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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Woordenschat en spreektips bij deze les

Deze video bevat 82 zinnen en 1039 woorden om na te spreken. Het gesproken deel duurt 7:12. De spreker praat in een gelijkmatig tempo van ongeveer 144 woorden per minuut, prettig om te shadowen. 86% van de woorden hoort bij de 3.000 meest gebruikte Engelse woorden; de rest kun je beter vooraf bekijken.

Belangrijke woorden in deze video

15 woorden uit de video die het leren waard zijn, met uitspraak en betekenis:

Woord	Uitspraak	Betekenis
dementia zelfstandig naamwoord	/dɪˈmɛnʃə/	dementie
fortune zelfstandig naamwoord	/ˈfɔːtjuːn/	lot, noodlot
elaborate werkwoord	/ɪˈlæb.ə.ɹeɪt/	uitweiden
analyze werkwoord	/ˈæn.əˌlaɪz/	analyseren
relative zelfstandig naamwoord	/ˈɹɛl.ə.tɪv/	familielid, bloedverwant
difficulty zelfstandig naamwoord	/ˈdɪfɪkəlti/	moeilijkheid
priest zelfstandig naamwoord	/ˈpɹiːst/	priester, pastoor
dependent bijvoeglijk naamwoord	/dɪˈpɛndənt/	afhankelijk
utility zelfstandig naamwoord	/juːˈtɪlɪti/	bruikbaarheid, handigheid
warren zelfstandig naamwoord	/ˈwɔɹən/	konijnenheuvel, konijnenberg
conventional bijvoeglijk naamwoord	/kənˈvɛnʃənl̩/	conventioneel
leaf zelfstandig naamwoord	/lif/	blad
nonsense zelfstandig naamwoord	/ˈnɒn.səns/	nonsens, onzin
preserve werkwoord	/pɹəˈzɝv/	beschermen
concentrate werkwoord	/ˈkɑn.sən.tɹeɪt/	concentreren

Phrasal verbs die je zult horen

Woord	Betekenis
figure out werkwoord	uitvogelen, er achter komen
go back werkwoord	teruggaan
go out werkwoord	naar buiten gaan

Grammatica in deze video

De structuren die de spreker het meest gebruikt, met de exacte woorden uit de video:

Structuur	In de video
Voorwaardelijke zinnen if + zin, will/would + werkwoord — een voorwaarde en het gevolg	If there were, it would be
Lijdende vorm be + voltooid deelwoord — het gaat om wat er gebeurt, niet om wie het doet	were built · have been built · has been taught
Present perfect have/has + voltooid deelwoord — iets uit het verleden dat nu nog telt	I've studied · have been built · has been taught
Betrekkelijke bijzinnen who / which + zin — extra informatie over een persoon of ding	somebody who does · someone who identified

Uitspraak om op te letten

De spreker gebruikt 23 samentrekkingen en verkorte vormen, zoals aren't, don't, I'm. Spreek ze kort uit, zoals je ze hoort.

De klanken “sh” en “zh”: dementia /dɪˈmɛnʃə/, conventional /kənˈvɛnʃənl̩/, assure /əˈʃʊɹ/, confession /kənˈfɛʃən/, diversification /daɪˌvɜːsɪfɪˈkeɪʃən/
Lange woorden — let op de klemtoon: portfolio /pɔːtˈfəʊ.liˌəʊ/, elaborate /ɪˈlæb.ə.ɹeɪt/, difficulty /ˈdɪfɪkəlti/, utility /juːˈtɪlɪti/, characteristic /ˌkæɹ(ə)ktəˈɹɪstɪk/

Zo oefen je met deze video

Luister de hele video één keer zonder te spreken en noteer de woorden die je niet kent.
Spreek zin voor zin na op normale snelheid en herhaal elke zin tot je ritme gelijk is aan dat van de spreker.
Neem jezelf op en vergelijk met het origineel; let daarbij op woorden als dementia, fortune, elaborate.

Wat is de Shadowing-techniek?

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

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