Well, the investments began maybe close to four years ago, and I was looking at company after company, as I'll do every day, and I just thought these were big companies.

我每天都在看一家又一家公司，我覺得這些都是大公司。

They were companies that I generally understood what they did.

這些公司的工作我基本都瞭解。

Some were similar to Berkshire and that they owned lots of different interests, and they were selling at what I thought was a ridiculous price, particularly the price compared to the interest rates prevailing at that time.

有些人的情況與伯克希爾公司類似，他們擁有很多不同的權益，他們的售價在我看來非常離譜，尤其是與當時的利率相比。

So I started buying all five of the five largest trading companies, and by my 90th birthday, August 30th of 2000, whatever it was, we had bought just somewhat over five percent of each company, and we were buying identical amounts.

於是，我開始買下所有五家最大的貿易公司，到我 90 歲生日時，也就是 2000 年 8 月 30 日，我們買下了每家公司略高於 5% 的股份，而且買入的數量完全相同。

So we announced at that time that we bought this five percent interest in each of the five.

是以，我們當時宣佈，我們購買了這五家公司各百分之五的股份。

I wrote a letter to the CEOs of each of the companies saying the same thing, that Berkshire would never buy more than 9.9 percent without their consent, and that was my word.

我給每家公司的首席執行官寫了一封信，說了同樣的話，伯克希爾未經他們同意，絕不會購買超過 9.9% 的股份，這是我的承諾。

And they all welcomed us in, and their results have exceeded our expectations since we purchased the group.

他們都很歡迎我們的加入，自我們收購該集團以來，他們的成果超出了我們的預期。

I think their dividends on average have gone up 70 percent or something like that, and we now own 7.4 percent of each of the companies.

我認為他們的股息平均上漲了 70% 左右，我們現在擁有每家公司 7.4% 的股份。

And I just, Greg and I together, we wanted to come over and talk to them, and so we got on a Netshift plane and flew over, and we have had a terrific time meeting each of the five sequentially over the last two days, and it's been fascinating.

我和格雷格想過去和他們聊聊，於是我們就坐上了 Netshift 的飛機飛了過去，在過去的兩天裡，我們非常愉快地依次見到了這五家公司中的每一家，這讓我們非常著迷。

And we feel even better about what, but we couldn't feel better about the investment.

我們的感覺更好了，但我們對投資的感覺好得不能再好了。

And over that time, we've sold periodically yen-denominated bonds.

在此期間，我們定期出售日元債券。

So more or less, we don't do it precisely, but we've insulated ourselves from exchange rate changes.

是以，或多或少，我們做得並不精確，但我們已經使自己免受匯率變化的影響。

So it's worked out very well so far, but we'll be in these stocks 10, 20 years.

是以，到目前為止效果很好，但我們還需要在這些股票上投資 10 年、20 年。

I mean, we weren't buying with the idea they'd go next week, next month, next year.

我的意思是，我們並不是抱著他們下週、下個月、明年就會走的想法來購買的。

But we have had revelations about each of the companies that, well, Greg and I are just fascinated by it.

但我們對每家公司都有所瞭解，格雷格和我對此非常著迷。

Was it worth the trip?

不虛此行嗎？

Oh, absolutely.

哦，當然。

It's been a great trip.

這真是一次偉大的旅行。

I mean, they've been exceptional in how they've communicated, both with their performance, but just their approach to business.

我的意思是，他們的溝通方式非常出色，既有業績，也有經營之道。

What'd you learn since you've been here?

你在這裡學到了什麼？

I think the thing that stands out very quickly to us is they came to the meetings wanting to build a relationship and strengthen it.

我認為，我們很快就發現，他們參加會議的目的是希望建立和加強關係。

So they understand we've invested in their companies, but from the very get-go, when we start the conversations with them, they come each with their own story, and it's around building trust in that relationship with them.

是以，他們知道我們投資了他們的公司，但從一開始，當我們與他們開始對話時，他們每個人都有自己的故事，這就是圍繞著與他們建立信任關係。

Meaning what?

什麼意思？

That there are other potential deals that you all could do together?

你們還可以一起做其他交易嗎？

We've clearly made it, each time we've met with them, we said we very much like the core investment.

我們已經明確表示，每次與他們會面時，我們都說我們非常喜歡核心投資。

But to the extent they can identify an incremental opportunity that we could do with any of the five companies, we would very much evaluate it quickly, and Warren highlighted the bigger the better, and that he'll answer the phone on the first ring.

但是，如果他們能發現我們可以與這五家公司中的任何一家合作的增量機會，我們會非常迅速地進行評估，沃倫強調，機會越大越好，他會在電話鈴響起的第一時間接聽。

And we'll never run out of money.

我們的錢永遠用不完。

I mean, they can call us anytime, and it may be that what they have interests us, it may not, but they'll have an answer, you know, bingo.

我的意思是，他們可以隨時打電話給我們，也許他們有我們感興趣的東西，也許沒有，但他們會有一個答案，你知道，賓果。

And if we make a deal, the money will be on the way, and we look forward to it.

如果我們達成協議，錢就會到賬，我們期待著。

And I'm just astounded at how they really, they're all different, and they're all the same at the same time.

我驚訝於他們是如何做到既不同又相同的。

I mean, we'd learned about five different individual companies, but it was not exactly what we expected.

我的意思是，我們已經瞭解了五家不同的公司，但這與我們的預期並不完全一樣。

It was better than we expected in every respect.

各方面都比我們預期的要好。

People look at this and say, okay, Warren Buffett is putting his stamp of approval on investing in Japan, basically.

人們看了之後會說，好吧，巴菲特基本上是在為投資日本蓋章。

Is that an accurate read?

這個讀數準確嗎？

Well, yeah, it was an accurate read, but it was an accurate read a couple of years ago, too.

嗯，是的，這是一個準確的解讀，但幾年前也是一個準確的解讀。

I mean, I was confounded by the fact that we could buy into these companies and, in effect, have an earnings yield of maybe 14% or something like that with dividends that would grow.

我的意思是，我們可以買進這些公司，實際上，收益率可能達到 14% 或類似的水準，股息還會增長，這讓我感到困惑。

They actually grew 70% during that time.

在此期間，它們實際上增長了 70%。

And the people were investing their money at a quarter of a percent or nothing.

而人們的投資回報率只有四分之一，甚至根本沒有。

And that quarter percent, if they put it out for many years, wasn't going to grow, and the 14% was more likely to grow than not.

而那四分之一，如果他們把它放在外面很多年，是不會增長的，而那 14% 更有可能增長而不是不增長。

And if that doesn't look like something sensible to me, that's as easy as it gets, but it's turned out to be better than I thought it would be.

如果這在我看來不是什麼明智之舉，那就太簡單了，但結果卻比我想象的要好。