{"id":11445,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11445"},"modified":"2026-09-29T09:01:35","modified_gmt":"2026-09-29T00:01:35","slug":"cfa-l3-aa-formulas","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l3-aa-formulas\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Asset Allocation \u516c\u5f0f\u96c6\u3011Asset Allocation \u306e\u91cd\u8981\u516c\u5f0f30\u672c\uff5c\u8a18\u53f7\u306e\u610f\u5473\u3068\u4f7f\u3044\u3069\u3053\u308d\u3092\u5358\u5143\u5225\u306b\u6574\u7406"},"content":{"rendered":"<link rel=\"stylesheet\" href=\"https:\/\/cdn.jsdelivr.net\/npm\/katex@0.18.9\/dist\/katex.min.css\">\n<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-x .katex-display+.katex-display{margin-top:.2em!important} @media (max-width:600px){.cfafm-x .katex-display>.katex{font-size:.9em}.cfafm-lg div{flex-wrap:wrap;gap:.1em .8em}.cfafm-lg .s{max-width:100%}} .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 3\u300cAsset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u300d\u306e\u91cd\u8981\u516c\u5f0f30\u672c\u3092\u3001\u5b66\u7fd2\u5358\u5143\uff08Learning Module\uff09\u3054\u3068\u306b\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u516c\u5f0f\u3054\u3068\u306b<strong>\u6570\u5f0f\u30fb\u8a18\u53f7\u306e\u610f\u5473\u30fb\u4f7f\u3044\u3069\u3053\u308d<\/strong>\u3092\u307e\u3068\u3081\u3066\u3044\u307e\u3059\u3002\u6570\u5f0f\u304c\u6a2a\u306b\u9577\u3044\u5834\u5408\u306f\u3001\u6a2a\u306b\u30b9\u30af\u30ed\u30fc\u30eb\u3057\u3066\u3054\u89a7\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\/gokuhi\/\">Level 3 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=\"#l3-aa-f-lm1\">LM1 \u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 1\uff1a\u67a0\u7d44\u307f\u3068\u30de\u30af\u30ed\u8981\u56e0<\/a><a href=\"#l3-aa-f-lm2\">LM2 \u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 2\uff1a\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u30ea\u30bf\u30fc\u30f3\u4e88\u6e2c<\/a><a href=\"#l3-aa-f-lm3\">LM3 \u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u6982\u8981<\/a><a href=\"#l3-aa-f-lm4\">LM4 \u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u539f\u5247<\/a><a href=\"#l3-aa-f-lm5\">LM5 \u73fe\u5b9f\u306e\u5236\u7d04\u4e0b\u3067\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3<\/a><\/div>\n<h2>Asset Allocation \u306e\u91cd\u8981\u516c\u5f0f\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l3-aa-f-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<\/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-l3-aa-lm1\/\">LM1 \u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 1\uff1a\u67a0\u7d44\u307f\u3068\u30de\u30af\u30ed\u8981\u56e0<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">1. \u30c6\u30a4\u30e9\u30fc\u30fb\u30eb\u30fc\u30eb(\u653f\u7b56\u91d1\u5229\u306e\u76ee\u6a19\u6c34\u6e96)<\/div>\n<div class=\"ne\">Taylor Rule<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7387em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">i<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7387em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">neutral<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c0<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1968em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">0.5<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord katex-accent\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9468em;\"><span style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><\/span><span style=\"top:-3.2523em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"accent-body\" style=\"left:-0.25em;\"><span class=\"mord\">^<\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1968em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord katex-accent\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9468em;\"><span style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><\/span><span style=\"top:-3.2523em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"accent-body\" style=\"left:-0.25em;\"><span class=\"mord\">^<\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">trend<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">0.5<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c0<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c0<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">target<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6887em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">i<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.6887em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u76ee\u6a19\u540d\u76ee\u653f\u7b56\u91d1\u5229(\u03c0_e \u3092\u8db3\u3055\u306a\u3044\u5f62\u304c\u5b9f\u8cea\u30d9\u30fc\u30b9\u306e\u76ee\u6a19\u91d1\u5229)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">neutral<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4e2d\u7acb\u5b9f\u8cea\u653f\u7b56\u91d1\u5229(\u666f\u6c17\u3092\u523a\u6fc0\u3082\u6291\u5236\u3082\u3057\u306a\u3044\u5b9f\u8cea\u91d1\u5229)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c0<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c0<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">target<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4e88\u60f3\u30a4\u30f3\u30d5\u30ec\u7387\u30fb\u76ee\u6a19\u30a4\u30f3\u30d5\u30ec\u7387(e = expected\u3001target = \u76ee\u6a19)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1412em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord katex-accent\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9468em;\"><span style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><\/span><span style=\"top:-3.2523em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"accent-body\" style=\"left:-0.25em;\"><span class=\"mord\">^<\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord katex-accent\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9468em;\"><span style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><\/span><span style=\"top:-3.2523em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"accent-body\" style=\"left:-0.25em;\"><span class=\"mord\">^<\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">trend<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4e88\u60f3\u5b9f\u8ceaGDP\u6210\u9577\u7387\u30fb\u30c8\u30ec\u30f3\u30c9\u5b9f\u8ceaGDP\u6210\u9577\u7387(GDP = \u56fd\u5185\u7dcf\u751f\u7523\u3001Gross Domestic Product)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u6210\u9577\u7387\u30ae\u30e3\u30c3\u30d7\u3068\u30a4\u30f3\u30d5\u30ec\u30fb\u30ae\u30e3\u30c3\u30d7\u304b\u3089\u4e2d\u592e\u9280\u884c\u306e\u653f\u7b56\u91d1\u5229\u306e\u76ee\u5b89\u3092\u6c42\u3081\u308b\u5f0f\u3002\u91d1\u878d\u653f\u7b56\u304c\u5f15\u304d\u7de0\u3081\u7684\u304b\u7de9\u548c\u7684\u304b\u3092\u8a55\u4fa1\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">2. \u56fd\u6c11\u6240\u5f97\u52d8\u5b9a\u306e\u6052\u7b49\u5f0f(\u7d14\u8f38\u51fa)<\/div>\n<div class=\"ne\">National Income Accounting Identity (Net Exports)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0785em;\">X<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">M<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0785em;\">I<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\">G<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0785em;\">X<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">M<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8f38\u51fa(eXports)\u30fb\u8f38\u5165(iMports)\u3002X \u2212 M \u304c\u7d14\u8f38\u51fa<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0785em;\">I<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6c11\u9593\u8caf\u84c4(Savings)\u30fb\u6c11\u9593\u6295\u8cc7(Investment)\u3002S \u2212 I \u304c\u6c11\u9593\u7d14\u8caf\u84c4<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">G<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u53ce(Taxes)\u30fb\u653f\u5e9c\u652f\u51fa(Government spending)\u3002T \u2212 G \u304c\u653f\u5e9c\u53ce\u652f<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u7d14\u8f38\u51fa\u3092\u6c11\u9593\u306e\u8caf\u84c4\u6295\u8cc7\u5dee\u984d\u3068\u8ca1\u653f\u53ce\u652f\u306e\u548c\u3068\u3057\u3066\u8868\u3059\u6052\u7b49\u5f0f\u3002\u8ca1\u653f\u653f\u7b56\u306e\u5909\u5316\u304c\u7d4c\u5e38\u53ce\u652f\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8003\u3048\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">3. \u540d\u76eeGDP\u6210\u9577\u306b\u57fa\u3065\u304f\u9577\u671f\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u5206\u89e3<\/div>\n<div class=\"ne\">Aggregate Equity Return from Nominal GDP Growth<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2248<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9em;vertical-align:-0.15em;\"><\/span><span class=\"mord\">%\u0394<\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">GDP<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">nominal<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.2223em;vertical-align:-0.35em;\"><\/span><span class=\"mord\">%\u0394<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size1\">(<\/span><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8723em;\"><span style=\"top:-2.655em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GDP<\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.394em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0576em;\">E<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.345em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size1\">)<\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.2223em;vertical-align:-0.35em;\"><\/span><span class=\"mord\">%\u0394<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size1\">(<\/span><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8723em;\"><span style=\"top:-2.655em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0576em;\">E<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.394em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.345em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size1\">)<\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.2173em;vertical-align:-0.345em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8723em;\"><span style=\"top:-2.655em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.394em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">D<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.345em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u682a\u5f0f(equity)\u5e02\u5834\u5168\u4f53\u306e\u9577\u671f\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"><\/span><span class=\"mord\">%\u0394<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5909\u5316\u7387(%\u8868\u793a)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">GDP<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">nominal<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u540d\u76ee\u56fd\u5185\u7dcf\u751f\u7523(Gross Domestic Product)\u3002\u6210\u9577\u7387 = \u52b4\u50cd\u6295\u5165\u306e\u6210\u9577 + \u52b4\u50cd\u751f\u7523\u6027\u306e\u6210\u9577 + \u30a4\u30f3\u30d5\u30ec\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4f01\u696d\u5229\u76ca(Earnings)\u306e\u7dcf\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">GDP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">GDP\u306b\u5360\u3081\u308b\u4f01\u696d\u5229\u76ca\u306e\u30b7\u30a7\u30a2(\u5909\u5316\u306f\u9577\u671f\u3067\u306f0)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u682a\u4fa1(Price)\u306e\u6c34\u6e96<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><span class=\"mord\">\/<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u682a\u4fa1\u53ce\u76ca\u7387(PER\u3001Price-to-Earnings ratio)\u3002\u5909\u5316\u306f\u9577\u671f\u3067\u306f0<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"mord\">\/<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u914d\u5f53\u5229\u56de\u308a(D = \u914d\u5f53 Dividend)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u540d\u76eeGDP\u6210\u9577\u7387\u3092\u8d77\u70b9\u306b\u3001\u5229\u76ca\u306e\u5bfeGDP\u6bd4\u3084\u682a\u4fa1\u53ce\u76ca\u7387\uff08PER\uff09\u306e\u5909\u5316\u3001\u914d\u5f53\u5229\u56de\u308a\u3092\u52a0\u3048\u3066\u9577\u671f\u306e\u682a\u5f0f\u5e02\u5834\u30ea\u30bf\u30fc\u30f3\u3092\u63a8\u5b9a\u3059\u308b\u5f0f\u3002\u6210\u9577\u30c8\u30ec\u30f3\u30c9\u5206\u6790\u3092\u682a\u5f0f\u306e\u671f\u5f85\u306b\u5fdc\u7528\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<h3 id=\"l3-aa-f-lm2\">LM2 Capital Market Expectations, Part 2: Forecasting Asset Class Returns\uff08\u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 2\uff1a\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u30ea\u30bf\u30fc\u30f3\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-l3-aa-lm2\/\">LM2 \u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 2\uff1a\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u30ea\u30bf\u30fc\u30f3\u4e88\u6e2c<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">4. \u682a\u5f0f\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u89e3\u30e2\u30c7\u30eb<\/div>\n<div class=\"ne\">Grinold\u2013Kroner Model<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2248<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">%\u0394<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">%\u0394<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.4em;vertical-align:-0.95em;\"><\/span><span class=\"mord\">%\u0394<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">(<\/span><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u682a\u5f0f(equity)\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"mord\">\/<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4e88\u60f3\u914d\u5f53\u5229\u56de\u308a(D = \u914d\u5f53\u3001P = \u682a\u4fa1)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"><\/span><span class=\"mord\">%\u0394<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u540d\u76ee\u5229\u76ca(Earnings)\u6210\u9577\u7387(\u5b9f\u8cea\u6210\u9577 + \u30a4\u30f3\u30d5\u30ec + \u4f01\u696d\u5229\u76ca\u30d7\u30ec\u30df\u30a2\u30e0)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"><\/span><span class=\"mord\">%\u0394<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u767a\u884c\u6e08\u682a\u5f0f\u6570(Shares)\u306e\u5909\u5316\u7387(\u81ea\u793e\u682a\u8cb7\u3044\u306a\u3089\u30de\u30a4\u30ca\u30b9)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">%\u0394<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><span class=\"mord\">\/<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u682a\u4fa1\u53ce\u76ca\u7387(PER\u3001Price-to-Earnings ratio)\u306e\u5909\u5316\u7387(\u30ea\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u30fb\u30ea\u30bf\u30fc\u30f3)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u682a\u5f0f\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u914d\u5f53\u5229\u56de\u308a\u3001\u5229\u76ca\u6210\u9577\u304b\u3089\u682a\u6570\u5909\u5316\u3092\u5dee\u3057\u5f15\u3044\u305f\u90e8\u5206\u3001\u682a\u4fa1\u53ce\u76ca\u7387\uff08PER\uff09\u306e\u5909\u5316\u306b\u3088\u308b\u518d\u8a55\u4fa1\u90e8\u5206\u306b\u5206\u89e3\u3057\u3066\u63a8\u5b9a\u3059\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">5. \u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0(\u5bfe\u50b5\u5238)<\/div>\n<div class=\"ne\">Equity Risk Premium (Equity-vs-Bonds)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ERP<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">y<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">govt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ERP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0(Equity Risk Premium)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3(\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\u307e\u305f\u306f\u671f\u5f85)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">y<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">govt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u9577\u671f\u56fd\u50b5(government bond)\u5229\u56de\u308a(equity-vs-bills \u306a\u3089\u77ed\u671f\u91d1\u5229)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u3068\u56fd\u50b5\u5229\u56de\u308a\u306e\u5dee\u3068\u3057\u3066\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u6c42\u3081\u308b\u5f0f\u3002\u682a\u5f0f\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u304b\u3089\u7d44\u307f\u7acb\u3066\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">6. \u30d9\u30fc\u30bf(\u5171\u5206\u6563\/\u5e02\u5834\u5206\u6563)<\/div>\n<div class=\"ne\">Beta (Covariance Form)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0528em;\">\u03b2<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.4065em;vertical-align:-0.9795em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7959em;\"><span style=\"top:-2.4065em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.109em;\">M<\/span><\/span><\/span><span style=\"top:-3.0448em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2935em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathrm\" style=\"margin-right:0.0139em;\">Cov<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.109em;\">M<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9795em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0528em;\">\u03b2<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523(\u8cc7\u7523\u30af\u30e9\u30b9)i\u306e\u30d9\u30fc\u30bf<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.109em;\">M<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523i\u306e\u30ea\u30bf\u30fc\u30f3\u30fb\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa(Market)\u306e\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathrm\" style=\"margin-right:0.0139em;\">Cov<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.109em;\">M<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523i\u3068\u5e02\u5834(GIM = Global Investable Market\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u6295\u8cc7\u53ef\u80fd\u5e02\u5834)\u306e\u5171\u5206\u6563(Covariance)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0894em;vertical-align:-0.2753em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-2.4247em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.109em;\">M<\/span><\/span><\/span><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2753em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5206\u6563(\u6a19\u6e96\u504f\u5dee\u306e2\u4e57)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8cc7\u7523\u3068\u5e02\u5834\u306e\u5171\u5206\u6563\u3092\u5e02\u5834\u306e\u5206\u6563\u3067\u5272\u308a\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30d9\u30fc\u30bf\u3092\u6c42\u3081\u308b\u5f0f\u3002\u8cc7\u672c\u8cc7\u7523\u8a55\u4fa1\u30e2\u30c7\u30eb\uff08CAPM\uff09\u306b\u57fa\u3065\u304f\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3084\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u63a8\u5b9a\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">7. \u90e8\u5206\u7d71\u5408\u5e02\u5834\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u63a8\u5b9a(\u56fd\u969bCAPM\u62e1\u5f35)<\/div>\n<div class=\"ne\">Singer\u2013Terhaar Model<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">RP<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:3.8702em;vertical-align:-2.4202em;\"><\/span><span class=\"mord mathnormal\">\u03c6<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner munder\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.45em;\"><span style=\"top:-1.1659em;\"><span class=\"pstrut\" style=\"height:3.45em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">integrated<\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.45em;\"><span class=\"pstrut\" style=\"height:3.45em;\"><\/span><span class=\"minner munder\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.45em;\"><span class=\"svg-align\" style=\"top:-1.852em;\"><span class=\"pstrut\" style=\"height:3.45em;\"><\/span><span class=\"katex-stretchy\" style=\"height:0.548em;min-width:1.6em;\"><span class=\"brace-left\" style=\"height:0.548em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M0 6l6-6h17c12.688 0 19.313.3 20 1 4 4 7.313 8.3 10 13\n 35.313 51.3 80.813 93.8 136.5 127.5 55.688 33.7 117.188 55.8 184.5 66.5.688\n 0 2 .3 4 1 18.688 2.7 76 4.3 172 5h399450v120H429l-6-1c-124.688-8-235-61.7\n-331-161C60.687 138.7 32.312 99.3 7 54L0 41V6z\"\/><\/svg><\/span><span class=\"brace-center\" style=\"height:0.548em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMidYMin slice\"><path d=\"M199572 214\nc100.7 8.3 195.3 44 280 108 55.3 42 101.7 93 139 153l9 14c2.7-4 5.7-8.7 9-14\n 53.3-86.7 123.7-153 211-199 66.7-36 137.3-56.3 212-62h199568v120H200432c-178.3\n 11.7-311.7 78.3-403 201-6 8-9.7 12-11 12-.7.7-6.7 1-18 1s-17.3-.3-18-1c-1.3 0\n-5-4-11-12-44.7-59.3-101.3-106.3-170-141s-145.3-54.3-229-60H0V214z\"\/><\/svg><\/span><span class=\"brace-right\" style=\"height:0.548em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMaxYMin slice\"><path d=\"M399994 0l6 6v35l-6 11c-56 104-135.3 181.3-238 232-57.3\n 28.7-117 45-179 50H-300V214h399897c43.3-7 81-15 113-26 100.7-33 179.7-91 237\n-174 2.7-5 6-9 10-13 .7-1 7.3-1 20-1h17z\"\/><\/svg><\/span><\/span><\/span><span style=\"top:-3.45em;\"><span class=\"pstrut\" style=\"height:3.45em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\">\u03c1<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">i<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord text mtight\"><span class=\"mord mtight\">GM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">(<\/span><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">RP<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.836em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">)<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.598em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.4202em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:3.8702em;vertical-align:-2.4202em;\"><\/span><span class=\"mord mathnormal\">\u03c6<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner munder\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.45em;\"><span style=\"top:-1.1659em;\"><span class=\"pstrut\" style=\"height:3.45em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">segmented<\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.45em;\"><span class=\"pstrut\" style=\"height:3.45em;\"><\/span><span class=\"minner munder\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.45em;\"><span class=\"svg-align\" style=\"top:-1.852em;\"><span class=\"pstrut\" style=\"height:3.45em;\"><\/span><span class=\"katex-stretchy\" style=\"height:0.548em;min-width:1.6em;\"><span class=\"brace-left\" style=\"height:0.548em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M0 6l6-6h17c12.688 0 19.313.3 20 1 4 4 7.313 8.3 10 13\n 35.313 51.3 80.813 93.8 136.5 127.5 55.688 33.7 117.188 55.8 184.5 66.5.688\n 0 2 .3 4 1 18.688 2.7 76 4.3 172 5h399450v120H429l-6-1c-124.688-8-235-61.7\n-331-161C60.687 138.7 32.312 99.3 7 54L0 41V6z\"\/><\/svg><\/span><span class=\"brace-center\" style=\"height:0.548em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMidYMin slice\"><path d=\"M199572 214\nc100.7 8.3 195.3 44 280 108 55.3 42 101.7 93 139 153l9 14c2.7-4 5.7-8.7 9-14\n 53.3-86.7 123.7-153 211-199 66.7-36 137.3-56.3 212-62h199568v120H200432c-178.3\n 11.7-311.7 78.3-403 201-6 8-9.7 12-11 12-.7.7-6.7 1-18 1s-17.3-.3-18-1c-1.3 0\n-5-4-11-12-44.7-59.3-101.3-106.3-170-141s-145.3-54.3-229-60H0V214z\"\/><\/svg><\/span><span class=\"brace-right\" style=\"height:0.548em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMaxYMin slice\"><path d=\"M399994 0l6 6v35l-6 11c-56 104-135.3 181.3-238 232-57.3\n 28.7-117 45-179 50H-300V214h399897c43.3-7 81-15 113-26 100.7-33 179.7-91 237\n-174 2.7-5 6-9 10-13 .7-1 7.3-1 20-1h17z\"\/><\/svg><\/span><\/span><\/span><span style=\"top:-3.45em;\"><span class=\"pstrut\" style=\"height:3.45em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">(<\/span><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">RP<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.836em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">)<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.598em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.4202em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">RP<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523i\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0(Risk Premium)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">\u03c6<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7d71\u5408\u5ea6(degree of integration\u30010\u301c1)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">\u03c1<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">i<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord text mtight\"><span class=\"mord mtight\">GM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523i\u3068\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa(GM = Global Market)\u306e\u76f8\u95a2<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523i\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3(\u6a19\u6e96\u504f\u5dee)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">RP<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u6a19\u6e96\u504f\u5dee<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">RP<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u306e\u30b7\u30e3\u30fc\u30d7\u30ec\u30b7\u30aa(\u5206\u65ad\u5e02\u5834\u306b\u3082\u540c\u5024\u3092\u9069\u7528)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">integrated<\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">segmented<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5b8c\u5168\u7d71\u5408\u5e02\u5834\u3092\u4eee\u5b9a\u3057\u305f\u90e8\u5206\u30fb\u5b8c\u5168\u5206\u65ad\u5e02\u5834\u3092\u4eee\u5b9a\u3057\u305f\u90e8\u5206(\u5206\u65ad\u3067\u306f\u76f8\u95a2\u30921\u3068\u307f\u306a\u3059)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5b8c\u5168\u7d71\u5408\u3068\u5b8c\u5168\u5206\u65ad\u3092\u4eee\u5b9a\u3057\u305f\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u5e02\u5834\u306e\u7d71\u5408\u5ea6\u3067\u52a0\u91cd\u5e73\u5747\u3057\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u63a8\u5b9a\u3059\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">8. \u50b5\u5238\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u7a4d\u307f\u4e0a\u3052\u65b9\u5f0f<\/div>\n<div class=\"ne\">Fixed-Income Building Block Approach<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">b<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">TP<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CP<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">LP<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">b<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u50b5\u5238(bond)\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">1\u671f\u9593\u30c7\u30d5\u30a9\u30eb\u30c8\u30d5\u30ea\u30fc\u91d1\u5229(f = risk-free)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">TP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30bf\u30fc\u30e0\u30d7\u30ec\u30df\u30a2\u30e0(Term Premium):\u9577\u671f\u5316\u306e\u5bfe\u4fa1<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30af\u30ec\u30b8\u30c3\u30c8\u30d7\u30ec\u30df\u30a2\u30e0(Credit Premium):\u30c7\u30d5\u30a9\u30eb\u30c8\u30ea\u30b9\u30af\u306e\u5bfe\u4fa1<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">LP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0(Liquidity Premium)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u77ed\u671f\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30d5\u30ea\u30fc\u91d1\u5229\u306b\u671f\u9593\u30fb\u4fe1\u7528\u30fb\u6d41\u52d5\u6027\u306e\u5404\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7a4d\u307f\u4e0a\u3052\u3001\u50b5\u5238\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u63a8\u5b9a\u3059\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">9. \u65b0\u8208\u56fd\u6295\u8cc7\u306e\u30de\u30af\u30ed\u5065\u5168\u6027\u6307\u6a19\u3068\u8b66\u6212\u6c34\u6e96<\/div>\n<div class=\"ne\">Emerging Market Risk Ratios and Thresholds<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">GDP<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Debt<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">GDP<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">ST\u00a0debt<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">LT\u00a0debt<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">ST\u00a0debt<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">FX\u00a0reserves<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Debt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u653f\u5e9c\u50b5\u52d9\u6b8b\u9ad8\u306e\u5408\u8a08<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">GDP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u56fd\u5185\u7dcf\u751f\u7523(Gross Domestic Product)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ST\u00a0debt<\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">LT\u00a0debt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u77ed\u671f\u50b5\u52d9(Short-Term debt)\u30fb\u9577\u671f\u50b5\u52d9(Long-Term debt)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FX\u00a0reserves<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5916\u8ca8\u6e96\u5099\u9ad8(FX = Foreign eXchange\u3001\u5916\u56fd\u70ba\u66ff)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Debt<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">GDP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u50b5\u52d9\u306e\u5bfeGDP\u6bd4\u300270\u301c80%\u8d85\u3067\u65b0\u8208\u56fd\u306f\u8106\u5f31<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FX\u00a0reserves<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">ST\u00a0debt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u77ed\u671f\u50b5\u52d9\u306b\u5bfe\u3059\u308b\u5916\u8ca8\u6e96\u5099\u306e\u6bd4\u7387\u3002100%\u672a\u6e80\u306f\u5371\u967a\u3001200%\u8d85\u306a\u3089\u5341\u5206<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Fiscal\u00a0deficit<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">GDP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\uff08\u95a2\u9023\uff09\u8ca1\u653f\u8d64\u5b57\u306e\u5bfeGDP\u6bd4\u30024%\u8d85\u304c\u7d99\u7d9a\u3059\u308b\u3068\u8b66\u6212<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Real\u00a0growth<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\uff08\u95a2\u9023\uff09\u5b9f\u8cea\u6210\u9577\u7387\u30024%\u672a\u6e80\u306f\u30ad\u30e3\u30c3\u30c1\u30a2\u30c3\u30d7\u505c\u6ede\u306e\u30b5\u30a4\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Current\u00a0account\u00a0deficit<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\uff08\u95a2\u9023\uff09\u7d4c\u5e38\u53ce\u652f\u8d64\u5b57\u3002GDP\u6bd44%\u8d85\u306f\u7af6\u4e89\u529b\u4e0d\u8db3\u3092\u793a\u5506<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u653f\u5e9c\u50b5\u52d9\u306e\u5bfeGDP\u6bd4\u3084\u3001\u77ed\u671f\u50b5\u52d9\u306b\u5bfe\u3059\u308b\u5916\u8ca8\u6e96\u5099\u306e\u6bd4\u7387\u306a\u3069\u3001\u65b0\u8208\u56fd\u306e\u652f\u6255\u80fd\u529b\u3092\u6e2c\u308b\u6307\u6a19\u3002\u30ab\u30f3\u30c8\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\u5206\u6790\u3067\u7d4c\u6e08\u306e\u8106\u5f31\u6027\u3092\u8a55\u4fa1\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">10. \u4e0d\u52d5\u7523\u671f\u5f85\u30ea\u30bf\u30fc\u30f3(\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u30fb\u30e2\u30c7\u30eb)<\/div>\n<div class=\"ne\">Real Estate Expected Return (Cap Rate Model)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">re<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cap\u00a0rate<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NOI\u00a0growth<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9444em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\">%\u0394<\/span><span class=\"mord text\"><span class=\"mord\">Cap\u00a0rate<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">re<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4e0d\u52d5\u7523(real estate)\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cap\u00a0rate<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8(\u9084\u5143\u5229\u56de\u308a\u3001Capitalization rate)= NOI \u00f7 \u7269\u4ef6\u4fa1\u683c<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NOI\u00a0growth<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7d14\u55b6\u696d\u53ce\u76ca(NOI = Net Operating Income)\u306e\u6210\u9577\u7387(\u9577\u671f\u3067\u306f\u5b9f\u8cea\u6210\u9577+\u30a4\u30f3\u30d5\u30ec \u2248 GDP\u6210\u9577\u7387)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9444em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\">%\u0394<\/span><span class=\"mord text\"><span class=\"mord\">Cap\u00a0rate<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u306e\u5909\u5316\u7387(\u9577\u671f\u30ea\u30bf\u30fc\u30f3\u3067\u306f\u542b\u3081\u306a\u3044)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u306bNOI\u6210\u9577\u7387\u3092\u52a0\u3048\u3001\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u306e\u5909\u5316\u7387\u3092\u5dee\u3057\u5f15\u3044\u3066\u4e0d\u52d5\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u63a8\u5b9a\u3059\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">11. \u5206\u6563\u5171\u5206\u6563\u884c\u5217\u306e\u63a8\u5b9a\u30d1\u30e9\u30e1\u30fc\u30bf\u6570<\/div>\n<div class=\"ne\">Distinct Elements of a VCV Matrix<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Distinct\u00a0covariances<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.113em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">2<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Distinct\u00a0covariances<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5206\u6563\u5171\u5206\u6563\u884c\u5217\u306b\u542b\u307e\u308c\u308b\u4e92\u3044\u306b\u7570\u306a\u308b\u5171\u5206\u6563\u306e\u6570<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u6570(\u30d5\u30a1\u30af\u30bf\u30fc\u30e2\u30c7\u30eb\u306e\u611f\u5fdc\u5ea6\u6570\u306f N\u00d7K\u3001K = \u30d5\u30a1\u30af\u30bf\u30fc\u6570)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8cc7\u7523\u6570N\u306e\u5206\u6563\u5171\u5206\u6563\u884c\u5217\u306b\u542b\u307e\u308c\u308b\u7570\u306a\u308b\u5171\u5206\u6563\u306e\u6570\u3092\u6c42\u3081\u308b\u5f0f\u3002\u6a19\u672c\u7d71\u8a08\u306b\u3088\u308b\u63a8\u5b9a\u3067\u5fc5\u8981\u306a\u30d1\u30e9\u30e1\u30fc\u30bf\u6570\u3092\u628a\u63e1\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">12. \u8cfc\u8cb7\u529b\u5e73\u4fa1\u306b\u3088\u308b\u70ba\u66ff\u30ec\u30fc\u30c8\u4e88\u60f3<\/div>\n<div class=\"ne\">Purchasing Power Parity (PPP)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">%\u0394<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2248<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c0<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">domestic<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c0<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">foreign<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">%\u0394<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u70ba\u66ff\u30ec\u30fc\u30c8(S = Spot rate\u3001\u81ea\u56fd\u901a\u8ca8\u5efa\u3066)\u306e\u4e88\u60f3\u5909\u5316\u7387(\u9ad8\u30a4\u30f3\u30d5\u30ec\u56fd\u901a\u8ca8\u306f\u6e1b\u4fa1)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c0<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">domestic<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c0<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">foreign<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u81ea\u56fd\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u30fb\u5916\u56fd\u306e\u30a4\u30f3\u30d5\u30ec\u7387<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u56fd\u5185\u5916\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u683c\u5dee\u304b\u3089\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u4e88\u60f3\u5909\u5316\u7387\u3092\u6c42\u3081\u308b\u5f0f\uff08\u8cfc\u8cb7\u529b\u5e73\u4fa1\u3001PPP\uff09\u3002\u70ba\u66ff\u306e\u9577\u671f\u7684\u306a\u65b9\u5411\u6027\u3084\u5272\u9ad8\u30fb\u5272\u5b89\u306e\u76ee\u5b89\u3068\u3057\u3066\u4f7f\u3046\u3002<\/div>\n<\/div>\n<h3 id=\"l3-aa-f-lm3\">LM3 Overview of Asset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u6982\u8981\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-l3-aa-lm3\/\">LM3 \u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u6982\u8981<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">13. \u7d4c\u6e08\u7684\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3068\u7d4c\u6e08\u7684\u7d14\u8cc7\u7523<\/div>\n<div class=\"ne\">Economic Balance Sheet \/ Economic Net Worth<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Economic\u00a0net\u00a0worth<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\">A<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">fin<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">A<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">ext<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\">L<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">fin<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">L<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">ext<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Economic\u00a0net\u00a0worth<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7d4c\u6e08\u7684\u7d14\u8cc7\u7523(\u7d4c\u6e08\u7684\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u4e0a\u306e\u8cc7\u7523 \u2212 \u8ca0\u50b5)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">A<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">fin<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u91d1\u878d\u8cc7\u7523(financial assets):\u6295\u8cc7\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3001\u4e0d\u52d5\u7523\u3001\u5e74\u91d1\u7b49<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">A<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">ext<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u62e1\u5f35\u8cc7\u7523(extended assets):\u4eba\u7684\u8cc7\u672c=\u5c06\u6765\u52b4\u50cd\u6240\u5f97\u306e\u73fe\u5728\u4fa1\u5024\u3001\u5bc4\u4ed8\u4e88\u5b9a\u306e\u53d7\u8d08\u7b49<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">L<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">fin<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u91d1\u878d\u8ca0\u50b5(financial liabilities):\u4f4f\u5b85\u30ed\u30fc\u30f3\u7b49<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">L<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">ext<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u62e1\u5f35\u8ca0\u50b5(extended liabilities):\u6559\u80b2\u8cc7\u91d1\u3001\u5c06\u6765\u6d88\u8cbb\u306e\u73fe\u5728\u4fa1\u5024\u3001\u5bc4\u4ed8\u4e88\u5b9a\u7b49<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u91d1\u878d\u8cc7\u7523\u306b\u4eba\u7684\u8cc7\u672c\u306a\u3069\u306e\u975e\u91d1\u878d\u8cc7\u7523\u3092\u52a0\u3048\u3001\u91d1\u878d\u8ca0\u50b5\u3068\u5c06\u6765\u306e\u652f\u51fa\u306a\u3069\u306e\u975e\u91d1\u878d\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u3066\u7d4c\u6e08\u7684\u7d14\u8cc7\u7523\u3092\u6c42\u3081\u308b\u5f0f\u3002\u8cc7\u7523\u914d\u5206\u306e\u524d\u63d0\u3068\u306a\u308b\u5168\u4f53\u50cf\u306e\u628a\u63e1\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<h3 id=\"l3-aa-f-lm4\">LM4 Principles of Asset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u539f\u5247\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-l3-aa-lm4\/\">LM4 \u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u539f\u5247<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">14. \u5e73\u5747\u5206\u6563\u6700\u9069\u5316\u306e\u52b9\u7528\u95a2\u6570(\u78ba\u5b9f\u6027\u7b49\u4fa1\u30ea\u30bf\u30fc\u30f3)<\/div>\n<div class=\"ne\">MVO Utility (Certainty-Equivalent Return)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">U<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.109em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1111em;vertical-align:-0.247em;\"><\/span><span class=\"mord\">0.005<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">\u03bb<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-2.453em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.247em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">U<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.109em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30df\u30c3\u30af\u30b9m\u306e\u52b9\u7528(\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u671f\u5f85\u30ea\u30bf\u30fc\u30f3=\u78ba\u5b9f\u6027\u7b49\u4fa1)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30df\u30c3\u30af\u30b9m\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3(%\u8868\u8a18\u3002\u5c0f\u6570\u8868\u8a18\u306a\u3089 U = E(R) \u2212 0.5\u03bb\u03c3\u00b2)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">\u03bb<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30af\u56de\u907f\u4fc2\u6570(\u901a\u5e381\u301c10\u3001\u5927\u304d\u3044\u307b\u3069\u30ea\u30b9\u30af\u56de\u907f\u7684)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0611em;vertical-align:-0.247em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-2.453em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.247em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30df\u30c3\u30af\u30b9m\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u6563(%\u306e2\u4e57)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u3068\u5206\u6563\u306b\u5fdc\u3058\u305f\u30da\u30ca\u30eb\u30c6\u30a3\u3092\u5dee\u3057\u5f15\u3044\u305f\u52b9\u7528\u3092\u6c42\u3081\u308b\u5f0f\u3002\u8907\u6570\u306e\u8cc7\u7523\u914d\u5206\u5019\u88dc\u304b\u3089\u52b9\u7528\u304c\u6700\u5927\u306e\u3082\u306e\u3092\u9078\u3076\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">15. \u5b89\u5168\u7b2c\u4e00\u57fa\u6e96(\u95be\u5024\u30ea\u30bf\u30fc\u30f3\u8d85\u904e\u306e\u78ba\u7387\u6bd4\u8f03)<\/div>\n<div class=\"ne\">Roy&#8217;s Safety-First Ratio (Probability Ratio)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">SF<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.263em;vertical-align:-0.836em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">L<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.836em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">SF<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5b89\u5168\u7b2c\u4e00\u6bd4\u7387(Safety-First ratio)\u3002\u6700\u5927\u306e\u3082\u306e\u3092\u9078\u3076<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u6a19\u6e96\u504f\u5dee<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">L<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u95be\u5024\u30ea\u30bf\u30fc\u30f3(L = \u4e0b\u9650 threshold level\u3002\u5fc5\u8981\u5f15\u51fa\u984d\u00f7\u5143\u672c\u3001\u307e\u305f\u306f\u76ee\u6a19\u30ea\u30bf\u30fc\u30f3 k_T)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u6700\u4f4e\u9650\u5fc5\u8981\u306a\u95be\u5024\u30ea\u30bf\u30fc\u30f3\u306e\u5dee\u3092\u6a19\u6e96\u504f\u5dee\u3067\u5272\u3063\u305f\u6bd4\u7387\u3002\u95be\u5024\u3092\u4e0b\u56de\u308b\u78ba\u7387\u304c\u6700\u3082\u4f4e\u3044\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u9078\u3076\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">16. \u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u8cc7\u7523\u3068\u306e\u7d44\u307f\u5408\u308f\u305b(\u63a5\u70b9\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u6d3b\u7528)<\/div>\n<div class=\"ne\">Combining a Risky Portfolio with the Risk-Free Asset<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.3324em;vertical-align:-0.9721em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">target<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9721em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">combined<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3078\u306e\u914d\u5206\u6bd4\u7387(1\u2212w\u304c\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u8cc7\u7523)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">target<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u76ee\u6a19\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa(\u6700\u9ad8\u30b7\u30e3\u30fc\u30d7\u30ec\u30b7\u30aa)\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u03c3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">combined<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u8cc7\u7523\u3068\u7d44\u307f\u5408\u308f\u305b\u305f\u5f8c\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6a19\u6e96\u504f\u5dee<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u304c\u6700\u5927\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u8cc7\u7523\u3092\u7d44\u307f\u5408\u308f\u305b\u3001\u76ee\u6a19\u30ea\u30bf\u30fc\u30f3\u3092\u9054\u6210\u3059\u308b\u914d\u5206\u6bd4\u7387\u3068\u305d\u306e\u30ea\u30b9\u30af\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">17. \u9650\u754c\u30ea\u30b9\u30af\u5bc4\u4e0e\u5ea6\u3068\u7d76\u5bfe\u30ea\u30b9\u30af\u5bc4\u4e0e\u5ea6<\/div>\n<div class=\"ne\">Marginal \/ Absolute Contribution to Total Risk (MCTR, ACTR)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">MCTR<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9805em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0528em;\">\u03b2<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">i<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">ACTR<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">MCTR<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">MCTR<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30af\u30e9\u30b9i\u306e\u9650\u754c\u30ea\u30b9\u30af\u5bc4\u4e0e\u5ea6(Marginal Contribution to Total Risk)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9805em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0528em;\">\u03b2<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">i<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30af\u30e9\u30b9i\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa(P)\u306b\u5bfe\u3059\u308b\u30d9\u30fc\u30bf<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u6a19\u6e96\u504f\u5dee<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">ACTR<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30af\u30e9\u30b9i\u306e\u7d76\u5bfe\u30ea\u30b9\u30af\u5bc4\u4e0e\u5ea6(Absolute Contribution to Total Risk)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30af\u30e9\u30b9i\u306e\u30a6\u30a7\u30a4\u30c8(\u5168\u8cc7\u7523\u30af\u30e9\u30b9\u306eACTR\u3092\u5408\u8a08\u3059\u308b\u3068\u03c3_P)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5404\u8cc7\u7523\u306e\u7dcf\u30ea\u30b9\u30af\u3078\u306e\u9650\u754c\u5bc4\u4e0e\u3068\u7d76\u5bfe\u5bc4\u4e0e\u3092\u6c42\u3081\u308b\u5f0f\u3002\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0\u3067\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30b9\u30af\u3092\u8cc7\u7523\u5225\u306b\u5206\u89e3\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">18. \u30ea\u30b9\u30af\u30d0\u30b8\u30a7\u30c3\u30c8\u6700\u9069\u5316\u306e\u6761\u4ef6(\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\/MCTR)<\/div>\n<div class=\"ne\">Risk-Budgeting Optimality Condition<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.263em;vertical-align:-0.836em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">MCTR<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.836em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">same\u00a0for\u00a0all\u00a0<\/span><\/span><span class=\"mord mathnormal\">i<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.263em;vertical-align:-0.836em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.836em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30af\u30e9\u30b9i\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">MCTR<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30af\u30e9\u30b9i\u306e\u9650\u754c\u30ea\u30b9\u30af\u5bc4\u4e0e\u5ea6(Marginal Contribution to Total Risk)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mord\">\/<\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">MCTR<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30af\u30e9\u30b9i\u306e\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u00f7\u9650\u754c\u30ea\u30b9\u30af\u5bc4\u4e0e\u5ea6<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6a19\u6e96\u504f\u5dee<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mord\">\/<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">(\u63a5\u70b9)\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30b7\u30e3\u30fc\u30d7\u30ec\u30b7\u30aa\u306b\u4e00\u81f4\u3059\u308c\u3070\u6700\u9069<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3092\u7dcf\u30ea\u30b9\u30af\u3078\u306e\u9650\u754c\u5bc4\u4e0e\u3067\u5272\u3063\u305f\u6bd4\u7387\u304c\u3059\u3079\u3066\u306e\u8cc7\u7523\u3067\u7b49\u3057\u3044\u3068\u3044\u3046\u6761\u4ef6\u3002\u8cc7\u7523\u914d\u5206\u304c\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c8\u306e\u89b3\u70b9\u3067\u6700\u9069\u304b\u3092\u691c\u8a3c\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">19. \u30ea\u30b9\u30af\u30d1\u30ea\u30c6\u30a3\u914d\u5206<\/div>\n<div class=\"ne\">Risk Parity Allocation<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathrm\" style=\"margin-right:0.0139em;\">Cov<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.1771em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.4911em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">n<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-2.4247em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2753em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523i\u306e\u30a6\u30a7\u30a4\u30c8<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523i\u306e\u30ea\u30bf\u30fc\u30f3\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathrm\" style=\"margin-right:0.0139em;\">Cov<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523i\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5171\u5206\u6563(Covariance)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0894em;vertical-align:-0.2753em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-2.4247em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2753em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5206\u6563<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u6570<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5404\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u7dcf\u30ea\u30b9\u30af\u3078\u306e\u5bc4\u4e0e\u304c\u7b49\u3057\u304f\u306a\u308b\u6761\u4ef6\u3092\u8868\u3059\u5f0f\u3002\u30ea\u30b9\u30af\u30fb\u30d1\u30ea\u30c6\u30a3\u306b\u3088\u308b\u914d\u5206\u30a6\u30a8\u30a4\u30c8\u3092\u6c7a\u3081\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">20. \u30ea\u30d0\u30fc\u30b9\u6700\u9069\u5316\u306b\u3088\u308b\u5747\u8861\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30ea\u30bf\u30fc\u30f3<\/div>\n<div class=\"ne\">Reverse Optimization \/ Implied Equilibrium Returns (CAPM)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0528em;\">\u03b2<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">RP<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">market<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30af\u30e9\u30b9i\u306e\u5747\u8861\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0528em;\">\u03b2<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5bfe\u3059\u308b\u30d9\u30fc\u30bf<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">RP<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">market<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0(Risk Premium)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u6642\u4fa1\u7dcf\u984d\u30a6\u30a8\u30a4\u30c8\u3092\u6700\u9069\u3068\u307f\u306a\u3057\u3001\u8cc7\u672c\u8cc7\u7523\u8a55\u4fa1\u30e2\u30c7\u30eb\uff08CAPM\uff09\u3067\u5404\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u5747\u8861\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u9006\u7b97\u3059\u308b\u5f0f\u3002\u30d6\u30e9\u30c3\u30af\u30fb\u30ea\u30bf\u30fc\u30de\u30f3\u30fb\u30e2\u30c7\u30eb\u306e\u51fa\u767a\u70b9\u3068\u3057\u3066\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">21. \u30b5\u30fc\u30d7\u30e9\u30b9\u6700\u9069\u5316\u306e\u76ee\u7684\u95a2\u6570<\/div>\n<div class=\"ne\">Surplus Optimization Objective Function<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1383em;vertical-align:-0.247em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">U<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8913em;\"><span style=\"top:-2.453em;margin-left:-0.109em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">LR<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.247em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">s<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1502em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\">0.005<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">\u03bb<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">s<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0883em;vertical-align:-0.247em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">U<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-2.453em;margin-left:-0.109em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">LR<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.247em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30df\u30c3\u30af\u30b9m\u306e\u8ca0\u50b5\u5bfe\u6bd4(LR = Liability-Relative)\u306e\u52b9\u7528<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">s<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30df\u30c3\u30af\u30b9m\u306e\u671f\u5f85\u30b5\u30fc\u30d7\u30e9\u30b9(s = surplus)\u30ea\u30bf\u30fc\u30f3(=(\u8cc7\u7523\u306e\u5909\u5316 \u2212 \u8ca0\u50b5\u306e\u5909\u5316)\u00f7 \u671f\u521d\u8cc7\u7523)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">\u03bb<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30af\u56de\u907f\u4fc2\u6570<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1002em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">s<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord mathnormal mtight\">m<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b5\u30fc\u30d7\u30e9\u30b9\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u6563<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u30b5\u30fc\u30d7\u30e9\u30b9\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u671f\u5f85\u5024\u304b\u3089\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u3068\u5206\u6563\u306b\u5fdc\u3058\u305f\u30da\u30ca\u30eb\u30c6\u30a3\u3092\u5dee\u3057\u5f15\u3044\u305f\u52b9\u7528\u3092\u6c42\u3081\u308b\u5f0f\u3002\u8ca0\u50b5\u5bfe\u6bd4\u306e\u8cc7\u7523\u914d\u5206\u3067\u6700\u9069\u306a\u8cc7\u7523\u30df\u30c3\u30af\u30b9\u3092\u9078\u3076\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">22. \u5e74\u91d1\u306e\u7a4d\u7acb\u6bd4\u7387<\/div>\n<div class=\"ne\">Funding Ratio<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Funding\u00a0ratio<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.363em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">liabilities<\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">MV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">assets<\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Funding\u00a0ratio<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a4d\u7acb\u6bd4\u7387(1\u8d85=overfunded \u7a4d\u7acb\u8d85\u904e\u30011\u672a\u6e80=underfunded \u7a4d\u7acb\u4e0d\u8db3)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">MV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">assets<\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e74\u91d1\u8cc7\u7523\u306e\u6642\u4fa1(MV = Market Value)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">liabilities<\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e74\u91d1\u8ca0\u50b5\u306e\u73fe\u5728\u4fa1\u5024(PV = Present Value)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8cc7\u7523\u306e\u6642\u4fa1\u3092\u8ca0\u50b5\u306e\u73fe\u5728\u4fa1\u5024\u3067\u5272\u3063\u305f\u7a4d\u7acb\u6bd4\u7387\u3002\u5e74\u91d1\u306a\u3069\u306e\u7a4d\u7acb\u72b6\u6cc1\u3084\u3001\u91d1\u5229\u5909\u52d5\u304c\u7a4d\u7acb\u72b6\u6cc1\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8a55\u4fa1\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">23. \u30d8\u30c3\u30b8\/\u30ea\u30bf\u30fc\u30f3\u8ffd\u6c42\u306e2\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"ne\">Two-Portfolio (Hedging\/Return-Seeking) Approach<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">hedge<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.363em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">MV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">assets<\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">liabilities<\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Surplus<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">MV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\">A<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\">L<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">hedge<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30d8\u30c3\u30b8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa(\u8ca0\u50b5\u3068\u540c\u3058\u30c9\u30e9\u30a4\u30d0\u30fc\u306e\u8cc7\u7523)\u3078\u306e\u914d\u5206\u6bd4\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">liabilities<\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\">L<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8ca0\u50b5(L = Liabilities)\u306e\u73fe\u5728\u4fa1\u5024(PV = Present Value)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">MV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">assets<\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">MV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\">A<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523(A = Assets)\u306e\u6642\u4fa1(MV = Market Value)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Surplus<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b5\u30fc\u30d7\u30e9\u30b9:\u30ea\u30bf\u30fc\u30f3\u8ffd\u6c42\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u6295\u8cc7\u3059\u308b\u6b8b\u4f59<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8ca0\u50b5\u306e\u73fe\u5728\u4fa1\u5024\u306b\u76f8\u5f53\u3059\u308b\u8cc7\u7523\u3092\u30d8\u30c3\u30b8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u3001\u6b8b\u308a\u306e\u30b5\u30fc\u30d7\u30e9\u30b9\u3092\u30ea\u30bf\u30fc\u30f3\u8ffd\u6c42\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5145\u3066\u308b\u914d\u5206\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">24. \u30b4\u30fc\u30eb\u30d9\u30fc\u30b9\u914d\u5206(\u6700\u4f4e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306b\u3088\u308b\u5272\u5f15)<\/div>\n<div class=\"ne\">Goals-Based Allocation: Minimum Expectation Return as Discount Rate<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">goal<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">min<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7673em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.109em;\">N<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">FV<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">goal<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">goal<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b4\u30fc\u30eb\u306e\u305f\u3081\u306b\u4eca\u5fc5\u8981\u306a\u8cc7\u91d1\u984d(PV = Present Value\u3001\u73fe\u5728\u4fa1\u5024)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">FV<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">goal<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b4\u30fc\u30eb\u6642\u70b9\u306e\u76ee\u6a19\u984d(FV = Future Value\u3001\u5c06\u6765\u4fa1\u5024)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">min<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6240\u5b9a\u306e\u671f\u9593\u30fb\u6210\u529f\u78ba\u7387\u3067\u6700\u3082\u9ad8\u3044\u300e\u6700\u4f4e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u300f(=\u6700\u5c0f\u306e\u8cc7\u91d1\u30b3\u30b9\u30c8)\u3092\u6301\u3064\u30e2\u30b8\u30e5\u30fc\u30eb\u306e\u5229\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b4\u30fc\u30eb\u307e\u3067\u306e\u5e74\u6570(\u5e74\u91d1\u578b\u30b4\u30fc\u30eb\u306a\u3089\u5e74\u91d1PV\u8a08\u7b97\u3092\u4f7f\u3046)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u76ee\u6a19\u984d\u3092\u3001\u671f\u9593\u3068\u5fc5\u8981\u306a\u9054\u6210\u78ba\u7387\u306b\u5bfe\u5fdc\u3059\u308b\u30e2\u30b8\u30e5\u30fc\u30eb\u306e\u6700\u4f4e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3067\u5272\u308a\u5f15\u304d\u3001\u76ee\u6a19\u3054\u3068\u306b\u5fc5\u8981\u306a\u8cc7\u91d1\u984d\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">25. \u30b5\u30d6\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u8cc4\u3048\u308b\u30a4\u30f3\u30d5\u30ec\u8abf\u6574\u5f8c\u5e74\u9593\u652f\u51fa\u984d<\/div>\n<div class=\"ne\">Inflation-Adjusted Annual Cash Flow (Growing Annuity Due)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:3.117em;vertical-align:-1.69em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.11em;\"><span class=\"pstrut\" style=\"height:3.15em;\"><\/span><span class=\"mord\"><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size2\">[<\/span><\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"minner\"><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size1\">(<\/span><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8972em;\"><span style=\"top:-2.655em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">1<\/span><span class=\"mbin mtight\">+<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0315em;\">k<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.4461em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">1<\/span><span class=\"mbin mtight\">+<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">g<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.4033em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size1\">)<\/span><\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.1284em;\"><span style=\"top:-3.3501em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.109em;\">N<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size2\">]<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0315em;\">k<\/span><span class=\"mclose\">)<\/span><\/span><\/span><span style=\"top:-3.38em;\"><span class=\"pstrut\" style=\"height:3.15em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.827em;\"><span class=\"pstrut\" style=\"height:3.15em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0315em;\">k<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">g<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.69em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u521d\u5e74\u5ea6\u306e\u5e74\u9593\u652f\u51fa\u984d(CF = Cash Flow)\u3002\u4ee5\u5f8cg\u3067\u5897\u52a0<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b5\u30d6\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3078\u306e\u6295\u8cc7\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0315em;\">k<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6700\u4f4e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3(\u671f\u9593\u30fb\u6210\u529f\u78ba\u7387\u5bfe\u5fdc\u306e\u5272\u5f15\u7387)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">g<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u652f\u51fa\u306e\u6210\u9577\u7387(\u30a4\u30f3\u30d5\u30ec\u7387)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u652f\u51fa\u5e74\u6570(\u671f\u521d\u6255\u3044\u5e74\u91d1)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u671f\u521d\u6255\u3044\u3067\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u3068\u3082\u306b\u5897\u3048\u308b\u6bce\u5e74\u306e\u652f\u51fa\u984d\u3092\u3001\u30b5\u30d6\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u73fe\u5728\u4fa1\u5024\u3068\u5272\u5f15\u7387\u304b\u3089\u6c42\u3081\u308b\u5f0f\u3002\u30b4\u30fc\u30eb\u30fb\u30d9\u30fc\u30b9\u3067\u751f\u6d3b\u8cbb\u3092\u8cc4\u3048\u308b\u984d\u3092\u7b97\u5b9a\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">26. \u30ea\u30d0\u30e9\u30f3\u30b9\u30fb\u30b3\u30ea\u30c9\u30fc\u5e45\u306e\u6c7a\u5b9a\u8981\u56e0<\/div>\n<div class=\"ne\">Optimal Rebalancing Corridor Width Factors<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Wider:\u00a0<\/span><\/span><span class=\"mord text\"><span class=\"mord\">TC<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2191<\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">risk\u00a0tolerance<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2191<\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">\u03c1<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">rest<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2191<\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">tax<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2191<\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Narrower:\u00a0<\/span><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">rest<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2191<\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">own<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2191<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Wider<\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Narrower<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b3\u30ea\u30c9\u30fc(\u8a31\u5bb9\u5e45)\u3092\u5e83\u304f\u3059\u308b\u8981\u56e0\u30fb\u72ed\u304f\u3059\u308b\u8981\u56e0<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">TC<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u53d6\u5f15\u30b3\u30b9\u30c8(Transaction Costs)\u304c\u9ad8\u3044 \u2192 \u5e83\u3044(\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u30cf\u30fc\u30c9\u30eb\u304c\u4e0a\u304c\u308b)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">risk\u00a0tolerance<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u304c\u9ad8\u3044 \u2192 \u5e83\u3044(\u4e56\u96e2\u3092\u8a31\u5bb9\u3067\u304d\u308b)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">\u03c1<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">rest<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6b8b\u308a\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa(rest)\u3068\u306e\u76f8\u95a2\u304c\u9ad8\u3044 \u2192 \u5e83\u3044(\u4e56\u96e2\u304c\u9032\u307f\u306b\u304f\u3044)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"><\/span><span class=\"mord text\"><span class=\"mord\">tax<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\u7a0e\u7387\u304c\u9ad8\u3044\/\u8ab2\u7a0e\u53e3\u5ea7 \u2192 \u5e83\u3044<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">rest<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6b8b\u308a\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044 \u2192 \u72ed\u3044<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">own<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u8a72\u8cc7\u7523(own)\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044 \u2192 \u72ed\u3044(\u5b9f\u52d9\u4e0a\u306f\u30b3\u30b9\u30c8\u91cd\u8996\u3067\u5e83\u3052\u308b\u3053\u3068\u3082\u3042\u308b)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u53d6\u5f15\u30b3\u30b9\u30c8\u3001\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u3001\u76f8\u95a2\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306a\u3069\u3068\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u8a31\u5bb9\u5e45\uff08\u30b3\u30ea\u30c9\u30fc\uff09\u306e\u5e83\u3055\u306e\u95a2\u4fc2\u3092\u6574\u7406\u3057\u305f\u3082\u306e\u3002\u8cc7\u7523\u30af\u30e9\u30b9\u3054\u3068\u306e\u8a31\u5bb9\u5e45\u3092\u8a2d\u5b9a\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">27. \u5e74\u9f62\u30d9\u30fc\u30b9\u306e\u682a\u5f0f\u914d\u5206\u30d2\u30e5\u30fc\u30ea\u30b9\u30c6\u30a3\u30c3\u30af<\/div>\n<div class=\"ne\">&#8220;120 Minus Your Age&#8221; Heuristic<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"><\/span><span class=\"mord\">%<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Stocks<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">120<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Age<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"><\/span><span class=\"mord\">%<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Stocks<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u682a\u5f0f\u3078\u306e\u914d\u5206\u6bd4\u7387(\u6b8b\u308a\u3092\u50b5\u5238\u3078)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Age<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u8cc7\u5bb6\u306e\u5e74\u9f62\u3002\u5e74\u9f62\u3068\u3068\u3082\u306b\u682a\u5f0f\u6bd4\u7387\u304c\u81ea\u52d5\u7684\u306b\u4f4e\u4e0b<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>120\u304b\u3089\u5e74\u9f62\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u3092\u682a\u5f0f\u6bd4\u7387\u3068\u3059\u308b\u7d4c\u9a13\u5247\u3002\u5e74\u9f62\u306b\u5fdc\u3058\u3066\u682a\u5f0f\u6bd4\u7387\u3092\u6a5f\u68b0\u7684\u306b\u6c7a\u3081\u308b\u30d2\u30e5\u30fc\u30ea\u30b9\u30c6\u30a3\u30c3\u30af\u306a\u914d\u5206\u624b\u6cd5\u3068\u3057\u3066\u4f7f\u3046\u3002<\/div>\n<\/div>\n<h3 id=\"l3-aa-f-lm5\">LM5 Asset Allocation with Real-World Constraints\uff08\u73fe\u5b9f\u306e\u5236\u7d04\u4e0b\u3067\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\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-l3-aa-lm5\/\">LM5 \u73fe\u5b9f\u306e\u5236\u7d04\u4e0b\u3067\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">28. \u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u306e\u8d85\u904e\u30ea\u30bf\u30fc\u30f3<\/div>\n<div class=\"ne\">TAA Incremental Return vs. SAA<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">TAA<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1413em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8913em;\"><span style=\"top:-2.453em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">TAA<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.247em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.2333em;vertical-align:-0.2663em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.967em;\"><span style=\"top:-2.4337em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><span style=\"top:-3.1809em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">policy<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2663em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1413em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8913em;\"><span style=\"top:-2.453em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">TAA<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.247em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.2333em;vertical-align:-0.2663em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.967em;\"><span style=\"top:-2.4337em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><span style=\"top:-3.1809em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">policy<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2663em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.313em;\"><\/span><span class=\"minner\">\u22ef<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">TAA<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206(TAA = Tactical Asset Allocation)\u306b\u3088\u308b\u8d85\u904e\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.2439em;vertical-align:-0.2769em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-2.4413em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">TAA<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2587em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.967em;\"><span style=\"top:-2.4231em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><span style=\"top:-3.1809em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">policy<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2769em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cc7\u7523\u30af\u30e9\u30b9i\u306eTAA\u30a6\u30a7\u30a4\u30c8\u3068\u653f\u7b56\u30a6\u30a7\u30a4\u30c8(SAA = Strategic Asset Allocation\u3001\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">i<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u8a72\u671f\u9593\u306e\u8cc7\u7523\u30af\u30e9\u30b9i\u306e\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>TAA\u30a6\u30a8\u30a4\u30c8\u3068\u653f\u7b56\u30a6\u30a8\u30a4\u30c8\u306e\u5dee\u306b\u5404\u8cc7\u7523\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u639b\u3051\u3066\u5408\u8a08\u3057\u3001\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u304c\u751f\u3093\u3060\u8ffd\u52a0\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">29. \u7a0e\u5f15\u5f8c\u30ea\u30bf\u30fc\u30f3<\/div>\n<div class=\"ne\">After-Tax Return<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">at<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">pt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">at<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u5f15\u5f8c\u30ea\u30bf\u30fc\u30f3(at = after-tax)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">pt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u5f15\u524d\u30ea\u30bf\u30fc\u30f3(pt = pre-tax)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u9069\u7528\u7a0e\u7387(\u5229\u5b50\u306f\u9ad8\u7a0e\u7387\u3001\u914d\u5f53\u30fb\u9577\u671f\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\u306f\u4f4e\u7a0e\u7387\u304c\u4e00\u822c\u7684)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u7a0e\u5f15\u524d\u30ea\u30bf\u30fc\u30f3\u306b\uff081\u2212\u7a0e\u7387\uff09\u3092\u639b\u3051\u3066\u7a0e\u5f15\u5f8c\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u308b\u5f0f\u3002\u8ab2\u7a0e\u6295\u8cc7\u5bb6\u306e\u8cc7\u7523\u914d\u5206\u3067\u7a0e\u5f15\u5f8c\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u5165\u529b\u306b\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">30. \u7a0e\u5f15\u5f8c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u8ab2\u7a0e\u53e3\u5ea7\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u5e45<\/div>\n<div class=\"ne\">After-Tax Volatility and Rebalancing Range<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">at<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">pt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9275em;vertical-align:-0.2441em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Range<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1864em;\"><span style=\"top:-2.4559em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">at<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2441em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2229em;vertical-align:-0.7693em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.4536em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.7702em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Range<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1864em;\"><span style=\"top:-2.4559em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">pt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3802em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7693em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">at<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u5f15\u5f8c(after-tax)\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3(\u7a0e\u306f\u4e0a\u4e0b\u4e21\u88fe\u3092\u5207\u308a\u7e2e\u3081\u5206\u6563\u3092\u4f4e\u4e0b\u3055\u305b\u308b)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">pt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u5f15\u524d(pre-tax)\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9275em;vertical-align:-0.2441em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Range<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1864em;\"><span style=\"top:-2.4559em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">at<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2441em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8ab2\u7a0e\u53e3\u5ea7\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u8a31\u5bb9\u5e45(\u7a0e\u5f15\u524d\u306e\u5e45 \u00f7 (1\u2212t))<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0636em;vertical-align:-0.3802em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Range<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1864em;\"><span style=\"top:-2.4559em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">pt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3802em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u5f15\u524d\u30d9\u30fc\u30b9\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u8a31\u5bb9\u5e45<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u7a0e\u306b\u3088\u3063\u3066\u30ea\u30bf\u30fc\u30f3\u306e\u3070\u3089\u3064\u304d\u304c\u7e2e\u5c0f\u3059\u308b\u3053\u3068\u3092\u793a\u3057\u3001\u8ab2\u7a0e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u8a31\u5bb9\u5e45\u3092\u7a0e\u5f15\u524d\u3088\u308a\u5e83\u304f\u8a2d\u5b9a\u3067\u304d\u308b\u3053\u3068\u3092\u8868\u3059\u5f0f\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-l3-aa-glossary\/\">CFA\u00ae\ufe0e Level 3 Asset Allocation \u7528\u8a9e\u96c6\uff08\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-level3-formulas\/\">CFA\u00ae\ufe0e Level 3 \u516c\u5f0f\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><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><\/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\/gokuhi\/\" target=\"_blank\" rel=\"noopener\">Level 3 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 3 Asset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u306e\u91cd\u8981\u516c\u5f0f30\u672c\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306e\u5358\u5143\uff08LM\uff09\u5225\u306b\u3001\u6570\u5f0f\u30fb\u8a18\u53f7\u306e\u610f\u5473\u30fb\u4f7f\u3044\u3069\u3053\u308d\u3068\u3042\u308f\u305b\u3066\u6574\u7406\u3057\u305f\u516c\u5f0f\u96c6\u3067\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":11601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[102],"tags":[],"class_list":["post-11445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-formulas"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11445","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=11445"}],"version-history":[{"count":5,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11445\/revisions"}],"predecessor-version":[{"id":11938,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11445\/revisions\/11938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11601"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}