{"id":11414,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11414"},"modified":"2026-09-24T18:45:49","modified_gmt":"2026-09-24T09:45:49","slug":"cfa-l1-equity-glossary","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l1-equity-glossary\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Equities \u7528\u8a9e\u96c6\u3011Equities \u306e\u91cd\u8981\u7528\u8a9e110\u8a9e\uff5c\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u3092\u5358\u5143\u5225\u306b\u6574\u7406"},"content":{"rendered":"<style> .cfagl-nav{background:#f6f7fb;border-radius:6px;padding:1em 1.2em;margin:1em 0;line-height:1.9;word-break:normal;overflow-wrap:anywhere} .cfagl-nav a{display:block;margin:.15em 0} .cfagl-lm{font-size:.9em;margin:.2em 0 1em} .cfagl-t{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.75em 1em;margin:0 0 .8em;background:#fff} .cfagl-t .en{display:block;font-weight:bold;color:#172152;line-height:1.5;word-break:normal;overflow-wrap:anywhere} .cfagl-t .ja{display:block;font-size:.9em;color:#555;margin:.15em 0 .4em;line-height:1.5} .cfagl-t .df{display:block;line-height:1.75} .cfafm-c{border:1px solid #d5d9e3;border-top:4px solid #172152;border-radius:4px;padding:.9em 1em;margin:0 0 1.2em;background:#fff} .cfafm-c .nm{display:block;font-weight:bold;color:#172152;line-height:1.5} .cfafm-c .ne{display:block;font-size:.85em;color:#667;margin-bottom:.5em;word-break:normal;overflow-wrap:anywhere} .cfafm-x{background:#f6f7fb;border-radius:4px;padding:.6em .8em;margin:.4em 0 .7em;overflow-x:auto;overflow-y:hidden;-webkit-overflow-scrolling:touch} .cfafm-x .katex-display{margin:.3em 0!important} .cfafm-lg{margin:.3em 0 .6em;padding:0;font-size:.92em} .cfafm-lg div{display:flex;gap:.8em;padding:.25em 0;border-bottom:1px dotted #d5d9e3;line-height:1.6} .cfafm-lg .s{flex:0 0 auto;min-width:4.5em;max-width:45%;overflow-x:auto} .cfafm-lg .d{flex:1 1 auto} .cfafm-u{display:block;line-height:1.75;font-size:.95em} .cfafm-u b{color:#172152} .cfahub-g{display:grid;grid-template-columns:repeat(auto-fill,minmax(250px,1fr));gap:.8em;margin:1em 0} .cfahub-g a{display:block;border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em;background:#fff;text-decoration:none;color:#172152;line-height:1.5} .cfahub-g a .n{display:block;font-weight:bold} .cfahub-g a .j{display:block;font-size:.88em;color:#555} .cfagl-t p:empty,.cfafm-c p:empty,.cfahub-g p:empty,.cfagl-nav p:empty{display:none} .cfagl-lsc{border:2px solid #c9a227;background:#fffbea;border-radius:6px;padding:.9em 1.1em;margin:1em 0 1.4em;line-height:1.75} .cfagl-lsc b{display:block;color:#8a6d1d;margin-bottom:.3em} .cfagl-lsc a{display:inline-block;margin-top:.4em;font-weight:bold} .cfahub-g a .c{display:block;font-size:.82em;color:#8a6d1d;margin-top:.3em} <\/style>\n<div class=\"box05\">CFA\u00ae\ufe0e Level 1\u300cEquities\uff08\u682a\u5f0f\uff09\u300d\u3067\u4f7f\u308f\u308c\u308b\u91cd\u8981\u7528\u8a9e\u3092\u3001\u5b66\u7fd2\u5358\u5143\uff08Learning Module\uff09\u3054\u3068\u306b<strong>\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473<\/strong>\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u516812\u5358\u5143\u30fb110\u8a9e\u3092\u53ce\u9332\u3057\u3066\u3044\u307e\u3059\u3002\u82f1\u8a9e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u3092\u8aad\u3080\u3068\u304d\u306e\u8f9e\u66f8\u4ee3\u308f\u308a\u306b\u304a\u4f7f\u3044\u304f\u3060\u3055\u3044\u3002<\/div>\n<div class=\"cfagl-lsc\"><b>Leveraged Support Course \u3092\u3054\u5229\u7528\u306e\u65b9\u3078<\/b>FA-Academy \u306e Leveraged Support Course\uff08LSC\uff09\u3092\u3054\u5229\u7528\u306e\u65b9\u306b\u306f\u3001\u3053\u306e\u7528\u8a9e\u96c6\u3068\u516c\u5f0f\u96c6\u3092\u30ec\u30d9\u30eb\u5225\u306b\u6574\u7406\u3057\u305f\u8cc7\u6599\uff08PDF\uff09\u3092\u304a\u6e21\u3057\u3057\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30e9\u30a4\u30f3\u3067\u306e\u78ba\u8a8d\u3084\u8a66\u9a13\u76f4\u524d\u306e\u898b\u76f4\u3057\u306b\u3054\u6d3b\u7528\u304f\u3060\u3055\u3044\u3002<a href=\"https:\/\/triumphmind.com\/cfa\/secret_source\/\">Level 1 Leveraged Support Course \u306e\u8a73\u7d30\u3092\u898b\u308b<\/a><\/div>\n<h2>\u5358\u5143\uff08LM\uff09\u4e00\u89a7<\/h2>\n<div class=\"cfagl-nav\"><a href=\"#l1-equity-g-lm1\">LM1 \u682a\u5f0f\u306e\u5546\u54c1\u6027<\/a><a href=\"#l1-equity-g-lm2\">LM2 \u682a\u5f0f\u306e\u6cd5\u57df\u30fb\u7a2e\u985e\u682a\u3068\u8b70\u6c7a\u6a29\u884c\u4f7f\u30d7\u30ed\u30bb\u30b9<\/a><a href=\"#l1-equity-g-lm3\">LM3 \u682a\u5f0f\u306e\u767a\u884c\u3068\u53d6\u5f15<\/a><a href=\"#l1-equity-g-lm4\">LM4 \u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9<\/a><a href=\"#l1-equity-g-lm5\">LM5 \u682a\u5f0f\u8a55\u4fa1\u5165\u9580<\/a><a href=\"#l1-equity-g-lm6\">LM6 DCF\u3068\u6210\u9577\u30e2\u30c7\u30eb<\/a><a href=\"#l1-equity-g-lm7\">LM7 \u76f8\u5bfe\u4fa1\u5024\u306b\u3088\u308b\u682a\u5f0f\u8a55\u4fa1<\/a><a href=\"#l1-equity-g-lm8\">LM8 \u682a\u5f0f\u8a55\u4fa1\u306b\u304a\u3051\u308b\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c<\/a><a href=\"#l1-equity-g-lm9\">LM9 \u696d\u754c\u5206\u6790\u3068\u7af6\u4e89\u5206\u6790<\/a><a href=\"#l1-equity-g-lm10\">LM10 \u4f01\u696d\u5206\u6790\uff1a\u904e\u53bb\u30fb\u73fe\u5728\u30fb\u5c06\u6765<\/a><a href=\"#l1-equity-g-lm11\">LM11 \u682a\u5f0f\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u30ea\u30b5\u30fc\u30c1\u30ec\u30dd\u30fc\u30c8<\/a><a href=\"#l1-equity-g-lm12\">LM12 CAPM\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30e2\u30c7\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30e2\u30c7\u30eb<\/a><\/div>\n<h2>Equities \u306e\u91cd\u8981\u7528\u8a9e\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l1-equity-g-lm1\">LM1 Equity Instrument Features\uff08\u682a\u5f0f\u306e\u5546\u54c1\u6027\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm1\/\">LM1 \u682a\u5f0f\u306e\u5546\u54c1\u6027<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Common Shares<\/div>\n<div class=\"ja\">\u666e\u901a\u682a\u5f0f<\/div>\n<div class=\"df\">\u4f01\u696d\u306b\u5bfe\u3059\u308b\u6b8b\u4f59\u6301\u5206\u3092\u8868\u3059\u682a\u5f0f\u3002\u914d\u5f53\u3084\u6e05\u7b97\u6642\u306e\u6b8b\u4f59\u8ca1\u7523\u3092\u6301\u5206\u306b\u5fdc\u3058\u3066\u53d7\u3051\u53d6\u308b\u7d4c\u6e08\u7684\u6a29\u5229\u3068\u3001\u53d6\u7de0\u5f79\u9078\u4efb\u306a\u3069\u306e\u8b70\u6c7a\u6a29\u3092\u6301\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Preference Shares (Preferred Stock)<\/div>\n<div class=\"ja\">\u512a\u5148\u682a\u5f0f<\/div>\n<div class=\"df\">\u914d\u5f53\u3068\u6e05\u7b97\u6642\u306e\u5206\u914d\u3067\u666e\u901a\u682a\u5f0f\u306b\u512a\u5148\u3059\u308b\u682a\u5f0f\u3002\u984d\u9762\u306b\u5bfe\u3059\u308b\u56fa\u5b9a\u7387\u306e\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308b\u4e00\u65b9\u3001\u539f\u5247\u3068\u3057\u3066\u8b70\u6c7a\u6a29\u3092\u6301\u305f\u305a\u3001\u50b5\u5238\u3068\u666e\u901a\u682a\u5f0f\u306e\u4e2d\u9593\u7684\u306a\u6027\u8cea\u3092\u6301\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cumulative Preference Shares<\/div>\n<div class=\"ja\">\u7d2f\u7a4d\u578b\u512a\u5148\u682a\u5f0f<\/div>\n<div class=\"df\">\u652f\u6255\u308f\u308c\u306a\u304b\u3063\u305f\u512a\u5148\u914d\u5f53\u304c\u7d2f\u7a4d\u3057\u3001\u666e\u901a\u682a\u5f0f\u306b\u914d\u5f53\u3059\u308b\u524d\u306b\u672a\u6255\u5206\u3092\u3059\u3079\u3066\u652f\u6255\u3046\u5fc5\u8981\u304c\u3042\u308b\u512a\u5148\u682a\u5f0f\u3002\u975e\u7d2f\u7a4d\u578b\u3067\u306f\u672a\u6255\u5206\u306f\u5931\u308f\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Participating Preference Shares<\/div>\n<div class=\"ja\">\u53c2\u52a0\u578b\u512a\u5148\u682a\u5f0f<\/div>\n<div class=\"df\">\u56fa\u5b9a\u306e\u512a\u5148\u914d\u5f53\u306b\u52a0\u3048\u3001\u4f01\u696d\u306e\u5229\u76ca\u304c\u4e00\u5b9a\u6c34\u6e96\u3092\u8d85\u3048\u305f\u5834\u5408\u306b\u8ffd\u52a0\u306e\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308c\u308b\u512a\u5148\u682a\u5f0f\u3002\u6e05\u7b97\u6642\u306b\u8ffd\u52a0\u306e\u5206\u914d\u3092\u53d7\u3051\u3089\u308c\u308b\u3082\u306e\u3082\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Liquidation Preference<\/div>\n<div class=\"ja\">\u6e05\u7b97\u512a\u5148\u6a29<\/div>\n<div class=\"df\">\u4f01\u696d\u306e\u6e05\u7b97\u6642\u306b\u3001\u512a\u5148\u682a\u4e3b\u304c\u666e\u901a\u682a\u4e3b\u3088\u308a\u5148\u306b\u984d\u9762\u306a\u3069\u306e\u4e00\u5b9a\u984d\u306e\u5206\u914d\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u3002\u512a\u5148\u682a\u5f0f\u306b\u4ed8\u3055\u308c\u308b\u6761\u4ef6\u306e\u4e00\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Proxy Voting<\/div>\n<div class=\"ja\">\u59d4\u4efb\u72b6\u306b\u3088\u308b\u8b70\u6c7a\u6a29\u884c\u4f7f<\/div>\n<div class=\"df\">\u682a\u4e3b\u7dcf\u4f1a\u306b\u51fa\u5e2d\u3057\u306a\u3044\u682a\u4e3b\u304c\u3001\u59d4\u4efb\u72b6\uff08\u30d7\u30ed\u30ad\u30b7\u30fc\uff09\u306b\u3088\u3063\u3066\u7d4c\u55b6\u9663\u3084\u4ed6\u306e\u682a\u4e3b\u306a\u3069\u306b\u8b70\u6c7a\u6a29\u306e\u884c\u4f7f\u3092\u59d4\u306d\u308b\u4ed5\u7d44\u307f\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Private Equity<\/div>\n<div class=\"ja\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/div>\n<div class=\"df\">\u53d6\u5f15\u6240\u306b\u4e0a\u5834\u3057\u3066\u3044\u306a\u3044\u4f01\u696d\u306e\u682a\u5f0f\u3001\u307e\u305f\u306f\u305d\u308c\u3078\u306e\u6295\u8cc7\u3002\u5c11\u6570\u306e\u6295\u8cc7\u5bb6\u304c\u652f\u914d\u7684\u306a\u6301\u5206\u3092\u6301\u3061\u3001\u76f8\u5bfe\u4ea4\u6e09\u3067\u53d6\u5f15\u3055\u308c\u308b\u305f\u3081\u6d41\u52d5\u6027\u304c\u4f4e\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Venture Capital<\/div>\n<div class=\"ja\">\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb<\/div>\n<div class=\"df\">\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306e\u521d\u671f\u306b\u3042\u308b\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f01\u696d\u306b\u3001\u6210\u9577\u8cc7\u91d1\u3092\u682a\u5f0f\u3067\u63d0\u4f9b\u3059\u308b\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u3002\u5931\u6557\u306e\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u4e00\u65b9\u3001\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Buyout<\/div>\n<div class=\"ja\">\u30d0\u30a4\u30a2\u30a6\u30c8<\/div>\n<div class=\"df\">\u6210\u719f\u4f01\u696d\u3084\u4e0a\u5834\u4f01\u696d\u306e\u652f\u914d\u6a29\u3092\u53d6\u5f97\u3059\u308b\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u3002\u501f\u5165\u3092\u6d3b\u7528\u3059\u308b\u5834\u5408\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\u3068\u547c\u3070\u308c\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-equity-g-lm2\">LM2 Equity Jurisdictions, Classes, and the Voting Process\uff08\u682a\u5f0f\u306e\u6cd5\u57df\u30fb\u7a2e\u985e\u682a\u3068\u8b70\u6c7a\u6a29\u884c\u4f7f\u30d7\u30ed\u30bb\u30b9\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm2\/\">LM2 \u682a\u5f0f\u306e\u6cd5\u57df\u30fb\u7a2e\u985e\u682a\u3068\u8b70\u6c7a\u6a29\u884c\u4f7f\u30d7\u30ed\u30bb\u30b9<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Dual Listing<\/div>\n<div class=\"ja\">\u30c7\u30e5\u30a2\u30eb\u30fb\u30ea\u30b9\u30c6\u30a3\u30f3\u30b0<\/div>\n<div class=\"df\">\u540c\u3058\u4f01\u696d\u306e\u682a\u5f0f\u3092\u3001\u672c\u56fd\u3068\u5916\u56fd\u306a\u30692\u3064\u4ee5\u4e0a\u306e\u53d6\u5f15\u6240\u306b\u540c\u6642\u306b\u4e0a\u5834\u3059\u308b\u3053\u3068\u3002\u767a\u884c\u4f53\u304c\u56fd\u5916\u306e\u6295\u8cc7\u5bb6\u3084\u8cc7\u672c\u5e02\u5834\u306b\u30a2\u30af\u30bb\u30b9\u3059\u308b\u624b\u6bb5\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Depository Receipt (DR)<\/div>\n<div class=\"ja\">\u9810\u8a17\u8a3c\u5238\uff08DR\uff09<\/div>\n<div class=\"df\">\u5916\u56fd\u4f01\u696d\u306e\u682a\u5f0f\u3092\u9810\u8a17\u9280\u884c\u306b\u9810\u3051\u3001\u305d\u308c\u3092\u88cf\u4ed8\u3051\u3068\u3057\u3066\u767a\u884c\u3055\u308c\u308b\u8a3c\u5238\u3002\u6295\u8cc7\u5bb6\u306f\u81ea\u56fd\u5e02\u5834\u30fb\u81ea\u56fd\u901a\u8ca8\u3067\u5916\u56fd\u682a\u5f0f\u306b\u9593\u63a5\u6295\u8cc7\u3067\u304d\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">American Depository Receipt (ADR)<\/div>\n<div class=\"ja\">\u7c73\u56fd\u9810\u8a17\u8a3c\u5238\uff08ADR\uff09<\/div>\n<div class=\"df\">\u7c73\u56fd\u5e02\u5834\u3067\u7c73\u30c9\u30eb\u5efa\u3066\u3067\u53d6\u5f15\u3055\u308c\u308b\u9810\u8a17\u8a3c\u5238\u3002\u5916\u56fd\u4f01\u696d\u306e\u682a\u5f0f\u306b\u5bfe\u3059\u308b\u6301\u5206\u3092\u8868\u3057\u3001\u4fa1\u683c\u306fDR\u6bd4\u7387\u3068\u70ba\u66ff\u30ec\u30fc\u30c8\u3092\u901a\u3058\u3066\u73fe\u5730\u682a\u4fa1\u3068\u307b\u307c\u9023\u52d5\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Global Depository Receipt (GDR)<\/div>\n<div class=\"ja\">\u30b0\u30ed\u30fc\u30d0\u30eb\u9810\u8a17\u8a3c\u5238\uff08GDR\uff09<\/div>\n<div class=\"df\">\u767a\u884c\u4f01\u696d\u306e\u672c\u56fd\u5916\u304b\u3064\u7c73\u56fd\u5916\u3067\u767a\u884c\u3055\u308c\u308b\u9810\u8a17\u8a3c\u5238\u3002\u672c\u56fd\u306e\u5916\u8cc7\u898f\u5236\u3084\u8cc7\u672c\u79fb\u52d5\u898f\u5236\u3092\u53d7\u3051\u305a\u306b\u3001\u56fd\u969b\u7684\u306a\u6295\u8cc7\u5bb6\u304b\u3089\u8cc7\u91d1\u3092\u96c6\u3081\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Sponsored Depository Receipt<\/div>\n<div class=\"ja\">\u30b9\u30dd\u30f3\u30b5\u30fc\u4ed8\u304d\u9810\u8a17\u8a3c\u5238<\/div>\n<div class=\"df\">\u767a\u884c\u4f01\u696d\u304c\u95a2\u4e0e\u3057\u3066\u767a\u884c\u3055\u308c\u308b\u9810\u8a17\u8a3c\u5238\u3002\u4fdd\u6709\u8005\u306f\u76f4\u63a5\u4fdd\u6709\u3068\u540c\u7b49\u306e\u8b70\u6c7a\u6a29\u30fb\u914d\u5f53\u6a29\u3092\u6301\u3061\u3001\u767a\u884c\u4f01\u696d\u306b\u306f\u91cd\u3044\u5831\u544a\u7fa9\u52d9\u304c\u8ab2\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Dual-Class Share Structure<\/div>\n<div class=\"ja\">\u30c7\u30e5\u30a2\u30eb\u30fb\u30af\u30e9\u30b9\u682a\u5f0f\u69cb\u9020<\/div>\n<div class=\"df\">\u8b70\u6c7a\u6a29\u3084\u7d4c\u6e08\u7684\u6a29\u5229\u306e\u7570\u306a\u308b\u8907\u6570\u306e\u7a2e\u985e\u682a\u5f0f\u3092\u767a\u884c\u3059\u308b\u69cb\u9020\u3002\u5275\u696d\u8005\u306a\u3069\u304c1\u682a\u8907\u6570\u8b70\u6c7a\u6a29\u306e\u682a\u5f0f\u3092\u6301\u3061\u3001\u5c11\u306a\u3044\u7d4c\u6e08\u7684\u6301\u5206\u3067\u652f\u914d\u3092\u7dad\u6301\u3067\u304d\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Proxy Statement<\/div>\n<div class=\"ja\">\u59d4\u4efb\u72b6\u8aac\u660e\u66f8<\/div>\n<div class=\"df\">\u682a\u4e3b\u7dcf\u4f1a\u306b\u5148\u7acb\u3061\u3001\u8b70\u984c\u3001\u53d6\u7de0\u5f79\u5019\u88dc\u8005\u306e\u60c5\u5831\u3001\u5404\u63d0\u6848\u306b\u5bfe\u3059\u308b\u53d6\u7de0\u5f79\u4f1a\u306e\u8cdb\u5426\u306e\u63a8\u5968\u3068\u7406\u7531\u306a\u3069\u3092\u682a\u4e3b\u306b\u793a\u3059\u66f8\u985e\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Record Date<\/div>\n<div class=\"ja\">\u57fa\u6e96\u65e5<\/div>\n<div class=\"df\">\u8b70\u6c7a\u6a29\u3084\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308b\u682a\u4e3b\u3092\u78ba\u5b9a\u3059\u308b\u65e5\u3002\u3053\u306e\u65e5\u6642\u70b9\u3067\u682a\u4e3b\u540d\u7c3f\u306b\u8a18\u8f09\u3055\u308c\u305f\u682a\u4e3b\u306b\u6a29\u5229\u304c\u5e30\u5c5e\u3057\u3001\u305d\u306e\u5f8c\u306b\u58f2\u5374\u3057\u3066\u3082\u6a29\u5229\u306f\u5931\u308f\u308c\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Proxy Advisor<\/div>\n<div class=\"ja\">\u8b70\u6c7a\u6a29\u884c\u4f7f\u52a9\u8a00\u4f1a\u793e<\/div>\n<div class=\"df\">\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u5bfe\u3057\u3001\u767a\u884c\u4f53\u306e\u8b70\u6848\u306b\u95a2\u3059\u308b\u8abf\u67fb\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u539f\u5247\u3068\u306e\u6bd4\u8f03\u3001\u6295\u7968\u306e\u63a8\u5968\u3001\u884c\u4f7f\u8a18\u9332\u306e\u7ba1\u7406\u306a\u3069\u306e\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3059\u308b\u4f1a\u793e\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Shareholder Proposal<\/div>\n<div class=\"ja\">\u682a\u4e3b\u63d0\u6848<\/div>\n<div class=\"df\">\u7d4c\u55b6\u9663\u3067\u306f\u306a\u304f\u682a\u4e3b\u304c\u682a\u4e3b\u7dcf\u4f1a\u306b\u63d0\u51fa\u3059\u308b\u8b70\u6848\u3002\u901a\u5e38\u306f\u62d8\u675f\u529b\u3092\u6301\u305f\u306a\u3044\u304c\u3001\u76f8\u5f53\u306e\u8cdb\u6210\u3092\u96c6\u3081\u308b\u3068\u767a\u884c\u4f53\u304c\u5bfe\u5fdc\u3092\u6c42\u3081\u3089\u308c\u3084\u3059\u3044\u3002<\/div>\n<\/div>\n<h3 id=\"l1-equity-g-lm3\">LM3 Equity Issuance and Trading\uff08\u682a\u5f0f\u306e\u767a\u884c\u3068\u53d6\u5f15\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm3\/\">LM3 \u682a\u5f0f\u306e\u767a\u884c\u3068\u53d6\u5f15<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Primary Market<\/div>\n<div class=\"ja\">\u767a\u884c\u5e02\u5834<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u304c\u65b0\u305f\u306b\u767a\u884c\u3059\u308b\u682a\u5f0f\u3092\u6295\u8cc7\u5bb6\u306b\u58f2\u5374\u3057\u3001\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u5e02\u5834\u3002IPO\u3084\u4e0a\u5834\u4f01\u696d\u306b\u3088\u308b\u516c\u52df\u5897\u8cc7\u304c\u3053\u308c\u306b\u3042\u305f\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Secondary Market<\/div>\n<div class=\"ja\">\u6d41\u901a\u5e02\u5834<\/div>\n<div class=\"df\">\u65e2\u306b\u767a\u884c\u3055\u308c\u305f\u682a\u5f0f\u304c\u6295\u8cc7\u5bb6\u306e\u9593\u3067\u58f2\u8cb7\u3055\u308c\u308b\u5e02\u5834\u3002\u6d41\u52d5\u6027\u306e\u63d0\u4f9b\u306b\u52a0\u3048\u3001\u4fa1\u683c\u767a\u898b\u3068\u7d4c\u55b6\u9663\u3078\u306e\u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\u306e\u6a5f\u80fd\u3092\u6301\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Initial Public Offering (IPO)<\/div>\n<div class=\"ja\">\u65b0\u898f\u682a\u5f0f\u516c\u958b\uff08IPO\uff09<\/div>\n<div class=\"df\">\u975e\u4e0a\u5834\u4f01\u696d\u304c\u5f15\u53d7\u4eba\u3092\u901a\u3058\u3066\u521d\u3081\u3066\u682a\u5f0f\u3092\u516c\u52df\u3057\u3001\u53d6\u5f15\u6240\u306b\u4e0a\u5834\u3059\u308b\u3053\u3068\u3002\u76ee\u8ad6\u898b\u66f8\u306e\u4f5c\u6210\u3084\u30d6\u30c3\u30af\u30d3\u30eb\u30c7\u30a3\u30f3\u30b0\u3092\u7d4c\u3066\u4fa1\u683c\u304c\u6c7a\u307e\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Special Purpose Acquisition Company (SPAC)<\/div>\n<div class=\"ja\">\u7279\u5225\u8cb7\u53ce\u76ee\u7684\u4f1a\u793e\uff08SPAC\uff09<\/div>\n<div class=\"df\">\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8cb7\u53ce\u3092\u76ee\u7684\u306b\u8a2d\u7acb\u3055\u308c\u3001IPO\u8cc7\u91d1\u3092\u4fe1\u8a17\u53e3\u5ea7\u306b\u7f6e\u304f\u4e0a\u5834\u4f1a\u793e\u3002\u671f\u9650\u5185\u306b\u8cb7\u53ce\u3067\u304d\u306a\u3051\u308c\u3070\u8cc7\u91d1\u3092\u6295\u8cc7\u5bb6\u306b\u8fd4\u9084\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Direct Listing<\/div>\n<div class=\"ja\">\u30c0\u30a4\u30ec\u30af\u30c8\u30fb\u30ea\u30b9\u30c6\u30a3\u30f3\u30b0<\/div>\n<div class=\"df\">\u5f15\u53d7\u4eba\u3092\u901a\u3058\u305f\u65b0\u682a\u306e\u52df\u96c6\u3092\u884c\u308f\u305a\u3001\u65e2\u5b58\u682a\u4e3b\u304c\u4fdd\u6709\u3059\u308b\u682a\u5f0f\u3092\u305d\u306e\u307e\u307e\u53d6\u5f15\u6240\u306b\u4e0a\u5834\u3055\u305b\u308b\u682a\u5f0f\u516c\u958b\u306e\u65b9\u6cd5\u3002\u4e0a\u5834\u6642\u70b9\u3067\u306f\u8cc7\u91d1\u8abf\u9054\u3092\u4f34\u308f\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Block Trade<\/div>\n<div class=\"ja\">\u30d6\u30ed\u30c3\u30af\u30fb\u30c8\u30ec\u30fc\u30c9<\/div>\n<div class=\"df\">\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306a\u3069\u306b\u3088\u308b\u5927\u53e3\u306e\u682a\u5f0f\u306e\u4e00\u62ec\u58f2\u8cb7\u3002\u5e02\u5834\u3078\u306e\u5f71\u97ff\u3092\u6291\u3048\u308b\u305f\u3081\u3001\u53d6\u5f15\u6240\u5916\u3067\u57f7\u884c\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Bid-Ask Spread<\/div>\n<div class=\"ja\">\u30d3\u30c3\u30c9\u30fb\u30a2\u30b9\u30af\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9<\/div>\n<div class=\"df\">\u6700\u4f4e\u306e\u58f2\u308a\u6c17\u914d\u3068\u6700\u9ad8\u306e\u8cb7\u3044\u6c17\u914d\u306e\u5dee\u3002\u58f2\u8cb7\u306b\u4f34\u3046\u6697\u9ed9\u7684\u306a\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u4ee3\u8868\u7684\u306a\u6307\u6a19\u3067\u3001\u72ed\u3044\u307b\u3069\u6d41\u52d5\u6027\u304c\u9ad8\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Market Float<\/div>\n<div class=\"ja\">\u6d6e\u52d5\u682a<\/div>\n<div class=\"df\">\u767a\u884c\u6e08\u682a\u5f0f\u6570\u304b\u3089\u3001\u8b72\u6e21\u5236\u9650\u682a\u5f0f\u306a\u3069\u5e02\u5834\u3067\u58f2\u8cb7\u3067\u304d\u306a\u3044\u682a\u5f0f\u3092\u5dee\u3057\u5f15\u3044\u305f\u682a\u5f0f\u6570\u3002\u5b9f\u969b\u306b\u5e02\u5834\u3067\u53d6\u5f15\u53ef\u80fd\u306a\u682a\u5f0f\u306e\u91cf\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Average Daily Volume (ADV)<\/div>\n<div class=\"ja\">\u5e73\u5747\u65e5\u6b21\u51fa\u6765\u9ad8<\/div>\n<div class=\"df\">\u4e00\u5b9a\u671f\u9593\u306e\u65e5\u3005\u306e\u58f2\u8cb7\u682a\u6570\u306e\u5e73\u5747\u3002\u6d6e\u52d5\u682a\u306b\u5bfe\u3059\u308b\u6bd4\u7387\uff08\u56de\u8ee2\u7387\uff09\u306f\u3001\u4fdd\u6709\u682a\u306e\u58f2\u5374\u306b\u8981\u3059\u308b\u65e5\u6570\u306e\u76ee\u5b89\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Float-Adjusted Market-Capitalization Weighting<\/div>\n<div class=\"ja\">\u6d6e\u52d5\u682a\u8abf\u6574\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd<\/div>\n<div class=\"df\">\u5404\u9298\u67c4\u306e\u682a\u4fa1\u306b\u6d6e\u52d5\u682a\u6570\u3092\u639b\u3051\u305f\u6642\u4fa1\u7dcf\u984d\u306b\u6bd4\u4f8b\u3057\u3066\u30a6\u30a7\u30a4\u30c8\u3092\u6c7a\u3081\u308b\u6307\u6570\u306e\u52a0\u91cd\u65b9\u5f0f\u3002\u5e83\u7bc4\u306a\u682a\u4fa1\u6307\u6570\u306e\u591a\u304f\u304c\u63a1\u7528\u3057\u3066\u3044\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-equity-g-lm4\">LM4 Sources of Equity Returns\uff08\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm4\/\">LM4 \u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Share Repurchase<\/div>\n<div class=\"ja\">\u81ea\u793e\u682a\u8cb7\u3044<\/div>\n<div class=\"df\">\u4f01\u696d\u304c\u81ea\u793e\u306e\u767a\u884c\u6e08\u682a\u5f0f\u3092\u8cb7\u3044\u623b\u3059\u3053\u3068\u3002\u58f2\u5374\u3092\u9078\u3093\u3060\u682a\u4e3b\u3060\u3051\u304c\u73fe\u91d1\u3092\u53d7\u3051\u53d6\u308a\u3001\u682a\u4e3b\u5168\u4f53\u306e\u5bcc\u3078\u306e\u52b9\u679c\u306f\u540c\u984d\u306e\u914d\u5f53\u3068\u540c\u7b49\u3068\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Stock Dividend (Bonus Issue)<\/div>\n<div class=\"ja\">\u682a\u5f0f\u914d\u5f53<\/div>\n<div class=\"df\">\u73fe\u91d1\u306e\u4ee3\u308f\u308a\u306b\u65b0\u682a\u3092\u682a\u4e3b\u306b\u6301\u5206\u6bd4\u7387\u306b\u5fdc\u3058\u3066\u4ea4\u4ed8\u3059\u308b\u3053\u3068\u3002\u682a\u6570\u306f\u5897\u3048\u308b\u304c\u3001\u4f01\u696d\u4fa1\u5024\u3084\u682a\u4e3b\u306e\u6301\u5206\u6bd4\u7387\u306f\u5909\u308f\u3089\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Stock Split<\/div>\n<div class=\"ja\">\u682a\u5f0f\u5206\u5272<\/div>\n<div class=\"df\">1\u682a\u3092\u8907\u6570\u682a\u306b\u5206\u3051\u3066\u767a\u884c\u6e08\u682a\u5f0f\u6570\u3092\u5897\u3084\u3059\u3053\u3068\u3002\u682a\u4fa1\u306f\u6bd4\u4f8b\u3057\u3066\u4e0b\u304c\u308a\u3001\u682a\u4e3b\u306e\u5bcc\u3084\u6301\u5206\u6bd4\u7387\u306f\u5909\u308f\u3089\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Reverse Stock Split<\/div>\n<div class=\"ja\">\u682a\u5f0f\u4f75\u5408<\/div>\n<div class=\"df\">\u8907\u6570\u682a\u30921\u682a\u306b\u307e\u3068\u3081\u3066\u767a\u884c\u6e08\u682a\u5f0f\u6570\u3092\u6e1b\u3089\u3059\u3053\u3068\u3002\u682a\u4fa1\u306f\u6bd4\u4f8b\u3057\u3066\u4e0a\u304c\u308a\u3001\u53d6\u5f15\u6240\u306e\u6700\u4f4e\u682a\u4fa1\u8981\u4ef6\u3092\u6e80\u305f\u3059\u76ee\u7684\u306a\u3069\u3067\u884c\u308f\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Special Dividend<\/div>\n<div class=\"ja\">\u7279\u5225\u914d\u5f53<\/div>\n<div class=\"df\">\u5b9a\u671f\u7684\u306a\u914d\u5f53\u3068\u306f\u5225\u306b\u3001\u4e00\u6642\u7684\u306a\u5229\u76ca\u3084\u4f59\u5270\u8cc7\u91d1\u3092\u80cc\u666f\u306b\u81e8\u6642\u3067\u652f\u6255\u308f\u308c\u308b\u73fe\u91d1\u914d\u5f53\u3002\u7d99\u7d9a\u7684\u306a\u652f\u6255\u3044\u3092\u7d04\u675f\u3059\u308b\u3082\u306e\u3067\u306f\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Declaration Date<\/div>\n<div class=\"ja\">\u914d\u5f53\u5ba3\u8a00\u65e5<\/div>\n<div class=\"df\">\u53d6\u7de0\u5f79\u4f1a\uff08\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u682a\u4e3b\u7dcf\u4f1a\uff09\u304c\u914d\u5f53\u306e\u5b9f\u65bd\u3092\u6c7a\u8b70\u3057\u30011\u682a\u5f53\u305f\u308a\u914d\u5f53\u984d\u3084\u57fa\u6e96\u65e5\u30fb\u652f\u6255\u65e5\u3092\u516c\u8868\u3059\u308b\u65e5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Ex-Dividend Date<\/div>\n<div class=\"ja\">\u6a29\u5229\u843d\u3061\u65e5<\/div>\n<div class=\"df\">\u682a\u5f0f\u304c\u6b21\u306e\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u306a\u3057\u3067\u53d6\u5f15\u3055\u308c\u308b\u6700\u521d\u306e\u65e5\u3002\u4ed6\u306e\u6761\u4ef6\u304c\u540c\u3058\u306a\u3089\u3001\u3053\u306e\u65e5\u306b\u682a\u4fa1\u306f\u914d\u5f53\u984d\u7a0b\u5ea6\u4e0b\u843d\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Payment Date<\/div>\n<div class=\"ja\">\u914d\u5f53\u652f\u6255\u65e5<\/div>\n<div class=\"df\">\u57fa\u6e96\u65e5\u6642\u70b9\u3067\u682a\u4e3b\u540d\u7c3f\u306b\u8a18\u8f09\u3055\u308c\u305f\u682a\u4e3b\u306b\u5bfe\u3057\u3066\u3001\u5ba3\u8a00\u3055\u308c\u305f\u914d\u5f53\u304c\u5b9f\u969b\u306b\u9001\u91d1\u30fb\u652f\u6255\u3044\u3055\u308c\u308b\u65e5\u3002\u914d\u5f53\u306e\u6642\u7cfb\u5217\u306e\u6700\u5f8c\u306b\u3042\u305f\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Price Return<\/div>\n<div class=\"ja\">\u4fa1\u683c\u30ea\u30bf\u30fc\u30f3<\/div>\n<div class=\"df\">\u4fdd\u6709\u671f\u9593\u4e2d\u306e\u682a\u4fa1\u306e\u5909\u5316\u3060\u3051\u304b\u3089\u8a08\u7b97\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u3002\u671f\u672b\u682a\u4fa1\u304b\u3089\u671f\u9996\u682a\u4fa1\u3092\u5f15\u3044\u305f\u5024\u3092\u671f\u9996\u682a\u4fa1\u3067\u5272\u3063\u3066\u6c42\u3081\u3001\u914d\u5f53\u306f\u542b\u3081\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Total Return<\/div>\n<div class=\"ja\">\u30c8\u30fc\u30bf\u30eb\u30fb\u30ea\u30bf\u30fc\u30f3<\/div>\n<div class=\"df\">\u4fdd\u6709\u671f\u9593\u4e2d\u306e\u682a\u4fa1\u306e\u5909\u5316\u306b\u3001\u53d7\u3051\u53d6\u3063\u305f\u914d\u5f53\u306a\u3069\u306e\u73fe\u91d1\u5206\u914d\u3092\u52a0\u3048\u3066\u8a08\u7b97\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u3002\u7121\u914d\u682a\u3067\u306f\u4fa1\u683c\u30ea\u30bf\u30fc\u30f3\u3068\u4e00\u81f4\u3059\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-equity-g-lm5\">LM5 Introduction to Equity Valuation\uff08\u682a\u5f0f\u8a55\u4fa1\u5165\u9580\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm5\/\">LM5 \u682a\u5f0f\u8a55\u4fa1\u5165\u9580<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Intrinsic Value<\/div>\n<div class=\"ja\">\u672c\u6e90\u7684\u4fa1\u5024<\/div>\n<div class=\"df\">\u671f\u5f85\u3055\u308c\u308b\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a55\u4fa1\u306b\u57fa\u3065\u304f\u3001\u8a3c\u5238\u306e\u672c\u6765\u306e\u4fa1\u5024\u3002\u89b3\u5bdf\u3067\u304d\u306a\u3044\u63a8\u5b9a\u5024\u3067\u3042\u308a\u3001\u89b3\u5bdf\u53ef\u80fd\u306a\u5e02\u5834\u4fa1\u683c\u3068\u306f\u4e56\u96e2\u3057\u5f97\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Book Value of Equity (BVE)<\/div>\n<div class=\"ja\">\u682a\u4e3b\u8cc7\u672c\u7c3f\u4fa1<\/div>\n<div class=\"df\">\u8cc7\u7523\u306e\u7c3f\u4fa1\u304b\u3089\u8ca0\u50b5\u306e\u7c3f\u4fa1\u3092\u5dee\u3057\u5f15\u3044\u305f\u4f1a\u8a08\u4e0a\u306e\u7d14\u8cc7\u7523\u3002\u975e\u652f\u914d\u6301\u5206\u306f\u542b\u3081\u305a\u3001\u8ca0\u306e\u5024\u306f\u8ca1\u52d9\u56f0\u96e3\u306e\u30ea\u30b9\u30af\u3092\u793a\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Market Capitalization<\/div>\n<div class=\"ja\">\u6642\u4fa1\u7dcf\u984d<\/div>\n<div class=\"df\">\u682a\u4fa1\u306b\u767a\u884c\u6e08\u682a\u5f0f\u6570\u3092\u639b\u3051\u305f\u682a\u5f0f\u306e\u5e02\u5834\u4fa1\u5024\u3002\u682a\u4fa1\u306e\u5909\u52d5\u3084\u81ea\u793e\u682a\u8cb7\u3044\u30fb\u5897\u8cc7\u306b\u3088\u308b\u682a\u6570\u306e\u5909\u5316\u3067\u65e5\u3005\u5909\u308f\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Price-to-Book Ratio (P\/B)<\/div>\n<div class=\"ja\">\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff08P\/B\uff09<\/div>\n<div class=\"df\">\u682a\u4fa1\u30921\u682a\u5f53\u305f\u308a\u7c3f\u4fa1\u3067\u5272\u3063\u305f\u500d\u7387\u3002\u65e2\u5b58\u306e\u7d14\u8cc7\u7523\u306b\u5bfe\u3057\u3066\u5e02\u5834\u304c\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5275\u51fa\u529b\u3092\u3069\u3046\u8a55\u4fa1\u3057\u3066\u3044\u308b\u304b\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Enterprise Value (EV)<\/div>\n<div class=\"ja\">\u4f01\u696d\u4fa1\u5024\uff08EV\uff09<\/div>\n<div class=\"df\">\u8ca0\u50b5\u30fb\u666e\u901a\u682a\u5f0f\u30fb\u512a\u5148\u682a\u5f0f\u306e\u5e02\u5834\u4fa1\u5024\u306e\u5408\u8a08\u304b\u3089\u73fe\u91d1\u30fb\u77ed\u671f\u6295\u8cc7\u3092\u5dee\u3057\u5f15\u3044\u305f\u3001\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u3002\u8cc7\u672c\u69cb\u6210\u306e\u9055\u3044\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Absolute Valuation Model<\/div>\n<div class=\"ja\">\u7d76\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3084\u8cc7\u7523\u306e\u4fa1\u5024\u304b\u3089\u3001\u682a\u5f0f\u306e\u672c\u6e90\u7684\u4fa1\u5024\u3092\u76f4\u63a5\u63a8\u5b9a\u3059\u308b\u30e2\u30c7\u30eb\u3002\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u3068\u8cc7\u7523\u30d9\u30fc\u30b9\u30fb\u30e2\u30c7\u30eb\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Asset-Based Valuation Model<\/div>\n<div class=\"ja\">\u8cc7\u7523\u30d9\u30fc\u30b9\u8a55\u4fa1\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u4f01\u696d\u306e\u8cc7\u7523\u3068\u8ca0\u50b5\u3092\u6642\u4fa1\u306a\u3069\u3067\u8a55\u4fa1\u3057\u3001\u305d\u306e\u5dee\u984d\u304b\u3089\u682a\u5f0f\u4fa1\u5024\u3092\u63a8\u5b9a\u3059\u308b\u30e2\u30c7\u30eb\u3002\u6e05\u7b97\u6642\u3084\u500b\u5225\u8cc7\u7523\u306e\u8a55\u4fa1\u306b\u6709\u7528\u3060\u304c\u3001\u7d99\u7d9a\u4f01\u696d\u3068\u3057\u3066\u306e\u4fa1\u5024\u306f\u6349\u3048\u306b\u304f\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Relative Valuation Model<\/div>\n<div class=\"ja\">\u76f8\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">P\/E\u3084EV\/EBITDA\u306a\u3069\u306e\u4fa1\u5024\u6307\u6a19\u3092\u540c\u696d\u4ed6\u793e\u3084\u5e02\u5834\u5e73\u5747\u3068\u6bd4\u8f03\u3057\u3001\u682a\u5f0f\u304c\u76f8\u5bfe\u7684\u306b\u5272\u5b89\u304b\u5272\u9ad8\u304b\u3092\u5224\u65ad\u3059\u308b\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<h3 id=\"l1-equity-g-lm6\">LM6 Discounted Cash Flow (DCF) and Growth Models\uff08DCF\u3068\u6210\u9577\u30e2\u30c7\u30eb\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm6\/\">LM6 DCF\u3068\u6210\u9577\u30e2\u30c7\u30eb<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Dividend Discount Model (DDM)<\/div>\n<div class=\"ja\">\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff08DDM\uff09<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u671f\u5f85\u914d\u5f53\u3092\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3067\u5272\u308a\u5f15\u3044\u305f\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u3068\u3057\u3066\u682a\u5f0f\u4fa1\u5024\u3092\u6c42\u3081\u308b\u30e2\u30c7\u30eb\u3002\u5b89\u5b9a\u3057\u3066\u914d\u5f53\u3092\u652f\u6255\u3046\u4f01\u696d\u306b\u9069\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Free Cash Flow to Equity (FCFE)<\/div>\n<div class=\"ja\">\u682a\u4e3b\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCFE\uff09<\/div>\n<div class=\"df\">\u55b6\u696dCF\u304b\u3089\u8a2d\u5099\u6295\u8cc7\u3092\u5dee\u3057\u5f15\u304d\u3001\u7d14\u501f\u5165\u3092\u52a0\u3048\u305f\u3001\u682a\u4e3b\u304c\u5229\u7528\u3067\u304d\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3002\u914d\u5f53\u65b9\u91dd\u306b\u5de6\u53f3\u3055\u308c\u305a\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3067\u5272\u308a\u5f15\u304f\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Free Cash Flow to the Firm (FCFF)<\/div>\n<div class=\"ja\">\u4f01\u696d\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCFF\uff09<\/div>\n<div class=\"df\">\u55b6\u696dCF\u306b\u7a0e\u5f15\u5f8c\u306e\u652f\u6255\u5229\u606f\u3092\u52a0\u3048\u3001\u8a2d\u5099\u6295\u8cc7\u3092\u5dee\u3057\u5f15\u3044\u305f\u3001\u5168\u8cc7\u672c\u63d0\u4f9b\u8005\u304c\u5229\u7528\u3067\u304d\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3002WACC\u3067\u5272\u308a\u5f15\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Residual Income Model<\/div>\n<div class=\"ja\">\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u682a\u4e3b\u8cc7\u672c\u7c3f\u4fa1\u306b\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u3063\u3066\u751f\u307f\u51fa\u3055\u308c\u308b\u5c06\u6765\u306e\u6b8b\u4f59\u5229\u76ca\u306e\u73fe\u5728\u4fa1\u5024\u3092\u52a0\u3048\u3066\u682a\u5f0f\u4fa1\u5024\u3092\u6c42\u3081\u308b\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Terminal Value<\/div>\n<div class=\"ja\">\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc<\/div>\n<div class=\"df\">\u660e\u793a\u7684\u306a\u4e88\u6e2c\u671f\u9593\u306e\u672b\u6642\u70b9\u306b\u304a\u3051\u308b\u3001\u305d\u308c\u4ee5\u964d\u306e\u5168\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4fa1\u5024\u3002\u5b9a\u7387\u6210\u9577\u306e\u4eee\u5b9a\u3084\u5c06\u6765\u306e\u500d\u7387\u3092\u7528\u3044\u3066\u63a8\u5b9a\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Gordon Growth Model<\/div>\n<div class=\"ja\">\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\uff08\u5b9a\u7387\u6210\u9577\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff09<\/div>\n<div class=\"df\">\u914d\u5f53\u304c\u4e00\u5b9a\u306e\u7387\u3067\u6c38\u7d9a\u7684\u306b\u6210\u9577\u3059\u308b\u3068\u4eee\u5b9a\u3057\u3001\u7fcc\u671f\u306e\u914d\u5f53\u3092\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u6210\u9577\u7387\u306e\u5dee\u3067\u5272\u3063\u3066\u682a\u5f0f\u4fa1\u5024\u3092\u6c42\u3081\u308b\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Two-Stage Dividend Discount Model<\/div>\n<div class=\"ja\">2\u6bb5\u968e\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u4e00\u5b9a\u671f\u9593\u306e\u9ad8\u6210\u9577\u306e\u5f8c\u306b\u5b89\u5b9a\u6210\u9577\u3078\u79fb\u308b\u3068\u4eee\u5b9a\u3057\u3001\u9ad8\u6210\u9577\u671f\u306e\u914d\u5f53\u3068\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5408\u8a08\u3057\u3066\u682a\u5f0f\u4fa1\u5024\u3092\u6c42\u3081\u308b\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Sustainable Growth Rate<\/div>\n<div class=\"ja\">\u6301\u7d9a\u53ef\u80fd\u6210\u9577\u7387<\/div>\n<div class=\"df\">\u5916\u90e8\u304b\u3089\u306e\u682a\u5f0f\u8abf\u9054\u306a\u3057\u306b\u3001\u8cc7\u672c\u69cb\u6210\u3092\u4fdd\u3063\u305f\u307e\u307e\u7dad\u6301\u3067\u304d\u308b\u6210\u9577\u7387\u3002\u5185\u90e8\u7559\u4fdd\u7387\uff081\u2212\u914d\u5f53\u6027\u5411\uff09\u306bROE\u3092\u639b\u3051\u3066\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Implied Growth Rate<\/div>\n<div class=\"ja\">\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u6210\u9577\u7387<\/div>\n<div class=\"df\">\u73fe\u5728\u306e\u5e02\u5834\u4fa1\u683c\u3092\u672c\u6e90\u7684\u4fa1\u5024\u3068\u307f\u306a\u3057\u3066\u8a55\u4fa1\u30e2\u30c7\u30eb\u304b\u3089\u9006\u7b97\u3057\u305f\u6210\u9577\u7387\u3002\u5e02\u5834\u304c\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u671f\u5f85\u3092\u628a\u63e1\u3059\u308b\u305f\u3081\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Weighted Average Cost of Capital (WACC)<\/div>\n<div class=\"ja\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09<\/div>\n<div class=\"df\">\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u8cc7\u672c\u69cb\u6210\u6bd4\u3067\u52a0\u91cd\u5e73\u5747\u3057\u305f\u8cc7\u672c\u30b3\u30b9\u30c8\u3002\u5168\u8cc7\u672c\u63d0\u4f9b\u8005\u306b\u5e30\u5c5e\u3059\u308bFCFF\u306e\u5272\u5f15\u7387\u3068\u3057\u3066\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-equity-g-lm7\">LM7 Relative Value Equity Valuation Approaches\uff08\u76f8\u5bfe\u4fa1\u5024\u306b\u3088\u308b\u682a\u5f0f\u8a55\u4fa1\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm7\/\">LM7 \u76f8\u5bfe\u4fa1\u5024\u306b\u3088\u308b\u682a\u5f0f\u8a55\u4fa1<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Method of Comparables<\/div>\n<div class=\"ja\">\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5<\/div>\n<div class=\"df\">\u4f3c\u305f\u4f01\u696d\u306f\u4f3c\u305f\u500d\u7387\u3067\u53d6\u5f15\u3055\u308c\u308b\u3079\u304d\u3068\u3044\u3046\u8003\u3048\u306b\u57fa\u3065\u304d\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u500d\u7387\u3092\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\u306e\u500d\u7387\u3068\u6bd4\u8f03\u3057\u3066\u5272\u5b89\u30fb\u5272\u9ad8\u3092\u5224\u65ad\u3059\u308b\u65b9\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Method of Forecasted Fundamentals<\/div>\n<div class=\"ja\">\u4e88\u60f3\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u6cd5<\/div>\n<div class=\"df\">\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30e2\u30c7\u30eb\u304b\u3089\u3001ROE\u30fb\u6210\u9577\u7387\u30fb\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306a\u3069\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3067\u500d\u7387\u3092\u5c0e\u304d\u3001\u5b9f\u969b\u306e\u500d\u7387\u3068\u6bd4\u8f03\u3059\u308b\u65b9\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Justified Multiple<\/div>\n<div class=\"ja\">\u6b63\u5f53\u5316\u500d\u7387<\/div>\n<div class=\"df\">\u4f01\u696d\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u304b\u3089\u7406\u8ad6\u7684\u306b\u5c0e\u304b\u308c\u308b\u500d\u7387\u3002\u6b63\u5f53\u5316P\/B\u3084\u6b63\u5f53\u5316P\/E\u304c\u3042\u308a\u3001\u5b9f\u969b\u306e\u500d\u7387\u3068\u6bd4\u3079\u3066\u8a55\u4fa1\u306e\u59a5\u5f53\u6027\u3092\u5224\u65ad\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Trailing P\/E<\/div>\n<div class=\"ja\">\u5b9f\u7e3eP\/E<\/div>\n<div class=\"df\">\u73fe\u5728\u306e\u682a\u4fa1\u3092\u76f4\u8fd112\u304b\u6708\u306a\u3069\u306e\u5b9f\u7e3eEPS\u3067\u5272\u3063\u305f\u682a\u4fa1\u53ce\u76ca\u7387\u3002\u4e88\u60f3EPS\u3092\u7528\u3044\u308b\u4e88\u60f3P\/E\u3068\u533a\u5225\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Forward P\/E<\/div>\n<div class=\"ja\">\u4e88\u60f3P\/E<\/div>\n<div class=\"df\">\u73fe\u5728\u306e\u682a\u4fa1\u3092\u4eca\u5f8c12\u304b\u6708\u306a\u3069\u306e\u4e88\u60f3EPS\u3067\u5272\u3063\u305f\u682a\u4fa1\u53ce\u76ca\u7387\u3002\u8db3\u5143\u306e\u5229\u76ca\u304c\u4e00\u6642\u7684\u306b\u4f4e\u3044\u4f01\u696d\u3067\u3082\u610f\u5473\u306e\u3042\u308b\u6bd4\u8f03\u304c\u3057\u3084\u3059\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">PEG Ratio<\/div>\n<div class=\"ja\">PEG\u30ec\u30b7\u30aa<\/div>\n<div class=\"df\">P\/E\u3092\u4e88\u60f3EPS\u6210\u9577\u7387\u3067\u5272\u3063\u305f\u6307\u6a19\u3002\u6210\u9577\u7387\u306e\u7570\u306a\u308b\u4f01\u696d\u9593\u3067P\/E\u3092\u6bd4\u8f03\u3059\u308b\u305f\u3081\u306b\u7528\u3044\u3001\u5024\u304c\u9ad8\u3044\u307b\u3069\u6210\u9577\u306b\u6bd4\u3079\u3066\u5272\u9ad8\u3067\u3042\u308b\u53ef\u80fd\u6027\u3092\u793a\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Present Value of Growth Opportunities (PVGO)<\/div>\n<div class=\"ja\">\u6210\u9577\u6a5f\u4f1a\u306e\u73fe\u5728\u4fa1\u5024\uff08PVGO\uff09<\/div>\n<div class=\"df\">\u682a\u4fa1\u306e\u3046\u3061\u3001\u73fe\u5728\u306e\u5229\u76ca\u6c34\u6e96\u304c\u6c38\u7d9a\u3059\u308b\u5834\u5408\u306e\u4fa1\u5024\u3092\u4e0a\u56de\u308b\u90e8\u5206\u3002\u5c06\u6765\u306e\u6295\u8cc7\u6a5f\u4f1a\u304b\u3089\u671f\u5f85\u3055\u308c\u308b\u4fa1\u5024\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">EV\/EBITDA<\/div>\n<div class=\"ja\">EV\/EBITDA\u500d\u7387<\/div>\n<div class=\"df\">\u4f01\u696d\u4fa1\u5024\u3092EBITDA\u3067\u5272\u3063\u305f\u500d\u7387\u3002\u8cc7\u672c\u69cb\u6210\u30fb\u7a0e\u30fb\u6e1b\u4fa1\u511f\u5374\u65b9\u91dd\u306e\u9055\u3044\u306e\u5f71\u97ff\u3092\u6291\u3048\u3066\u4f01\u696d\u9593\u3092\u6bd4\u8f03\u3067\u304d\u3001\u7d14\u640d\u5931\u306e\u4f01\u696d\u306b\u3082\u9069\u7528\u3057\u3084\u3059\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Peer Group<\/div>\n<div class=\"ja\">\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7<\/div>\n<div class=\"df\">\u500d\u7387\u8a55\u4fa1\u3067\u6bd4\u8f03\u306e\u57fa\u6e96\u3068\u3059\u308b\u4f01\u696d\u7fa4\u3002\u540c\u3058\u696d\u7a2e\u30fb\u5730\u57df\u3067\u4e8b\u696d\u5185\u5bb9\u3084\u898f\u6a21\u304c\u8fd1\u3044\u4f01\u696d\u3001\u307e\u305f\u306f\u30d9\u30fc\u30bf\u306a\u3069\u30ea\u30b9\u30af\u7279\u6027\u306e\u8fd1\u3044\u4f01\u696d\u304b\u3089\u9078\u3076\u3002<\/div>\n<\/div>\n<h3 id=\"l1-equity-g-lm8\">LM8 Financial Statement Forecasting in Equity Valuation\uff08\u682a\u5f0f\u8a55\u4fa1\u306b\u304a\u3051\u308b\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm8\/\">LM8 \u682a\u5f0f\u8a55\u4fa1\u306b\u304a\u3051\u308b\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Disaggregated Valuation Model<\/div>\n<div class=\"ja\">\u5206\u89e3\u578b\u8a55\u4fa1\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u58f2\u4e0a\u9ad8\u30fb\u8cbb\u7528\u30fb\u8cc7\u7523\u30fb\u8cc7\u91d1\u8abf\u9054\u3092\u500b\u5225\u306b\u4e88\u6e2c\u3057\u3001\u305d\u306e\u7d50\u679c\u3068\u3057\u3066\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5c0e\u304f\u8a55\u4fa1\u30e2\u30c7\u30eb\u3002\u8a55\u4fa1\u306e\u524d\u63d0\u3068\u30b9\u30c8\u30fc\u30ea\u30fc\u3092\u660e\u78ba\u306b\u793a\u305b\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Top-Down Forecasting Approach<\/div>\n<div class=\"ja\">\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"df\">\u5e02\u5834\u898f\u6a21\u3084\u7d4c\u6e08\u30fb\u696d\u754c\u306e\u898b\u901a\u3057\u3092\u8d77\u70b9\u306b\u3001\u4f01\u696d\u306e\u898b\u8fbc\u307f\u5e02\u5834\u30b7\u30a7\u30a2\u306a\u3069\u3092\u5f53\u3066\u306f\u3081\u3066\u58f2\u4e0a\u9ad8\u306a\u3069\u3092\u4e88\u6e2c\u3059\u308b\u65b9\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Bottom-Up Forecasting Approach<\/div>\n<div class=\"ja\">\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"df\">\u8ca9\u58f2\u6570\u91cf\u3001\u4fa1\u683c\u3001\u88fd\u54c1\u30fb\u30bb\u30b0\u30e1\u30f3\u30c8\u5225\u306e\u58f2\u4e0a\u306a\u3069\u3001\u4f01\u696d\u30ec\u30d9\u30eb\u306e\u8981\u7d20\u3092\u7a4d\u307f\u4e0a\u3052\u3066\u58f2\u4e0a\u9ad8\u306a\u3069\u3092\u4e88\u6e2c\u3059\u308b\u65b9\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Net Operating Profit after Taxes (NOPAT)<\/div>\n<div class=\"ja\">\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff09<\/div>\n<div class=\"df\">\u55b6\u696d\u5229\u76ca\u306b\uff081\u2212\u7a0e\u7387\uff09\u3092\u639b\u3051\u305f\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u306b\u5de6\u53f3\u3055\u308c\u306a\u3044\u7a0e\u5f15\u5f8c\u306e\u55b6\u696d\u4e0a\u306e\u5229\u76ca\u3002FCFF\u306e\u7b97\u51fa\u3084\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\u306e\u5206\u5b50\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Net Investment<\/div>\n<div class=\"ja\">\u7d14\u6295\u8cc7<\/div>\n<div class=\"df\">\u4e8b\u696d\u306e\u6210\u9577\u306e\u305f\u3081\u306b\u8ffd\u52a0\u3067\u6295\u3058\u308b\u8cc7\u672c\u3067\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\u3068\u6b63\u5473\u9577\u671f\u8cc7\u7523\u306e\u5897\u52a0\u306e\u5408\u8a08\u3002NOPAT\u304b\u3089\u5dee\u3057\u5f15\u304f\u3068FCFF\u304c\u6c42\u307e\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Pre-Money Valuation<\/div>\n<div class=\"ja\">\u30d7\u30ec\u30de\u30cd\u30fc\u8a55\u4fa1\u984d<\/div>\n<div class=\"df\">\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306a\u3069\u304c\u65b0\u898f\u51fa\u8cc7\u3092\u53d7\u3051\u308b\u524d\u306e\u4f01\u696d\u306e\u8a55\u4fa1\u984d\u3002\u30dd\u30b9\u30c8\u30de\u30cd\u30fc\u8a55\u4fa1\u984d\u304b\u3089\u65b0\u898f\u51fa\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u3066\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Post-Money Valuation<\/div>\n<div class=\"ja\">\u30dd\u30b9\u30c8\u30de\u30cd\u30fc\u8a55\u4fa1\u984d<\/div>\n<div class=\"df\">\u65b0\u898f\u51fa\u8cc7\u3092\u53d7\u3051\u305f\u76f4\u5f8c\u306e\u3001\u51fa\u8cc7\u984d\u3092\u542b\u3081\u305f\u4f01\u696d\u306e\u8a55\u4fa1\u984d\u3002\u65b0\u898f\u51fa\u8cc7\u984d\u3092\u3053\u308c\u3067\u5272\u308b\u3068\u3001\u51fa\u8cc7\u8005\u304c\u53d6\u5f97\u3059\u308b\u6301\u5206\u6bd4\u7387\u304c\u6c42\u307e\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Probability of Financial Distress<\/div>\n<div class=\"ja\">\u8ca1\u52d9\u56f0\u96e3\u306e\u78ba\u7387<\/div>\n<div class=\"df\">\u4f01\u696d\u304c\u5012\u7523\u3084\u6e05\u7b97\u306a\u3069\u306e\u8ca1\u52d9\u56f0\u96e3\u306b\u9665\u308b\u53ef\u80fd\u6027\u3002\u7d99\u7d9a\u4f01\u696d\u3068\u3057\u3066\u306e\u4fa1\u5024\u3068\u56f0\u96e3\u6642\u306e\u58f2\u5374\u4fa1\u5024\u3092\u3053\u306e\u78ba\u7387\u3067\u52a0\u91cd\u3057\u3066\u672c\u6e90\u7684\u4fa1\u5024\u306b\u53cd\u6620\u3059\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-equity-g-lm9\">LM9 Industry and Competitive Analysis\uff08\u696d\u754c\u5206\u6790\u3068\u7af6\u4e89\u5206\u6790\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm9\/\">LM9 \u696d\u754c\u5206\u6790\u3068\u7af6\u4e89\u5206\u6790<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Global Industry Classification Standard (GICS)<\/div>\n<div class=\"ja\">\u4e16\u754c\u7523\u696d\u5206\u985e\u57fa\u6e96\uff08GICS\uff09<\/div>\n<div class=\"df\">MSCI\u3068S&amp;P\u30c0\u30a6\u30fb\u30b8\u30e7\u30fc\u30f3\u30ba\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u304c\u5171\u540c\u3067\u958b\u767a\u3057\u305f\u968e\u5c64\u578b\u306e\u696d\u7a2e\u5206\u985e\u3002\u5404\u4f01\u696d\u3092\u4e3b\u306a\u4e8b\u696d\u306b\u57fa\u3065\u3044\u3066\u6700\u4e0b\u5c64\u306e1\u3064\u306e\u5206\u985e\u306b\u5272\u308a\u5f53\u3066\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cyclical Company<\/div>\n<div class=\"ja\">\u666f\u6c17\u5faa\u74b0\u578b\u4f01\u696d<\/div>\n<div class=\"df\">\u666f\u6c17\u306e\u5909\u52d5\u306b\u3088\u3063\u3066\u58f2\u4e0a\u9ad8\u3084\u5229\u76ca\u304c\u5927\u304d\u304f\u5909\u52d5\u3059\u308b\u4f01\u696d\u3002\u91d1\u878d\u3001\u7d20\u6750\u3001\u4e00\u822c\u6d88\u8cbb\u8ca1\u3001\u8cc7\u672c\u8ca1\u306a\u3069\u306e\u696d\u7a2e\u306b\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Defensive Company<\/div>\n<div class=\"ja\">\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\u4f01\u696d<\/div>\n<div class=\"df\">\u9700\u8981\u304c\u666f\u6c17\u306b\u5de6\u53f3\u3055\u308c\u306b\u304f\u304f\u3001\u58f2\u4e0a\u9ad8\u3084\u5229\u76ca\u306e\u5909\u52d5\u304c\u5c0f\u3055\u3044\u4f01\u696d\u3002\u751f\u6d3b\u5fc5\u9700\u54c1\u3001\u30d8\u30eb\u30b9\u30b1\u30a2\u3001\u516c\u76ca\u306a\u3069\u306e\u696d\u7a2e\u306b\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Herfindahl\u2013Hirschman Index (HHI)<\/div>\n<div class=\"ja\">\u30cf\u30fc\u30d5\u30a3\u30f3\u30c0\u30fc\u30eb\u30fb\u30cf\u30fc\u30b7\u30e5\u30de\u30f3\u6307\u6570\uff08HHI\uff09<\/div>\n<div class=\"df\">\u696d\u754c\u5404\u793e\u306e\u5e02\u5834\u30b7\u30a7\u30a2\uff08%\u306e\u6574\u6570\u8868\u793a\uff09\u306e2\u4e57\u548c\u3067\u8868\u3059\u5e02\u5834\u96c6\u4e2d\u5ea6\u306e\u6307\u6a19\u3002\u72ec\u5360\u3067\u306f10,000\u3068\u306a\u308a\u3001\u9ad8\u3044\u307b\u3069\u96c6\u4e2d\u5ea6\u304c\u9ad8\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Return on Invested Capital (ROIC)<\/div>\n<div class=\"ja\">\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff08ROIC\uff09<\/div>\n<div class=\"df\">NOPAT\u3092\u5e73\u5747\u6295\u4e0b\u8cc7\u672c\u3067\u5272\u3063\u305f\u53ce\u76ca\u6027\u6307\u6a19\u3002\u696d\u754c\u3084\u4f01\u696d\u306e\u53ce\u76ca\u6027\u306e\u6bd4\u8f03\u306b\u7528\u3044\u3001WACC\u3092\u4e0a\u56de\u308c\u3070\u4fa1\u5024\u3092\u5275\u9020\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Porter&#8217;s Five Forces<\/div>\n<div class=\"ja\">\u30dd\u30fc\u30bf\u30fc\u306e5\u3064\u306e\u529b<\/div>\n<div class=\"df\">\u65b0\u898f\u53c2\u5165\u306e\u8105\u5a01\u3001\u4ee3\u66ff\u54c1\u306e\u8105\u5a01\u3001\u8cb7\u3044\u624b\u306e\u4ea4\u6e09\u529b\u3001\u58f2\u308a\u624b\u306e\u4ea4\u6e09\u529b\u3001\u65e2\u5b58\u4f01\u696d\u9593\u306e\u7af6\u4e89\u306e5\u8981\u56e0\u304b\u3089\u696d\u754c\u69cb\u9020\u3068\u53ce\u76ca\u6027\u3092\u5206\u6790\u3059\u308b\u67a0\u7d44\u307f\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Economic Moat<\/div>\n<div class=\"ja\">\u7d4c\u6e08\u7684\u306a\u5800<\/div>\n<div class=\"df\">\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308b\u53ce\u76ca\u6027\u3092\u9577\u671f\u9593\u7dad\u6301\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b\u7af6\u4e89\u4e0a\u306e\u512a\u4f4d\u3002\u6e90\u6cc9\u306b\u306f\u7121\u5f62\u8cc7\u7523\u3001\u30b9\u30a4\u30c3\u30c1\u30f3\u30b0\u30fb\u30b3\u30b9\u30c8\u3001\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u52b9\u679c\u3001\u30b3\u30b9\u30c8\u512a\u4f4d\u3001\u52b9\u7387\u7684\u306a\u898f\u6a21\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Switching Costs<\/div>\n<div class=\"ja\">\u30b9\u30a4\u30c3\u30c1\u30f3\u30b0\u30fb\u30b3\u30b9\u30c8<\/div>\n<div class=\"df\">\u9867\u5ba2\u304c\u4ed6\u793e\u306e\u88fd\u54c1\u3084\u30b5\u30fc\u30d3\u30b9\u306b\u4e57\u308a\u63db\u3048\u308b\u969b\u306b\u8ca0\u3046\u91d1\u92ad\u7684\u30fb\u6642\u9593\u7684\u306a\u8ca0\u62c5\u3002\u5927\u304d\u3044\u307b\u3069\u9867\u5ba2\u304c\u96e2\u308c\u306b\u304f\u304f\u3001\u65b0\u898f\u53c2\u5165\u306e\u8105\u5a01\u306f\u5c0f\u3055\u304f\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Network Effects<\/div>\n<div class=\"ja\">\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u52b9\u679c<\/div>\n<div class=\"df\">\u5229\u7528\u8005\u304c\u5897\u3048\u308b\u307b\u3069\u88fd\u54c1\u3084\u30b5\u30fc\u30d3\u30b9\u306e\u4fa1\u5024\u304c\u9ad8\u307e\u308b\u52b9\u679c\u3002\u898f\u6a21\u306e\u5927\u304d\u3044\u65e2\u5b58\u4f01\u696d\u306e\u5730\u4f4d\u3092\u5f37\u3081\u3001\u7d4c\u6e08\u7684\u306a\u5800\u306e\u6e90\u6cc9\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">PESTLE Analysis<\/div>\n<div class=\"ja\">PESTLE\u5206\u6790<\/div>\n<div class=\"df\">\u653f\u6cbb\u30fb\u7d4c\u6e08\u30fb\u793e\u4f1a\u30fb\u6280\u8853\u30fb\u6cd5\u5f8b\u30fb\u74b0\u5883\u306e6\u3064\u306e\u5916\u90e8\u8981\u56e0\u304c\u3001\u696d\u754c\u306e\u6210\u9577\u7387\u3084\u5e02\u5834\u30b7\u30a7\u30a2\u306e\u52d5\u304d\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8a55\u4fa1\u3059\u308b\u67a0\u7d44\u307f\u3002<\/div>\n<\/div>\n<h3 id=\"l1-equity-g-lm10\">LM10 Company Analysis: Past, Present, and Future\uff08\u4f01\u696d\u5206\u6790\uff1a\u904e\u53bb\u30fb\u73fe\u5728\u30fb\u5c06\u6765\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm10\/\">LM10 \u4f01\u696d\u5206\u6790\uff1a\u904e\u53bb\u30fb\u73fe\u5728\u30fb\u5c06\u6765<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Total Addressable Market (TAM)<\/div>\n<div class=\"ja\">\u7dcf\u30a2\u30c9\u30ec\u30c3\u30b5\u30d6\u30eb\u5e02\u5834\uff08TAM\uff09<\/div>\n<div class=\"df\">\u88fd\u54c1\u3084\u30b5\u30fc\u30d3\u30b9\u306b\u5bfe\u3059\u308b\u6f5c\u5728\u7684\u306a\u9700\u8981\u5168\u4f53\u306e\u898f\u6a21\u3002\u305d\u3053\u304b\u3089\u6ce8\u529b\u5206\u91ce\u30fb\u5730\u57df\u306e\u5236\u7d04\u3067\u7d5e\u3063\u305f\u3082\u306e\u304c\u30b5\u30fc\u30d3\u30b9\u53ef\u80fd\u5e02\u5834\u3001\u3055\u3089\u306b\u73fe\u5b9f\u306b\u7372\u5f97\u53ef\u80fd\u306a\u5e02\u5834\u3078\u3068\u7d5e\u308a\u8fbc\u3080\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cost Leadership<\/div>\n<div class=\"ja\">\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7<\/div>\n<div class=\"df\">\u696d\u754c\u3067\u6700\u3082\u4f4e\u3044\u30b3\u30b9\u30c8\u3067\u88fd\u54c1\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u3092\u76ee\u6307\u3059\u7af6\u4e89\u6226\u7565\u3002\u88fd\u54c1\u304c\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u5316\u3057\u305f\u696d\u754c\u3067\u3068\u3089\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Differentiation<\/div>\n<div class=\"ja\">\u5dee\u5225\u5316\u6226\u7565<\/div>\n<div class=\"df\">\u54c1\u8cea\u3001\u6a5f\u80fd\u3001\u30d6\u30e9\u30f3\u30c9\u3001\u9867\u5ba2\u4f53\u9a13\u306a\u3069\u3067\u4ed6\u793e\u3068\u7570\u306a\u308b\u4fa1\u5024\u3092\u63d0\u4f9b\u3057\u3001\u9ad8\u3044\u4fa1\u683c\u3092\u6b63\u5f53\u5316\u3059\u308b\u7af6\u4e89\u6226\u7565\u3002\u6a21\u5023\u306e\u96e3\u3057\u3055\u304c\u512a\u4f4d\u306e\u6301\u7d9a\u6027\u3092\u5de6\u53f3\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Focus Strategy<\/div>\n<div class=\"ja\">\u96c6\u4e2d\u6226\u7565<\/div>\n<div class=\"df\">\u7279\u5b9a\u306e\u5730\u57df\u30fb\u88fd\u54c1\u30fb\u9867\u5ba2\u5c64\u3084\u4fa1\u5024\u5275\u9020\u306e\u9818\u57df\u306b\u5bfe\u8c61\u3092\u7d5e\u308a\u3001\u305d\u306e\u7bc4\u56f2\u3067\u30b3\u30b9\u30c8\u512a\u4f4d\u3084\u5dee\u5225\u5316\u3092\u8ffd\u6c42\u3059\u308b\u7af6\u4e89\u6226\u7565\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Stuck in the Middle<\/div>\n<div class=\"ja\">\u30b9\u30bf\u30c3\u30af\u30fb\u30a4\u30f3\u30fb\u30b6\u30fb\u30df\u30c9\u30eb\uff08\u4e2d\u9014\u534a\u7aef\uff09<\/div>\n<div class=\"df\">\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\u3001\u5dee\u5225\u5316\u3001\u96c6\u4e2d\u306e\u3044\u305a\u308c\u306e\u6226\u7565\u3082\u660e\u78ba\u306b\u3068\u308c\u3066\u3044\u306a\u3044\u72b6\u614b\u3002\u7af6\u4e89\u4e0a\u306e\u512a\u4f4d\u3092\u78ba\u7acb\u3057\u306b\u304f\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Pricing Power<\/div>\n<div class=\"ja\">\u4fa1\u683c\u652f\u914d\u529b<\/div>\n<div class=\"df\">\u9700\u8981\u3092\u5927\u304d\u304f\u640d\u306a\u308f\u305a\u306b\u8ca9\u58f2\u4fa1\u683c\u3084\u53d6\u5f15\u6761\u4ef6\u3092\u6c7a\u3081\u3089\u308c\u308b\u529b\u3002\u4fa1\u683c\u5f3e\u529b\u6027\u304c\u4f4e\u3044\u307b\u3069\u5f37\u304f\u3001\u30b3\u30b9\u30c8\u4e0a\u6607\u3092\u4fa1\u683c\u306b\u8ee2\u5ac1\u3057\u3084\u3059\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Operating Leverage<\/div>\n<div class=\"ja\">\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8<\/div>\n<div class=\"df\">\u8cbb\u7528\u306b\u5360\u3081\u308b\u56fa\u5b9a\u8cbb\u306e\u5272\u5408\u306b\u3088\u3063\u3066\u3001\u58f2\u4e0a\u9ad8\u306e\u5909\u52d5\u306b\u5bfe\u3059\u308b\u55b6\u696d\u5229\u76ca\u306e\u5909\u52d5\u304c\u62e1\u5927\u3055\u308c\u308b\u5ea6\u5408\u3044\u3002\u56fa\u5b9a\u8cbb\u306e\u6bd4\u7387\u304c\u9ad8\u3044\u307b\u3069\u5927\u304d\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cash Conversion Cycle (CCC)<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u30fb\u30b5\u30a4\u30af\u30eb\uff08CCC\uff09<\/div>\n<div class=\"df\">\u5728\u5eab\u65e5\u6570\u3068\u58f2\u4e0a\u50b5\u6a29\u65e5\u6570\u306e\u548c\u304b\u3089\u4ed5\u5165\u50b5\u52d9\u65e5\u6570\u3092\u5f15\u3044\u305f\u65e5\u6570\u3002\u55b6\u696d\u30b5\u30a4\u30af\u30eb\u306e\u52b9\u7387\u3092\u8868\u3057\u3001\u9577\u3044\u307b\u3069\u904b\u8ee2\u8cc7\u672c\u306b\u62d8\u675f\u3055\u308c\u308b\u8cc7\u91d1\u304c\u5927\u304d\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Net Capital Expenditure<\/div>\n<div class=\"ja\">\u7d14\u8a2d\u5099\u6295\u8cc7<\/div>\n<div class=\"df\">\u8a2d\u5099\u6295\u8cc7\u984d\u304b\u3089\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u5dee\u3057\u5f15\u3044\u305f\u984d\u3002\u65e2\u5b58\u8cc7\u7523\u306e\u7dad\u6301\u3092\u8d85\u3048\u305f\u6295\u8cc7\u306e\u898f\u6a21\u3092\u8868\u3057\u3001\u751f\u7523\u80fd\u529b\u306e\u5897\u52a0\u3084\u8cc7\u7523\u57fa\u76e4\u306e\u62e1\u5927\u306e\u76ee\u5b89\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-equity-g-lm11\">LM11 Equity Analyst Research Reports\uff08\u682a\u5f0f\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u30ea\u30b5\u30fc\u30c1\u30ec\u30dd\u30fc\u30c8\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm11\/\">LM11 \u682a\u5f0f\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u30ea\u30b5\u30fc\u30c1\u30ec\u30dd\u30fc\u30c8<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Investment Thesis<\/div>\n<div class=\"ja\">\u6295\u8cc7\u30c6\u30fc\u30de<\/div>\n<div class=\"df\">\u30ea\u30b5\u30fc\u30c1\u30fb\u30ec\u30dd\u30fc\u30c8\u306e\u6295\u8cc7\u63a8\u5968\u3092\u652f\u3048\u308b\u4e3b\u8981\u306a\u8ad6\u70b9\u3002\u306a\u305c\u305d\u306e\u9298\u67c4\u304c\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u751f\u3080\u3068\u8003\u3048\u308b\u304b\u3092\u7c21\u6f54\u306b\u793a\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Target Price<\/div>\n<div class=\"ja\">\u76ee\u6a19\u682a\u4fa1<\/div>\n<div class=\"df\">\u30a2\u30ca\u30ea\u30b9\u30c8\u304c\u4e00\u5b9a\u671f\u9593\uff08\u591a\u304f\u306f1\u5e74\uff09\u5f8c\u306b\u5230\u9054\u3059\u308b\u3068\u898b\u8fbc\u3080\u682a\u4fa1\u3002\u70b9\u307e\u305f\u306f\u7bc4\u56f2\u3067\u793a\u3055\u308c\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u542b\u610f\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Sell-Side Research<\/div>\n<div class=\"ja\">\u30bb\u30eb\u30b5\u30a4\u30c9\u30fb\u30ea\u30b5\u30fc\u30c1<\/div>\n<div class=\"df\">\u6295\u8cc7\u9280\u884c\u3084\u8a3c\u5238\u4f1a\u793e\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u304c\u5916\u90e8\u306e\u9867\u5ba2\u5411\u3051\u306b\u4f5c\u6210\u30fb\u914d\u5e03\u3059\u308b\u8abf\u67fb\u30ec\u30dd\u30fc\u30c8\u3002\u6a19\u6e96\u5316\u3055\u308c\u305f\u5f62\u5f0f\u3067\u5e45\u5e83\u3044\u9298\u67c4\u3092\u5bfe\u8c61\u3068\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Buy-Side Research<\/div>\n<div class=\"ja\">\u30d0\u30a4\u30b5\u30a4\u30c9\u30fb\u30ea\u30b5\u30fc\u30c1<\/div>\n<div class=\"df\">\u904b\u7528\u4f1a\u793e\u306a\u3069\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u304c\u793e\u5185\u306e\u6295\u8cc7\u5224\u65ad\u306e\u305f\u3081\u306b\u4f5c\u6210\u3059\u308b\u8abf\u67fb\u3002\u901a\u5e38\u306f\u793e\u5185\u3067\u6a5f\u5bc6\u6271\u3044\u3068\u306a\u308a\u3001\u72ec\u81ea\u306e\u30e2\u30c7\u30eb\u3067\u6df1\u304f\u5206\u6790\u3059\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Hard-to-Value Company<\/div>\n<div class=\"ja\">\u8a55\u4fa1\u304c\u96e3\u3057\u3044\u4f01\u696d<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u6210\u9577\u30dd\u30c6\u30f3\u30b7\u30e3\u30eb\u306b\u3064\u3044\u3066\u30a2\u30ca\u30ea\u30b9\u30c8\u9593\u306e\u898b\u65b9\u306e\u3070\u3089\u3064\u304d\u304c\u5927\u304d\u304f\u3001\u672c\u6e90\u7684\u4fa1\u5024\u306e\u898b\u6975\u3081\u304c\u96e3\u3057\u3044\u4f01\u696d\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Research Unbundling<\/div>\n<div class=\"ja\">\u30ea\u30b5\u30fc\u30c1\u8cbb\u7528\u306e\u5206\u96e2\uff08\u30a2\u30f3\u30d0\u30f3\u30c9\u30ea\u30f3\u30b0\uff09<\/div>\n<div class=\"df\">MiFID II\u306a\u3069\u306b\u3088\u308a\u3001\u8abf\u67fb\u30ec\u30dd\u30fc\u30c8\u306e\u5bfe\u4fa1\u3092\u58f2\u8cb7\u59d4\u8a17\u624b\u6570\u6599\u3068\u5207\u308a\u96e2\u3057\u3066\u652f\u6255\u3046\u3053\u3068\u3092\u6c42\u3081\u308b\u4ed5\u7d44\u307f\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Activist Short Seller<\/div>\n<div class=\"ja\">\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\u30fb\u30b7\u30e7\u30fc\u30c8\u30bb\u30e9\u30fc<\/div>\n<div class=\"df\">\u682a\u4fa1\u306e\u5927\u5e45\u306a\u4e0b\u843d\u304c\u898b\u8fbc\u307e\u308c\u308b\u9298\u67c4\u3092\u7a7a\u58f2\u308a\u3057\u3001\u305d\u306e\u6839\u62e0\u3068\u306a\u308b\u8abf\u67fb\u3092\u516c\u8868\u3059\u308b\u6295\u8cc7\u5bb6\u3002\u30d0\u30a4\u30b5\u30a4\u30c9\u306e\u4e00\u5f62\u614b\u3067\u3001\u5426\u5b9a\u7684\u306a\u898b\u89e3\u3092\u516c\u306b\u793a\u3059\u3002<\/div>\n<\/div>\n<h3 id=\"l1-equity-g-lm12\">LM12 The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models\uff08CAPM\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30e2\u30c7\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30e2\u30c7\u30eb\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm12\/\">LM12 CAPM\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30e2\u30c7\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30e2\u30c7\u30eb<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Capital Asset Pricing Model (CAPM)<\/div>\n<div class=\"ja\">\u8cc7\u672c\u8cc7\u7523\u8a55\u4fa1\u30e2\u30c7\u30eb\uff08CAPM\uff09<\/div>\n<div class=\"df\">\u671f\u5f85\u53ce\u76ca\u7387\u3092\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u306b\u30d9\u30fc\u30bf\u3068\u5e02\u5834\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u7a4d\u3092\u52a0\u3048\u305f\u3082\u306e\u3068\u3057\u3066\u8aac\u660e\u3059\u308b\u30b7\u30f3\u30b0\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3002\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u63a8\u5b9a\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Beta<\/div>\n<div class=\"ja\">\u30d9\u30fc\u30bf<\/div>\n<div class=\"df\">\u5e02\u5834\u5168\u4f53\u306e\u52d5\u304d\u306b\u5bfe\u3059\u308b\u500b\u5225\u682a\u5f0f\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u611f\u5fdc\u5ea6\u3002\u682a\u5f0f\u3068\u5e02\u5834\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5171\u5206\u6563\u3092\u5e02\u5834\u306e\u5206\u6563\u3067\u5272\u3063\u3066\u6c42\u3081\u3001\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u306e\u5927\u304d\u3055\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Market Model<\/div>\n<div class=\"ja\">\u30de\u30fc\u30b1\u30c3\u30c8\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u500b\u5225\u682a\u5f0f\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u5e02\u5834\u306e\u30ea\u30bf\u30fc\u30f3\u306b\u56de\u5e30\u3057\u3066\u30d9\u30fc\u30bf\u3092\u63a8\u5b9a\u3059\u308b\u30e2\u30c7\u30eb\u3002\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3067\u306f\u306a\u304f\u30ea\u30bf\u30fc\u30f3\u305d\u306e\u3082\u306e\u3092\u7528\u3044\u308b\u305f\u3081\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u306e\u30c7\u30fc\u30bf\u304c\u4e0d\u8981\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Adjusted Beta<\/div>\n<div class=\"ja\">\u8abf\u6574\u30d9\u30fc\u30bf<\/div>\n<div class=\"df\">\u56de\u5e30\u3067\u63a8\u5b9a\u3057\u305f\u751f\u30d9\u30fc\u30bf\u30681.0\u3092\u52a0\u91cd\u5e73\u5747\u3057\u305f\u30d9\u30fc\u30bf\u3002\u63a8\u5b9a\u30d9\u30fc\u30bf\u304c\u6642\u9593\u306e\u7d4c\u904e\u3068\u3068\u3082\u306b1\u3078\u56de\u5e30\u3059\u308b\u50be\u5411\u3092\u53cd\u6620\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Market Risk Premium (MRP)<\/div>\n<div class=\"ja\">\u5e02\u5834\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff08MRP\uff09<\/div>\n<div class=\"df\">\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u306e\u671f\u5f85\u53ce\u76ca\u7387\u304c\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u3092\u4e0a\u56de\u308b\u90e8\u5206\u3002\u904e\u53bb\u306e\u5b9f\u7e3e\u304b\u3089\u63a8\u5b9a\u3059\u308b\u65b9\u6cd5\u3068\u3001\u73fe\u5728\u306e\u6307\u6570\u6c34\u6e96\u304b\u3089\u9006\u7b97\u3059\u308b\u65b9\u6cd5\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Country Risk Premium (CRP)<\/div>\n<div class=\"ja\">\u30ab\u30f3\u30c8\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff08CRP\uff09<\/div>\n<div class=\"df\">\u65b0\u8208\u5e02\u5834\u306e\u682a\u5f0f\u306b\u8ffd\u52a0\u3067\u6c42\u3081\u3089\u308c\u308b\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3002\u56fd\u50b5\u306e\u5229\u56de\u308a\u30b9\u30d7\u30ec\u30c3\u30c9\u306b\u3001\u682a\u5f0f\u5e02\u5834\u3068\u50b5\u5238\u5e02\u5834\u306e\u6a19\u6e96\u504f\u5dee\u306e\u6bd4\u3092\u639b\u3051\u3066\u63a8\u5b9a\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Unlevered Beta<\/div>\n<div class=\"ja\">\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30fb\u30d9\u30fc\u30bf<\/div>\n<div class=\"df\">\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u5f71\u97ff\u3092\u53d6\u308a\u9664\u3044\u305f\u4e8b\u696d\u305d\u306e\u3082\u306e\u306e\u30d9\u30fc\u30bf\u3002\u6bd4\u8f03\u4f01\u696d\u306e\u30d9\u30fc\u30bf\u3092\u30a2\u30f3\u30ec\u30d0\u30fc\u3057\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u8ca0\u50b5\u6bd4\u7387\u3067\u518d\u30ec\u30d0\u30fc\u3057\u3066\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Arbitrage Pricing Theory (APT)<\/div>\n<div class=\"ja\">\u88c1\u5b9a\u4fa1\u683c\u7406\u8ad6\uff08APT\uff09<\/div>\n<div class=\"df\">\u671f\u5f85\u53ce\u76ca\u7387\u3092\u8907\u6570\u306e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u611f\u5fdc\u5ea6\u3068\u305d\u306e\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u8aac\u660e\u3059\u308b\u7406\u8ad6\u3002\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u5185\u5bb9\u3084\u6570\u306f\u7279\u5b9a\u3057\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Multifactor Model<\/div>\n<div class=\"ja\">\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u5e02\u5834\u30ea\u30b9\u30af\u306b\u52a0\u3048\u3001\u30de\u30af\u30ed\u7d4c\u6e08\u5909\u6570\u3084\u898f\u6a21\u30fb\u30d0\u30ea\u30e5\u30fc\u306a\u3069\u306e\u4f01\u696d\u7279\u6027\u3092\u542b\u3080\u8907\u6570\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3067\u671f\u5f85\u53ce\u76ca\u7387\u3092\u8aac\u660e\u3059\u308b\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Four-Factor Model<\/div>\n<div class=\"ja\">4\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u5e02\u5834\u3001\u898f\u6a21\uff08SMB\uff09\u3001\u30d0\u30ea\u30e5\u30fc\uff08HML\uff09\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\uff08UMD\uff09\u306e4\u3064\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3067\u682a\u5f0f\u306e\u671f\u5f85\u53ce\u76ca\u7387\u3092\u8aac\u660e\u3059\u308b\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<h2>\u3042\u308f\u305b\u3066\u4f7f\u3044\u305f\u3044\u30da\u30fc\u30b8<\/h2>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l1-equity-formulas\/\">CFA\u00ae\ufe0e Level 1 Equities \u516c\u5f0f\u96c6\uff08\u8a18\u53f7\u306e\u610f\u5473\u3068\u4f7f\u3044\u3069\u3053\u308d\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-level1-glossary\/\">CFA\u00ae\ufe0e Level 1 \u7528\u8a9e\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-equity\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Equities\uff09<\/a><\/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\u3001\u7528\u8a9e\u3084\u516c\u5f0f\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<li><a href=\"https:\/\/triumphmind.com\/cfa\/secret_source\/\" target=\"_blank\" rel=\"noopener\">Level 1 Leveraged Support Course\uff08\u7528\u8a9e\u96c6\u30fb\u516c\u5f0f\u96c6\u306e\u6574\u7406\u8cc7\u6599\u3064\u304d\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Equities\uff08\u682a\u5f0f\uff09\u306e\u91cd\u8981\u7528\u8a9e110\u8a9e\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306e\u5358\u5143\uff08LM\uff09\u5225\u306b\u3001\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u305f\u7528\u8a9e\u96c6\u3067\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":11623,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[101],"tags":[],"class_list":["post-11414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-glossary"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11414","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=11414"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11414\/revisions"}],"predecessor-version":[{"id":11535,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11414\/revisions\/11535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11623"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}