{"id":10610,"date":"2026-09-22T04:59:49","date_gmt":"2026-09-21T19:59:49","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-quants-lm4\/"},"modified":"2026-09-22T07:45:15","modified_gmt":"2026-09-21T22:45:15","slug":"cfa-l1-quants-lm4","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-quants-lm4\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Quants LM4\u3011The Time Value of Money in Finance \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u50b5\u5238\u30fb\u682a\u5f0f\u306e\u73fe\u5728\u4fa1\u5024\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u52a0\u6cd5\u6027"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 4\u300cThe Time Value of Money in Finance\uff08\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306b\u304a\u3051\u308b\u8ca8\u5e63\u306e\u6642\u9593\u4fa1\u5024\uff09\u300d\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5f15\u304d\u76f4\u3059\u8003\u3048\u65b9\u3067\u3001\u50b5\u5238\u30fb\u682a\u5f0f\u306e\u4fa1\u683c\u3001\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u3084\u6210\u9577\u7387\u3001\u305d\u3057\u3066\u7121\u88c1\u5b9a\u306e\u8003\u3048\u65b9\u306b\u3088\u308b\u30d5\u30a9\u30ef\u30fc\u30c9\u91d1\u5229\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u70ba\u66ff\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM4\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM4\u306b\u306f3\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u5c06\u6765\u306e\u671f\u5f85\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u57fa\u3065\u3044\u3066\u3001\u50b5\u5238\u3068\u682a\u5f0f\u306e\u73fe\u5728\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the present value of fixed-income and equity instruments based on expected future cash flows<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u73fe\u5728\u4fa1\u5024\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u3001\u50b5\u5238\u306e\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30ea\u30bf\u30fc\u30f3\u3001\u682a\u5f0f\u306e\u8981\u6c42\u53ce\u76ca\u7387\u3068\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u6210\u9577\u7387\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the implied return of fixed-income instruments and required return and implied growth of equity instruments given their present value and cash flows<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u52a0\u6cd5\u6027\u306e\u539f\u5247\u3068\u7121\u88c1\u5b9a\u6761\u4ef6\u306b\u304a\u3051\u308b\u91cd\u8981\u6027\u3001\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u91d1\u5229\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u70ba\u66ff\u30ec\u30fc\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306e\u8a08\u7b97\u3078\u306e\u5fdc\u7528\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the cash flow additivity principle and its importance for the condition of no arbitrage, and explain its use in calculating implied forward interest rates, forward exchange rates, and option values<\/span><\/li>\n<\/ol>\n<h2>LM4\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u91d1\u878d\u8cc7\u7523\u306e\u4fa1\u5024\u306f\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u3001\u6642\u9593\u4fa1\u5024\u3068\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3057\u305f\u9069\u5207\u306a\u5272\u5f15\u7387\u3067\u5272\u308a\u5f15\u3044\u305f\u73fe\u5728\u4fa1\u5024\u3067\u6c7a\u307e\u308b<\/li>\n<li>\u5272\u5f15\u7387\u306b\u306f\u901a\u5e38\u3001\u91d1\u5229\uff08\u8981\u6c42\u53ce\u76ca\u7387\uff09\u3092\u4f7f\u3046\u3002\u91d1\u5229\u306f\u901a\u5e38\u30d7\u30e9\u30b9\u3060\u304c\u3001\u307e\u308c\u306b\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u3053\u3068\u3082\u3042\u308b<\/li>\n<li>\u50b5\u5238\u306e\u4fa1\u683c\u306f\u3001\u5229\u606f\u3068\u6e80\u671f\u306e\u984d\u9762\u306e\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u3002\u5272\u5f15\u50b5\u306f\u984d\u9762\u306e\u73fe\u5728\u4fa1\u5024\u3060\u3051\u3067\u6c7a\u307e\u308b\u3002\u5229\u56de\u308a\u306f\u3001\u4fa1\u683c\u3068\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u4e00\u81f4\u3055\u305b\u308b\u91d1\u5229<\/li>\n<li>\u682a\u5f0f\u306e\u4fa1\u5024\u306f\u3001\u914d\u5f53\u306e\u6210\u9577\u306b\u95a2\u3059\u308b\u4eee\u5b9a\u306b\u57fa\u3065\u304f\u5c06\u6765\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024\u3067\u6c7a\u307e\u308b\u3002\u682a\u4fa1\u304c\u308f\u304b\u308c\u3070\u3001\u8981\u6c42\u53ce\u76ca\u7387\u3084\u914d\u5f53\u6210\u9577\u7387\u3092\u9006\u7b97\u3067\u304d\u308b<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u52a0\u6cd5\u6027\uff1a\u4e00\u9023\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306f\u3001\u500b\u3005\u306e\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u306b\u7b49\u3057\u3044<\/li>\n<li>\u7121\u88c1\u5b9a\uff1a\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u540c\u3058\u8cc7\u7523\u306f\u540c\u3058\u4fa1\u683c\u3067\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u3053\u306e\u539f\u5247\u306f\u50b5\u5238\u30fb\u682a\u5f0f\u3060\u3051\u3067\u306a\u304f\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u3084\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3069\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u4fa1\u683c\u4ed8\u3051\u306b\u3082\u9069\u7528\u3055\u308c\u308b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u50b5\u5238\u30fb\u682a\u5f0f\u306e\u73fe\u5728\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/h3>\n<p>\u50b5\u5238\u306f\u5229\u606f\u3068\u5143\u672c\u3001\u682a\u5f0f\u306f\u914d\u5f53\u3068\u3044\u3046<strong>\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u308a\u5f15\u3044\u3066\u5408\u8a08<\/strong>\u3059\u308c\u3070\u4fa1\u683c\u306b\u306a\u308a\u307e\u3059\u3002\u50b5\u5238\u306f\u5272\u5f15\u50b5\u30fb\u5229\u4ed8\u50b5\u30fb\u5909\u52d5\u5229\u4ed8\u50b5\u30fb\u6c38\u4e45\u50b5\u3001\u30ed\u30fc\u30f3\u3084\u5e74\u91d1\uff08\u30a2\u30cb\u30e5\u30a4\u30c6\u30a3\uff09\u306e\u8fd4\u6e08\u984d\u307e\u3067\u540c\u3058\u8003\u3048\u65b9\u3067\u6271\u3044\u307e\u3059\u3002\u682a\u5f0f\u306f\u914d\u5f53\u304c\u4e00\u5b9a\u30fb\u4e00\u5b9a\u6210\u9577\u30fb\u9014\u4e2d\u3067\u6210\u9577\u7387\u304c\u5909\u308f\u308b\uff08\u591a\u6bb5\u968e\uff09\u306e\u5404\u30b1\u30fc\u30b9\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5272\u5f15\u50b5\uff1aPV = \u984d\u9762 \u00f7 (1+r)^N\uff08\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u3067\u306f\u984d\u9762\u3092\u4e0a\u56de\u308b\uff09<\/li>\n<li>\u5229\u4ed8\u50b5\uff1a\u5229\u606f\u306e\u5e74\u91d1\u73fe\u4fa1\uff0b\u5143\u672c\u306e\u73fe\u5728\u4fa1\u5024\uff08\u534a\u5e74\u6255\u3044\u306f\u671f\u6570\u3068\u5229\u7387\u3092\u8abf\u6574\uff09<\/li>\n<li>\u6c38\u4e45\u50b5\uff1aPV = \u5229\u606f \u00f7 r<\/li>\n<li>\u5143\u5229\u5747\u7b49\u8fd4\u6e08\uff08\u4f4f\u5b85\u30ed\u30fc\u30f3\u306a\u3069\uff09\u306e\u6bce\u671f\u306e\u8fd4\u6e08\u984d<\/li>\n<li>\u914d\u5f53\u4e00\u5b9a\uff1aPV = D \u00f7 r\u3000\uff0f\u3000\u4e00\u5b9a\u6210\u9577\uff1aPV = D\u2081 \u00f7 (r \u2212 g)<\/li>\n<li>\u591a\u6bb5\u968e\uff1a\u9ad8\u6210\u9577\u671f\u306e\u914d\u5f53\uff0b\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u3092\u5272\u308a\u5f15\u304f<\/li>\n<\/ul>\n<div class=\"cfalm-f\">P\u2080 = D\u2081 \/ (r \u2212 g)\u3000\uff08r > g \u304c\u6761\u4ef6\uff09<\/div>\n<h3>LOS 2\uff1a\u4fa1\u683c\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30ea\u30bf\u30fc\u30f3\u3068\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u6210\u9577\u7387\u3092\u6c42\u3081\u308b<\/h3>\n<p>\u73fe\u5728\u4fa1\u5024\u306e\u8a08\u7b97\u3092\u9006\u65b9\u5411\u306b\u4f7f\u3044\u307e\u3059\u3002\u50b5\u5238\u306a\u3089<strong>\u4fa1\u683c\u304b\u3089\u5229\u56de\u308a\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30ea\u30bf\u30fc\u30f3\uff09<\/strong>\u3092\u3001\u682a\u5f0f\u306a\u3089<strong>\u682a\u4fa1\u3068\u914d\u5f53\u304b\u3089\u8981\u6c42\u53ce\u76ca\u7387\u3084\u5e02\u5834\u304c\u7e54\u308a\u8fbc\u3080\u6210\u9577\u7387<\/strong>\u3092\u9006\u7b97\u3057\u307e\u3059\u3002PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u304b\u3089\u3082\u3001\u5e02\u5834\u304c\u524d\u63d0\u306b\u3057\u3066\u3044\u308b\u6210\u9577\u7387\u3092\u8aad\u307f\u53d6\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>r = D\u2081 \u00f7 P\u2080 \uff0b g\uff08\u914d\u5f53\u5229\u56de\u308a\uff0b\u6210\u9577\u7387\uff09<\/li>\n<li>g = r \u2212 D\u2081 \u00f7 P\u2080\uff08\u682a\u4fa1\u304c\u7e54\u308a\u8fbc\u3080\u6210\u9577\u7387\uff09<\/li>\n<li>\u5272\u5f15\u50b5\u306e\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30ea\u30bf\u30fc\u30f3 = (\u984d\u9762 \u00f7 \u4fa1\u683c)^(1\/N) \u2212 1<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u52a0\u6cd5\u6027\u3068\u7121\u88c1\u5b9a\uff1a\u30d5\u30a9\u30ef\u30fc\u30c9\u91d1\u5229\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u70ba\u66ff\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024<\/h3>\n<p>\u540c\u3058\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u30802\u3064\u306e\u65b9\u6cd5\u306f\u3001\u4eca\u306e\u4fa1\u5024\u3082\u540c\u3058\u3067\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\uff08\u9055\u3048\u3070\u3001\u30ea\u30b9\u30af\u3092\u8ca0\u308f\u305a\u306b\u5229\u76ca\u3092\u5f97\u308b\u88c1\u5b9a\u53d6\u5f15\u304c\u53ef\u80fd\u306b\u306a\u308b\uff09\u3002\u3053\u306e<strong>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u52a0\u6cd5\u6027<\/strong>\u304b\u3089\u3001<strong>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u91d1\u5229<\/strong>\u3001<strong>\u30d5\u30a9\u30ef\u30fc\u30c9\u70ba\u66ff\u30ec\u30fc\u30c8<\/strong>\u3001\u305d\u3057\u3066\u682a\u3068\u501f\u5165\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u30da\u30a4\u30aa\u30d5\u3092<strong>\u8907\u88fd\u3057\u305f\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024<\/strong>\u3092\u5c0e\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>(1+r\u2082)\u00b2 = (1+r\u2081)(1+f\u2081,\u2081) \u304b\u3089\u30d5\u30a9\u30ef\u30fc\u30c9\u91d1\u5229\u3092\u6c42\u3081\u308b<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u70ba\u66ff = \u30b9\u30dd\u30c3\u30c8 \u00d7 (1+\u4fa1\u683c\u901a\u8ca8\u306e\u91d1\u5229) \u00f7 (1+\u57fa\u6e96\u901a\u8ca8\u306e\u91d1\u5229)<\/li>\n<li>1\u671f\u9593\u30e2\u30c7\u30eb\uff1a\u682a\u3068\u501f\u5165\u3067\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30da\u30a4\u30aa\u30d5\u3092\u8907\u88fd\u3057\u3066\u4fa1\u5024\u3092\u51fa\u3059<\/li>\n<\/ul>\n<div class=\"cfalm-f\">F = S \u00d7 (1 + i_price) \/ (1 + i_base)<\/div>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-quants-lm3\/\">LM3 Benchmarking Returns\uff08\u30ea\u30bf\u30fc\u30f3\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff08MWR\u30fbTWR\u30fb\u6307\u6570\uff09\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-quants-lm5\/\">LM5 Statistical Characteristics of Asset Returns\uff08\u8cc7\u7523\u30ea\u30bf\u30fc\u30f3\u306e\u7d71\u8a08\u7684\u7279\u6027\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-quants\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Quantitative Methods\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Quantitative Methods LM4\u300cThe Time Value of Money in Finance\uff08\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306b\u304a\u3051\u308b\u8ca8\u5e63\u306e\u6642\u9593\u4fa1\u5024\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":10665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-10610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10610"}],"version-history":[{"count":9,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10610\/revisions"}],"predecessor-version":[{"id":11340,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10610\/revisions\/11340"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/10665"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}