シャドーイング練習: Warren Buffett & Charlie Munger: Diversification - 動画で英語スピーキングを学ぶ

練習モードを選ぶ

各モードは全画面の練習ルームで開きます。

82 文

文が短すぎたり長すぎる場合は、Editをタップして調整してください。

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.

アプリをダウンロード

流暢に話すために必要なすべて

AI発音採点文ごとに採点

IPA練習すべての音をマスター

単語学習自分の単語帳を作る

単語ゲーム遊びながら覚える

QRをスキャン

Download on theApp Store Get it onGoogle Play

FOR YOU

このレッスンの語彙とスピーキングのポイント

この動画には、シャドーイング用の文が82文、単語が1039語あります。音声の長さは7:12です。話す速さは1分あたり約144語で安定しており、シャドーイングしやすいペースです。単語の86%は英語の頻出3,000語に含まれます。残りは練習の前に確認しておきましょう。

この動画の重要語彙

動画に出てくる覚えておきたい単語15語を、発音と意味つきで紹介します。

単語	発音	意味
portfolio 名詞	/pɔːtˈfəʊ.liˌəʊ/	ポートフォリオ
dementia 名詞	/dɪˈmɛnʃə/	認知症
fortune 名詞	/ˈfɔːtjuːn/	運命, 宿命
analyze 動詞	/ˈæn.əˌlaɪz/	分析する
relative 名詞	/ˈɹɛl.ə.tɪv/	親戚, 身内
difficulty 名詞	/ˈdɪfɪkəlti/	難しさ
priest 名詞	/ˈpɹiːst/	司祭, 牧師
dependent 形容詞	/dɪˈpɛndənt/	次第, 依存する
utility 名詞	/juːˈtɪlɪti/	有用, 有用性
leaf 名詞	/lif/	葉, 葉っぱ
nonsense 名詞	/ˈnɒn.səns/	無意味, ナンセンス
concentrate 動詞	/ˈkɑn.sən.tɹeɪt/	集中させる
ignorance 名詞	/ˈɪɡ.nɚ.əns/	無知
characteristic 名詞	/ˌkæɹ(ə)ktəˈɹɪstɪk/	特性, 特徴
madness 名詞	/ˈmæd.nəs/	狂気

動画に出てくる句動詞

単語	意味
go back 動詞	戻る, 帰る
go out 動詞	出る

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
条件文 if + 節, will/would + 動詞 — 条件とその結果	If there were, it would be
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	were built · have been built · has been taught
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	I've studied · have been built · has been taught
関係詞節 who / which + 節 — 人や物について情報を加える	somebody who does · someone who identified

注意したい発音

話し手はaren't, don't, I'mなど、短縮形や弱形を23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: dementia /dɪˈmɛnʃə/, conventional /kənˈvɛnʃənl̩/, assure /əˈʃʊɹ/, confession /kənˈfɛʃən/, diversification /daɪˌvɜːsɪfɪˈkeɪʃən/
長い単語（アクセントの位置に注意）: portfolio /pɔːtˈfəʊ.liˌəʊ/, elaborate /ɪˈlæb.ə.ɹeɪt/, difficulty /ˈdɪfɪkəlti/, utility /juːˈtɪlɪti/, characteristic /ˌkæɹ(ə)ktəˈɹɪstɪk/

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。
通常の速度で一文ずつシャドーイングし、話し手のリズムに合うまで繰り返します。
自分の声を録音して元の音声と比べます。portfolio, dementia, fortune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。

シャドーイングのやり方: ステップ別の完全ガイドを読む →

シャドーイング練習: Warren Buffett & Charlie Munger: Diversification - 動画で英語スピーキングを学ぶ

練習モードを選ぶ

アプリをダウンロード

おすすめ動画

Watch CNBC's full interview with Berkshire Hathaway Chair Warren Buffett

Quick Study: How Venture Capitalists Make Decisions

No, Really — Is A.I. a Bubble? | The Ezra Klein Show

Warren Buffett: How To Analyze a BALANCE SHEET

Jack Ma: Love is Important In Business | Davos 2018

How The Economic Machine Works by Ray Dalio

"Focusing is about saying no" - Steve Jobs (WWDC'97)

How Long Can the Fed Hold On?

$15 Trillion Money-Making Machine | How BlackRock Became Too Powerful to Ignore

Mark Zuckerberg: “Alex, are you sure this is going to work?”

Exclusive Interview: Jeffrey Sachs on China’s Global Role: Growth, Balance, and Cooperation

Psychology of Polymaths: Why Having Multiple Interests Is an Unfair Advantage