这是整理的1999年伯克希尔·哈撒韦股东大会关于可口可乐问答环节的中英文完整对照版。
为了方便阅读和学习英语原文的表达逻辑，我将长段落进行了拆分，并对关键金融术语进行了标注。
🎙️ 1999 Berkshire Hathaway Annual Meeting: Coca-Cola Q&A
1999年伯克希尔·哈撒韦股东大会：可口可乐问答实录
❓ 股东提问 (The Question)
关于宏观逆风与高估值的担忧
Shareholder (Jean-Philippe Cramers): “Good morning, Mr. Buffett. My name is Jean-Philippe Cramers. I’m from London, England. I have a question on Coca-Cola.” > 股东： “早上好，巴菲特先生。我叫 Jean-Philippe Cramers，来自英国伦敦。我有关于可口可乐的问题。”
“The first one is, are you worried that the earnings of Coca-Cola will continue to be hit by the weakness of the emerging markets and the strengthening of the dollar in the coming years?” > “第一个问题是，你是否担心可口可乐的盈利在未来几年会继续受到新兴市场疲软和美元走强的打击？”
“And the second question is, Coca-Cola is trading at 35 times earnings. Are you worried that interest rates could go up? And if you are not worried about interest rates going up, is that linked to your view on inflation? Thank you.” > “第二个问题是，可口可乐目前的市盈率是35倍。你担心利率会上升吗？如果你不担心利率上升，这是否与你对通胀的看法有关？谢谢。”
👴 查理·芒格的回答 (Charlie Munger’s Answer)
忽略短期噪音，关注长期全貌
Charlie Munger: “If what matters to you is what you think the business is going to look like in ten years or more, you don’t really care about the short-term economic developments in this specific country or that, or the exchange rates, or things of that sort.” > 查理·芒格： “如果对你来说，重要的是你认为这家企业在10年甚至更久之后会是什么样子，那你实际上不会去关注这个或那个国家的短期经济发展，也不会关注汇率或者其他类似的事情。”
“They don’t really help you in making the prediction for 10 or 15 years, which is the one we’re trying to make.” > “它们并不能真正帮助你做出10年或15年的预测，而这正是我们要做的。”
“So we’ve just screened out all that noise. If you look at the big picture, we think Coke is a very good thing.” > “所以，我们已经过滤掉了所有这些噪音。如果你纵观全局，我们认为可口可乐是非常棒的资产。”
🥤 沃伦·巴菲特的回答 (Warren Buffett’s Answer)
2. 护城河的深度 (The Depth of the Moat)
“Coca-Cola has a marvelous share of mind around the world. Almost everybody in the world has an opinion about the product, and overwhelmingly it’s a favorable opinion. You can’t think of three other companies like that.” > “可口可乐在世界范围内拥有惊人的心智份额。世界上几乎每个人对可口可乐的产品都有自己的看法，而且绝大多数都是正面的看法。你很难想到其他三家类似这样的公司。”
“In terms of that ubiquitous good feeling about the product, I can’t think of a third one. We measure it by unit cases sold and by share of market. We want the cases to go up, and we want the share of market of the competitors to go down over time.” > “就那种无处不在的对产品的良好感觉而言，我想不出第三家公司。我们用售出的箱数和市场份额来衡量。我们希望销量上升，我们希望随着时间的推移，竞争对手的市场份额能够减少。”
“And 10, 15, 20 years from now, I would give the same answer. I think it will be a lot larger then.” > “10年，15年，20年后我会给出同样的答案。我想那时候可乐的体量会大得多。”
3. 关于短期业绩放缓 (On Short-term Slowdown)
“Now, the rate of growth slowed down starting in the second half of last year, and continuing into the first quarter. But that has happened many times in the past.” > “虽然从去年下半年开始，增长率开始放缓，并持续到今年第一季度。但这在过去时有发生。”
“To my view, you know, that is not an important item. It may be an important item in what the stock does in six months or a year. But we’re looking at 10 years, and Coca-Cola is looking at 10 years.” > “在我看来，这不是一个重要的事项。它可能是影响股票在6个月或1年内走势的一个重要事项。但我们关注的是10年后，可口可乐公司关注的也是10年后。”
“Now, we own 8 percent of the company. In 10 years, we may own a larger percentage because they may repurchase shares.” > “现在，我们拥有该公司8%的股份。10年后，我们可能会拥有更大的比例，因为他们可能会回购股票。”
4. 关于35倍市盈率与估值 (On 35x P/E Ratio & Valuation)
“In terms of the P/E ratio, like almost all other leading companies in the world, they strike us as quite full.” > “关于市盈率，就像世界上几乎所有其他领先公司一样，现在的估值给我们的印象是相当满的（意指价格不便宜/充分估值）。”
“That doesn’t mean they’re going to go down, but it does mean that the enthusiasm with which we purchase more of such businesses is dampened compared to when P/Es were much lower.” > “这并不意味着它们会下跌，但这确实意味着，与市盈率很低时相比，我们购买更多此类优秀公司股票的热情有所下降。”
“Ideally, we would want to buy more of the businesses we understand over time. My guess is that sometime in the next 10 years, at least, we will very likely buy more of Coke, or Gillette, or American Express, or some of those businesses we own.” > “理想情况下，我们希望随着时间的推移购买更多我们了解的企业。我的猜测是，至少在未来10年的某个时候，我们很有可能会购买更多的可口可乐、吉列、美国运通或其他一些我们拥有的优秀公司的股票。”
“Generally speaking, we don’t like high P/E ratios. But again, that doesn’t mean they’re going to go down. It just says that in terms of buying more, we were spoiled in our past investments. We’d like to get spoiled again. Charlie?” > “一般来说，我们不喜欢高市盈率。但是，我再次强调，这并不意味着它们会下跌。这只是说就购买更多而言，我们在过去的投资中被宠坏了（习惯了低价买入）。我们希望自己再次被宠坏。查理？”
💡 核心词汇解析 (Key Vocabulary)
- Share of Mind (心智份额): 巴菲特自创概念。指品牌在消费者心中的认知深度和首选程度。这是比“市场份额”更高级的护城河。
- Screen out noise (过滤噪音): 芒格的思维模型。指忽略短期宏观数据（汇率、季度GDP），只关注企业长期的基本面。
- Quite full (相当满/充分估值): 委婉的说法，指股价已经很高了，没有安全边际，不便宜。
- Ubiquitous (无处不在的): 形容可口可乐的产品触达能力，全球任何角落都能买到。
- Spoiled (被宠坏): 巴菲特幽默地表示，因为以前买入价格太便宜（比如1988年的15倍PE），所以现在面对35倍PE觉得难以下手。