Shadowing-Übung: The Stock Market Is Being Used as a Dumping Ground - Englisch Sprechen Lernen mit Video

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You've probably seen this chart that's going viral right now.
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This bar is every tech company that's gone public in America through an initial public offering since 1980.
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That's 45 years of some of the most successful companies in history, the entire dot -com bubble, and thousands of other companies.
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Add up what every one of them was worth on their first day of trading, and you get about $4 .1 trillion.
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This other bar is just three companies—SpaceX, Anthropic, and OpenAI.
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SpaceX went public in June, in the biggest initial public offering in history.
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Anthropic and OpenAI are lining up to be next.
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When you add up what SpaceX was worth on its first day of trading, and the prices Anthropic and OpenAI are reportedly aiming for, you get about $5 .2 trillion.
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That's three companies worth more than every tech IPO in America since 1980, combined, which is why every conversation about these three companies ends up at the same question.
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Are they worth it?
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Wall Street analysts, famous investors, and everyone on Reddit have been arguing about it for months.
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But the better question is a lot simpler.
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It's how much value is even left.
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When Amazon went public in 1997, they were three years old and worth around $430 million.
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If you invested $1 ,000 into Amazon's initial public offering, it would be worth more than $3 million today.
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Which means almost all of Amazon's growth happened after the company went public, and the average Joes, like me and you, were able to buy in.
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Now look at SpaceX.
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They sold shares at a price that valued the company at just under $1 .8 trillion.
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For those buyers to get the same return Amazon's got, SpaceX would have to grow to become a $5 .9 quadrillion company.
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That's more than 11 times all the personal wealth on Earth
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and the first time I've ever had to say the word quadrillion out loud.
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The difference is where they started.
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Amazon went public when they were worth around $430 million dollars.
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SpaceX went public when they were worth more than 4 ,000 times that.
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Their growth story has already happened, and the public markets just weren't invited to the party.
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That's the change hiding inside this chart.
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Companies used to go public to pay for their growth.
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Now they go public after they've grown.
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But this was also never just about any single IPO, or even all three of them.
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A finance professor at Arizona State named Hendrik Bessembinder went through 100 years of the American stock market.
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He found that the typical stock actually lost money, which explains a lot about my brokerage account.
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But it also raises the question, where does all the money in the market come from?
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Well, over those hundred years, half of all the $91 trillion in net wealth the American stock market created came from just 46 companies.
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The top five companies alone made up about a fifth of it, and they all had one thing in common.
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They were all listed on the public markets early in their life.
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And when you add up what all five were worth when they went public, even after adjusting for inflation, it's less than the $75 billion SpaceX raised in just their public offering alone.
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Those same five companies are now worth about $21 trillion today.
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Which means almost all of that growth happened in public, where anyone with a brokerage account could have participated in owning a piece of it.
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That's the part that's changing.
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Last year, Andreessen Horowitz, one of the most successful venture capital firms in history, published a blog post called Private Markets Are the New High -Growth Public Markets.
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They found that the typical company that went public between 2014
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and 2019 generated about 80 % of its value after it listed.
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But the typical company from 2020 to 2023 created more than half of its value before it was ever listed,
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which is a venture capital firm basically telling you that the best part now happens on their side of the fence.
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This summer, Vanguard, one of the world's biggest investment companies, put out a report titled,
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Private Longer, Public Later, which isn't the most comforting headline from a company built on the public stock market.
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In this report, Vanguard added up every private startup in the world worth at least a billion.
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In 2016, together, they were worth about $800 billion.
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By this spring, that number was about $8 .6 trillion.
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That's trillions of dollars of growth that never traded on a stock exchange
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and never gave the public a chance to invest in.
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For most of the last century, three things pushed a young, fast -growing company into the public markets.
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Over the last 30 years, all three of those stopped working.
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And that changed something much bigger.
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It changed where the money actually goes.
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But before I get into that, let's take a minute to talk about something else that quietly influences where the money goes in our society.
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Most loyalty programs are designed to change your behavior.
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They want you to fly this airline or shop at that store.
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And they do it because it works.
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According to Bond's 2026 loyalty report, 73 % of loyalty members said a program gets them to spend more.
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They take a different approach.
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You can redeem your Bilt points toward stays and flights with Hyatt, Marriott, United, and Alaska, or toward Lyft rides, Amazon purchases, fitness classes, and more.
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Personally, I'd redeem mine toward an Apple gift card.
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So if you're not already earning points on your rent and mortgage payments, you need to check out Bilt.
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Over 7 million members already use Bilt, and there's no cost to join.
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If you're interested, you can start earning points on your rent
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and mortgage payments when you sign up through the link in my description or by using the QR code on screen.
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And make sure to use my URL so they know I sent you.
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Thank you to Built for sponsoring this video.
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Now back to how the stock market went from a company's first stop to its last.
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Throughout history, if you were a fast -growing company that needed real money, there was really only one place to find it.
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That was the stock market.
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Going public wasn't a victory lap.
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It was where you went when you needed serious amounts of cash.
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When Amazon filed to go public in 1997, they said exactly this.
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They said, The company has no specific plan for the net proceeds of this offering.
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The company expects to use the net proceeds for general corporate purposes, including working capital to fund anticipated operating losses and capital expenditures.
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Which is them pretty much saying, we're going to be spending a lot of money, and our company doesn't generate enough on its own.
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But the year before Amazon went public was also where things were beginning to change change, Congress passed a new law called the National Securities Markets Improvement Act.
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Before 1996, a private investment fund, like the venture capital funds that back startups, could only have 100 investors.
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Which means if you wanted to raise a billion dollar private investment fund, every one of those hundred investors had to bring an average of $10 million.
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So during this time, private funds relied on a small number of ultra -wealthy individuals to write massive checks.
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Which is why most private funds were smaller, and why there just wasn't enough capital in the private markets to go around.
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But this new law removed the 100 -person cap as long
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as every investor in the fund was what's called a qualified purchaser, which is an individual with at least $5 million in investments, or an institution with at least $25 million.
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This opened the door for institutional capital to flood into private markets.
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It meant pension funds, university endowments, and other investors with deep pockets could now pour money into venture capital.
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And over time, hedge funds, and even mutual funds, started buying into startups, which meant the biggest pools of money in the world were now entering the private markets.
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Two economists, Michael Ewans and Joan Faramensa, measured what happened next.
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The $1 .3 billion going into late -stage startups in 1995 grew to $11 .4 billion by 2005,
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and then to $33 billion by 2015.
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That same year, companies going public through an initial public offering raised about $22 billion.
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So by 2015, late -stage startups were raising more money privately than every company going public through an initial public offering.
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Which means a company didn't need the stock market to access capital anymore.
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They could get the same capital they needed from private investment funds without ever having to deal with the public.
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But it wasn't just this one rule change that caused this shift.
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The money was only the first thing to stop working.
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The second was a rule that used to drag companies onto the stock market, whether they wanted to go or not.
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In 1964, Congress implemented a rule to securities law called Section 12G, which sounds like a seat you get on a budget airline.
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The rule said that once a company of any real size had 500 shareholders, it had to start reporting like a public company.
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This acted as a trigger that pushed private companies into a public reporting regime.
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The same way a public company reports its financials, a private company would have to file quarterly reports, an annual report, and an update every time something big happened,
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which was a huge deal for startups, because startups pay people in stock.
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Every employee who got shares instead of a bigger paycheck was one more shareholder on the way to 500.
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This was the law that forced some of the most successful companies in American history to go public when they did.
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It started with Microsoft in the 80s.
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To attract managers and programmers, Microsoft had been selling them shares and handing out stock options.
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By 1987, Microsoft estimated more than 500 people would own its stock, which would force the company to register with the Securities and Exchange Commission.
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John Shirley, the former president and chief operating officer, said, "...a projection of stock ownership showed we'd have to make a public offering at some point."
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So Microsoft decided not to wait around, and in 1986, they went public.
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But it wasn't just Microsoft that hit this wall.
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When Google filed to go public in 2004, the founders explained it about as directly as you can.
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By law, certain private companies must report as if they were public companies.
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The deadline imposed by this requirement accelerated our decision.
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Then there was also Facebook.
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Mark Zuckerberg was never in a hurry to go public.
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Back in 2010, Zuck flat out said it.
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We aren't planning to go public anytime soon.
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Then he continued by saying, I tend to think that being private is better for us right now
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because of some of the big risk we want to take in developing new products.
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And Facebook didn't need the money.
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They were the hottest startup in the world, and everyone wanted in.
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Which is how, in January 2011, Facebook announced it had just raised $1 .5 billion privately.
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But in that same announcement, Facebook said it expected to pass 500 shareholders sometime that year,
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which meant they would have to start publishing their financials no later than April 30, 2012, so Facebook was about to get the worst of both worlds.
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They were about to have to put their numbers out in the open for every competitor to be able to read, without any of the upside of actually being a public company,
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like a large infusion of equity capital and having liquidity for its stock.
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So in 2012, Facebook took its stock public.
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And on May 18, before Facebook's first day of trading, Zuckerberg gave a short speech right before ringing Nasdaq's opening bell.
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He said, going public is an important milestone in our history, but here's the thing, our mission isn't to be a public company.
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Which is a funny thing to say on the day you become one, but to be fair, it's also probably one of the least weird things Zuck has said.
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You drink coffee, man, or no?
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Nah.
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Really?
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Yeah.
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I mean, you've had it.
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I have.
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Sometimes on vacation I'll drink it recreationally.
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It's like every once in a while.
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For almost 50 years, the 500 shareholder rule was quietly working in the public's favor.
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It dragged companies onto the stock market while they still had most of their growing left.
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But then on April 5, 2012, it got rewritten.
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That's the day the Jumpstart Our Business Startups Act, or the JOBS Act, became law.
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And you just know somebody in Congress felt like a genius when they finally got the letters to spell JOBS.
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It was supposed to help young growth companies access the public markets.
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The first part of the law is even titled Re -Opening American Capital Markets to Emerging Growth Companies.
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But it also quietly rewrote the same law
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that forced some of the most successful companies in American history to go public when they did.
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The law that pushed Microsoft onto the stock market at about half a billion dollars, Google at 23 billion, and Facebook at 100 billion, was being rewritten.
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The Jobs Act raised the limit from 500 shareholders to 2 ,000 before triggering public disclosure requirements,
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and employees who received stock as compensation were excluded from the count entirely.
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Which means most of the employees who pushed Microsoft toward 500 wouldn't even count today.
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So by 2012, startups had access to more private capital than ever, and the rule that used to drag them onto the stock market had now been changed.
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Which left just one reason to go public still standing.
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The payday.
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It was the moment the people who built a company, the employees and early investors, could finally turn their shares into actual money.
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Because a startup can be worth billions on paper, and its employees still have no easy way to sell their shares.
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Before 2012, a company could let its employees sell some of their shares privately, but every new investor who bought them was one more shareholder on the way to 500.
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But after the Jobs Act, that limit was now four times higher.
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Companies could now run these sales over and over, without ever worrying about hitting the cap.
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They did this through what's called a tender offer.
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It's kind of like a yard sale a company runs for its own stock.
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Employees and early investors bring their shares, invited investors show up with cash, and nobody ever goes near a public stock exchange.
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Stripe is one of the best examples.
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If you've bought anything online, there's a decent chance Stripe handled the payment.
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Stripe was founded in 2010.
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Sixteen years later, it's one of the most valuable companies on earth, and it still isn't public.
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Instead, Stripe keeps running these tender offers.
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In February 2024, Stripe's tender offer valued the company at $65 billion.
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The latest one, just a few months ago, valued Stripe at $159 billion.
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That's almost $100 billion of growth in two years that you and I weren't able to buy a single share of.
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Stripe's co -founder, John Collison, was asked on Bloomberg whether Stripe would ever go public.
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He said, Presumably, at some stage.
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Which is the business version of running into someone at a bar and saying, We should totally hang out sometime.
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So the 1996 law let big institutions pour money into private companies, and startups stopped needing the stock market's money.
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The Jobs Act rewrote the rule that used to push companies to go public, and tender offers let employees and early investors cash out without ever needing to go through an initial public offering.
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Put all three of these together, and you get a new system—one where a company can grow
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into one of the most valuable companies on earth without ever going public.
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And that's what's happening right now.
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20 years ago, the typical company going public was just 5 years old.
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Last year, they were 14.
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Those extra 9 years are some of the best years of growth a company will ever have.
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And they used to happen on the stock market, where anyone could buy in.
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And fewer companies are making the trip at all.
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In 1996, 266 companies backed by venture capital went public.
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Last year, with more than 10 times as much venture money going into startups, only 49 did.
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So if companies don't need the public markets anymore, why did SpaceX go public at all, and why are Anthropic and OpenAI lining up next in line?
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Before I get to that, making this video meant reading a securities law from 1964, Amazon's regulatory filings, and a Facebook press release from 2011.
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I tried to do all the research so you wouldn't have to.
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If that's worth something to you, please hit subscribe.
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It helps the channel more than you'd think, and it keeps me making these videos.
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Now back to the question of why companies are even going public at all, and it's because the reason companies go public has changed.
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A company now goes public after the private market has already created and captured most of its value.
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In March of last year, private investors valued Anthropic at $61 .5 billion.
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This May, Anthropic was valued at $965 billion, more than 15 times higher in just over a year,
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and Anthropic's IPO is now reportedly aiming for about double that, which changes the shape of the bet the public gets offered.
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When Amazon went public, it was worth $430 million.
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It was a risky, high -growth bet, but one with almost unlimited room to grow.
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That's how a $1 ,000 investment can turn into $3 million.
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For growth companies going public back then, the worst case was the company went under.
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You lost your $1 ,000, and you had to suck it up and move on.
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But the best case was you never had to work again.
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You had a chance to invest in a company building the
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future before it was priced like it had already built the future investor.
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Investors call that an asymmetric bet, risk a little for a shot at a lot.
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And that's where returns like Amazon's come from.
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But today, that's flipped.
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When a company goes public at nearly $2 trillion, you have to ask how much upside is even left?
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For SpaceX to deliver even a 10 times return from its offer price, it would have to be worth about a quarter of the entire American stock market.
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And for a hundred times, in order to get the same life -changing type of returns we saw with Amazon, SpaceX would have to be worth more than every public company on Earth, combined.
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This isn't me saying these companies can't keep growing.
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It's me saying the public is being offered a very different bet than it used to get.
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People can keep arguing about whether these three companies deserve their valuations, but the reality is, it doesn't matter what anyone thinks these companies are worth.
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Nobody buying at these prices is getting a good deal.
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They're still getting an asymmetric bet.
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Just this time, it's pointed the wrong way.

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Wortschatz und Sprechhinweise zu dieser Lektion

Diese Sprechübung basiert auf dem Video „The Stock Market Is Being Used as a Dumping Ground“. Diese Wörter kommen am häufigsten vor: companies, stock, private, billion, worth. Dieses Video enthält 221 Sätze und 3217 Wörter zum Nachsprechen. Der gesprochene Teil dauert 17:16. Der Sprecher spricht schnell, etwa 186 Wörter pro Minute – rechne mit verbundenen und verkürzten Lauten. 87 % der Wörter gehören zu den 3.000 häufigsten im Englischen, der Wortschatz ist also leicht zu verfolgen.

Wichtiger Wortschatz in diesem Video

15 lernenswerte Wörter aus dem Video, mit Aussprache und Bedeutung:

WortAusspracheBedeutung
investor Substantiv/ɪnˈvɛs.tə(ɹ)/Anleger, Anlegerin
startup Substantiv/ˈstɑɹtˌʌp/Inbetriebnahme
venture Verb/ˈvɛn.t͡ʃɚ/wagen
shareholder Substantiv/ˈʃɛəˌhəʊl.də(ɹ)/Aktionär, Aktionärin
earn Verb/ɝn/verdienen
loyalty Substantiv/ˈlɔɪəlti/Treue, Loyalität
tender Adjektiv/ˈtɛn.dɚ/zart, empfindlich
invest Verb/ɪnˈvɛst/investieren
quietly Adverb/ˈkwaɪ.ɪt.li/ruhig, leise
chart Substantiv/t͡ʃɑɹt/Karte
argue Verb/ˈɑɹ.ɡju/diskutieren, erörtern
founder Substantiv/ˈfaʊ̯n.dəː/Gründer, Gründerin
dragon Substantiv/ˈdɹæɡən/Drache
institution Substantiv/ˌɪn.stɪˈtʃuː.ʃən/Institution
mortgage Substantiv/ˈmoɹ.ɡɪd͡ʒ/Hypothek

Phrasal Verbs, die du hören wirst

WortBedeutung
check out Verbüberprüfen
go under Verbuntergehen
hand out Verbverteilen, austeilen
put out Verbrausbringen, raussetzen
sign up Verbeinschreiben, anmelden

Sätze zum Wiederholen

Kurze, vollständige Sätze aus dem Video, die du im Alltag wiederverwenden kannst:

  • We aren't planning to go public anytime soon.
  • You drink coffee, man, or no?
  • I mean, you've had it.
  • Sometimes on vacation I'll drink it recreationally.
  • If that's worth something to you, please hit subscribe.

Grammatik in diesem Video

Die Strukturen, die der Sprecher am häufigsten verwendet, mit den genauen Worten aus dem Video:

StrukturIm Video
„Used to“ used to + Verb – eine frühere Gewohnheit oder ein Zustand, der nicht mehr giltused to go · used to drag · used to push
Passiv be + Partizip Perfekt – wichtig ist, was geschieht, nicht wer es tutis even left · weren't invited · was ever listed
Present Perfect have/has + Partizip Perfekt – eine vergangene Handlung, die jetzt noch wichtig istYou've probably seen · I've ever had · has already happened
Relativsätze who / which + Satz – eine Zusatzinformation über eine Person oder Sachecombined, which is · purchaser, which is · people who built

Aussprache, auf die du achten solltest

Der Sprecher verwendet 33 Kurzformen und abgeschwächte Formen, zum Beispiel isn't, wasn't, doesn't. Sprich sie in der kurzen Form, so wie du sie hörst.

  • Die Laute „sh“ und „zh“: shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, institution /ˌɪn.stɪˈtʃuː.ʃən/, capture /ˈkæp.(t)ʃɚ/, ownership /ˈoʊnɚʃɪp/, vacation /veɪˈkeɪ.ʃən/
  • Lange Wörter – auf die Betonung achten: institution /ˌɪn.stɪˈtʃuː.ʃən/, reportedly /ɹɪˈpɔːtɪdli/, participate /pɑːˈtɪs.ɪ.peɪt/, compensation /ˌkɑm.pənˈseɪ.ʃən/, regulatory /ˈɹɛɡ.jʊ.lə.t(ɔː.)ɹi/

Laute, die Deutschsprachigen schwerfallen:

  • /w/ — mit runden Lippen, nicht wie das deutsche „w“ (/v/): quietly /ˈkwaɪ.ɪt.li/, requirement /ɹɪˈkwaɪɹmənt/, reward /ɹɪˈwɔɹd/, equity /ˈɛk.wɪ.ti/, wealthy /ˈwɛl.θi/
  • Stimmhafter Auslaut — /b/, /d/, /g/, /z/, /v/ am Wortende nicht verhärten: mortgage /ˈmoɹ.ɡɪd͡ʒ/, proceed /pɹəˈsid/, upside /ˈʌpˌsaɪd/, flood /flʌd/, reward /ɹɪˈwɔɹd/
  • /æ/ — offener als „ä“: dragon /ˈdɹæɡən/, capture /ˈkæp.(t)ʃɚ/, drag /dɹæɡ/, attract /əˈtɹækt/, analyst /ˈænəlɪst/

So übst du mit diesem Video

  1. Höre dir das ganze Video einmal an, ohne zu sprechen, und notiere die Wörter, die du nicht kennst.
  2. Beginne mit 0,75-facher Geschwindigkeit, sprich Satz für Satz nach und wechsle zur normalen Geschwindigkeit, sobald es leichtfällt.
  3. Nimm dich auf und vergleiche mit dem Original; achte dabei auf Wörter wie investor, startup, venture.

Was ist die Shadowing-Technik?

Shadowing ist eine wissenschaftlich fundierte Sprachlerntechnik, die ursprünglich für die professionelle Dolmetscherausbildung entwickelt und durch den Polyglotten Dr. Alexander Arguelles populär gemacht wurde. Die Methode ist einfach aber wirkungsvoll: Du hörst englisches Audio von Muttersprachlern und wiederholst es sofort laut — wie ein Schatten, der dem Sprecher mit nur 1–2 Sekunden Verzögerung folgt. Anders als passives Hören oder Grammatikübungen zwingt Shadowing dein Gehirn und deine Mundmuskulatur, gleichzeitig echte Sprachmuster zu verarbeiten und zu reproduzieren. Studien zeigen, dass es Aussprachegenauigkeit, Intonation, Rhythmus, verbundene Sprache, Hörverständnis und Sprechflüssigkeit signifikant verbessert — was es zu einer der effektivsten Methoden für die IELTS Speaking-Vorbereitung und reale englische Kommunikation macht.

Shadowing-Technik: die vollständige Schritt-für-Schritt-Anleitung lesen →