{"id":32619,"date":"2026-10-16T10:45:15","date_gmt":"2026-10-16T01:45:15","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=32619"},"modified":"2026-10-16T10:45:15","modified_gmt":"2026-10-16T01:45:15","slug":"ue-berkshires-latest-portfolio","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-berkshires-latest-portfolio","title":{"rendered":"\u30102026\u5e74\u6700\u65b0\u3011\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306e\u6700\u65b0\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u6ce8\u76ee\u9298\u67c4\u3092\u5fb9\u5e95\u89e3\u8aac\uff01\u30d0\u30d5\u30a7\u30c3\u30c8\u306e\u6295\u8cc7\u6226\u7565\u304b\u3089\u5b66\u3076\u898b\u6975\u3081\u306e\u6975\u610f"},"content":{"rendered":"<h2 data-path-to-node=\"2\">\u30102026\u5e74\u6700\u65b0\u3011\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306e\u6700\u65b0\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u6ce8\u76ee\u9298\u67c4\u3092\u5fb9\u5e95\u89e3\u8aac\uff01\u30d0\u30d5\u30a7\u30c3\u30c8\u306e\u6295\u8cc7\u6226\u7565\u304b\u3089\u5b66\u3076\u898b\u6975\u3081\u306e\u6975\u610f<\/h2>\n<div>\n<div class=\"attention a-1\">\n<p style=\"text-align: left;\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg\" alt=\"\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\" width=\"110\" height=\"110\" class=\"wp-image-2102 alignnone\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg 700w, 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=\"3\">1. \u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u30fb\u30cf\u30b5\u30a6\u30a7\u30a4\u306e\u6700\u65b0\u6295\u8cc7\u52d5\u5411\u30fb\u5168\u4f53\u50cf<\/h2>\n<p data-path-to-node=\"4\" id=\"p-rc_c0c9d494564baa6f-235\"><span class=\"citation-823 citation-end-823\">\u30a6\u30a9\u30fc\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8\u7387\u3044\u308b\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u30fb\u30cf\u30b5\u30a6\u30a7\u30a4\uff08Berkshire Hathaway\uff09\u306e\u6295\u8cc7\u884c\u52d5\u306f\u3001\u4e16\u754c\u306e\u8cc7\u672c\u5e02\u5834\u306b\u304a\u3051\u308b\u6700\u3082\u91cd\u8981\u306a\u5148\u884c\u6307\u6a19\u3067\u3059\u30022026\u5e74\u7b2c2\u56db\u534a\u671f\u672b\u6642\u70b9\u306e\u7c73\u56fd\u8a3c\u5238\u53d6\u5f15\u59d4\u54e1\u4f1a\uff08SEC\uff09\u63d0\u51fa\u8cc7\u6599\u300c13F\u5831\u544a\u300d\u304a\u3088\u3073\u6700\u65b0\u306e\u53d6\u5f15\u958b\u793a\u306b\u3088\u308b\u3068\u3001\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306e\u7c73\u56fd\u4e0a\u5834\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u8a55\u4fa1\u984d\u306f\u7d042,992.5\u5104\u30c9\u30eb\uff08\u7d0445\u5146\u301c48\u5146\u5186\u898f\u6a21\uff09\u306b\u9054\u3057\u3066\u3044\u307e\u3059\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"1\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<p data-path-to-node=\"5\" id=\"p-rc_c0c9d494564baa6f-236\"><span class=\"citation-822\">\u6570\u5e74\u9593\u306b\u308f\u305f\u308a\u7a4d\u307f\u4e0a\u3052\u3089\u308c\u3066\u3044\u305f\u624b\u5143\u73fe\u91d1\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d1\u30a4\u30eb\uff09\u306e\u518d\u914d\u7f6e\u304c\u672c\u683c\u5316\u3057\u3001\u91d1\u878d\u30bb\u30af\u30bf\u30fc\u3084\u4e00\u90e8\u306e\u666f\u6c17\u654f\u611f\u682a\u3092\u524a\u6e1b\u3059\u308b\u4e00\u65b9\u3067\u3001<\/span><b class=\"\" data-path-to-node=\"5\" data-index-in-node=\"65\"><span class=\"citation-822\">\u30c7\u30b8\u30bf\u30eb\u30fb\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\uff08Alphabet\uff09<\/span><\/b><span class=\"citation-822\"> \u3084 <\/span><b class=\"\" data-path-to-node=\"5\" data-index-in-node=\"91\"><span class=\"citation-822\">\u30ed\u30fc\u30eb\u30a2\u30c3\u30d7\u578b\u6210\u9577\u4f01\u696d\uff08Bending Spoons\uff09<\/span><\/b><span class=\"citation-822 citation-end-822\"> \u3078\u3068\u8cc7\u91d1\u3092\u91cd\u70b9\u7684\u306b\u30b7\u30d5\u30c8\u3055\u305b\u3066\u3044\u307e\u3059\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"2\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<h1 data-path-to-node=\"0\" class=\"\"><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3508373568=\"\" class=\"ng-tns-c3508373568-203 enable-luminous-code-block ng-star-inserted\"><\/p>\n<div _ngcontent-ng-c3508373568=\"\" class=\"code-block ng-tns-c3508373568-203 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9jY2FhNDUyNjJlY2U4MmM0IiwiY183OWRkM2Q2ZmFlNDU3MDBlIixudWxsLCJyY19jMGM5ZDQ5NDU2NGJhYTZmIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c3508373568=\"\" class=\"formatted-code-block-internal-container ng-tns-c3508373568-203\">\n<div _ngcontent-ng-c3508373568=\"\" class=\"animated-opacity ng-tns-c3508373568-203\">\n<pre _ngcontent-ng-c3508373568=\"\" class=\"ng-tns-c3508373568-203\"><span style=\"font-size: 14pt;\"><code _ngcontent-ng-c3508373568=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3508373568-203 no-decoration-radius\">\u3010\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306e\u8cc7\u91d1\u6d41\u52d5\u69cb\u9020\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u518d\u914d\u7f6e\u3011\r\n\r\n \uff3b\u58f2\u5374\u30fb\u56de\u53ce\u30bb\u30af\u30bf\u30fc\uff3d                       \uff3b\u65b0\u898f\u30fb\u8ffd\u52a0\u518d\u914d\u5206\u30bb\u30af\u30bf\u30fc\uff3d\r\n  \u30fbBank of America (-5~6%)    \u2500\u2500\u2500\u2510         \u250c\u2500\u2500&gt; Alphabet (GOOGL\/GOOG)\r\n  \u30fbCapital One (-58%)       \u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000    \u2502    \u3000\u3000\u3000   \u2502    \uff08\u5408\u7b97378\u5104\u30c9\u30eb\u30fb\u7b2c3\u4f4d\uff09\r\n  \u30fbNucor (-52%)           \u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000      \u251c\u2500\u2500\u2500\u2524\r\n  \u30fbKroger (-22%)           \u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000     \u2502      \u3000\u3000\u3000   \u251c\u2500\u2500&gt; Bending Spoons (BSP)\r\n  \u30fbConstellation Brands (\u5168\u58f2)\u3000\u3000\u2500\u2500\u2518       \u3000\u3000\u3000\u3000\u3000\u2502    \uff08\u7d2f\u8a08\u7d049.3\u5104\u30c9\u30eb\u51fa\u8cc7\uff09\r\n                                \u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000   \u3000        \u2502\r\n                                       \u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000    \u2514\u2500\u2500&gt; \u65e2\u5b58\u30a4\u30f3\u30d5\u30e9\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u30fb\u4fdd\u967a\r\n                                \u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000                \uff08Chubb, Occidental, Chevron, \u65e5\u672c\u5546\u793e\uff09\r\n<\/code><\/span><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p><\/code-block><\/response-element><\/h1>\n<h3 data-path-to-node=\"7\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u518d\u7de8\u306e3\u5927\u30c6\u30fc\u30de<\/h3>\n<ol start=\"1\" data-path-to-node=\"8\">\n<li>\n<p data-path-to-node=\"8,0,0\"><b data-path-to-node=\"8,0,0\" data-index-in-node=\"0\">\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u578bAI\/IT\u9818\u57df\u3078\u306e\u672c\u683c\u53c2\u5165<\/b><span> \u5f93\u6765\u306e\u300c\u30cf\u30a4\u30c6\u30af\u30a2\u30ec\u30eb\u30ae\u30fc\u300d\u3092\u5b8c\u5168\u306b\u8131\u5374\u3057\u3001<\/span><span class=\"\">\u3059\u3067\u306b\u5f37\u56fa\u306a\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u512a\u4f4d\u6027\u3092\u6301\u3064Alphabet\uff08Google\uff09\u3084Apple\u3078\u306e\u96c6\u4e2d\u5ea6\u3092\u9ad8\u3081\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"8,1,0\"><b data-path-to-node=\"8,1,0\" data-index-in-node=\"0\">\u6240\u6709\u578b\u30ed\u30fc\u30eb\u30a2\u30c3\u30d7\u30fb\u30e2\u30c7\u30eb\uff08Bending Spoons\uff09\u3078\u306e\u9577\u671f\u8cc7\u672c\u6295\u4e0b<\/b><span> \u8cb7\u53ce\u3057\u305fIT\u30b5\u30fc\u30d3\u30b9\u3092\u58f2\u5374\u305b\u305a\u9577\u671f\u4fdd\u6709\u3057\u3066\u5229\u76ca\u3092\u518d\u6295\u8cc7\u3057\u7d9a\u3051\u308b\u300c\u30c7\u30b8\u30bf\u30eb\u7248\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u300d\u3068\u3082\u8a00\u3048\u308b\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3078\u306e\u76f4\u63a5\u6295\u8cc7\u3092\u6025\u62e1\u5927\u3055\u305b\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"8,2,0\"><b data-path-to-node=\"8,2,0\" data-index-in-node=\"0\">\u4f1d\u7d71\u7684\u91d1\u878d\u682a\u306e\u6574\u7406\u3068\u5b9f\u7269\u30fb\u4fdd\u967a\u8cc7\u7523\u3078\u306e\u53b3\u9078<\/b><span> \u4fe1\u7528\u30ea\u30b9\u30af\u3084\u91d1\u5229\u653f\u7b56\u306e\u5909\u52d5\u3092\u53d7\u3051\u3084\u3059\u3044\u9280\u884c\u30fb\u6d88\u8cbb\u8005\u91d1\u878d\u682a\u3092\u524a\u6e1b\u3057\u3001<\/span><span>\u5f37\u56fa\u306a\u5f15\u53d7\u5229\u76ca\u3092\u751f\u3080\u640d\u5bb3\u4fdd\u967a\u5927\u624b\uff08Chubb\uff09\u3084\u30a8\u30cd\u30eb\u30ae\u30fc\uff08Occidental,<\/span><span> Chevron\uff09\u3078\u8cc7\u91d1\u3092\u96c6\u7d04\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h2 data-path-to-node=\"10\">2. \u8a71\u984c\u306e\u8ffd\u52a0\u51fa\u8cc7\uff1aBending Spoons\uff08\u30d9\u30f3\u30c7\u30a3\u30f3\u30b0\u30fb\u30b9\u30d7\u30fc\u30f3\u30ba\uff09\u6df1\u6398\u308a<\/h2>\n<p data-path-to-node=\"11\" id=\"p-rc_c0c9d494564baa6f-237\"><span class=\"citation-821\">2026\u5e7410\u670814\u65e5\u3001\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u304c\u30a4\u30bf\u30ea\u30a2\u767a\u306e\u30c7\u30b8\u30bf\u30eb\u30d7\u30ed\u30c0\u30af\u30c8\u5927\u624b <\/span><b class=\"\" data-path-to-node=\"11\" data-index-in-node=\"37\"><span class=\"citation-821\">Bending Spoons S.p.A.\uff08NASDAQ: BSP\uff09<\/span><\/b><span class=\"citation-821\"> \u306b\u5bfe\u3057\u3066 <\/span><b class=\"\" data-path-to-node=\"11\" data-index-in-node=\"77\"><span class=\"citation-821\">3\u51043,000\u4e07\u30c9\u30eb\uff08\u7d04530\u5104\u5186\uff09\u306e\u8ffd\u52a0\u6295\u8cc7<\/span><\/b><span class=\"citation-821 citation-end-821\">\uff08\u7b2c\u4e09\u8005\u5272\u5f53\u5897\u8cc7\uff09\u3092\u884c\u3046\u5408\u610f\u3092\u767a\u8868\u3057\u307e\u3057\u305f\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"3\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<h1 data-path-to-node=\"0\" class=\"\"><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3508373568=\"\" class=\"ng-tns-c3508373568-204 enable-luminous-code-block ng-star-inserted\"><\/p>\n<div _ngcontent-ng-c3508373568=\"\" class=\"code-block ng-tns-c3508373568-204 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9jY2FhNDUyNjJlY2U4MmM0IiwiY183OWRkM2Q2ZmFlNDU3MDBlIixudWxsLCJyY19jMGM5ZDQ5NDU2NGJhYTZmIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c3508373568=\"\" class=\"formatted-code-block-internal-container ng-tns-c3508373568-204\">\n<div _ngcontent-ng-c3508373568=\"\" class=\"animated-opacity ng-tns-c3508373568-204\">\n<pre _ngcontent-ng-c3508373568=\"\" class=\"ng-tns-c3508373568-204\"><span style=\"font-size: 14pt;\"><code _ngcontent-ng-c3508373568=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3508373568-204 no-decoration-radius\">\u3010Bending Spoons\u51fa\u8cc7\u306e\u9032\u6357\u30bf\u30a4\u30e0\u30e9\u30a4\u30f3\u3011\r\n\r\n2026\u5e747\u6708 \u2500\u2500\u2500 NASDAQ\u65b0\u898f\u4e0a\u5834\uff08IPO\uff09\u6642\u306b\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u304c6\u5104\u30c9\u30eb\u3092\u51fa\u8cc7\r\n    \u2502\r\n2026\u5e748\u6708 \u2500\u2500\u2500 \u682a\u4fa1\u304cIPO\u4fa1\u683c31\u30c9\u30eb\u304b\u3089\u4e00\u664258\u30c9\u30eb\u307e\u3067\u6025\u9a30\u5f8c\u300137\u30c9\u30eb\u4ed8\u8fd1\u3078\u8abf\u6574\r\n    \u2502\r\n2026\u5e7410\u6708\u2500\u2500\u2500 \u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u304c1\u682a33\u30c9\u30eb\u30671,000\u4e07\u682a\uff083\u51043,000\u4e07\u30c9\u30eb\uff09\u3092\u8ffd\u52a0\u8cb7\u3044\u5897\u3057\r\n    \u2502         \u7d2f\u8a08\u6295\u8cc7\u984d\u306f\u300c\u7d049\u51043,000\u4e07\u30c9\u30eb\uff08\u6301\u3061\u5206\u7d044%\uff09\u300d\u306b\u62e1\u5927\r\n    \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 \u767a\u8868\u3092\u53d7\u3051\u682a\u4fa1\u306f\u4e00\u664235%\u301c50%\u8d85\u6025<\/code><\/span><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p><\/code-block><\/response-element><\/h1>\n<div class=\"attachment-container unknown md-has-block-component\">\n<div class=\"timeline-container\" jslog=\"308594;track:impression,attention\">\n<div class=\"timeline-event ng-star-inserted\">\n<div class=\"timeline-marker-container\">\n<div class=\"timeline-line ng-star-inserted\"><\/div>\n<\/div>\n<div class=\"timeline-content\">\n<h5 class=\"timeline-title gds-emphasized-body-l ng-star-inserted\">2026\u5e747\u6708\uff1aNASDAQ\u65b0\u898f\u4e0a\u5834\uff08IPO\uff09<\/h5>\n<div class=\"timeline-time-label gds-extended-caption ng-star-inserted\">2026\u5e747\u6708<\/div>\n<div class=\"timeline-description gds-body-l ng-star-inserted\">\n<p class=\"ng-star-inserted\">Bending Spoons\u304cNASDAQ\u5e02\u5834\u3078\u4e0a\u5834\uff08\u516c\u958b\u4fa1\u683c31\u30c9\u30eb\uff09\u3002\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u30fb\u30cf\u30b5\u30a6\u30a7\u30a4\u306f\u30a2\u30f3\u30ab\u30fc\u6295\u8cc7\u5bb6\u3068\u3057\u3066<b>6\u5104\u30c9\u30eb<\/b>\u3092\u51fa\u8cc7\u3057\u3001\u5927\u53e3\u682a\u4e3b\u3068\u3057\u3066\u53c2\u5165\u3002<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"timeline-event ng-star-inserted\">\n<div class=\"timeline-marker-container\">\n<h5 class=\"timeline-line ng-star-inserted\"><\/h5>\n<\/div>\n<div class=\"timeline-content\">\n<h5 class=\"timeline-title gds-emphasized-body-l ng-star-inserted\">2026\u5e748\u6708\u301c9\u6708\uff1a\u521d\u671f\u9ad8\u5024\u304b\u3089\u306e\u682a\u4fa1\u8abf\u6574<\/h5>\n<div class=\"timeline-time-label gds-extended-caption ng-star-inserted\">2026\u5e748\u6708-9\u6708<\/div>\n<div class=\"timeline-description gds-body-l ng-star-inserted\">\n<p class=\"ng-star-inserted\">\u4e0a\u5834\u76f4\u5f8c\u306e\u6295\u6a5f\u7684\u306a\u8cb7\u623b\u3057\u306b\u3088\u308a\u4e00\u664258\u30c9\u30eb\u307e\u3067\u4e0a\u6607\u3057\u305f\u3082\u306e\u306e\u3001\u305d\u306e\u5f8c\u5e02\u5834\u5168\u4f53\u306e\u8abf\u6574\u306b\u4f34\u304437\u30c9\u30eb\u53f0\u307e\u3067\u682a\u4fa1\u304c\u843d\u7740\u304f\u3002<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"timeline-event ng-star-inserted\">\n<div class=\"timeline-content\">\n<h5 class=\"timeline-title gds-emphasized-body-l ng-star-inserted\">2026\u5e7410\u6708\uff1a3\u51043,000\u4e07\u30c9\u30eb\u306e\u8ffd\u52a0\u51fa\u8cc7\u5408\u610f<\/h5>\n<div class=\"timeline-time-label gds-extended-caption ng-star-inserted\">2026\u5e7410\u670814\u65e5<\/div>\n<div class=\"timeline-description gds-body-l ng-star-inserted\">\n<p class=\"ng-star-inserted\">\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306f\u7b2c\u4e09\u8005\u5272\u5f53\uff081\u682a33\u30c9\u30eb\u30671,000\u4e07\u682a\uff09\u3092\u901a\u3058\u3066<b>3\u51043,000\u4e07\u30c9\u30eb\u3092\u8ffd\u52a0\u51fa\u8cc7<\/b>\u3002\u7d2f\u8a08\u6295\u8cc7\u984d\u306f\u7d049\u51043,000\u4e07\u30c9\u30eb\u3001\u4fdd\u6709\u6bd4\u7387\u306f\u7d044.0%\u3078\u62e1\u5927\u3057\u3001\u682a\u4fa1\u306f\u5e02\u5834\u3067\u6025\u9a30\u3002<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 data-path-to-node=\"14\" class=\"\">Bending Spoons\u306e\u4e8b\u696d\u69cb\u9020\uff1a\u300c\u30bd\u30d5\u30c8\u30a6\u30a8\u30a2\u30fb\u30ed\u30fc\u30eb\u30a2\u30c3\u30d7\u300d<\/h3>\n<p data-path-to-node=\"15\"><span class=\"\">Bending Spoons\u306f\u4e00\u822c\u7684\u306aIT\u4f01\u696d\u306e\u3088\u3046\u306b\u5358\u4e00\u306eWeb\u30a2\u30d7\u30ea\u3092\u81ea\u793e\u958b\u767a\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001<\/span><span>\u77e5\u540d\u5ea6\u3092\u6301\u3061\u306a\u304c\u3089\u7d4c\u55b6\u3084\u30de\u30cd\u30bf\u30a4\u30ba\u304c\u505c\u6ede\u3057\u3066\u3044\u308b\u30c7\u30b8\u30bf\u30eb\u30b5\u30fc\u30d3\u30b9\u3092\u8cb7\u53ce\u3057\u3001<\/span><span>\u5fb9\u5e95\u7684\u306a\u69cb\u9020\u6539\u9769\u3092\u65ad\u884c\u3059\u308b\u30b3\u30f3\u30d1\u30a6\u30f3\u30c0\u30fc\uff08\u8907\u5229\u6210\u9577\u578b\u4f01\u696d\uff09\u3067\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"16\">\n<li>\n<p data-path-to-node=\"16,0,0\" id=\"p-rc_c0c9d494564baa6f-238\"><b data-path-to-node=\"16,0,0\" data-index-in-node=\"0\">\u4e3b\u306a\u8cb7\u53ce\u6e08\u307f\u30d7\u30ed\u30c0\u30af\u30c8:<\/b><span class=\"\"> <\/span><span class=\"citation-820 citation-end-820\">Evernote\uff08\u30e1\u30e2\uff09\u3001Vimeo\uff08\u52d5\u753b\uff09\u3001WeTransfer\uff08\u30d5\u30a1\u30a4\u30eb\u5171\u6709\uff09\u3001AOL\uff08\u30e1\u30c7\u30a3\u30a2\/\u30dd\u30fc\u30bf\u30eb\uff09\u3001Airtable\uff08\u30c7\u30fc\u30bf\u30d9\u30fc\u30b9\uff09\u3001Eventbrite\uff08\u30a4\u30d9\u30f3\u30c8\u7ba1\u7406\uff09\u306a\u3069\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"4\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,1,0\" id=\"p-rc_c0c9d494564baa6f-239\"><b data-path-to-node=\"16,1,0\" data-index-in-node=\"0\">\u30d0\u30d5\u30a7\u30c3\u30c8\u601d\u60f3\u3068\u306e\u89aa\u548c\u6027:<\/b><span class=\"\"> <\/span><span class=\"citation-819 citation-end-819\">\u5f93\u6765\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\uff08PE\uff09\u30d5\u30a1\u30f3\u30c9\u306f\u300c\u8cb7\u53ce\u304b\u30893\u301c5\u5e74\u3067\u58f2\u5374\u3057\u3066\u30d5\u30a1\u30f3\u30c9\u5229\u76ca\u3092\u78ba\u5b9a\u3059\u308b\u300d\u624b\u6cd5\u3092\u3068\u308a\u307e\u3059\u304c\u3001Bending Spoons\u306f\u300c\u8cb7\u53ce\u3057\u305f\u512a\u826f\u4e8b\u696d\u3092\u539f\u5247\u3068\u3057\u3066\u7d76\u5bfe\u306b\u58f2\u5374\u305b\u305a\u3001\u6c38\u7d9a\u7684\u306b\u4fdd\u6709\u3057\u3066\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u518d\u6295\u8cc7\u3057\u7d9a\u3051\u308b\u300d\u65b9\u91dd\u3092\u63b2\u3052\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u81ea\u4f53\u306e\u4e8b\u696d\u69cb\u9020\u305d\u306e\u3082\u306e\u3067\u3059\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"5\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<\/li>\n<\/ul>\n<div class=\"xcd-attention-6 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title-wrap\">\n<div class=\"xcd-title\"><span>\u3042\u306a\u305f\u306b\u672c\u5f53\u306b\u9069\u3057\u305f\u6295\u8cc7\u306f\u3069\u308c\uff1f<\/span><\/div>\n<\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 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=\"18\">3. \u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u6700\u65b0\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u4fdd\u6709\u4e0a\u4f4d\u9298\u67c4\u4e00\u89a7<\/h2>\n<p data-path-to-node=\"19\" id=\"p-rc_c0c9d494564baa6f-240\"><span class=\"citation-818 citation-end-818\">\u4ee5\u4e0b\u306f\u3001SEC\u306b\u63d0\u51fa\u3055\u308c\u305f\u76f4\u8fd1\u306e13F\u958b\u793a\uff082026\u5e74\u7b2c2\u56db\u534a\u671f\u672b\u6642\u70b9\uff09\u306b\u57fa\u3065\u304f\u3001\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306e\u7c73\u56fd\u4e0a\u5834\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\uff082,992.5\u5104\u30c9\u30eb\uff09\u306e\u4e3b\u8981\u4fdd\u6709\u9298\u67c4\u306e\u5b8c\u5168\u5185\u8a33\u3067\u3059\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"6\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<table data-path-to-node=\"20\">\n<thead>\n<tr>\n<td><strong>\u9806\u4f4d<\/strong><\/td>\n<td><strong>\u9298\u67c4\u540d\uff08\u30c6\u30a3\u30c3\u30ab\u30fc\uff09<\/strong><\/td>\n<td><strong>\u682a\u5f0f\u8a55\u4fa1\u984d<\/strong><\/td>\n<td><strong>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u6bd4\u7387<\/strong><\/td>\n<td><strong>\u6295\u8cc7\u30c6\u30fc\u30de\u30fb\u4fdd\u6709\u80cc\u666f<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"20,1,0,0\"><b data-path-to-node=\"20,1,0,0\" data-index-in-node=\"0\">1<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,1,1,0\"><b data-path-to-node=\"20,1,1,0\" data-index-in-node=\"0\">Apple Inc.<\/b> (AAPL)<\/span><\/td>\n<td><span data-path-to-node=\"20,1,2,0\">\u7d04659.5\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"20,1,3,0\"><b data-path-to-node=\"20,1,3,0\" data-index-in-node=\"0\">22.04%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,1,4,0\">\u5de8\u5927\u306a\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u3068\u5f37\u56fa\u306a\u81ea\u793e\u682a\u8cb7\u3044\u30d7\u30ed\u30b0\u30e9\u30e0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,2,0,0\"><b data-path-to-node=\"20,2,0,0\" data-index-in-node=\"0\">2<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,2,1,0\"><b data-path-to-node=\"20,2,1,0\" data-index-in-node=\"0\">American Express<\/b> (AXP)<\/span><\/td>\n<td><span data-path-to-node=\"20,2,2,0\">\u7d04512.8\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"20,2,3,0\"><b data-path-to-node=\"20,2,3,0\" data-index-in-node=\"0\">17.14%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,2,4,0\">\u5bcc\u88d5\u5c64\u5411\u3051\u9867\u5ba2\u57fa\u76e4\u3068\u6c7a\u6e08\u624b\u6570\u6599\u30e2\u30c7\u30eb<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,3,0,0\"><b data-path-to-node=\"20,3,0,0\" data-index-in-node=\"0\">3<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,3,1,0\"><b data-path-to-node=\"20,3,1,0\" data-index-in-node=\"0\">The Coca-Cola Company<\/b> (KO)<\/span><\/td>\n<td><span data-path-to-node=\"20,3,2,0\">\u7d04325.1\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"20,3,3,0\"><b data-path-to-node=\"20,3,3,0\" data-index-in-node=\"0\">10.86%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,3,4,0\">\u4e16\u754c\u6700\u5f37\u306e\u30d6\u30e9\u30f3\u30c9\u4fa1\u683c\u6c7a\u5b9a\u529b\u3068\u9023\u7d9a\u5897\u914d<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,4,0,0\"><b data-path-to-node=\"20,4,0,0\" data-index-in-node=\"0\">4<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,4,1,0\"><b data-path-to-node=\"20,4,1,0\" data-index-in-node=\"0\">Alphabet Inc. Class A<\/b> (GOOGL)<\/span><\/td>\n<td><span data-path-to-node=\"20,4,2,0\">\u7d04281.6\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"20,4,3,0\"><b data-path-to-node=\"20,4,3,0\" data-index-in-node=\"0\">9.41%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,4,4,0\">\u30af\u30e9\u30a6\u30c9\u30fb\u691c\u7d22\u30fbAI\u30a4\u30f3\u30d5\u30e9\u3067\u306e\u652f\u914d\u7684\u30dd\u30b8\u30b7\u30e7\u30f3<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,5,0,0\"><b data-path-to-node=\"20,5,0,0\" data-index-in-node=\"0\">5<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,5,1,0\"><b data-path-to-node=\"20,5,1,0\" data-index-in-node=\"0\">Bank of America<\/b> (BAC)<\/span><\/td>\n<td><span data-path-to-node=\"20,5,2,0\">\u7d04275.4\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"20,5,3,0\"><b data-path-to-node=\"20,5,3,0\" data-index-in-node=\"0\">9.20%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,5,4,0\">\u7c73\u56fd\u9810\u91d1\u57fa\u5730\u3092\u6301\u3064\u5927\u578b\u9280\u884c\uff08\u76f4\u8fd1\u3067\u90e8\u5206\u58f2\u5374\u4e2d\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,6,0,0\"><b data-path-to-node=\"20,6,0,0\" data-index-in-node=\"0\">6<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,6,1,0\"><b data-path-to-node=\"20,6,1,0\" data-index-in-node=\"0\">Chevron Corporation<\/b> (CVX)<\/span><\/td>\n<td><span data-path-to-node=\"20,6,2,0\">\u7d04139.9\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"20,6,3,0\"><b data-path-to-node=\"20,6,3,0\" data-index-in-node=\"0\">4.67%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,6,4,0\">\u4f1d\u7d71\u7684\u30a8\u30cd\u30eb\u30ae\u30fc\u8cc7\u7523\u3068\u9ad8\u914d\u5f53\u5229\u56de\u308a<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,7,0,0\"><b data-path-to-node=\"20,7,0,0\" data-index-in-node=\"0\">7<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,7,1,0\"><b data-path-to-node=\"20,7,1,0\" data-index-in-node=\"0\">Occidental Petroleum<\/b> (OXY)<\/span><\/td>\n<td><span data-path-to-node=\"20,7,2,0\">\u7d04128.7\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"20,7,3,0\"><b data-path-to-node=\"20,7,3,0\" data-index-in-node=\"0\">4.30%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,7,4,0\">\u30d1\u30fc\u30df\u30a2\u30f3\u76c6\u5730\u306e\u6cb9\u7530\u6a29\u76ca\u3068\u70ad\u7d20\u56de\u53ce\u6280\u8853<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,8,0,0\"><b data-path-to-node=\"20,8,0,0\" data-index-in-node=\"0\">8<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,8,1,0\"><b data-path-to-node=\"20,8,1,0\" data-index-in-node=\"0\">Chubb Limited<\/b> (CB)<\/span><\/td>\n<td><span data-path-to-node=\"20,8,2,0\">\u7d04116.7\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"20,8,3,0\"><b data-path-to-node=\"20,8,3,0\" data-index-in-node=\"0\">3.90%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,8,4,0\">\u512a\u308c\u305f\u640d\u5bb3\u4fdd\u967a\u5f15\u53d7\u898f\u5f8b\u3068\u5b89\u5b9a\u7684\u306a\u6d6e\u8cb8\u91d1\uff08\u30d5\u30ed\u30fc\u30c8\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,9,0,0\"><b data-path-to-node=\"20,9,0,0\" data-index-in-node=\"0\">9<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,9,1,0\"><b data-path-to-node=\"20,9,1,0\" data-index-in-node=\"0\">Moody&#8217;s Corporation<\/b> (MCO)<\/span><\/td>\n<td><span data-path-to-node=\"20,9,2,0\">\u7d04111.7\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"20,9,3,0\"><b data-path-to-node=\"20,9,3,0\" data-index-in-node=\"0\">3.73%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,9,4,0\">\u4fe1\u7528\u683c\u4ed8\u3051\u5e02\u5834\u306b\u304a\u3051\u308b\u8907\u5360\uff08\u9ad8\u7c97\u5229\u76ca\u7387\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,10,0,0\"><b data-path-to-node=\"20,10,0,0\" data-index-in-node=\"0\">10<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,10,1,0\"><b data-path-to-node=\"20,10,1,0\" data-index-in-node=\"0\">Alphabet Inc. Class C<\/b> (GOOG)<\/span><\/td>\n<td><span data-path-to-node=\"20,10,2,0\">\u7d0496.1\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"20,10,3,0\"><b data-path-to-node=\"20,10,3,0\" data-index-in-node=\"0\">3.21%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,10,4,0\">\u8b70\u6c7a\u6a29\u306a\u3057\u682a\u3002Class A\u3068\u5408\u8a08\u3067\u5168\u4f53\u306e\u7d0412.6%\u3078<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,11,0,0\">\u2014<\/span><\/td>\n<td><span data-path-to-node=\"20,11,1,0\"><b data-path-to-node=\"20,11,1,0\" data-index-in-node=\"0\">\u305d\u306e\u4ed6\u4fdd\u6709\u9298\u67c4\uff0819\u9298\u67c4\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,11,2,0\">\u7d04345.1\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"20,11,3,0\"><b data-path-to-node=\"20,11,3,0\" data-index-in-node=\"0\">11.53%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,11,4,0\">Kraft Heinz, Delta Air Lines, SiriusXM, NYT\u7b49<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<blockquote data-path-to-node=\"21\" class=\"\">\n<p data-path-to-node=\"21,0\"><b data-path-to-node=\"21,0\" data-index-in-node=\"0\">\u6ce8\u8a18:<\/b> Alphabet\u682a\uff08Class A + Class C\uff09\u306e\u4fdd\u6709\u8a55\u4fa1\u984d\u3092\u5408\u7b97\u3059\u308b\u3068<b data-path-to-node=\"21,0\" data-index-in-node=\"44\">\u7d04377.6\u5104\u30c9\u30eb\uff08\u69cb\u6210\u6bd4\u7387 12.62%\uff09\u306b\u9054\u3057\u3001\u30b3\u30ab\u30fb\u30b3\u30fc\u30e9\u3092\u4e0a\u56de\u3063\u3066\u5b9f\u8cea\u7b2c3\u4f4d\u306e\u5de8\u5927\u4fdd\u6709\u9298\u67c4<\/b>\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/blockquote>\n<div class=\"attachment-container unknown md-has-block-component\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><\/response-element><\/div>\n<div class=\"attachment-container unknown md-has-block-component\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><\/response-element><\/div>\n<h2 data-path-to-node=\"25\">4. \u76f4\u8fd1\u56db\u534a\u671f\u3067\u300c\u58f2\u5374\u30fb\u6301\u5206\u524a\u6e1b\u300d\u3057\u305f\u9298\u67c4\u3068\u305d\u306e\u6df1\u6398\u308a\u5206\u6790<\/h2>\n<p data-path-to-node=\"26\" id=\"p-rc_c0c9d494564baa6f-241\"><span class=\"citation-817 citation-end-817\">\u8cb7\u3044\u5897\u3057\u306e\u4e00\u65b9\u3067\u3001\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306f\u7279\u5b9a\u306e\u30bb\u30af\u30bf\u30fc\u306b\u5bfe\u3057\u3066\u6301\u5206\u3092\u6bb5\u968e\u7684\u306b\u524a\u6e1b\u3001\u3042\u308b\u3044\u306f\u5b8c\u5168\u58f2\u5374\u3059\u308b\u6c7a\u5b9a\u3092\u4e0b\u3057\u3066\u3044\u307e\u3059\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"7\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<h3 data-path-to-node=\"27\">\u5b8c\u5168\u58f2\u5374\u9298\u67c4<\/h3>\n<ul data-path-to-node=\"28\">\n<li>\n<p data-path-to-node=\"28,0,0\"><b data-path-to-node=\"28,0,0\" data-index-in-node=\"0\">\u30b3\u30f3\u30b9\u30c6\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30d6\u30e9\u30f3\u30ba\uff08Constellation Brands \/ STZ\uff09<\/b><\/p>\n<ul data-path-to-node=\"28,0,1\">\n<li>\n<p data-path-to-node=\"28,0,1,0,0\"><b data-path-to-node=\"28,0,1,0,0\" data-index-in-node=\"0\">\u58f2\u5374\u898f\u6a21:<\/b><span> \u4fdd\u6709\u3057\u3066\u3044\u305f\u7d049,<\/span><span>500\u4e07\u30c9\u30eb\u76f8\u5f53\u306e\u682a\u5f0f\u3092\u3059\u3079\u3066\u58f2\u5374\u3057\u3066\u30dd\u30b8\u30b7\u30e7\u30f3\u89e3\u6d88\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"28,0,1,1,0\"><b data-path-to-node=\"28,0,1,1,0\" data-index-in-node=\"0\">\u80cc\u666f:<\/b><span> \u30b3\u30ed\u30ca\u5f8c\u306e\u30a2\u30eb\u30b3\u30fc\u30eb\u6d88\u8cbb\u52d5\u5411\u306e\u5909\u5316\u3001<\/span><span>\u304a\u3088\u3073\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5c11\u984d\u5206\u6563\u9298\u67c4\u3092\u6574\u7406\u3059\u308b\u30af\u30ea\u30fc\u30f3\u30a2\u30c3\u30d7\u306e\u4e00\u74b0\u3068\u898b\u3089\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"29\">\u5927\u5e45\u524a\u6e1b\u30fb\u4e00\u90e8\u58f2\u5374\u9298\u67c4\u306e\u5185\u8a33<\/h3>\n<table data-path-to-node=\"30\">\n<thead>\n<tr>\n<td><strong>\u9298\u67c4\u540d\uff08\u30c6\u30a3\u30c3\u30ab\u30fc\uff09<\/strong><\/td>\n<td><strong>\u696d\u7a2e<\/strong><\/td>\n<td><strong>\u524a\u6e1b\u7387\uff08\u682a\u6570\u6bd4\uff09<\/strong><\/td>\n<td><strong>\u58f2\u5374\uff08\u56de\u53ce\uff09\u91d1\u984d<\/strong><\/td>\n<td><strong>\u6b8b\u5b58\u4fdd\u6709\u72b6\u6cc1\u30fb\u5206\u6790<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"30,1,0,0\"><b data-path-to-node=\"30,1,0,0\" data-index-in-node=\"0\">Capital One Financial<\/b> (COF)<\/span><\/td>\n<td><span data-path-to-node=\"30,1,1,0\">\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u30fb\u91d1\u878d<\/span><\/td>\n<td><span data-path-to-node=\"30,1,2,0\"><b data-path-to-node=\"30,1,2,0\" data-index-in-node=\"0\">-58.0%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"30,1,3,0\">\u7d048\u51043,300\u4e07\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"30,1,4,0\">\u6b8b\u308a\u7d04300\u4e07\u682a\u3002\u8cb8\u5012\u30ea\u30b9\u30af\u30fb\u91d1\u5229\u4f4e\u4e0b\u61f8\u5ff5\u304b\u3089\u5727\u7e2e<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"30,2,0,0\"><b data-path-to-node=\"30,2,0,0\" data-index-in-node=\"0\">Nucor Corporation<\/b> (NUE)<\/span><\/td>\n<td><span data-path-to-node=\"30,2,1,0\">\u9244\u92fc\u30fb\u7d20\u6750<\/span><\/td>\n<td><span data-path-to-node=\"30,2,2,0\"><b data-path-to-node=\"30,2,2,0\" data-index-in-node=\"0\">-52.0%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"30,2,3,0\">\u7d044\u51045,700\u4e07\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"30,2,4,0\">\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u534a\u6e1b\u3002\u666f\u6c17\u5faa\u74b0\uff08\u30b7\u30af\u30ed\uff09\u30ea\u30b9\u30af\u306e\u56de\u907f<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"30,3,0,0\"><b data-path-to-node=\"30,3,0,0\" data-index-in-node=\"0\">Kroger Company<\/b> (KR)<\/span><\/td>\n<td><span data-path-to-node=\"30,3,1,0\">\u98df\u54c1\u30b9\u30fc\u30d1\u30fc<\/span><\/td>\n<td><span data-path-to-node=\"30,3,2,0\"><b data-path-to-node=\"30,3,2,0\" data-index-in-node=\"0\">-22.0%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"30,3,3,0\">\u7d046\u51041,100\u4e07\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"30,3,4,0\">\u5229\u76ca\u78ba\u5b9a\u58f2\u308a\u3002\u6d41\u901a\u30a4\u30f3\u30d5\u30ec\u306e\u30d4\u30fc\u30af\u30a2\u30a6\u30c8\u3092\u8b66\u6212<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"30,4,0,0\"><b data-path-to-node=\"30,4,0,0\" data-index-in-node=\"0\">Bank of America<\/b> (BAC)<\/span><\/td>\n<td><span data-path-to-node=\"30,4,1,0\">\u5927\u578b\u5546\u696d\u9280\u884c<\/span><\/td>\n<td><span data-path-to-node=\"30,4,2,0\"><b data-path-to-node=\"30,4,2,0\" data-index-in-node=\"0\">-5.9%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"30,4,3,0\">\u7d0416\u51041,000\u4e07\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"30,4,4,0\">3000\u4e07\u682a\u4ee5\u4e0a\u3092\u58f2\u5374\u3002\u91d1\u878d\u898f\u5236\u30fb\u8cc7\u672c\u52b9\u7387\u306e\u89b3\u70b9\u304b\u3089\u6bb5\u968e\u524a\u6e1b<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"30,5,0,0\"><b data-path-to-node=\"30,5,0,0\" data-index-in-node=\"0\">Ally Financial<\/b> (ALLY)<\/span><\/td>\n<td><span data-path-to-node=\"30,5,1,0\">\u81ea\u52d5\u8eca\u30ed\u30fc\u30f3<\/span><\/td>\n<td><span data-path-to-node=\"30,5,2,0\"><b data-path-to-node=\"30,5,2,0\" data-index-in-node=\"0\">-6.5%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"30,5,3,0\">\u7d049,200\u4e07\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"30,5,4,0\">\u81ea\u52d5\u8eca\u8cb8\u51fa\u30c7\u30d5\u30a9\u30eb\u30c8\u4e0a\u6607\u30ea\u30b9\u30af\u306b\u5bfe\u5fdc\u3057\u305f\u30dd\u30b8\u30b7\u30e7\u30f3\u8abf\u6574<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-path-to-node=\"31\" class=\"\" id=\"p-rc_c0c9d494564baa6f-242\"><span class=\"citation-816 citation-end-816\">\u58f2\u5374\u884c\u52d5\u304b\u3089\u900f\u3051\u3066\u898b\u3048\u308b\u30de\u30af\u30ed\u898b\u901a\u3057<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"8\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/h3>\n<ol start=\"1\" data-path-to-node=\"32\">\n<li>\n<p data-path-to-node=\"32,0,0\"><b data-path-to-node=\"32,0,0\" data-index-in-node=\"0\">\u9006\u98a8\u304c\u4e88\u60f3\u3055\u308c\u308b\u6d88\u8cbb\u8005\u91d1\u878d\u30bb\u30af\u30bf\u30fc\u306e\u7e2e\u5c0f<\/b><span> Capital One\u3084Ally Financial\u306e\u524a\u6e1b\u306b\u898b\u3089\u308c\u308b\u3088\u3046\u306b\u3001<\/span><span>\u7c73\u56fd\u306e\u4e2d\u4f4e\u6240\u5f97\u8005\u5c64\u306b\u304a\u3051\u308b\u30af\u30ec\u30b8\u30c3\u30c8\u8cb8\u5012\u7387\u306e\u4e0a\u6607\u3084\u5229\u3056\u3084\u7e2e\u5c0f\u61f8\u5ff5\u306b\u5bfe\u3057\u3001<\/span><span>\u4e8b\u524d\u306b\u30ea\u30b9\u30af\u30aa\u30d5\u59ff\u52e2\u3092\u3068\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"32,1,0\"><b data-path-to-node=\"32,1,0\" data-index-in-node=\"0\">\u4f1d\u7d71\u7684\u30b7\u30af\u30ea\u30ab\u30eb\uff08\u666f\u6c17\u5faa\u74b0\uff09\u9298\u67c4\u306e\u5229\u76ca\u78ba\u5b9a<\/b><span> \u9244\u92fc\uff08Nucor\uff09\u306a\u3069\u306e\u7d20\u6750\u9298\u67c4\u3092\u6025\u6e1b\u3055\u305b\u3001<\/span><span>\u5f97\u3089\u308c\u305f\u8cc7\u91d1\u3092\u666f\u6c17\u5909\u52d5\u306b\u5f37\u304f\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u5b89\u5b9a\u3057\u3066\u3044\u308bAI\u30fb\u30c7\u30b8\u30bf\u30eb\u30a4\u30f3\u30d5\u30e9\uff08Alphabet\uff09\u3078\u3068\u632f\u66ff\u3048\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\"><strong>\u8cc7\u7523\u904b\u7528\u3067\u5931\u6557\u3057\u305f\u304f\u306a\u3044\u65b9\u3078<\/strong><\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u5b66\u6821\u3067\u306f\u6559\u3048\u3066\u3082\u3089\u3048\u306a\u304b\u3063\u305f\u304a\u91d1\u306e\u3053\u3068\u304c\u308f\u304b\u308b\u7121\u6599\u30b3\u30f3\u30c6\u30f3\u30c4\u3092\u3054\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><br \/>\n<strong><span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\" style=\"color: #0066c0;\">\u226b \u7121\u6599\u8b1b\u5ea7\uff1a\u304a\u91d1\u306e\u30d7\u30ed\u304c\u6559\u3048\u308b\u300c\u521d\u5fc3\u8005\u304c\u6bce\u6708\u53ce\u5165\u3092\u5f97\u308b\u6295\u8cc7\u306e\u59cb\u3081\u65b9\u300d<\/a><\/span><\/strong><\/div>\n<\/div>\n<h2 data-path-to-node=\"34\">5. \u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306eAI\u30fb\u534a\u5c0e\u4f53\u6295\u8cc7\u306b\u5bfe\u3059\u308b\u672c\u97f3<\/h2>\n<p data-path-to-node=\"35\"><span>\u300c\u306a\u305c\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306fNVIDIA\uff08\u30a8\u30cc\u30d3\u30c7\u30a3\u30a2\uff09\u306a\u3069\u306e\u534a\u5c0e\u4f53\u9298\u67c4\u306b\u6295\u8cc7\u3057\u306a\u3044\u306e\u304b\uff1f\u300d\u3068\u3044\u3046\u554f\u3044\u306f\u3001<\/span><span>\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f\u306e\u6295\u8cc7\u54f2\u5b66\u306e\u6839\u5e79\u306b\u95a2\u308f\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"36\">\u2460 \u6295\u8cc7\u3057\u306a\u3044\uff08\u614e\u91cd\u59ff\u52e2\u3092\u4fdd\u3064\uff094\u3064\u306e\u7406\u7531<\/h3>\n<ol start=\"1\" data-path-to-node=\"37\">\n<li>\n<p data-path-to-node=\"37,0,0\" id=\"p-rc_c0c9d494564baa6f-243\"><b data-path-to-node=\"37,0,0\" data-index-in-node=\"0\">\u300c\u80fd\u529b\u306e\u8f2a\uff08Circle of Competence\uff09\u300d\u306e\u7d76\u5bfe\u7684\u9075\u5b88<\/b><span class=\"citation-815 citation-end-815\">\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f\u306f\u300c\u81ea\u5206\u304c10\u5e74\u5f8c\u306e\u696d\u754c\u69cb\u9020\u3092\u78ba\u5b9f\u306b\u4e88\u6e2c\u3067\u304d\u306a\u3044\u30d3\u30b8\u30cd\u30b9\u306b\u306f\u4e00\u5207\u624b\u3092\u51fa\u3055\u306a\u3044\u300d\u3053\u3068\u3092\u5fb9\u5e95\u3057\u3066\u3044\u307e\u3059\u3002AI\u534a\u5c0e\u4f53\u306f\u6280\u8853\u9769\u65b0\u304c\u65e9\u3059\u304e\u30015\u5e74\u5f8c\u306e\u30c8\u30c3\u30d7\u4f01\u696d\u304c\u4e88\u6e2c\u4e0d\u53ef\u80fd\u3067\u3042\u308b\u305f\u3081\u3067\u3059\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"9\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"37,1,0\" id=\"p-rc_c0c9d494564baa6f-244\"><b data-path-to-node=\"37,1,0\" data-index-in-node=\"0\">\u7121\u5236\u9650\u306e\u8cc7\u672c\u7684\u652f\u51fa\uff08CAPEX\uff09\u7af6\u4e89\u306e\u5fcc\u907f<\/b><span class=\"citation-814 citation-end-814\">\u5148\u7aef\u534a\u5c0e\u4f53\u306e\u958b\u767a\u3084\u30d5\u30a1\u30d6\u30ea\u30b1\u30fc\u30b7\u30e7\u30f3\uff08\u88fd\u9020\uff09\u306b\u306f\u3001\u6bce\u5e74\u6570\u767e\u5104\u30c9\u30eb\u898f\u6a21\u306e\u8a2d\u5099\u6295\u8cc7\uff08CAPEX\uff09\u3092\u3057\u7d9a\u3051\u306a\u3051\u308c\u3070\u7af6\u5408\u306b\u8131\u843d\u3059\u308b\u69cb\u9020\u304c\u3042\u308a\u307e\u3059\u3002\u300c\u83ab\u5927\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u6295\u3058\u7d9a\u3051\u306a\u3051\u308c\u3070\u73fe\u72b6\u7dad\u6301\u3059\u3089\u3067\u304d\u306a\u3044\u300d\u4e8b\u696d\u306f\u3001\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f\u306e\u597d\u3080\u69cb\u9020\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"10\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"37,2,0\" id=\"p-rc_c0c9d494564baa6f-245\"><b data-path-to-node=\"37,2,0\" data-index-in-node=\"0\">\u5b89\u5168\u57df\uff08Margin of Safety\uff09\u306e\u6b20\u5982<\/b><span class=\"citation-813 citation-end-813\">\u5e02\u5834\u306e\u904e\u5270\u306a\u671f\u5f85\u304c\u682a\u4fa1\u306b\u7e54\u308a\u8fbc\u307e\u308c\u3001\u682a\u4fa1\u53ce\u76ca\u7387\uff08P\/E\uff09\u304c\u6975\u3081\u3066\u9ad8\u6c34\u6e96\u306b\u9054\u3057\u3066\u3044\u308b\u5c40\u9762\u3067\u306f\u3001\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f\u306e\u30d0\u30ea\u30e5\u30fc\u6295\u8cc7\u57fa\u6e96\u306b\u5408\u81f4\u3057\u307e\u305b\u3093\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"11\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"37,3,0\"><b data-path-to-node=\"37,3,0\" data-index-in-node=\"0\">\u5730\u653f\u5b66\u7684\u30ea\u30b9\u30af\uff08TSMC\u6025\u901f\u58f2\u5374\u306e\u6559\u8a13\uff09<\/b><span> 2022\u5e74\u7b2c3\u56db\u534a\u671f\u3001<\/span><span>\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306fTSMC\uff082330\uff09\u682a\u3092\u7d0441\u5104\u30c9\u30eb\u53d6\u5f97\u3057\u305f\u3082\u306e\u306e\u3001<\/span><span>\u308f\u305a\u304b1\u56db\u534a\u671f\u5f8c\u306e\u7b2c4\u56db\u534a\u671f\u304b\u3089\u7fcc\u5e74\u306b\u304b\u3051\u3066\u307b\u307c\u5168\u682a\u3092\u58f2\u5374\u3057\u307e\u3057\u305f\u3002<\/span><span>\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f\u306fTSMC\u306e\u6280\u8853\u529b\u3068\u7d4c\u55b6\u9663\u3092\u7d76\u8cdb\u3057\u3064\u3064\u3082\u3001<\/span><span>\u300c\u53f0\u6e7e\u3092\u5de1\u308b\u5730\u653f\u5b66\u7684\u30ea\u30b9\u30af\u300d\u3092\u9577\u671f\u4fdd\u6709\u3067\u304d\u306a\u3044\u552f\u4e00\u306b\u3057\u3066\u6700\u5927\u306e\u7406\u7531\u3068\u4f4d\u7f6e\u4ed8\u3051\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"38\">\u2461 \u9593\u63a5\u7684\u30fb\u6226\u7565\u7684\u306a\u300c\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u578bAI\u6295\u8cc7\u300d<\/h3>\n<p data-path-to-node=\"39\"><span>\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306fAI\u305d\u306e\u3082\u306e\u3092\u907f\u3051\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u304f\u3001<\/span><span>\u300c\u534a\u5c0e\u4f53\u4e89\u596a\u6226\u306e\u52dd\u8005\u304c\u8ab0\u306b\u306a\u3063\u3066\u3082\u78ba\u5b9f\u306b\u52dd\u3061\u6b8b\u308b\u571f\u53f0\uff08\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\uff09\u300d\u306b\u7d5e\u3063\u3066\u6295\u8cc7\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h1 data-path-to-node=\"0\" class=\"\"><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3508373568=\"\" class=\"ng-tns-c3508373568-206 enable-luminous-code-block ng-star-inserted\"><\/p>\n<div _ngcontent-ng-c3508373568=\"\" class=\"code-block ng-tns-c3508373568-206 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9jY2FhNDUyNjJlY2U4MmM0IiwiY183OWRkM2Q2ZmFlNDU3MDBlIixudWxsLCJyY19jMGM5ZDQ5NDU2NGJhYTZmIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDEsMF1d\">\n<div _ngcontent-ng-c3508373568=\"\" class=\"formatted-code-block-internal-container ng-tns-c3508373568-206\">\n<div _ngcontent-ng-c3508373568=\"\" class=\"animated-opacity ng-tns-c3508373568-206\">\n<pre _ngcontent-ng-c3508373568=\"\" class=\"ng-tns-c3508373568-206\"><span style=\"font-size: 14pt;\"><code _ngcontent-ng-c3508373568=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3508373568-206 no-decoration-radius\">\u3010\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306eAI\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u6226\u7565\u3011\r\n\r\n \uff3b\u76f4\u63a5\u30ea\u30b9\u30af\u3092\u3068\u3089\u306a\u3044\u9818\u57df\uff3d              \uff3b\u8cc7\u672c\u3092\u96c6\u4e2d\u3055\u305b\u308b\u9818\u57df\uff3d\r\n   \u30fbAI\u534a\u5c0e\u4f53\u8a2d\u8a08\uff08NVIDIA\u7b49\uff09   \u2500\u2500\u56de\u907f\u2500\u2500&gt;   \u30fb\u30af\u30e9\u30a6\u30c9\u30fb\u5de8\u5927\u691c\u7d22\uff08Alphabet\uff09\r\n   \u30fb\u53d7\u8a17\u88fd\u9020\u30d5\u30a1\u30f3\u30c9\u30ea\uff08TSMC\uff09  \u2500\u2500\u56de\u907f\u2500\u2500&gt;   \u30fb\u7aef\u672b\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\uff08Apple\uff09\r\n   \u30fb\u8d64\u5b57AI\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7      \u2500\u2500\u56de\u907f\u2500\u2500&gt;   \u30fb\u5b9f\u696dAI\u30ed\u30fc\u30eb\u30a2\u30c3\u30d7\uff08Bending Spoons\uff09\r\n<\/code><\/span><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p><\/code-block><\/response-element><\/h1>\n<ul data-path-to-node=\"41\">\n<li>\n<p data-path-to-node=\"41,0,0\"><b data-path-to-node=\"41,0,0\" data-index-in-node=\"0\">Alphabet:<\/b><span> \u81ea\u793e\u958b\u767aAI\u30c1\u30c3\u30d7\uff08TPU\uff09\u3001<\/span><span>Google Cloud\u3001<\/span><span>YouTube\u3001<\/span><span>\u691c\u7d22\u30c7\u30fc\u30bf\u306e\u76f8\u4e57\u52b9\u679c\u306b\u3088\u308a\u3001<\/span><span>AI\u7af6\u4e89\u3067\u6700\u3082\u5f37\u56fa\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u305b\u308b\u69cb\u9020\u3092\u8a55\u4fa1\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"41,1,0\"><b data-path-to-node=\"41,1,0\" data-index-in-node=\"0\">Apple:<\/b><span> Apple Intelligence\u3092\u901a\u3058\u3066\u30e6\u30fc\u30b6\u30fc\u304c\u6700\u7d42\u7684\u306b\u63a5\u3059\u308bAI\u30c7\u30d0\u30a4\u30b9\u306e\u5727\u5012\u7684\u30b7\u30a7\u30a2\u3068\u9867\u5ba2\u30ed\u30c3\u30af\u30a4\u30f3\u52b9\u679c\u3092\u8a55\u4fa1\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"43\">6. \u30d7\u30ed\u306e\u8996\u70b9\u304b\u3089\u5b66\u3076\u300c\u6295\u8cc7\u5224\u65ad\u306e\u91cd\u8981\u306a\u898b\u6975\u3081\u30dd\u30a4\u30f3\u30c8\u300d<\/h2>\n<p data-path-to-node=\"44\"><span>\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306e\u6295\u8cc7\u884c\u52d5\u3092\u62bd\u8c61\u5316\u3057\u3001<\/span><span>\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u81ea\u8eab\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u904b\u7528\u306b\u5fdc\u7528\u3059\u3079\u304d\u300c3\u3064\u306e\u898b\u6975\u3081\u57fa\u6e96\u300d\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"45\">\u898b\u6975\u3081\u30dd\u30a4\u30f3\u30c81\uff1a\u7d4c\u6e08\u306e\u5800\uff08Economic Moat\uff09\u306e\u8cea<\/h3>\n<p data-path-to-node=\"46\"><span>\u4f01\u696d\u304c\u7af6\u5408\u4ed6\u793e\u304b\u3089\u306e\u53c2\u5165\u3092\u9632\u3050\u300c\u5800\u300d\u306b\u306f4\u3064\u306e\u7a2e\u985e\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"47\">\n<li>\n<p data-path-to-node=\"47,0,0\" id=\"p-rc_c0c9d494564baa6f-246\"><b data-path-to-node=\"47,0,0\" data-index-in-node=\"0\">\u7121\u5f62\u8cc7\u7523\uff08\u30d6\u30e9\u30f3\u30c9\u30fb\u7279\u8a31\uff09:<\/b><span> <\/span><span class=\"citation-812 citation-end-812\">Coca-Cola, Apple<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"12\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"47,1,0\" id=\"p-rc_c0c9d494564baa6f-247\"><b class=\"\" data-path-to-node=\"47,1,0\" data-index-in-node=\"0\"><span class=\"citation-811 citation-end-811\">\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u52b9\u679c:<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"13\"><\/sup><\/source-footnote><\/span><\/b><span> <\/span><span class=\"citation-810 citation-end-810\">Alphabet, American Express<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"14\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"47,2,0\" id=\"p-rc_c0c9d494564baa6f-248\"><b data-path-to-node=\"47,2,0\" data-index-in-node=\"0\">\u4e57\u308a\u63db\u3048\u30b3\u30b9\u30c8\uff08\u30b9\u30a4\u30c3\u30c1\u30f3\u30b0\u30b3\u30b9\u30c8\uff09:<\/b><span> <\/span><span class=\"citation-809 citation-end-809\">Bending Spoons\uff08Evernote\/Airtable\u7b49\uff09<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"15\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"47,3,0\"><b data-path-to-node=\"47,3,0\" data-index-in-node=\"0\">\u30b3\u30b9\u30c8\u512a\u4f4d\u6027:<\/b><span> Geico,<\/span><span> BNSF\u9244\u9053<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"48\">\u898b\u6975\u3081\u30dd\u30a4\u30f3\u30c82\uff1a\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u306e\u5275\u51fa\u529b<\/h3>\n<p data-path-to-node=\"49\"><span>\u58f2\u4e0a\u9ad8\u3084\u5f53\u671f\u7d14\u5229\u76ca\uff08\u4f1a\u8a08\u4e0a\u306e\u5229\u76ca\uff09\u3067\u306f\u306a\u304f\u3001<\/span><span>\u300c\u30d3\u30b8\u30cd\u30b9\u3092\u7dad\u6301\u30fb\u62e1\u5927\u3057\u305f\u5f8c\u306b\u624b\u5143\u306b\u6b8b\u308b\u73fe\u91d1\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u300d\u306e\u591a\u3055\u3092\u6700\u91cd\u8996\u3057\u307e\u3059\u3002<\/span><span>\u83ab\u5927\u306aCAPEX\u3092\u5fc5\u8981\u3068\u3057\u306a\u3044\u300c\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30e9\u30a4\u30c8\uff08Capital-Light\uff09\u300d\u306a\u30d3\u30b8\u30cd\u30b9\u307b\u3069\u3001<\/span><span>\u9ad8\u3044\u6295\u8cc7\u8cc7\u672c\u5229\u76ca\u7387\uff08ROIC\uff09\u3092\u9054\u6210\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"50\">\u898b\u6975\u3081\u30dd\u30a4\u30f3\u30c83\uff1a\u4fa1\u683c\u6c7a\u5b9a\u529b\uff08Pricing Power\uff09<\/h3>\n<p data-path-to-node=\"51\" id=\"p-rc_c0c9d494564baa6f-249\"><span class=\"citation-808 citation-end-808\">\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f\u306f\u300c\u4fa1\u683c\u6c7a\u5b9a\u529b\u3053\u305d\u304c\u30d3\u30b8\u30cd\u30b9\u306e\u54c1\u8cea\u3092\u6e2c\u308b\u6700\u9ad8\u306e\u6307\u6a19\u3067\u3042\u308b\u300d\u3068\u8ff0\u3079\u3066\u3044\u307e\u3059\u3002\u30a4\u30f3\u30d5\u30ec\u4e0b\u306b\u304a\u3044\u3066\u3082\u3001\u9867\u5ba2\u3092\u96e2\u8131\u3055\u305b\u305a\u306b\u88fd\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u4fa1\u683c\u3092\u5f15\u304d\u4e0a\u3052\u3089\u308c\u308b\u4f01\u696d\uff08Apple, Coca-Cola, Bending Spoons\u306e\u5404\u7a2e\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\uff09\u306f\u3001\u30de\u30af\u30ed\u7d4c\u6e08\u306e\u60aa\u5316\u5c40\u9762\u3067\u3082\u5b89\u5b9a\u3057\u305f\u5229\u76ca\u3092\u62c5\u4fdd\u3067\u304d\u307e\u3059\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"16\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<h2 data-path-to-node=\"53\">7. \u91d1\u878d\u30fb\u6295\u8cc7\u77e5\u8b58\uff08\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30ea\u30c6\u30e9\u30b7\u30fc\uff09\u306e\u91cd\u8981\u6027<\/h2>\n<p data-path-to-node=\"54\"><span>\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f\u3084\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u306e\u6295\u8cc7\u7406\u8ad6\u3092\u5b66\u3076\u771f\u306e\u4fa1\u5024\u306f\u3001<\/span><span>\u5358\u306b\u682a\u5f0f\u5e02\u5834\u3067\u5229\u76ca\u3092\u5f97\u308b\u3053\u3068\u306b\u3068\u3069\u307e\u3089\u305a\u3001<\/span><span>\u81ea\u3089\u306e\u4eba\u751f\u306b\u304a\u3051\u308b\u30ea\u30b9\u30af\u3092\u7ba1\u7406\u3057\u3001<\/span><span>\u8cc7\u7523\u306e\u8cfc\u8cb7\u529b\u3092\u5b88\u308b\u70b9\u306b\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"55\" class=\"\" id=\"p-rc_c0c9d494564baa6f-250\"><span class=\"citation-807 citation-end-807\">\u521d\u5fc3\u8005\u304c\u8eab\u306b\u3064\u3051\u308b\u3079\u304d\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u306e\u57fa\u790e<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"17\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/h3>\n<ol start=\"1\" data-path-to-node=\"56\">\n<li>\n<p data-path-to-node=\"56,0,0\"><b data-path-to-node=\"56,0,0\" data-index-in-node=\"0\">\u30a2\u30bb\u30c3\u30c8\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3068\u5206\u6563<\/b><span> \u5358\u4e00\u306e\u9298\u67c4\u3084\u6d41\u884c\u306e\u30c6\u30fc\u30de\u682a\u306b\u5168\u8ca1\u7523\u3092\u6295\u3058\u308b\u306e\u3067\u306f\u306a\u304f\u3001<\/span><span>\u682a\u5f0f\u3001<\/span><span>\u50b5\u5238\u3001<\/span><span>\u73fe\u91d1\u3001<\/span><span>\u4e0d\u52d5\u7523\u306a\u3069\u7570\u306a\u308b\u76f8\u95a2\u3092\u6301\u3064\u8cc7\u7523\u306b\u5206\u6563\u914d\u7f6e\u3059\u308b\u3053\u3068\u304c\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u57fa\u672c\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"56,1,0\" id=\"p-rc_c0c9d494564baa6f-251\"><b data-path-to-node=\"56,1,0\" data-index-in-node=\"0\">\u30a4\u30f3\u30d5\u30ec\uff08\u7269\u4fa1\u4e0a\u6607\uff09\u3068\u8cfc\u8cb7\u529b\u30ea\u30b9\u30af<\/b><span class=\"citation-806 citation-end-806\">\u9280\u884c\u9810\u91d1\uff08\u73fe\u91d1\uff09\u3060\u3051\u3067\u306f\u3001\u5e742%\u301c3%\u306e\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u3063\u3066\u5b9f\u8cea\u7684\u306a\u8cfc\u8cb7\u529b\u304c30\u5e74\u3067\u534a\u6e1b\u3057\u307e\u3059\u3002\u5f37\u56fa\u306a\u4e8b\u696d\u57fa\u76e4\u3092\u6301\u3064\u682a\u5f0f\uff08\u5b9f\u7269\u8cc7\u7523\uff09\u306e\u4fdd\u6709\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u306b\u5bfe\u3059\u308b\u6700\u3082\u6709\u52b9\u306a\u9632\u885b\u7b56\u3067\u3059\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3157027390=\"\"><sup _ngcontent-ng-c3157027390=\"\" class=\"superscript\" data-turn-source-index=\"18\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c2747938880=\"\"><source-inline-chip _ngcontent-ng-c2747938880=\"\" _nghost-ng-c1911990304=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<\/li>\n<li>\n<p 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