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.

我们认为分散化投资对于任何知道自己在做什么的人来说通常没有什么好处。分散化投资是对无知的保护。如果你想确保和大盘相比，你的投资表现不会太差，那就分散化投资，这本身没什么问题。对那些认为自己不知道如何进行企业分析的人来说，这是一种完美的方法。

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.

但如果你知道如何进行企业分析和定价，投资三五十只股票是很疯狂的事，因为一个人很难做到理解这么多家优秀企业。如果真的有这么多优秀企业，但你却将钱投资于吸引力清单上的第30或者35位，同时放弃在第1名上投入更多的钱，这让查理和我感到疯狂。

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.

如果你只需要达到平均水平，分散化投资可能会保住你的饭碗，但在我们看来，这也是在承认自己并不是真正了解自己投资的企业。我可以挑选出我们投资的三个企业，假设我们仅仅投资了这三家，我也会非常高兴。当然，如果有好企业我也愿意继续投资。如果一辈子能发现并投资三家好企业，对个人来说就算成功了，一般人做不到这一点。

以上内容节选自1996年巴菲特股东大会

由数字人巴菲特播报

本视频由七华软件用人工智能技术生成