Pratique du Shadowing: Warren Buffett & Charlie Munger: Diversification - Apprendre l'anglais à l'oral avec la vidéo
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82 phrases
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My name is Mark Hake.
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I'm from Scottsdale, Arizona, and I am very interested in your policies on diversification and also how you concentrate your investments.
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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,
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equitable securities portfolio, and there was one year where you only had three in 1987.
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So I have two questions.
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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,
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that kind of idea?
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And second of all, it seems that whenever you take a new investment, you never take less than about 5 %
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and never more than about 10 % of the total portfolio with that new position.
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And I wanted to see if I'm correct about that.
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Yeah, well, on the second point, that really isn't correct.
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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.
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Sometimes that's because they're smaller companies and we couldn't get that much money in.
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Sometimes it's because the prices moved up after we bought them.
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Sometimes it's because we may be selling the position down even.
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But so we have no – there's nothing magic.
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We like to put a lot of money in things that we feel strongly about.
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And that gets back to the diversification question.
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We think diversification, as practice generally, makes very little sense for anyone that knows what they're doing.
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Diversification is a protection against ignorance.
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I mean, if you want to make sure that nothing bad happens to you relative to the market, you own everything.
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There's nothing wrong with that.
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I mean, that is a perfectly sound approach for somebody who does not feel they know how to analyze businesses.
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If you know how to analyze businesses and value businesses, it's crazy to own 50 stocks or 40 stocks or 30 stocks probably.
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Because there aren't that many wonderful businesses that are understandable to a single human being in all likelihood.
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And to have some super wonderful business and then put money in number 30
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or 35 on your list of attractiveness and forego putting more money into number one just strikes Charlie and me as madness.
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And it's conventional practice, and it may, you know, if all you have to achieve is average,
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it may preserve your job.
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But it's a confession, in our view, that you don't really understand the businesses that you own.
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On a personal portfolio basis, I own one stock.
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But it's a business I know.
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And it leaves me very comfortable.
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So, do I need to own 28 stocks in order to have proper diversification?
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It would be nonsense.
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And within Berkshire, I could pick out three of our businesses,
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and I would be very happy if they were the only businesses we owned and I had all my money in Berkshire.
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Now, I love the fact that we can find more than that and that we keep adding to it.
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But three wonderful businesses is more than you need in this life to do very well.
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And the average person isn't going to run into that.
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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.
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They were built by someone who identified with a wonderful business.
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Coca -Cola is a great example.
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A lot of fortunes have been built on that.
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And there aren't 50 Coca -Colas.
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There aren't 20.
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If there were, it would be fine.
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We could all go out and diversify like crazy among
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that group and get results that would be equal to owning the really wonderful one.
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But you're not going to find it.
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And the truth is you don't need it.
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I mean,
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if you have a really wonderful business is very well protected against the vicissitudes of the economy over time and competition.
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I mean, you know, we're talking about businesses that are resistant to effective competition,
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and three of those will be better than 100 average businesses.
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And they'll be safer, incidentally.
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I mean,
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there is less risk in owning three easy -to -identify wonderful businesses than there is in owning 50 well -known big businesses.
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And it's amazing what has been taught over the years in finance classes about that.
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But I can assure you that I would rather pick...
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If I had to bet the next 30 years on the fortunes of my family
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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.
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Charlie?
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Yeah, what he's saying is that much of what is taught in modern corporate finance courses is twaddle.
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Do you want to elaborate on that, Charlie?
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You cannot believe this stuff.
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I mean, it's a modern portfolio theory, and, yeah, it's...
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It has no utility.
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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.
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I mean, it's just not that difficult.
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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.
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I have great difficulty with it because I am something of a student of dementia, and I have...
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I can ordinarily classify dementia on some theory structure of models, but the modern portfolio theory,
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it involves a type of dementia I just can't even classify.
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Something very strange is going on.
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If you find three wonderful businesses in your life, you'll get very rich.
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and and if you understand them bad things aren't going to happen to
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that those three i mean
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that that's the characteristic of it by the way maybe that's the reason there's
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so much dementia
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if you believe what warren said you could teach the whole course in about a week yeah
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and the high priest wouldn't have any edge over the lay people and that that never sells well Right.
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Vocabulaire et conseils d’expression pour cette leçon
Cette vidéo contient 82 phrases et 1039 mots à répéter en shadowing. La partie parlée dure 7:12. Le locuteur parle à un rythme régulier d’environ 144 mots par minute, confortable pour le shadowing. 86 % des mots font partie des 3 000 mots les plus courants en anglais ; le reste mérite d’être vu avant de commencer.
Vocabulaire clé de cette vidéo
15 mots de la vidéo à retenir, avec leur prononciation et leur sens :
| Mot | Prononciation | Sens |
|---|---|---|
| portfolio nom | /pɔːtˈfəʊ.liˌəʊ/ | portefeuille |
| dementia nom | /dɪˈmɛnʃə/ | démence |
| fortune nom | /ˈfɔːtjuːn/ | destin |
| elaborate verbe | /ɪˈlæb.ə.ɹeɪt/ | élaborer |
| analyze verbe | /ˈæn.əˌlaɪz/ | analyser |
| relative nom | /ˈɹɛl.ə.tɪv/ | parent |
| strongly adverbe | /ˈstɹɔŋli/ | fort, fortement |
| difficulty nom | /ˈdɪfɪkəlti/ | difficulté |
| priest nom | /ˈpɹiːst/ | prêtre, prêtresse |
| dependent adjectif | /dɪˈpɛndənt/ | dépendant |
| involve verbe | /ɪnˈvɑlv/ | impliquer, involver |
| utility nom | /juːˈtɪlɪti/ | utilité |
| warren nom | /ˈwɔɹən/ | garenne |
| conventional adjectif | /kənˈvɛnʃənl̩/ | conventionnel |
| leaf nom | /lif/ | feuille |
Les verbes à particule que vous entendrez
| Mot | Sens |
|---|---|
| figure out verbe | cerner |
| go back verbe | rentrer, retourner |
| go out verbe | sortir |
| pick out verbe | distinguer, faire la distinction |
La grammaire de cette vidéo
Les structures que le locuteur utilise le plus, avec les mots exacts de la vidéo :
| Structure | Dans la vidéo |
|---|---|
| Phrases conditionnelles if + proposition, will/would + verbe — une condition et son résultat | If there were, it would be |
| Voix passive be + participe passé — l’accent est mis sur ce qui arrive, pas sur qui le fait | were built · have been built · has been taught |
| Present perfect have/has + participe passé — une action passée qui compte encore maintenant | I've studied · have been built · has been taught |
| Propositions relatives who / which + proposition — une précision sur une personne ou une chose | somebody who does · someone who identified |
Prononciation à surveiller
Le locuteur utilise 23 contractions et formes réduites, comme aren't, don't, I'm. Prononcez-les sous leur forme courte, telles que vous les entendez.
- Les sons « sh » et « zh »: dementia /dɪˈmɛnʃə/, conventional /kənˈvɛnʃənl̩/, assure /əˈʃʊɹ/, confession /kənˈfɛʃən/, diversification /daɪˌvɜːsɪfɪˈkeɪʃən/
- Mots longs — placez bien l’accent: portfolio /pɔːtˈfəʊ.liˌəʊ/, elaborate /ɪˈlæb.ə.ɹeɪt/, difficulty /ˈdɪfɪkəlti/, utility /juːˈtɪlɪti/, characteristic /ˌkæɹ(ə)ktəˈɹɪstɪk/
Comment s’entraîner avec cette vidéo
- Écoutez la vidéo en entier une fois sans parler et notez les mots que vous ne connaissez pas.
- Répétez phrase par phrase à vitesse normale, en reprenant chacune jusqu’à ce que votre rythme corresponde à celui du locuteur.
- Enregistrez-vous et comparez avec l’original, en faisant attention à des mots comme portfolio, dementia, fortune.
Qu'est-ce que la technique du Shadowing ?
Le Shadowing est une technique d'apprentissage des langues fondée sur la science, développée à l'origine pour la formation des interprètes professionnels. Le principe est simple mais puissant : vous écoutez de l'anglais natif et le répétez immédiatement à voix haute — comme une ombre suivant le locuteur avec un décalage de 1 à 2 secondes. Les recherches montrent une amélioration significative de la précision de la prononciation, de l'intonation, du rythme, des liaisons, de la compréhension orale et de la fluidité.