巴菲特致股东的信原文精读Day232：

巴神原文：Of course, some investment strategies—for instance, our efforts in arbitrage over the years—require wide diversification. If significant risk exists in a single transaction, overall risk should be reduced by making that purchase one of many mutually-independent commitments. Thus, you may consciously purchase a risky investment—one that indeed has a significant possibility of causing loss or injury—if you believe that your gain, weighted for probabilities, considerably exceeds your loss, comparably weighted, and if you can commit to a number of similar, but unrelated opportunities. Most venture capitalists employ this strategy. Should you choose to pursue this course, you should adopt the outlook of the casino that owns a roulette wheel, which will want to see lots of action because it is favored by probabilities, but will refuse to accept a single, huge bet.

英文释义：1.“venture capitalists”意为“风险投资家”；

2.“roulette wheel”意为“轮盘赌”。

投资解读：当然，一些投资策略需要广泛的多元化。例如，我们多年来在套利方面的努力就是如此。如果单笔交易存在重大风险，则应通过将其作为许多相互独立的投入之一来降低总体风险。因此，如果你相信从概率上来说，你的收益大大超过了你的损失，并且你可以发掘到许多类似但不相关的机会，你可以有意识地做一笔有风险的投资，也就是那种确实有很大可能造成损失或伤害的投资。大多数风险投资家都采用这种策略。如果你选择走这条路，你应当采用从事轮盘赌的赌场之观点，赌场希望看到很多玩家下注，因为概率站在它这一边，但它会拒绝接受单笔的巨额赌注。

手抄原文：

大声朗读：大家请自由发挥，哈哈哈！大家的手抄原文，也可以在评论区上传打卡。今天的内容，巴菲特明确指出，集中投资仅仅是针对证券而言的，如果是做风投或者套利，最好的方式反而是适度分散。