シャドーイング練習: Something Feels Off About 2026... - 動画で英語スピーキングを学ぶ
レッスンを作成中...
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2025 felt like the economy and markets were playing a giant game of financial chicken.
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On one side, bears were yelling about a recession on the horizon, and on the other side, bulls were buying AI stocks like it's the last Pokemon pack on the shelf.
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But over the last year, unemployment remained relatively low.
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Consumers kept swiping credit cards like it wasn't real money, and anyone who shorted NVIDIA aged a decade.
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It was a weird year, a confusing year, and now we're stepping into 2026 and things are only getting more chaotic.
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Rate cuts?
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Maybe.
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The AI bubble pops?
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Perhaps soft landing, hard landing, or no landing like my dating life, all possible.
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This is the year we could see markets blow the top off.
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Or it could be the year where you look back and think, "I should have just bought treasuries and shut the fk up." And,
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after getting flooded with messages asking what I think about the markets going into 2026, I realized something.
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Instead of answering hundreds of messages one by one, I could just make a video.
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And I know it's already 2026, and I'm a little late.
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But hey, at least we're here.
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And to be transparent, I see a few possible scenarios playing out.
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I see the bear case, the bull case, and the uncomfortable gray area in between that nobody seems to be talking about.
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So here's my 2026 market outlook and what I could see possibly happening.
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And because I'm emotionally wired for disappointment, let's start with the bear case.
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It's only right to start with the elephant in the room, because whether you think AI is going to reshape the global economy,
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or that it's the most overhyped technology since the Apple Vision Pro.
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One thing is clear: we may have gotten ahead of ourselves with the AI story.
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Because the numbers don't lie: NVIDIA trades at around 47x earnings, Palantir sits around 400x earnings, and Datadog?
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Well, try over 430x earnings.
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At this point, there's no investing on fundamentals.
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You're just pre -ordering hope.
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And the problem is, AI stocks are dragging the entire market up with them, because when NVIDIA goes up, it pulls semiconductors up, which pulls the tech sector up,
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which pulls the S &P up.
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And suddenly you look around and realize the S &P is trading at nearly 31 times earnings, which is nearly double the long -term average of around 16.
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And if these trading multiples normalize back to historical averages, it's not just AI stocks that take a hit, it's the whole market.
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And we haven't even talked about the circular spending problem or
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that 95 % of companies are realizing zero return in generative AI.
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But that's a whole different video for a whole different day.
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So for now, we'll move along to the next point in the bear case.
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Because there's another issue that goes hand in hand with the stretched valuations in the market.
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And that issue is, the market is top heavy.
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Because the S &P 500 isn't being lifted evenly by the 500 different companies.
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It's being dragged higher by a small handful of tech stocks.
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Some people call them "big tech." Some call them the Magnificent Seven.
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Wait, not that one.
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Anyways, I just call them 35 % of the entire S &P 500.
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That's right, over a third of the entire index's total market cap, and an even larger share of its returns, come from just seven companies.
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Because through the first three quarters of 2025, the MAG -7 accounted for over 41 % of the S &P's total returns.
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And if you swap Tesla with Broadcom and the MAG -7, that contribution increases to over 55%.
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This means the index that's supposed to represent broad diversification across industries is quietly turning into a very concentrated bet.
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And that's something to worry about because it's starting to look like a group project where two people do all the work, and everyone else still gets the credit.
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And the explosion in passive investing is quietly pouring fuel on the fire.
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Because most index funds and ETFs that track major benchmarks are market cap weighted,
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meaning a stock's influence in an index is directly proportional to the market cap of that company.
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Basically, the bigger the company, the more weight it receives in the index, and the more impact it has on how the index performs.
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So, as these tech stocks grow larger, they naturally take up a larger share of the index, and when new capital flows into these funds,
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it disproportionately gets allocated to those same tech names.
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It's a feedback loop that's beautiful.
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right up until it isn't.
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Because when indices become this top -heavy, small moves can turn into big problems.
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For example, a 10 % pullback in Nvidia's stock doesn't stay isolated in Nvidia.
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It bleeds into the NASDAQ, the S &P 500, and then creates broader market pressure.
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And suddenly, what you thought was a "diversified portfolio" is reacting to the mood swings of a handful of stocks.
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So, while everything appears to be fine right now, all it takes is the MAG7 stocks to stumble, for the whole market to slip.
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Which brings us to the final point in the bear case.
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I'm not saying a crash is imminent, and I'm not predicting financial Armageddon, but statistically speaking, we're overdue for a down year.
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Nerds would call this a reversion to the mean.
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Because markets, especially U .S equities, go through cycles, and since 1954,
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the S &P 500 has averaged a pullback of at least 10 % about once every three years.
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And after several years of outsized returns, history tends to tell us we need to pump the brakes.
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Because corrections aren't anomalies, they're actually normal and healthy.
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However, as Michael Burry showed us recently, going short the market because of a gut feeling is probably not the best strategy.
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because as famous economist John Maynard Keynes once said, markets can remain irrational longer than you can remain solvent.
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And that's the uncomfortable truth about the bear case.
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You can be right on valuations, right on unhealthy concentrations and indices, and right on overextended rallies.
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But still be wrong.
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because being right too early is indistinguishable from being wrong.
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Which brings us to our bull case.
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Because what if markets continue to rip?
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What if they don't care about historical averages?
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And what if markets continue to remain irrational?
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So let's start with the fundamental tailwind that bulls are clinging to.
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Because whether you trust the Fed, or you think Jerome Powell runs monetary policy decisions through a magic 8 -ball, one thing is clear: interest rates are coming down.
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2025 ended with the Fed delivering three consecutive 25 basis point cuts.
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And going into 2026, the median expectation is at least one additional cut.
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And lower rates means cheaper capital.
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And cheaper capital means higher valuations.
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And higher valuations means investors are more comfortable paying premiums for future earnings.
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And that's why rate cuts don't just matter to borrowers, but also to valuations and trading multiples.
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Because liquidity loosens, financial conditions ease, and risk on assets that's come alive.
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And that's how you can see markets grind higher, even when underlying economic data may feel mixed, confusing, or slightly uncomfortable.
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But just because the broader macro picture may feel uncomfortable, it doesn't mean that you also have to be.
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Which brings us to the sponsor of today's video, Flexispot.
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Because 2026 will probably be a year in which you're spending more time at your desk reading 10Ks, looking at charts, and tracking news flow.
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Which is why investing in a quality setup matters.
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Because while traditional desks lock you into one position all day, standing desks on the other hand encourage movement, support flexible work styles, and adjust to match daily preferences,
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And the Flexispot E7 Pro delivers all that and more.
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With a height range from 25 inches all the way up to nearly 51 inches, you'll have more flexibility than other desks on the market.
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and it's also built with stability as a priority.
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The E7 Pro uses a dual -motor, three -stage, semi -C leg structure, which allows it to support a static load capacity of up to 440 pounds,
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meaning stability is never really a concern, even in those very ambiguous, unnecessary use cases.
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FlexiSpot also backs the E7 Pro Desk, with a 15 -year warranty and 30 -day risk -free return policy.
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If you're interested in the E7 Pro, I'll leave a link below and you can use my code to get $30 off.
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And now back to markets, because the monetary policy backdrop I previously covered is only half the story.
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The other half is fiscal policy, which brings us to the next point in our bull case.
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Because while the Federal Reserve argues over quarter point cuts, the U .S government is doing something far more impactful: spending.
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Which is why the United States now runs on a more than trillion dollar deficit annually.
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And I've made videos on this channel about how the deficit is becoming a serious problem, and the potential long -term damage it will cause.
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But the reality is, in the short term, it brings some benefits as well, because government spending puts money directly into the system.
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It supports consumer demand, props up corporate revenues, and keeps economic activity high.
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And unlike monetary policy, fiscal policy is slow to change, because programs don't get shut down overnight, budgets don't just get suddenly slashed,
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and politicians don't win elections by campaigning on frugality.
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So even if growth cools, the fiscal backdrop remains supportive in the short term, and that matters.
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But that's also where the confusion begins.
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Because when fundamental tailwinds collide with real structural risks, markets rarely move in clean, predictable ways.
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Which brings us to the final point in today's video: the most likely outcome is the one nobody's positioned for.
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On one side, you have the optimists, the people talking about rate cuts, continued government spending, and how AI is the best thing since sliced bread.
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These are the people expecting the market to rally through 2026.
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And on the other side, you have the pessimists, the people talking about an AI bubble, a top -heavy market, stretched valuations, and how we're overdue for a correction.
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These are the people expecting 2026 to finally be the year things break.
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But here's the scenario I have yet to see anyone talk about.
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Not a melt -up, not a crash, but a market somewhere in the middle.
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The kind of market where headlines flip every two weeks, rallies stall just as confidence rises, and dips feel scary without ever bringing real opportunities.
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I'm talking about a long, choppy, sideways price action year.
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And it's these markets that are often the hardest to survive.
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It's where impatience destroys portfolios.
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It's this gray area in between a bull and bear market that is so dangerous.
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It's a market where every stock feels eerie, every decision feels wrong, and capital just rotates between asset classes.
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And when markets feel like this, it's a good reminder that nobody actually knows what the hell is going to happen next.
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And if anyone tells you they do, well, they're either lying, trying to sell you something, or both.
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Because the best thing you can do is absorb as much information as possible, and then come to your own conclusions.
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And now that I've laid out some of the different scenarios I see for 2026, I want to hear where you land on things.
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Do you think 2026 is the year things start to break?
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Do you think it's the year we rally higher?
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Or do you think something else is going to happen?
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Drop your take in the comments, and let's see how split everyone really is.
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Oh, and before I go, if you want a pretty sweet desk, remember to check out FlexiSpot below.
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このレッスンの語彙とスピーキングのポイント
このB2レベルのスピーキングレッスンは、動画「Something Feels Off About 2026..」を教材にしています。 この動画には、シャドーイング用の文が132文、単語が1965語あります。 音声の長さは11:17です。 話す速さは1分あたり約174語で、日常会話に近い自然なペースです。 英語の頻出3,000語に含まれる単語は79%だけなので、語彙は難しめです。
この動画の重要語彙
動画の中で特に難しい単語15語を、発音と意味つきで紹介します。
| 単語 | 発音 | 意味 |
|---|---|---|
| uncomfortable 形容詞 | /ʌnˈkʌm.fɚ.tə.bl̩/ | 心地よくない |
| monetary 形容詞 | /ˈmʌnɪtəɹi/ | 貨幣の, 金銭的な |
| scenario 名詞 | /sɪˈnɛəɹioʊ/ | 脚本, 台本 |
| irrational 形容詞 | /ɪˈɹæʃ.(ə.)nəl/ | 不合理な, 無理な |
| confuse 動詞 | /kənˈfjuːz/ | 混乱させる |
| deficit 名詞 | /ˈdɛfəsɪt/ | 赤字, 欠損 |
| handful 名詞 | /ˈhæn(d)fʊl/ | 少数 |
| quietly 副詞 | /ˈkwaɪ.ɪt.li/ | 静かに |
| portfolio 名詞 | /pɔːtˈfəʊ.liˌəʊ/ | ポートフォリオ |
| bubble 名詞 | /ˈbʌbəl/ | 泡 |
| allocate 動詞 | /ˈæl.ə.keɪt/ | 取り置く |
| anomaly 名詞 | /əˈnɑ.mə.li/ | 例外 |
| borrower 名詞 | /ˈbɑɹoʊɚ/ | 借り手 |
| collide 動詞 | /kəˈlaɪd/ | 衝突する, 打つかる |
| diversification 名詞 | /daɪˌvɜːsɪfɪˈkeɪʃən/ | 多様化, 万状 |
動画に出てくる句動詞
| 単語 | 意味 |
|---|---|
| check out 動詞 | 試験する, 検査する |
| come down 動詞 | 降りる |
| get off 動詞 | 降りる |
| go up 動詞 | 上がる, 登る |
| look around 動詞 | 見回す |
| look back 動詞 | 振り返る |
| shut down 動詞 | シャットダウン |
繰り返し練習したい文
動画に出てくる短く完結した文です。日常会話でそのまま使えます。
- You're just pre -ordering hope.
- What if they don't care about historical averages?
- Do you think it's the year we rally higher?
この動画の文法
話し手がよく使っている文型を、動画の実際の表現とともに紹介します。
| 文型 | 動画での表現 |
|---|---|
| 現在完了形 have/has + 過去分詞 — 過去の出来事が今も関係している | haven't even talked · has averaged · I've made |
| 受動態 be + 過去分詞 — 誰がするかより、何が起きるかに焦点を当てる | being lifted · being dragged |
| 関係詞節 who / which + 節 — 人や物について情報を加える | anyone who shorted · earnings, which is |
注意したい発音
話し手はdon't, I'm, we'reなど、短縮形や弱形を32回使っています。聞こえたとおりの短い形で発音しましょう。
- 「sh」と「zh」の音: valuation /ˌvæ.ljuːˈeɪ.ʃən/, irrational /ɪˈɹæʃ.(ə.)nəl/, disproportionately /ˈdɪs.pɹəˌpɔɹ.ʃən.ət.li/, diversification /daɪˌvɜːsɪfɪˈkeɪʃən/, impatience /ɪmˈpeɪʃəns/
- 長い単語（アクセントの位置に注意）: valuation /ˌvæ.ljuːˈeɪ.ʃən/, uncomfortable /ʌnˈkʌm.fɚ.tə.bl̩/, monetary /ˈmʌnɪtəɹi/, irrational /ɪˈɹæʃ.(ə.)nəl/, portfolio /pɔːtˈfəʊ.liˌəʊ/
日本語話者が苦手な音：
- /r/ と /l/ の区別 — /l/ は舌先を歯茎につけ、/r/ はどこにもつけない: irrational /ɪˈɹæʃ.(ə.)nəl/, disproportionately /ˈdɪs.pɹəˌpɔɹ.ʃən.ət.li/, frugality /fɹuːˈɡæləti/, predictable /pɹəˈdɪktəbləl/, circular /ˈsɜɹ.kjə.ləɹ/
- /v/ — /b/ にならないように、上の歯を下唇に当てる: valuation /ˌvæ.ljuːˈeɪ.ʃən/, overdue /ˌoʊ.vəɹˈdu/, diversification /daɪˌvɜːsɪfɪˈkeɪʃən/, diversify /daɪˈvɝ.sə.faɪ/, generative /ˈd͡ʒɛnəɹətɪv/
- /f/ — 「フ」ではなく、上の歯と下唇で出す: uncomfortable /ʌnˈkʌm.fɚ.tə.bl̩/, confuse /kənˈfjuːz/, deficit /ˈdɛfəsɪt/, handful /ˈhæn(d)fʊl/, portfolio /pɔːtˈfəʊ.liˌəʊ/
この動画での練習方法
- まず声を出さずに動画を最後まで聞き、知らない単語をメモします。
- まず0.75倍速で一文ずつシャドーイングし、慣れてきたら通常の速度に戻します。
- 自分の声を録音して元の音声と比べます。uncomfortable, monetary, scenarioなどの単語に特に注意しましょう。
シャドーイングとは？英語上達に効果的な理由
シャドーイング（Shadowing）は、もともとプロの通訳者養成プログラムで開発された言語学習法で、多言語習得者として知られるDr. Alexander Arguelles によって広く普及されました。方法はシンプルですが非常に効果的：ネイティブスピーカーの英語を聞きながら、1〜2秒の遅延で声に出してすぐに繰り返す——まるで「影（shadow）」のように話者を追いかけます。文法ドリルや受動的なリスニングと異なり、シャドーイングは脳と口の筋肉が同時にリアルタイムで英語を処理・再現することを強制します。研究により、発音精度、抑揚、リズム、連音、リスニング力、そして会話の流暢さが大幅に向上することが確認されています。IELTSスピーキング対策や自然な英語コミュニケーションを目指す方に特におすすめです。