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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Bu dersin kelimeleri ve konuşma notları

Bu videoda gölgeleme çalışması için 82 cümle ve 1039 kelime var. Konuşma bölümü 7:12 sürüyor. Konuşmacı dakikada yaklaşık 144 kelimelik dengeli bir hızla konuşuyor; gölgeleme için rahat bir tempo. Kelimelerin %86’i İngilizcede en sık kullanılan 3.000 kelime arasında; geri kalanına başlamadan önce bakmakta fayda var.

Bu videodaki önemli kelimeler

Videodan öğrenmeye değer 15 kelime, telaffuzu ve anlamıyla:

Kelime	Telaffuz	Anlam
portfolio isim	/pɔːtˈfəʊ.liˌəʊ/	portföy, cilbent
dementia isim	/dɪˈmɛnʃə/	demans
relative isim	/ˈɹɛl.ə.tɪv/	akraba
difficulty isim	/ˈdɪfɪkəlti/	zorluk
priest isim	/ˈpɹiːst/	papaz, din adamı
dependent sıfat	/dɪˈpɛndənt/	bağımlı, bağlı
leaf isim	/lif/	yaprak
nonsense isim	/ˈnɒn.səns/	saçmalık
preserve fiil	/pɹəˈzɝv/	korumak, muhafaza etmek
assure fiil	/əˈʃʊɹ/	temin etmek, güvence altına almak
ignorance isim	/ˈɪɡ.nɚ.əns/	cehalet, bilgisizlik
resistant sıfat	/ɹəˈzɪstənt/	dirençli
madness isim	/ˈmæd.nəs/	delilik
confession isim	/kənˈfɛʃən/	itiraf, ikrar
imply fiil	/ɪmˈplaɪ/	gerektirmek, işaret etmek

Duyacağınız deyimsel fiiller

Kelime	Anlam
figure out fiil	açığa çıkarmak
go out fiil	çıkmak

Bu videodaki dil bilgisi

Konuşmacının en çok kullandığı yapılar, videodaki sözcüklerin aynısıyla:

Yapı	Videoda
Koşul cümleleri if + cümle, will/would + fiil — bir koşul ve sonucu	If there were, it would be
Edilgen yapı be + fiilin üçüncü hâli — kimin yaptığı değil, ne olduğu önemli	were built · have been built · has been taught
Present perfect have/has + fiilin üçüncü hâli — geçmişte olan ama şimdi de önemli olan bir eylem	I've studied · have been built · has been taught
İlgi cümlecikleri who / which + cümle — bir kişi ya da şey hakkında ek bilgi	somebody who does · someone who identified

Dikkat edilecek telaffuzlar

Konuşmacı aren't, don't, I'm gibi kısaltılmış biçimleri 23 kez kullanıyor. Bunları duyduğunuz gibi kısa söyleyin.

“sh” ve “zh” sesleri: dementia /dɪˈmɛnʃə/, conventional /kənˈvɛnʃənl̩/, assure /əˈʃʊɹ/, confession /kənˈfɛʃən/, diversification /daɪˌvɜːsɪfɪˈkeɪʃən/
Uzun kelimeler — vurguyu doğru yere koyun: portfolio /pɔːtˈfəʊ.liˌəʊ/, elaborate /ɪˈlæb.ə.ɹeɪt/, difficulty /ˈdɪfɪkəlti/, utility /juːˈtɪlɪti/, characteristic /ˌkæɹ(ə)ktəˈɹɪstɪk/

Bu videoyla nasıl çalışılır

Videonun tamamını konuşmadan bir kez dinleyin ve bilmediğiniz kelimeleri not edin.
Normal hızda cümle cümle tekrar edin; ritminiz konuşmacıyla aynı olana kadar her cümleyi yineleyin.
Kendinizi kaydedin ve orijinaliyle karşılaştırın; portfolio, dementia, relative gibi kelimelere özellikle dikkat edin.

Gölgeleme Tekniği Nedir?

Gölgeleme, başlangıçta profesyonel tercüman eğitimi için geliştirilen ve çok dilli Dr. Alexander Arguelles tarafından popüler hale getirilen, bilim destekli bir dil öğrenme tekniğidir. Yöntem basit ama güçlüdür: ana dili İngilizce olan bir sesi dinler ve hemen yüksek sesle tekrar edersiniz — konuşmacıyı 1-2 saniye gecikmeyle takip eden bir gölge gibi. Pasif dinleme veya dilbilgisi alıştırmalarının aksine, gölgeleme beyninizi ve ağız kaslarınızı gerçek konuşma kalıplarını eşzamanlı olarak işlemeye ve yeniden üretmeye zorlar. Araştırmalar, telaffuz doğruluğu, tonlama, ritim, bağlı konuşma, dinleme anlama ve konuşma akıcılığını önemli ölçüde geliştirdiğini göstermektedir — bu da onu IELTS Konuşma hazırlığı ve gerçek dünya İngilizce iletişimi için en etkili yöntemlerden biri yapar.

Shadowing tekniği: adım adım eksiksiz rehberi okuyun →

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

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