many people have an interest in having them messed up it's totally crazy I mean the Fannie Mae and Freddie Mac were doing 40 or so percent of the mortgage business in the United States that is huge they were regulated those just those two companies were regulated by some group I forget what they called but they had 150 people that were in charge.

这意味着很多魔法可以变成一种配置，也可以被消耗殆尽，谁也不知道会发生什么。我们不必担心，而是将钱存放在财宝中，因为我们在伯克希尔公司有1280亿美元的储备金（或许还有更多），如果银行系统暂时出现问题，我们想保持必要的资金。我不认为会出现这种情况，但我认为它可能会出现，而且我认为银行监管制度的激励机制是错乱的，很多人都有兴趣让它们错乱，这非常疯狂。我是说房利美和房地美在美国贷款业务中占有40%左右的份额，这是一个巨大的数量。这两个公司受到某个组织的监管，我忘记他们叫什么了，但他们有150人负责监管工作。

Of just figuring out whether Freddie and Fannie were doing the right thing but I could have done it you know it's hardly could have done it you know and I'm not sure they needed an assistant even to do it but the incentives were all wrong and Freddie and Fannie which were doing fine in August apparently doing fine in July and August of 2008 were put into conservatorship you know early in September and the things that followed from that were just incredible so there are second order and third order and fourth order effects that are somewhat unpredictable as to what they will be and the sequence and all that but things change and if people think the pauses are sticky. anymore they're just living in a different era you know press a button you don't have to get in the line and wait for days and have the teller counting out the money slowly and gold so that you hope the line goes away you can you can have a run in a few seconds so the way it hasn't been addressed properly is is a problem and who knows where it leads but you'll have to have a punishment for the people that do the wrong thing

我只是在想弗莱迪和房地美是否在做正确的事情，但我本来可以做的，你知道，这几乎是可以做到的，而且我也不确定他们需要一个助手来完成这件事。但是，激励机制都是错的，弗莱迪和房地美在2008年7月和8月表现良好，但在9月初被收归保护，之后发生的事情令人难以置信。有一些二阶、三阶和四阶效应是比较不可预测的，有时也会发生变化，如果人们认为中断是持续的，那么他们就是停留在不同的时代。现在只需按一下按钮，无需排队等待，也不需要银行出纳员以缓慢的速度算钱，所以你可以在几秒钟内快速完成转账。然而，如果不妥善解决这个问题，会带来麻烦，谁也不知道这将导致什么后果，但是错事的人需要受到惩罚。

and if you take first republic for example you could look at their 10k and you could see that they were offering non-government guaranteed mortgages to in jumbo amounts at fixed rates sometimes for 10 years before they change the floating and that's a crazy proposition if it's to the advantage of the bank they get it they get the guy coming in and says I'll read for finance at one and a half percent and then one percent and if it's if it's a banished the other way the fellow keeps out of 10 years you don't give options like that but but that's what first republic was doing it was a plain site and the world ignored it till it blew up and some of stock in some of these banks that were held by insider was a soul and who knows whether they had a plan or whether they some plan that was innocent or whether they started sensing what was coming but but you do know that the directors are not going to be able to read some book or anything like that but they do they do have the ability to hold the CEO accountable CEO gets that's the bank in trouble both the CEO and the director should suffer the stockholders of the future shouldn't suffer they didn't do anything it doesn't teach anybody any lessons or anything it teaches the lesson is that if you run a bank and you just screw it up you still live you're still a rich guy and the clubs don't drop you and and the charity group some but asking it is our benefit the world goes on that is not a good lesson to teach people who are holding the behavior of the economy in their hands so I think there's some work to be done but I don't think it's it's not a difficult problem it's just we screwed up the answer and we screwed up the communication of it

如果以第一共和国作为例子，你可以看看他们的10k文件，就会发现他们提供了非政府担保的巨额按揭，有时以固定利率10年为期，然后再改为浮动利率，这是一个疯狂的建议，如果这对银行有利，那么他们会得到前来贷款的人，说我能以1.5%或1%的利率获得融资。如果局面反过来，那个人可以推迟10年不做出选择，你不能给他们这样的选择，但这正是第一共和国所做的，这是公开的事实，但世界忽视了这一点，直到它炸了，一些银行里内部人持有的股票被抛出去了，谁知道他们是有计划还是无心插柳，但你知道董事们不能在某本书或其他什么东西上阅读理解，但他们有权力让CEO对自己的行为负责，如果CEO把银行搞砸了，那么CEO和董事都应该承担责任，未来的股东不应该受到损失，他们没做什么，这并不能教会任何人任何功课，教训只是，如果你经营一家银行，你把它弄砸了，你仍然可以活得很好，你仍然是个富人，俱乐部不会淘汰你，慈善团体甚至还会请求给予帮助，但这给拥有经济领域命运的人教了一个不好的教训，所以我认为还有一些工作要做，但我不认为这是一个难题，只是我们搞砸了答案，也搞砸了传达答案的方式。

Charlie well I'm so fashioned that I kind of liked it better when banks didn't do investment banking that makes me very outmoded in the modern world and the country decided it was contrary to public interest for a while and then then the banks wanted to get back into it did they ever yeah no I mean I don't think having a bunch of bankers all of them were trying to get rich leads to good things but I think a banker should be more like an engineer he's more like in the avoiding trouble than he is getting rich and they could do fine they can do find that way and I think we're gonna be mistaken we create a bank where everybody who joins his plans to get rich you know it's a it's a contradiction and values and we came to that conclusion I don't want glass to go past or anything but but then they want to get back and how many of you know and I maybe I'm wrong on this I haven't looked lately but the Federal Reserve actually it was given the responsibility for setting margin requirements and they change margin requirements a lot of times

查理：我有点古板，更喜欢银行不进行投资银行业务时的情况。这让我在现代世界很过时。这个国家曾经认为这是违反公共利益的，因此一段时间内禁止银行进行投资银行业务，但后来银行想再次涉足投资银行业务。他们真的成功了吗？有好多银行家都想变得富有，这不会带来好的结果。我认为银行家应该像工程师一样，避免麻烦比变得富有更重要。这样他们可以做得很好。如果每个加入银行的人都计划变得富有，那么我们就犯了价值观上的矛盾。我们得出了这个结论。虽然我不想扯追悔过去的事情，但他们后来还是想回来了。我也许错了，不知道现在的情况，但联邦储备委员会确实负责设定保证金要求，而他们经常更改保证金要求。

Because it was known that people that borrow a lot of money cause a danger to the bank system you get too many in the picture and all of that sort of thing and what's happened the banks figured out a thousand different ways to get so you get borrow on a hundred percent margin you know I have different I mean through derivatives and everything they just totally distorted every all the lessons that were learned in the 29 crash and the magic taking banking into derivative trading who in his right mind would have allowed that yeah well there's more money and that's why they're in it yeah and and but it isn't necessarily a great social outcome for the rest of us that's what that's what those Senate committees decided back in 1931 and 32

因为人们知道那些借很多钱的人会对银行系统造成危险，所以你会看到很多这样的人，银行们想出了一千种方式来获取贷款，比如通过衍生品等，完全扭曲了1929年崩盘所学到的所有经验，银行们通过衍生品交易将银行业变成了神奇的贷款。谁理智的人会允许这种行为呢？是为了多赚点钱，但这不一定对我们其他人来说是一个很好的社会结果。这就是1931年和1932年那些参议院委员会所达成的决定。

and then in the late 1990s particularly I mean you know very decent people but you know Bob Roman and some of the people that you know they they said this is the modern world and here's what the modern world is turned out to hand us and banking banking can have all kinds of of new inventions but it needs to have old values and well if we don't we don't know what's going to happen you know because there are a lot of things that could happen out of the present situation depositors will not lose money stockholders and debt holders of the holding up and all they should lose money and the people borrowed on out on commercial real estate and now it isn't the loans aren't getting extended they should leave too bad I mean that's part of borrowing on 100% margin which is what people were doing I've been knowing on commercial real estate that you've got to have the penalties hit the people to cause the problems and if they took risks that they shouldn't have it it needs to fall on them if you're going to change how people are going to behave in the future

在1990年代晚期，特别是我指的是你知道的非常体面的人，但是你知道鲍勃·罗曼和一些人，他们说这是现代世界，这就是现代世界给我们带来的，银行业可以有各种新发明，但它需要有老价值观。如果我们不知道会发生什么，因为现在的情况可能会发生很多事情，存款人不会失去钱，持有者和债权人也不会失去钱，并且那些在商业房地产上借贷的人现在不再获得贷款延期，他们应该遗憾。我是说这是借贷100%保证金的一部分，这就是人们正在做的事情。在商业房地产方面我知道你必须对人们实施严刑去引起问题，如果他们冒险超过了自己的能力界限，那么这个惩罚就应该加在他们身上，如果你想改变未来人们的行为，这是必要的。

okay Becky this question comes from Davis Hans in Houston Texas he writes what do you think about the business models of the big banks as compared to the regional banks in the wake of the events at Silicon Valley bank and how does the perceived implicit guarantee of all deposits at all banks affect big banks and those regional banks yeah well I I can say this if you found if you follow sound banking methods which means not doing some things that other people do a bank could be a perfectly decent investment in fact Charlie and I once me originally in six nineteen sixty nine we bought a bank at Berkshire and we had nineteen million dollars invested in that bank and we had seventeen million I think invested in our insurance companies

好的，贝基，这个问题来自德克萨斯州休斯顿的戴维斯·汉斯，他写道:“您认为大型银行与地区银行的商业模式相比如何？在硅谷银行事件之后，所有银行存款的隐含保证如何影响大型银行和地区银行？”嗯，我可以这样说，如果你遵循健全的银行方法，也就是不做一些其他人做的事情，银行可能是一个完全正当的投资。实际上，查理和我在1969年曾经收购了一家银行，投资了1900万美元，我们在保险公司中投资了1700万美元。

and if the banking holding company act of nineteen seventy hadn't been passed we might have ended up owning a lot of banks instead of a lot of insurance companies we were looking at more banks and Harry keep was taking us around Chicago and there were other things we could do and then Bingo they passed the nineteen seventy bank holding company act and we had to divest ourselves of that bank in in in ten years which we never had a bad death oh it never had an unnecessary cost it made nothing but money with no risk it never presented any deposit insurance risk of the government zero it was a lovely sound constructive institution in this community and any person who ready to deserve credit could get credit and we were going to buy more banks and we were forced out of it and we were going to buy more banks and we bought more banks we probably wouldn't be expanded the insurance business but you know the law changed and so we divested and we done okay

如果1970年的银行控股公司法案没有通过，我们可能会拥有很多银行，而不是很多保险公司。我们本来正在考虑更多的银行，哈里·基普（Harry Keep）带我们在芝加哥周围转，还有其他的事情可以做，但是然后，1970年银行控股公司法案通过了，我们必须在十年内剥离那个银行，我们从未有过不良的记录，没有产生不必要的成本，纯赚钱，零风险，也没有给政府带来任何存款保险风险。它是社区中美好的、有建设性的机构，任何值得信任的人都能获得信用。我们本来要买更多的银行，但被迫剥离了，然后我们又买了更多的银行，也许我们不会扩大保险业务，但你知道，法律改了，所以我们剥离了，我们也做得很好。

And insurance but banking was more attractive to us it was bigger than there were more targets to buy and you could run a perfectly sound bank then and no negotiable social evidence of all these things all the inventions that came later and you could still run it today and you could earn you know a lot you could earn good money very good money and we didn't we would have found more banks but we're precluded from doing that and we sold banks bank stocks in the last while we sold them first when the pandemic broke out and then we sold some more in the last six months and we don't know where the shareholders of the big banks necessarily or the regional banks or any but are heading I've got my bank I've got my own personal money and I'm probably above the FDIC limit and I've got it with a local bank and I think I don't worry about it in the least but in terms of owning banks events will determine their future and you've got politicians involved you've got you've got a whole lot of people don't really understand how the system works and I would say that you've had something less than a perfect communication between various people and the American public so the American public is probably as confused about banking as ever and that has consequences and nobody knows what the consequences are because every event search recreating a different dynamic I mean in physics you know that Pi is going to be 3.14 you know infinite number numbers after that but no matter what happens but you don't know what has happened to the stickiness of deposits all they got changed by 2008 it's got changed by this I mean it and that changes everything and so we're very cautious in a situation like that about ownership of banks and we we we do remain with one bank holding a deal but we originated that deal and with the Bank of America and I like Bank of America I like I like the management and I propose the deal to them so I stick with it but do I know how to project out what's going to happen from her the answer is I don't because I've seen so many things in the last few months which really weren't that unexpected to me to see but which reconferred my belief that the American public doesn't understand their banking system and some people in Congress perhaps don't understand it anymore than I understand I don't understand what the spaceships call I mean there's all kinds of things I don't know about but if you're in Congress you take a position on everything and sometimes it's your advantage if you really understand it not to say exactly what you what you feel and and here we are Charlie

保险行业也很有吸引力，但银行业更加吸引我们，因为它更大，有更多的投资目标，并且你可以经营一个完全健康的银行，没有这些后来出现的各种发明和可转让的社会证据，今天你仍然可以经营它，并且可以赚取很多钱，非常不错的钱。我们本来会找到更多的银行，但我们被禁止这样做，我们在过去的一段时间里出售了银行股票，首先是当疫情爆发时，然后在过去的六个月里又卖了一些，我们不知道大银行或地区银行的股东将朝向哪个方向。对于拥有银行的事件，将决定它们的未来，而你会涉及到政治人物，你会涉及到许多人，并不真正了解系统是如何运作的，我认为各个人之间的沟通不够完美，美国公众对银行业可能一如既往地困惑，这将产生影响，因为每个事件都会创造出不同的动态，就像在物理学中一样，你知道圆周率将是3.14，你知道这个数字后面有无数个数字，但无论发生什么事，你都不知道存款的稳定性发生了什么变化，它们可能因2008年变化了，也可能因其他因素而变化，它改变了一切，因此，在这种情况下，我们对银行所有权非常谨慎，我们仍然与一个银行控股关系，但那是我们自己创立的交易，与美国银行的交易，我喜欢美国银行，我喜欢管理层，我向他们提出了这个交易，所以我坚持这个决定，但我不知道如何预测未来会发生什么，因为在过去几个月里，我看到了许多事情，这些事情对我来说并不意外，但它们印证了我的信念，即美国公众不了解他们的银行系统，一些美国国会议员或许也不比我更理解它。我不知道太空飞船叫什么，因为有许多事情我不了解，但是如果你在国会里，你需要对每件事都有一个观点，有时如果你真正理解它，就不要说出你真正感受到的所有事情。

yeah well a lot has happened in Bank of America in my lifetime I welcomed all that early banking of the deserving immigrants by the early Bank of America and I think all the credit cards when they came in as original bank cards were a great contribution to civilization and but the game here gets in the market looks like investment banking the last time I get as a citizen I don't want I have always I am deeply distrustful situations of which everybody wants to get rich and envy's everybody else I regret that atmosphere is utterly toxic and the people who like one story which is again a true story and I'm not naming the name and it wasn't Pete Jeffries because he might fit this name but it wasn't Pete but our hero Jean A. Beck was going to retire at some point and so we we hired a future replacement it's got a little problem I talked before about having the perfect business and now we're gonna bring in somebody we actually bring in somebody that went to Central High with Charlie although I class yeah and Charlie didn't know I was picking out this guy he wasn't he'd ask me we wouldn't I heard him well I sure I probably wouldn't hired anybody but that's another question but this guy comes over a perfectly decent guy but presentable it looks like a banker and everything and of course the first thing he wants to do we've got this wonderful bag but we have the crumbiest looking building in Rockford and we don't need a great building we just need a great banker and natural this guy wants to build a new building and because we were the most profitable bank but we didn't look like we were the most profitable back so I told him he could have any building you wanted as long as it was not higher than I had to be shorter than than our nearest competitor he lost interest totally he wanted to be at the top floor of the biggest building in town and I told him he could horizontally do anything he wanted but he couldn't do it vertically it taught me a lot about the guys motivations in life and he didn't end up running the bank anyway that's all I know about bagging probably more

在我一生中，美国银行发生了很多事情。我欢迎早期美国银行为应得的移民提供的所有银行服务，我认为当信用卡首次出现时，它们作为最初的银行卡为文明作出了巨大贡献。但现在市场上的事情看起来像是投资银行业务了，最后一次作为一个公民的经历让我不想再去参与。我一直深深地不信任任何人想要变得富有并羡慕其他人的状况。我遗憾的是，那种氛围是极其有害的，而那些喜欢一个故事的人，这个故事是真实的，我不会说出名字，但这不是Pete Jeffries，因为他可能适合这个名字，但不是Pete。我们的英雄Jean A. Beck有一天会退休，所以我们雇佣了一个他未来的继任者，但这有一个小问题。我之前曾谈过拥有完美的业务，现在我们要引进一个新人，实际上他是去了中央高中和Charlie同班的。当时Charlie不知道我选了这个人，他问过我，我们在招人的时候，我听过他的声音，他很不错，但他想要的第一件事情是我们现有的这座建筑物不够好看，我们不需要一个很棒的建筑物，我们只需要一个很棒的银行家，但这个家伙想要建造一个新的建筑，因为我们是最有利可图的银行，但看起来我们并不是最有利可图的，所以我告诉他，他可以建造任何建筑，只要不比我们最近的竞争对手更高，他完全失去了兴趣，他想要在城里最大的楼顶。我告诉他，他可以横向做任何事情，但他不能垂直做，这教会了我很多关于这位男子人生动机的事情，他最终也没有成为银行的经营者。这就是我知道的关于银行的事情，可能还有更多。

Station three

第三个站点： 欢迎来到第三个站点。这里有许多有趣的活动和景点等着您，可以让您度过一个愉快的时光。 在这里，您可以欣赏到迷人的自然风景和美丽的建筑，还可以体验各种刺激和有趣的游戏。我们提供多种多样的活动，无论您是想挑战自己，还是想放松心情，都能找到合适的活动。 让我们一起来探索这个神秘的站点吧！

Mr. Buffett and Mr. Munger hi my name is Daphne I'm 13 years old and this is my six annual Berkshire halfway Shen and I've had the privilege to ask you both questions and years passed my question for you today is the following as you know the US national debt is currently at an estimated 31 trillion dollars making up about 125 percent of the US GDP in the meantime over the past few years the federal reserve has telegraphed that they intend to monetize the debt by printing trillions of dollars even as they insist that they're fighting inflation already other major economies in the world such as China Saudi Arabia and Brazil are moving away from the dollar and anticipation of this my question is are we likely to face a time in the future when the US dollar is no longer the global reserve currency how is Berkshire prepared for this possibility and what can we do as American citizens to attempt to shelter ourselves from what's beginning to look like the beginnings of de-dollarization

巴菲特先生和芒格先生，你们好。我叫达芙妮，今年13岁了，这是我第六次参加伯克希尔股东大会，我一直很荣幸地能够向您们提问。今天我想问的问题是，您们是否知道美国国家债务目前估计为31万亿美元，约占美国GDP的125%。与此同时，过去几年来，联邦储备已经传达了他们打算通过印刷数万亿美元来货币化债务的意图，即使他们坚称已经在对抗通胀。与此同时，世界上其他主要经济体如中国、沙特阿拉伯和巴西都在减少对美元的依赖。出于这个原因，我想问，我们是否有可能在未来面临美元不再是全球储备货币的时期？伯克希尔准备好应对这种可能性了吗？作为美国公民，我们该怎么做才能避免让自己陷入逐渐走向去美元化的危险呢？

well I should ask you to come up here and answer some questions I mean it's very interesting I mean we are the reserve currency I see no option for any other currency to be the reserve currency and I think that nobody understands the situation better than Jay Powell and I but he's not in control of of physical policy and every now and then he drops a few hints and there was no question that when the when when when the pandemic broke out I mean it was a semi-war like situation but nobody knows how far you can go with the paper currency before it gets out of control if and particularly if you're the reserve world reserve currency nobody knows the answer to that and you don't want to try and pick out the point it does become a problem because then it's all over and I think we should be very careful I mean you know we all learned Keynesianism and we played in World War II to the advantage of the country and we did every we couldn't we could to prevent inflation during the war and then war ended in August of 45 and I think in January 46 and I'm not giving you exact figures at all now but in January 46 I think the rate of inflation was it you know something like 1% or thereabouts and by the end of the year I think it was at like 15% and again I'm doing this from long memories but but it's it's easy for America to do is a lot but if we do too much it's very hard to see how you recover once you let the genie out of the bottle and people lose faith in the currency and they behave in an entirely different manner then they do when they feel with if they put some money in the bank or have a pension plan or whatever it may be that they're going to get to something with roughly equal purchasing power and it just changes the economy and all kinds of things can happen then and I can't predict them and nobody else can predict them but I do know they aren't good and we will see and I do this as I'm you know I voted for both parties and it's it's it's not limited to politicians to be the party or anything of the sort people take positions some of them understand what they're doing some don't understand what they're doing and you know if they put me on some medical board I don't understand what I'm doing you know I it's not that there's nothing wrong with the fact that you that you can't master everything you can all be Isaac Newton but you can't go around pretending you do or making decisions on it and and we are not as well off in relation to curbing inflation expectations which become self-fulfilling and we are not as well off as we were earlier and the butcher is better prepared than most investments for that kind of a period I said this in the annual report but we aren't perfectly prepared because there's no there's no way to perfectly prepare you don't know what course of action will occur and it's a very political decision now it's a tribal decision to some degree and you'll hope for leadership that that's actually will do something recognizes the problem and America's an incredible society rich you know we got everything going for us but that doesn't mean we can just print money indefinitely but as as that and it'll be interesting to see how it turns out

我应该要求你来这里回答一些问题，这很有趣，我们是储备货币，我没有看到其他货币有成为储备货币的选项，我认为没有人比杰伊·鲍威尔更了解这种情况，但他并不能控制实际政策，每隔一段时间他会透露一些暗示，在疫情爆发时，毫无疑问这是一种半战争情况，但在纸币失控之前，没有人知道你能走多远，特别是如果是全球储备货币者更是如此，你不想尝试挑选它成为问题的那一点，因为一旦这个问题出现，就会结束，我们应该非常小心。我们都学过凯恩斯主义并在第二次世界大战中为国家的利益而战，我们尽力避免通货膨胀，战争于1945年8月结束，但我认为在1946年1月，通货膨胀率约为1％左右，到年底时，我认为它达到了15％左右。我记忆中的数字可能不太准确，但是如果我们做得太多，那么一旦你放出瓶中精灵，人们就会失去对货币的信任，他们的行为方式会完全改变，与他们将钱存入银行或有养老金计划等情况时大不相同，这会改变经济，所有种种事情都可能发生，我无法预测它们，也没有其他人可以预测它们，但我知道它们不是好事情。我们会看到，我做出这个决定并不是出于政治立场或任何其他原因，人们会采取某些立场，其中一些人知道他们在做什么，另一些则不知道，如果他们让我加入某个医疗委员会，我不知道我在做什么，这并不是说你不能掌握所有东西，你不能都像艾萨克·牛顿那样，但你不能四处逞强或做出决定。与之前相比，我们没有表现得很好，以控制通胀预期，这些预期成为自我实现，除了屠夫，我们没有进行过更好的准备应对那种时期，我在年度报告中说过这句话，但我们并不是完全准备好了，因为没有任何办法能够完全准备好，你不知道会发生什么，这是一个非常政治的决定，现在是一个部落决定，在某种程度上你希望有领导来做出一些积极的反应，认识到这个问题，美国是一个不可思议的社会，我们拥有一切，但这并不意味着我们可以无限制印刷货币，但就像那样，它会很有趣，看看它最终如何解决。

Charlie, well at some point printing money to buy votes will be counterproductive yeah and we don't we don't know exactly where that comes and something is going to be dangerous and unproductive you ought to keep it a fair distance away.

查理，用印钞票来买选票在某些时候是适得其反的，而我们不知道这个点在哪里，这件事会很危险、无效，你应该保持一定的距离。

Now if you have a culture that is exceptionally strong like Japan they have done some strange things there but they couldn't have been a reserve currency no of course not and but Japan bought back most of the national debt and most of the lot of the Collins talks and debt it just the Federal Reserve on spread of everything in Japan and the country's working it's in and 30 years of economic stasis but it's not going to help.

现在，如果你拥有像日本这样特别强大的文化，他们在那里做了一些奇怪的事情，但他们不可能成为储备货币，当然不可能。但是日本收回了大部分国债和很多Collins talks和债务，只是联邦储备银行在日本推广各种东西，而国家正在运作，经历了30年的经济停滞，但这并没有帮助解决问题。

I really admired Japan and but I don't think we should try and imitate it I don't think we're as good as Japan at taking they have a cohesive culture and we don't. Charlie that's exactly right in Japan everybody's supposed to suck up and cope and in America we go play so I hope you come next year with a tougher question and thank you.

我非常钦佩日本，但我认为我们不应该试图模仿它。我不认为我们在接受事物方面像日本那样好，他们有着一种内聚力强的文化，而我们没有。查理，你说得很对，在日本，每个人都应该逆来顺受，而在美国，我们会去游戏。我希望你明年能问更有挑战性的问题，谢谢。

I predict I would love to be being born again today in the United States I mean we we can do a we can do a lot of them things and get away with it we can't do an unlimited number there are people who care about that and you know you have to be willing to be extraordinarily unpopular.

我预测我会很喜欢今天重新在美国出生，因为我们可以做很多事情而不被惩罚，但我们不能无限制地做，因为有关心这些事情的人存在，你必须愿意成为极不受欢迎的人。

I mean Paul Voker there were there are other Federal Reserve tear people that would not have not have done what they did it's just it's too uncomfortable and there used to be a politician in Nebraska and if you ask them some really tough question like you know how do you stand on abortion or he would look you right in the eye say I'm all right on that one and then he move next well that's what people have done basically on inflation and they they one way or another they they say I'm all right on that and then they they don't really think about what the consequences of their actions could be particularly.

我的意思是，保罗·沃克尔在那里，还有其他联邦储备委员会的人不会做他们所做的事情，因为这太让人不舒服了。以前，内布拉斯加州有一位政治家，如果你问他一些非常棘手的问题，比如你对堕胎的立场如何，他会直视你的眼睛说：“在这个问题上我没问题”，然后他就会继续下一个话题。这基本上就是人们在通货膨胀方面所做的事情，他们或多或少都是说“这个我没问题”，然后他们实际上并没有考虑到他们行动的后果可能会是什么样的。

And it's so much fun to there's 435 of you to just be one of 135 instead of being the person actually responsible anyway I am still next to the question of two superpowers and when you get into really destroying a planet destroying the reserve currency of the world when there's really no substance and forget about all the toys you know with with I mean it's a joke to think of any tokens or that sort of that that that's madness but but it's also madness to just keep printing money yeah and we know how to do it and we actually came from a money printing money printing economy in world or two which was required and we suffered significant inflation the price level.

在其中有435个人，身为其中的135个人，仅仅是其中之一，而不是真正负责的那个人，实在是太有趣了。无论如何，我仍然站在两个超级大国的问题上。当你开始真正的摧毁一个星球，毁掉世界储备货币时，当实际上没有任何实质东西，而且忘记所有那些玩具，你知道它是一个笑话。想起来任何代币或那种事情都是疯狂的，但是仅仅不断印刷钱也是疯狂的。我们知道如何做到这一点，我们实际上来自于一个二战时期的印钞经济，这是必要的，我们遭受了显着的通货膨胀价格水平。

I mean there's a million ways to judge it but maybe ten times what it was or something like that well that's that's getting close to the edge of where you don't want to you don't want all dollars anyway I want to hold something else my whole real estate you want to hold an interest in a business there's a lot of good your best your best defense is your own earning power if you're the best doctor in town if you're the best lawyer in town if you love us teacher in town or even if you love 10th best you're gonna make a good living I mean you know the economy is productive and you will succeed with your towns but you won't succeed by hoarding dollars you'll just be you'll just succeed by the fact that you're your value to the community which is a rich community overall is sustained and so the best investment is always in yourself that that's the answer I would give you.

我的意思是，有很多方法来评价它，但或许现在它的价值是以前的十倍左右，这也已经接近你不想要拥有所有美元的边缘了。不管怎样，我想要持有的是别的东西，比如房地产或者持有一个企业的股份，因为这些都是非常有价值的。而你最好的防御就是自己的赚钱能力。如果你是城里最好的医生、律师、教师或者即使是城里第十名，你都会有好的收入。因为经济很有生产力，你会在你所在的城市里取得成功，但你并不会因为囤积美元就成功，你只有成为这个社区真正有价值的人才会获得成功，因为这个富裕的社区需要你。所以最好的投资永远是投资自己，这就是我会给你的答案。

Well we have a situation where we've learned to print money in gobs and a big chunk of our young people go right into wealth management this is like we did like we did yes we've been bad examples and I want to say that I didn't realize wealth friends won't get so big when I went into it and I don't apologize for what's happened yeah well anyway you did well back he.

我们目前面临的情况是，我们已经学会了大量印制货币，而我们年轻人的很大一部分直接进入了财富管理行业，这就像我们曾经做过的一样。是的，我们是不好的榜样，我想说的是，当我进入这个行业时，我并没有意识到财富管理会变得如此巨大，我不为所发生的事情道歉，是的，不管怎样，你做得很好。

This question comes from Gary Gambino in Parma Ohio who says he's been a Berkshire shareholders since 2004 he says the amount paid this year for the 41.4% stake in pilot values the. entire company at around 19 billion dollars that's about six times what BP is paying for travel centers of America but pilots market share is just three times travel centers of America's was it a big mistake to base the final price on 2022 earnings which has unusually high fuel margins well that's a very good question the answer is that we arranged to buy it in three stages with the third stage being at the option of the owner of 20% the first stage we we bought what turned out to be a very attractive price the second stage turned out to be a very good year for the diesel business which means that the seller got a very good price and I would say that overall we feel very good about the fact we only 80% as a price that we do but we would have rather own better if we just bought the 80% to start with and the last 20% the seller has the option and that's always an intelligent way of structuring something we've had that arrangement with other while we've dealt with the furniture mark we bought 80% of the furniture mark on August 30th 1983 almost 40 years ago and it's worked out perfectly but when you give the other person the option they've got some advantage we we we have 80% now of a business we like very much and the comparison to travel America is really curious because travel America not only much smaller but they they run all the problems we have hundreds and hundreds of locations on the interstate they're zone for what we commercial the can maybe 15 acres or there's nothing like it and they're not going to move the interstate two miles to the right or something and you know everything was sort so we've got a position that that you know BP may or may not have made a fine deal I've read the perspectives and I can understand I mean it's a big big source of output for BP but I like I like the management we have had at the pilot I like very much the fellow who's coming in that's the new CEO I just have to tell you a little bit about Adam right who's taking that job I he came from Omaha he wasn't sorry because he came from Omaha he came from Omaha he came from North high that a public school that my wife graduated from I've got grandchildren that graduated from there he went to the University of Nebraska almost set the rushing record and football which will never be beaten because they've given up football but I think he rushed from maybe 3600 he held three jobs while he went through there he didn't turn to mid-American 20 years ago his mother worked to put him to school I mean it's just it's a ratio of your squared and we have him the the managed pilot and the assholes have given us a wonderful business they're a big gem and I would he my vintage I mean great people and here we are and I'm glad I'm very glad we own pilot I just wish we bought a hundred percent

这个问题来自俄亥俄州帕尔马的加里·甘比诺，他说他自2004年以来一直是伯克希尔的股东。他说今年为Pilot 41.4%的股权支付的金额将整个公司估值约为190亿美元，这大约是英国石油公司支付美国旅游中心的六倍，但是Pilot的市场份额只有美国旅游中心的三倍。是否基于2022年的利润来确定最终价格是一个很大的错误，因为该年的燃料利润异常高呢？那是一个非常好的问题，答案是我们安排了三个阶段来购买，第三个阶段是拥有20%所有权的人的选择。第一阶段，我们以一个非常有吸引力的价格购买了它。第二阶段，柴油业务表现非常好，这意味着卖方获得了非常好的价格，我认为总体上，我们感觉非常不错，因为我们只支付了80%的价格，但如果我们从一开始就购买了80%，我们更愿意拥有所有权。最后的20%由卖方选择，这总是一种智能的结构方式。我们曾经在家具市场与其他人达成过这种安排。我们在1983年8月30日购买了Furniture Mark的80%，快40年了，一切都进行得很完美。但是当你给对方选择时，他们会有一些优势。现在，我们拥有一家我们非常喜欢的公司的80％，与美国旅游中心的比较真的很奇妙。旅游中心不仅规模要小得多，而且他们遇到了所有的问题，我们在联邦公路上有数百个地点，专门用于商业，可能15英亩或者根本没有这样的地方，他们不会将联邦公路移动两英里到右边或者其他的。你知道一切都是合法的。我们拥有了一个位置，你知道英国石油公司可能交易得好也可能交易不好，我已经阅读了相关的透视图，我可以理解，因为这对BP来说是一个很大的产出来源，但是我喜欢我们在Pilot拥有的管理层，我特别喜欢将要接任的新CEO亚当的。我来告诉大家一点关于亚当的事情，他来自内布拉斯加州奥马哈。我不是因为他来自奥马哈而惊讶，我太太毕业于那里的公立学校，我有孙子孙女在那里毕业，他上了内布拉斯加大学，几乎创造了足球比赛的冲锋记录，这个纪录永远不会被打破，因为他们已经放弃了足球，但我认为他冲过了大约3600码，他一边上学一边拥有三份工作，而他在那里 。他不到20年前加入了中西部银行，他的母亲为让他上学而工作，这真是了不起。我们拥有管理Pilot的亚当，他和他的团队给我们带来了一家精华非常大的公司，是一个完美的珠宝。他们是非常棒的人，我很高兴我们拥有Pilot，只是我希望我们能买下一百％。

I first made the deal was that was not the deal it wasn't for sale it wasn't for sale yeah and and incidentally we the last 20% of of the furniture mark wasn't for sale when we bought we bought 80% of it and that's worked out well and and we've we've done various deals various ways the best way to do it is just write people to check and and get the stock but we did that with TTI but you can't always make the same deal we make if we like the business well enough and the people well enough we we will tailor it differently but our preferences to write a check and on the whole place and and keep the management in place it's really wonderful to watch something like Adam right work I mean that basically you know I don't know what his mother was earning but but he went to North High which is probably four or five miles from here public school graduate and worked his way up went for a short period of Pacific gas and electric and we brought him home the Ron pilot and pilot well pilot the prices on diesel were way different I should have brought pilot close to 80 billion of sales last year but more normal prices it's it's significant and you know it's half that or thereabouts maybe a little more but he is I don't know how old Adam would be but it's in his 40s and and he came up through he came up through the organization that Greg able to involve with and now here is running up our major business it's good I'd prefer to be able to do that and I don't you know somebody else may have gone to Warpust to just business schools I think so what you know we see what Adam can do

我第一次达成的交易是不是真正的交易，那不是待售的物品，而且，顺便说一下，我们在购买时，最后20%的家具标记不是待售的。我们买下了其中的80%，这个决定效果很不错。我们以各种方式进行过多种交易，最好的方式是直接写支票取得股票，但我们在TTI时就无法按照同样的交易方式进行。如果我们足够喜欢这个业务和人员，我们会采用不同的方式来定制交易，但我们更偏向于写支票以及保留管理层，观察像亚当这样的人工作真是太棒了。我不知道他母亲挣了多少钱，但他毕业于North High，这里离我家大概四五英里，是公立学校毕业的，并顺利地向上爬升，在太平洋煤气电公司工作了一段时间，我们带他回家，他曾担任飞行员。当柴油价格相差很大时，缆车价格也变化很大。丹尼尔斯的销售额去年接近80亿美元，但以更正常的价格计算，差不多一半多一些，他不知道亚当现在多大年纪了，但他已经40多岁，直接通过Greg介绍进入了公司，并现在已主管我们的主要业务。我很开心能够这样做，并不一定是某些企业学校毕业的人能够达成所期望的成就，我认为我们可以看到亚当所能做的。

Okay station for good afternoon Mr. Buffett, Mr. Munger. My name is JC, I'm 15 years old and I'm from Ohio. This is my fourth in-person Berkshire meeting. I have a lot of passion learning from your speeches, interviews, and articles. Thank you for sharing your wisdom all the time. Mr. Buffett, in your annual shareholder letter this year, you said that Berkshire's journey consisted of continuous savings, the power of compounding, the American tailwind, and avoidance of major mistakes. You have humbly admitted in the past that you have made many mistakes, but this is the first time that major mistakes stood out to me. Could you please advise us on what major mistakes we should learn we should avoid in both investing and in life? I would also like to have Mr. Munger's thoughts to please. Thank you very much.

尊敬的巴菲特先生和芒格先生，下午好。我是JC，来自俄亥俄州，今年15岁，这是我第四次参加伯克希尔股东大会。我非常热爱从你们的演讲、采访和文章中学习，感谢您们一直和我们分享智慧。巴菲特先生，在今年的股东信中，您提到伯克希尔的旅程包括持续储蓄、复利的力量、美国的有利环境以及避免重大错误。您曾经谦虚地承认自己犯了很多错误，但这是我第一次注意到您提到了“重大错误”。请问您可以给我们一些建议，让我们在投资和生活中避免这些重大错误吗？我也很想听听芒格先生的想法。非常感谢。

"Well, the mayor Charlie, Charlie said the major mistake you make of that, you know you're lucky being in the United States to go around the world. You don't have a lot of choices some in some places, but what you should, you should write your obituary and try and figure out how to live up to it, and you know that's something you get wiser on as you go along. The business mistakes you just want to make really don't make any mistakes to take out of the game or come close to taking out of your game. You should never have a night when you're worried about investing. I mean, you still don't have any money to invest at all, and you should, you should, you should spend a little bit less than you earn, and you can spend a little bit more than you earn and then, then you've got that, and the chances are you'll never get out of that. I'll make an exception in terms of a mortgage on your house, but credit card debt, and we're in the credit card business big time, and the world will stay in the credit card business, but why get behind the game, and if you're effectively paying 12 or 14 or whatever percent you're paying out of credit card, you know you're saying I'm gonna earn more than 14 percent of money, and if you can do that, come to Berkshire out of the way. So, I hate to say this with Charlie's around me, but it's straight out of Ben Franklin, and it's not, it's not. It's not that complicated, but you well I'll give you a couple of lessons on you know Tom Murphy, the first time I met him, said two things to me said you know we still someone to go to hell tomorrow, well, that was great advice then, and think about great advice it is.

“市长查理说了你犯了一个很大的错误，你知道你在美国很幸运能够周游世界。在某些地方，你没有太多的选择，但你应该写下你的讣告，试着想出如何实现它，你会随着时间变得更加明智。你所犯的商业错误，你只是为了避免被淘汰出局或接近淘汰出局而不会犯任何错误。你永远不应该有一个晚上感到担心投资。我的意思是，你仍然没有任何资金可以投资，你应该花一点时间比你赚的少，你可以花一点比你赚多，然后你就有了。除了房屋抵押贷款，我会例外，但信用卡债务，我们在信用卡业务中占有很大地位，而且世界将继续保持信用卡业务，但为什么要落后呢？如果你实际支付的信用卡利率为12%或14%，你知道你要赚比14%更多的钱，如果你能这样做，请到伯克希尔公司。我很抱歉在查理在我身边的情况下说这话，但这是本富兰克林的老道理，它并不复杂，但我会给你几个指导，就像我第一次遇到汤姆·墨菲（Tom Murphy）时，他对我说了两件事，他说我们仍然需要有人明天去地狱，这是很好的建议，思考一下这个建议有多好。”

When you sit down on the computer and screw your life off forever by telling somebody to go to hell or something else in 30 seconds and you can't erase it and you know you haven't lost the option, you know and and and and he said you know praise praise my name criticized by category. Well, what what makes more sense than that? I mean who do you like the criticizes you all the time and you don't need didn't you don't need to vilify anybody to make your point on on on some of your discussion and and and then they give you another general piece of advice. I've I've never known anybody that was basically kind that died without friends and I've known plenty of people money that died without friends including their family, and but I've never known anybody and and, you know, I've seen a few people including Tom Murphy senior and maybe junior who's here, but certainly his dad, he, I never saw him, I watched him for 50 years. I never saw him do, and I'm kind. I didn't seem to win very many stupid actually there, I mean it wasn't he was not discriminating. He just, he just, he just decided that there's no reason to do it, and wow what a difference that makes in life trying.

当你坐在电脑前，在30秒内对某人说去死之类的话，却无法删掉且知道你没有失去这个选择时，你知道，他说过你赞扬我的名字，按类别批评。那又有什么比这更有意义的呢？我的意思是，谁会喜欢总是批评自己的人，你并不需要谩骂任何人来表达自己的观点。然后他们给你另一个一般性的建议，我从未见过一个基本上善良的人死了却没有朋友，我认识很多没朋友的人，包括他们的家人，但我从未见过一个人，你知道的，我见过一些人，包括Tom Murphy senior，可能还有junior在这里，但当然是他的父亲，我观察了他50年，我从未见过他做过什么不友善的事情。我似乎在智商方面并不太赢，但他并不歧视，他只是决定没有理由这么做，在生活中这是多么大的一个区别。

Well, it's so simple to spend less than you earn and invest, rudely, and avoid toxic people and toxic activities and try and keep learning all your life, etcetera, etcetera. And do a lot of deferred gratification because you prefer life that way, and if you do all those things, you are almost certain to succeed, and if you don't, you're gonna need a lot of luck. A lot of luck and you don't want to need a lot of luck. You want to go into a game where you're very likely to win without having any unusual luck. I'd add one more thought to it. You need to know how people can manipulate other people, then you need to resist the temptation to do it yourself. Oh yes, the toxic people who are trying to fool you or lie to you, who aren't reliable meeting their commitments. A great lesson of life is to get them, a hell, out of your life, yeah, and do it fast, do it fast. And I would add, but try, what. Don't agree with me, do it tactfully possible too, but do get about your life, yes, yeah.

好的，花费少于你挣的钱并投资，避免有毒的人和有毒的活动，尽力终生学习等等，这些都是非常简单的。而且，要有很多延迟满足的行为，因为你喜欢这样的生活方式。如果你做到所有这些，你几乎可以肯定会成功，而如果你不这样做，你就需要很多运气。很多运气，你不希望需要很多运气。你希望进入一个你非常可能赢得比赛的场地，而不需要任何不寻常的运气。我还要加一点，你需要知道人如何操纵其他人，然后你就需要抵制自己去这么做的诱惑。噢，是的，有毒的人试图愚弄你或对你撒谎，他们不能可靠地履行承诺。生命的伟大教训是将他们排除在你的生活之外，并且要快速行动。我还要补充一句，但请试着用最得体的方式去做，但是请确实开始你的生活。

I don't mind a little tact or even a little financial cost, but the question is getting in my hell out of the law.

我并不介意一点点策略或甚至一点点经济成本，但问题是这让我感到极其烦恼，与法律有关。

Okay, Becky. Alright, this comes from Roger Lee Town. He says, "My name is Roger from Hong Kong, a long-term shareholder of Berkshire, admire and follower of Mr. Buffett's and Munger's wisdom and principle. Both of you have said before that the most difficult problems in life are always people problems."

好的，贝基。这条信息来自李罗杰。他说，“我是来自香港的罗杰，是伯克希尔的长期股东，也是巴菲特先生和芒格先生智慧和原则的崇拜者和追随者。你们两个曾经说过，生活中最棘手的问题永远是人际关系问题。”

One of the key lessons you have learned to be able to live a happy life and a successful life is to stay away from negative people my question is what to do if those negative people are your families the people whom you can't simply stay away from yeah you minimize it but you can no that I mean there's no question about it Charlie Gavin Edshaw I thought was a master of tact the other day when he says you always don't know how to interact with people and behave well it says of course you have to make something substance your family but it was but it's true and you know you really I don't know what it's like to have you know a drunken you know bullish probably father but parents just generally I mean it you know how do you handle it it's very interesting that the MacArthur family very famous John MacArthur the battle set up the MacArthur Foundation had five kids and four of them turned out to be superstars of one sort or another and they had this crazy I generate drunken father but they all decided the thing to do was to get the hell out of the house and so yeah this the father of the van MacArthur Foundation that did that along with three of the siblings out of five so you know I I was lucky I mean Charlie was lucky and it you know if you if you have a I mean our father saw probably of shortcomings and and and and both of us but you know it would still be there for us and if you have one that won't be there for you you know I it's a very tough problem and I think one way or another I probably would have gotten through with that through that if I had that situation but I don't think I think my life would have been a lot different Charlie I have no idea where we're okay station five hey Warren and Charlie good afternoon my name is Sudhakarity and a pretty I'm from Bentonville Arkansas home of Walmart I'm here shareholders since 2019 and my daughter sar shareholders since 2020 my question is this is my first time coming to shareholders and my question is Walmart Walmart and Berkshire at the has very great relationship with BNSF McLean and consumer goods like fruit of the looms and granemals and etc.

你学到的关键教训之一，能够过上幸福和成功的生活，就是远离负面的人。我的问题是，如果这些负面的人是你的家人，你不能轻易地离开他们，你最多只能尽量减少接触，但是你知道，这往往是不够的。查理·芒格·艾德沙说得很对，他是一个掌握着尊重待人接物的大师。他说：“当然你需要与家人保持亲密的关系，但是你需要做出一些实际的事情。”但是这是事实，你真的不知道像一个喝醉酒的讨厌的父亲之类的人是什么样子，父母们通常都是这样的，你如何处理这个问题，很有意思的是麦克阿瑟家族，非常有名的约翰·麦克阿瑟家族设立了麦克阿瑟基金会，有五个孩子，其中四个都成为了某种方式的超级明星，他们有一个疯狂的，常常喝醉酒的父亲，但是他们都决定离开家，只有麦克阿瑟基金会的父亲和其他三个孩子留了下来。所以你知道，我很幸运，我和查理也很幸运，我们父亲肯定有缺点，但是他总是会在我们身边，如果你有一个不能在你身边的父亲，那么这是一个非常棘手的问题，我认为我或多或少都能处理好这种问题，但是我相信我的人生会有很大的不同。关于沃尔玛公司和伯克希尔公司与BNSF McLean和消费品像“水果裤”和格兰那姆牌的关系非常好，请问您对此有何看法？

My question is, Granemals is exclusively sold at Walmart and Fruit of the Loom is sold at many other retailers. How does Berkshire Hathaway decide which items are sold at some retailers exclusively versus others sold at many retailers? Well, that's a good question. But obviously, you'd love to control if you have a product. You'd love to control the distribution and you're probably going to get better gross emergence if they ask for you by name. I mean, they just had an article about Bernardo Arnold who is the LVM agent. You know he's got a blue box of Tiffany and the blue box itself means something. And Coca-Cola, the bottle meant something in the 1920s. I think there was a study of that kind of hoops shirt bottle and blindfolded very high percentage of the population could recognize it was Coca-Cola. One they can recognize not only the product but the container. You know you're going to have good gross margins.

我的问题是，Granemals只在沃尔玛销售，而Fruit of the Loom则在许多其他零售商处出售。伯克希尔·哈撒韦公司如何决定哪些产品只在某些零售商处独家销售，而其他产品在许多零售商处出售呢？嗯，这是一个好问题。但显然，如果你有一个产品，你会喜欢控制它的分销，如果别人能直接叫你的名字买你的产品，你很可能会得到更好的总利润。比如，他们刚刚发表了一篇关于LVM代理商Bernardo Arnold的文章。你知道，他有一盒蒂芙尼的蓝盒子，这个蓝盒本身就有特殊的意义。可口可乐，在20世纪20年代，瓶子本身就有意义。我认为有一项研究，对这种带环形状的可口可乐瓶子进行蒙眼测试，很高比例的人可以认出它是可口可乐。如果人们不仅能认出产品，还能认出容器，就可以获得良好的总利润。

And if you're just another cola and there've been hundreds of them and even if you have distribution to something like Walmart, who has Sam's cola, it just doesn't, it's not the same. I mean, there I am, you know, in 1886 or so, John Pemberton and Atlanta cratered it and they spent a very significant amount of money advertising. On the other hand, Hershey's didn't spend any money on advertising. So we have observed, Charlie and I both have observed, so many products, so many methods of retail and we really think we know quite a bit about it. And we also know how much we don't know about it at the same time.

如果你只是另一种可乐，而已有数百种，即使你可以分销到像沃尔玛这样拥有山姆可乐的超市，它也不一样。我的意思是，我在那里，你知道，大约是1886年，约翰・彭伯顿和亚特兰大将其崩溃，他们花了大量的资金进行广告宣传。另一方面，赫尔希没有花任何广告费。所以我们观察到，查理和我都观察到了，很多产品，很多零售方法，我们真的认为我们对此知道很多。同时，我们也知道我们对此有多少不知道的地方。

And it doesn't mean that we want to go into retailing ourselves. But it does mean we've learned to some extent what to avoid. And we've learned when somebody really has something. And Granemals has something. It's just that there's only many, you know, at Walmart. Does a great job of distribution for us. And it's a good product for Walmart. It's a good product for us. And on Fruit of the Loom, they can sell lots of types of underwear and they can do a big volume. But we're not going to make as much money rattling up lead to capital employed or anything with a product that has a whole bunch of competitors.

这并不意味着我们想要亲自进军零售市场，但我们已经在某种程度上知道该避免什么。我们也学会了如何识别出真正有价值的产品。Granemals是有价值的，只是在沃尔玛这样的商店里售卖的数量有限。沃尔玛为我们做了很好的分销工作，这对他们来说是一个好产品，对我们来说也是一个好产品。对于Fruit of the Loom这样的品牌，他们可以售卖许多种内衣并且可以大量销售，但是我们不会用一个有大量竞争者的产品去赚取更多的资金。

And if they can once the Granemals Jambas are something, it's not the sort of products that cause people to drive 20 miles out of their way to buy it or anything of the sort. But if you're in the Walmart and you're picking up a Jambas or something for the kid and Hershey wants a particular product and it's not, it's reasonably priced and everything and where's well whenever you know we will, we're happy to have it distributed through somebody with a distribution power of Walmart and their design, they're very happy to have the product, unbalanced.

如果说Granemals Jambas已经火起来了，它并不是那种让人愿意开车绕着路去特意购买的产品。但是，如果你在沃尔玛购物，给孩子买了Jambas之类的产品，而赫希想买一种特定的产品，但沃尔玛没有的话，这种产品价格合理，并且我们很高兴能够通过沃尔玛等具有分销能力的公司进行分销，他们也很乐意接受这样的产品。总之，我们非常欣喜能够分销Granemals Jambas。

It's obviously better if you own C's candy than if you own the no-name candy company. You know, particularly when the people buy it as gifts a couple of times a year. I mean, they know that if they give their girlfriend if they give someone in the hospital, if they give a gift to Christmas or going to a dinner. They know if they hand the box of candy to somebody, they don't say at the same time, "Here I got a wonderful deal on this candy." I mean, it just kills the moment, right? But they really want to see as a smile on the other person's face that they're receiving it and they get it.

如果你拥有C糖果，显然比拥有无名糖果公司要好得多。你知道，特别是当人们每年送它作为礼物的时候。我的意思是，他们知道如果他们把它送给女朋友，送给医院中的某人，送给圣诞节礼物或去晚宴的人。他们知道，如果他们把盒子糖果递给某人，他们不会同时说，“嘿，我在这糖果上获得了很好的优惠。”我的意思是，这会破坏整个气氛，对吧？但是他们真的希望看到接受礼物的人脸上的微笑。

So knowing what custard and C's box chocolate are not remotely the market that soft drinks are. And the product does not travel particularly Hershey's chocolate and trouble. I mean, if you look at candy bars, what's popular in the UK isn't that popular in the US and all kinds of things cold cold travels. There are 200 countries and roughly and probably 180 of them it's a nominal product. And how do you do it? Well, it helps if you start in 1886 and from that point forward.

了解布丁和C盒巧克力是市场上与软饮料毫不相干的产品。这种产品的销售范围也不特别广，比如 Hershey's巧克力。如果您看看糖果的种类，英国流行的糖果在美国并不流行，各种各样的糖果也有不同的销售范围。全球大约有200个国家，大概有180个国家是这种产品的潜在客户。这是怎么做到的呢？嗯，如果你从1886年开始，前后不间断地推广的话，效果当然会好一些。

So we've learned a lot. We got a lot to learn. But we did learn that something like Arrow knit socks, almost we understood when it came around. Nobody ever heard of it. We bought it for a very low price, as it turned out, in 20 years ago and still, nobody knows that we own it. That's fine. but they know what grandmothers are and and it has legs it keeps it just keeps going year after year and some some things are like pet rocks and and we're learning all the time try I have nothing bad you probably never want to go around almost no I never I don't even know where them it wouldn't fit okay

所以我们学到了很多东西。我们有很多东西要学习。但是我们确实学到了像Arrow针织袜子这样的东西，差不多是当它出现时我们就明白了。没有人听说过它。20年前我们以非常低的价格买了它，事实证明，到现在为止，没有人知道我们拥有它。这很好。但他们知道什么是祖母和它有长久的生命力，它年复一年地持续着，并且有些东西就像宠物石头，我们一直在学习尝试，我没有任何不好的东西，你可能永远不想接近它们，我甚至不知道它们在哪里，它们也不适合。

Becky this question comes from Barry Laffer in New York City Berkshire owns about 94 million shares of Paramount Global as of the last published data this asset rich company is disappointed on recent quarterly earnings reports in just this week slash its dividend by 80% how do you see the streaming wars evolving and do you still have conviction in your investment thesis is your investment thesis based on the company being an acquisition target or based on its fundamentals yeah and how would you like to manage my money for nothing they we are not in the business of of giving stock advice to people and people who don't know anything about stocks can make a lot of money doing that we don't think it's something we should get away but I will say this it's not good news when any company passes a civil and Earth cuts a civil and dramatically and the streaming businesses extremely interesting to watch because there's people people love to use their eyeballs watching being entertained on on a screen in front of them or phone or whatever it may be but there's a lot of companies doing it and you need fewer companies you need higher prices and well you need higher prices or it doesn't work and you don't lock in people when you get them to to join up for the streaming period when your cereal runs I mean you know you keep them on for a while but you can't look them up and and we'll see what happens

贝基，这个问题来自纽约市的巴里·拉弗尔。柏克夏集团截至最近公布的数据拥有约9,400万股帕拉蒙特环球公司股票。这家拥有丰富资产的公司在最近几个季度的财报中表现不佳，本周还削减了80%的股息。你如何看待流媒体之战的演变？你是否仍然坚定地相信你的投资主张？你的投资主张是基于公司成为收购目标还是基于其基本面？此外，你希望如何为我管理我的资金？ 我们不从事向那些对股票一无所知的人提供股票建议的业务。我们认为这不是我们应该做的事情。但我会说，当任何公司降低股息并且大幅度削减股息时，这并不是好消息。流媒体业务非常有趣，因为人们喜欢在屏幕前或手机上观看娱乐节目。但是有很多公司在这个领域做生意，你需要更少的公司来提高价格，否则它就不起作用。当你吸引人们参加流媒体周期时，你需要将他们锁定在其中一段时间，否则你无法留住他们。我们将拭目以待。

I mean I had a gasoline station when I was 21 or 22 when this about three or four four four of my hopes from here and we had one competitor and and he determined our profit because he we looked at his price every day and if we cut the price he'd match it and we couldn't raise the price and he did twice the gallery so he won and there's just basic business problems that you see with certain interest you don't see with the other Disney was unique and it's animated what it offered you know in the 30s and 40s and they wrote the stuff off at the first showing and then they they rejuvenated so white and all these other people every seven years and that was fine but this is a different world and the eyeballs aren't gonna increase dramatically the time they can spend it's not gonna increase dramatically and you got up which is companies that don't want to quit and who knows what pricing does under that but anybody tells you what they know what pricing will do in the future as is getting themselves

我意思是，在我21岁或22岁时，我拥有一个汽油站，当时这附近有三到四个我的竞争对手，但我们只有一个竞争对手，他决定了我们的利润，因为我们每天都看他的价格，如果我们降价，他会匹配它，但我们不能提高价格，他的价格是我们的两倍，所以他赢了，在某些行业中你会遇到这些基本的商业问题，而在迪士尼这个特殊领域中，你所得到的是独特的、涵盖动画的东西，尤其是在30年代和40年代。他们在首映时就把这些东西全部标注掉了，然后每隔七年都会让新的一代人重新认识。但这是一个不同的世界，眼球数量不会大幅增加，他们能花的时间也不会大幅增加，而且还有那些无意退休的公司，谁知道在这种情况下定价会如何变动呢？但任何人告诉你他们知道未来定价会如何变动，都是在自吹自擂。

Charlie Charlie's had a lot of experience since now with Hollywood I mean he used to before I even met him I think the movie business is one tough business yeah that's my view the talent will make the money the agents will make the money and if you've got a theater you know the theaters are now doing 70 percent of the business as they did before the pandemic and big hits you know you have enormous grosses but you can't reduce the supply people of mourning got so many so many hours in the day they've only got two eyeballs and and they got more choice than ever before and they've got such the sheepers that offers them the same experience and some of them like the experience you know particularly the big hits of going in but it isn't like you can double the number of people or double the eyeballs or anything like that and and you've got a lot of people the sound will always get paid and when you essentially are packaging that talent one way or another and you need to get higher prices and you've got a strong companies that don't want to quit that's an interesting an interesting equation

查理·查理迄今为止在好莱坞有着丰富的经验，我是说在我认识他之前，他就做过了。电影行业是一个非常艰难的行业，这是我的看法。才华会赚钱，经纪人会赚钱，如果你拥有一个剧院，你知道现在剧院的业务已经恢复到疫情前的70%，而大热门电影有着巨额的总票房。但你无法增加供给量，人们一天只有那么多时间，他们只有两只眼睛，而且选择比以往任何时候都更多，他们有很多提供相同体验的选择，其中一些人喜欢这种体验，尤其是看大热门电影，但这并不意味着你能够让人数或眼球翻倍。你需要用一种或另一种方式打包才华，以获得更高的价格，而且你还有一些强大的公司不想退出，这是一个有趣的计算。

if you think the movies are tough try to invest in a New York show on a conventional stage there they think it's a breach of faith in that business to let the purpose don't put up the money ever get any money back yeah well Charlie saw a lot of that actually yeah I don't like those businesses tell them what happened on clear pattern Charlie it's no it it's a business that everybody's tempted to they love the idea of going in it you know and they get sort of on a psychic income but but I never own any resources either well I might follow on I used to talk about claiming wars and X-R-B button we never quite got around to it we had a lot of fun going to track together okay

如果你觉得电影颇为苛刻，那么尝试在纽约的舞台上投资一下传统演出，那里的人们认为资金不足是一种违背信仰的行为，永远不会收回任何资金。当然，查理经历过很多此类事情。我不喜欢这些生意，查理也经常讲述它们的失败模式。这是一种引诱所有人都想尝试的商业，他们喜欢投资这样的演出，获得心理上的满足。但是，我从来没有拥有任何资源或拥有任何专利。我们曾经提过许多计划，但从来没有实现。我们很享受一起到赛道上玩。

Section six: Good afternoon, my name is Hannah Hayes and I'm a high schooler from Iowa. You said earlier today that transitioning to renewable energy has the people and capital to support it. So, with enough investment in renewables, the development of energy storage technology to soon meet our energy needs and support from the government system through inflation reduction act funding, why hasn't Berkshire Hathaway energy truly invested in the future by accelerating retirement plans for the coal plants which have high operating costs? And are currently Iowa's biggest carbon polluter and will continue to be until they're finally retired in 2049 which is too late to be curbing emissions according to the IPCC.

第六节：下午好，我叫汉娜·海斯，是爱荷华州的一名高中生。你今天早些时候说过，转向可再生能源需要资本和人员支持。因此，如果对可再生能源进行足够的投资，并发展能够满足我们能源需求的能源储存技术，并获得政府系统通过通货膨胀减少法案的资金支持，为什么伯克希尔·哈撒韦能源公司没有真正投资未来，加快煤电厂的退役计划，这些煤电厂的运营成本很高，并且目前是爱荷华州最大的碳排放污染者，直到2049年才会最终退役，这对于控制排放量已经太晚了，根据IPCC的说法。

It's very interesting; we, in Iowa, actually produce more wind energy than it's used, the total amount of energy used by our customers. But it's not producing for 24 hours a day necessarily. So, there are problems, and incidentally, in Iowa, a significant majority of counties welcome us when we come around and want to put in wind, then some don't want it. I mean it is a "Not My Back Yard" (NIMBY) someplace.

这非常有趣，因为在爱荷华州，我们实际上所产生的风能大于顾客使用的总能源。但它并不一定每天都能产生24小时。因此，我们面临问题。恰好，在爱荷华州，大多数县都欢迎我们来并希望引入风能，但也有部分县不想要。我指的是“非我后花园”(NIMBY)的情况。

There's other places where they love the money. They get from a small pot of grounds and people in the like; the taxes are paid. But, I would say that if there's one state in the union that stands out in the development, it's Iowa. But what's also interesting in Iowa is that we have one other major company. There's always loads of little co-ops and all kinds of things that sell electricity, but we have one major competitor and our prices are significantly lower.

还有其他地方也喜欢从类似于小溪和人们的一小块土地中获取钱财，缴纳税收。但是，我要说，如果联邦政府中有一个州在发展方面脱颖而出，那就是爱荷华州。不过，在爱荷华州还有另外一家重要公司。虽然也有很多小的合作社和各种卖电力的机构，但我们有一家主要竞争对手，而我们的价格要显著低于其他公司。

As a matter of fact, we are now in the almost public power district and three miles or four miles away. We're selling electricity in Iowa and we are selling it cheaper even though public power was invented in Nebraska and it's been a, I think it's George Norris did it back in the 1930s, and you know, Nebraska has resisted, to some extent, wind power more than Iowa. But, like I said, our competitor or Aldrin of Source hasn't really pursued it the way we have. But, I wouldn't, I would say that our record in wind and solar has not been taught by any utility in the United States.

事实上，我们目前处于几乎公共供电区域的边缘，距离三英里或四英里。我们在爱荷华州销售电力，并且我们销售的价格更便宜，尽管公共电力发明于内布拉斯加州，我认为乔治·诺里斯在20世纪30年代完成了这项工作，而且你知道，内布拉斯加州在某种程度上比爱荷华州更加抵制风能。但是，就像我说的那样，我们的竞争对手或源源不断的阿尔德林并没有像我们一样追求风能。但是，我认为我们在风能和太阳能方面的记录在美国的任何公用事业机构中都没有得到过教授。

And, of course, it's been aided by the fact that most utilities payout 70 or 80 percent of earnings and dividends. And we haven't taken a common dividend out of a little tiny prefer. We haven't taken a common dividend out of it for 20 years. We reinvested, I don't know how many billion. That's the reason why the earnings have gone from 200 million to four billion. But, we're not earning a higher rate of return out of capital than we were when we started. We just put way more capital into the businesses as we went along, kept reinvesting the capital.

当然，大多数公用事业公司支付的股利和收益占比70%到80%，这也促进了公司的发展。我们在过去20年里从小的优先股中没有提取过任何普通股股息。我们重投资了无数亿资金，这就是为什么公司从2亿美元的收益增加到了40亿美元的原因。但是，我们从开始起就没有获得更高的资本回报率。我们只是在不断地向业务中注入更多的资本，不断地重投资。

So, I wish I could tell you more details about it, but I would say that we put up we'd really put a Berkshire Hathaway Energy's record against any utility in the United States.

我希望能给你更多详细的信息，但我可以说，我们非常自豪地认为伯克希尔哈撒韦能源的成绩媲美美国任何一家公用事业公司。

Hannah: Try him.

汉娜：试试他。 意思是建议尝试他，具体上下文需要结合才能做更准确的译文。

Buffett: You watched it. Well, I have, and I'm not personally at all sure how bad the global warming is going to be. I think, I don't think anybody knows for sure whether the seas are gonna rise two inches or 20 feet. And so, I think there's a lot of fault claims here in the world where much is not known. Yeah, we, Wyoming, there is a lot of wind in Wyoming, and we are building a transmission line that extends out through the West. But, it was World War II, and they told us to do it, and somebody, and we had a czar in Washington, could say, you know, just get it done, like I said, the Henry Kaiser on building ships. You know, you can't believe how far ahead we would be down from where we are.

巴菲特：你们看到了。我也看到了，但我个人不确定全球变暖会有多糟糕。我认为，我不认为有人确切知道海水会升高两英寸还是20英尺。因此，我认为世界上有许多索赔都是基于不完全了解的。是的，我们在怀俄明州有很多风，我们正在建造一条延伸至西部的输电线路。但是，这是二战时期，他们告诉我们要这么做，某人，我们在华盛顿有个沙皇，可以说，“你知道，就办到。”就像亨利·凯撒（Henry Kaiser）建造轮船一样。你无法想象我们现在有多么落后。

But we've got some money, we've got the know-how, and we do spend about, this year, our depreciation in our utility companies on the order of four billion dollars, and we spend maybe three billion additional left. So, maybe we spend seven billion, and there are very few companies in the utility industry that are spending that percentage of their depreciate, but we'd love...

我们有一些资金、有专业知识，今年我们花费了约40亿美元在我们的公用事业公司上进行折旧，可能还花费了30亿美元左右。因此，我们可能会花费70亿美元，而在公用事业行业中，很少有公司花费这样高比例的折旧，但我们很乐意...

to be spending more but there are people there people all over that don't want you know wants the pipeline to go through there or they don't want to the tower if whatever it may be and that is the problem of a democracy and and even as I mentioned within I we've got a great many counties that majority great majority of the counties are welcome the wind power and you've got some counties that don't like it and we're obviously gonna work with the ones that don't want to work with us we do not have the ability to go in and and tell anybody what to do I'm not and there's a public utility commission in every state that basically governs what we earn on what we do and that's the way the industry is developing that's not bad unless you get into things that that in effect you know extend their part of a countrywide system rather than statewide system.

我们的支出正在增加，但是有很多人并不希望你知道，他们不希望管道通过，或者他们不希望塔。这是民主的问题，甚至在我们内部，我们有很多县接受风电，但也有一些不喜欢。我们显然会与那些不愿合作的县进行沟通，我们没有能力去告诉任何人该怎么做，每个州都有公用事业委员会，基本上管着我们所赚的钱以及我们所做的事情，这就是行业的发展方式，这不是坏事，除非你卷入一些会影响整个国家系统的事情，而不是州系统。

I think also that even if we weren't worried about global warming it would make sense to shift to renewables to conserve our hydrocarbons there's certain things higher hydrocarbons can do nothing else can do and there only so much of them there why not be cautious in conserving them and the cost they've gotten so much more efficient to them the wind stop

我认为，即使我们不担心全球变暖，转向可再生能源以保存我们的碳氢化合物也是有意义的。高级碳氢化合物可以做一些独特的事情，其他物质无法做到，而且它们的数量也非常有限。为什么不谨慎地保护它们并降低使用成本呢？同时，可再生能源的效率也显著提高了。

I mean if you look at what we're doing now those towers are way more efficient and but there's a lot of a lot of people that are talking that that there are my things that can't be done and then there's there's a lot of nonsense in this field yeah you like nonsense this is the field for you well we're in the field so I know I know okay Becky this is a question from Monroe Richardson the Wall Street Journal reported in March that oil producers are producing less oil and may have reached their peak in the Permian basin given the major positions of both Occidental petroleum and Chevron in the Permian would you please explain the rationale for Berkshire's significant holdings of both those companies considering that future outlook for oil there well there's no question it's really interesting about oil Charlie knows way more about oil on them what when did you buy that royalty and your bankers feel the way it is but that was before I met you right yes no it wasn't before it was but it was yes it was it was just before you're right yeah and and

我是说，如果你看看我们现在所做的，这些塔比以前更有效率，但有许多人在谈论有些事情无法完成，而且这个领域有很多无稽之谈。如果你喜欢无稽之谈，这个领域就适合你了。我们在这个领域，所以我知道。好的，Becky，这是来自Monroe Richardson的一个问题，华尔街日报在三月份报道称石油生产商正在减产，可能已经达到了Permian盆地的峰值，鉴于Occidental石油和雪佛龙在Permian的重要地位，您能否解释伯克希尔对两家公司的重要持股的原因考虑到未来的石油前景?嗯，毫无疑问，石油确实很有趣，Charlie比我更了解石油，当时你买下那个计提不当的账户时我还没遇见你对吧？是的，不，是的，是在你之前就买了，是的，你是对的。

That got him early still paid me $70,000 a year would you pay for the money $1,000 yeah yeah now that's the opposite of the Permian my dad bought 1,000 or $1,500 with the royalties before he died in 1964 he left in my mother my mother left him to her two daughters and my older sister died and my younger sister's here today and she gets these checks every month and she knows about all these different fields and what they're producing and that's the that's the reality of half of the oil productioners something around that in the United States and then the other half is shale and and you know if you've gone to the movies and ever watched oil you've never watched the things that are pumping out Charlie's royalties in California you see these you see these gushers of oil well in the Permian I'm like this should sink in on you and the first day the first day when you bring in a well you know it may be 12,000 barrels or maybe 15,000 barrels and it's even it's dangerous that Oxygen oil had one come into I think a 19,000 barrels or something I got one day and in a year year and a half it becomes just partly nothing it's just it's a different business in effect and the United States it's interesting we use what are we use maybe 11 or a fraction well we produce 11 or a fraction million barrels of oil equivalent a day but if shale stopped I mean it would drop to six million very fast well just imagine taking five million barrels a day out of the production in the world and and then we're also taking down our strategic petroleum reserve uh strategic petroleum reserves the ultimate oil field you don't have to drill it's just that we've got it and it was supposed to be strategic but it gets involved in politics and so there's there's all went to a mostly oil business you're talking about different kinds of businesses basically and and we like Oxygen annals position in the Permian and we we wouldn't like that position that well it got to minus one day it got to minus thirty dollars a barrel that was crazy of course but but if oil sells it at X you know you do very well and the cells at half of X you know your costs are the same and it doesn't change the production and it doesn't work as well but it also brings down the oil production of the United States very fast so we don't know what oil prices will be but we do very much like.

这位先生早期投资的项目仍然每年赚取70,000美元。你愿意为了这些钱支付1,000美元吗？是的，当然愿意。这与我父亲在1964年去世之前购买的钻井平原项目恰好相反，他购买了价值1,000或1,500美元的专利权。他把这些钻井平原项目留给了我母亲，母亲又将它们留给了她的两个女儿，而我的大姐姐已经去世了，我妹妹今天在这里，她每个月都领到这些支票，她知道这些不同的油田正在生产什么。这就是美国约一半石油生产者的现实情况，另一半是页岩。你如果去看过电影油田，你永远不会看到加利福尼亚州查理的专利权在抽油，你看到的是通往钻井平原的石油涌动。当你第一天开采井时，它可能产出12,000或15,000桶，甚至有危险。氧元素曾经有一个采出了19,000桶的井。在一年半的时间里，它仅仅是个没有什么价值的残骸。这是不同的业务模式。在美国，我们每天生产大约11万桶或相当于11万桶的石油等值物，但如果钻井停止，它会很快降至6万桶。想象一下，把每天5万桶的产量从全球产量中去除，同时我们还在降低战略石油储备，这是终极的油田，我们无需钻井，我们已经拥有它，但它却被牵扯到了政治中。总之，你所谈的是不同类型的业务。我们很欣赏氧元素在钻井平原的地位，我们不会喜欢那个井停下来的情况，它再过一天就跌到了负数30美元。当然，这是疯狂的，但是如果油价达到X的话，你就会做得很好，而如果油价跌到了X的一半，你的成本仍然不变，但产量和效果都会下降。这也会很快降低美国的石油产量，我们不知道油价将会怎样，但我们非常喜欢氧元素。

the oxidant position they have and that's why we financed them a few years ago and it looked like it was a terrible mistake when the oil market just totally collapsed and and then it changed around and we bought a lot of the common stock in the last few months they've reduced our preferred which wouldn't we don't like obviously we'd be disappointed in them if they didn't reduce it since I was from their standpoint so we've taken of the ten billion dollar preferred we've gotten maybe four or five hundred million dollars of it retired at a hundred and numbers on a par but thinking of them is a she's an extraordinary manager of Occidental her first job was with a city service that was the first stock I bought in 1942 she knows what happens beneath the surface I know the I know the math of it but I wouldn't know I wouldn't have a finished idea what to do if I was in an oil field I mean I don't I can dig two to feed down I can't in my backyard and I can that's my that's my understanding of subsoil in the world I can't picture the field that Charlie has been collecting that monthly check from from 50 plus years 60 60 years roughly or my sister getting at various fields where they just keep pumping and pumping and pumping in and we in the United States are lucky to have the ability to produce the kind of oil we've got from Shell but it is not a long-term source like you might think by by watching movies about oil or something of the sort Trump's damn it again

他们拥有氧化剂位置，这也是我们几年前投资他们的原因，当石油市场完全崩溃时，这似乎是一个可怕的错误，但情况后来有所改变，我们在过去几个月中买入了很多普通股，他们减少了我们的优先股，这显然是我们不喜欢的，我们会失望的，如果他们不减少的话，从他们的观点来看，我们获得了100亿美元的优先股，我们已经提前了大约四五亿美元，数量相当，但考虑到她是壳牌公司的杰出经理人，我认为她是非同寻常的。她的第一份工作是在城市服务公司，1942年她是我购买的第一个股票。她知道发生了什么。我知道它的数学，但如果我在油田中，我不会知道该怎么办。我的理解是，在我的后院里，我可以挖两英尺深的地方，但我无法想象查理一直从那些田地中收集每个月的支票，大约已经有50多年了，还有我妹妹在各种田地中得到的支持，他们不断地抽取石油。我们在美国很幸运，能够生产出如壳牌公司的石油，但这不是一种长期的资源，就像你看电影关于石油的那样。特朗普又闯祸了。

Yeah, it really dies fast, those Shell wells. If you like quick death of the URL, well, so we have them for you know. But Occidental, they're doing a lot of good things. Yeah, they do a lot of new wells in the yeah, they're doing it on a profit but it's a different kind of oil, it's just different. Yeah, yeah, and that's true of almost half the oil produced in the United States. And those times of oil down there that nobody knows how to produce, and they've been working out it for like 50 years. But they worked at the at the existing Shell production for about 50 years before they figured it out, and it was weirdly complicated when they found they were able to do it. There's only one type of sand that works. Can you imagine a horizontal pipe, you know that maybe a mile and a half or something? I mean, it's just so different than what you think about. It goes right literally for three miles two miles down. How the hell do you drill two or three miles laterally when you're already two or three miles under the earth? They've mastered a lot of very tricky technology. Do we only get any oil out of these wells at all? And we love the position with Oxidone on, yeah, we love having Becky run it, and they've been and there's a lot more oil down there if anybody can figure out another magic trick. That's all we need is another magic trick. But Oxidone will have some other things too. Yes, yes, but it's the price of oil still is incredibly important in terms of the economics of short-lived oil. I mean no question about that and all of it's.

是的，贝叶斯算法会很快消失，如果你喜欢URL快速消失的话，我们有这种技术。但是Occidental却做了很多好事。是的，他们在开采新油井方面做得很好，虽然也是因为赚钱，但这是一种不同的石油。在美国生产的石油中，近一半都是这种石油。有些油井中储存着油，但人们并不知道如何开采，他们已经试了50年了。但是他们花费了近50年时间，在现有的贝叶斯算法上工作，才发现这还真是复杂的情况。只有一种沙子适用于这种油井。你可以想象一下，水平的管道，可能有一英里半长。它与我们想象的完全不同，它向下延伸了两至三英里。当你已经在地下两至三英里深度的时候，如何沿着水平方向钻孔两至三英里？他们掌握了许多非常棘手的技术。我们真的能从这些井中获得任何石油吗？我们非常喜欢Occidental这个位置，而且我们喜欢Becky管理它，如果有人能找到另一种神奇的技术，那下面还有更多的石油。这正是我们所需要的神奇技巧，但是Occidental将会有其他的发展方向。是的，但油价在短生命周期的石油经济学中仍然非常重要，这一点毋庸置疑。

We, incidentally, know there's speculation about us buying control. We're not gonna buy control. We don't want to. We've got the right management, money. We can we wouldn't know what to do with it. Charlie wouldn't mind know what to do, oil building your buying coal would be like going out and seeking to what acquire a cancer or something. You can't even borrow to expand a coal mine now. It's really, they get got very unfashionable. Yeah, and we think frankly some of the things that are ridiculous and on, both sides on both in both extremes, I mean just, I mean you're dealing with physics, you're dealing with, you know, it's the politicization of positions on something that's enormously important in terms of energy is just it's just lends itself to demagogues and and fundraisers and advisory organizations and everybody inside. But we will make rational decisions and we do not think it's un-American to be brewed producing oil, and there is no oil basin in the United States that compares to the Permian in terms of promise.

我们知道有关于我们购买控制权的猜测，但实际上我们不会购买控制权，也不想购买。我们拥有正确的管理和金钱，如果我们购买控制，我们不知道要做什么。Charlie也不知道该做什么，购买煤矿就像去寻求得到癌症一样。现在甚至无法借贷扩展煤矿。而且，现在这个行业非常过时。我们认为，两极分化的一些事情实在荒谬可笑，尤其是涉及到能源时，涉及到物理。这纯粹是把非常重要的事情化为了政治的口水。这导致民粹主义者、筹款者和咨询机构以及所有利益相关者大发横财。但我们会做出理智的决策。对于美国来说，生产石油并不是不爱国。在美国，没有任何油盆地能与佩尔梅斯的前景相媲美。

Yeah, we were lucky. We didn't know it was there until yes not that many years ago. It's sort of been used up, and they always knew the share oil was there, but they thought it was going to stay uncoverable forever. The second or third stock I bought this Texas Pacific land trust, and they owned all three million acres down there and PN they were they were grazing revenues of 10,000 years something like that. They were sitting on this incredible amount of oil, and basically that company is now actually part of Chevron, and it went through Texaco and did all kinds of things, and there's still there's still a Texas Pacific land trust, but a lot of that property is it's fee-owned by by their minerals are owned by by Chevron, which is somewhat vanished, but it's an interesting subject. I'll put it that way. And we will not be making any offer for control of a lot of Sonana, but we love the shares we have, and we may or may not own more in the future, but but we certainly have warrants on which we got as part of the original deal on a very substantial amount of stock around fifty nine dollars a share and move once last a long time. And I'm glad we have them.

是的，我们很幸运。直到不久前我们都不知道那里有石油。那里的石油已经被开采了，他们一直知道原油在那里，但他们认为永远无法被开采。我购买的第二或第三只股票是德克萨斯太平洋土地信托，他们拥有那里的全部三百万英亩土地，收入大约为每年一万美元的牛羊饲养业。他们坐拥大量的石油，这家公司现在实际上已成为雪佛龙的一部分，并通过德士古公司等方式进行了各种操作，并且仍然还有德克萨斯太平洋土地信托，但其中许多物业的矿权已由雪佛龙拥有，这在一定程度上消失了，但它是一个有趣的话题。我们不会对索纳纳的掌控提出任何要约，但我们喜欢我们目前拥有的股票，我们可能会在未来拥有更多的股票，但我们肯定已经拥有了证券，这是我们作为原始交易的一部分得到的，价格在每股59美元左右，它长期存在。我很高兴我们拥有它们。

Okay, station seven. My name is Max Jo and from Toronto, Canada. I have a question for Charlie regarding a statement you made in the past. You once mentioned that you would prefer to hire someone with an IQ of 130 who believes is 120 over someone with an IQ of 150 who thinks is 170. And understand that you are referring to Elon Musk given the recent success of his ventures such as Tesla, SpaceX, and Starlink. I'm curious to know if you still hold a view that Elon Musk overestimates himself. Thank you so much.

好的，第七站。我叫Max Jo，来自加拿大多伦多。我有一个问题要问Charlie，关于你过去所说的一句话。你曾经提到过，你会更喜欢雇佣一个IQ为130，但认为自己只有120的人，而不是一个IQ为150，但认为自己有170的人。我知道你在指Elon Musk，考虑到他最近的项目，比如特斯拉、SpaceX和Starlink的成功。我很好奇，你是否仍然认为Elon Musk高估了自己。非常感谢。

Well, yes, I think Elon Musk overestimates himself, but he has he is very talented. So he's overestimating somebody who doesn't need to overestimate to be very talented. There's a Bill Maher program about a week old, maybe two weeks old, but he interviewed Elon, and Elon does a terrific job told us all with Bill Maher, who it's worth watching. And Elon is, he's a brilliant, brilliant guy. And I would say that, you know, he might score over 170, but he, you know, it's he dreams about things, and they his dreams have got a foundation.

嗯，是的，我认为埃隆·马斯克高估了自己，但他非常有才华。因此，他高估了一个本来不需要高估就非常有才华的人。大约一两周前，比尔·马赫有一期节目，他采访了埃隆，埃隆做得非常好，所有人都应该去看看。埃隆是一个非常聪明的人，我会说，他可能会得到170分以上，但他会梦想着一些事情，而这些梦想有实际的基础。

You would not have achieved what he has in life if he hadn't tried for unreasonably extreme objectives. He likes taking on the impossible job and doing it. We're different. I and Warren are looking for the easy job. that we can identify yeah if we can do it playing TikTok though we'll do it you know I mean we have a totally different way of going the whole way but we don't want to compete with the Elon and a lot of things I mean it you know and we don't want that much failure yeah yeah and and it takes over your life and I mean in a way that it just doesn't fit us but but you know they're gonna be well there have been important things done by Elon already and it requires fanaticism isn't the word yeah it is the word well isn't quite the word but yeah but it's a dedication to solving the impossible and and every now and then they'll do it and but it would be torturous to Mayor Charlie and I like the way I'm living and I wouldn't enjoy being in his but he wouldn't enjoy being in my shoes either so what's what's the Belmara interview okay

如果他没有设定一些非常极端的目标并为之努力，你不会取得比他更高的成功。他喜欢面对不可能的工作并完成它。我们则不同。我和沃伦正在寻找简单的工作，只要我们能够识别并且玩得来，就会去做。我们的方式完全不同，不想与伊隆竞争。我们接受不了太多的失败，因为它会占据你的整个生活方式，这不适合我们。伊隆已经做了一些重要的事情，这需要狂热的力量。每隔一段时间他们就能做到。我们的生活方式很好，我不会喜欢去他的生活方式里，他也不会喜欢来我的生活方式里。那Belmara采访怎么样了？

Becky this question comes from Foster Taylor at the 2010 Berkshire annual meeting you said the one question that you would ask of the Berkshire CEO would be about the distribution of cash to shareholders as the Berkshire cash pile grows larger and larger so let me ask that question do you still feel confident of the future prospects for our over a hundred billion dollars and cash on hand or are we getting closer to cash distributions well

这个问题来自2010年Berkshire公司的年度会议中的Foster Taylor。你曾说过你想问Berkshire的CEO一个问题，那就是随着Berkshire的现金储备越来越大，你想问关于向股东分配现金的问题。那么现在我来问一下这个问题，你觉得Berkshire现在持有超过一百亿美元的现金储备，你对未来的前景还有信心吗？或者我们正在接近现金分配的时候了吗？

I prefer you know the one thing at Berkshire shares are selling for less than we think they're worth that's a pretty that could be a pretty big way to distribute cash to the but we'd rather what we really like to do is buy great businesses if we could buy a company for 50 billion or 75 billion a hundred billion we could do it and we can do it in our words good it's difficult with a public company because in effect if you've been on a company you make the bid and their shareholders vote months later and you're giving an option if we're good for it and the other guy has a way to top you or all kinds of things they can get out of it you get paid 2% for that or 1% for that that that is not an appropriate price on the other hand Delaware will decide whether whether they should do it or not and that's that's the way the world is I mean that's that's the law so be easier to do with a private company and and there aren't very many that are big on the other hand there aren't very there's nobody else that can quite make a deal like we can under certain under the right circumstances and there could be a situation where a bunch of very a number of very decent companies I've got a very uncomfortable borrowing structure and money comes to do do to them at the exact wrong time and that's when they pick up a phone who's dead Tiffany and Harley Davidson and you name it I mean a whole bunch of companies in 2008 that's sort of thing will happen again whether whether results in us getting the calls or what the world is exactly at that time but the one thing we know is that that the number of phone calls that you can make at a time like that is very very limited and and there can be good companies they don't want to sell the company necessarily but they may want they just may need five or ten or twenty billion dollars depending on what company you're talking about and that can happen in our own shareholders can be selling the stock to shape and we'll never do anything to make them sell a shape and we'll tell them the truth about what the business is but if market circumstances result in us being able to buy in fifty billion of our own stock will buy it so we'll see what we'll see what the world holds but I don't I don't we don't have the opportunity we used to have but we've got we've got enough and and we're making money with what the things we have

我更希望你知道的是，伯克希尔公司的股票价格低于我们认为其价值的价格，这可能是一种向股东分配现金的大好机会。不过，我们更喜欢做的是购买伟大的企业。如果我们能以500亿、750亿或1000亿的价格买下一家公司，我们可以做到，并且我们相信我们可以成功实现。不过，对于上市公司来说，购买可能会比较困难。事实上，如果你想收购一家上市公司，你需要提出报价，而他们的股东要几个月以后才能投票决定是否同意。此外，你还需要承担赔偿费用，而且对方也有可能会有比你更好的报价。因此，这样的购买并不划算。相比之下，对于私人公司来说，我们可以更容易地完成收购，尽管这样的公司很少。但是，我们相信，在一些特殊时刻，公司可能会遭遇资金困境，需要出售部分资产。这可能会给我们带来一些机会。当然，在这样的市场环境下，机会也只有那么几个，而且我们也不会强迫我们的股东卖出他们手中的股票。我们会根据实际情况做出明智的决策，一旦发现能够以500亿的价格回购自己的股票，我们会毫不犹豫地采取行动。总之，我们相信，我们可以在现有的资产基础上继续赚钱。

It isn't killing us to hold 130 billion of of bills at 5% plus bond equivalent yields. Everybody says, "Well, you know you'll are going to get out of the future." I don't have a famous idea of yield through the future, and you know the prime rate was 21 and a half percent in 1981 or two, and people were worried that it was going to go totally out of spin-off control, and Boker kept it from happening. But if Boker hadn't been in there, who they all knows what would happen. So we're running Berkshire so that we'll do okay and maybe we'll do a little bit better than okay, Charlie, okay? Maybe fine, okay, station eight.

持有1300亿美元债券且收益率为5%加债券等效收益率并不会让我们破产。大家说，“你们知道未来会怎样。”我并不知道未来的收益率情况，而且1981或1982年基准利率高达21.5%，人们担心会完全失去控制，而博克成功避免了这种情况发生。但是如果没有博克在那里，谁知道会发生什么。所以我们在运营伯克希尔公司时，保证我们能够做得不错，也许我们会比较优秀，对吧，Charlie？也许会很棒，好的，就这样。

Hello, Mr. Buffett and Mr. Monger, my name is Carlos Anchez, and I'm for honor to be here from Wala Haram Mexico. Mr. Monger, as a fellow lawyer, I have a question regarding corporate law. Considering your experience and success, if you were to offer guidance to someone like Ralph Torrella when he was at the beginning of his career and before becoming Berkshire Hathaway Company's lawyer, what key principles or lessons would you suggest to help him excel in his professor?

你好，巴菲特先生和蒙格先生，我叫卡洛斯·安切斯，来自墨西哥的瓦拉哈拉姆，很荣幸能在这里与您们相遇。作为一名律师，我向蒙格先生提出了一个关于企业法的问题。鉴于您的经验和成功，如果您要向像拉尔夫·托雷拉这样在职业生涯初期并在成为伯克希尔·哈撒韦公司律师之前提供指导，您会建议他哪些关键原则或课程，以帮助他在他的职业生涯中取得成功？

Well, I'm not sure I quite caught all of that, but yeah, what? I don't think I have a lot of advice about how to succeed as a lawyer. I have a son-in-law who describes modern law practice on the big firm. He says it's like a pye eating contest where you win, you get to eat more pie, and I advise you to avoid that kind of a law firm. Life is too short to just do nothing but eat pie.

嗯，我不确定我完全听懂了，但是是的，什么事？我不认为我有很多建议如何成功成为一名律师。我有一个女婿，描述现代大型律师事务所的法律实践。他说这就像一个吃馅饼比赛，你赢了，就可以吃更多的馅饼，我建议你避免这种律师事务所。生命太短暂，不要只做吃馅饼的事情。

Yeah, yeah. Charlie has not practiced law since what, 1964, maybe, or whatever it was, but 1962, and Charlie has given me four or five pieces of advice. They don't really come from his legal background, but because he knows the system so well and really did do quite well at Harvard Law School despite his taunting of teachers and a few things, he has given me four or five solutions on things that nobody else in the world would have given me, law firm or otherwise, and it's been us within a set within us almost a nanosecond. I want to describe the problem to him, and he just gave me the answer that nobody else would have come up with, and I told you one of them last year, so I won't repeat it at this meeting, but it's we've got the best lawyer in the world, and Charlie, if it's something that really matters, and there have been times when I've taken advantage of that, and I...Charlie didn't want to be a lawyer, he didn't want to sell his time, maybe a 20 bucks an hour or something, the people he thought were making the wrong decisions, and he knew more about it, and that just did not strike him as a good way to go to life, and I think he's probably right on that. I think he'd he'd have really gotten to be miserable if he had to keep doing that. It's just no fun be like me giving investment advice to somebody that or taking it from somebody I had to, it just I just wouldn't want to do it right, and Charlie figured that out, and so we decided to work for ourselves, and this worked been happy happily ever after. We have no complaints, yeah, none.

是的，是的。查理自1964年以来就没有再从事法律工作了，也许是1962年，或者无论是什么时候，但查理给了我四五条建议。这些建议并不真正来自于他的法律背景，而是因为他对这个系统非常了解，尽管他曾嘲笑老师和一些事情，但在哈佛法学院他确实表现得非常出色，他给我提供了四五个解决方案，这些方案没有任何人在整个世界上能够给我，无论是律师事务所还是其他方面，这在我们之间几乎是一个无非微秒的策略。我想向他描述问题，他立刻就给了我答案，没有人会想到这个答案。我去年告诉过你其中的一个，所以我不会在这次会议上重复了，但是我们确实拥有世界上最好的律师，如果有什么事情真的很重要，就找查理，有时我利用了这一点，但查理并不想当一个律师，他不想出售自己的时间，也许只是以20美元/小时的价格，他认为那些做出错误决定的人应该知道更多，但这对他来说并不是一种好的生活方式，我认为他在这方面可能是正确的。如果他必须一直这样做下去，他可能会变得非常痛苦。就像我必须向别人提供投资建议或从别人那里接受投资建议一样，这并不好玩，我只是不想做得好，但查理想出了这个问题，所以我们决定为自己工作，这样一直过得非常开心。我们没有任何抱怨，没有。

Okay, we're at Becky. This question comes from Ryan Harding. It's about the new 15% corporate minimum tax rate. As he sees it, its implementation is currently understood. He thinks that as he understands it to apply over rolling three year periods and to be based on reported earnings. First, is the inclusion of unrealized gains and losses and reported earnings under the current financial reporting standards contribute to the calculation for corporate minimum tax rate purposes, and could it potentially convert some of those notional deferred taxes into cash taxes even if a rise in the market price of a major holding is only temporary? But rather extreme, and then second, could it reduce the effect of some of the renewable energy tax incentives and others?

好的，我们现在来到了贝基。这个问题来自瑞恩·哈丁，是关于新的15%公司最低税率的。他认为目前已经了解到它的实施是基于一个滚动的三年期，并基于报告的收益。第一，在目前的财务报告标准下，未实现的收益和损失是否会对公司最低税率的计算产生影响，并且是否有可能把一些潜在的递延税转化为现金税，即使一项主要持有的市场价格上涨只是暂时性的？这个问题比较极端。第二，这个新政策是否会减少一些可再生能源税收激励措施的效果呢？

Yeah, I think the answer on the second part probably is no, but I don't want to say it is for sure because he's asking the same questions I asked a Mark Hamburg, who's the smartest guy on combining understanding of business, understanding of the tax code, understanding SEC rules, and everything else that you'll find in corporate America. And these questions that the particular question is unmarvable securities, I don't think it's been answered yet. And I think that there are a number of things about the new tax act that were not enacted, but I would say this. We have said ourselves what we think the proper approach to operating income, we didn't design that because this tax law came along with some years back, so we would think that you wouldn't include capital gains unrealize capital gains in, but we've got enough I think no matter how things turn out, you know, the 15% tax doesn't bother me in the least, and we can figure ways once we know the rules where we will pay the 15% tax, and you know, we were paying 52% taxes federal income taxes one I bought control in the partnership up Berkshire Hathaway.

我认为第二部分的答案可能是否定的，但我不想肯定说是因为他问了我问马克·汉堡（综合了商业了解、税法理解、SEC规则和美国企业中所有其他方面的最聪明的人）的相同问题。这个特定的问题是有关不可交易证券的，我认为它还没有得到回答。我认为新税法有很多事情没有实施，但我可以说一下我们自己认为的正确的营业收入的方法，我们没有因为这个税法过去的某些年份而设计它，所以我们认为你不应该包括未实现的资本收益，但我们有足够的东西，无论事情如何发展，15%的税收对我来说并不困扰，而且一旦我们知道了规则，我们可以想出付出15%税收的方法，我们在掌控伯克希尔·哈撒韦时，联邦所得税率是52%。

I mean, the tax rate come down dramatically, and the deferred tax that was embodied, for example, a sandborne. map when I was involved in a system that was allowed under the tax law to avoid that tax but that was a huge tax 52% so we we will we will live with this tax code and we do not think corporations are overtaxed in the United States and you know and I think that the conversation about how we lose out to the world and all that sort of thing is really nonsense but we've got we've got a new law that hasn't yet the regulations haven't been written on and when when we know what the game is we will absolutely figure out a way to paying 15% every year and which generally we've been paying anyway and as I pointed out if there were a thousand corporations in the United States to pay what Berkshire has been paying nobody else in the United States no individual no corporation whatever pay any income tax social security tax gift tax the state tax anything else a thousand like Berkshire Hathaway would produce the revenue that's being produced by the federal government that's being derived into the present tax code from everybody in the United States and I don't feel badly about that and I love to get out of the waters one five hundred or something in the sort done what I'd like to do it you can do it at this rate I'm happy to do it.

我的意思是，税率大幅下降了，例如，以前有一项被写入的推迟税款是指逃避税收的桑德伯恩地图。我曾参与在税法允许的系统中避免这种税收，但是那是一个巨大的税收，达到了52%。因此，我们将继续遵守这个税收法规，我们不认为美国的公司被过度征税。我认为，有关我们如何输给其他国家的对话都是无稽之谈，但是我们有一部新的法律，其监管还未制定，当我们知道这游戏规则后，我们将找到一种每年支付15%的方法，这通常是我们已经在支付的税款。正如我所指出的，如果有一千家公司在美国支付像伯克希尔哈撒韦一样的税收，美国的任何个人、公司或其他人都不需要支付任何所得税、社会保障税、赠与税、州税或任何其他税收，一千个类似于伯克希尔哈撒韦的公司将产生联邦政府从美国每个人那里衍生的收入，并且我对此感到不难受，我很乐意以这样的价格离开。

I think we are privileged to live in the United States but we also have to control spending and that's something that Congress doesn't quite quite like to give them like to do and they didn't like to do it my dad wanted Congress but but they've dug in more years have gone by Charlie well we would cover this subject earlier yeah okay station nine am I right on this yeah my name is Avlon Gross and I am from Los Angeles California I am a shareholder and it's my fourth year coming to the Woodstock of capitalism okay we're glad you came thank you so much for everything worn and both worn buffet and Charlie Munger what is the funniest story that you have never told about each other and also what is the hardest part of your business I'll answer the second part of your question is that we don't have a hard business we love our business every morning when I get up I feel good I don't know what's gonna happen that day maybe nothing will happen but maybe something will happen and if nothing else I'll roll some tea bills or something but it it I work I work with the greatest group of people you can imagine I mean we we we like each other and nobody is after anybody else's job or anything of the sort it's ideal working conditions and it's five minutes from my home or thereabouts so I'm spent my life commuting I just can't imagine having it I mean anything better and and Charlie's got a lot of funny stories you haven't heard but we'll say what you want me comes up with well I they worn I are naturally so ridiculous that we don't need very many funny stories I be each do things that are peculiar enough so we can keep one other amused tell them what you told the lawyer when we were buying a Hosehle cone I don't remember you tell them well you remember it was in 1966 and we were down in Baltimore buying a ball department store and we needed a lawyer and we needed a lawyer who was nearby and would do exactly as told and Charlie came up with a very good lawyer from one of the cutlers I believe and I don't know whether Charlie remembers the instructions he gave the lawyer or not no I don't well Charlie told the lawyer who we never met before and he said well he just he says treat worn like I was 36 at the time or 35 he said treat treat worn like any other 90-year-old client this guy knew exactly what he meant and we made the deal on a hurry and then we we went to the bank first national bank I believe it was a Merrill national bank actually and it was following Cammy Slack there wasn't it Charlie and we we wanted to borrow six million bucks against a twelve million dollar purchase and Cammy looked at us and would be world or meant he says you want to borrow six million dollars and that's a little little Hosehle cone and Charlie and I said something to the effect well the Merrill national was our first column if they didn't want to do it we had another bank we go anyway they love the money but but when he said a little Hosehle cone we immediately started thinking maybe this isn't the bus deal we've ever seen in our lives and from that point on we were trying to figure out how to sell it so we've had but we we had as much fun standing out as one was involved with us then too and we had as much fun out of deals that didn't work in a certain sense as the ones that did work I mean it's it you know if you knew you were going to play golf and you're going to hit a hole in one on every hole you just hit the ball and then went in the holes 300 yards away or 400 yards away you would nobody play golf I mean part of the fun of the game is the fact that you hit them in the woods and sometimes you had them get them out and sometimes you don't know so we are in the perfect sort of game and we both enjoy it and we we have a lot of fun together and we we don't have to do anything we don't really believe in doing how we we we are not dictated to by by any group and so we get to follow our own we like to get the foreground destiny and and and since towards the only principle by which we can run the company and that's a huge luxury in life and and we don't want to be president of any other company in the world or CEO or anything else where we have to conform to certain things that we don't want to conform to.

我认为我们生活在美国是很有特权的，但我们也必须控制开支，这是国会不太愿意去做的事情，我的父亲想让国会做，但他们已经顽固了，多年过去了。我来自加利福尼亚州洛杉矶，我是一位股东，这是我第四年来参加股市狂欢节。关于你关于沃伦·巴菲特和查理·芒格之间最有趣的故事是什么，以及你们业务中最难的部分是什么，我会回答第二个问题，我们没有一项艰难的业务，我们热爱我们的业务。每天早上我起床时感觉很好，我不知道今天会发生什么，也许什么都不会发生，但也许会有什么事情发生，如果没别生意可以做，就做国库券之类的投资。我和一群最好的人一起工作，彼此喜欢，没有人想要别人的工作或其他的东西，这是理想的工作条件，离我家只有五分钟左右的路程，我可以安全地回家。我不能想象有比这更好的东西，在我和查理之间有很多有趣的故事，你们还没有听过，但我们会说出一些好的，像在巴尔的摩买一个百货商店的时候。

Paragraph 1: That'll refer to description, yeah it is yeah okay back he this question comes from David Cass who is a professor at the Business School at University of Maryland he says at last year's annual meeting Warren mentioned that Berkshire had taken a large stake in Activision Blizzard as a merger arbitrage play since the UK regulator has blocked its acquisition by Microsoft his Berkshire reduced or sold its stake.

这段话的意思是：David Cass是马里兰大学商学院的教授，他问了一个关于巴菲特所谈到的Activision Blizzard的问题，巴菲特在去年的股东大会上提到，伯克希尔哈撒韦曾经购买了Activision Blizzard的大量股份，以期待其被微软收购而产生套利机会，但是由于英国监管机构阻止了这次收购，因此伯克希尔哈撒韦减少或出售了其持股。

Paragraph 2: Well I think in terms of what we do with stocks we don't get information except one required to which is in the 13 out for whatever we file and and there's some there's certain things you can actually figure out by looking at our 10 or yeah 10 Q which we followed this morning which you have to look pretty hard but I would say this it's I think Microsoft has been remarkably what's the word? willing to cooperate with governing bodies and I mean they want to do the deal and they met the the opposition it seems to me more than halfway but that doesn't mean that it gets done if if a given country in this case the UK wants to block it there they're in a better position to block it than the United States but just the way the world works and that doesn't get solved by offering more money or so it it I don't know how it how it turns out but if it doesn't go through I don't think it's through any any shortcoming by either Microsoft or Activision.

我认为，就我们处理股票方面，我们只能获得必需的信息，即在我们提交的13号申报中，并且有一些其他信息您可以通过查看我们今天提交的10-Q来找到，但需要花费一些功夫，我认为微软在与管理机构合作方面表现得非常出色，他们想要完成这笔交易，并且看起来他们比对手更进一步地满足了对方的要求。然而，并不意味着这项交易将一定成功，如果某个特定的国家，例如英国，想要阻止它，那么他们的阻力就会更大。世界就是这样运转，这并不能通过提供更多的资金得以解决。我不知道它最终会变成什么样子，但如果这笔交易未能完成，我认为这不是因为微软或动视暴雪有任何缺陷。

Paragraph 3: But not everything that should happen does happen and well we weren't we ran into it when we when we bought would make the deal with dominion energy 18 months ago and that they let us buy a good bit of what we wanted to buy and and then the other government in the fact said you can't buy something else which I think we would have done a better job with them anybody else did and which the states involved they're not object to it which the customers didn't object to it but you don't you don't take on the United States government you know and then you try and figure out things that that you won't have a problem with and I think in that case the NOS government made a mistake I think the British government's making a mistake in this case but but that's that's life in the big city of Australia I would say and what we do will depend on a lot of things.

但不是所有应该发生的事情都会发生，我们在18个月前与托米恩能源达成协议时并没有预料到这一点，他们允许我们购买了我们想要购买的很多东西，而其他政府则告诉我们不能购买另外一些东西，我认为如果我们和其他人一起合作，会做得更好，而涉及的州和客户都没有反对，但你不能和美国政府对抗，你只能尝试找出不会有问题的解决方案，在这种情况下，我认为NOS政府犯了一个错误。在这种情况下，我认为英国政府也犯了一个错误，但这就是澳大利亚的生活，我们要做什么取决于很多因素。

Paragraph 4: Charlie well I think what we do yeah we we you kiss that one off beautifully okay station 10 hi Warren hi Charlie my name is Anderson Fuller and I'm from Avonport Nova Scotia in Canada and before I ask my question I just want to thank you for all you've done to give us insight into your minds as investors so for me the most compelling takeaway from Berkshire is your guys's emphasis on and successful use of properly aligned incentives in my view owning and leading a business has two central benefits first you directly benefit as the company goes through your equity in it and second you have autonomy incentives for employees are a bit easier to understand such as offering benefits fair pay and creating a strong culture but I've always struggled to understand them at the highest level even though you say Berkshire gives its managers significant flexibility it must be less than what they have when they were independent.

查理，我认为我们要做的是，你已经完美地完成了那件事。好了，第10站。嗨，沃伦，嗨，查理。我的名字是安德森·富勒，来自加拿大新斯科舍省的埃文波特。在问问题之前，我想感谢你们为我们揭示投资者思维方面所做的一切。在我看来，伯克希尔最引人注目的教训是你们强调并成功利用了正确的激励机制。在我看来，拥有和领导一家公司有两个核心好处。首先，随着公司的发展，你会直接从持有股权中获益；其次，你有自主权。对员工进行激励更容易理解，例如提供福利、公平薪酬和打造良好的企业文化，但在最高层面上，我总是很难理解。尽管你们说伯克希尔给予管理人员相当大的灵活性，但必须比他们独立时的灵活性要少。

Paragraph 5: Additionally you would think passion and a willingness to sell would be inversely correlated so how exactly does Berkshire Bridges gap and incentivize owners of its subsidiaries to give up these benefits to Berkshire thank you well what we really hope to find is managers who love their business but don't like a lot of what comes with it as a public company I mean if they have to spend a lot of time listening to people tell them what to do about this or that and they can't afford to irritate them or they have to go along with their trade association because you know whatever they may call it because you don't want to look like a free rider and there's all kinds of things compromises that people have to make in most jobs and Charlie and I solved that problem.

此外，您会认为热情和销售意愿是负相关的，那么Berkshire是如何缩小鸿沟并激励其子公司的所有者放弃这些利益并投向Berkshire的呢？我们真正希望找到的是那些热爱自己的业务但不喜欢公共公司带来的很多方面的管理人员。这意味着，如果他们花费大量时间倾听有关如何处理某个问题的人们的建议，又不能触怒他们，或要遵从他们的贸易协会，因为您不希望被视为自由骑手，或在大多数工作中需要做出妥协，那么我们希望解决这个问题，Charlie 和我已经找到了解决方法。

Paragraph 1: I had five bosses in my life and I liked all five of them and two of them were just huge factors in making my life better but I like all five of them a couple of them are you know some people there are Gacy Penny Cooper Smith you know works with 75 cents an hour I love I love working at pennies

我一生中有五个老板，我喜欢他们五个，其中两个是让我的生活变得更好的重要因素，但我喜欢他们五个。其中几个人，例如Gacy Penny Cooper Smith，挣每小时75美分，我非常喜欢在这些地方工作。

Paragraph 2: well I didn't love working at pennies but I love working for Cooper Smith and you know with 75 cents an hour but I had to do what they told me to do which was to sell men's shirts first and men's clothing and children's clothing and so on and I love working for the newspaper and I had a great manager when I was immersed in Nebraska got to work for Ben Graham I made everything worked out

我并不喜欢在“Pennies”公司工作，但我喜欢为“Cooper Smith”工作。虽然工资只有每小时75美分，但我必须按照他们的要求去销售男士衬衫、男士服装、儿童服装等商品。我热爱为报社工作，并且我在内布拉斯加州有一个非常优秀的经理——本·格雷厄姆（Ben Graham）。所有的事情都进展得很顺利。

Paragraph 3: but but there's nothing like working for yourself and if you can't own a big company working at Berkshire Hathaway for running a company is the closest thing you will get you don't have to spend time courting animals who you probably have contempt for in many cases you don't have to spend time with banks you know getting money and particularly in terrible times yeah there's all kinds of you get a. lot in the way of freedom that I would think would be meaningful to me and it might be better if you own the whole place yourself but maybe you've got siblings the one I hope maybe I'm just a million reasons why you may not be able to achieve that

但是，没有什么比为自己工作更好的了。如果你无法拥有一个大公司，那么在伯克希尔哈撒韦公司工作来经营一家公司就是你能得到的最接近的事情。你不必花时间与那些你可能从内心鄙视的动物交往，你不必花时间与银行打交道来筹集资金，特别是在困难时期。是的，你将获得大量自由，我认为这对我而言是非常有意义的。或许如果你拥有整个公司会更好，但可能你有兄弟姐妹，这是我希望的一种情况，或许还有其他很多原因，可能你无法实现这一目标。

Paragraph 4: unless you're so to Berkshire and that's easier probably if you have a family business where people want to go in different directions than it is with a public company but there's still possibilities there so that's that's why that's why I I think if I owned a public company and it was what's many great many billions of dollars and Berkshire Hathaway wanted to buy it and shareholders were willing to vote it I would you know consider it the way I would feel about life but one thing I wouldn't want to retire 65 I want to keep working

除非您是到伯克希尔（Berkshire）去了，如果您有一个家族企业，人们想要走不同的方向这可能更容易一些，但仍然有可能。这就是为什么我认为，如果我拥有一家市场上的公司，它值多少个十亿美元，伯克希尔哈撒韦（Berkshire Hathaway）想要收购它，股东愿意投票通过，我会认真考虑。但有一件事我不想在65岁退休，我想继续工作。

Paragraph 5: and you know we we just we there's there are reasons to solve the Berkshire which Charlie and I in certain positions if we were on the other side would take the deal and but it isn't for everybody Charlie I think we have a pretty good one we've been very lucky in and I don't know it seems to be that most of the people who are going to end up the way we did they almost already know how to do it

你们知道，我们只是认为，如果我们处于另一方的位置，有理由解决伯克希尔的问题。但这并不适用于所有人。查理和我认为我们有一个相当不错的解决方案，我们非常幸运。我不知道为什么，似乎像我们这样结束的大多数人几乎已经知道该怎么做了。

Paragraph 6: well the most important purchase and retrospect that we may have made was national and dominate not because specifically what did they go what it led to and Jack Ringwall controlled the company and I knew him and liked him and he knew me and once a year he'd get irritated when the Nebraska Department of Insurance or something would come come around and he said they always came around when the Charbonne racetrack was open you know so they could I mean he had all these theories about why was a pain in the neck to be regulated and I and I told Charlie Heider next time Jack is in that mood where he's ready to sell just because he's tired of pulling around with all these guys

我们做出的最重要的购买和回顾是国家和主导地位，这不是因为它具体是什么，而是它所带来的影响以及杰克·林瓦尔德（Jack Ringwall）控制了这个公司，我认识他并且喜欢他，他也认识我。每年一次，当内布拉斯加州保险部门或其他机构来检查时，他总会感到愤怒，因为他认为他们总是在夏本赛马场开张时过来，这样他们就可以，我是说，他对为什么要受到监管这个问题有很多理论。我告诉查理·海德尔（Charlie Heider），下次杰克情绪低落、准备卖掉公司的时候，我们可以考虑收购，因为他受够了和这些人打交道。

Paragraph 7: be sure and find him and so Charlie called me one day and he says Jack is in the heat and I said bring him over and we made a deal but that's why Jack sold and he was happy after he made the deal and I was happy after we made the deal so there's a man that controlled the business but just decided these people didn't seem to bother him as much once they were my problem and not his and you just can't tell when lightning will strike and and that didn't do magnificent things for us initially but just look at what it led to you know and then so you never you know if you knew if you knew how you were going to again if you know how you're going to shoot all 18 holes it wouldn't be any fun playing you wouldn't get on the first tea

一定要找到他，于是Charlie有一天打电话给我，说Jack在发烧，我说把他带来吧，我们做了笔交易，这就是Jack卖掉的原因。他做了这笔交易后很开心，我们也很高兴。有个人控制了这个生意，但他觉得这些人现在是我的问题了，不再让他烦恼了。你永远不知道什么时候会有灵光一闪，一开始这并没为我们带来太多好处，但看看它带来的成果吧。你永远不知道你下一步要怎么做，这才是打高尔夫的乐趣所在，否则你一脚未踏出，你就不会感到兴奋了。

Paragraph 8: I mean it's it's it's the it's the uncertainty the fun of playing the game the appalled with all kinds of things that make a game interesting and and I think Charlie are higher in the most interesting game in the world okay Becky here's a question from Simon Withers in Perth in Western Australia it's been a long time since we've heard about C's candy and netchets could you please give us an update on C's performance and when you project it will run out of places to open stores in the United States and could you also give us an overview of how netchets has performed since its acquisition and whether it's achieved the potential you saw at the time of that acquisition

我指的是游戏的不确定性、玩游戏的乐趣、所有使游戏有趣的恶搞和各种因素，我认为查理是世界上最有趣的游戏。好的，Becky，这是西蒙·威瑟斯在澳大利亚西部珀斯的一个问题，关于“C's Candy”和“Netchets”的消息已经很久没有听说了，你能否提供一下C的业绩情况，并 预测它在美国要开张的店会不会用尽，并且您还能否概述Netchets在收购后的表现，以及是否达到了您在收购时看到的潜力。

Paragraph 1: Well with C's it hasn't been a question of opening stores we found out that we we've tried about we've had this wonderful brand that doesn't travel you know and the mystique the actual product the feelings people have about some things as we said before I mean it sometimes is it's limited to give them Marcus doctor pepper cells at a huge rate in Dallas for it worth and maybe I maybe ten times the percentage per cap of the maybe that it has in Detroit or Boston and you say well how can that be with the product been around for century and people travel and you have national advertising and I'm not sure but I keep learning more as I watch different brands and Charlie and I are economics were so good and California that week tried to in many cases the same experiment over and over again it doesn't cost much to experiment we've tried everything in the world to cause a band brand to travel and we always think we were right for the first week and then we find out that that the magic we can we can beat any other candy store pretty much but there aren't any candy stores I think more to speak of it the world has changed

C店的问题不在于是否开设店铺。我们发现，我们所拥有的品牌非常棒，但它不具备旅行性，即这款产品的神秘感和真实感对人们的影响只是有限的。如我们之前所述，这款产品可能在达拉斯地区以非常高的比率销售，而在底特律或波士顿的销量则只有其一小部分。这是很难理解的，因为这款产品已存在了一个世纪之久，而越来越多的人旅行，也存在着全国性的广告宣传。我不确定是什么原因，但我不断学习观察不同品牌的情况。就像我和Charlie都非常擅长经济学一样，我们曾尝试过许多不同的实验，试图让品牌更有旅行性，但很少有成功过。尽管对实验的成本很低，但我们总是觉得我们第一周试验方法是正确的，但随后我们发现产品的神奇效果难以复制。虽然我们的糖果店可以打败任何其他的糖果店，但现今世界上的糖果店已经发生了很大的改变。

Paragraph 2: so seize is a 101 years now it has magic and it has limited magic in sort of the adjacent west you can almost as gravitational almost and and then you get to the east and incidentally in the east people prefer dark chocolate to to melt chocolate in the west people prefer milk chocolate to dark the easting some ministers and dark the west I mean there's all kinds of crazy things in the world that consumers do but you want to keep observing it because you do learn a little and with Charlie and I'm sorry the the temptation to keep trying things because the economics were so good if we succeeded so we tried various things and of course every manager wants to try as it comes along because they have one you know it should work but it doesn't work so but that's that's what makes it very interesting and yet just we we have really learned how to distinguish and justifiably distinguish a service to people

Seize现在已经有101年的历史，它有魔力，但在一定程度上是有限的。在西边，你几乎可以感受到它的引力。当你到达东边时，你会发现人们更喜欢黑巧克力而不是牛奶巧克力。虽然全球消费者的行为很不同，但我们需要不断观察并学习。Charlie和我总是想尝试各种事物，因为如果我们成功了经济效益会很好。每个经理都想尝试新的方法，但并不是所有尝试都会成功。尽管如此，这也让这个行业变得很有趣。我们真正学到的是如何区分并合理地为人们提供服务。

Paragraph 3: so that if you can you have to be very well to do to use it but if you're very well to do you're in effect you're spending your airs money that minutes what I told my analyst after she went from teaching to be worth millions and millions of dollars and she came to see me she never been married and she she said can I afford to buy this for a coat in 1968 or nine and I said Alice you weren't buying it your nieces and nephews are buying it because that's who you're leaving your money to and speaking on behalf of your nieces and nephews I've said we want you to buy it and it's the same way you know do your errors want you to fly around in that gesture do you want to leave a little more money to your foundation or your kids and and what to solve that when this law for your kids a few hours themselves and their attitude can change so it's it's in a class by itself

这个产品的使用非常昂贵，只有非常富裕的人才能承受得起。但是如果你非常富裕，实际上你是在花你的子孙后代的钱。我有一个分析师，曾经是一名教师，后来成为了价值数百万美元的富翁，她来找我咨询能否买一件大衣，我告诉她，Alice，你不是在买这件大衣，你是在为你的侄子侄女买单，因为这些人将是你的继承人。所以我代表你的侄子侄女，建议你买这件大衣。同样，你的继承人是否希望你坐私人飞机，你是想留更多钱给你的基金会还是你的孩子，这些问题都需要你自己解决。但是，当你死后，你的孩子们会变得自立并且态度可能会改变。所以，这种产品是独一无二的。

Paragraph 4: it's it's done what Ferrari has done in a different sort of way in cars Ferrari sells eleven thousand cars here I mean maybe twelve thousand and you know there's no one throughout the world and we'll have a Chevy dealership in Austin or something we'll sell as many cars but we're not Ferrari had net jets has six hundred and well counting Europe I mean it's maybe six hundred fifty but we're gonna buy a hundred planes this year and we won't sell any because we got a backlog and we took we took a net jet flight over to Tokyo and we arrived in good shape and we spent a couple days there and we flew back and there's just nothing to it now you can say well you're getting sort of decadent all out in your old age but the money won't go to philanthropy and the money will probably be under billion or more and and I forget the philanthropy is wanting me to spend a few bucks on myself and it all it has to do is be better than the last dollars that are spent by various philanthropy

在汽车领域，法拉利已经以一种不同的方式取得了成功，他们在这里销售了一万一千辆车，也许是一万二千辆。世界上没有哪个城市的雪佛兰经销商能够卖出这么多的车。而对于净杰（一家私人飞机服务公司），我们今年将购买一百架飞机，另外还有六百多架（包括欧洲的），但因为订单积压，我们不会卖出去任何一架飞机。我们曾经搭乘净杰的班机前往东京，在那里逗留了几天，并顺利返回。这一切都非常简单。你可以说我过分奢侈了，但这些资金并不用于慈善事业，可能会达到十亿美元或更多。慈善组织希望我能为自己花费一些钱，只需要比之前的慈善支出更好即可。

Paragraph 5: which have plenty of problems finding things to do that make lots of sense so net jets there isn't any competitor I mean we looked at the other day wheels up stock came out of ten dollars a couple years ago it was selling at 48 cents the other day and they got twelve thousand six hundred people they've given a billion dollars little over a billion dollars unprepaid pre paid cards where they they've given them money and they get a certain number of hours later on and they don't I think there's a good chance that some people are going to be very disappointed later on when they have money to do net jets they they know they'll get they'll get on the same planes with the same pilots as I and my family have blown on since before we bought the company so it's not it's not shaped by wasn't the decision was shaped by some commercial objective

在找不到有意义的事情做的情况下，这个行业有很多问题，所以在净喷气飞机这里没有任何竞争对手。我的意思是，前几天我们看到Wheels Up的股价从几年前的10美元降至48美分，他们有12,600名顾客，他们赠送了超过10亿美元的预付卡，这些顾客可以在未来享受一定数量的小时数。我认为有些人在未来会非常失望，当他们有资金时，选择净喷气还是其他选择。他们会发现他们将乘坐同样的飞机和飞行员，正如我和我的家人在成为公司之前所乘坐的一样，这个决定不是由商业目标而塑造。

Paragraph 1: a couple years before I never heard of net jets and Frank Rune mentioned it to me and I've bought share media lane and then we bought the company and and every well my kids have to fight commercial sometimes because they sometimes they get to use hours too but I've never flown anything else and why would I I mean it's it's the goal center and nobody will match our fleet I mean if you got you got six hundred planes you've got them a lot more places in the United States than anybody else will have theirs I think with the second largest fleet coming to commercial airliners and and our fleet's growing like I say the rate of 100 planes a year or something it's it's it's a marvelous company and Adam Johnson has performed it you just can't believe what he's done with the business and it was a tough model for a long time but he's brought it where it is and we've got we should have a wonderful company for forever

几年前，我从没听说过Net Jets，但Frank Rune向我提起它，然后我购买了股份。然后我们收购了这家公司。我的孩子们有时必须乘坐商业航班，因为有时他们也能使用这些小时数。但我从未乘坐其他航班，为什么要呢？它是高尔夫球中心，没有人能匹配我们的机队。如果你拥有600架飞机，你可以到比美国其他地方更多的地方去。我认为我们是第二大航空公司，我们的机队像我说的那样以每年100架飞机的速度增长，这是一家神奇的公司。Adam Johnson表现出色，你简直无法想象他在业务方面所做的一切。这是一个长期较为困难的模型，但他已经把它带到了现在这个地步，我们应该会拥有一个美好的公司，直到永远。

Paragraph 2: Charlie well net jets has been remarkable you can argue that it's worth as much as any airline now oh it's it's so different and Charlie we had a hard time selling Charlie and that just membership and then we figured the way to get him to buy a membership was to put a coach seat in the fuel slot that really knocked him off I mean I think he's the only one we saw the basis I used to come to the virtue annual meetings on coach from Los Angeles and it was full of rich stockholders and they would clap when I came into the coach section I really liked that but I got to tell you we semi corrupted him he he he he he feels he kind of has to explain it but he still flies at that judge that was up and it'd be crazy not to you know it's it be a rare is our paying for it I mean if you find me anybody who's the state came in at less than zero because what's they spending on that jets threw him into that position let me know but I've I've never seen a case yet won't be the case with the Buffett Valley and and it's the residual bottom beneficiary that's paying for your your membership and it's a little hard to get used to paying that much money though I'm going to live like Charlie I have most of my life

查理一直以来对网捷公司都非常赞赏，可以说其价值与任何一个航空公司一样高。而且，网捷公司与其他航空公司非常不同。我们曾经很难向查理推销我们的会员资格，直到我们在加油机位置上放了一张普通的座位，才终于让他决定购买会员资格。我认为，他是唯一一个这样做的人。我曾经从洛杉矶坐普通的座位前往虚拟年会，那里坐满了富有的股东，当我进入普通座位时，他们会鼓掌欢迎我，我非常喜欢那个感觉。但是，我们其实有些糟糕地影响了他，他感觉似乎必须解释一下，但他仍然乘坐商务舱飞行。这是很明智的选择，因为我们不可能亏本。我从未见过一起在这个问题上亏本的案例，对于巴菲特的价值而言也不会是这样。你的会员资格费用由其它收益丰厚的人来支付，虽然开始时这么多的费用令人难以接受，但像查理一样生活了大部分时间的人则可以习惯这种生活方式。

Paragraph 3: okay we will go to section 11 hello my name is Humphrey Liu I'm from Charlottesville Virginia first I wanted to ask to wanted to add my thanks to you and Mr. Munger and Mr. Buffett and all of Berkshire for throwing this grand event each year looking at the global trends it increasingly does seem that zero mission vehicles may have finally reached the cusp of mass adoption do you see any opportunities in this space either in specific vehicle manufacturers or in related technologies

好的，我们将前往第11节。您好，我的名字是Humphrey Liu，我来自弗吉尼亚州夏洛茨维尔。首先，我想要感谢您、Munger先生、Buffett先生以及伯克希尔全体成员每年举办这场盛大的活动。从全球趋势来看，零排放车辆似乎正在逐渐走向大规模采用的关键时刻。您是否在该领域看到了任何机会，无论是在特定的车辆制造商还是相关技术上？

Paragraph 4: well I would say that that Charlie and I were long afel with the auto industry it's just too tough you know the Ford Motor Company I mean Henry Ford looked like he owned the world with the Model T and then and he brought down the price dramatically he took away just dramatically he was he might have been with a different personality or some different views he might have been elected president of the United States I mean there's there's a good book that came out on that recently that told about the story of what tells a little about Nebraska in terms of what Henry Ford and and Thomas Edison joining up but but maybe a year or two was it if you're interested in auto industry ought to read that book but Henry Ford did that and you know and 20 years later that they were losing money and that a guy with a gun in his pocket I think Harry Bennett you know that was was running the Ford Motor Company it was honest way to the junk heap when the whisks came in and and Henry Ford the second Hank the deuces I call him brought in Texort and my friend or jay might learn a few people but it's just it's I read it reading the other day actually the 1932 annual report of General Motors and it's one of the best annual reports of a relative totally honest you know assessment of exactly where they were they had 19,000 dealers them and the population as I mentioned earlier was about 120 million or so and now with 330 million people all brands in the United States have like 18 thousand dealers or something it's just a business where you've got a lot of worldwide competitors they're not going to go away and they're look like it looks like there are winners at any given time but it doesn't get you a permanent place although as I mentioned I would say Ferrari is in a special place but I only sell up in there 12,000 cars a year and US last year I think there were 14 million something and it's not a business where we find a fast name to be in we like our dealership operation but I don't think I can tell you what the auto industry will look at look like fiber ten years now

我们与汽车工业有很长的历史。但实际上，汽车业太艰苦了！例如福特汽车公司，亨利·福特用T型车让自己看起来像是拥有全世界。他大幅度降低了价格，这让他的地位更加显著。如果他的个性或观点不同，他有可能成为美国总统。最近出了一本好书，讲述了亨利·福特和托马斯·爱迪生合作的故事，其中还涉及美国内布拉斯加州。但20年后，福特公司陷入亏损，当时掌舵的哈里·贝内特手握枪支。后来，亨利·福特二世请来了泰克索特。我读到了1932年通用汽车公司的年度报告，那应该是一份非常诚实、真实的报告，它详细记录了公司情况。当时，我们有19,000家经销商，而现在全美有18,000家经销商，竞争对手在全球范围内。他们不会消失，总有胜者，但这并不能确立你的永久地位。尽管如此，我认为法拉利处于一个特殊的位置，但是他们每年只能卖出12,000辆汽车，而去年美国却卖出了14百万多辆汽车。这个行业很不好做，我们喜欢我们的经销商运营，但我不能预测未来10年汽车业会是怎么样的。

Paragraph 1: I do think that you're right that we're at peak earnings in the newspaper business and I think that I always like big figures and things and it's amazing to me how big declines can have in the newspaper business I mean I don't think there's ever been anything quite like it and I did not anticipate anything like it. And I thought I understood the economics pretty well as recently as five or six years ago. But I don't see any good answer to the problem. And I don't think it's a temporary problem. I think where the newspaper business is the Internet came along everybody's there everybody's able to communicate with everybody else and the amount of print and advertising is going down and it's going down in a big way and I think it's going to continue. And uh it's a very sad thing because it does diminish informed citizenry to some extent.

第一段： 我认为你说得没错，我们的报纸业已达到了盈利峰值，我一直喜欢大的数字和事物，但让我惊奇的是报纸业可以出现如此大规模的下滑，我不认为有任何一次经济下滑像这样严重，即使最近5到6年我认为我还是对报纸业的经济状况有一定了解。但我看不到解决问题的好方法，我也不认为这是临时性的问题。我认为报纸业现在被互联网取代了，人们都在使用互联网互相沟通，印刷和广告的数量正在大幅下降，而且我认为这种现象将会继续下去。这是一件非常令人悲哀的事，因为它在某种程度上削弱了公民的知情权。

Paragraph 2: Well it's gonna be very hard for people that don't have something else really going for them in terms of their own interest of their readers people who have established terrific franchises we know the Wall Street Journal has done it The New York Times continues to do it but these are very exceptional people with exceptional franchises. You can't count on that as a given and I don't see any easy answers for the newspaper business. And I'm telling you that as somebody that has loved newspapers since they were children it's just very sad for me.

这将对那些没有其他出色的利益和读者群体的人来说非常困难。那些已经建立了非常成功的品牌的人，我们知道华尔街日报做到了这一点，纽约时报继续做到了这一点，但这些都是非常特殊的人和特殊的品牌。你不能指望这是必然的，我没有看到报纸业的任何简单的解决方法。作为一个从小就喜欢报纸的人，我告诉你这让我感到非常难过。

Paragraph 3: Charlie and Warren I am an avid follower of Berkshire Hathaway and Buffett's investment philosophies. My question is in regards to the current turnaround of the auto industry in America how do you see this sector evolving in the future and what companies will be left standing? Well I don't think anybody at this table ever expects to see a new General Motors again and I think that the winner will be the people that come out of a post bankruptcy situation with the lowest cost structures that will allow them to make money at the type of market we have now. I don't think anybody will have as much as 20% of the market we have now. We had a total of what four down to three of what was once the big three. I think there was one year we had something like 95 point something percent of the car sales in the United States. The big three had lost market share for change but that market was not chopped up into it was not chopped up into maybe ten significant pieces. I mean you had you had other companies but the big three really ruled the roost and that's not gonna happen again. But I do think that they'll be money to be made in the auto business overall but not for everyone and not to the extent there was once. Paragraph 4: I do think that you're right that that you know there's a you will see a change in the vehicles but you won't see anybody that owns the market because they change the vehicle Charlie well the electric vehicles coming big time and that's a very interesting development at the moment it's imposing huge capital costs and huge risks and I don't like huge capital costs and huge risks and we're subsidizing in the United States and we're actually doing it try putting it up pro labor time I mean it is subject to politics like you can't believe to but but it's it's gonna be with us we're not gonna quit what driving cars and Merck and Public has a love affair with them and but I think I know where Apple's gonna be in five or ten years and I don't know what the car companies are gonna be in five or ten years and I may be wrong but that's uh we trying to have a part of the auto business with with intense interest Charlie's firm was the specialist and general motor on the Pacifico stock exchange and that was that was a franchise wouldn't it Charlie yeah we get by working very hard we can make a minor or a minor money yeah yeah wasn't minor at the time no come back but it wasn't minor at the time even you know.

第三段： 我是Berkshire Hathaway和巴菲特投资哲学的狂热追随者。我的问题是关于美国汽车业的当前转型，您认为这个行业未来会怎样发展？哪些公司会留下来？ 我认为在破产后走出来的人拥有最低成本结构，让他们能够在现在的市场上赚钱的人将成为赢家，这个桌子上没有人期望看到一个新的通用汽车。我认为没有人会占有现在20%以上的市场份额。曾经的“三巨头”现在只剩下了三个公司，市场份额已经变化，但该市场并没有分割成10个显着的部分。我的意思是，你有其他的公司，但三个巨头确实还占据着主导地位，并不会再发生这样的情况了。但我认为汽车行业总体上仍然可以赚钱，但并非所有人都能赚钱，也不会像曾经那样赚钱。 第四段： 我认为你是对的，你可以看到车辆的变化，但你不会看到任何人拥有市场，因为他们改变了车辆。查理：电动汽车正在快速崛起，这是一个非常有趣的发展，目前面临着巨大的资本成本和风险，我不喜欢巨大的资本成本和风险，美国正在为此提供补贴，我们试图增加工时，这还是受政治影响的，但这将与我们同在，我们不会放弃驾驶汽车，梅克和普布利克（Merck and Public）热爱汽车，但我认为我知道苹果公司在五到十年内会去哪里，但我不知道汽车公司五到十年后会是什么样子，我可能错了，但我们非常关注汽车行业。查理的公司是太平洋证券交易所的通用汽车专家，这是一项特许经营，通过非常努力的工作，我们可以赚一点钱，不过当时并不是小数目。

Paragraph 5: This question comes from Lindsay Peter Schumacher in Cedar Rapids Iowa does the current size of the Federal Reserve balance sheet concern you in particular the result of quantitative easing the Federal Reserve expanded its balance sheet out of nothing the net effect in essence is a form of single entry accounting creating something a value out of nothing other than a series of book entries entries and wondering what Mr. Munger thinks about this as well well I don't think the Federal Reserve is the problem and I think they can't solve the fiscal problem and I don't I do not worry about the Federal Reserve and uh I think it's fulfilling the functions for which it was established I probably would not have been if they only they have two objectives and I would not have been one probably it would have changed the inflation objective to 2% a year from from zero.

这个问题来自艾奥瓦州锡达拉皮兹的琳赛·彼得·舒马赫，她问道：美联储目前的资产负债表规模是否让您感到担忧，特别是量化宽松政策的结果？美联储通过扩大资产负债表来创造出“没有实质价值”的东西，本质上是一种单纯的记账方式，是通过一系列簿记记录创造出有价值的东西。她还想知道芒格先生对此的看法。对此，我认为美联储并非问题所在，它无法解决财政问题。我不担心美联储，认为它在履行其成立宗旨时表现得很好。不过，如果仅有两个目标，我可能会认为它们需要改变通胀目标，将年均通胀目标从零改为2%。

Paragraph 1: I think that you know Modern Monetary Theory says it doesn't matter how much debt you build up because you can print the money and interest rates will stay low and I think that that is true in the short run in the sense that if we wanted to we could pay off the entire debt gradually or pay off part of it by issuing long-term bonds and printing money and refinancing if you want to but if you did it in a big way it would be noticed and other people around the world say well if the United States can do it why don't we do it?

我认为你知道，现代货币理论认为积累债务的数量没关系，因为你可以印刷货币，利率会保持低下。我认为短期内这是正确的，因为如果我们愿意，我们可以逐渐偿还全部债务，或通过发行长期债券和印刷货币，并重新融资的方式偿还部分债务。但是如果大规模这样做，会引起关注，其他世界上的人们可能会说：“如果美国能这样做，为什么我们不能呢？”

Paragraph 2: And so everybody would be issuing in a big way. I mean we've got a virus now and in a sense, it's the modern version of a war – it’s equally destructive, it's disrupted people’s lives, it's taking people's lives and all of that but we've shut down the whole economy by order and nobody even ever thought of doing that in World War II for example so what has happened is you're seeing the kind of deficit spending that you would expect in a major war but nobody's looking at the revenue side at all.

因此，每个人都会大规模发布创纪录的信息。我的意思是，现在我们有了一种病毒，从某种意义上说，它是一场现代战争的版本——同样具有破坏力，扰乱了人们的生活，夺走了人们的生命，但我们通过命令关闭了整个经济，就像在第二次世界大战中从未考虑过这样做一样，所以现在发生的是你会看到类似于主要战争中预期的赤字支出，但是没有人在关注收入方面的情况。

Paragraph 3: They're assuming they can just load up on debt and it doesn't make any difference because the interest rate will be negligible and since the debt can always be paid off with cheaper dollars in the future that it's the right thing to do in fact if we could issue enough long-term bonds at very low interest rates we could engage in a war against poverty or a war against anything that way and gradually monetize the debt over time and nobody would even notice it particularly in a period like this where people are afraid things are going to spin out of control.

他们假设只要负债累累没问题，因为利率将非常低，而且未来的廉价美元总能偿还债务，实际上，如果我们能以非常低的利率发行足够长期的债券，我们就可以发动一场反贫困或反任何事物的战争，然后逐渐将债务货币化，而在这种人们担心事情会失控的时期，没有人会注意到它。

Paragraph 4: And I'm sympathetic to that view I'm just saying they may have a tougher time than they think I mean it's worked for a long time but still it has potential consequences. I don't know which way it'll go but in my life I have never seen such a dramatic change in in what people expect from monetary policy as what has happened in the last year or so.

我可以理解这种观点，但我认为他们可能会遇到比他们预料的更困难的问题。虽然这一做法长期以来一直有效，但仍然可能带来潜在的后果。我不知道情况会朝哪个方向发展，但在我的生活中，我从未见过货币政策所面临的期望变化如此戏剧性，这是在过去一年左右发生的事情。

Paragraph 5: It's just become accepted that the deficits don't matter and that we can print money but it’s a new world nobody knows exactly what happens. You can't keep doing it forever but if you're the reserve currency of the world everybody’s watching it and nobody knows exactly when it all hits and it'll hit sooner or later.

现在普遍认为财政赤字不重要，我们可以随意印刷货币，但这是一个新的世界，没有人知道会发生什么。你不能永远这样做，但如果你是世界储备货币，每个人都在关注着，而没有人确切地知道什么时候这一切会到来，早晚会到来。

Paragraph 6: I think that you know I think that if you tell you people that you're shooting to depreciate your currency at 2% a year that has a lot of implications although it feels good to a lot of people want a little inflation but nobody wants a lot of inflation except somebody's got a lot of debts and I do not worry about the Federal Reserve balance sheet I enjoy looking at it and the numbers are big I always like big numbers but but it is not it's interesting the most one one one of the most interesting figures to me is currency and circulation I mean it is gone they were saying cash is trash back in 2008 seven and eight and all of that cash is going to disappear well if you look at the Federal Reserve balance sheet it's gone from 800 billion to 2.2 trillion and most of that's in $100 bills overwhelmingly and if you figure it out I think there's about $1,100 bills per person babies everybody in the United States and I would really like to know where all of that is.

我认为你知道我认为如果你告诉你的人们，你打算每年让货币贬值2%，这将有很多涵义。尽管许多人喜欢一点通胀，但没有人喜欢高通胀，除非有人背负大量债务。我不担心美联储资产负债表，我喜欢看着它，数字很大，我总是喜欢大数字，但这并不重要。最引人注意的一个数字对我来说是货币和流通量，它已经消失了。他们在2007和2008年曾经说现金是垃圾，所有的现金都会消失，但是如果你看一下美联储的资产负债表，现金已经从8000亿增加到2.2万亿美元，大部分是100美元的钞票，而如果你算一下，我想每个美国人都有大约1100美元的100美元纸币，我真的很想知道那些纸币都在哪里。

Paragraph 7: I mean it nobody's hoarding euro dollars you know in South America or Africa or wherever and the demand for currency you know it's somewhat maybe use it be subtle drug dealers activities and all of that but anybody thinks cash is trash all they look at the look at the Federal Reserve balance sheet and actually you can look at how many five dollar bills and two dollar bills and ones and all that and the the action has been in one in one hundred dollar bills I mean it is it is just astounding the way that one hundred dollar bills have spread and of course we don't know where I don't know where they are I don't think the Fed can know exactly but they probably make a lot better guess than I could but I do know what's happened and you can watch it every week and you'll watch current sense or relation probably grow a little bit and believe me cash is not trash Charlie.

我是指在南美或非洲或其他地方，没有人囤积欧元美元。货币需求可能有些微妙，也许与毒贩活动有关，但任何人都不认为现金不值钱，他们看的是联邦储备的资产负债表，实际上你可以看看有多少五美元，两美元和一美元等等，而一百美元的钞票最有活力，换言之，一百美元的钞票已经广泛流通，当然我们不知道它们在哪里，我不认为联邦储备能够准确知道，但他们可能比我更了解情况，但我确实知道发生了什么，你每周可以看看变化并且相信我，现金不会变得不值钱，查理。

Paragraph 8: Well I don't know where we're headed with all of this it's been very extreme I think that you could be pretty extreme in fighting depressions and so forth if you were murdered afterwards to a period of some discipline but if you just some discipline but if you're going to just keep borrowing the printing money and spending it I think eventually it causes bad trouble and you can see it Latin America Latin America let us currency get out of control all the time and of course it lagged the United States and economic achievement greatly so I think we pay a price if we if we ever give up our old ways entirely and go into a new world where we just try and print money just make it easier to get to get through the year we pay the price in World War II.

我不知道这一切会走向何方，但它已经非常极端了。我认为，如果你在与抑郁症等问题作斗争时，没有经过一定的纪律和规定，那么你可能会变得极端。但是如果你只是不断地借债、印制货币并进行支出，这最终会导致麻烦。你可以看到拉丁美洲经常让货币失去控制，这当然使其在经济成就方面大大落后于美国。因此，我认为如果我们完全放弃旧有方式，进入一个新的世界，只试图印制货币，使生活更加容易过，我们将付出在二战中所付出的代价。

Paragraph 9: I mean everybody school kids and everybody else myself included I mean we bought or originally called war bonds and defense bonds and savings bonds and all that but from 1940 to the 1944-05 you paid out of 1875 you got $25 back and every kid saved savings. and stamps and all that but when you got all through you know you had 120% of GDP in the national debt instead of 30 or 40% and we had a lot of inflation subsequently a lot so the people that really that bought those bonds and supported the war had a portion of their purchasing power taken away from them was it wasn't any wrong with that particularly but when the country gets in the habit of doing that I don't think it's I think it's tough to figure out where the breaking point is with society but I don't think I want to come anywhere close to it it's also tough to have a mass of people unemployed that's the tension yeah.

我是说，所有的学生和所有其他人，包括我自己，我们都买了所谓的战争债券、国防债券和储蓄债券等等，但从1940年到1944-05年，你从1875美元中付出，只能得到25美元的回报，每个孩子都要存钱和邮票等等，但最终你会发现，我们国家公共债务占GDP的比例是120%，而不是30%或40%，从而导致了许多通货膨胀。那些真正购买这些债券并支持战争的人被剥夺了一部分购买力，这并没有什么不对，但当整个国家养成这样的习惯，我不认为我们能够确定社会的临界点在哪里，但我不希望接近它。同时，大规模的失业也是一种紧张状态。

Paragraph 1: Well that's that's why the bad has two objectives in terms of employment and inflation and but they're not the ones that that create the deficits and so far the system it worked pretty well although like I say it's been so far the man who jumped off a tall building yeah it's all right until he hits the ground yeah well but but you there could be ways we can stop now it's a third floor or the sixth floor we don't know what four is but we know what is having at the ground but the question. you know politically it's very very very tempting to to vote appropriations and it's not fun to vote taxes and Russell Long had the Senate Finance Committee they got a building very matter from now he said you know don't tax you don't tax me tax like I'm behind the tree and basically that is the attitude of I mean that it's the reality of what is useful in politics and so far this country's managed to work very well with a lot of things that could theoretically cause a lot of problems but it doesn't mean it doesn't guarantee us the future on it and and being the reserve currency let's just do a lot of things but it also creates

Paragraph 1: 这就是为什么央行在就业和通胀方面设定了两个目标，但并不是这些目标导致赤字。到目前为止，这个系统运作得相当好，虽然我得说，这就像一个跳下高楼的人，直到他落地才知道是否安全。我们不知道现在落在第三层或第六层，但我们知道最后会落地。而政治上很容易投票拨款，但很难投票征税。参议院财政委员会的罗素·朗曾说过：“不要征税我，征税那些藏在树后面的人。”这基本上就是政治中的现实态度。虽然这个国家管理了很多理论上可能会导致很多问题的事情，但这并不能保证我们的未来。同时作为储备货币，它可以做很多事情，但同时也会造成一些

Paragraph 2: a lot of consequences if we screw it up Charlie well we're bidding a subject to death but back it is a problem I wish we had a solution okay well that will go to station one to be hello my mr buffett and mr monger my name's Connor I'm an economic student the university in Nottingham my question for you today is during the pandemic we witness to supply change shortages especially for major as a result companies have chosen with political attentions to move production away

如果我们搞砸了，将会有很多后果，查理。我们正在将一个主题谈到死，但这确实是一个问题，我希望我们有一个解决方案。好的，那么我们将前往第一电台，你好，巴菲特先生和蒙格先生，我叫康纳，是诺丁汉大学的一名经济学生。我今天想问您的问题是，在疫情期间，我们目睹了供应链短缺，尤其是重要的物品。因此，公司选择出于政治方面的考虑将生产转移。

Paragraph 3: shirt companies made these decisions and shirt the government support them Charlie well that's a good question yeah obviously it's logical if you're in business and you can make the thing in Mexico way cheaper it's natural to open a factory in Mexico and in Mexico and get your parts cheaper and a lot of the older manufacturers have done exactly that on the other hand nobody wants to hollow out the whole country so all the manufacturing jobs are elsewhere and we're all living with a bunch of farmers you know like English colonies in 1820 or something and and and these ideas are of course in in big tension uh we have we don't have that much foreign production right Warren

衬衫公司做出这些决定并得到政府的支持，这是个好问题。很明显，如果你在经营业务并且能够在墨西哥制造出更便宜的产品，那么在墨西哥开设工厂并获取更便宜的零部件是理所当然的。许多较老的制造商已经这样做了。另一方面，没有人希望整个国家空心化，以至于所有制造业就在别的地方，我们都生活在一个农民的世界中，就像1820年的英国殖民地一样。而且这些想法当然存在巨大的紧张关系。我们并不那么依赖外国生产，对吧，沃伦？

Paragraph 4: yeah well but we've lost well originally Berkshire had the way the textile manufacturing lost because the South became feasible versus the North and of course then eventually the South got it's mentioned in China sure and and uh society benefits and some people get killed in that sort of a situation and a rich society should take care one way or another and of people who worked in our shoe factories people who worked in our textile companies I mean if you work in our textile operation in in 1964 when we took it over half our half our workers only spoke Portuguese and uh you know they and they weren't getting great wages at all but now you could do it in the South and we were doomed to go out of business and it wasn't the fall of the worker in any way shape or form it wasn't the hard fall we kept trying to compete

嗯，但我们已经输了。原本伯克希尔公司是以纺织制造业为主，但由于南方的成本较低，使其在北方失去优势。当然，南方后来又被中国替代。在这样的情况下，社会受益，但也有一些人因此丧生。一个富裕的社会应该以某种方式照顾那些在我们的鞋厂和纺织公司工作的人们。我指的是，如果你在我们的纺织业务中工作的话，比如1964年我们接管它时，一半的员工只会讲葡萄牙语，他们的工资并不高。但现在你可以在南方找到更好的工作机会，而我们注定要破产。这不是工人的过错，也不是他们的困境。我们一直在努力竞争。

Paragraph 5: well it was a tvA had cheap power down there sure and a textile is really congealed power and their conditioning changed everything but the heat in those them pledges were impossible that's a lot of things but then then it moves offshore in many ways and and net the country is better off because of it but it displaces a lot of people really can't do something else and like you can't talk about retraining if somebody does 55 or 16 speaks only Portuguese and really tell them they're going to have a great future a new bed for mass and you know and and so you don't want to be glib about it uh and we can afford to take care of those people and we've got some systems that work reasonably well but but there's a tension between you know what about the person that doesn't do anything and all that kind of stuff so

这段话讲述了低廉电力带来的纺织业发展所产生的能源和环境变化，然后这个产业逐渐迁移到海外，虽然这样有利于国家整体经济的发展，但也造成了很多人的失业，因为有些人没有其他技能，无法被重新培训。同时，他也提到了现在我们可以采取措施来照顾这些人，但是这个问题也引起了慢就业者和其他相关的问题，所以这是一个需要平衡的问题。

Paragraph 1: these are not easy problems to solve but I would say that by and large we want the whole world to prosper we do not want to be a world we don't want the United States to be a country of extraordinary prosperity and have the rest of the world starving no it's it it isn't going to work and it particularly isn't going to work in a nuclear world so and you have your own feelings about it as a humane person but but it doesn't it it it it is not it can be done better and and we've got the resources to do it

这些问题并不容易解决，但总体来说，我们希望整个世界都繁荣发展，我们不希望成为一个富裕的国家，而让其他国家处于贫困之中。无论从人性的角度还是现实的角度来看，这是不可行的，特别是在核武器的时代。我们有足够的资源去解决这个问题，我们可以做得更好。

Paragraph 2: I mean the the output of this country what can be done with a lot fewer people and doing more specialized things and of course it has been the work week in the United States you know in my lifetime is dropped dramatically and people still feel busy and it will be the human lot to say you know how can I get all these things done but but my mother didn't die for kids any place I mean you want to go in place if you're lucky

我是说这个国家的产出可以用少得多的人员完成更专业的事情。当然，在我的一生中，美国的工作周减少了很多，但人们仍然感觉很忙。这将是人类的命运，说你知道我该如何完成所有这些事情，但是我的母亲不是为了孩子而死，这意味着你要去一个地方，如果你幸运的话。

Paragraph 3: you've got old enough you had a bicycle the world just keeps looking at everything moving up as becoming sort of a base that leads them somewhat dissatisfied and with our prosperity we can do a lot of things we couldn't do in in 1930 and including taking care of people to get get displaced by the fact that somebody else can do that work and improve their lot in life and we got to be sure that we have the best system to take care of the people who who get displaced by that

你已经长大了，你有一辆自行车，世界在不断发展，一切都变得越来越基础化，人们感到有些不满意。随着我们的繁荣，我们可以做很多在1930年我们无法做到的事情，包括照顾那些因为有人能做那份工作而被取代的人。我们必须确保我们有最好的系统来照顾那些因此而失业的人。

Paragraph 4: but doing that in a public system we have everything we'll make a lot of mistakes along the way but we got to keep moving in that direction and I think the interesting thing about it is that the Adam Smith was right that the the free market capitalism automatically with a lot of property and private hands and free trade and all that automatically creates GDP per capita of the grows and helps everybody including the people at the bottom helps everybody a lot but a inherent in the process is a lot of pain in that free market capitalism for instance to the Portuguese workers in a textile company in New Bedford and nobody's ever figured out how to take all the pain out of it

在公共系统中这样做，我们会犯很多错误，但是我们必须一直朝着这个方向前进。我认为有趣的是，亚当·斯密是对的，自由市场资本主义自动地把很多财产和私人手中和自由贸易等都创造了人均GDP，让每个人都受益，包括底层民众，但在这个过程中 inherently 充满了很多痛苦 - 比如说纽贝德福德一个纺织公司的葡萄牙工人，没有人知道如何消除所有的痛苦。

Paragraph 5: we do have government safety nets to take some of the pain out we make those safety nets a little bigger as time goes by but apart from that if you try and take all the pain out you'll also take all the gains out of it you won't have it growing GDP per capita you'll have an economy like Russia which has been characterized as saying they pretend to pay us and we pretend to work yeah the other systems haven't worked better but yeah it also produces more and more disparities in wealth and people that do nothing but get assets under management without actually performing anything extra make fortunes and I mean that it's it's the job of government to keep the best aspects of capitalism while a lot causing people to only speak Portuguese to suffer in the process

我们有政府的安全网可以减轻部分痛苦，我们会随着时间的推移让这些安全网更加完善。但是除此之外，如果你试图完全减轻痛苦，也会失去所有的好处，你不会有GDP人均增长，你会像俄罗斯一样出现经济问题，人们会说他们假装支付我们，我们假装工作。其他的系统也没有表现得更出色，但它也会产生越来越大的财富差距，一些人没有额外表现却成功地掌管资产。我是说，政府的工作是在让资本主义的最佳部分存在的同时，避免只会说葡萄牙语的人在这个过程中受苦。

Paragraph 6: I mean the two aren't compatible politically over time and we stumble along making progress on things like social security and all that and and we are a lot better often we are when I was born. Net the United States has done a very good job of this tension between capitalistic growth and growing social safety net we can be pretty proud of our country looking backward. That may be why we have 25% of the world's GDP starting with a half a percent of the population in a few centuries I mean it's just it's a miracle and it wasn't because we're smarter well you got to say there must be something to the system it's worked pretty well even though it's produced a civil war and all kinds of things you know and women you know not getting a shot at anything you know even after they passed the the 19th Amendment it's it's it's a work in progress

我指的是，随着时间的推移，这两者在政治上并不兼容，我们在社会保障等方面取得了一些进展，我们比我出生时要好得多。总体来说，美国在资本主义增长和社会安全网之间的这种紧张关系上做得很好，我们可以为我们的国家感到自豪。这也许就是为什么我们拥有世界 GDP 的 25%，而我们仅有不到半个百分点的人口，几个世纪来，这真是个奇迹，这不是因为我们更聪明，你得承认这个系统肯定有它的优点，虽然它产生了内战和各种各样的事情，你知道，即使在通过第 19 修正案后，女性仍然无法有机会参与，这仍然是一个不断进步的过程。

Paragraph 7: I think actually there's been progress but it's mankind's nature to see the see the things wrong with it if you've of course it's fancniature to take the progress as a right not something to be earned or strive for but something that's so automatically just flowing over the trancell and that attitude is rock is poison it doesn't do anybody any good okay now I ask you say an easy question Becky this question comes from Doug DeShield since the accounting rules changed requiring Berkshire to report the change and fair value of its equity investments through the income statement mr. Buffett has repeatedly told shareholders to ignore those changes as they're not reflective of the long-term returns that those investments will produce recently mr. Buffett has argued that holds a maturity accounting used by the banks to avoid reflecting the changes and fair value of bank investment portfolios and the income statement and the shareholder equity account do a disservice to its various stakeholders

我认为实际上已经取得了进展，但人类的天性是看到其中的错误。如果事情顺利，当然是我们的天性会认为这种进步是理所当然的，而不是一项需要付出努力和追求的东西。这种态度是有害的，不会给任何人带来好处。好的，现在我有个简单的问题问你，Becky。这个问题来自Doug DeShield。自从会计规则改变，要求伯克希尔哈撒韦报告其股权投资的变化和公允价值，而将其纳入收入报表后，巴菲特先生一再告诉股东忽略这些变化，因为它们并不能反映这些投资长期的回报。最近，巴菲特先生认为，银行使用成熟的会计方法来避免反映银行投资组合的变化和公允价值对于它的各种利益相关者都是不公正的。

Paragraph 1: Commissioner Buffett elaborate on why he views market-market accounting differently for banks in comparison to Berkshire.

布菲特专员阐述了他为什么认为银行和伯克希尔采用市场会计方法的情况不同的原因。

Paragraph 2: Oh I believe in in both cases in doing it on the balance sheet and not on the income statement and it's a very tough problem with the auditor's face as is that the obviously the income statement feeds into the balance sheet but the balance sheet tells you whether deposits can be paid it tells you a lot of things and we show it on our balance sheet we believe in showing market values on our balance sheet we just don't believe in running it for the income account and in getting there we would put it another comprehensive income like it was for a long time so I sympathize to some extent with the oh a far accident with the auditor world but they have to really decide whether they want they want the balance sheet to represent values except it doesn't reflect them on the upside if we buy a C's Canyon it's worth way more money so it's conservative in that sense but uh or whether they want to have a an income account that becomes meaningless to people because it really changes every five seconds you know I mean while we're normal markets close today but uh uh you know we have days well I guess Apple was up what you know some right points I'm in on Friday I mean that's seven billion dollars I mean you you uh that's a crazy income account it is a reflection of where we stand at that point and of course if you're a bank where you're putting out money brilliant and things that people sort of mortgages I mean the primarily uh uh they're a terrible instrument for a bank to own but a great instrument for a consumer to buy and build in the whole society now in a way that was entirely different than the past uh you've got to pay attention to whether whether they've gotten out of whack in terms of of what's the value of what they own and what can be demanded out in tomorrow morning and if we had all of our money that could be demanded from us tomorrow morning we'd have to behave a lot differently than than Berkshire does so I don't I don't I really think the way to do it is the way you recommend doing which is exactly what was being done until a few years ago I recommend the shareholders look out of that way but we're going to follow the rules obviously the SCC uh you know state authorities and everybody require of us but we'll still explain to the shareholders exactly what I would explain to my sister about what really counts of Berkshire and I think every management actually has an obligation to that and instead of it they go in the other direction and give them a lot of figures that are total nonsense you know I can't imagine some of the you know that even die I thought was about as bad as you could get but they kept going you know earnings before everything uh EBE uh so uh uh but that doesn't change but I would tell my sister who's here in the audience I hope uh and uh I should tell you all the shareholders and we'll consistently do what is legal and we'll consistently say what does we think is right.

我认为，在这两种情况下，应该在资产负债表上进行处理，而不是在损益表上处理。这是审计师面临的一个很大的问题，因为显然损益表是资产负债表的基础，但资产负债表告诉你存款能否支付，它告诉你很多事情。我们在资产负债表上显示市场价值，我们只是不信这应该运用到成本核算方面，我们会把它放到其他综合收入中，就像很久以来一样。我在某种程度上同情审计界，但他们必须真正决定他们是否希望资产负债表代表价值，除非这些价值没有反映，如果我们购买了C的峡谷它的价值更高，所以在这个意义上是保守的。他们是否希望有一个收益账户，这对人们来说变得毫无意义，因为它确实每五秒钟都在变化，你知道我的意思。如果你是一家银行，你放出贷款，比如说主要是抵押贷款，对银行来说，这是一个可怕的工具，但对于消费者来说，这是一个很好的工具，建立整个社会，这和过去完全不同，你必须注意到它是否在价值和明天能够要求的东西之间出现了偏差。如果我们所有的钱都可以在明天要求我们，我们必须要有所不同。我真的认为你推荐的做法是正确的。我建议股东们这样看待问题，但我们将遵循规则，当然，SEC，州政府和所有人都要求我们这样做，但我们仍然会向股东解释，正如我向我的姐姐解释伯克希尔的真正重点一样。我认为每个管理层都有这个义务，而不是像其他人那样，给他们一堆完全无意义的数字。我无法想象一些甚至都不如上一季度糟糕的财报，但他们还在继续。但这没有改变，我们将告诉股东我们认为正确的东西，并且我们将一直这样做。

Paragraph 3: Yeah We want owners who understand what they own now that doesn't mean that to understand the detail of it but that's why we have people that have been around 50 or 60 years that doesn't mean that they read the ten kills or anything like that but they they feel worth telling a tool like I don't know the next door to us.

是的，我们希望业主们了解他们所拥有的东西，这并不意味着他们要了解其中的细节，但这就是我们有些人在这里已经有50或60年的原因。这并不意味着他们阅读了所有条款或类似的内容，但是他们能够感受到东西的价值，例如当我们需要使用一个像邻居家旁边的工具时，他们能够提供帮助。

Paragraph 1: I'm not sure why people are so mystified by stocks. They sometimes think it's like trying to guess what will happen to a certain number of beans in a jar. They forget that they have a part ownership in a business. They need to look at stocks like they're shares in a company that's going to be around for many years.

我不确定为什么人们对股票如此神秘。有时他们认为这就像猜测一个大罐子里的豆子会发生什么。他们忘记了自己拥有公司的一部分所有权。他们需要把股票视为一家将会长期存在的公司的股份。

Paragraph 2: A lot of people talk about the stock market like it's a game, but it's not a game. You're investing in companies that you believe will be around in the future. You don't want to fool around and buy a stock just because it's going up or because it has a high P/E ratio. You want to find companies that have a good product or service and decent management.

很多人谈论股市好像在玩游戏，但实际上并非如此。投资股票意味着你相信该公司将来会存在，并非抱着任性随意地购买股票只因为它们正在上涨或者是拥有高市盈率。你要寻找那些有优秀的产品或服务和合适管理的公司。

Paragraph 3: The problem most people have when they invest in the stock market is that they don't have a long-term perspective. They try to guess what's going to happen in the short term, but they don't take the time to really understand the business they're investing in. They should be looking at the company's financial statements and understanding the company's products and competitors.

当人们在股市投资时，最常遇到的问题是缺乏长期的视角。他们试图猜测短期内会发生什么，但他们并没有花时间真正地了解他们投资的业务。他们应该关注公司的财务报表，理解公司的产品和竞争对手。

Paragraph 4: I don't know what the accountants were thinking when they made that change. It strikes me as bonkers, yeah absolutely bonkers. I don't see how anybody who understands how businesses really operated and shouldn't be operated by owning managers would have made that accounting change. The accounts did it just because they had a wild moment 20-25 years ago.

当会计师们做出那种改变时，我不知道他们在想什么。这让我感到十分疯狂，绝对是荒谬的。我不明白为什么会计师要进行那种会计变革，因为任何了解企业真正运营和不应该由所有经理拥有运营权的人都不会这么做。会计师只是因为20-25年前曾有过一时狂热而这么做。

Paragraph 5: I suggested to the audit production that they just ask the audit committee to ask owners four questions and the shareholders would know a lot more about the company if those questions were asked. But it wasn't good for the owners to be asked those questions because it might increase their liability if they answered them. And the client didn't want them to answer them because the man even didn't want them to know. They want a system where if they follow certain rules, they're safe.

我向审计生产部建议，他们只需请审计委员会向业主提出四个问题，股东们就会了解更多有关公司的信息。但是，向业主提出这些问题可能会增加他们的责任，因此这对他们来说并不好。而且，客户也不想回答这些问题，因为他甚至不想让他们知道。他们想要的是一个系统，在这个系统中如果他们遵守某些规则，他们就是安全的。

Paragraph 6: I don't think the past year this rule requiring changes and marketable securities to go through the annual account quarterly they didn't do that to protect themselves from liability. They just did that for some crazy reason of their own. Get a bunch of people who are all being growing a lot of pay out of a big complicated system arising in it like so many officers in the army. God knows what they'll do if you put them in a little room by themselves and tell them to invent new accounting standards.

我认为过去一年制定的强制要求改变和有市场价值的证券经过年度账户季度审核的规定并非是为了避免责任。他们只是出于自己的一些疯狂的原因而这样做。让一群人在一个复杂的系统中获得了不少报酬，就像军队中的许多军官一样。如果你把他们放在一个小房间里告诉他们发明新的会计准则，谁知道他们会做些什么呢。

Paragraph 7: My name is Victoria Rantrop. I am 22 years old and I study in Munich at the CDTM, the center of digital technology and management. As your grandchildren are more in my age group, let me ask you, how do you transfer your wisdom to your grandchildren and heirs? How do you lead them to investing? Do you see value in investing as a family or individually? Thank you.

我的名字是维多利亚·兰特罗普，今年22岁，在慕尼黑的数字技术和管理中心（CDTM）学习。考虑到您的孙子女们和我同龄，我想问一下您，您是如何将智慧传给您的孙子女和继承人的？您是如何引导他们进行投资的？您是否认为在家庭或个人投资方面有价值？谢谢。

Paragraph 8: I'm going to Charlie do the answering. I think you got more. Well, I have my grandchildren, but I am quite philosophical about my grandchildren not thinking exactly the way I do. It seems to me that's almost the natural course of life and I just live my life my own way, and they can observe it as an example if they want to, and if they don't, they can try some other way.

我让Charlie来回答您的问题。我觉得你有更多的问题。虽然我有孙子孙女，但是我对于他们不完全和我想法一致这个问题持哲学态度。我认为这几乎是生命的自然过程， 我会按自己的方式生活，如果他们想要，他们可以以我为例子，如果不想，他们可以尝试其他方式。

Paragraph 9: I don't like it when they try some other way. I tap to pretend that I like some of the boyfriends and girlfriends. I don't like but I just struggle through like everybody else and usually I just bite my tongue and keep silent. That's my way of handling it. Well, I would say that I think my case my three children have grown a lot smarter than the last 30 years, and I think I've grown smarter.

当他们尝试其他方式时，我不喜欢。我会轻轻敲打一下，假装我喜欢一些男朋友或女朋友，尽管我并不喜欢，但我会像其他人一样苦苦挣扎，通常我只会闭嘴不言。这是我处理这些情况的方式。我认为，在过去的30年里，我的三个孩子变得比以前聪明了很多，我也变得更聪明了。

Paragraph 10: And I know but you needed a lot of help, that is for sure. No, I was totally acknowledged that's why I had the room to go, I mean, I had plenty of room for a group but I all had a lot to grow. I went to work here for U.S. steel which was in their fabrication department in Los Angeles with big operation. The thing was utterly doomed and three years later it went back to Greenfield so the whole thing was raised to the ground. I did not see it coming.

我知道你需要很多帮助，这一点毫无疑问。但我完全理解你的情况，所以我有足够的空间去（成长）。我的工作是在洛杉矶U.S. Steel的制造部门，那里是一个庞大的运作。但这件事彻底失败了，三年后就被关闭了，整个事情都毁了。我没看出这种结果。

Paragraph 11: Now I would be that ignorant and that as I was at that age. It was a sin, and my professors went large for even more ignorant than I was if we we just nobody had observed the basic economics of business in a scientific way at all when I was young. Well, if we're getting into confession time, I have to tell you it's 3:30, so we don't want to keep going on.

那时候，我真的非常无知，就像我当时的年龄一样。这是一种罪过。如果我们当年年轻时没有以科学方式观察商业的基本经济学，那么我的教授们会认为我甚至更无知。好了，如果我们现在开始忏悔，我必须告诉你现在已经是3:30了，所以我们不能继续讨论了。

Paragraph 12: Who knows what we'll be saying another half hour, so yeah so I thank you all very much for coming. At 4:30, we will have the shareholders meeting here and the we're continuing to sell those for another 20 or 25 minutes. We've already broken all kinds of records, but let's really make it tough for comparisons next year. And I think again I thank you for coming. Come next year and maybe we'll figure out the answer to the footballer of these questions.

谁知道再过半个小时我们会说些什么，所以我非常感谢大家的参与。在4:30，我们将在这里举行股东大会，并且我们将继续出售那些产品20或25分钟。我们已经打破了各种纪录，但让我们为明年做出更有挑战性的比较。再次感谢您的参与。明年请再来，也许我们会想出这些问题的答案。