I think 98% to 99% of investors should be highly diversified, but not frequently traded, and their investments should be about the same as a very low-cost index fund. For the average investor, investing that way is the right way to go. It's a different story if you want to be actively involved in investing, researching companies and actively making investment decisions. Since you've decided to put in the time and effort to get your investments right, I think diversification is a big mistake.
我认为98%到99%的投资者应该高度分散，但不能频繁交易，他们的投资应该和成本极低的指数型基金差不多。对于普通投资者，这么投资是正路。如果想积极参与投资活动，研究公司并主动做投资决策，那就不一样了。既然你决定投入时间和精力把投资做好，我觉得分散投资是大错特错的。
If you can really read business, you shouldn't own more than six. If you can find six good businesses, you've diversified enough, you don't need to diversify any more, and you can make a lot of money. I guarantee you that instead of investing your money in the one business you have the best idea for, you'll go back to the seventh business and fall in the ditch. There are very few people who get rich on the seventh best idea, and many people who get rich on the best idea.
要是你真能看懂生意，你拥有的生意不应该超过六个。要是你能找到六个好生意，就已经足够分散了，用不着再分散了，而且你能赚很多钱。我敢保证，你不把钱投到你最看好的那个生意，而是再去做第七个生意，肯定会掉到沟里。靠第七个最好的主意发家的人很少，靠最好的主意发家的人很多。
Any investor with an average amount of money, if they do know the business they're going to invest in, six is a lot, and if it were me, I'd probably just pick the three that I'm most optimistic about. Personally, I don't diversify, and I can usually find three fantastic businesses in my lifetime and make a lifetime's worth of money that I can't spend. Bad things don't happen to all three at the same time, I mean, that's what characterizes really good companies.
任何投资者在资金量一般的情况下，要是对自己要投资的生意确实了解，六个就很多了，换了是我的话，我可能就选三个我最看好的。我本人不搞分散，一般一辈子能找到三个绝妙的生意，就能赚一辈子花不完的钱。坏事不会同时发生在这三个公司身上，我的意思是，这就是真正好公司的特点。
以上内容节选自巴菲特对“分散投资”的看法
由数字人巴菲特播报
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