{"id":10803,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-pc-lm2\/"},"modified":"2026-09-22T07:44:24","modified_gmt":"2026-09-21T22:44:24","slug":"cfa-l1-pc-lm2","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-pc-lm2\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Portfolio Construction LM2\u3011Portfolio Risk and Return: Part II \u3092\u8981\u70b9\u89e3\u8aac\uff5cCML\u30fb\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u30fb\u30d9\u30fc\u30bf\u30fbCAPM\u3068SML\u30fb\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u6307\u6a19"},"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 2\u300cPortfolio Risk and Return: Part II\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3 Part II\uff09\u300d\u306f\u3001\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3068\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u7d44\u307f\u5408\u308f\u305b\u3001\u8cc7\u672c\u914d\u5206\u7dda\u3068\u8cc7\u672c\u5e02\u5834\u7dda\u3001\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3068\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3001\u30ea\u30bf\u30fc\u30f3\u751f\u6210\u30e2\u30c7\u30eb\u3068\u30d9\u30fc\u30bf\u3001CAPM\u3068\u8a3c\u5238\u5e02\u5834\u7dda\u3001\u305d\u3057\u3066\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u306a\u3069\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u6307\u6a19\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>LM2\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\u3002LM2\u306b\u306f9\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3068\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u306e\u610f\u5473\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the implications of combining a risk-free asset with a portfolio of risky assets<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u8cc7\u672c\u914d\u5206\u7dda\uff08CAL\uff09\u3068\u8cc7\u672c\u5e02\u5834\u7dda\uff08CML\uff09\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the capital allocation line (CAL) and the capital market line (CML)<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3068\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3092\u8aac\u660e\u3057\u3001\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3092\u8ca0\u3063\u3066\u3082\u8ffd\u52a0\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u671f\u5f85\u3059\u3079\u304d\u3067\u306a\u3044\u7406\u7531\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain systematic and nonsystematic risk, including why an investor should not expect to receive additional return for bearing nonsystematic risk<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30ea\u30bf\u30fc\u30f3\u751f\u6210\u30e2\u30c7\u30eb\uff08\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e2\u30c7\u30eb\u3092\u542b\u3080\uff09\u3068\u305d\u306e\u7528\u9014\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain return generating models (including the market model) and their uses<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30d9\u30fc\u30bf\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret beta<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb\uff08CAPM\uff09\u3092\u305d\u306e\u524d\u63d0\u3068\u3068\u3082\u306b\u8aac\u660e\u3057\u3001\u8a3c\u5238\u5e02\u5834\u7dda\uff08SML\uff09\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the capital asset pricing model (CAPM), including its assumptions, and the security market line (SML)<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1aCAPM\u3092\u7528\u3044\u3066\u8cc7\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the expected return of an asset using the CAPM<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1aCAPM\u3068SML\u306e\u5fdc\u7528\u3092\u8aac\u660e\u3057\u3001\u793a\u3059<\/span><span class=\"en\">describe and demonstrate applications of the CAPM and the SML<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u3001\u30c8\u30ec\u30a4\u30ca\u30fc\u30fb\u30ec\u30b7\u30aa\u3001M\u00b2\u3001\u30b8\u30a7\u30f3\u30bb\u30f3\u306e\u30a2\u30eb\u30d5\u30a1\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the Sharpe ratio, Treynor ratio, M2, and Jensen\u2019s alpha<\/span><\/li>\n<\/ol>\n<h2>LM2\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>\u8cc7\u672c\u5e02\u5834\u7dda\uff08CML\uff09\u306f\u8cc7\u672c\u914d\u5206\u7dda\u306e\u7279\u6b8a\u306a\u30b1\u30fc\u30b9\u3067\u3001\u52b9\u7387\u7684\u306a\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u3042\u308b\u3082\u306e<\/li>\n<li>\u6295\u8cc7\u5bb6\u306e\u4e88\u60f3\u304c\u7570\u306a\u308b\uff08\u7570\u8cea\u306a\u671f\u5f85\uff09\u5834\u5408\u3001\u6295\u8cc7\u5bb6\u3054\u3068\u306b\u8cc7\u7523\u306e\u8a55\u4fa1\u304c\u7570\u306a\u308b\u305f\u3081\u3001\u5168\u54e1\u306b\u5171\u901a\u306e\u6700\u9069\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u5f97\u3089\u308c\u306a\u3044<\/li>\n<li>\u6295\u8cc7\u5bb6\u306f\u501f\u5165\u3092\u3057\u3066\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u3067\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u304b\u3051\u3089\u308c\u308b<\/li>\n<li>\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u306f\u5e02\u5834\u3084\u7d4c\u6e08\u5168\u4f53\u306b\u5f71\u97ff\u3057\u5206\u6563\u3067\u304d\u306a\u3044\u30ea\u30b9\u30af\u3067\u3001\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u306f\u76f8\u95a2\u306e\u4f4e\u3044\u8cc7\u7523\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u5206\u6563\u306b\u3088\u308a\u6d88\u305b\u308b\u500b\u5225\u306e\u30ea\u30b9\u30af<\/li>\n<li>\u30d9\u30fc\u30bf\u30fb\u30ea\u30b9\u30af\uff08\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\uff09\u306f\u4fa1\u683c\u3065\u3051\u3055\u308c\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u3089\u308c\u308b\u304c\u3001\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u306f\u4fa1\u683c\u3065\u3051\u3055\u308c\u306a\u3044<\/li>\n<li>\u8cc7\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u30d9\u30fc\u30bf\u30fb\u30ea\u30b9\u30af\u306b\u4f9d\u5b58\u3057\u3001CAPM E(Ri) = Rf + \u03b2i[E(Rm) \u2212 Rf] \u3067\u8a08\u7b97\u3067\u304d\u308b<\/li>\n<li>\u8a3c\u5238\u5e02\u5834\u7dda\uff08SML\uff09\u306fCAPM\u3092\u8868\u3057\u305f\u3082\u306e\u3067\u3001\u52b9\u7387\u7684\u304b\u3069\u3046\u304b\u306b\u304b\u304b\u308f\u3089\u305a\u3059\u3079\u3066\u306e\u8a3c\u5238\u306b\u9069\u7528\u3055\u308c\u308b<\/li>\n<li>CAPM\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u8cc7\u672c\u4e88\u7b97\u306e\u610f\u601d\u6c7a\u5b9a\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8a55\u4fa1\uff08\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u3001\u30c8\u30ec\u30a4\u30ca\u30fc\u30fb\u30ec\u30b7\u30aa\u3001M\u00b2\u3001\u30b8\u30a7\u30f3\u30bb\u30f3\u306e\u30a2\u30eb\u30d5\u30a1\uff09\u3001\u8a3c\u5238\u9078\u629e\u306b\u5229\u7528\u3067\u304d\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\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3068\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u7d44\u307f\u5408\u308f\u305b<\/h3>\n<p>\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3068\u30ea\u30b9\u30af\u8cc7\u7523\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3068\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u6a19\u6e96\u504f\u5dee\u306e\u95a2\u4fc2\u306f<strong>\u76f4\u7dda<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306f\u5206\u6563\u3082\u76f8\u95a2\u3082\u30bc\u30ed\u306a\u306e\u3067\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6a19\u6e96\u504f\u5dee\u306f\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u6bd4\u7387\u306b\u6bd4\u4f8b\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7d44\u307f\u5408\u308f\u305b\u306e\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u306f\u76f4\u7dda\u4e0a\u306b\u4e26\u3076<\/li>\n<li>\u03c3_p = (1 \u2212 w\u2081)\u03c3_i\uff08w\u2081\uff1a\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u6bd4\u7387\uff09<\/li>\n<li>\u8cb8\u4ed8\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\uff1a\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3092\u4fdd\u6709\uff08w\u2081 > 0\uff09<\/li>\n<li>\u501f\u5165\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\uff1a\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3067\u501f\u308a\u3066\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u6295\u8cc7\uff08w\u2081 < 0\uff09<\/li>\n<li>\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3092\u52a0\u3048\u308b\u3068\u6700\u9069\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u4ee5\u5916\u306e\u30ea\u30b9\u30af\u8cc7\u7523\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3088\u308a\u512a\u4f4d\u306b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">E(R_p) = w\u2081R_f + (1 \u2212 w\u2081)E(R_i)<\/div>\n<h3>LOS 2\uff1a\u8cc7\u672c\u914d\u5206\u7dda\uff08CAL\uff09\u3068\u8cc7\u672c\u5e02\u5834\u7dda\uff08CML\uff09<\/h3>\n<p><strong>CAL<\/strong>\u306f\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3068\u4efb\u610f\u306e\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u7d44\u307f\u5408\u308f\u305b\u3092\u8868\u3059\u76f4\u7dda\u3067\u3001\u305d\u306e\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092<strong>\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/strong>\u3068\u3057\u305f\u3082\u306e\u304c<strong>CML<\/strong>\u3067\u3059\u3002\u6295\u8cc7\u5bb6\u304c\u540c\u8cea\u7684\u306a\u671f\u5f85\u3092\u6301\u3064\u306a\u3089\u3001\u5168\u54e1\u304c\u540c\u3058\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u4fdd\u6709\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>CML\uff1aCAL\u306e\u3046\u3061\u6700\u9069\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u3082\u306e<\/li>\n<li>CML\u306e\u50be\u304d\uff1d\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa<\/li>\n<li>\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4fdd\u6709\u306f\u30d1\u30c3\u30b7\u30d6\u904b\u7528\u306e\u8003\u3048\u65b9\u3068\u6574\u5408<\/li>\n<li>CML\u4e0a\u306e\u70b9\uff1a\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u7d44\u307f\u5408\u308f\u305b<\/li>\n<li>\u501f\u5165\u91d1\u5229\u304c\u8cb8\u4ed8\u91d1\u5229\u3088\u308a\u9ad8\u3044\u5834\u5408\u3001CML\u306f\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u70b9\u3067\u6298\u308c\u66f2\u304c\u308a\u3001\u53f3\u5074\uff08\u501f\u5165\u90e8\u5206\uff09\u306e\u50be\u304d\u304c\u7de9\u3084\u304b\u306b\u306a\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">E(R_p) = R_f + [(E(R_m) \u2212 R_f)\/\u03c3_m] \u00d7 \u03c3_p<\/div>\n<h3>LOS 3\uff1a\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3068\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af<\/h3>\n<p>\u7dcf\u30ea\u30b9\u30af\u306f\u3001\u5e02\u5834\u5168\u4f53\u306b\u5f71\u97ff\u3059\u308b<strong>\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af<\/strong>\u3068\u3001\u500b\u5225\u4f01\u696d\u306b\u56fa\u6709\u306e<strong>\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af<\/strong>\u306b\u5206\u3051\u3089\u308c\u307e\u3059\u3002\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u306f\u5206\u6563\u6295\u8cc7\u3067\u30b3\u30b9\u30c8\u3092\u304b\u3051\u305a\u306b\u6d88\u305b\u308b\u305f\u3081\u3001\u5e02\u5834\u306f\u305d\u308c\u306b<strong>\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u652f\u6255\u3044\u307e\u305b\u3093<\/strong>\u3002<\/p>\n<ul>\n<li>\u7dcf\u5206\u6563\uff1d\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u5206\u6563\uff0b\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u5206\u6563<\/li>\n<li>\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\uff1a\u91d1\u5229\u3001\u666f\u6c17\u3001\u30a4\u30f3\u30d5\u30ec\u306a\u3069\u5e02\u5834\u5168\u4f53\u306e\u8981\u56e0\u3001\u5206\u6563\u4e0d\u53ef\u80fd<\/li>\n<li>\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\uff1a\u500b\u5225\u4f01\u696d\u30fb\u696d\u7a2e\u306e\u8981\u56e0\u3001\u5206\u6563\u53ef\u80fd<\/li>\n<li>\u5206\u6563\u3067\u307b\u307c\u30bc\u30ed\u306b\u3067\u304d\u308b\u30ea\u30b9\u30af\u306b\u5831\u916c\u306f\u6255\u308f\u308c\u306a\u3044<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u306b\u53cd\u6620\u3055\u308c\u308b\u306e\u306f\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\uff08\u30d9\u30fc\u30bf\uff09\u306e\u307f<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u30ea\u30bf\u30fc\u30f3\u751f\u6210\u30e2\u30c7\u30eb\u3068\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e2\u30c7\u30eb<\/h3>\n<p><strong>\u30ea\u30bf\u30fc\u30f3\u751f\u6210\u30e2\u30c7\u30eb<\/strong>\u306f\u3001\u8cc7\u7523\u306e\u30ea\u30bf\u30fc\u30f3\u30921\u3064\u307e\u305f\u306f\u8907\u6570\u306e\u8981\u56e0\u3067\u8aac\u660e\u3059\u308b\u30e2\u30c7\u30eb\u3067\u3059\u3002\u5e02\u5834\u306e\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3060\u3051\u3092\u8981\u56e0\u3068\u3059\u308b\u306e\u304c<strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e2\u30c7\u30eb\uff08\u5358\u4e00\u6307\u6570\u30e2\u30c7\u30eb\uff09<\/strong>\u3067\u3001\u30d9\u30fc\u30bf\u306e\u63a8\u5b9a\u306a\u3069\u306b\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\uff1a\u30de\u30af\u30ed\u7d4c\u6e08\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u3001\u7d71\u8a08\u7684\u8981\u56e0<\/li>\n<li>\u4f8b\uff1a\u30d5\u30a1\u30fc\u30de\u30fb\u30d5\u30ec\u30f3\u30c1\u306e3\u30d5\u30a1\u30af\u30bf\u30fc\uff08\u5e02\u5834\u3001\u898f\u6a21\u3001\u30d0\u30ea\u30e5\u30fc\uff09\u3001\u30ab\u30fc\u30cf\u30fc\u30c8\u306e4\u30d5\u30a1\u30af\u30bf\u30fc\uff08\uff0b\u30e2\u30e1\u30f3\u30bf\u30e0\uff09<\/li>\n<li>\u5358\u4e00\u6307\u6570\u30e2\u30c7\u30eb\uff1aE(R_i) \u2212 R_f = \u03b2_i[E(R_m) \u2212 R_f]<\/li>\n<li>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e2\u30c7\u30eb\uff1aR_i = \u03b1_i + \u03b2_iR_m + e_i<\/li>\n<li>\u56de\u5e30\u306e\u5207\u7247\u304c \u03b1\u3001\u50be\u304d\u304c \u03b2\u3001\u8aa4\u5dee\u9805 e \u306f\u500b\u5225\uff08\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\uff09\u30ea\u30b9\u30af\u3092\u8868\u3059<\/li>\n<\/ul>\n<div class=\"cfalm-f\">R_i = \u03b1_i + \u03b2_i R_m + e_i<\/div>\n<h3>LOS 5\uff1a\u30d9\u30fc\u30bf\u306e\u8a08\u7b97\u3068\u89e3\u91c8<\/h3>\n<p><strong>\u30d9\u30fc\u30bf<\/strong>\u306f\u3001\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u8cc7\u7523\u30ea\u30bf\u30fc\u30f3\u306e\u611f\u5fdc\u5ea6\u3067\u3001\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u306e\u5c3a\u5ea6\u3067\u3059\u3002\u5e02\u5834\u3068\u306e\u5171\u5206\u6563\u3092\u5e02\u5834\u306e\u5206\u6563\u3067\u5272\u3063\u3066\u6c42\u3081\u3001\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30d9\u30fc\u30bf\u306f1\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u03b2 = Cov(R_i, R_m)\/\u03c3_m\u00b2 = \u03c1_i,m \u03c3_i\/\u03c3_m<\/li>\n<li>\u03b2 = 1\uff1a\u5e02\u5834\u3068\u540c\u3058\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af<\/li>\n<li>\u03b2 > 1\uff1a\u5e02\u5834\u3088\u308a\u5909\u52d5\u304c\u5927\u304d\u3044\u3001\u03b2 < 1\uff1a\u5c0f\u3055\u3044<\/li>\n<li>\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u30d9\u30fc\u30bf\u306f0<\/li>\n<li>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30d9\u30fc\u30bf\u306f\u69cb\u6210\u8cc7\u7523\u306e\u30d9\u30fc\u30bf\u306e\u52a0\u91cd\u5e73\u5747<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u03b2_i = Cov(R_i, R_m)\/\u03c3_m\u00b2 = \u03c1_i,m \u03c3_i\/\u03c3_m<\/div>\n<h3>LOS 6\uff1aCAPM\u306e\u524d\u63d0\u3068SML<\/h3>\n<p><strong>CAPM<\/strong>\u306f\u3001\u8cc7\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304c\u30d9\u30fc\u30bf\u3067\u8868\u3055\u308c\u308b\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3060\u3051\u3067\u6c7a\u307e\u308b\u3068\u3059\u308b\u30e2\u30c7\u30eb\u3067\u3001\u305d\u308c\u3092\u30b0\u30e9\u30d5\u306b\u3057\u305f\u3082\u306e\u304c<strong>\u8a3c\u5238\u5e02\u5834\u7dda\uff08SML\uff09<\/strong>\u3067\u3059\u3002SML\u306f\u3001\u52b9\u7387\u7684\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3060\u3051\u3067\u306a\u304f\u500b\u5225\u8a3c\u5238\u3092\u542b\u3080\u3059\u3079\u3066\u306e\u8cc7\u7523\u306b\u9069\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u524d\u63d0\uff1a\u6295\u8cc7\u5bb6\u306f\u30ea\u30b9\u30af\u56de\u907f\u7684\u3067\u52b9\u7528\u6700\u5927\u5316\u3001\u5e73\u5747\u30fb\u5206\u6563\u3067\u5224\u65ad<\/li>\n<li>\u524d\u63d0\uff1a\u540c\u8cea\u7684\u306a\u671f\u5f85\u3001\u5358\u4e00\u671f\u9593\u3001\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3067\u7121\u5236\u9650\u306b\u8cb8\u501f\u53ef\u80fd<\/li>\n<li>\u524d\u63d0\uff1a\u6469\u64e6\u306e\u306a\u3044\u5e02\u5834\uff08\u53d6\u5f15\u30b3\u30b9\u30c8\u30fb\u7a0e\u91d1\u306a\u3057\uff09\u3001\u8cc7\u7523\u306f\u7121\u9650\u306b\u5206\u5272\u53ef\u80fd\u3001\u6295\u8cc7\u5bb6\u306f\u30d7\u30e9\u30a4\u30b9\u30fb\u30c6\u30a4\u30ab\u30fc<\/li>\n<li>SML\uff1a\u6a2a\u8ef8\u30d9\u30fc\u30bf\u3001\u7e26\u8ef8\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3001\u50be\u304d\u306f\u5e02\u5834\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/li>\n<li>CML\u306f\u6a2a\u8ef8\u304c\u6a19\u6e96\u504f\u5dee\u3067\u52b9\u7387\u7684\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u307f\u3001SML\u306f\u6a2a\u8ef8\u304c\u30d9\u30fc\u30bf\u3067\u5168\u8cc7\u7523<\/li>\n<\/ul>\n<h3>LOS 7\uff1aCAPM\u306b\u3088\u308b\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u8a08\u7b97<\/h3>\n<p>CAPM\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u3001<strong>\u7121\u30ea\u30b9\u30af\u91d1\u5229<\/strong>\u306b\u3001<strong>\u30d9\u30fc\u30bf\u00d7\u5e02\u5834\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/strong>\u3092\u52a0\u3048\u305f\u3082\u306e\u3067\u3059\u3002\u3053\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u6295\u8cc7\u5bb6\u306e\u8981\u6c42\u53ce\u76ca\u7387\u3084\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u3057\u3066\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5e02\u5834\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff1dE(R_m) \u2212 R_f<\/li>\n<li>\u30d9\u30fc\u30bf\u304c\u9ad8\u3044\u307b\u3069\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304c\u9ad8\u3044<\/li>\n<li>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u8981\u6c42\u53ce\u76ca\u7387\u30fb\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u3057\u3066\u5229\u7528<\/li>\n<li>\u30d9\u30fc\u30bf\u304c0\u306a\u3089\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u7121\u30ea\u30b9\u30af\u91d1\u5229<\/li>\n<\/ul>\n<div class=\"cfalm-f\">E(R_i) = R_f + \u03b2_i[E(R_m) \u2212 R_f]<\/div>\n<h3>LOS 8\uff1aCAPM\u3068SML\u306e\u5fdc\u7528<\/h3>\n<p>CAPM\u3068SML\u306f\u3001<strong>\u8cc7\u672c\u4e88\u7b97<\/strong>\u3067\u306e\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u3001<strong>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8a55\u4fa1<\/strong>\u3001<strong>\u8a3c\u5238\u9078\u629e<\/strong>\u306b\u5fdc\u7528\u3055\u308c\u307e\u3059\u3002\u4e88\u60f3\u30ea\u30bf\u30fc\u30f3\u304cSML\u3088\u308a\u4e0a\u306b\u3042\u308b\u8a3c\u5238\u306f\u5272\u5b89\u3001\u4e0b\u306b\u3042\u308b\u8a3c\u5238\u306f\u5272\u9ad8\u3068\u5224\u65ad\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8cc7\u672c\u4e88\u7b97\uff1aCAPM\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u5272\u5f15\u7387\u3068\u3057\u3066\u4f7f\u7528<\/li>\n<li>\u8a3c\u5238\u9078\u629e\uff1a\u4e88\u60f3\u30ea\u30bf\u30fc\u30f3 > CAPM\u306e\u8981\u6c42\u30ea\u30bf\u30fc\u30f3\uff08SML\u3088\u308a\u4e0a\uff09\u306a\u3089\u5272\u5b89\u3067\u8cb7\u3044<\/li>\n<li>\u4e88\u60f3\u30ea\u30bf\u30fc\u30f3 < CAPM\u306e\u8981\u6c42\u30ea\u30bf\u30fc\u30f3\uff08SML\u3088\u308a\u4e0b\uff09\u306a\u3089\u5272\u9ad8<\/li>\n<li>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\uff1aSML\u3092\u4f7f\u3063\u3066\u8a3c\u5238\u3092\u9078\u3073\u3001\u6700\u9069\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u69cb\u7bc9<\/li>\n<li>\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8a55\u4fa1\uff1a\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u3001\u30c8\u30ec\u30a4\u30ca\u30fc\u30fb\u30ec\u30b7\u30aa\u3001M\u00b2\u3001\u30b8\u30a7\u30f3\u30bb\u30f3\u306e\u30a2\u30eb\u30d5\u30a1<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u30fb\u30c8\u30ec\u30a4\u30ca\u30fc\u30fb\u30ec\u30b7\u30aa\u30fbM\u00b2\u30fb\u30b8\u30a7\u30f3\u30bb\u30f3\u306e\u30a2\u30eb\u30d5\u30a1<\/h3>\n<p><strong>\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa<\/strong>\u3068<strong>M\u00b2<\/strong>\u306f\u7dcf\u30ea\u30b9\u30af\uff08\u6a19\u6e96\u504f\u5dee\uff09\u3067\u3001<strong>\u30c8\u30ec\u30a4\u30ca\u30fc\u30fb\u30ec\u30b7\u30aa<\/strong>\u3068<strong>\u30b8\u30a7\u30f3\u30bb\u30f3\u306e\u30a2\u30eb\u30d5\u30a1<\/strong>\u306f\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\uff08\u30d9\u30fc\u30bf\uff09\u3067\u30ea\u30b9\u30af\u8abf\u6574\u3057\u305f\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u6307\u6a19\u3067\u3059\u3002\u5341\u5206\u306b\u5206\u6563\u3055\u308c\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306a\u3089\u30d9\u30fc\u30bf\u7cfb\u3001\u305d\u3046\u3067\u306a\u3051\u308c\u3070\u7dcf\u30ea\u30b9\u30af\u7cfb\u304c\u9069\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\uff1d(R_p \u2212 R_f)\/\u03c3_p<\/li>\n<li>\u30c8\u30ec\u30a4\u30ca\u30fc\u30fb\u30ec\u30b7\u30aa\uff1d(R_p \u2212 R_f)\/\u03b2_p<\/li>\n<li>M\u00b2\uff1d(R_p \u2212 R_f)\u03c3_m\/\u03c3_p + R_f\uff08\u5e02\u5834\u3068\u540c\u3058\u7dcf\u30ea\u30b9\u30af\u306b\u8abf\u6574\u3057\u305f\u30ea\u30bf\u30fc\u30f3\uff09\u3001M\u00b2 \u2212 R_m \u304cM\u00b2\u30a2\u30eb\u30d5\u30a1<\/li>\n<li>\u30b8\u30a7\u30f3\u30bb\u30f3\u306e\u30a2\u30eb\u30d5\u30a1\uff1dR_p \u2212 [R_f + \u03b2_p(R_m \u2212 R_f)]<\/li>\n<li>\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u3068M\u00b2\u306f\u540c\u3058\u9806\u4f4d\u3092\u4e0e\u3048\u308b\u3001\u30c8\u30ec\u30a4\u30ca\u30fc\u30fb\u30ec\u30b7\u30aa\u3068\u30b8\u30a7\u30f3\u30bb\u30f3\u306e\u30a2\u30eb\u30d5\u30a1\u306f\u30d9\u30fc\u30bf\u57fa\u6e96<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u03b1_p = R_p \u2212 [R_f + \u03b2_p(R_m \u2212 R_f)]<\/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-pc-lm1\/\">LM1 Portfolio Risk and Return: Part I\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3 Part I\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-pc-lm3\/\">LM3 Portfolio Management: An Overview\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u306e\u6982\u8981\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-pc\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Portfolio Construction\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Portfolio Construction LM2\u300cPortfolio Risk and Return: Part II\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3 Part II\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":11149,"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-10803","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\/10803","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=10803"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10803\/revisions"}],"predecessor-version":[{"id":11331,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10803\/revisions\/11331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11149"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}