跟读练习: Warren Buffett & Charlie Munger: Diversification - 通过视频学习英语口语

选择练习模式

每种模式都会打开全屏练习室。

82 句

如果句子过短或过长，请点击 Edit 进行调整。

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.

下载应用

流利口语所需的一切

AI 发音评分逐句打分

音标练习掌握每个音

词汇学习建立你的词库

词汇游戏边玩边学

扫码

Download on theApp Store Get it onGoogle Play

FOR YOU

本课的词汇与口语要点

这段视频共有 82 个句子、1039 个单词可供跟读。讲话部分时长为 7:12。说话人语速平稳，每分钟约 144 个词，很适合跟读。 86% 的单词属于英语最常用的 3,000 词，其余的词建议在练习前先学一下。

视频中的重点词汇

视频中 15 个值得学习的单词，附发音和释义：

单词	发音	释义
dementia 名词	/dɪˈmɛnʃə/	癡呆 /痴呆, 失智症
fortune 名词	/ˈfɔːtjuːn/	命運 /命运, 氣數 /气数
analyze 动词	/ˈæn.əˌlaɪz/	分析
relative 名词	/ˈɹɛl.ə.tɪv/	親戚 /亲戚
difficulty 名词	/ˈdɪfɪkəlti/	困難 /困难
priest 名词	/ˈpɹiːst/	祭司, 教士
dependent 形容词	/dɪˈpɛndənt/	依靠, 倚賴 /倚赖
utility 名词	/juːˈtɪlɪti/	效用, 用處 /用处
conventional 形容词	/kənˈvɛnʃənl̩/	协定的
leaf 名词	/lif/	еезы, еер
nonsense 名词	/ˈnɒn.səns/	廢話 /废话, 胡說 /胡说
concentrate 动词	/ˈkɑn.sən.tɹeɪt/	集中
ignorance 名词	/ˈɪɡ.nɚ.əns/	無知 /无知
characteristic 名词	/ˌkæɹ(ə)ktəˈɹɪstɪk/	特性, 特質 /特质
madness 名词	/ˈmæd.nəs/	狂, 瘋病 /疯病

视频中出现的短语动词

单词	释义
figure out 动词	弄清楚
go back 动词	回去, 返回
go out 动词	出, 出口

视频中的语法

说话人最常用的结构，并附上视频中的原话：

结构	视频中的用法
条件句 if + 从句，will/would + 动词 — 条件及其结果	If there were, it would be
被动语态 be + 过去分词 — 强调发生了什么，而不是谁做的	were built · have been built · has been taught
现在完成时 have/has + 过去分词 — 过去发生但与现在仍有关联的事	I've studied · have been built · has been taught
定语从句 who / which + 从句 — 补充说明人或事物	somebody who does · someone who identified

需要注意的发音

说话人用了 23 次缩略和弱读形式，例如 aren't, don't, I'm。请按听到的简短形式来说。

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

如何用这段视频练习

先完整听一遍视频，不要开口，记下不认识的单词。
用正常速度逐句跟读，每句重复到你的节奏与说话人一致为止。
录下自己的声音并与原声对比，特别注意 dementia, fortune, analyze 这类单词。

什么是跟读法？

跟读法 (Shadowing) 是一种有科学依据的语言学习技巧，最初开发用于专业口译员的培训，并由多语言者Alexander Arguelles博士普及。这个方法简单而强大：您在听英语母语原声的同时立即大声重复——就像是一个延迟1-2秒紧跟说话者的影子。与被动听力或语法练习不同，跟读法强迫您的大脑和口腔肌肉同时处理并模仿真实的讲话模式。研究表明它能显着提高发音准确性，语调，节奏，连读，听力理解和口语流利度——使其成为雅思口语备考和真实英语交流最有效的方法之一。

影子跟读法: 阅读完整分步指南 →

跟读练习: Warren Buffett & Charlie Munger: Diversification - 通过视频学习英语口语

选择练习模式

下载应用

推荐视频

Watch CNBC's full interview with Berkshire Hathaway Chair Warren Buffett

Quick Study: How Venture Capitalists Make Decisions

No, Really — Is A.I. a Bubble? | The Ezra Klein Show

Warren Buffett: How To Analyze a BALANCE SHEET

Stop Playing Small. Go All In.

Jack Ma: Love is Important In Business | Davos 2018

How The Economic Machine Works by Ray Dalio

Warren Buffett On Investment Strategy | Full Interview Fortune MPW

"Focusing is about saying no" - Steve Jobs (WWDC'97)

How Long Can the Fed Hold On?

$15 Trillion Money-Making Machine | How BlackRock Became Too Powerful to Ignore

Exclusive Interview: Jeffrey Sachs on China’s Global Role: Growth, Balance, and Cooperation