跟讀練習: Warren Buffett & Charlie Munger: Diversification - 通過影片學習英語口語

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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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本課的詞彙與口語要點

這段影片共有 82 個句子、1039 個單詞可供跟讀。講話部分時長為 7:12。說話人語速平穩，每分鐘約 144 個詞，很適合跟讀。 86% 的單詞屬於英語最常用的 3,000 詞，其餘的詞建議在練習前先學一下。

影片中的重點詞彙

影片中 15 個值得學習的單詞，附發音和釋義：

單詞	發音	釋義
dementia 名詞	/dɪˈmɛnʃə/	痴呆 /痴呆, 失智症
fortune 名詞	/ˈfɔːtjuːn/	命運 /命運, 氣數 /氣數
analyze 動詞	/ˈæn.əˌlaɪz/	分析
relative 名詞	/ˈɹɛl.ə.tɪv/	親戚 /親戚
difficulty 名詞	/ˈdɪfɪkəlti/	困難 /困難
priest 名詞	/ˈpɹiːst/	祭司, 教士
dependent 形容詞	/dɪˈpɛndənt/	依靠, 倚賴 /倚賴
utility 名詞	/juːˈtɪlɪti/	效用, 用處 /用處
conventional 形容詞	/kənˈvɛnʃənl̩/	協定的
leaf 名詞	/lif/	еезы, еер
nonsense 名詞	/ˈnɒn.səns/	廢話 /廢話, 胡說 /胡說
concentrate 動詞	/ˈkɑn.sən.tɹeɪt/	集中
ignorance 名詞	/ˈɪɡ.nɚ.əns/	無知 /無知
characteristic 名詞	/ˌkæɹ(ə)ktəˈɹɪstɪk/	特性, 特質 /特質
madness 名詞	/ˈmæd.nəs/	狂, 瘋病 /瘋病

影片中出現的短語動詞

單詞	釋義
figure out 動詞	弄清楚
go back 動詞	回去, 返回
go out 動詞	出, 出口

影片中的語法

說話人最常用的結構，並附上影片中的原話：

結構	影片中的用法
條件句 if + 從句，will/would + 動詞 — 條件及其結果	If there were, it would be
被動語態 be + 過去分詞 — 強調發生了什麼，而不是誰做的	were built · have been built · has been taught
現在完成時 have/has + 過去分詞 — 過去發生但與現在仍有關聯的事	I've studied · have been built · has been taught
定語從句 who / which + 從句 — 補充說明人或事物	somebody who does · someone who identified

需要注意的發音

說話人用了 23 次縮略和弱讀形式，例如 aren't, don't, I'm。請按聽到的簡短形式來說。

“sh” 和 “zh” 音: dementia /dɪˈmɛnʃə/, conventional /kənˈvɛnʃənl̩/, assure /əˈʃʊɹ/, confession /kənˈfɛʃən/, diversification /daɪˌvɜːsɪfɪˈkeɪʃən/
長單詞——注意重音位置: portfolio /pɔːtˈfəʊ.liˌəʊ/, elaborate /ɪˈlæb.ə.ɹeɪt/, difficulty /ˈdɪfɪkəlti/, utility /juːˈtɪlɪti/, characteristic /ˌkæɹ(ə)ktəˈɹɪstɪk/

如何用這段影片練習

先完整聽一遍影片，不要開口，記下不認識的單詞。
用正常速度逐句跟讀，每句重複到你的節奏與說話人一致為止。
錄下自己的聲音並與原聲對比，特別注意 dementia, fortune, analyze 這類單詞。

什麼是跟讀法？

跟讀法 (Shadowing) 是一種有科學依據的語言學習技巧，最初開發用於專業口譯員的培訓，並由多語言者Alexander Arguelles博士普及。這個方法簡單而強大：您在聽英語母語原聲的同時立即大聲重複——就像是一個延遲1-2秒緊跟說話者的影子。與被動聽力或語法練習不同，跟讀法強迫您的大腦和口腔肌肉同時處理並模模擬實的講話模式。研究表明它能顯著提高發音準確性，語調，節奏，連讀，聽力理解和口語流利度——使其成為雅思口語備考和真實英語交流最有效的方法之一。

影子跟讀法: 閱讀完整分步指南 →

跟讀練習: Warren Buffett & Charlie Munger: Diversification - 通過影片學習英語口語

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