シャドーイング練習: Warren Buffett Is Selling NOW. The $397 Billion COLLAPSE. - 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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Everyone thinks Warren Buffett is selling Apple to avoid a potential 21% capital gain tax hike.
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But that doesn't fit his history.
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Buffett has always been a forever investor.
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He doesn't panic sell.
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Something else is driving this.
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He's been building cash and shifting heavily into short-term US treasury bills at a scale rarely seen in his portfolio.
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That kind of move usually shows up when cracks start forming in the economy before they're visible.
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Because when Buffett stops holding, he's not reacting to headlines, he's reacting to what's coming next.
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By the close of the first quarter of 2026, Warren Buffett's holding company, Berkshire Hathaway, was holding a record pile of cash.
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That figure came to $397.4 billion.
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Not stock, not businesses, just cash and government paper.
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Doing nothing but waiting.
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To understand the scale, it's larger than the annual output of countries like Finland, Portugal, or Chile.
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On its own, it rivals the value of many of the world's biggest companies.
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And it didn't appear suddenly.
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Between 2023 and 2024, Berkshire dumped a net $172.9 billion in stocks,
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with roughly $134 billion sold in 2024 alone.
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It was the biggest sell-off in the company history.
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While markets were hitting record highs, Buffett was doing the opposite.
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He was selling quarter after quarter.
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And the selling never stopped.
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In the first quarter of 2026, the firm unloaded another net $8.1 billion.
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After the 2022 bear market, the next two years weren't supposed to be scary.
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2023 and 2024 turned into some of the strongest years for United States stocks in decades.
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Markets climbed, portfolios recovered, and for many people it felt like the only mistake was being outside of the market.
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And right in the middle of that, Buffett built up his reserve.
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His cash pile more than doubled.
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People should have paid attention.
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Every business show on TV calls this smart tax planning, a careful man trimming his tax bill before rates climb.
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But it contradicts Buffett's own past.
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In 1986, the corporate tax rate was set to jump from 28% to 34%.
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That should have set off a fire sale if taxes ever drove his choices.
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Instead he left his core holdings in place.
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For 60 years he built fortunes by sitting still.
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Tax rules have never once knocked him off of a stock he believed in.
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Buffett has said his favorite holding period is forever.
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His best time to sell a great business is almost never.
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Coca-Cola is the proof.
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He's held it for decades, riding it through booms and busts.
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He never once dumped, not even to dodge a tax bill.
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So we're supposed to believe he sold his Apple stock just to save a few cents on a tax form?
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Buffett didn't just trim his portfolio, he reduced his Apple position from nearly half of Berkshire's stock holdings down to about a fifth.
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Then he did something even more surprising.
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On January 1st, 2026, he stepped down as the boss of Berkshire Hathaway and handed the day-to-day control to Greg Abel, staying on as chairman.
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The timing mattered, the cash pile was already built, and the major selling had already happened before the transition.
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And Abel's first move as the new chief, well, he kept right on selling.
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Nothing changed.
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What does Buffett see on the horizon that the rest of us don't?
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There were only a couple of moments in Buffett's career where he stepped back from stocks almost entirely.
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One of them was 1969.
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Markets were running hot, driven by what were later called the nifty-fifty.
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These were high-flying names like Polaroid, Xerox, and Avon that investors treated as guaranteed winners.
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Buffett looked at the bigger picture and decided there was nothing left worth buying, so he did the unthinkable.
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He shut down his investment partnership and handed the money back to his own investors.
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He simply walked away.
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What came next proved him right.
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By 1973, that bubble had burst, and a brutal bear market wiped out years of gains.
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The big names got slaughtered.
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Polaroid crashed about 91% from its high, Avon fell roughly 86%, and Xerox dropped almost 71%.
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These weren't obscure or low-quality companies, they were some of the most respected names in the market at the time.
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A great company is not the same thing as a great stock.
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Buffett realized that years before anyone else.
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Thirty years later, he did a softer version of the same thing.
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In 1999, the dot-com mania was in full swing.
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Companies with no profits were being valued at billions.
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Pets.com became a household name more for its advertising than its business model.
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While the market was celebrating the new era, Buffett publicly pushed back, Warning that returns built on speculation wouldn't last.
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He wasn't caught up in the hype.
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He believed the market was priced so high that returns would crawl for years.
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Months later, the Nasdaq began a fall that he raised about three quarters of its value.
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Pets.com went straight to zero.
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Microsoft stock dropped 50% in a year.
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It took 17 long years to climb back.
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Intel did even worse.
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What ties those two moments together isn't luck.
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When he stepped back in 1969, his reasoning was simple.
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He couldn't find anything worth buying at a sane price.
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He did not predict the crash.
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He just saw the gap between what businesses were worth and what people paid.
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He doesn't guess the storm, he just looks at a gap between price and value and only steps back when that gap gets too wide.
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Two exits, two moments where he stepped away.
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It's something he's almost never done.
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Now place early 2026 on top of that.
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The total value of the US stock market compared to the real economy is sitting at historically stretched levels again.
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In some measures, it matches previous peaks.
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In others, it exceeds them.
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Buffett even has a name for this, the Buffett Indicator.
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It stacks the value of all stocks against the size of the economy.
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He says if the danger line gets close to 200%, you are playing with fire.
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It hit that level in 1999 right before the crash.
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In early 2026, it's back there.
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The market is now dominated by a handful of tech giants known as the Magnificent seven.
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Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta, and Tesla.
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At times, those seven names alone have made up a third of the entire S&P 500.
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That level of concentration means a small group of stocks is doing a huge share of the market's heavy lifting.
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There was a similar pattern in 1969 during the Nifty Fifty era.
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For Buffett, this is less about prediction and more about recognition.
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Because when the same structure shows up again, it usually isn't random.
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For years, Apple was Buffett's untouchable favorite, the one tech business he said he truly got.
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Then he gutted it.
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Between 2022 and 2024, Apple's sales grew by about 1.5% per year.
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A successful company, absolutely, but not a fast-growing one.
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At the same time, the stock kept climbing.
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By 2024, investors were paying more than 30 times the company's annual earnings to own it.
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The stock was dramatically outpacing the actual business.
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Apple's growth did pick back up later, as newer iPhone cycles pushed sales higher in 2025 and 2026.
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But the timing is critical.
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By the time growth came back, the price had already raced miles ahead of it.
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That is what Buffett looks for.
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He knows what happens next better than almost anyone.
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A great business can keep doing fine, growing its profit each year, and the stock can still crash.
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Why?
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Because the price was borrowing against a future that never arrived.
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He wasn't selling because Apple was bad business.
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He was selling because the stock and the business were telling two different stories.
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At some point, Buffett had to decide which one he believed.
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But Apple wasn't alone.
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The biggest tech firms poured more than $200 billion into AI gear in 2024.
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Microsoft, Google, Amazon, and Meta led the charge, building data centers and buying mountains of chips from Nvidia.
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It was an arms race of spending rarely seen.
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And the payoff?
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The actual profit flowing back from AI products?
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Goldman Sachs dug into it hard, and they found it painfully thin.
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OpenAI is the poster child for the AI boom.
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The world treats it as a money machine, yet its own numbers tell a darker tale.
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It pulls in billions in sales but loses far more than it makes.
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For every dollar it earns, it burns through $1.25.
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And the money moves between those giants in a strange circle.
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NVIDIA pours billions into OpenAI.
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OpenAI then spends that money buying Nvidia chips.
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Microsoft hands OpenAI billions too, but a chunk comes as credit for Microsoft's own cloud service.
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The cash leaves one pocket and lands right back in another.
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None of it requires an actual outside customer to turn a profit.
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The money just spins from one giant to the next.
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It looks like a successful business ecosystem, instead it is just a closed loop of corporations paying each other.
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In the late 1990s, the dot-com boom laid mountains of fiber-optic cable across the country.
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Firms bet internet demand would explode overnight.
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It didn't, at least not fast enough.
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Most of that cable sat dark for years, and the companies that laid it went broke.
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Buffett's late partner Charlie Munger said almost the same thing about the AI frenzy before he died.
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In his final interviews, he tore into the hype, calling it crazy and lining it up next to wild crypto bets.
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He spent his last days warning anyone who would listen.
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The tech world is laying dark cable all over again, just faster.
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So what'll pull the plug this time?
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The warning signs were never in the stock market, they were in the job market, and Buffett's selling lined up with it almost perfectly.
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Claudia Som, a former Federal Reserve economist, came up with one of the simplest recession warning systems ever devised.
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It watches just one thing, unemployment.
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More specifically, it looks for a very particular shift in the unemployment rate, which has reliably shown up when the economy starts turning south.
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The rule is simple, it tracks the three month average of unemployment
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and compares it to the low point from the past year.
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When the average climbs half a point above low, history says a recession has likely already begun.
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In the 11 recessions since 1950, this alarm went off every single time.
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In August 2024, the alarm crossed its line again.
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The reading hit 0.53 points above the floor.
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Buffett's heaviest selling of both Apple and Bank of America didn't bunch into the exact same window.
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He slashed his Apple stake by nearly 50% from April through June of 2024.
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Bank of America liquidations followed from July through September as the red line got crossed.
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At that precise moment, the most careful investor alive headed for the exit.
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The same jobs alarm rang again in 2001, 16 months after the dot-com burst began in 2000.
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It rang again months after the great crash of 2008 started, and once more after the 2020 shock.
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Every time it sounded before the official numbers caught up.
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Stock prices can stay disconnected from reality for years.
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They can rise on optimism, momentum, and the belief that tomorrow will be better than today.
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Hiring is different.
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The moment real companies start cutting real jobs, something has broken underneath.
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The SOM rule triggered in 2024, but the recession everyone expected never fully arrived.
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Instead, the Federal Reserve cut interest rates, hiring stabilized, and the economy managed something closer to a soft landing.
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By early 2026, the indicator had eased back toward normal levels.
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Even Saum cautioned against treating it like a crystal ball.
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The post-pandemic job market was unusual enough, she argued, that it might not follow the same patterns as past cycles.
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If this was just a short-term recession bet.
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This was his moment to pile back in.
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He could have admitted his timing was early and he bought back into the market that proved him wrong.
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Instead, he did the opposite.
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Berkshire Hathaway's cash pile swelled to its biggest size ever, long after the scare had supposedly passed.
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And that says a lot.
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The market was acting like the danger was over.
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Buffett was acting like it hadn't arrived yet.
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Buffett was supposed to have a sacred bond with the Bank of America.
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Back in 2011, the institution was bleeding.
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Buffett rode in with a $5 billion lifeline and a public show of faith.
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That move steadied the whole bank.
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He was its white knight.
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He started dumping his stake in July 2024 and kept slicing it all the way into 2026.
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Buried in the bank's filings is an asset called held-to-maturity bonds.
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The bank snatched them up while interest rates sat near zero, planning to hold them for years.
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Then rates shot up and the market value of all those old low-rate bonds collapsed.
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The damage was huge.
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By 2023, Bank of America was sitting on more than $100 billion in paper losses.
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At the peak, it topped $130 billion.
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Imagine you buy a house at the top of the bubble and lock in a cheap mortgage.
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Then interest rates double and the housing market collapses.
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Your home is suddenly worth far less than you paid.
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You can't sell.
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Selling would lock in a big loss enough to wipe you out.
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So you try to wait it out.
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You hold a thing that quietly bleeds value and you pray the market comes back first.
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That is the held-to-maturity trap.
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That $100 billion black hole was nearly seven times the loss that killed Silicon Valley Bank in 2023.
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The bank vanished in a matter of days, the moment depositors realized the danger.
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The pressure on the Bank of America did not vanish.
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It lingered.
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This doesn't affect one bank.
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It is a threat to the whole system.
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Nearly every big American lender loaded up on the same low-rate bonds during the cheap money years.
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JP Morgan did it, so did the regional banks, and now they all sit on the same buried losses.
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By itself, the loss isn't fatal.
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A bank can simply wait for the bonds to mature and collect their full value.
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The problem is that banks don't control when depositors ask for their money bank, and if withdrawals start piling up, the waiting is no longer an option.
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The bonds have to be sold, and the losses stop being theoretical.
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Silicon Valley Bank proved how fast that death spiral runs.
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It took days.
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Buffett knows banks better than almost anyone.
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He rescued the Bank of America with his own money.
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He saw what was coming, and then he walked away.
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For two years, everyone watched the inverted yield curve.
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Short-term bonds were paying more than long-term ones, a pattern that has preceded almost every modern recession.
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But the inversion is often just a warning.
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The real trouble tends to arrive afterward when the curve begins to unwind
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and the economy catches up to what the bond market was signaling all along.
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Think of it as an earthquake warning system.
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The inversion is the early tremor, the long, low rumble that says pressure is building.
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Everyone braces during the rumble, but the real damage, the part that levels buildings, comes when the shaking stops and the ground suddenly settles.
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That settling is the un-inversion.
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The US curve entered exactly that phase in late 2024, climbing back toward normal through 2025 and into 26.
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The record inversion of 2022 and 23 has now begun to unwind.
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That's the same sequence that appeared before the recessions of 2000 and 2008.
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Not because an uninverted curve is dangerous by itself.
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It's dangerous because of what usually causes it.
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The curve normalizes when the Federal Reserve starts cutting rates, and the Fed does not reach for the emergency break when the road is clear.
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The uninversion is not the cause of the storm.
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It's proof that the people with the most data have decided things are serious
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and they can see the cracks forming in real time.
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By the time the alarm stops, they have decided the ground is about to move and the everyday investor, well they watch the curve return to normal and they feel relieved.
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To them it's good news.
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Look at the whole timeline and the picture becomes clear.
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The jobs warning appeared in 2024.
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Buffett's biggest selling happened around that same period.
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The yield curve began moving back toward normal.
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Banks were still sitting on losses from rate shock, and quarter after quarter Berkshire's cash pile kept growing.
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Any one of those things could be dismissed on its own, but together they explain why Buffett wasn't acting like someone who thought the risks had passed.
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He was selling, he was raising cash, and he kept doing it even as markets pushed to new highs.
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That is the part that matters, because Buffett isn't known for predicting crashes.
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He is known for refusing to pay tomorrow's prices today.
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And by early 2026, he was holding nearly $400 billion, waiting for something he believed was worth the wait.
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Now we're reaching Buffett's endgame.
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By late 2024, Berkshire's treasury bill holdings had reached roughly $288 billion.
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That was more short-term government debt than the Federal Reserve itself was holding at the time.
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By the first quarter of 2026, Berkshire's total cash pile was approaching $400 billion.
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Buffett has spent his entire career telling investors that cash is a terrible long-term asset.
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So why was he suddenly sitting on more of it than ever before?
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The answer is that Buffett has never viewed cash as an investment.
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He views it as buying power.
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When assets become expensive, cash looks lazy.
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When assets become cheap, cash becomes valuable very quickly.
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He has run that play before.
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In 2008, while the rest of the financial system was scrambling for liquidity, Buffett was one of the few people in a position to provide it.
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He handed Goldman Sachs a $5 billion lifeline.
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The terms were so good they still teach them in business schools.
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He cut a similar deal with General Electric.
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He had cash in hand and the nerve to use it.
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He didn't predict the 2008 crash.
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He was simply ready for it.
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What's different now is the size of the war chest.
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In 2008, he worked with tens of billions.
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By early 2026, the pile had grown to roughly $400 billion and he stacked it on purpose, at the very top of a roaring bull market.
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He didn't scramble it together mid-crisis.
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He was stockpiling cash while everyone else was spending it.
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And then he handed Greg Abel a loaded weapon and one order, wait.
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And the handoff itself is part of the message.
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A man who truly believed the good times would roll forever doesn't step down.
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He doesn't spend his last act as a boss turning everything into cash.
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He invests.
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But Buffett wanted to protect Berkshire Hathaway and give it a solid foundation.
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He wanted it to be standing no matter who held the keys when the bad times arrived.
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That is the cold, ruthless genius of it.
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Everyone else sees a man sitting out the fun.
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What he actually built was simpler and scarier.
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He built it quarter after quarter while everyone else joined the party.
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Now Buffett is waiting for the music to stop.
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So what is it that Warren Buffett does differently that makes him so successful?
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Find out in This Is How Warren Buffett Made $85 Billion.
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Or click on this.

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「Warren Buffett Is Selling NOW. The $397 Billion COLLAPSE」を教材にしています。 繰り返し出てくる語は次のとおりです:Buffett, billion, stock, bank, cash。 この動画には、シャドーイング用の文が283文、単語が3238語あります。 音声の長さは18:11です。 話す速さは1分あたり約178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81%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
pile 名詞/paɪl/積み重ね, 山
recession 名詞/ɹɪˈsɛʃn̩/退去, 衰退
investor 名詞/ɪnˈvɛs.tə(ɹ)/投資家, 出資者
curve 名詞/kɚv/曲線
inversion 名詞/ɪnˈvɚ.ʒən/転回形, インバージョン
maturity 名詞/məˈtjʊəɹɪti/成熟
bury 動詞/ˈbɛɹi/埋める
indicator 名詞/ˈɪn.dɪˌkeɪ.tə(ɹ)/インジケータ, インジケーター
wipe 動詞/waɪp/拭く
predict 動詞/pɹɪˈdɪkt/予言する
stake 名詞/steɪk/棒, 杭
portfolio 名詞/pɔːtˈfəʊ.liˌəʊ/ポートフォリオ
burst 動詞/bɜːst/破裂する
yield 動詞/jiːld/もたらす
bubble 名詞/ˈbʌbəl/泡

動画に出てくる句動詞

単語意味
show up 動詞現れる
come back 動詞戻る, 帰る
shut down 動詞シャットダウン
wipe out 動詞一掃する

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
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has always been · has said · have 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was set · was already built · being valued
関係詞節 who / which + 節 — 人や物について情報を加えるanyone who would · rate, which has · someone who thought

注意したい発音

話し手はdidn't, doesn't, isn't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。

  • 「th」の音: theoretical /ˌθi.əˈɹɛt.ɪ.kəl/, underneath /ˌʌndɚˈniθ/, earthquake /ˈɝθkweɪk/
  • 「sh」と「zh」の音: recession /ɹɪˈsɛʃn̩/, inversion /ɪnˈvɚ.ʒən/, prediction /pɹɪˈdɪkʃən/, speculation /ˌspɛk.jəˈleɪ.ʃən/
  • 長い単語(アクセントの位置に注意): maturity /məˈtjʊəɹɪti/, indicator /ˈɪn.dɪˌkeɪ.tə(ɹ)/, portfolio /pɔːtˈfəʊ.liˌəʊ/, economist /iˈkɑ.nə.mɪst/, supposedly /səˈpoʊ̯.zɪd.li/

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: rumble /ˈɹʌmb(ə)l/, relieve /ɹɪˈliːv/, theoretical /ˌθi.əˈɹɛt.ɪ.kəl/, historically /hɪˈstɔɹɪkli/, brutal /ˈbɹuːtəl/
  • /v/ — /b/ にならないように、上の歯を下唇に当てる: investor /ɪnˈvɛs.tə(ɹ)/, curve /kɚv/, inversion /ɪnˈvɚ.ʒən/, relieve /ɹɪˈliːv/, rival /ˈɹaɪvəl/
  • /f/ — 「フ」ではなく、上の歯と下唇で出す: lifeline /ˈlaɪfˌlaɪn/, portfolio /pɔːtˈfəʊ.liˌəʊ/, fiber /ˈfaɪ.bɚ/, fatal /ˈfeɪ.təl/, handful /ˈhæn(d)fʊl/

この動画での練習方法

  1. 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。
  2. 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。
  3. 自分の声を録音して元の音声と比べます。pile, recession, investor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 →