Shadowing Practice: Warren Buffett & Charlie Munger: Diversification - Learn English Speaking with Video

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My name is Mark Hake.

I'm from Scottsdale, Arizona, and I am very interested in your policies on diversification and also how you concentrate your investments.

And I've studied your annual reports going back a good number of years, and there's been years where you had a lot of stocks in your marketable,

equitable securities portfolio, and there was one year where you only had three in 1987.

So I have two questions.

Given the number of stocks that you have in the portfolio now, what does that imply about your view of the market in terms of is it fairly valued,

that kind of idea?

And second of all, it seems that whenever you take a new investment, you never take less than about 5 %

and never more than about 10 % of the total portfolio with that new position.

And I wanted to see if I'm correct about that.

Yeah, well, on the second point, that really isn't correct.

We have positions which you don't even see because we only listed the ones above $600 million in the last report, and obviously those are all smaller positions.

Sometimes that's because they're smaller companies and we couldn't get that much money in.

Sometimes it's because the prices moved up after we bought them.

Sometimes it's because we may be selling the position down even.

But so we have no – there's nothing magic.

We like to put a lot of money in things that we feel strongly about.

And that gets back to the diversification question.

We think diversification, as practice generally, makes very little sense for anyone that knows what they're doing.

Diversification is a protection against ignorance.

I mean, if you want to make sure that nothing bad happens to you relative to the market, you own everything.

There's nothing wrong with that.

I mean, that is a perfectly sound approach for somebody who does not feel they know how to analyze businesses.

If you know how to analyze businesses and value businesses, it's crazy to own 50 stocks or 40 stocks or 30 stocks probably.

Because there aren't that many wonderful businesses that are understandable to a single human being in all likelihood.

And to have some super wonderful business and then put money in number 30

or 35 on your list of attractiveness and forego putting more money into number one just strikes Charlie and me as madness.

And it's conventional practice, and it may, you know, if all you have to achieve is average,

it may preserve your job.

But it's a confession, in our view, that you don't really understand the businesses that you own.

On a personal portfolio basis, I own one stock.

But it's a business I know.

And it leaves me very comfortable.

So, do I need to own 28 stocks in order to have proper diversification?

It would be nonsense.

And within Berkshire, I could pick out three of our businesses,

and I would be very happy if they were the only businesses we owned and I had all my money in Berkshire.

Now, I love the fact that we can find more than that and that we keep adding to it.

But three wonderful businesses is more than you need in this life to do very well.

And the average person isn't going to run into that.

I mean, if you look at how the fortunes were built in this country, they weren't built out of a portfolio of 50 companies.

They were built by someone who identified with a wonderful business.

Coca -Cola is a great example.

A lot of fortunes have been built on that.

And there aren't 50 Coca -Colas.

There aren't 20.

If there were, it would be fine.

We could all go out and diversify like crazy among

that group and get results that would be equal to owning the really wonderful one.

But you're not going to find it.

And the truth is you don't need it.

I mean,

if you have a really wonderful business is very well protected against the vicissitudes of the economy over time and competition.

I mean, you know, we're talking about businesses that are resistant to effective competition,

and three of those will be better than 100 average businesses.

And they'll be safer, incidentally.

I mean,

there is less risk in owning three easy -to -identify wonderful businesses than there is in owning 50 well -known big businesses.

And it's amazing what has been taught over the years in finance classes about that.

But I can assure you that I would rather pick...

If I had to bet the next 30 years on the fortunes of my family

that would be dependent upon the income from a given group of businesses, I would rather pick three businesses from those we own than own a diversified group of 50.

Charlie?

Yeah, what he's saying is that much of what is taught in modern corporate finance courses is twaddle.

Do you want to elaborate on that, Charlie?

You cannot believe this stuff.

I mean, it's a modern portfolio theory, and, yeah, it's...

It has no utility.

I mean, it will tell you how to do average, but, you know, I think anybody can figure out how to do average in fifth grade.

I mean, it's just not that difficult.

It's elaborate, and, you know, there's lots of little Greek letters and all kinds of things to make you feel that you're in the big leagues, but there is no value added.

I have great difficulty with it because I am something of a student of dementia, and I have...

I can ordinarily classify dementia on some theory structure of models, but the modern portfolio theory,

it involves a type of dementia I just can't even classify.

Something very strange is going on.

If you find three wonderful businesses in your life, you'll get very rich.

and and if you understand them bad things aren't going to happen to

that those three i mean

that that's the characteristic of it by the way maybe that's the reason there's

so much dementia

if you believe what warren said you could teach the whole course in about a week yeah

and the high priest wouldn't have any edge over the lay people and that that never sells well Right.

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Vocabulario y notas de pronunciación para esta lección

Este vídeo tiene 82 frases y 1039 palabras para practicar shadowing. La parte hablada dura 7:12. El hablante mantiene un ritmo constante de unas 144 palabras por minuto, cómodo para el shadowing. El 86 % de las palabras está entre las 3.000 más comunes del inglés; conviene repasar el resto antes de empezar.

Vocabulario clave de este vídeo

15 palabras del vídeo que vale la pena aprender, con su pronunciación y significado:

Palabra	Pronunciación	Significado
portfolio sustantivo	/pɔːtˈfəʊ.liˌəʊ/	portafolio, portafolios
dementia sustantivo	/dɪˈmɛnʃə/	demencia
fortune sustantivo	/ˈfɔːtjuːn/	fortuna
elaborate verbo	/ɪˈlæb.ə.ɹeɪt/	profundizar, ahondar
analyze verbo	/ˈæn.əˌlaɪz/	analizar
relative sustantivo	/ˈɹɛl.ə.tɪv/	familiar, pariente
strongly adverbio	/ˈstɹɔŋli/	fuertemente
difficulty sustantivo	/ˈdɪfɪkəlti/	dificultad
priest sustantivo	/ˈpɹiːst/	sacerdote, cura
dependent adjetivo	/dɪˈpɛndənt/	dependiente
involve verbo	/ɪnˈvɑlv/	involucrar
utility sustantivo	/juːˈtɪlɪti/	utilidad
warren sustantivo	/ˈwɔɹən/	madriguera
conventional adjetivo	/kənˈvɛnʃənl̩/	convencional
leaf sustantivo	/lif/	hoja, foja (desus.)

Phrasal verbs que vas a escuchar

Palabra	Significado
figure out verbo	averiguar, captar
get back to verbo	responder / contestar (en un rato), volver / tornar a contactar
go out verbo	salir

Gramática en este vídeo

Las estructuras que más usa el hablante, con las palabras exactas del vídeo:

Estructura	En el vídeo
Oraciones condicionales if + oración, will/would + verbo — una condición y su resultado	If there were, it would be
Voz pasiva be + participio pasado — importa lo que ocurre, no quién lo hace	were built · have been built · has been taught
Present perfect have/has + participio pasado — una acción pasada que sigue importando ahora	I've studied · have been built · has been taught
Oraciones de relativo who / which + oración — información extra sobre una persona o cosa	somebody who does · someone who identified

Pronunciación a tener en cuenta

El hablante usa 23 contracciones y formas reducidas, como aren't, don't, I'm. Dilas en su forma corta, tal como las oyes.

Los sonidos de “sh” y “zh”: dementia /dɪˈmɛnʃə/, conventional /kənˈvɛnʃənl̩/, assure /əˈʃʊɹ/, confession /kənˈfɛʃən/, diversification /daɪˌvɜːsɪfɪˈkeɪʃən/
Palabras largas — cuida el acento: portfolio /pɔːtˈfəʊ.liˌəʊ/, elaborate /ɪˈlæb.ə.ɹeɪt/, difficulty /ˈdɪfɪkəlti/, utility /juːˈtɪlɪti/, characteristic /ˌkæɹ(ə)ktəˈɹɪstɪk/

Cómo practicar con este vídeo

Escucha el vídeo entero una vez sin hablar y anota las palabras que no conoces.
Haz shadowing frase por frase a velocidad normal, repitiendo cada una hasta que tu ritmo coincida con el del hablante.
Grábate y compara con el original, prestando atención a palabras como portfolio, dementia, fortune.

¿Qué es la Técnica de Shadowing?

Shadowing es una técnica de aprendizaje de idiomas respaldada por la ciencia, desarrollada originalmente para la formación de intérpretes profesionales y popularizada por el políglota Dr. Alexander Arguelles. El método es simple pero poderoso: escuchas audio en inglés nativo y lo repites en voz alta de inmediato, como una sombra que sigue al hablante con solo 1-2 segundos de retraso. A diferencia de la escucha pasiva o los ejercicios de gramática, el shadowing obliga a tu cerebro y músculos de la boca a procesar y reproducir simultáneamente patrones de habla reales. Las investigaciones muestran que mejora significativamente la precisión de la pronunciación, la entonación, el ritmo, el habla conectada, la comprensión auditiva y la fluidez al hablar, convirtiéndola en una de las metodologías más efectivas para la preparación del IELTS Speaking y la comunicación en inglés en el mundo real.

Técnica de shadowing: lee la guía completa paso a paso →

Shadowing Practice: Warren Buffett & Charlie Munger: Diversification - Learn English Speaking with Video

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