正文
No, we’ve never done anything in healthcare.
是的，我们从来没有投资过医疗行业。
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Source: BRK Annual Meeting 2006 Tilson Notes
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URL:
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Time: 2006
[Re: fixing the U.S. Healthcare System]
回复：修正美国医疗体系
Munger: It’s too tough. We can’t solve that one. We try to look for easy problems. We don’t try tough things. Sometimes life hands you a very tough problem you have to wrestle with – not financial problems for us, but personal ones.
查理芒格：这太难了，我们无法解决这个问题，我们想去解决的是简单的问题，不是这种难搞定的问题。有时候生活递给你一个十分艰难的问题，你必须去搏斗——对于我们来说这类问题不是财务上的问题，而是个人的问题。
If we were looking at a private-sector solution, we’d look for low distribution costs. You don’t want a lot of revenue soaked up in frictional costs, but I don’t know how to do that. If we’re paying 15% of GDP [for healthcare], you’d think someone would figure it out. Maybe this will come up in the upcoming presidential campaign.
如果我们在寻找一个私营部门的解决方案，我们会寻找低的分销成本。你不会愿意看到大量的盈利磨灭在摩擦成本里面，但我也不清楚要怎么才能做到。
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Source: BRK Annual Meeting 2007 Tilson Notes
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URL:
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Time: 2007
[Re: Pharma? How do you value the pipeline of drug companies?]
回复：那制药行业呢？您怎么对制药公司正在研发的药品估值？
WB: Unlike many businesses, when we invest in pharma, we don’t know the answer on the pipeline, and it’ll be a different pipeline 5 years from now anyway. We don’t know whether Pfizer or Merck, etc, have a better chance, or which of those will come out with a blockbuster. But we do feel we have a group of companies bought at a fair price that, overall, will do well and should offer chances for decent profits. These companies are doing very important things. I could not tell you the potential in the pipeline. A group approach makes sense. It is not the way we would go at banks. If you buy pharma at a reasonable multiple, you will probably do okay 5-10 years from now.
沃伦：跟别的行业不一样，我们在投资制药行业时无法对其研发的药品下个结论，毕竟五年之后这个药品可能就大不相同了。我们也不知道Pfizer（瑞辉，美国制药公司）或者Merck(默克，美国制药公司)这些公司里面是不是存在更好的机会，还是这些企业会制作出下一个火爆市场的药品。不过我们能确定是，我们的的确确在合理的价格买入了一组制药公司，它们能够经营良好，并且提供了赚取良好回报的机会。这类公司做的业务都十分重要，我无法告诉你有潜力的药剂是什么。设置投资组合是有意义的，这跟我们对待银行也采取的方法不一样。如果你在合理的倍数下买入了制药公司，5-10年的收益率可能是很不错的。
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Source: BRK Annual Meeting 2008 Boodell Notes
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URL:
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Time: 2008
Berkshire has invested in several insurance companies, would you go into the health insurance business?
伯克希尔投资了一些保险公司，您会投资一些医疗保险公司嘛？
No. Health insurance is so ingrained into national policy that it is a tough business. I’m not really that excited about it from a business perspective. I don’t want to write policies with high loan loss ratios. That being said, I would buy the stock of an undervalued healthcare insurer.
不会。医疗保险跟国家政策相关性太强了，所以这个行业并不好做。从商业的角度来看，我对这个行业并不感兴趣。我不希望提出贷款损失率很高的的条款。话虽如此，我还是会买入被低估的医疗保险股。
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Source: Q&A with 6 Business Schools
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URL:
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Time: Feb 2009
What do you think of the telecoms industry?
您怎么看待通讯行业？
