{"id":10870,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm2\/"},"modified":"2026-09-22T07:44:40","modified_gmt":"2026-09-21T22:44:40","slug":"cfa-l3-aa-lm2","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm2\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Asset Allocation LM2\u3011Capital Market Expectations, Part 2: Forecasting Asset Class Returns \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u50b5\u5238\u30fb\u682a\u5f0f\u30fb\u4e0d\u52d5\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u30fb\u70ba\u66ff\u4e88\u6e2c\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e88\u6e2c"},"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\u300cCapital Market Expectations, Part 2: Forecasting Asset Class Returns\uff08\u8cc7\u672c\u5e02\u5834\u671f\u5f85\uff1a\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u4e88\u6e2c\uff09\u300d\u306f\u3001\u50b5\u5238\u30fb\u682a\u5f0f\u30fb\u4e0d\u52d5\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u8a2d\u5b9a\u65b9\u6cd5\u3001\u65b0\u8208\u56fd\u306e\u50b5\u5238\u30fb\u682a\u5f0f\u306e\u30ea\u30b9\u30af\u3068\u30ab\u30f3\u30c8\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\u5206\u6790\u3001\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u4e3b\u306a\u4e88\u6e2c\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4e88\u6e2c\u65b9\u6cd5\u3001\u30de\u30af\u30ed\u8981\u56e0\u306b\u57fa\u3065\u304f\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30a6\u30a8\u30a4\u30c8\u8abf\u6574\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\u306f8\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u50b5\u5238\u30ea\u30bf\u30fc\u30f3\u306e\u671f\u5f85\u3092\u8a2d\u5b9a\u3059\u308b\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss approaches to setting expectations for fixed-income returns<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u65b0\u8208\u56fd\u50b5\u5238\u3078\u306e\u6295\u8cc7\u5bb6\u304c\u76f4\u9762\u3059\u308b\u30ea\u30b9\u30af\u3068\u3001\u65b0\u8208\u56fd\u7d4c\u6e08\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306e\u30ab\u30f3\u30c8\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\u5206\u6790\u306e\u624b\u6cd5\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss risks faced by investors in emerging market fixed-income securities and the country risk analysis techniques used to evaluate emerging market economies<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u682a\u5f0f\u5e02\u5834\u30ea\u30bf\u30fc\u30f3\u306e\u671f\u5f85\u3092\u8a2d\u5b9a\u3059\u308b\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss approaches to setting expectations for equity investment market returns<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u65b0\u8208\u56fd\u682a\u5f0f\u3078\u306e\u6295\u8cc7\u5bb6\u304c\u76f4\u9762\u3059\u308b\u30ea\u30b9\u30af\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss risks faced by investors in emerging market equity securities<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u7d4c\u6e08\u8981\u56e0\u3068\u7af6\u4e89\u8981\u56e0\u304c\u4e0d\u52d5\u7523\u6295\u8cc7\u5e02\u5834\u3068\u30bb\u30af\u30bf\u30fc\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u671f\u5f85\u306b\u3069\u306e\u3088\u3046\u306b\u5f71\u97ff\u3057\u3046\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how economic and competitive factors can affect expectations for real estate investment markets and sector returns<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u70ba\u66ff\u30ec\u30fc\u30c8\u4e88\u6e2c\u306e\u4e3b\u8981\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss major approaches to forecasting exchange rates<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4e88\u6e2c\u624b\u6cd5\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss methods of forecasting volatility<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u30de\u30af\u30ed\u7d4c\u6e08\u8981\u56e0\u306e\u30c8\u30ec\u30f3\u30c9\u3068\u4e88\u60f3\u3055\u308c\u308b\u5909\u5316\u306b\u57fa\u3065\u304d\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u6295\u8cc7\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u69cb\u6210\u30a6\u30a8\u30a4\u30c8\u306e\u5909\u66f4\u3092\u63a8\u5968\u30fb\u6b63\u5f53\u5316\u3059\u308b<\/span><span class=\"en\">recommend and justify changes in the component weights of a global investment portfolio based on trends and expected changes in macroeconomic factors<\/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>\u4e88\u6e2c\u624b\u6cd5\u306e\u9078\u629e\u306f\u3001\u3069\u306e\u60c5\u5831\u306b\u57fa\u3065\u3044\u3066\u4e88\u6e2c\u3057\u3001\u305d\u306e\u60c5\u5831\u3092\u3069\u3046\u7d44\u307f\u8fbc\u3080\u304b\u306e\u9078\u629e<\/li>\n<li>\u8cc7\u672c\u5e02\u5834\u30ea\u30bf\u30fc\u30f3\u306e\u4e88\u6e2c\u624b\u6cd5\u306f\u3001\u7d71\u8a08\u7684\u624b\u6cd5\u3001DCF\u30e2\u30c7\u30eb\u3001\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30e2\u30c7\u30eb\u306e3\u3064\u306b\u5927\u5225\u3055\u308c\u3001\u6a19\u672c\u5e73\u5747\u306f\u5927\u304d\u306a\u63a8\u5b9a\u8aa4\u5dee\u3092\u542b\u3080\u305f\u3081\u7e2e\u5c0f\u63a8\u5b9a\u306a\u3069\u3067\u7cbe\u5ea6\u3092\u9ad8\u3081\u308b<\/li>\n<li>\u50b5\u5238\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306fDCF\u3001\u30d3\u30eb\u30c7\u30a3\u30f3\u30b0\u30fb\u30d6\u30ed\u30c3\u30af\u3001\u5747\u8861\u30e2\u30c7\u30eb\u3067\u63a8\u5b9a\u3057\u3001\u30d3\u30eb\u30c7\u30a3\u30f3\u30b0\u30fb\u30d6\u30ed\u30c3\u30af\u306f\u77ed\u671f\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30d5\u30ea\u30fc\u91d1\u5229\u3001\u671f\u9593\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u4fe1\u7528\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0<\/li>\n<li>\u65b0\u8208\u56fd\u50b5\u5238\u306f\u652f\u6255\u80fd\u529b\u3068\u652f\u6255\u610f\u601d\u306e\u4e21\u9762\u3067\u30ea\u30b9\u30af\u304c\u9ad8\u304f\u3001\u7d4c\u6e08\u306e\u8106\u5f31\u6027\u3068\u653f\u6cbb\u30fb\u6cd5\u5236\u5ea6\u306e\u5f31\u3055\u306b\u305d\u308c\u305e\u308c\u8d77\u56e0\u3059\u308b<\/li>\n<li>\u30b0\u30ea\u30ce\u30eb\u30c9\u30fb\u30af\u30ed\u30fc\u30ca\u30fc\u30fb\u30e2\u30c7\u30eb\u306f\u682a\u5f0f\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u73fe\u91d1\u914d\u5f53\u5229\u56de\u308a\uff08\u81ea\u793e\u682a\u8cb7\u3044\u3092\u8abf\u6574\uff09\u3001\u540d\u76ee\u5229\u76ca\u6210\u9577\u3001PER\u306e\u5909\u5316\u306b\u3088\u308b\u518d\u8a55\u4fa1\u306b\u5206\u89e3\u3059\u308b<\/li>\n<li>\u30b7\u30f3\u30ac\u30fc\u30fb\u30c6\u30eb\u30cf\u30fc\u30eb\u30fb\u30e2\u30c7\u30eb\u306f\u5b8c\u5168\u7d71\u5408\u306e\u30b0\u30ed\u30fc\u30d0\u30ebCAPM\u3068\u5b8c\u5168\u5206\u65ad\u3092\u524d\u63d0\u3068\u3057\u305f\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u7d44\u307f\u5408\u308f\u305b\u308b<\/li>\n<li>\u4e0d\u52d5\u7523\u306e\u904e\u53bb\u30ea\u30bf\u30fc\u30f3\u306f\u5e73\u6ed1\u5316\u306b\u3088\u308a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u904e\u5c0f\u306b\u8868\u308c\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8 \uff0b NOI\u6210\u9577\u7387 \u2212 \u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u306e\u5909\u5316\u7387\u3067\u63a8\u5b9a\u3067\u304d\u308b<\/li>\n<li>\u70ba\u66ff\u30ec\u30fc\u30c8\u306f\u4e88\u6e2c\u304c\u7279\u306b\u96e3\u3057\u304f\u3001\u8cbf\u6613\u3001\u8cc7\u672c\u79fb\u52d5\u3001\u8cfc\u8cb7\u529b\u5e73\u4fa1\u3001\u91d1\u5229\u5e73\u4fa1\u306a\u3069\u306e\u89b3\u70b9\u304b\u3089\u5f71\u97ff\u306e\u5927\u304d\u3044\u8981\u56e0\u3092\u898b\u6975\u3081\u308b\u5fc5\u8981\u304c\u3042\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\u50b5\u5238\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u8a2d\u5b9a<\/h3>\n<p>\u50b5\u5238\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f<strong>DCF\u6cd5<\/strong>\u3001<strong>\u30d3\u30eb\u30c7\u30a3\u30f3\u30b0\u30fb\u30d6\u30ed\u30c3\u30af\u6cd5<\/strong>\u3001<strong>\u5747\u8861\u30e2\u30c7\u30eb<\/strong>\u3067\u63a8\u5b9a\u3057\u307e\u3059\u3002\u30d3\u30eb\u30c7\u30a3\u30f3\u30b0\u30fb\u30d6\u30ed\u30c3\u30af\u3067\u306f\u3001\u77ed\u671f\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30d5\u30ea\u30fc\u91d1\u5229\u306b<strong>\u671f\u9593\u30fb\u4fe1\u7528\u30fb\u6d41\u52d5\u6027<\/strong>\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7a4d\u307f\u4e0a\u3052\u307e\u3059\u3002<\/p>\n<ul>\n<li>DCF\uff1a\u6700\u7d42\u5229\u56de\u308a\uff08YTM\uff09\u304c\u51fa\u767a\u70b9\u3002\u671f\u9593\u4e2d\u306e\u5229\u56de\u308a\u5909\u5316\u306b\u3088\u308b\u518d\u6295\u8cc7\u3068\u671f\u672b\u8a55\u4fa1\u3078\u306e\u5f71\u97ff\u3092\u53cd\u6620\u3057\u3066\u6539\u5584<\/li>\n<li>\u6295\u8cc7\u671f\u9593\u304c\u30de\u30c3\u30b3\u30fc\u30ec\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u8fd1\u3044\u3068\u5229\u56de\u308a\u5909\u5316\u306e\u5f71\u97ff\u304c\u76f8\u6bba\u3055\u308c\u3084\u3059\u3044<\/li>\n<li>\u671f\u9593\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u307b\u307c\u6bd4\u4f8b\u3057\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u50be\u304d\u3068\u6b63\u306e\u95a2\u4fc2<\/li>\n<li>\u4fe1\u7528\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u30ab\u30fc\u30d6\u306e\u77ed\u671f\u5074\u3067\u5927\u304d\u3044\u50be\u5411\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u306b\u306f\u671f\u5f85\u640d\u5931\u3082\u542b\u307e\u308c\u308b<\/li>\n<li>\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u56fd\u50b5\u3068\u653f\u5e9c\u6a5f\u95a2\u50b5\u306e\u5229\u56de\u308a\u5dee\u304c\u76ee\u5b89<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u671f\u5f85\u30ea\u30bf\u30fc\u30f3 \uff1d \u77ed\u671f\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30d5\u30ea\u30fc\u91d1\u5229 \uff0b \u671f\u9593\u30d7\u30ec\u30df\u30a2\u30e0 \uff0b \u4fe1\u7528\u30d7\u30ec\u30df\u30a2\u30e0 \uff0b \u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0<\/div>\n<h3>LOS 2\uff1a\u65b0\u8208\u56fd\u50b5\u5238\u306e\u30ea\u30b9\u30af\u3068\u30ab\u30f3\u30c8\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\u5206\u6790<\/h3>\n<p>\u65b0\u8208\u56fd\u50b5\u5238\u306b\u306f<strong>\u652f\u6255\u80fd\u529b<\/strong>\uff08\u7d4c\u6e08\u306e\u8106\u5f31\u6027\uff09\u3068<strong>\u652f\u6255\u610f\u601d<\/strong>\uff08\u653f\u6cbb\u30fb\u6cd5\u5236\u5ea6\u306e\u5f31\u3055\uff09\u306e\u4e21\u9762\u306e\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\u30ab\u30f3\u30c8\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\u5206\u6790\u3067\u306f\u8ca1\u653f\u3001\u5bfe\u5916\u50b5\u52d9\u3001\u6210\u9577\u3001\u5916\u8ca8\u6e96\u5099\u306a\u3069\u306e\u6307\u6a19\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7d4c\u6e08\u9762\uff1a\u8ca1\u653f\u8d64\u5b57\u3001\u653f\u5e9c\u50b5\u52d9\u3001\u7d4c\u5e38\u53ce\u652f\u3001\u5916\u8ca8\u6e96\u5099\u3001\u5bfe\u5916\u50b5\u52d9\u3001\u6210\u9577\u7387<\/li>\n<li>\u653f\u6cbb\u30fb\u6cd5\u5236\u5ea6\u9762\uff1a\u8ca1\u7523\u6a29\u3084\u5951\u7d04\u306e\u4fdd\u8b77\u3001\u653f\u6cbb\u306e\u5b89\u5b9a\u6027<\/li>\n<li>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u8f38\u51fa\u3078\u306e\u4f9d\u5b58\u306a\u3069\u7d4c\u6e08\u306e\u96c6\u4e2d\u5ea6<\/li>\n<li>\u5916\u8ca8\u5efa\u3066\u50b5\u52d9\u306e\u6bd4\u7387\u3084\u901a\u8ca8\u30df\u30b9\u30de\u30c3\u30c1<\/li>\n<li>\u652f\u6255\u610f\u601d\u306e\u554f\u984c\u306f\u7d4c\u6e08\u304c\u5065\u5168\u3067\u3082\u751f\u3058\u3046\u308b<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u682a\u5f0f\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u8a2d\u5b9a<\/h3>\n<p>\u682a\u5f0f\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f<strong>\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb<\/strong>\u306a\u7d71\u8a08\u3001<strong>DCF\uff08\u30b0\u30ea\u30ce\u30eb\u30c9\u30fb\u30af\u30ed\u30fc\u30ca\u30fc\u30fb\u30e2\u30c7\u30eb\uff09<\/strong>\u3001\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u30d3\u30eb\u30c7\u30a3\u30f3\u30b0\u30fb\u30d6\u30ed\u30c3\u30af\uff09\u3001<strong>\u30b7\u30f3\u30ac\u30fc\u30fb\u30c6\u30eb\u30cf\u30fc\u30eb\u30fb\u30e2\u30c7\u30eb<\/strong>\u306a\u3069\u306e\u5747\u8861\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u63a8\u5b9a\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b0\u30ea\u30ce\u30eb\u30c9\u30fb\u30af\u30ed\u30fc\u30ca\u30fc\uff1a\u671f\u5f85\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30ea\u30bf\u30fc\u30f3\uff08\u914d\u5f53\u5229\u56de\u308a \u2212 \u682a\u6570\u306e\u5909\u5316\u7387\uff09\uff0b \u540d\u76ee\u5229\u76ca\u6210\u9577 \uff0b \u518d\u8a55\u4fa1\u30ea\u30bf\u30fc\u30f3\uff08PER\u306e\u5909\u5316\u7387\uff09<\/li>\n<li>\u9577\u671f\u3067\u306f\u540d\u76ee\u5229\u76ca\u6210\u9577\u7387\u306f\u540d\u76eeGDP\u6210\u9577\u7387\u306b\u8fd1\u3044<\/li>\n<li>\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u76f4\u63a5\u4e88\u6e2c\u3059\u308b\u306e\u306f\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u81ea\u4f53\u3092\u4e88\u6e2c\u3059\u308b\u306e\u3068\u540c\u7a0b\u5ea6\u306b\u96e3\u3057\u3044<\/li>\n<li>\u30b7\u30f3\u30ac\u30fc\u30fb\u30c6\u30eb\u30cf\u30fc\u30eb\uff1a\u5b8c\u5168\u7d71\u5408\u3068\u5b8c\u5168\u5206\u65ad\u306e\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u52a0\u91cd\u5e73\u5747<\/li>\n<li>\u5b8c\u5168\u7d71\u5408\u3067\u306f\u76f8\u95a2 \u00d7 \u8cc7\u7523\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u00d7 \u5e02\u5834\u306e\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u3001\u5b8c\u5168\u5206\u65ad\u3067\u306f\u76f8\u95a2\u30921\u3068\u3059\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">E(R\u2091) \u2248 D\/P \u2212 %\u0394S \uff0b i \uff0b g \uff0b %\u0394P\/E\uff08i\uff1a\u30a4\u30f3\u30d5\u30ec\u7387\u3001g\uff1a\u5b9f\u8cea\u5229\u76ca\u6210\u9577\u7387\uff09<\/div>\n<h3>LOS 4\uff1a\u65b0\u8208\u56fd\u682a\u5f0f\u306e\u30ea\u30b9\u30af<\/h3>\n<p>\u65b0\u8208\u56fd\u682a\u5f0f\u306f\u65b0\u8208\u56fd\u50b5\u5238\u3068\u540c\u3058\u6839\u672c\u7684\u306a\u30ea\u30b9\u30af\u3001\u3059\u306a\u308f\u3061<strong>\u8106\u5f31\u306a\u7d4c\u6e08<\/strong>\u3001<strong>\u4e0d\u5b89\u5b9a\u306a\u653f\u6cbb\u30fb\u653f\u7b56<\/strong>\u3001<strong>\u5f31\u3044\u6cd5\u7684\u4fdd\u8b77<\/strong>\u306b\u3055\u3089\u3055\u308c\u307e\u3059\u3002\u6240\u6709\u6a29\u306e\u4fa1\u5024\u304c<strong>\u53ce\u596a<\/strong>\u3055\u308c\u308b\u30ea\u30b9\u30af\u306b\u7279\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u6c34\u6e96<\/li>\n<li>\u4f1a\u8a08\u30fb\u958b\u793a\u306e\u57fa\u6e96<\/li>\n<li>\u8ca1\u7523\u6a29\u306b\u95a2\u3059\u308b\u6cd5\u5236\u5ea6<\/li>\n<li>\u653f\u5e9c\u306e\u884c\u52d5\u306b\u5bfe\u3059\u308b\u30c1\u30a7\u30c3\u30af\u30fb\u30a2\u30f3\u30c9\u30fb\u30d0\u30e9\u30f3\u30b9<\/li>\n<li>\u5c11\u6570\u682a\u4e3b\u306e\u4fdd\u8b77<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u4e0d\u52d5\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/h3>\n<p>\u4e0d\u52d5\u7523\u306e\u6a19\u6e96\u7684\u306a\u8a55\u4fa1\u6307\u6a19\u306f<strong>\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8<\/strong>\uff08\u5f53\u671fNOI \u00f7 \u7269\u4ef6\u4fa1\u5024\uff09\u3067\u3059\u3002\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u30b0\u30ea\u30ce\u30eb\u30c9\u30fb\u30af\u30ed\u30fc\u30ca\u30fc\u306b\u4f3c\u305f\u30e2\u30c7\u30eb\u3067\u63a8\u5b9a\u3067\u304d\u3001\u30d3\u30eb\u30c7\u30a3\u30f3\u30b0\u30fb\u30d6\u30ed\u30c3\u30af\u306e\u3059\u3079\u3066\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u542b\u307f\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u7269\u4ef6\u30bf\u30a4\u30d7\u3001\u4f4e\u54c1\u8cea\u306e\u7269\u4ef6\u3001\u9b45\u529b\u306e\u4f4e\u3044\u7acb\u5730\u307b\u3069\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u304c\u9ad8\u3044<\/li>\n<li>\u4e0d\u52d5\u7523\u306f\u666f\u6c17\u5faa\u74b0\u3092\u5897\u5e45\u3057\u3001\u666f\u6c17\u5faa\u74b0\u306b\u5de6\u53f3\u3055\u308c\u308b\u30d6\u30fc\u30e0\u30fb\u30d0\u30b9\u30c8\u30fb\u30b5\u30a4\u30af\u30eb\u3092\u6301\u3064<\/li>\n<li>\u671f\u9593\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u9577\u5bff\u547d\u3067\u5b89\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u3001\u4fe1\u7528\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u56fa\u5b9a\u671f\u9593\u30ea\u30fc\u30b9\u306f\u30c6\u30ca\u30f3\u30c8\u306e\u793e\u50b5\u306b\u985e\u4f3c\uff09<\/li>\n<li>\u682a\u5f0f\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u7269\u4ef6\u4fa1\u5024\u30fb\u8cc3\u6599\u30fb\u7a7a\u5ba4\u306e\u30ea\u30b9\u30af\uff09\u3001\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u53d6\u5f15\u304c\u5c11\u306a\u304f\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\uff09<\/li>\n<li>\u5e73\u6ed1\u5316\u3055\u308c\u305f\u30c7\u30fc\u30bf\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u904e\u5c0f\u8a55\u4fa1\u3057\u3001\u76f8\u95a2\u3092\u3086\u304c\u3081\u308b\u305f\u3081\u8abf\u6574\u304c\u5fc5\u8981<\/li>\n<\/ul>\n<div class=\"cfalm-f\">E(R_re) \uff1d \u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8 \uff0b NOI\u6210\u9577\u7387 \u2212 \u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u306e\u5909\u5316\u7387<\/div>\n<h3>LOS 6\uff1a\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u4e88\u6e2c<\/h3>\n<p>\u70ba\u66ff\u30ec\u30fc\u30c8\u306f\u653f\u5e9c\u3001\u91d1\u878d\u30b7\u30b9\u30c6\u30e0\u3001\u6cd5\u5236\u5ea6\u3001\u5730\u7406\u306a\u3069\u306b\u7d50\u3073\u3064\u3044\u3066\u3044\u308b\u305f\u3081\u4e88\u6e2c\u304c\u7279\u306b\u96e3\u3057\u304f\u3001<strong>\u6700\u3082\u5f71\u97ff\u306e\u5927\u304d\u3044\u8981\u56e0<\/strong>\u3092\u898b\u6975\u3081\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u4e3b\u306a\u8996\u70b9\u306f<strong>\u8ca1\u30fb\u30b5\u30fc\u30d3\u30b9\u306e\u8cbf\u6613<\/strong>\u3001<strong>\u8cc7\u672c\u79fb\u52d5<\/strong>\u3001<strong>\u8cfc\u8cb7\u529b\u5e73\u4fa1<\/strong>\u3001<strong>\u91d1\u5229\u5e73\u4fa1<\/strong>\u306a\u3069\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u8cc7\u91d1\u8abf\u9054\u304c\u53ef\u80fd\u3067\u3042\u308c\u3070\u3001\u8cbf\u6613\u30d5\u30ed\u30fc\u306f\u70ba\u66ff\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u306a\u3044\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u56fd\u969b\u7684\u306a\u8cc7\u672c\u79fb\u52d5\u306f\u8cbf\u6613\u91d1\u878d\u306e\u30d5\u30ed\u30fc\u3088\u308a\u5927\u304d\u304f\u5909\u52d5\u3082\u5927\u304d\u3044<\/li>\n<li>\u8cfc\u8cb7\u529b\u5e73\u4fa1\uff08PPP\uff09\u306f\u77ed\u4e2d\u671f\u306e\u4e88\u6e2c\u529b\u306f\u4f4e\u3044\u304c\u3001\u9577\u671f\u306e\u76ee\u5b89\u306b\u306a\u308b<\/li>\n<li>\u7d4c\u5e38\u53ce\u652f\u306e\u6301\u7d9a\u6027\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30d0\u30e9\u30f3\u30b9\uff08\u6295\u8cc7\u5bb6\u306e\u4fdd\u6709\u610f\u6b32\uff09\u3001\u8cc7\u672c\u79fb\u52d5\u306e\u6025\u306a\u53cd\u8ee2\uff08\u30b5\u30c9\u30f3\u30fb\u30b9\u30c8\u30c3\u30d7\uff09<\/li>\n<li>\u91d1\u5229\u5dee\u3068\u901a\u8ca8\u306e\u30ad\u30e3\u30ea\u30fc\u3001\u4e2d\u592e\u9280\u884c\u306e\u4ecb\u5165<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4e88\u6e2c<\/h3>\n<p>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3084\u5171\u5206\u6563\u884c\u5217\u306e\u4e88\u6e2c\u306b\u306f\u3001<strong>\u6a19\u672c\u7d71\u8a08\u91cf<\/strong>\u3001<strong>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/strong>\u3001<strong>\u7e2e\u5c0f\u63a8\u5b9a<\/strong>\u3001<strong>ARCH\uff0fGARCH\u30e2\u30c7\u30eb<\/strong>\u3001<strong>\u5e73\u6ed1\u5316\u30c7\u30fc\u30bf\u306e\u4fee\u6b63<\/strong>\u306a\u3069\u306e\u624b\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6a19\u672c\u5171\u5206\u6563\u884c\u5217\uff1a\u8cc7\u7523\u6570\u304c\u591a\u3044\u3068\u63a8\u5b9a\u8aa4\u5dee\u304c\u5927\u304d\u3044<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\uff1a\u69cb\u9020\u3092\u8ab2\u3057\u3066\u63a8\u5b9a\u8aa4\u5dee\u3092\u6e1b\u3089\u3059\u304c\u3001\u504f\u308a\u304c\u751f\u3058\u3046\u308b<\/li>\n<li>\u7e2e\u5c0f\u63a8\u5b9a\uff1a\u6a19\u672c\u63a8\u5b9a\u5024\u3068\u76ee\u6a19\u5024\u306e\u52a0\u91cd\u5e73\u5747\u3067\u7cbe\u5ea6\u3092\u9ad8\u3081\u308b<\/li>\n<li>ARCH\uff08GARCH\uff09\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u6642\u9593\u5909\u52d5\u3068\u30af\u30e9\u30b9\u30bf\u30ea\u30f3\u30b0\u3092\u6349\u3048\u308b<\/li>\n<li>\u5e73\u6ed1\u5316\u3055\u308c\u305f\u30ea\u30bf\u30fc\u30f3\uff08\u9451\u5b9a\u8a55\u4fa1\u306a\u3069\uff09\u306f\u771f\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u904e\u5c0f\u8a55\u4fa1\u3059\u308b\u305f\u3081\u4fee\u6b63<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u03c3\u209c\u00b2 \uff1d \u03b3 \uff0b \u03b1 \u03c3\u209c\u208b\u2081\u00b2 \uff0b \u03b2 \u03b7\u209c\u00b2\uff08ARCH\u578b\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e88\u6e2c\uff09<\/div>\n<h3>LOS 8\uff1a\u30de\u30af\u30ed\u8981\u56e0\u306b\u57fa\u3065\u304f\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u8abf\u6574<\/h3>\n<p>\u666f\u6c17\u5faa\u74b0\u306e\u5c40\u9762\u3001\u91d1\u878d\u30fb\u8ca1\u653f\u653f\u7b56\u3001\u6210\u9577\u7387\u3084\u30a4\u30f3\u30d5\u30ec\u306e\u898b\u901a\u3057\u306a\u3069\u306e\u30de\u30af\u30ed\u8981\u56e0\u306e\u5909\u5316\u306b\u57fa\u3065\u3044\u3066\u3001<strong>\u56fd\u30fb\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30a6\u30a8\u30a4\u30c8\u3092\u5909\u66f4<\/strong>\u3059\u308b\u5224\u65ad\u3092\u884c\u3044\u307e\u3059\u3002\u5909\u66f4\u306f\u7d4c\u6e08\u5206\u6790\u3068\u8cc7\u672c\u5e02\u5834\u671f\u5f85\u3068\u306e\u6574\u5408\u6027\u306b\u57fa\u3065\u3044\u3066\u6b63\u5f53\u5316\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u666f\u6c17\u62e1\u5927\u304c\u898b\u8fbc\u307e\u308c\u308b\u56fd\uff1a\u682a\u5f0f\u30fb\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u6bd4\u7387\u3092\u9ad8\u3081\u308b<\/li>\n<li>\u666f\u6c17\u6e1b\u901f\u30fb\u91d1\u878d\u7de9\u548c\u304c\u898b\u8fbc\u307e\u308c\u308b\u56fd\uff1a\u9577\u671f\u56fd\u50b5\u306e\u6bd4\u7387\u3092\u9ad8\u3081\u308b<\/li>\n<li>\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u3084\u653f\u7b56\u306e\u7d44\u5408\u305b\u304b\u3089\u50b5\u5238\u306e\u914d\u5206\u3092\u5224\u65ad<\/li>\n<li>\u70ba\u66ff\u306e\u898b\u901a\u3057\u3082\u56fd\u5225\u914d\u5206\u306b\u53cd\u6620<\/li>\n<li>\u5224\u65ad\u306f\u30af\u30ed\u30b9\u30bb\u30af\u30b7\u30e7\u30f3\u3068\u7570\u6642\u70b9\u9593\u306e\u6574\u5408\u6027\u3092\u4fdd\u3064<\/li>\n<\/ul>\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\/level3-mail\/\" target=\"_blank\" rel=\"noopener\">Level 3 \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-l3-aa-lm1\/\">LM1 Capital Market Expectations, Part 1: Framework and Macro Considerations\uff08\u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 1\uff1a\u67a0\u7d44\u307f\u3068\u30de\u30af\u30ed\u8981\u56e0\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm3\/\">LM3 Overview of Asset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u6982\u8981\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-aa\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Asset Allocation\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Asset Allocation LM2\u300cCapital Market Expectations, Part 2: Forecasting Asset Class Returns\uff08\u8cc7\u672c\u5e02\u5834\u671f\u5f85\uff1a\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u4e88\u6e2c\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":11216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-10870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level3-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10870","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=10870"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10870\/revisions"}],"predecessor-version":[{"id":11367,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10870\/revisions\/11367"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11216"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}