说话者将BNS估值定为每股120至150美元，高于90美元的收购价。
逐段跳播
我看到他做的第一笔交易是在2008年。他做了这件事是公开的，但他大多不会真正宣布。他当时试图收购伯灵顿北方铁路。
The first deal I saw him make was in 2008. It was publicly known that he made it, but he mostly doesn't really announce it. He was trying to buy Burlington Northern Railway.
我看着它，心想：“嗯，也许这条铁路值每股120美元。”它的交易价格在80美元左右。这是伯灵顿北方铁路公司。我知道巴菲特正试图收购它。
I was looking at it and thinking, "Well, maybe this railroad is worth $120 a share." It is trading at around $80. This is Burlington Northern. I know that Buffett is trying to buy it.
他向人们出售针对一家他并不拥有的公司的保险单。这保证了他们如果愿意，可以离开那家公司。如果大火继续燃烧，而他们想要脱身，沃伦就是买家。他们付给他巨额资金来承担这一风险。
He sells people insurance policies against a company he does not own. It guarantees them the possibility of leaving that company if they wish to do so. If the fires continue to burn and they want to get out, Warren is the buyer. They pay him huge sums of money to take that risk.
至于沃伦，他环顾四周，心想：“我怎样才能以这些低价从这家公司获得足够的股份，而又不推高股价呢？”而这就是他所做的。
As for Warren, he looks around wondering, "How do I get enough from this company at these low prices that I want to buy at without raising the share price?" And that's what he did.
在报纸上看到的一笔交易中，他从那笔交易中筹集了1100万美元。在股价持续下跌的同时，他悄悄地设法收购了那些股票，而没有让它成为头版新闻，比如“沃伦·巴菲特收购伯灵顿北方铁路公司”。
In one deal I saw in the newspaper, he raised $11 million from that deal. He quietly managed, while the stock price continued to fall, to acquire that stock without it becoming, you know, front-page news, "Warren Buffett buys Burlington Northern."
最终，股价跌得够多了。我在六十多美元时开始买入，然后随着它跌到五十多美元继续买入。然后沃伦终于说：“好吧，我已经买了我能买的所有。”他向公司提出了每股90美元的报价，我相信。他买下了其余股份。整个公司。
In the end, the stock price fell enough. I started buying it in the sixties and then continued buying as it dropped to the fifties. Then Warren finally said, "Well, I bought all of this I could." He made an offer to the company for $90 per share, I believe. He bought the rest of its shares. The entire company.
是的，他买下了整个公司，我非常失望。很难找到一家你愿意永远持有的伟大公司，而我持有大量伯灵顿北方铁路公司的股票，平均价格约为每股58美元，而巴菲特以90美元的报价证实了我对其价值的看法。
Yes, he bought the whole company and I was very disappointed. It's very difficult to find a great company that you'd want to stay with forever, and here I am owning a lot of Burlington Northern shares at an average price of about $58 per share, and Buffett confirms my point about its value by offering $90.
我认为它价值在120美元到150美元之间，但他把它全拿走了。他把它全拿走了。
I thought it was worth between $120 and $150, but he took it all. He took it all.
这个频道对 $BNS 的历次判断
New Money 在这只股票上只有这一条判断。