We think diversification as practice generally makes very little for anyone that knows what they& #39;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& #39;s nothing wrong with that. That has a perfectly sound approach for somebody who does not feel they know how to analyze businesses.

我們認(rèn)為分散化投資對(duì)于任何知道自己在做什么的人來(lái)說(shuō)通常沒(méi)有什么好處。分散化投資是對(duì)無(wú)知的保護(hù)。如果你想確保和大盤相比，你的投資表現(xiàn)不會(huì)太差，那就分散化投資，這本身沒(méi)什么問(wèn)題。對(duì)那些認(rèn)為自己不知道如何進(jìn)行企業(yè)分析的人來(lái)說(shuō)，這是一種完美的方法。

But if you know how to analyze businesses and value businesses, it& #39;s crazy to own 50 stocks or 40 stocks or 30 stocks probably. Because there aren& #39;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 No.30 or 35 on your list of attractiveness, and forgo putting more money into No.1, just strikes Charlie and me as madness.

但如果你知道如何進(jìn)行企業(yè)分析和定價(jià)，投資三五十只股票是很瘋狂的事，因?yàn)橐粋€(gè)人很難做到理解這么多家優(yōu)秀企業(yè)。如果真的有這么多優(yōu)秀企業(yè)，但你卻將錢投資于吸引力清單上的第30或者35位，同時(shí)放棄在第1名上投入更多的錢，這讓查理和我感到瘋狂。

You know, if all you have to achieve is average, it may preserve your job. But it& #39;s a confession in our view that you don& #39;t really understand the businesses that you own. I could pick out three of our businesses and I would be very happy if they were the only businesses we own. I love it 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& #39;t going to run into that.

如果你只需要達(dá)到平均水平，分散化投資可能會(huì)保住你的飯碗，但在我們看來(lái)，這也是在承認(rèn)自己并不是真正了解自己投資的企業(yè)。我可以挑選出我們投資的三個(gè)企業(yè)，假設(shè)我們僅僅投資了這三家，我也會(huì)非常高興。當(dāng)然，如果有好企業(yè)我也愿意繼續(xù)投資。如果一輩子能發(fā)現(xiàn)并投資三家好企業(yè)，對(duì)個(gè)人來(lái)說(shuō)就算成功了，一般人做不到這一點(diǎn)。

以上內(nèi)容節(jié)選自1996年巴菲特股東大會(huì)

由數(shù)字人巴菲特播報(bào)

本視頻由七華軟件用人工智能技術(shù)生成