{"id":19923,"date":"2022-02-15T20:03:00","date_gmt":"2022-02-15T11:03:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=19923"},"modified":"2022-05-18T18:25:36","modified_gmt":"2022-05-18T09:25:36","slug":"%e4%b8%96%e7%95%8c%e6%9c%80%e5%a4%a7%e3%81%ae%e3%83%98%e3%83%83%e3%82%b8%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89%e3%80%81%e6%96%b0%e8%88%88%e5%9b%bd%e6%a0%aa%e5%bc%8f%e3%81%ae%e8%b2%b7%e3%81%84%e3%82%92","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19923","title":{"rendered":"\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u65b0\u8208\u56fd\u682a\u5f0f\u306e\u8cb7\u3044\u3092\u5927\u5e45\u6e1b\u984d"},"content":{"rendered":"\n<p>\u3055\u3066\u3001\u5f15\u304d\u7d9a\u304d\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u7c73\u56fd\u682a\u8cb7\u3044\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u958b\u793a\u3059\u308bForm 13F\u3067\u3042\u308b\u3002\u4eca\u56de\u306f\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u904b\u7528\u3059\u308b\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d39\u4ecb\u3059\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>Bridgewater\u306e\u4e2d\u56fd\u63a8\u3057<\/strong><\/p>\n\n\n\n<p>\u91d1\u878d\u7de9\u548c\u3068\u8ca1\u653f\u7de9\u548c\u304c\u3064\u3044\u306b\u7269\u4fa1\u9ad8\u9a30\u3092\u5f15\u304d\u8d77\u3053\u3057\u3066\u3057\u307e\u3063\u305f\u4e16\u754c\u306b\u304a\u3044\u3066\u3001\u5275\u696d\u8005\u306e\u30c0\u30ea\u30aa\u6c0f\u306f\u73fe\u5728\u306e\u30a2\u30e1\u30ea\u30ab\u306f\u6ca1\u843d\u524d\u306e\u5927\u82f1\u5e1d\u56fd\u3084\u30aa\u30e9\u30f3\u30c0\u6d77\u6d0b\u5e1d\u56fd\u3068\u540c\u3058\u72b6\u6cc1\u3067\u3042\u308b\u3068\u3059\u308b\u306a\u3069\u3001\u6295\u8cc7\u5bb6\u306b\u591a\u304f\u306e\u6709\u76ca\u306a\u77e5\u898b\u3092\u3082\u305f\u3089\u3057\u3066\u304f\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19532\" data-type=\"post\" data-id=\"19532\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u56fd\u5bb6\u304c\u6ec5\u3073\u3086\u304f\u9806\u5e8f\u3092\u8aac\u660e\u3059\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u7b46\u8005\u306f\u30c0\u30ea\u30aa\u6c0f\u306e\u77e5\u8b58\u3068\u5206\u6790\u3092\u5927\u3044\u306b\u5c0a\u656c\u3057\u3066\u3044\u308b\u4e00\u65b9\u3067\u3001\u5b9f\u306f\u5f7c\u306e\u6295\u8cc7\u624b\u8155\u81ea\u4f53\u3092\u305d\u308c\u307b\u3069\u8cb7\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u4f8b\u3048\u3070\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u8d77\u3053\u3063\u305f2018\u5e74\u306b\u306f\u3001\u30c0\u30ea\u30aa\u6c0f\u304c\u682a\u5f0f\u306b\u5f37\u6c17\u306a\u767a\u8a00\u3092\u3057\u305f\u6b21\u306e\u77ac\u9593\u306b\u682a\u5f0f\u5e02\u5834\u306f\u6025\u843d\u3092\u958b\u59cb\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7260\" data-type=\"post\" data-id=\"7260\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e2018\u5e74\u682a\u5f0f\u5e02\u5834\u4e0a\u6607\u4e88\u60f3\u300c\u73fe\u91d1\u4fdd\u6709\u306f\u99ac\u9e7f\u3092\u898b\u308b\u300d<\/a><\/li><\/ul>\n\n\n\n<p>\u5f7c\u306f\u7d4c\u6e08\u7684\u5206\u6790\u306b\u3064\u3044\u3066\u306f\u4e16\u754c\u3067\u3082\u4ed6\u306e\u8ffd\u968f\u3092\u8a31\u3055\u306a\u3044\u304c\u3001\u5177\u4f53\u7684\u306a\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u306b\u3064\u3044\u3066\u306f\u3042\u307e\u308a\u4e0a\u624b\u304f\u306a\u3044\u306e\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<p>\u3064\u307e\u308a\u7b46\u8005\u306f\u30c0\u30ea\u30aa\u6c0f\u3092\u512a\u308c\u305f\u30a2\u30ca\u30ea\u30b9\u30c8\u3060\u304c\u512a\u308c\u305f\u30c8\u30ec\u30fc\u30c0\u30fc\u3067\u306f\u306a\u3044\u3068\u307f\u306a\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u30a2\u30ca\u30ea\u30b9\u30c8\u3068\u30c8\u30ec\u30fc\u30c0\u30fc\u306e\u9055\u3044\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u304c\u53c2\u8003\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/6483\" data-type=\"post\" data-id=\"6483\">\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u3001\u30bd\u30ed\u30b9\u6c0f\u306e\u30c8\u30ec\u30fc\u30c9\u306e\u624d\u80fd\u3092\u8a9e\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u3093\u306a\u30c0\u30ea\u30aa\u6c0f\u3060\u304c\u3001\u6700\u8fd1\u306e\u5f7c\u306e\u30c8\u30ec\u30f3\u30c9\u306f\u4e2d\u56fd\u63a8\u3057\u3067\u3042\u308b\u3002\u5f7c\u306f\u6700\u8fd1\u30c7\u30d5\u30a9\u30eb\u30c8\u3057\u305f\u4e2d\u56fd\u306e\u4e0d\u52d5\u7523\u30c7\u30a3\u30d9\u30ed\u30c3\u30d1\u30fc\u6052\u5927\u96c6\u56e3\u306e\u554f\u984c\u304c\u660e\u308b\u307f\u306b\u51fa\u305f\u5f8c\u3082\u4e2d\u56fd\u3078\u306e\u6295\u8cc7\u3092\u64c1\u8b77\u3057\u3001\u7b46\u8005\u3092\u542b\u3080\u4f55\u4eba\u304b\u306e\u4eba\u9593\u3092\u9a5a\u304b\u305b\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/15766\" data-type=\"post\" data-id=\"15766\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u4e2d\u56fd\u6052\u5927\u96c6\u56e3\u306e2\u5146\u5143\u50b5\u52d9\u306f\u5bfe\u51e6\u53ef\u80fd (2021\/9\/23)<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u524d\u56de\u306eForm 13F\uff08\u6628\u5e749\u6708\u672b\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\uff09\u3067\u306f\u5b9f\u969b\u306b\u4e2d\u56fd\u682a\u3092\u8cb7\u3044\u5897\u3057\u3066\u305d\u306e\u672c\u6c17\u5ea6\u3092\u8a3c\u660e\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/17333\" data-type=\"post\" data-id=\"17333\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u6052\u5927\u96c6\u56e3\u5371\u6a5f\u3067\u3082\u4e2d\u56fd\u682a\u3092\u5927\u5e45\u8cb7\u3044\u5897\u3057 (2021\/11\/16)<\/a><\/li><\/ul>\n\n\n\n<p><strong>\u4eca\u56de\u306f\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u304b\uff1f<\/strong><\/p>\n\n\n\n<p>\u3055\u3066\u3001\u3067\u306f\u4eca\u56de\u306eForm 13F\uff08\u6628\u5e74\u672b\u6642\u70b9\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\uff09\u3067\u3042\u308b\u3002\u524d\u56de\u306e\u958b\u793a\u3067\u5927\u5e45\u5897\u984d\u3068\u306a\u3063\u3066\u3044\u305f\uff08\u4e2d\u56fd\u542b\u3080\uff09\u65b0\u8208\u56fd\u682aETF\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u4fdd\u6709\u984d\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Vanguard Emerging Markets Stock Index Fund:<\/strong> 11.7\u5104\u30c9\u30eb -&gt; 8.3\u5104\u30c9\u30eb<\/li><li><strong>iShares MSCI Emerging Markets ETF:<\/strong> 10.1\u5104\u30c9\u30eb -&gt; 4.4\u5104\u30c9\u30eb<\/li><li><strong>iShares Core MSCI Emerging Markets ETF:<\/strong> 8.5\u5104\u30c9\u30eb -&gt; 5.0\u5104\u30c9\u30eb<\/li><\/ul>\n\n\n\n<p>\u5927\u5e45\u6e1b\u984d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u6052\u5927\u96c6\u56e3\u306e\u554f\u984c\u306f\u5bfe\u51e6\u53ef\u80fd\u3067\u306f\u306a\u304b\u3063\u305f\u306e\u304b\uff1f\u3000\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u3092\u6c17\u306b\u3057\u3066\u6e1b\u984d\u3057\u305f\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u3057\u304b\u3057\u30c0\u30ea\u30aa\u6c0f\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u306b\u3064\u3044\u3066\u3082\u3001\u30a4\u30f3\u30d5\u30ec\u5c40\u9762\u3067\u3082\u682a\u5f0f\u306f\u9b45\u529b\u7684\u3060\u3068\u8a9e\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/18814\" data-type=\"post\" data-id=\"18814\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u30a4\u30f3\u30d5\u30ec\u3067\u3082\u682a\u5f0f\u306f\u9b45\u529b\u7684\u306a\u6295\u8cc7\u5148<\/a><\/li><\/ul>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306f\u4f55\u6545\u4e2d\u56fd\u306b\u5f31\u6c17\u306b\u306a\u3063\u3066\u3057\u307e\u3063\u305f\u306e\u3060\u308d\u3046\u304b\u3002\u4e00\u65b9\u3067\u305d\u306e\u4ee3\u308f\u308a\u306b\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u7c73\u56fd\u914d\u5f53\u682a\u3092\u8cb7\u3044\u5897\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Johnson &amp; Johnson:<\/strong> 4.4\u5104\u30c9\u30eb -&gt; 5.3\u5104\u30c9\u30eb<\/li><li><strong>PepsiCo:<\/strong> 4.0\u5104\u30c9\u30eb -&gt; 5.3\u5104\u30c9\u30eb<\/li><li><strong>Costco:<\/strong> 3.8\u5104\u30c9\u30eb -&gt; 5.2\u5104\u30c9\u30eb<\/li><li><strong>McDonald&#8217;s:<\/strong> 3.5\u5104\u30c9\u30eb -&gt; 4.5\u5104\u30c9\u30eb<\/li><\/ul>\n\n\n\n<p>\u3057\u304b\u3057\u3001\u7c73\u56fd\u5927\u578b\u682a\u306f\u7c73\u56fd\u5c0f\u578b\u682a\u3084\u65e5\u672c\u682a\u306a\u3069\u3088\u308a\u3082\u4e0b\u843d\u5e45\u304c\u5c0f\u3055\u304b\u3063\u305f\u3068\u306f\u3044\u3048\u3001\u8cb7\u3044\u5897\u3057\u305f\u7c73\u56fd\u682a\u306f\u5e74\u660e\u3051\u304b\u3089\u4e0b\u843d\u76f8\u5834\u306b\u5165\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19181\" data-type=\"post\" data-id=\"19181\">\u30a2\u30e1\u30ea\u30ab\u30012018\u5e74\u306e\u682a\u4fa1\u66b4\u843d\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3092\u767a\u8868<\/a><\/li><\/ul>\n\n\n\n<p>\u4e00\u65b9\u3067\u30c0\u30ea\u30aa\u6c0f\u304c\u898b\u6368\u3066\u305f\u65b0\u8208\u56fd\u682aETF\u306f\u3001\u7c73\u56fd\u682a\u306a\u3069\u3088\u308a\u5148\u306b\u53bb\u5e74\u304b\u3089\u4e0b\u843d\u76f8\u5834\u306b\u5165\u3063\u3066\u3044\u305f\u306e\u3067\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u5e74\u59cb\u304b\u3089\u306f\u305d\u308c\u307b\u3069\u4e0b\u843d\u3057\u3066\u3044\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/02\/2022-2-15-vanguard-ftse-emerging-markets-etf-nysearca-vwo-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"406\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/02\/2022-2-15-vanguard-ftse-emerging-markets-etf-nysearca-vwo-chart.png\" alt=\"\" class=\"wp-image-19933\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/02\/2022-2-15-vanguard-ftse-emerging-markets-etf-nysearca-vwo-chart.png 618w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/02\/2022-2-15-vanguard-ftse-emerging-markets-etf-nysearca-vwo-chart-300x197.png 300w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\" \/><\/a><\/figure>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3069\u3046\u306b\u3082\u6b6f\u5207\u308c\u306e\u60aa\u3044\u30c8\u30ec\u30fc\u30c9\u3067\u306f\u306a\u3044\u304b\u3002\u5f90\u3005\u306b\u30cf\u30a4\u30c6\u30af\u682a\u3092\u6e1b\u984d\u3057\u3001\u5e74\u672b\u6642\u70b9\u3067\u7a7a\u58f2\u308a\u306b\u8ee2\u3058\u305f\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306e\u30c8\u30ec\u30fc\u30c9\u3068\u306f\u6b63\u53cd\u5bfe\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19860\" data-type=\"post\" data-id=\"19860\">\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u3001\u682a\u4fa1\u6025\u843d\u524d\u306bNasdaq\u3092\u7a7a\u58f2\u308a\u6210\u529f<\/a><\/li><\/ul>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u304c\u4eca\u5f8c\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u306a\u3069\u3067\u65b0\u8208\u56fd\u682a\u306b\u3064\u3044\u3066\u4f55\u3092\u8a00\u3046\u304b\u306b\u6ce8\u76ee\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u4e0a\u3067\u8a00\u53ca\u3057\u305f\u30bd\u30ed\u30b9\u6c0f\u306e\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u306e\u8a18\u4e8b\u306f\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u306b\u306f\u5927\u5909\u9762\u767d\u3044\u5185\u5bb9\u306a\u306e\u3067\u672a\u8aad\u306e\u8aad\u8005\u306b\u306f\u304a\u3059\u3059\u3081\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/6483\" data-type=\"post\" data-id=\"6483\">\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u3001\u30bd\u30ed\u30b9\u6c0f\u306e\u30c8\u30ec\u30fc\u30c9\u306e\u624d\u80fd\u3092\u8a9e\u308b<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u3055\u3066\u3001\u5f15\u304d\u7d9a\u304d\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u7c73\u56fd\u682a\u8cb7\u3044\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u958b\u793a\u3059\u308bForm 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