前言总结：
在这段对话中，一位名叫阿尔·马丁的观众成员在伯克希尔·哈撒韦公司的会议上提出了关于反向拆分的问题。
他首先表达了对能够参加会议的感激之情，并分享了他对于一场比赛的观感。随后，他询问董事会是否考虑过进行反向拆分，提到自己的经验是，所有进行拆分的股票在接下来的一段时间内都会下跌，包括他举例的可口可乐和默克公司。他认为，股票拆分的目的是为了使其更加负担得起，但他购买股票的原因是他认为自己负担不起不购买它（意思是他认为这些股票具有足够的价值或潜力，使得不购买它们会失去重要的投资机会或潜在的收益）。
沃伦·巴菲特以幽默的方式回应了这个问题，并期待第二个问题同样简单。整体而言，这段对话体现了观众对股票拆分的看法以及巴菲特轻松的回应方式。
Easy answer: no reverse split, either
没有反向拆股
WARREN BUFFETT: Zone 4.
沃伦·巴菲特：四区。
AUDIENCE MEMBER: First of all, my name is Al Martin (PH) and my wife Terry (PH) is here with me. And I appreciate the invitation to attend this meeting.
观众：首先，我叫阿尔·马丁（音），我的妻子特里（音）和我一起在这里。感谢被邀参加这次会议。
I was a little bit dubious and quite excited at that game Saturday night. I didn’t know which side was going to throw the game to the other one. But I did find out at the end.
我对那场周六晚上的比赛感到有些怀疑，但也很兴奋。我不知道哪一方会把比赛输给另一方。但最终我知道了。
The first question, actually, was somewhat answered, but not fully. Has the board considered a reverse split? My experience has been that —
第一个问题实际上已经部分回答了，但没有完全回答。董事会是否考虑过并股？我的经验是——
WARREN BUFFETT: Would you like to make that a motion? There was a motion for a reserve — reverse split. (Laughter)
巴菲特：你想把这个提案提出来吗？有一个关于反向分割的提案。（笑声）
AUDIENCE MEMBER: I would say a two-for-one because if it were three or four-for-one I might end up with no shares. Or fractional shares.
观众成员：我想说两股合并，因为如果是三股或四股合并，我可能最终会没有股票。或者是零股。
But, anyway, my experience has been that all of the stocks that have split have gone down in the next two or three months or the next two or three years, including one which you are drinking, which is a flat Coke.
但无论如何，我的经验是所有进行过股票分割的股票在接下来的两三个月或两三年里都下跌了，包括你们正在喝的这款可乐。
Also, I have observed Merck over the last several years to be hitting a low, which split three-for-one.
我最近几年也观察到默克股价持续走低，然后进行了一股拆成三股。
So, I think that, you know, the reasons for splitting stocks are to make it affordable. I found that every stock I ever bought was never affordable. I found the reason I bought it was because I couldn’t afford not to buy it.
所以，我认为，你知道，进行股票分割的原因是为了使其更加容易购买。我发现我买过的每支股票都从未便宜过。我发现我购买的原因是因为我不能不买（意思是他认为这些股票具有足够的价值或潜力，使得不购买它们会失去重要的投资机会或潜在的收益）。
So that’s a different philosophy, I guess, as somewhat shared indirectly with the boards running the stock.
所以这可能是一种不同的哲学，我想，与管理这支股票的董事会间接分享的一些理念。
The second question, which is — has to do with —
第二个问题涉及到 —
WARREN BUFFETT: Hope it’s as easy as the first question. (Laughter)
沃伦·巴菲特：希望它像第一个问题一样容易。（笑声）
AUDIENCE MEMBER: Well, I didn’t want to wait for an answer of the first question for that reason, because it could be complicated and confusing and so forth.
观众成员：嗯，我不想等待第一个问题的答案，因为这可能会很复杂和令人困惑等等。