{"id":29884,"date":"2026-08-26T09:44:10","date_gmt":"2026-08-26T00:44:10","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=29884"},"modified":"2026-08-26T09:44:10","modified_gmt":"2026-08-26T00:44:10","slug":"ue-stock-investing-to-generate-100-million-yen-in-5-years","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-stock-investing-to-generate-100-million-yen-in-5-years","title":{"rendered":"\u30ae\u30e3\u30f3\u30d6\u30eb\u3067\u306f\u306a\u3044\uff01\u8cc7\u91d1100\u4e07\u301c300\u4e07\u5186\u304b\u30895\u5e74\u30671\u5104\u5186\u3092\u5275\u51fa\u3059\u308b\u682a\u5f0f\u6295\u8cc7\u306e\u5b8c\u5168\u653b\u7565\u30ac\u30a4\u30c9"},"content":{"rendered":"<h2 data-path-to-node=\"2\">\u30ae\u30e3\u30f3\u30d6\u30eb\u3067\u306f\u306a\u3044\uff01\u8cc7\u91d1100\u4e07\u301c300\u4e07\u5186\u304b\u30895\u5e74\u30671\u5104\u5186\u3092\u5275\u51fa\u3059\u308b\u682a\u5f0f\u6295\u8cc7\u306e\u5b8c\u5168\u653b\u7565\u30ac\u30a4\u30c9<\/h2>\n<p 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https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-300x300.jpg 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-150x150.jpg 150w\" sizes=\"(max-width: 110px) 100vw, 110px\" \/>\u3000<strong>\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\u3000<\/strong><br \/>\n<span style=\"font-size: 10pt;\"><a href=\"https:\/\/official.gfs.tokyo\/\">GFS<\/a>\u6821\u9577\u3002CFP\u00ae\u30021\u7d1a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u6280\u80fd\u58eb(\u8cc7\u7523\u8a2d\u8a08\u63d0\u6848\u696d\u52d9)\u3002<a href=\"https:\/\/www.jafp.or.jp\/\">\u65e5\u672cFP\u5354\u4f1a<\/a>\u4f1a\u54e1\u3002\u65e5\u672cFP\u5b66\u4f1a\u4f1a\u54e1\u3002\u00a0<a href=\"https:\/\/mba.globis.ac.jp\/\">\u30b0\u30ed\u30fc\u30d3\u30b9\u7d4c\u55b6\u5927\u5b66\u9662<\/a>\u4fee\u4e86(MBA\/\u7d4c\u55b6\u5b66\u4fee\u58eb)\u3002<\/span><br \/>\n<span style=\"font-size: 10pt;\">\u65e5\u672c\u306eFP\u306e\u5148\u99c6\u8005\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e\u5553\u8499\u306b\u5f93\u4e8b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u5275\u8a2d\u3057\u305f\u79c1\u7acb<a href=\"https:\/\/www.cyber-u.ac.jp\/teacher\/ichikawa_yuichiro.html\">\u30b5\u30a4\u30d0\u30fc\u5927\u5b66<\/a>\u3067\u6559\u97ad\u3092\u57f7\u308b\u307b\u304b\u3001\u8b1b\u6f14\u4f9d\u983c\u3001\u30e1\u30c7\u30a3\u30a2\u51fa\u6f14\u3082\u591a\u6570\u3002\u8457\u66f8\u306b<a href=\"https:\/\/www.amazon.co.jp\/%E6%8A%95%E8%B3%87%E3%81%A7%E5%88%A9%E7%9B%8A%E3%82%92%E5%87%BA%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B%E4%BA%BA%E3%81%9F%E3%81%A1%E3%81%8C%E5%A4%A7%E4%BA%8B%E3%81%AB%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B-45%E3%81%AE%E6%95%99%E3%81%88-%E5%B8%82%E5%B7%9D-%E9%9B%84%E4%B8%80%E9%83%8E\/dp\/4532358825\">\u300c\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u305f\u3061\u304c\u5927\u4e8b\u306b\u3057\u3066\u3044\u308b 45\u306e\u6559\u3048\u300d\uff08\u65e5\u672c\u7d4c\u6e08\u65b0\u805e\u51fa\u7248\uff09<\/a><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10pt;\">\u516c\u5f0fX \u30a2\u30ab\u30a6\u30f3\u30c8\u3000<a href=\"https:\/\/twitter.com\/ichikawa_toushi\">\u5e02\u5ddd\u96c4\u4e00\u90ce@\u304a\u91d1\u306e\u5b66\u6821 \u6821\u9577<\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"5\">\u7b2c1\u7ae0\uff1a\u76ee\u6a19\u6570\u5024\u306e\u6570\u5b66\u7684\u5206\u6790\u30685\u5e74\u9593\u30ed\u30fc\u30c9\u30de\u30c3\u30d7<\/h2>\n<p data-path-to-node=\"6\">\u307e\u305a\u306f\u3001\u5c0f\u8cc7\u91d1\u304b\u30891\u5104\u5186\u3092\u9054\u6210\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u5229\u56de\u308a\u3068\u3001\u5404\u30b9\u30c6\u30fc\u30b8\u306b\u304a\u3051\u308b\u8cc7\u7523\u63a8\u79fb\u306e\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\u3092\u6570\u5b66\u7684\u8996\u70b9\u304b\u3089\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"7\">1.1 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12pt;\"><strong>\u30fb\u6295\u8cc7\u3067\u53ce\u5165\u3092\u5f97\u305f\u3044\u3001\u8cc7\u7523\u3092\u5897\u3084\u3057\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u30ea\u30b9\u30af\u306f\u3067\u304d\u308b\u3060\u3051\u6291\u3048\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u5148\u306e\u898b\u6975\u3081\u65b9\u3092\u77e5\u308a\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6210\u529f\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u3068\u63a5\u70b9\u304c\u6b32\u3057\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u7269\u4fa1\u4e0a\u6607\u3078\u306e\u5bfe\u7b56\u306b\u306f\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u8003\u3048\u3066\u3044\u308b\u3000YES or NO<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><strong>\u2192\u3000YES\u304c\uff13\u3064\u4ee5\u4e0a\u3060\u3063\u305f\u65b9\u306f\u3001\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/strong><\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"19\">\u7b2c2\u7ae0\uff1a1\u5e74\u3067\u682a\u4fa12\u500d\u306b\u306a\u308b\u9298\u67c4\uff08\u5927\u5316\u3051\u682a\uff09\u3092\u898b\u629c\u304f\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u8853<\/h2>\n<p data-path-to-node=\"20\">\u65e5\u672c\u5e02\u5834\u306b\u4e0a\u5834\u3059\u308b\u7d044,000\u793e\u306e\u3046\u3061\u3001\u5e74\u9593\u3067\u682a\u4fa1\u304c2\u500d\u4ee5\u4e0a\u306b\u306a\u308b\u4f01\u696d\u306f\u6bce\u5e74100\u793e\u301c200\u793e\u524d\u5f8c\uff08\u5168\u4f53\u306e\u7d043\u301c5%\uff09\u51fa\u73fe\u3057\u307e\u3059\u3002\u3053\u308c\u3089\u3092\u6a5f\u68b0\u7684\u306b\u62bd\u51fa\u3059\u308b\u305f\u3081\u306e\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u57fa\u6e96\u3068\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u5f8c\u306e\u7cbe\u5bc6\u5206\u6790\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"21\">2.1 \u7d76\u5bfe\u62bc\u3055\u3048\u308b\u3079\u304d5\u3064\u306e\u4e00\u6b21\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u6761\u4ef6<\/h3>\n<p 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data-path-to-node=\"42\">\u30fb\u6700\u826f\u306e\u30d1\u30bf\u30fc\u30f3\uff08\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u62e1\u5927\uff09\uff1a\u58f2\u4e0a\u9ad8\u304c\u524d\u5e74\u6bd4+20%\u4f38\u3073\u3001\u55b6\u696d\u5229\u76ca\u304c\u524d\u5e74\u6bd4+50%\u301c+100%\u4f38\u3073\u3066\u3044\u308b\u72b6\u614b\u3002\u56fa\u5b9a\u8cbb\uff08\u4eba\u4ef6\u8cbb\u3084\u5bb6\u8cc3\u306a\u3069\uff09\u3092\u8d85\u3048\u305f\u58f2\u4e0a\u5897\u304c\u305d\u306e\u307e\u307e\u5229\u76ca\u3068\u3057\u3066\u76f4\u884c\u3059\u308b\u300c\u9ad8\u5229\u76ca\u7387\u4f53\u8cea\u3078\u306e\u5909\u5316\u300d\u3092\u793a\u3057\u3066\u304a\u308a\u3001\u8a55\u4fa1\u30de\u30eb\u30c1\u30d7\u30eb\uff08PER\uff09\u304c\u5207\u308a\u4e0a\u304c\u308b\uff08\u4fee\u6b63\u3055\u308c\u308b\uff09\u6700\u5927\u306e\u8981\u56e0\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"43\">\u9006\u306b\u3001\u58f2\u4e0a\u306f\u4f38\u3073\u3066\u3044\u308b\u306e\u306b\u5229\u76ca\u304c\u6e1b\u3063\u3066\u3044\u308b\u5834\u5408\u3001\u904e\u5ea6\u306a\u5e83\u544a\u5ba3\u4f1d\u8cbb\u306e\u6295\u5165\u3084\u63a1\u7b97\u60aa\u5316\u304c\u7591\u308f\u308c\u308b\u305f\u3081\u3001\u614e\u91cd\u306a\u5206\u6790\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"44\">3.3 QoQ\uff08\u524d\u56db\u534a\u671f\u6bd4\uff09\u3067\u306e\u30e2\u30e1\u30f3\u30bf\u30e0\u52a0\u901f<\/h3>\n<p data-path-to-node=\"45\">\u524d\u5e74\u6bd4\u8f03\uff08YoY\uff09\u3060\u3051\u3067\u306a\u304f\u3001\u76f4\u8fd1\u306e3\u30f6\u6708\u9593\uff08\u524d\u56db\u534a\u671f\uff1dQoQ\uff09\u3068\u6bd4\u3079\u3066\u6210\u9577\u901f\u5ea6\u304c\u3069\u3046\u5909\u5316\u3057\u305f\u304b\u3092\u898b\u307e\u3059\u3002YoY\u306f\u524d\u5e74\u306e\u6570\u5b57\u304c\u4f4e\u304b\u3063\u305f\u3053\u3068\u306b\u3088\u308b\u300c\u30d9\u30fc\u30b9\u52b9\u679c\u300d\u3067\u826f\u304f\u898b\u3048\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"46\">\u3010\u696d\u7e3e\u52a0\u901f\u306e\u4f8b\u3011 \u7b2c1\u56db\u534a\u671f\uff084-6\u6708\uff09\uff1a\u55b6\u696d\u5229\u76ca 1.0\u5104\u5186 \u7b2c2\u56db\u534a\u671f\uff087-9\u6708\uff09\uff1a\u55b6\u696d\u5229\u76ca 1.2\u5104\u5186 \u7b2c3\u56db\u534a\u671f\uff0810-12\u6708\uff09\uff1a\u55b6\u696d\u5229\u76ca 2.8\u5104\u5186\uff08\u2190QoQ\u3067\u6210\u9577\u304c\u8df3\u306d\u4e0a\u304c\u3063\u3066\u3044\u308b\uff09<\/p>\n<p data-path-to-node=\"47\">\u3053\u306e\u3088\u3046\u306b\u696d\u7e3e\u304c\u4e8c\u6b21\u95a2\u6570\u7684\u306b\u6025\u50be\u659c\u3067\u4f38\u3073\u59cb\u3081\u305f\u5c40\u9762\u3092\u6355\u307e\u3048\u308b\u3053\u3068\u304c\u3001\u682a\u4fa12\u500d\u30fb3\u500d\u3092\u77ed\u671f\u9593\u3067\u9054\u6210\u3059\u308b\u305f\u3081\u306e\u9375\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"48\">3.4 \u5b9a\u6027\u60c5\u5831\uff08\u6c7a\u7b97\u77ed\u4fe1\u306e\u30c6\u30ad\u30b9\u30c8\uff09\u306b\u96a0\u3055\u308c\u305f\u5148\u884c\u6307\u6a19<\/h3>\n<p data-path-to-node=\"49\">\u6c7a\u7b97\u77ed\u4fe1\u306e\u300c\u7d4c\u55b6\u6210\u7e3e\u306b\u95a2\u3059\u308b\u8aac\u660e\u300d\u3084\u6c7a\u7b97\u8aac\u660e\u8cc7\u6599\u306e\u4e2d\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u4ee5\u4e0b\u306e\u6587\u8a00\u30fb\u6307\u6a19\u306b\u6ce8\u76ee\u3057\u307e\u3059\u3002\u8868\u5c64\u306e\u6570\u5024\u306b\u73fe\u308c\u308b\u524d\u306e\u300c\u672a\u6765\u306e\u6570\u5b57\u300d\u3092\u8aad\u307f\u89e3\u304f\u4f5c\u696d\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"50\">\u30fb\u53d7\u6ce8\u6b8b\u9ad8\uff08\u53d7\u6ce8\u9ad8\uff09\u306e\u6025\u5897\uff1aIT\u958b\u767a\u3001\u5efa\u8a2d\u3001\u30d7\u30e9\u30f3\u30c8\u3001\u88fd\u9020\u696d\u306a\u3069\u3067\u5c06\u6765\u306e\u58f2\u4e0a\u3068\u3057\u3066\u78ba\u5b9f\u306b\u8a08\u4e0a\u3055\u308c\u308b\u300c\u53d7\u6ce8\u6b8b\u300d\u304c\u524d\u5e74\u6bd4\u3067\u5927\u304d\u304f\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u3044\u308b\u5834\u5408\u3001\u6570\u30f6\u6708\u5148\u306e\u696d\u7e3e\u62e1\u5927\u304c\u6c7a\u5b9a\u4ed8\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"51\">\u30fbKPI\u306e\u6539\u5584\uff08ARR\u3001ARPU\u3001Churn Rate\u306a\u3069\uff09\uff1aSaaS\u578b\u30d3\u30b8\u30cd\u30b9\u3084\u4f1a\u54e1\u5236\u30d3\u30b8\u30cd\u30b9\u306e\u5834\u5408\u3001\u5358\u6708\u306e\u55b6\u696d\u5229\u76ca\u3088\u308a\u3082ARR\uff08\u5e74\u9593\u7d4c\u5e38\u53ce\u76ca\uff09\u306e\u4f38\u3070\u3057\u3001ARPU\uff08\u9867\u5ba2\u5e73\u5747\u5358\u4fa1\uff09\u306e\u5411\u4e0a\u3001\u305d\u3057\u3066Churn Rate\uff08\u89e3\u7d04\u7387\uff09\u306e\u4f4e\u4e0b\uff081%\u672a\u6e80\u306a\u3069\uff09\u304c\u78ba\u8a8d\u3067\u304d\u308c\u3070\u3001\u4eca\u5f8c\u306e\u7206\u767a\u7684\u6210\u9577\u304c\u62c5\u4fdd\u3055\u308c\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"52\">3.5 \u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\uff08\u5e02\u5834\u4e88\u60f3\uff09\u3068\u306e\u4e56\u96e2\u3068\u300c\u51fa\u5c3d\u304f\u3057\u300d\u56de\u907f<\/h3>\n<p data-path-to-node=\"53\">\u30a2\u30ca\u30ea\u30b9\u30c8\u30ec\u30dd\u30fc\u30c8\u3084\u300c\u682a\u63a2\uff08Kabutan\uff09\u300d\u7b49\u3067\u78ba\u8a8d\u3067\u304d\u308b\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\uff08\u5c02\u9580\u5bb6\u306e\u4e88\u6e2c\u5e73\u5747\uff09\u304c\u5b58\u5728\u3059\u308b\u5834\u5408\u3001\u4f1a\u793e\u4e88\u60f3\u3060\u3051\u3067\u306a\u304f\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u3092\u4e0a\u56de\u3063\u305f\u304b\u3069\u3046\u304b\u304c\u6975\u3081\u3066\u91cd\u8981\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"54\">\uff08\u6ce8\u610f\uff1a\u51fa\u5c3d\u304f\u3057\u58f2\u308a\u306e\u30ea\u30b9\u30af\uff09 \u4f1a\u793e\u4e88\u60f3\u306b\u5bfe\u3057\u3066\u597d\u6c7a\u7b97\u3067\u3042\u3063\u3066\u3082\u3001\u4e8b\u524d\u306b\u682a\u4fa1\u304c\u671f\u5f85\u3067\u8cb7\u308f\u308c\u3059\u304e\u3066\u304a\u308a\u3001\u5e02\u5834\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u306b\u9054\u3057\u306a\u304b\u3063\u305f\u5834\u5408\u306f\u300c\u6750\u6599\u51fa\u5c3d\u304f\u3057\u300d\u3068\u3057\u3066\u66b4\u843d\u3057\u307e\u3059\u3002\u682a\u4fa1\u306e\u73fe\u5728\u5730\uff08\u9ad8\u5024\u570f\u304b\u5b89\u5024\u570f\u304b\uff09\u3068\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u6bd4\u3092\u5fc5\u305a\u30bb\u30c3\u30c8\u3067\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u6c7a\u7b97\u76f4\u524d\u306b\u682a\u4fa1\u304c\u3059\u3067\u306b\u6570\u500d\u306b\u8cb7\u308f\u308c\u3066\u3044\u308b\u5834\u5408\u306f\u3001\u597d\u6c7a\u7b97\u304c\u51fa\u3066\u3082\u4e00\u65e6\u5229\u76ca\u78ba\u5b9a\u58f2\u308a\u306b\u62bc\u3055\u308c\u308b\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n<div class=\"attention a-2\">\n<h4 data-path-to-node=\"18\"><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\">\u3000\u25bc\u300c\u73fe\u5728\u306e\u3042\u306a\u305f\u306e\u76ee\u6a19\u300d\u3092\u4e00\u3064\u9078\u3093\u3067\u307f\u3066\u304f\u3060\u3055\u3044<\/b><\/span><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\">\u25bc<\/b><\/span><\/h4>\n<ul data-path-to-node=\"19\">\n<li>\n<p data-path-to-node=\"19,0,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,0,0\" data-index-in-node=\"0\">\u3010\u5b89\u5b9a\u91cd\u8996\u3011<\/b> \u8001\u5f8c\u8cc7\u91d1\u306e\u305f\u3081\u306b\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3092\u8ef8\u306b\u3057\u305f\u300c\u8ca0\u3051\u306a\u3044\u7a4d\u7acb\u6295\u8cc7\u300d\u3092\u30de\u30b9\u30bf\u30fc\u3057\u305f\u3044\u3002<\/a><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,1,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,1,0\" data-index-in-node=\"0\">\u3010\u526f\u53ce\u5165\u91cd\u8996\u3011<\/b> \u67085\u4e07\u301c10\u4e07\u5186\u3092\u76ee\u6307\u3057\u3001\u30c6\u30af\u30cb\u30ab\u30eb\u3092\u99c6\u4f7f\u3057\u305f\u300c\u52b9\u7387\u7684\u306a\u30c8\u30ec\u30fc\u30c9\u300d\u3092\u8eab\u306b\u3064\u3051\u305f\u3044<\/a>\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,2,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,2,0\" data-index-in-node=\"0\">\u3010\u30d7\u30ed\u5fd7\u5411\u3011<\/b> \u4e21\u65b9\u306e\u5206\u6790\u3092\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u3067\u4f7f\u3044\u3053\u306a\u3057\u3001\u76f8\u5834\u306e\u30d7\u30ed\u3068\u3057\u3066\u72ec\u7acb\u30fb\u8cc7\u7523\u904b\u7528\u3092\u3057\u305f\u3044\u3002<\/a><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<h2 data-path-to-node=\"55\">\u7b2c4\u7ae0\uff1a\u682a\u4fa12\u500d\u3092\u6700\u901f\u3067\u72d9\u3046\u300c\u65b0\u9ad8\u5024\u30d6\u30ec\u30a4\u30af\u6295\u8cc7\u8853\u300d\u3068\u30a8\u30f3\u30c8\u30ea\u30fc\u30c6\u30af\u30cb\u30c3\u30af<\/h2>\n<p data-path-to-node=\"56\">\u696d\u7e3e\u304c\u826f\u304f\u3066\u3082\u3001\u682a\u4fa1\u304c\u4e0a\u6607\u3059\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u8cb7\u308f\u306a\u3051\u308c\u3070\u8cc7\u91d1\u52b9\u7387\u304c\u8457\u3057\u304f\u4f4e\u4e0b\u3057\u307e\u3059\u3002\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u8cc7\u91d1\u304c\u6d41\u308c\u8fbc\u3080\u300c\u8cb7\u308f\u308c\u308b\u77ac\u9593\u300d\u3092\u6355\u3089\u3048\u308b\u306e\u304c\u30c1\u30e3\u30fc\u30c8\u5206\u6790\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"57\">4.1 \u65b0\u9ad8\u5024\u30d6\u30ec\u30a4\u30af\u30a2\u30a6\u30c8\u3068\u306f<\/h3>\n<p data-path-to-node=\"58\">\u300c\u65b0\u9ad8\u5024\u30d6\u30ec\u30a4\u30af\u300d\u3068\u306f\u3001\u904e\u53bb\u534a\u5e74\u301c1\u5e74\u9593\uff08\u307e\u305f\u306f\u4e0a\u5834\u6765\uff09\u306e\u6700\u9ad8\u5024\u6c34\u6e96\u3092\u3001\u5927\u304d\u306a\u51fa\u6765\u9ad8\u3092\u4f34\u3063\u3066\u4e0a\u306b\u7a81\u304d\u629c\u3051\u308b\u73fe\u8c61\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"59\">\u4e00\u898b\u300c\u9ad8\u5024\u63b4\u307f\u300d\u306b\u898b\u3048\u308b\u305f\u3081\u521d\u5fc3\u8005\u306f\u5acc\u304c\u308a\u307e\u3059\u304c\u3001\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u9298\u67c4\u306f\u300c\u542b\u307f\u640d\u3092\u62b1\u3048\u3066\u58f2\u3063\u3066\u6765\u308b\u6295\u8cc7\u5bb6\u304c\u5e02\u5834\u306b\u30bc\u30ed\u306b\u306a\u308b\u300d\u305f\u3081\u3001\u4e0a\u5024\u62b5\u6297\u7dda\u304c\u306a\u304f\u306a\u308a\u3001\u682a\u4fa1\u304c\u4e00\u6c17\u306b\u8df3\u306d\u4e0a\u304c\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002\u4f1d\u8aac\u7684\u306a\u6295\u8cc7\u5bb6\u30a6\u30a3\u30ea\u30a2\u30e0\u30fb\u30aa\u30cb\u30fc\u30eb\u3084\u30de\u30fc\u30af\u30fb\u30df\u30cd\u30eb\u30f4\u30a3\u30cb\u3082\u63d0\u5531\u3059\u308b\u3001\u6700\u3082\u52dd\u7387\u3068\u30b9\u30d4\u30fc\u30c9\u611f\u306e\u9ad8\u3044\u624b\u6cd5\u306e\u4e00\u3064\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"60\">4.2 \u30ab\u30c3\u30d7\u30fb\u30a6\u30a3\u30ba\u30fb\u30cf\u30f3\u30c9\u30eb\uff08Cup with Handle\uff09\u7b49\u306e\u30c1\u30e3\u30fc\u30c8\u30d1\u30bf\u30fc\u30f3<\/h3>\n<p data-path-to-node=\"61\">\u65b0\u9ad8\u5024\u30d6\u30ec\u30a4\u30af\u306e\u76f4\u524d\u306b\u306f\u3001\u7279\u5fb4\u7684\u306a\u30c1\u30e3\u30fc\u30c8\u5f62\u72b6\u304c\u73fe\u308c\u308b\u3053\u3068\u304c\u591a\u3005\u3042\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"62\">\u30fb\u30ab\u30c3\u30d7\u30fb\u30a6\u30a3\u30ba\u30fb\u30cf\u30f3\u30c9\u30eb\uff08\u53d6\u3063\u624b\u4ed8\u304d\u30ab\u30c3\u30d7\uff09\uff1a\u682a\u4fa1\u304c\u4e38\u3044\u5e95\uff08\u30ab\u30c3\u30d7\uff09\u3092\u5f62\u6210\u3057\u3066\u4e0b\u843d\u524d\u9ad8\u5024\u4ed8\u8fd1\u307e\u3067\u623b\u3057\u305f\u5f8c\u3001\u5c0f\u3055\u306a\u62bc\u3057\u76ee\uff08\u30cf\u30f3\u30c9\u30eb\uff09\u3092\u4f5c\u3063\u3066\u304b\u3089\u9ad8\u5024\u3092\u4e0a\u629c\u3051\u308b\u30d1\u30bf\u30fc\u30f3\u3002\u30cf\u30f3\u30c9\u30eb\u90e8\u5206\u306e\u51fa\u6765\u9ad8\u304c\u7d30\u308a\u3001\u30d6\u30ec\u30a4\u30af\u6642\u306b\u51fa\u6765\u9ad8\u304c\u6025\u5897\u3059\u308b\u306e\u304c\u5178\u578b\u7684\u306a\u6210\u529f\u30d1\u30bf\u30fc\u30f3\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"63\">\u30fbVCP\uff08Volatibity Contraction Pattern\uff09\uff1a\u682a\u4fa1\u306e\u632f\u308c\u5e45\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u304c\u5f90\u3005\u306b\u5c0f\u3055\u304f\u306a\u308a\u3001\u30a8\u30cd\u30eb\u30ae\u30fc\u304c\u51dd\u7e2e\u3055\u308c\u3066\u3044\u304f\u30d1\u30bf\u30fc\u30f3\u3002\u58f2\u308a\u5727\u529b\u304c\u67af\u6e07\u3057\u305f\u5f8c\u306b\u6750\u6599\u304c\u51fa\u308b\u3068\u3001\u4e0a\u65b9\u5411\u3078\u6025\u7206\u767a\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"64\">4.3 \u30a8\u30f3\u30c8\u30ea\u30fc\uff08\u8cb7\u3044\uff09\u3068\u640d\u5207\u308a\u306e\u5177\u4f53\u7684\u30eb\u30fc\u30eb<\/h3>\n<p data-path-to-node=\"65\">\u30fb\u30a8\u30f3\u30c8\u30ea\u30fc\u306e\u6761\u4ef6\uff1a<\/p>\n<ol start=\"1\" data-path-to-node=\"66\">\n<li>\n<p data-path-to-node=\"66,0,0\">\u76f4\u8fd1\u6570\u30f6\u6708\u9593\u3001\u4e00\u5b9a\u306e\u30ec\u30f3\u30b8\uff08\u30dc\u30c3\u30af\u30b9\u570f\uff09\u3067\u4fdd\u3061\u5408\u3044\u3092\u5f62\u6210\u3057\u3066\u3044\u308b\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"66,1,0\">\u6c7a\u7b97\u767a\u8868\u3084\u597d\u6750\u6599\u3092\u304d\u3063\u304b\u3051\u306b\u3001\u666e\u6bb5\u306e5\u301c10\u500d\u4ee5\u4e0a\u306e\u51fa\u6765\u9ad8\u3092\u4f34\u3063\u3066\u30ec\u30f3\u30b8\u4e0a\u9650\uff08\u904e\u53bb\u9ad8\u5024\uff09\u3092\u660e\u78ba\u306b\u4e0a\u629c\u3051\u308b\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"66,2,0\">\u4e0a\u629c\u3051\u305f\u5f53\u65e5\u306e\u5927\u5f15\u3051\u8fd1\u304f\u3001\u307e\u305f\u306f\u7fcc\u55b6\u696d\u65e5\u306e\u62bc\u3057\u76ee\u3067\u8cb7\u3044\u3092\u5165\u308c\u308b\u3002<\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"67\">\u30fb\u640d\u5207\u308a\uff08\u30b9\u30c8\u30c3\u30d7\u30ed\u30b9\uff09\u306e\u53b3\u683c\u306a\u8a2d\u5b9a\uff1a<\/p>\n<ol start=\"1\" data-path-to-node=\"68\">\n<li>\n<p data-path-to-node=\"68,0,0\">\u8cb7\u3044\u5024\u304b\u3089-7%\u301c-10%\u306b\u9054\u3057\u305f\u6642\u70b9\u3067\u4f8b\u5916\u306a\u304f\u6a5f\u68b0\u7684\u306b\u6210\u884c\u58f2\u308a\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"68,1,0\">\u30d6\u30ec\u30a4\u30af\u30a2\u30a6\u30c8\u3057\u305f\u300c\u30d6\u30ec\u30a4\u30af\u30dd\u30a4\u30f3\u30c8\uff08\u65e7\u62b5\u6297\u7dda\uff09\u300d\u3092\u518d\u3073\u4e0b\u306b\u5272\u308a\u8fbc\u3093\u3067\u623b\u3063\u3066\u304d\u305f\u5834\u5408\u306f\u300c\u3060\u307e\u3057\u300d\u3068\u5224\u65ad\u3057\u3066\u5373\u5ea7\u306b\u64a4\u9000\u3002<\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"69\">\u65b0\u9ad8\u5024\u30d6\u30ec\u30a4\u30af\u6295\u8cc7\u306b\u304a\u3044\u3066\u3001\u640d\u5207\u308a\u3092\u4e00\u5207\u306e\u611f\u60c5\u3092\u631f\u307e\u305a\u306b\u5b9f\u884c\u3067\u304d\u308b\u304b\u3069\u3046\u304b\u304c\u3001\u751f\u304d\u6b8b\u308a\u7d9a\u3051\u3089\u308c\u308b\u304b\u3092\u6c7a\u5b9a\u3065\u3051\u307e\u3059\u3002<\/p>\n<h2 data-path-to-node=\"70\">\u7b2c5\u7ae0\uff1a\u30de\u30a4\u30f3\u30c9\u30bb\u30c3\u30c8\u3068\u30ea\u30b9\u30af\u7ba1\u7406\uff08\u8cc7\u7523\u5931\u589c\u3092\u9632\u3050\u9244\u5247\uff09<\/h2>\n<p data-path-to-node=\"71\">100\u4e07\u301c300\u4e07\u30921\u5104\u5186\u306b\u3059\u308b\u904e\u7a0b\u3067\u6700\u5927\u306e\u554f\u984c\u3068\u306a\u308b\u306e\u306f\u300c\u9298\u67c4\u9078\u3073\u300d\u3088\u308a\u3082\u300c\u8cc7\u91d1\u7ba1\u7406\u3068\u30e1\u30f3\u30bf\u30eb\u300d\u3067\u3059\u3002\u4e00\u5ea6\u306e\u5927\u66b4\u843d\u3067\u8cc7\u91d1\u306e\u5927\u534a\u3092\u5931\u3048\u3070\u30015\u5e74\u30671\u5104\u5186\u3068\u3044\u3046\u8a08\u753b\u306f\u5fa9\u5e30\u4e0d\u53ef\u80fd\u306a\u30c0\u30e1\u30fc\u30b8\u3092\u53d7\u3051\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"72\">5.1 \u52dd\u7387\u306f5\u5272\u3067\u3044\u3044\uff1a\u30ea\u30b9\u30af\u30ea\u30ef\u30fc\u30c9\u6bd4\u7387\u306e\u5fb9\u5e95<\/h3>\n<p data-path-to-node=\"73\">\u682a\u4fa12\u500d\u3092\u72d9\u3046\u6295\u8cc7\u306b\u304a\u3044\u3066\u3001\u5168\u3066\u306e\u53d6\u5f15\u3067\u52dd\u3064\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u91cd\u8981\u306a\u306e\u306f\u300c\u52dd\u3064\u3068\u304d\u306e\u52dd\u3061\u5e45\u300d\u3068\u300c\u8ca0\u3051\u308b\u3068\u304d\u306e\u8ca0\u3051\u5e45\u300d\u306e\u6bd4\u7387\uff08\u30ea\u30b9\u30af\u30ea\u30ef\u30fc\u30c9\u6bd4\u7387\uff09\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"74\">\u30fb\u640d\u5931\uff08\u30ea\u30b9\u30af\uff09\uff1a1\u56de\u306e\u53d6\u5f15\u306b\u3064\u304d\u6700\u5927-10%\u3067\u5207\u308b\u3002 \u30fb\u5229\u76ca\uff08\u30ea\u30ef\u30fc\u30c9\uff09\uff1a\u5927\u5316\u3051\u306b\u4e57\u3063\u3066+50%\u301c+100%\uff082\u500d\uff09\u307e\u3067\u4f38\u3070\u3059\u3002<\/p>\n<p data-path-to-node=\"75\">\u30ea\u30b9\u30af\u30ea\u30ef\u30fc\u30c9\u6bd4\u7387\u304c 1 : 5 \u3067\u3042\u308c\u3070\u3001\u52dd\u7387\u304c\u308f\u305a\u304b30%\uff0810\u52dd\u4e2d3\u52dd7\u6557\uff09\u3067\u3042\u3063\u3066\u3082\u3001\u30c8\u30fc\u30bf\u30eb\u306e\u904b\u7528\u8cc7\u7523\u306f\u5927\u304d\u304f\u5897\u52a0\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"76\">\u8a08\u7b97\u4f8b\uff0810\u56de\u306e\u30c8\u30ec\u30fc\u30c9\u30fb\u5404\u56de100\u4e07\u5186\u6295\u8cc7\uff09\uff1a \u30fb\u5931\u65577\u56de\uff1a-10% \u00d7 7\u56de = -70\u4e07\u5186 \u30fb\u6210\u529f3\u56de\uff1a+50% \u00d7 3\u56de = +150\u4e07\u5186 \u30fb\u30c8\u30fc\u30bf\u30eb\u53ce\u652f\uff1a+80\u4e07\u5186\uff08\u8cc7\u91d1\u306f100\u4e07\u5186\u304b\u3089180\u4e07\u5186\u306b\u5897\u52a0\uff09<\/p>\n<p data-path-to-node=\"77\">\u640d\u5207\u308a\u3092\u305f\u3081\u3089\u3044\u3001-30%\u301c-50%\u307e\u3067\u5869\u6f2c\u3051\u306b\u3059\u308b\u3053\u3068\u304c\u30015\u5e741\u5104\u306e\u5922\u3092\u9014\u7d76\u3048\u3055\u305b\u308b\u6700\u5927\u306e\u539f\u56e0\u3067\u3059\u3002\u52dd\u7387\u3067\u306f\u306a\u304f\u300c\u52dd\u3063\u305f\u6642\u306b\u3044\u304b\u306b\u5927\u304d\u304f\u4f38\u3070\u3057\u3001\u8ca0\u3051\u305f\u6642\u306b\u3044\u304b\u306b\u5c0f\u3055\u304f\u5207\u308b\u304b\u300d\u306b\u601d\u8003\u3092\u96c6\u4e2d\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<h3 data-path-to-node=\"78\">5.2 \u4fe1\u7528\u53d6\u5f15\u306e\u6b63\u3057\u3044\u6d3b\u7528\u6cd5\u3068\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u30ea\u30b9\u30af<\/h3>\n<p data-path-to-node=\"79\">\u5c0f\u8cc7\u91d1\uff08100\u4e07\u301c300\u4e07\uff09\u306e\u6bb5\u968e\u3067\u4fe1\u7528\u53d6\u5f15\uff08\u6700\u5927\u7d043.3\u500d\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\uff09\u3092\u4f7f\u3063\u3066\u30b9\u30d4\u30fc\u30c9\u3092\u65e9\u3081\u3088\u3046\u3068\u3059\u308b\u6295\u8cc7\u5bb6\u306f\u591a\u304f\u5b58\u5728\u3057\u307e\u3059\u3002\u4fe1\u7528\u53d6\u5f15\u306f\u8af8\u5203\u306e\u5263\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"80\">\u30fb\u9069\u5207\u306a\u4f7f\u3044\u65b9\uff1a\u73fe\u7269\u8cc7\u7523\u306e\u7bc4\u56f2\u5185\u3067\u640d\u5207\u308a\u30eb\u30fc\u30eb\u304c\u5b8c\u74a7\u306b\u8eab\u4f53\u306b\u67d3\u307f\u4ed8\u3044\u305f\u6295\u8cc7\u5bb6\u304c\u3001\u660e\u78ba\u306a\u65b0\u9ad8\u5024\u30d6\u30ec\u30a4\u30af\u306e\u5c40\u9762\u3067\u306e\u307f\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u4e00\u6642\u7684\u306b\u304b\u3051\u308b\u3002 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