29. Not surprised “if we find good uses” for Berkshire Hathaway Energy’s capital
如果我们找到伯克希尔哈撒韦能源的资本的良好用途，我并不感到惊讶。
WARREN BUFFETT: OK, Gregg?
沃伦·巴菲特：好的，格雷格？
GREGG WARREN: Warren, Berkshire Energy has benefited greatly from operating under the Berkshire umbrella. By not having to pay out 60 to 70 percent of earnings annually as a dividend, the company was able to amass 9 billion in capital the past five years, and closer to 12 billion in the past ten, money that can be allocated to acquisitions and capital spending, especially on renewables.
格雷格·沃伦：沃伦，伯克希尔能源在伯克希尔的庇护下受益匪浅。由于不必每年支付 60%到 70%的收益作为股息，公司在过去五年中积累了 90 亿美元的资本，在过去十年中接近 120 亿美元，这些资金可以用于收购和资本支出，特别是在可再生能源方面。
While tax credits for solar energy don’t run out until next year, we’ve already seen a dramatic reduction in Berkshire Energy’s capital commitment to solar projects. And even though spending on wind generation capacity is projected to be elevated this year and next, it does wind down in 2020 as the wind production tax credits are phased out.
虽然太阳能的税收抵免要到明年才会到期，但我们已经看到伯克希尔能源对太阳能项目的资本承诺大幅减少。尽管预计今年和明年风能发电能力的支出将保持在高位，但随着风能生产税收抵免的逐步取消，这一支出将在 2020 年减少。
Absent a major commitment to additional capital projects, it looks like Berkshire Energy’s expenditures in 2021 will be its lowest since 2012, leaving the firm with more cash on hand than it has had in some time.
在没有重大资本项目的承诺下，伯克希尔能源在 2021 年的支出看起来将是自 2012 年以来的最低水平，这使得该公司手头的现金比一段时间以来都要多。
Do you think it is likely at that point that Berkshire Energy starts funneling some of that cash up to the parent company? Or will it be earmarked for debt reduction, or just be left on the balance sheet as dry powder for acquisitions?
你认为在那时伯克希尔能源会开始将一些现金转移到母公司吗？还是会用于减少债务，或者仅仅留在资产负债表上作为收购的备用资金？
WARREN BUFFETT: Yeah. The — you’re right about when tax credits phase out and all of that. Although, as you know, they’ve extended that legislation in the past. Who knows exactly what the government’s position will be on incentivizing various forms of alternative energy?
沃伦·巴菲特：是的。你说得对，关于税收抵免何时逐步取消等等。尽管你知道，他们过去曾延长过那项立法。谁知道政府在激励各种形式的替代能源方面的立场究竟会是什么呢？
But my guess is — I mean, if you take the logical expenditures that may be required in all aspects of the public — like regeneration and the utility business generally — I think there’ll be a lot of money spent.
但我猜——我的意思是，如果你考虑到公共领域可能需要的合理支出——比如再生和公用事业业务一般——我认为会花费很多钱。
And the question is whether we can spend it and get a reasonable return on it. There again, we’ll do what’s logical.
问题是我们是否可以花费它并获得合理的回报。在这里，我们将做出合乎逻辑的决定。
There are three shareholders, basically, of Berkshire Hathaway Energy. Berkshire Hathaway itself owns 90 percent of it. And Greg Abel and his family, perhaps, and Walter Scott and, again, family members — own the other 10 percent. And we all have an interest in employing as much capital as we can at good rates.
伯克希尔能源的三个主要股东基本上是：伯克希尔本身拥有90%的股份。格雷格·阿贝尔及其家族，可能还有沃尔特·斯科特及其家族，拥有另外10%的股份。我们都希望尽可能地以良好的回报使用资本。
And we’ll know when it can be done and when it can’t be done. And we’ll do — there’s no tax consequences to Berkshire at all. So — but the three partners will figure out which makes the most sense.
我们会知道什么时候可以做到，什么时候做不到。我们会做出最合适的选择。对伯克希尔没有税收后果。因此——但三个合伙人将决定哪种方式最有意义。
But when you think of what might be done to improve the grid in the U.S. and the fact that we do have the capital, I wouldn’t be surprised if we find good uses for capital in Berkshire Hathaway Energy for a long time in the future.
但是当你考虑到可以采取什么措施来改善美国的电网，以及我们确实拥有资本这一事实时，我不会感到惊讶，如果我们在未来很长一段时间内在伯克希尔哈撒韦能源找到资本的良好用途。
Charlie? 查理？
CHARLIE MUNGER: Yeah. Well, I think there’ll be huge opportunities in Berkshire Energy as far ahead as you can see to deploy capital very intelligently. So I think the chances of a big dividend is approximately zero.
查理·芒格：是的。我认为，在伯克希尔能源方面，将会有巨大的机会来非常聪明地部署资本。 所以我认为大幅分红的可能性接近于零。
WARREN BUFFETT: Yeah. And we’ve not only got the money to an extent that virtually no utility company does — we’ve also got the talent, too. I mean, we’ve got a very, very talented organization there.
沃伦·巴菲特：是的。我们不仅拥有几乎没有公用事业公司能比拟的资金，我们还有人才。我是说，我们那里有一个非常非常有才华的团队。
So it’s a big field and we’ve got shareholders that are capitalists. And we’ve got managers that are terrific. And you would think we’d find something intelligent to do over time in the field.
所以这是一个大领域，我们有资本家的股东。我们有出色的管理者。你会认为我们会随着时间的推移在这个领域找到一些聪明的事情去做。
So far, we have. I mean, we’ve owned it now for close to 20 years. And we’ve deployed a lot of capital and so far, so good. I mean, it’s —
到目前为止，我们已经拥有它将近 20 年了。我们投入了大量资金，到目前为止，一切都很好。我的意思是——
If you look at the improvements that can be made in our utility system in the United States, you’re talking hundreds and hundreds and hundreds of billions of dollars, if not trillions. So — you know, where else but Berkshire would you look for that kind of money? (Laughs)
如果你看看我们在美国的公用事业系统可以做出的改进，你在谈论数百亿，甚至数万亿的美元。因此——你知道，还能去哪里寻找那样的资金呢？（笑声）