{"id":55762,"date":"2024-10-30T20:00:00","date_gmt":"2024-10-30T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=55762"},"modified":"2024-10-31T19:16:58","modified_gmt":"2024-10-31T10:16:58","slug":"%e3%83%8d%e3%82%a4%e3%83%94%e3%82%a2%e6%b0%8f-%e9%87%91%e5%88%a9%e4%b8%8a%e6%98%87%e3%81%ae%e6%96%b0%e6%99%82%e4%bb%a3%e3%81%a7%e3%81%af%e6%8a%95%e8%b3%87%e5%ae%b6%e3%81%afsp-500%e3%81%a8","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/55762","title":{"rendered":"\u30cd\u30a4\u30d4\u30a2\u6c0f: \u91d1\u5229\u4e0a\u6607\u306e\u65b0\u6642\u4ee3\u3067\u306f\u6295\u8cc7\u5bb6\u306fS&amp;P 500\u3068\u7c73\u56fd\u50b5\u3092\u907f\u3051\u3088"},"content":{"rendered":"\n<p>The Solid Ground Newsletter\u3092\u767a\u884c\u3057\u3066\u3044\u308b\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u30e9\u30c3\u30bb\u30eb\u30fb\u30cd\u30a4\u30d4\u30a2\u6c0f\u304c\u3001Skagen Funds\u4e3b\u50ac\u306e\u8b1b\u6f14\u4f1a\u3067\u91d1\u5229\u4e0a\u6607\u5f8c\u306e\u8cc7\u7523\u904b\u7528\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u4e16\u754c\u7d4c\u6e08\u306f\u5909\u308f\u3063\u305f\u306e\u304b<\/strong><\/p>\n\n\n\n<p>\u4e16\u754c\u7d4c\u6e08\u306f\u30b3\u30ed\u30ca\u524d\u306e\u4f4e\u91d1\u5229\u30fb\u4f4e\u30a4\u30f3\u30d5\u30ec\u7d4c\u6e08\u304b\u3089\u3001\u30b3\u30ed\u30ca\u5f8c\u306e\u9ad8\u91d1\u5229\u30fb\u9ad8\u30a4\u30f3\u30d5\u30ec\u7d4c\u6e08\u306b\u5909\u308f\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u5c11\u306a\u304f\u3068\u3082\u4e00\u90e8\u306e\u8457\u540d\u6295\u8cc7\u5bb6\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u306f\u7d42\u308f\u3063\u3066\u3044\u306a\u3044\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/54540\" data-type=\"post\" data-id=\"54540\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304c\u7c73\u56fd\u50b5\u7a7a\u58f2\u308a\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u306f10%\u3092\u8d85\u3048\u3066\u518d\u71c3\u3059\u308b\u53ef\u80fd\u6027<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/55497\" data-type=\"post\" data-id=\"55497\">\u30dd\u30fc\u30eb\u30fb\u30c1\u30e5\u30fc\u30c0\u30fc\u30fb\u30b8\u30e7\u30fc\u30f3\u30ba\u6c0f\u304c\u30a4\u30f3\u30d5\u30ec\u518d\u71c3\u4e88\u60f3\u3001\u30b4\u30fc\u30eb\u30c9\u3068\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3068Nasdaq\u3092\u63a8\u5968<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30cd\u30a4\u30d4\u30a2\u6c0f\u3082\u305d\u306e1\u4eba\u306e\u3088\u3046\u3067\u3042\u308b\u3002\u5f7c\u306f\u4e16\u754c\u7d4c\u6e08\u306e\u30c8\u30ec\u30f3\u30c9\u304c\u5909\u308f\u3063\u305f\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30cd\u30a4\u30d4\u30a2\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306a\u4f8b\u3048\u8a71\u304b\u3089\u8b70\u8ad6\u3092\u59cb\u3081\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u3042\u308b\u5e74\u5bc4\u308a\u306e\u9b5a\u304c\u6cf3\u3044\u3067\u3044\u305f\u3089\u30012\u5339\u306e\u82e5\u3044\u9b5a\u304c\u3084\u3063\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<p>\u5e74\u5bc4\u308a\u306e\u9b5a\u306f\u8a00\u3063\u305f\u3002\u3044\u3044\u5929\u6c17\u3067\u3059\u306d\u3002\u4eca\u65e5\u306f\u6c34\u306e\u5177\u5408\u306f\u3069\u3046\u3067\u3059\u304b\uff1f<\/p>\n\n\n\n<p>\u3059\u308b\u3068\u82e5\u3044\u9b5a\u306e\u3046\u30611\u5339\u306f\u3082\u30461\u5339\u306b\u8a00\u3063\u305f\u3002\u6c34\u3063\u3066\u4f55\uff1f<\/p>\n<\/blockquote>\n\n\n\n<p>\u30cd\u30a4\u30d4\u30a2\u6c0f\u304c\u8a00\u3044\u305f\u3044\u306e\u306f\u3001\u3042\u308b\u74b0\u5883\u306b\u9577\u304f\u5c45\u3059\u304e\u308b\u3068\u3001\u305d\u308c\u304c\u5f53\u305f\u308a\u524d\u306b\u306a\u3063\u3066\u3057\u307e\u3046\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u91d1\u878d\u5e02\u5834\u3067\u3053\u305d\u305d\u308c\u306f\u5371\u306a\u3044\u3002\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u306f\u3001\u3053\u308c\u307e\u3067\u306e\u91d1\u5229\u4f4e\u4e0b\u30fb\u30a4\u30f3\u30d5\u30ec\u7387\u4f4e\u4e0b\u306e\u30c8\u30ec\u30f3\u30c9\u304c\u5f53\u305f\u308a\u524d\u3060\u3068\u601d\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u3092\u982d\u3067\u306f\u5206\u304b\u3063\u3066\u3044\u3066\u3082\u3001\u4eca\u306e\u6295\u8cc7\u5bb6\u306e\u5e38\u8b58\u306f\u30c7\u30d5\u30ec\u306e\u72b6\u6cc1\u4e0b\u3067\u4f5c\u3089\u308c\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u5f53\u305f\u308a\u524d\u306e\u3088\u3046\u306b\u524d\u63d0\u3068\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3082\u30a4\u30f3\u30d5\u30ec\u306e\u6642\u4ee3\u3067\u306f\u901a\u7528\u3057\u306a\u3044\u3053\u3068\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30cd\u30a4\u30d4\u30a2\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u6c34\u306f\u6c38\u9060\u306b\u5909\u308f\u3089\u306a\u3044\u3068\u8a00\u3046\u306e\u306f\u7c21\u5358\u3060\u304c\u3001\u6c34\u306f\u5909\u308f\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u65b0\u6642\u4ee3\u306e\u4e16\u754c\u7d4c\u6e08<\/strong><\/p>\n\n\n\n<p>\u65b0\u305f\u306a\u6642\u4ee3\u3068\u306f\u4f55\u304b\u3002\u4f8b\u3048\u3070\u653f\u5e9c\u50b5\u52d9\u304c\u83ab\u5927\u306b\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3044\u3084\u3001\u53b3\u5bc6\u306b\u8a00\u3048\u3070\u83ab\u5927\u306a\u653f\u5e9c\u50b5\u52d9\u306b\u91d1\u5229\u304c\u4ed8\u304d\u59cb\u3081\u305f\u3053\u3068\u3067\u3042\u308b\u3002\u3053\u308c\u307e\u3067\u306f\u30bc\u30ed\u91d1\u5229\u3067\u501f\u91d1\u304c\u3069\u308c\u3060\u3051\u5897\u3048\u3066\u3082\u5229\u6255\u3044\u306f\u306a\u304b\u3063\u305f\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u3067\u91d1\u5229\u304c\u4e0a\u6607\u3057\u305f\u3053\u3068\u3067\u3001\u83ab\u5927\u306a\u653f\u5e9c\u50b5\u52d9\u306b\u5229\u6255\u3044\u304c\u751f\u3058\u3066\u3057\u307e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/50221\" data-type=\"post\" data-id=\"50221\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u65e5\u672c\u7d4c\u6e08\u306f\u6700\u60aa\u3060\u3001\u7c73\u56fd\u306e\u653f\u5e9c\u50b5\u52d9\u306f5\u5e74\u4ee5\u5185\u306b\u7834\u7dbb\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30b8\u30e7\u30cb\u30fc\u30fb\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306f\u4eca\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u52d9\u306e\u72b6\u6cc1\u306b\u3064\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/55152\" data-type=\"post\" data-id=\"55152\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u653f\u554f\u984c\u306f\u3082\u3046\u9577\u304f\u306f\u3082\u305f\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u6b74\u53f2\u3092\u632f\u308a\u8fd4\u308c\u3070\u3001\u5927\u56fd\u306b\u304a\u3044\u3066\u8ca0\u50b5\u3078\u306e\u5229\u6255\u3044\u304c\u56fd\u9632\u8cbb\u3092\u4e0a\u56de\u308b\u3068\u304d\u3001\u3082\u3046\u305d\u306e\u56fd\u306f\u9577\u304f\u306f\u3082\u305f\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304b\u3089\u6a5f\u95a2\u6295\u8cc7\u5bb6\u305f\u3061\u306f\u7b2c1\u6b21\u4e16\u754c\u5927\u6226\u5f8c\u306e\u30c9\u30a4\u30c4\u306e\u3088\u3046\u306b\u3001\u653f\u5e9c\u306e\u501f\u91d1\u304c\u30a4\u30f3\u30d5\u30ec\u3067\u5e33\u6d88\u3057\u306b\u306a\u308b\u30b7\u30ca\u30ea\u30aa\u3092\u60f3\u5b9a\u3057\u3066\u3044\u308b\u3002\u305d\u308c\u306f\u65e5\u672c\u3082\u540c\u3058\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/55567\" data-type=\"post\" data-id=\"55567\">\u30dd\u30fc\u30eb\u30fb\u30c1\u30e5\u30fc\u30c0\u30fc\u30fb\u30b8\u30e7\u30fc\u30f3\u30ba\u6c0f: \u65e5\u672c\u3082\u30a2\u30e1\u30ea\u30ab\u3082\u653f\u5e9c\u50b5\u52d9\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u89e3\u6c7a\u3055\u308c\u308b\u3057\u304b\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u72a0\u7272\u306b\u306a\u308b\u306e\u306f\u8ab0\u304b\u3002\u9810\u91d1\u8005\u3068\u3001\u305d\u3057\u3066\u56fd\u50b5\u306e\u4fdd\u6709\u8005\u3067\u3042\u308b\u3002\u30cd\u30a4\u30d4\u30a2\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3046\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u50b5\u52d9\u3092\u30a4\u30f3\u30d5\u30ec\u3067\u5e33\u6d88\u3057\u306b\u3057\u306a\u304c\u3089\u50b5\u5238\u306e\u4fdd\u6709\u8005\u306b\u826f\u3044\u5b9f\u8cea\u30ea\u30bf\u30fc\u30f3\u3092\u4e0e\u3048\u308b\u3053\u3068\u306f\u3067\u304d\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304b\u3089\u30cd\u30a4\u30d4\u30a2\u6c0f\u306f\u7c73\u56fd\u50b5\u3092\u4fdd\u6709\u3057\u3066\u306f\u306a\u3089\u306a\u3044\u3068\u8a00\u3046\u3002\u91d1\u5229\u4f4e\u4e0b\u30fb\u30a4\u30f3\u30d5\u30ec\u7387\u4f4e\u4e0b\u306e\u5c40\u9762\u3067\u306f\u56fd\u50b5\u306f\u6700\u826f\u306e\u6295\u8cc7\u5bfe\u8c61\u3060\u3063\u305f\u3002\u305d\u308c\u304c\u904e\u53bb40\u5e74\u306e\u7d4c\u9a13\u3067\u3042\u308b\u3002\u3060\u304c\u305d\u306e\u6642\u4ee3\u306f\u3082\u3046\u7d42\u308f\u3063\u305f\u3002<\/p>\n\n\n\n<p><strong>S&amp;P 500\u306b\u6295\u8cc7\u3057\u3066\u306f\u306a\u3089\u306a\u3044<\/strong><\/p>\n\n\n\n<p>\u3055\u3066\u3001\u4e16\u754c\u306f\u4ed6\u306b\u3069\u3046\u5909\u308f\u3063\u305f\u304b\u3002\u30cd\u30a4\u30d4\u30a2\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u4e16\u754c\u304c\u5909\u308f\u3063\u305f\u3082\u30461\u3064\u306e\u7406\u7531\u306f\u3001\u4e2d\u56fd\u304c\u81ea\u5206\u306e\u50b5\u52d9\u3092\u30a4\u30f3\u30d5\u30ec\u3067\u5e33\u6d88\u3057\u306b\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3053\u3068\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30cd\u30a4\u30d4\u30a2\u6c0f\u306f\u4e2d\u56fd\u7d4c\u6e08\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u3002\u4e16\u754c\u306e\u91d1\u878d\u5e02\u5834\u306b\u304a\u3051\u308b\u4e2d\u56fd\u306e\u5f79\u5272\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30cd\u30a4\u30d4\u30a2\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u4e2d\u56fd\u3067\u306f\u8fb2\u6c11\u306e\u90fd\u5e02\u90e8\u3078\u306e\u5927\u79fb\u52d5\u3068\u3044\u3046\u4eba\u985e\u53f2\u4e0a\u6700\u5927\u306e\u4eba\u53e3\u79fb\u52d5\u304c\u3042\u308a\u3001\u5927\u91cf\u306e\u8cc7\u672c\u6295\u8cc7\u304c\u884c\u308f\u308c\u3001\u4e2d\u56fd\u306f\u7d4c\u5e38\u9ed2\u5b57\u3068\u8cc7\u672c\u79fb\u52d5\u7b49\u9ed2\u5b57\u3092\u8a08\u4e0a\u3057\u305f\u3002\u8cc7\u672c\u306f\u6d41\u308c\u8fbc\u3093\u3067\u304d\u305f\u304c\u3001\u51fa\u3066\u3086\u304f\u3053\u3068\u306f\u8a31\u3055\u308c\u3066\u3044\u306a\u304b\u3063\u305f\u304b\u3089\u3060\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u3067\u3069\u3046\u306a\u3063\u305f\u304b\uff1f\u3000\u4e2d\u56fd\u653f\u5e9c\u306f\u4e2d\u592e\u9280\u884c\u306b\u7c73\u56fd\u50b5\u3084\u30c9\u30a4\u30c4\u56fd\u50b5\u3084\u30d5\u30e9\u30f3\u30b9\u56fd\u50b5\u306a\u3069\u306e\u56fd\u50b5\u3092\u5927\u91cf\u306b\u8cb7\u308f\u305b\u308b\u4ecb\u5165\u3092\u884c\u306a\u3046\u3053\u3068\u306b\u306a\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u6025\u6fc0\u306a\u7d4c\u6e08\u6210\u9577\u3092\u9042\u3052\u306a\u304c\u3089\u3082\u3001\u8cc7\u672c\u79fb\u52d5\u3092\u898f\u5236\u3057\u305f\u3053\u3068\u3067\u8cc7\u672c\u304c\u56fd\u5916\u306b\u51fa\u3089\u308c\u306a\u304b\u3063\u305f\u4e2d\u56fd\u3067\u306f\u5916\u8ca8\u3092\u3082\u3066\u3042\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u5e33\u5c3b\u3092\u5408\u308f\u305b\u305f\u306e\u304c\u4e2d\u592e\u9280\u884c\u3067\u3042\u308b\u3002\u7d50\u679c\u3068\u3057\u3066\u4e2d\u56fd\u306e\u5916\u8ca8\u6e96\u5099\u306f\u7269\u51c4\u3044\u91d1\u984d\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30cd\u30a4\u30d4\u30a2\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u4e2d\u56fd\u3060\u3051\u3067\u306a\u304f\u30a2\u30b8\u30a2\u5168\u4f53\u304c\u540c\u3058\u3053\u3068\u3092\u3057\u3066\u3044\u305f\u3002\u30a2\u30b8\u30a2\u8af8\u56fd\u306f5\u5146\u30c9\u30eb\u3092\u8d8a\u3048\u308b\u898f\u6a21\u306e\u897f\u5074\u8af8\u56fd\u306e\u56fd\u50b5\u3092\u8cb7\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u897f\u5074\u8af8\u56fd\u306e\u91d1\u5229\u4f4e\u4e0b\u306b\u5927\u304d\u304f\u8ca2\u732e\u3057\u305f\u306f\u305a\u3060\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u3067\u897f\u5074\u8af8\u56fd\u3067\u306f\u4f55\u304c\u8d77\u304d\u305f\u304b\uff1f\u3000S&amp;P 500\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u4e0a\u304c\u3063\u305f\u3002\u30cf\u30a4\u30c6\u30af\u682a\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u3082\u3063\u3068\u4e0a\u304c\u3063\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u4f01\u696d\u306f\u304a\u91d1\u3092\u501f\u308a\u305f\u3002\u30cf\u30a4\u30c6\u30af\u682a\u306f\u3082\u3063\u3068\u501f\u308a\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u3053\u308c\u307e\u3067\u306e\u4e16\u754c\u3067\u306f\u4e2d\u56fd\u304c\uff08\u305d\u3057\u3066\u30a2\u30b8\u30a2\u8af8\u56fd\u304c\uff09\u7c73\u56fd\u50b5\u3092\u8cb7\u3063\u3066\u3044\u305f\u3053\u3068\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u5229\u4f4e\u4e0b\u306b\u8ca2\u732e\u3057\u3066\u3044\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u4eca\u5ea6\u306f\u4e2d\u56fd\u304c\u4e0d\u52d5\u7523\u30d0\u30d6\u30eb\u5d29\u58ca\u306b\u3088\u3063\u3066\u81ea\u56fd\u306e\u91d1\u5229\u3092\u4e0b\u62bc\u3057\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u72b6\u6cc1\u306b\u9665\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/55005\" data-type=\"post\" data-id=\"55005\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u4e2d\u56fd\u306e\u4e0d\u52d5\u7523\u30d0\u30d6\u30eb\u5d29\u58ca\u3092\u8aac\u660e\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u4e2d\u56fd\u306f\u7c73\u56fd\u50b5\u3092\u8cb7\u3063\u3066\u3044\u308b\u72b6\u6cc1\u3067\u306f\u306a\u304f\u306a\u3063\u3066\u3044\u308b\u304c\u3001\u540c\u6642\u306b\u8cb7\u3044\u305f\u3044\u3068\u3082\u601d\u3063\u3066\u3044\u306a\u3044\u3002\u30a6\u30af\u30e9\u30a4\u30ca\u6226\u4e89\u4ee5\u5f8c\u3001\u30c9\u30eb\u8cc7\u7523\u3092\u6301\u3063\u3066\u3044\u308c\u3070\u30a2\u30e1\u30ea\u30ab\u306e\u90fd\u5408\u3067\u8cc7\u7523\u3092\u53d6\u308a\u4e0a\u3052\u3089\u308c\u308b\u3068\u5206\u304b\u3063\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/44262\" data-type=\"post\" data-id=\"44262\">\u30d7\u30fc\u30c1\u30f3\u5927\u7d71\u9818: \u30c9\u30eb\u3092\u4f7f\u3063\u305f\u7d4c\u6e08\u5236\u88c1\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u81ea\u6bba\u884c\u70ba<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u7c73\u56fd\u50b5\u306f\u30a2\u30b8\u30a2\u8af8\u56fd\u306b\u3088\u308b\u8cb7\u3044\u652f\u3048\u3092\u5931\u3044\u3064\u3064\u3042\u308b\u3002\u305d\u308c\u306f\u91d1\u5229\u4e0a\u6607\u306b\u7e4b\u304c\u308a\u3001\u7c73\u56fd\u682a\u306b\u3068\u3063\u3066\u3082\u4e0b\u62bc\u3057\u5727\u529b\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p><strong>\u88fd\u9020\u696d\u3092\u4e2d\u56fd\u306b\u53d6\u3089\u308c\u305f\u30a2\u30e1\u30ea\u30ab<\/strong><\/p>\n\n\n\n<p>\u66f4\u306b\u3001\u30a6\u30af\u30e9\u30a4\u30ca\u3084\u30d1\u30ec\u30b9\u30c1\u30ca\u306e\u60c5\u52e2\u306f\u5404\u56fd\u3092\u8cbf\u6613\u304b\u3089\u9060\u3056\u3051\u3066\u3044\u308b\u3002\u4e2d\u56fd\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u534a\u5c0e\u4f53\u3092\u8cb7\u3048\u306a\u304f\u306a\u3063\u305f\u3002\u81ea\u7531\u8cbf\u6613\u304c\u3053\u308c\u307e\u3067\u306e\u30c8\u30ec\u30f3\u30c9\u3067\u3042\u308c\u3070\u3001\u30d6\u30ed\u30c3\u30af\u7d4c\u6e08\u304c\u3053\u308c\u304b\u3089\u306e\u30c8\u30ec\u30f3\u30c9\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u307e\u3067\u306e\u30c8\u30ec\u30f3\u30c9\u3067\u3042\u308b\u81ea\u7531\u8cbf\u6613\u306f\u30a2\u30e1\u30ea\u30ab\u306b\u4f55\u3092\u3082\u305f\u3089\u3057\u305f\u304b\u3002\u30cd\u30a4\u30d4\u30a2\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u7c73\u56fd\u4f01\u696d\u306f\u88fd\u9020\u696d\u304b\u3089\u624b\u3092\u5f15\u3044\u305f\u3002\u5de5\u5834\u306f\u3059\u3079\u3066\u4e2d\u56fd\u306b\u884c\u3063\u305f\u3002\u7c73\u56fd\u4f01\u696d\u306f\u6700\u65b0\u92ed\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u96c6\u4e2d\u3057\u305f\u3002\u305d\u3057\u3066S&amp;P 500\u306e\u5b63\u7bc0\u8abf\u6574\u6e08\u307f\u682a\u4fa1\u53ce\u76ca\u7387\u306f34\u500d\u307e\u3067\u4e0a\u304c\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u304c\u3053\u308c\u307e\u3067\u308f\u308c\u308f\u308c\u304c\u6cf3\u3044\u3067\u3044\u305f\u6c34\u304c\u3082\u305f\u3089\u3057\u305f\u7d50\u679c\u3060\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u305d\u306e\u6c34\u306f\u5909\u308f\u3063\u3066\u3044\u308b\u3002\u3060\u304b\u3089S&amp;P 500\u306b\u306f\u6295\u8cc7\u3092\u3057\u3066\u306f\u306a\u3089\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3002S&amp;P 500\u306f\u53e4\u3044\u30b7\u30b9\u30c6\u30e0\u304b\u3089\u6700\u5927\u306e\u5229\u76ca\u3092\u5f97\u305f\u4f01\u696d\u306a\u306e\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u4e2d\u56fd\u306f\u534a\u5c0e\u4f53\u3092\u8cb7\u3048\u306a\u304f\u306a\u3063\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u306f\u305d\u308c\u3067\u559c\u3093\u3067\u3044\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u305d\u308c\u306f\u4e2d\u56fd\u304c\u53cd\u6483\u3092\u3057\u306a\u3044\u9593\u3060\u3051\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30cd\u30a4\u30d4\u30a2\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u5f7c\u3089\u306f\u534a\u5c0e\u4f53\u30c1\u30c3\u30d7\u3092\u81ea\u5206\u3067\u4f5c\u308d\u3046\u3068\u3057\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u308f\u308c\u308f\u308c\u306f\u88fd\u9020\u696d\u3092\u3084\u3089\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u6642\u4ee3\u306e\u62b1\u3048\u308b\u554f\u984c\u3092\u89e3\u6c7a\u3059\u308b\u4f01\u696d\u306b\u6295\u8cc7\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u305d\u308c\u304c\u3053\u308c\u307e\u306715\u5e74\u306e\u6b74\u53f2\u3060\u3002\u3067\u306f\u4eca\u5f8c15\u5e74\u3092\u898b\u305f\u5834\u5408\u306b\u306f\u3001\u4eca\u5f8c15\u5e74\u306e\u554f\u984c\u3092\u89e3\u6c7a\u3059\u308b\u306e\u306f\u3069\u3046\u3044\u3046\u4f01\u696d\u304b\uff1f<\/p>\n\n\n\n<p>\u305d\u3046\u3044\u3046\u9298\u67c4\u306f\u682a\u5f0f\u5e02\u5834\u306b\u305f\u304f\u3055\u3093\u3042\u308b\u3002\u3060\u304c\u305d\u308c\u3089\u306f\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306b\u306f\u5165\u3063\u3066\u3044\u306a\u3044\u3002\u5f53\u7136\u3060\u3002\u904e\u53bb30\u5e74\u3067\u4e2d\u56fd\u306e\u904e\u5270\u6295\u8cc7\u306b\u3088\u3063\u3066\u307b\u307c\u5b8c\u5168\u306b\u6253\u3061\u306e\u3081\u3055\u308c\u305f\u304b\u3089\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>S&amp;P 500\u306f\u5927\u578b\u682a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3067\u3042\u308b\u3002\u3064\u307e\u308a\u3001\u3053\u308c\u307e\u3067\u6210\u529f\u3057\u3066\u304d\u305f\u4f01\u696d\u3057\u304b\u5165\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u30c8\u30ec\u30f3\u30c9\u304c\u5909\u308f\u3089\u306a\u3044\u9593\u306f\u4e0a\u624b\u304f\u884c\u304f\u3060\u308d\u3046\u3002\u74b0\u5883\u304c\u5909\u308f\u3089\u306a\u3044\u9650\u308a\u3001\u3053\u308c\u304b\u3089\u6210\u529f\u3059\u308b\u4f01\u696d\u306f\u3053\u308c\u307e\u3067\u6210\u529f\u3057\u3066\u304d\u305f\u4f01\u696d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u304cS&amp;P 500\u304c\u904e\u53bb40\u5e74\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u7406\u7531\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u305d\u308c\u306f\u300c\u74b0\u5883\u304c\u5909\u308f\u3089\u306a\u3044\u9650\u308a\u300d\u3068\u3044\u3046\u6761\u4ef6\u4ed8\u304d\u3067\u3042\u308a\u3001\u3053\u306e\u91cd\u8981\u306a\u6761\u4ef6\u3092\u307b\u3068\u3093\u3069\u306e\u6295\u8cc7\u5bb6\u306f\u771f\u5263\u306b\u8003\u3048\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/27644\" data-type=\"post\" data-id=\"27644\">\u300c\u682a\u5f0f\u6295\u8cc7\u306f\u9577\u671f\u7684\u306b\u306f\u307b\u307c\u5132\u304b\u308b\u300d\u3068\u3044\u3046\u4e3b\u5f35\u304c\u5b8c\u5168\u306b\u9593\u9055\u3063\u3066\u3044\u308b\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30b3\u30ed\u30ca\u521d\u671f\u306e\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u306b\u304a\u3044\u3066\u5404\u56fd\u653f\u5e9c\u304c\u5373\u5ea7\u306b\u73fe\u91d1\u7d66\u4ed8\u3092\u6c7a\u5b9a\u3057\u305f\u6642\u3001Bridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306f\u3059\u3050\u306b\u8457\u66f8\u300e<a href=\"https:\/\/amzn.to\/3IWcV1T\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\u300f\u306e\u57f7\u7b46\u3092\u958b\u59cb\u3057\u3001\u30a4\u30f3\u30d5\u30ec\u3068\u50b5\u52d9\u554f\u984c\u304c\u3069\u306e\u3088\u3046\u306b\u904e\u53bb\u306e\u8987\u6a29\u56fd\u5bb6\u3092\u8870\u9000\u3055\u305b\u305f\u304b\u3092\u8aac\u660e\u3057\u3066\u3001\u65b0\u305f\u306a\u6642\u4ee3\u306f\u3069\u306e\u3088\u3046\u306a\u6642\u4ee3\u306b\u306a\u308b\u304b\u3092\u4e88\u60f3\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u5f8c\u3001\u591a\u304f\u306e\u8b58\u8005\u304c\u30c0\u30ea\u30aa\u6c0f\u306e\u610f\u898b\u306b\u8cdb\u540c\u3057\u3001\u4eca\u3084\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u9593\u3067\u306f\u5171\u901a\u8a8d\u8b58\u3068\u306a\u308a\u3064\u3064\u3042\u308b\u3002<\/p>\n\n\n\n<p>S&amp;P 500\u3092\u76f2\u76ee\u7684\u306b\u8cb7\u3063\u3066\u3044\u308b\u4eba\u306f\u305d\u3053\u304b\u3089\u4e57\u308a\u9045\u308c\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u6295\u8cc7\u3092\u3059\u308b\u3068\u304d\u306b\u306f\u3001\u305d\u306e\u6839\u62e0\u3092\u3057\u3063\u304b\u308a\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3060\u3002<\/p>\n\n\n\n<a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/81CZHKszf9L._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\n","protected":false},"excerpt":{"rendered":"<p>The Solid Ground Newsletter\u3092\u767a\u884c\u3057\u3066\u3044\u308b\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u30e9\u30c3\u30bb\u30eb\u30fb\u30cd\u30a4\u30d4\u30a2\u6c0f\u304c\u3001Skagen Funds\u4e3b\u50ac\u306e\u8b1b\u6f14\u4f1a\u3067\u91d1\u5229\u4e0a\u6607\u5f8c\u306e\u8cc7\u7523\u904b\u7528\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[118,59,111,108],"tags":[202],"class_list":["post-55762","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-us-stock-market","category-stock-markets","category-bond-markets","tag-russell-napier"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/55762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/comments?post=55762"}],"version-history":[{"count":59,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/55762\/revisions"}],"predecessor-version":[{"id":55821,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/55762\/revisions\/55821"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=55762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=55762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=55762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}