Практика Shadowing: Warren Buffett & Charlie Munger: Diversification - Изучайте разговорный английский по видео

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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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Лексика и советы по произношению к этому уроку

В этом видео 82 предложений и 1039 слов для шедоуинга. Речь длится 7:12. Говорящий держит ровный темп — около 144 слов в минуту, удобный для шедоуинга. 86% слов входят в 3000 самых частых слов английского языка; остальные стоит разобрать перед занятием.

Ключевая лексика этого видео

15 слов из видео, которые стоит выучить, с произношением и значением:

Слово	Произношение	Значение
portfolio существительное	/pɔːtˈfəʊ.liˌəʊ/	портфе́ль
dementia существительное	/dɪˈmɛnʃə/	деме́нция, слабоу́мие
fortune существительное	/ˈfɔːtjuːn/	судьба́, до́ля
elaborate глагол	/ɪˈlæb.ə.ɹeɪt/	разраба́тывать, разрабо́тать
analyze глагол	/ˈæn.əˌlaɪz/	анализи́ровать, проанализи́ровать
relative существительное	/ˈɹɛl.ə.tɪv/	ро́дственник, ро́дственница
strongly наречие	/ˈstɹɔŋli/	си́льно
difficulty существительное	/ˈdɪfɪkəlti/	тру́дность, сло́жность
priest существительное	/ˈpɹiːst/	свяще́нник, поп
dependent прилагательное	/dɪˈpɛndənt/	зави́симый, подчинённый
involve глагол	/ɪnˈvɑlv/	каса́ться, косну́ться
utility существительное	/juːˈtɪlɪti/	поле́зность
warren существительное	/ˈwɔɹən/	уча́сток, где во́дятся кро́лики
conventional прилагательное	/kənˈvɛnʃənl̩/	общепри́нятый, конвенцио́нный
leaf существительное	/lif/	лист, ли́стья

Фразовые глаголы, которые вы услышите

Слово	Значение
figure out глагол	разбира́ться, разобра́ться
go back глагол	возвраща́ться, возврати́ться
go out глагол	выходи́ть, вы́йти
pick out глагол	выковы́ривать, вы́ковырять

Грамматика в этом видео

Конструкции, которые говорящий использует чаще всего, с точными словами из видео:

Конструкция	В видео
Условные предложения if + предложение, will/would + глагол — условие и его результат	If there were, it would be
Пассивный залог be + причастие прошедшего времени — важно, что происходит, а не кто это делает	were built · have been built · has been taught
Present Perfect have/has + причастие прошедшего времени — прошлое действие, важное сейчас	I've studied · have been built · has been taught
Придаточные определительные who / which + предложение — уточнение о человеке или предмете	somebody who does · someone who identified

Произношение, на которое стоит обратить внимание

Говорящий использует 23 сокращённых и редуцированных форм, например aren't, don't, I'm. Произносите их коротко, так, как слышите.

Звуки «sh» и «zh»: dementia /dɪˈmɛnʃə/, conventional /kənˈvɛnʃənl̩/, assure /əˈʃʊɹ/, confession /kənˈfɛʃən/, diversification /daɪˌvɜːsɪfɪˈkeɪʃən/
Длинные слова — следите за ударением: portfolio /pɔːtˈfəʊ.liˌəʊ/, elaborate /ɪˈlæb.ə.ɹeɪt/, difficulty /ˈdɪfɪkəlti/, utility /juːˈtɪlɪti/, characteristic /ˌkæɹ(ə)ktəˈɹɪstɪk/

Как заниматься с этим видео

Прослушайте всё видео один раз молча и выпишите незнакомые слова.
Повторяйте предложение за предложением на обычной скорости, пока ваш ритм не совпадёт с ритмом говорящего.
Запишите себя и сравните с оригиналом, обращая внимание на такие слова, как portfolio, dementia, fortune.

Что такое техника Shadowing?

Shadowing — это научно обоснованная техника изучения языка, изначально разработанная для подготовки профессиональных переводчиков и популяризированная полиглотом доктором Александром Аргуэльесом. Метод прост, но эффективен: вы слушаете аудио на английском от носителей языка и немедленно повторяете вслух — как тень, следующая за говорящим с задержкой в 1–2 секунды. В отличие от пассивного прослушивания или грамматических упражнений, Shadowing заставляет мозг и мышцы рта одновременно обрабатывать и воспроизводить реальные речевые паттерны. Исследования показывают, что это значительно улучшает точность произношения, интонацию, ритм, связную речь, понимание на слух и беглость речи — что делает его одним из самых эффективных методов для подготовки к IELTS Speaking и реального общения на английском.

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Практика Shadowing: Warren Buffett & Charlie Munger: Diversification - Изучайте разговорный английский по видео

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