{"id":1725,"date":"2022-06-28T22:03:21","date_gmt":"2022-06-28T13:03:21","guid":{"rendered":"https:\/\/1up-life.blog\/?p=1725"},"modified":"2022-06-28T22:04:06","modified_gmt":"2022-06-28T13:04:06","slug":"%e3%80%90%e7%bf%bb%e8%a8%b3%e3%80%91%e3%82%ab%e3%83%bc%e3%83%9e%e3%83%83%e3%82%af%e3%82%b9-kmx2023%e5%b9%b4%e7%ac%ac1%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97%e8%aa%ac%e6%98%8e%e4%bc%9a","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=1725","title":{"rendered":"\u3010\u7ffb\u8a33\u3011\u30ab\u30fc\u30de\u30c3\u30af\u30b9 (KMX)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a"},"content":{"rendered":"<p>\u4e2d\u53e4\u8eca\u306e\u5c0f\u58f2\u8ca9\u58f2\u30c1\u30a7\u30fc\u30f3\u3092\u5c55\u958b\u3059\u308b\u30ab\u30fc\u30de\u30c3\u30af\u30b9 (KMX)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n<p>\u58f2\u308a\u4e0a\u3052\u30fbEPS\u5171\u4e88\u60f3\u8d8a\u3048\u3067\u826f\u304b\u3063\u305f\u3067\u3059\u306d\u3002\u4e2d\u53e4\u8eca\u4fa1\u683c\u3068\u3082\u306b\u682a\u4fa1\u3082\u4e0a\u304c\u3063\u3066\u3044\u307e\u3057\u305f\u304c\u6700\u8fd1\u3067\u306f\u4e0b\u304c\u3063\u3066\u304d\u3066\u304a\u308a\u682a\u4fa1\u3082\u30b3\u30ed\u30ca\u524d\u306e\u6c34\u6e96\u306b\u306a\u3063\u3066\u304d\u3066\u3044\u307e\u3059\u3002<\/p>\n<div id=\"attachment_1726\" style=\"width: 1488px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1726\" class=\"wp-image-1726 size-full\" src=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/06\/KMX_2022-06-28_21-58-31.png\" alt=\"\u30ab\u30fc\u30de\u30c3\u30af\u30b9 (KMX)\u682a\u4fa1\" width=\"1478\" height=\"743\" srcset=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/06\/KMX_2022-06-28_21-58-31.png 1478w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/06\/KMX_2022-06-28_21-58-31-300x151.png 300w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/06\/KMX_2022-06-28_21-58-31-1024x515.png 1024w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/06\/KMX_2022-06-28_21-58-31-768x386.png 768w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/06\/KMX_2022-06-28_21-58-31-940x473.png 940w\" sizes=\"auto, (max-width: 1478px) 100vw, 1478px\" \/><p id=\"caption-attachment-1726\" class=\"wp-caption-text\">\u30ab\u30fc\u30de\u30c3\u30af\u30b9 (KMX)\u682a\u4fa1<\/p><\/div>\n<p class=\"hh hh3 main-bdr\"><span class=\"big\"><strong>\u30ab\u30fc\u30de\u30c3\u30af\u30b9 (KMX)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n<p>Call participants:<br \/>\nDavid Lowenstein &#8212; Assistant Vice President, Investor Relations<br \/>\nBill Nash &#8212; President and Chief Executive Officer<br \/>\nEnrique Mayor-Mora &#8212; Senior Vice President and Chief Financial Officer<br \/>\nJon Daniels &#8212; Senior Vice President, CAF Operations<br \/>\nBrian Nagel &#8212; Oppenheimer and Company &#8212; Analyst<br \/>\nJohn Healy &#8212; Northcoast Research &#8212; Analyst<br \/>\nSharon Zackfia &#8212; William Blair and Company &#8212; Analyst<br \/>\nRajat Gupta &#8212; J.P. Morgan &#8212; Analyst<br \/>\nDaniel Imbro &#8212; Stephens, Inc. &#8212; Analyst<br \/>\nNathan Friedman &#8212; Wedbush Securities &#8212; Analyst<br \/>\nJohn Murphy &#8212; Bank of America Merrill Lynch &#8212; Analyst<br \/>\nMichael Montani &#8212; Evercore ISI &#8212; Analyst<br \/>\nCraig Kennison &#8212; Robert W. Baird and Company &#8212; Analyst<br \/>\nEvan Silverberg &#8212; Morgan Stanley &#8212; Analyst<br \/>\nDavid Whiston &#8212; Morningstar &#8212; Analyst<br \/>\nChris Bottiglieri &#8212; Exane BNP Paribas &#8212; Analyst<br \/>\nChris Pierce &#8212; Needham and Company &#8212; Analyst<br \/>\nMore KMX analysis<\/p>\n<p>2022\u5e746\u670824\u65e5\u5348\u524d9\u664200\u5206\uff08\u7c73\u56fd\u6771\u90e8\u6642\u9593\uff09<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001\u30ab\u30fc\u30de\u30c3\u30af\u30b9\u306e 2023 \u5e74\u5ea6\u7b2c 1 \u56db\u534a\u671f\u6c7a\u7b97\u767a\u8868\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\u306b\u3088\u3046\u3053\u305d\u3002\u672c\u65e5\u306e\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u306f\u9332\u97f3\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u3053\u3067\u3001\u30c7\u30d3\u30c3\u30c9\u30fb\u30ed\u30fc\u30a6\u30a7\u30f3\u30b9\u30bf\u30a4\u30f3\u306b\u4f1a\u8b70\u3092\u5f15\u304d\u7d99\u304e\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30c7\u30fc\u30d3\u30c3\u30c9\u30fb\u30ed\u30fc\u30a6\u30a7\u30f3\u30b9\u30bf\u30a4\u30f3 &#8212; \u6295\u8cc7\u5bb6\u5411\u3051\u5e83\u5831\u6d3b\u52d5\u62c5\u5f53\u526f\u793e\u9577\u88dc\u4f50<\/p>\n<p>\u30aa\u30fc\u30e9\u30f3\u30c9\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u30022023\u5e74\u5ea6\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u306e\u96fb\u8a71\u4f1a\u8b70\u306b\u3054\u53c2\u52a0\u3044\u305f\u3060\u304d\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u672c\u65e5\u306f\u3001\u793e\u9577\u517cCEO\u306e\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5\u3001\u57f7\u884c\u526f\u793e\u9577\u517cCFO\u306e\u30a8\u30f3\u30ea\u30b1\u30fb\u30de\u30a4\u30e8\u30fc\u30eb\u30fb\u30e2\u30e9\u3001\u30ab\u30fc\u30de\u30c3\u30af\u30b9\u30fb\u30aa\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u4e8b\u696d\u62c5\u5f53\u4e0a\u7d1a\u526f\u793e\u9577\u306e\u30b8\u30e7\u30f3\u30fb\u30c0\u30cb\u30a8\u30eb\u30ba\u3068\u3068\u3082\u306b\u51fa\u5e2d\u3057\u3066\u3044\u307e\u3059\u3002\u672c\u65e5\u306e\u58f0\u660e\u306e\u3046\u3061\u3001\u4f1a\u793e\u306e\u5c06\u6765\u306e\u4e8b\u696d\u8a08\u753b\u3001\u898b\u901a\u3057\u3001\u8ca1\u52d9\u696d\u7e3e\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u3092\u542b\u3080\u904e\u53bb\u306e\u4e8b\u5b9f\u306b\u57fa\u3065\u304b\u306a\u3044\u3082\u306e\u306f\u30011995\u5e74\u306e\u79c1\u52df\u8a3c\u5238\u8a34\u8a1f\u6539\u9769\u6cd5\u306e\u30bb\u30fc\u30d5\u30cf\u30fc\u30d0\u30fc\u898f\u5b9a\u306b\u5f93\u3063\u3066\u5f53\u793e\u304c\u884c\u3046\u5c06\u6765\u4e88\u6e2c\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u3067\u3042\u308b\u3053\u3068\u3092\u304a\u77e5\u3089\u305b\u3057\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u8a18\u8ff0\u306f\u3001\u5f53\u793e\u306e\u73fe\u5728\u306e\u77e5\u8b58\u3001\u671f\u5f85\u304a\u3088\u3073\u4eee\u5b9a\u306b\u57fa\u3065\u304f\u3082\u306e\u3067\u3042\u308a\u3001\u5b9f\u969b\u306e\u7d50\u679c\u304c\u5f53\u793e\u306e\u898b\u8fbc\u307f\u3068\u306f\u5927\u304d\u304f\u7570\u306a\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u3001\u91cd\u5927\u306a\u30ea\u30b9\u30af\u304a\u3088\u3073\u4e0d\u78ba\u5b9f\u6027\u3092\u5185\u5728\u3057\u3066\u3044\u307e\u3059\u3002\u4e88\u6e2c\u53ca\u3073\u305d\u306e\u4ed6\u306e\u5c06\u6765\u4e88\u60f3\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u3092\u63d0\u4f9b\u3059\u308b\u306b\u3042\u305f\u308a\u3001\u5f53\u793e\u306f\u305d\u308c\u3089\u3092\u66f4\u65b0\u3059\u308b\u610f\u56f3\u3084\u7fa9\u52d9\u3092\u8ca0\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u308c\u3089\u306e\u4e88\u60f3\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u3046\u308b\u91cd\u8981\u306a\u4e8b\u5b9f\u306b\u95a2\u3059\u308b\u8ffd\u52a0\u60c5\u5831\u306b\u3064\u3044\u3066\u306f\u3001\u4eca\u671dSEC\u306b\u63d0\u51fa\u3057\u305fForm 8-K\u304a\u3088\u3073\u4ee5\u524d\u306bSEC\u306b\u63d0\u51fa\u3057\u305f2022\u5e742\u670828\u65e5\u7d42\u4e86\u5e74\u5ea6\u306eForm 10-K\u306b\u3088\u308b\u5e74\u6b21\u5831\u544a\u66f8\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002\u901a\u8a71\u5f8c\u306b\u4f55\u304b\u3054\u8cea\u554f\u304c\u3042\u308a\u307e\u3057\u305f\u3089\u3001\u5f53\u793e\u306eIR\u90e8\u9580 (804) 7470-0422 \u5185\u7dda7865\u307e\u3067\u304a\u6c17\u8efd\u306b\u3054\u9023\u7d61\u304f\u3060\u3055\u3044\u3002\u6700\u5f8c\u306b\u306a\u308a\u307e\u3057\u305f\u304c\u3001\u3054\u8cea\u554f\u306f1\u4ef6\u306e\u307f\u3068\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u3001\u305d\u306e\u5f8c\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u306e\u305f\u3081\u306b\u5217\u306b\u304a\u623b\u308a\u3044\u305f\u3060\u304f\u3053\u3068\u3092\u3001\u3042\u3089\u304b\u3058\u3081\u3054\u4e86\u627f\u304f\u3060\u3055\u3044\u3002\u30d3\u30eb\uff1f<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3001\u30c7\u30d3\u30c3\u30c9\u3002\u7686\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u5e73\u5747\u8ca9\u58f2\u4fa1\u683c\u306e\u4e0a\u6607\u3068\u5378\u58f2\u8ca9\u58f2\u53f0\u6570\u306e\u5897\u52a0\u306b\u3088\u308a\u3001\u524d\u5e74\u540c\u671f\u6bd421\uff05\u5897\u306e93\u5104\u30c9\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u304c\u3001\u4e2d\u53e4\u54c1\u306e\u5c0f\u58f2\u8ca9\u58f2\u53f0\u6570\u306e\u6e1b\u5c11\u306b\u3088\u308a\u4e00\u90e8\u76f8\u6bba\u3055\u308c\u307e\u3057\u305f\u3002\u5c0f\u58f2\u30fb\u5378\u58f2\u30c1\u30e3\u30cd\u30eb\u5168\u4f53\u3067\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4 5.5\uff05\u6e1b\u306e\u7d04 427,000 \u53f0\u3092\u8ca9\u58f2\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u30ea\u30c6\u30fc\u30eb\u4e8b\u696d\u3067\u306f\u3001\u5f53\u56db\u534a\u671f\u306e\u7dcf\u8ca9\u58f2\u53f0\u6570\u306f\u524d\u5e74\u540c\u671f\u6bd4\u3067 11\uff05\u6e1b\u5c11\u3057\u3001\u4e2d\u53e4\u8eca\u8ca9\u58f2\u53f0\u6570\u306f\u524d\u5e74\u540c\u671f\u6bd4\u3067 12.7\uff05\u6e1b\u5c11\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u524d\u5e74\u5ea6\u306b\u5b9f\u65bd\u3055\u308c\u305f\u666f\u6c17\u523a\u6fc0\u7b56\u306e\u52b9\u679c\u304c\u5265\u843d\u3057\u305f\u3053\u3068\u3001\u81ea\u52d5\u8eca\u306e\u5024\u3054\u308d\u611f\u306b\u5bfe\u3059\u308b\u30a4\u30f3\u30d5\u30ec\u5727\u529b\u3001 \u6d88\u8cbb\u610f\u6b32\u306e\u4f4e\u4e0b\u306a\u3069\u3001\u5f53\u56db\u534a\u671f\u306b\u4e2d\u53e4\u8eca\u8ca9\u58f2\u304c\u5e02\u5834\u5168\u4f53\u3067\u6e1b\u5c11\u3057\u305f\u306e\u3068\u540c\u69d8\u306e\u30de\u30af\u30ed\u8981\u56e0\u306b\u3088\u308a\u3001\u5f53\u793e\u306e\u696d\u7e3e 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class=\"hh hh6 main-c main-bdr\"><span class=\"big\"><strong>\u8cea\u7591\u5fdc\u7b54<\/strong><\/span><\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002[\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u304b\u3089\u306e\u6307\u793a] \u305d\u308c\u3067\u306f \u305d\u308c\u3067\u306f\u6700\u521d\u306e\u8cea\u554f\u3092Oppenheimer\u306eBrian Nagel\u304b\u3089\u304a\u53d7\u3051\u3057\u307e\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Brian Nagel &#8212; Oppenheimer and Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u306e\u58f0\u304c\u805e\u3053\u3048\u307e\u3059\u304b\uff1f<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3001Brian\u3002<\/p>\n<p>Brian Nagel &#8212; Oppenheimer and Company &#8212; 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&#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3001\u30d6\u30e9\u30a4\u30a2\u30f3\u3002\u5168\u4f53\u3068\u3057\u3066\u3001\u6d88\u8cbb\u8005\u306e\u52d5\u5411\u306f\u3001\u3053\u308c\u307e\u3067\u304a\u8a71\u3057\u3057\u305f\u3088\u3046\u306a\u3055\u307e\u3056\u307e\u306a\u8981\u56e0\u306b\u3088\u3063\u3066\u3001\u5c11\u3057\u8edf\u5316\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u5b9a\u91cf\u5316\u3059\u308b\u306e\u306f\u96e3\u3057\u3044\u3067\u3059\u306d\u3002\u666f\u6c17\u523a\u6fc0\u7b56\u3001\u8eca\u306e\u8cb7\u3044\u3084\u3059\u3055\u3001\u30a4\u30f3\u30d5\u30ec\u5727\u529b\u3001\u91d1\u5229\u4e0a\u6607\u306a\u3069\u3001\u305d\u308c\u305e\u308c\u306e\u5f71\u97ff\u3092\u5b9a\u91cf\u5316\u3059\u308b\u306e\u306f\u96e3\u3057\u3044\u306e\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u666f\u6c17\u523a\u6fc0\u7b56\u304b\u3089\u9060\u3056\u304b\u308c\u3070\u9060\u3056\u304b\u308b\u307b\u3069\u3001\u79c1\u305f\u3061\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u5411\u4e0a\u3057\u307e\u3059\u3002\u5192\u982d\u3067\u7533\u3057\u4e0a\u3052\u305f\u3068\u304a\u308a\u3001\u5f53\u56db\u534a\u671f\u3092\u901a\u3058\u3066\u9806\u6b21\u30b3\u30f3\u30d7\u304c\u6539\u5584\u3057\u3066\u304a\u308a\u3001\u3053\u308c\u306f\u5fc3\u5f37\u3044\u3053\u3068\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u3046\u306f\u8a00\u3063\u3066\u3082\u3001\u6d88\u8cbb\u8005\u306e\u53cd\u5fdc\u306f\u920d\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u9700\u8981\u306f\u307e\u3060\u3042\u308a\u307e\u3059\u304b\u3089\u3001\u305d\u308c\u3092\u6700\u5927\u9650\u306b\u751f\u304b\u305d\u3046\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u306b\u3001\u79c1\u305f\u3061\u306f\u3044\u304f\u3064\u304b\u306e\u624b\u6bb5\u3092\u8b1b\u3058\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u306b\u3001\u79c1\u305f\u3061\u306f\u52b9\u7387\u5316\u3092\u56f3\u308a\u3001\u6d88\u8cbb\u8005\u306b\u9084\u5143\u3057\u3066\u3001\u3088\u308a\u304a\u6c42\u3081\u3084\u3059\u3044\u4fa1\u683c\u306e\u8eca\u3092\u63d0\u4f9b\u3067\u304d\u308b\u3088\u3046\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u5192\u982d\u306e\u6328\u62f6\u3067\u3001\u3082\u3046\u5c11\u3057\u53e4\u3044\u30af\u30eb\u30de\u3092\u58f2\u3063\u3066\u3001\u3082\u3046\u5c11\u3057\u624b\u9803\u306a\u4fa1\u683c\u306b\u3059\u308b\u3053\u3068\u3092\u304a\u8a71\u3057\u3057\u307e\u3057\u305f\u3002\u5b9f\u969b\u3001\u30d6\u30e9\u30a4\u30a2\u30f3\u3001\u3042\u306a\u305f\u306f\u79c1\u305f\u3061\u3092\u9577\u304f\u652f\u6301\u3057\u3066\u304f\u308c\u3066\u3044\u308b\u306e\u3067\u3001\u4ee5\u524d\u306f\u30d0\u30ea\u30e5\u30fc\u30de\u30c3\u30af\u30b9\u3068\u547c\u3070\u308c\u308b\u30016\u5e74\u843d\u3061\u3001\u3064\u307e\u308a6\u4e07\u30de\u30a4\u30eb\u4ee5\u4e0a\u306e\u53e4\u3044\u8eca\u7a2e\u304c\u3042\u3063\u305f\u3053\u3068\u3092\u3054\u5b58\u77e5\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u901a\u5e38\u3001\u3053\u306e\u7a2e\u306e\u5728\u5eab\u306f\u3001\u5e74\u9593\u3067\u58f2\u4e0a\u306e20%\u304b\u308925%\u306b\u76f8\u5f53\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4eca\u671f\u306f\u58f2\u4e0a\u306e35%\u306b\u76f8\u5f53\u3057\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u305d\u308c\u306a\u308a\u306e\u9700\u8981\u304c\u3042\u308b\u308f\u3051\u3067\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u6307\u6458\u3057\u305f\u3044\u306e\u306f\u3001\u3053\u306e\u3088\u3046\u306a\u878d\u8cc7\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u304c\u3042\u308b\u304b\u3089\u3053\u305d\u3001\u512a\u308c\u305f\u30b5\u30fc\u30c9\u30d1\u30fc\u30c6\u30a3\u306e\u91d1\u878d\u6a5f\u95a2\u3084CAF\u3092\u5229\u7528\u3057\u3066\u3001\u304a\u5ba2\u3055\u307e\u306b\u3068\u3063\u3066\u6700\u3082\u7af6\u4e89\u529b\u306e\u3042\u308b\u91d1\u5229\u3092\u78ba\u4fdd\u3067\u304d\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u3053\u306e\u554f\u984c\u3092\u89e3\u6c7a\u3059\u308b\u305f\u3081\u306b\u3001\u3055\u307e\u3056\u307e\u306a\u53d6\u308a\u7d44\u307f\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u6d88\u8cbb\u8005\u5fc3\u7406\u306f\u8edf\u5316\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u9700\u8981\u306f\u307e\u3060\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>Brian Nagel &#8212; Oppenheimer and Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u308c\u306f\u3068\u3066\u3082\u52a9\u304b\u308a\u307e\u3059\u3002\u3067\u3082\u30011\u3064\u3060\u3051\u88dc\u8db3\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u5fa1\u793e\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u304a\u3044\u3066\u3001\u9ad8\u4fa1\u683c\u8eca\u3068\u4f4e\u4fa1\u683c\u8eca\u3068\u3044\u3046\u7570\u306a\u308b\u30b3\u30db\u30fc\u30c8\u3067\u898b\u305f\u5834\u5408\u3001\u305d\u308c\u3089\u306e\u30b3\u30db\u30fc\u30c8\u3067\u3088\u308a\u5927\u304d\u306a\u9700\u8981\u30c0\u30a4\u30ca\u30df\u30af\u30b9\u304c\u898b\u3089\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u8eca\u4e21\u4fa1\u683c\u306b\u3064\u3044\u3066\u306f\uff1f<\/p>\n<p>Brian Nagel &#8212; Oppenheimer and Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u305d\u306e\u3042\u305f\u308a\u3092\u628a\u63e1\u3059\u308b\u305f\u3081\u306b &#8212; OK\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>1\u5e74\u524d\u3092\u632f\u308a\u8fd4\u308b\u3068\u3001\u5728\u5eab\u306e70\uff05\u306f2\u4e075,000\u30c9\u30eb\u4ee5\u4e0b\u3067\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u73fe\u5728\u3067\u306f43\uff5e45\uff05\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u30a4\u30f3\u30d5\u30ec\u5727\u529b\u306e\u7d50\u679c\u3067\u3042\u308a\u3001\u79c1\u305f\u3061\u304c\u3088\u308a\u624b\u9803\u306a\u4fa1\u683c\u306e\u5728\u5eab\u3092\u5897\u3084\u3059\u3053\u3068\u306b\u6ce8\u529b\u3057\u3066\u3044\u308b\u7406\u7531\u306e\u4e00\u3064\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u304c\u3001\u79c1\u305f\u3061\u304c\u4eca\u3001\u6700\u3082\u529b\u3092\u5165\u308c\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u8d70\u884c\u8ddd\u96e2\u306e\u591a\u3044\u8eca\u3084\u53e4\u3044\u8eca\u306b\u306f\u8208\u5473\u304c\u306a\u3044\u3001\u3068\u3044\u3046\u65b9\u3082\u3044\u3089\u3063\u3057\u3083\u308b\u3067\u3057\u3087\u3046\u3002\u3067\u3082\u3001\u3084\u306f\u308a\u3001\u4eca\u3001\u79c1\u305f\u3061\u304c\u529b\u3092\u5165\u308c\u3066\u3044\u308b\u306e\u306f\u305d\u3053\u306a\u3093\u3067\u3059\u3002<\/p>\n<p>Brian Nagel &#8212; Oppenheimer and Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3044\u308d\u3044\u308d\u3068\u6559\u3048\u3066\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306fNorthcoast Research\u306eJohn Healy\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>John Healy &#8212; Northcoast Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6700\u521d\u306e\u8cea\u554f\u306b\u3064\u3044\u3066\u3001\u5c11\u3057\u9055\u3046\u5f62\u3067\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3092\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u30d3\u30eb\u3001\u3042\u306a\u305f\u304c\u30d3\u30b8\u30cd\u30b9\u306b\u3064\u3044\u3066\u8a71\u3057\u3066\u304f\u308c\u305f\u3053\u3068\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u304d\u3001\u3042\u306a\u305f\u306f\u518d\u30de\u30fc\u30c1\u30e3\u30f3\u30c0\u30a4\u30b8\u30f3\u30b0\u3092\u884c\u3044\u3001\u8ca9\u58f2\u3068\u52b4\u50cd\u529b\u306b\u6295\u8cc7\u3057\u3066\u304d\u307e\u3057\u305f\u306d\u3002\u3082\u3061\u308d\u3093\u3001\u305d\u308c\u3089\u306e\u6210\u719f\u306e\u30b9\u30d4\u30fc\u30c9\u306f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u30013\u6708\u30844\u6708\u306b2\u6841\u53f0\u524d\u534a\u3060\u3063\u305f\u30b3\u30f3\u30d7\u304c\u3001\u4eca\u306f1\u6841\u53f0\u524d\u534a\u306b\u843d\u3061\u8fbc\u3093\u3067\u3044\u307e\u3059\u304c\u3001\u3053\u306e\u6539\u5584\u306f\u4f55\u306b\u3088\u308b\u3082\u306e\u3060\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u3067\u3057\u3087\u3046\u304b\uff1f\u5e97\u8217\u306b\u3044\u308b\u4eba\u305f\u3061\u3067\u3057\u3087\u3046\u304b\u3002\u6d88\u8cbb\u8005\u304c\u4e00\u6642\u505c\u6b62\u3057\u3066\u3001\u53d6\u5f15\u3092\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3053\u3068\u306b\u6c17\u3065\u3044\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u3069\u306e\u3088\u3046\u306a\u65bd\u7b56\u306b\u3088\u308b\u3082\u306e\u306a\u306e\u304b\u3001\u3042\u308b\u3044\u306f\u3082\u3063\u3068\u6d88\u8cbb\u8005\u306b\u95a2\u9023\u3057\u305f\u3082\u306e\u306a\u306e\u304b\u3001\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3044\u3044\u8cea\u554f\u3067\u3059\u306d\u3001\u30b8\u30e7\u30f3\u3002\u3082\u3061\u308d\u3093\u3001\u30a8\u30af\u30b9\u30da\u30ea\u30a8\u30f3\u30b9\u306e\u5411\u4e0a\u3001\u9069\u5207\u306a\u5728\u5eab\u306e\u78ba\u4fdd\u3001\u4fa1\u683c\u306e\u6539\u5584\u306a\u3069\u306b\u5f15\u304d\u7d9a\u304d\u6ce8\u529b\u3057\u305f\u7d50\u679c\u3060\u3068\u7533\u3057\u4e0a\u3052\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u3082\u4e00\u56e0\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>1\u5e74\u524d\u306e3\u6708\u306b\u3001\u6700\u5927\u306e\u666f\u6c17\u523a\u6fc0\u7b56\u304c\u6253\u3061\u51fa\u3055\u308c\u305f\u3053\u3068\u306f\u7121\u8996\u3067\u304d\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u306e\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u4eca\u5e74\u306e\u7d0d\u7a0e\u30b7\u30fc\u30ba\u30f3\u3068\u6628\u5e74\u306e\u7d0d\u7a0e\u30b7\u30fc\u30ba\u30f3\u306f\u975e\u5e38\u306b\u3088\u304f\u4f3c\u3066\u3044\u307e\u3059\u3002\u305f\u3060\u4e00\u3064\u9055\u3046\u306e\u306f\u3001\u6628\u5e74\u306f\u7d0d\u7a0e\u30b7\u30fc\u30ba\u30f3\u306b1,400\u30c9\u30eb\u306e\u5c0f\u5207\u624b\u304c\u6d88\u8cbb\u8005\u306b\u914d\u3089\u308c\u307e\u3057\u305f\u304c\u3001\u4eca\u5e74\u306f\u305d\u3046\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u4eca\u5e74\u306f\u305d\u308c\u304c\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n<p>\u3060\u304b\u3089\u3001\u3053\u308c\u306f\u7d76\u5bfe\u306b\u5f71\u97ff\u304c\u3042\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u3053\u306b\u5ea7\u3063\u3066\u3001\u3059\u3079\u3066\u79c1\u305f\u3061\u306e\u305b\u3044\u3060\u3068\u8a00\u3046\u3064\u3082\u308a\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u666f\u6c17\u523a\u6fc0\u7b56\u304b\u3089\u96e2\u308c\u308c\u3070\u96e2\u308c\u308b\u307b\u3069\u3001\u30de\u30af\u30ed\u7684\u306a\u8981\u56e0\u306b\u3088\u3063\u3066\u6539\u5584\u3055\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>Enrique Mayor-Mora &#8212; \u30b7\u30cb\u30a2\u30fb\u30f4\u30a1\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8\u517c\u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n<p>\u307e\u305f\u3001\u81ea\u7d66\u7387\u306b\u53cd\u6620\u3055\u308c\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u6d88\u8cbb\u8005\u304b\u3089\u76f4\u63a5\u8eca\u3092\u8cfc\u5165\u3059\u308b\u3053\u3068\u306b\u6210\u529f\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u53e4\u3044\u8eca\u3082\u8cfc\u5165\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u30d3\u30eb\u3082\u8a00\u3063\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u53e4\u3044\u8eca\u306e\u8ca9\u58f2\u6bd4\u7387\u304c\u4e0a\u304c\u3063\u305f\u306e\u306f\u3001\u6d88\u8cbb\u8005\u306e\u9700\u8981\u304c\u3042\u308b\u305f\u3081\u3067\u3059\u3002\u53e4\u3044\u30af\u30eb\u30de\u306f\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\u3067\u306f\u306a\u304b\u306a\u304b\u8cb7\u3048\u307e\u305b\u3093\u3002\u3067\u3059\u304b\u3089\u3001\u6d88\u8cbb\u8005\u304b\u3089\u76f4\u63a5\u8eca\u3092\u8cb7\u3046\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u306f\u3001\u672c\u5f53\u306b\u3042\u308a\u304c\u305f\u3044\u3053\u3068\u306a\u306e\u3067\u3059\u3002<\/p>\n<p>John Healy &#8212; Northcoast Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u305d\u308c\u304b\u3089\u30011\u3064\u3060\u3051\u88dc\u8db3\u306e\u8cea\u554f\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u4eca\u671f\u306f\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\u306e\u30ab\u30ec\u30f3\u30c0\u30fc\u304c\u5378\u58f2\u4e8b\u696d\u306b\u4e0d\u5229\u306b\u50cd\u304f\u3068\u3044\u3046\u304a\u8a71\u304c\u3042\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u5143\u306b\u623b\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u7b2c2\u56db\u534a\u671f\u306b\u306f\u5143\u306b\u623b\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3053\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u306e\u5f71\u97ff\u306f\u3069\u3046\u306a\u306e\u304b\u3001\u307e\u305f\u3001\u4eca\u5e74\u306e\u6b8b\u308a\u3092\u898b\u636e\u3048\u305f\u5834\u5408\u3001\u3053\u306e\u56db\u534a\u671f\u306b\u5229\u76ca\u304c\u51fa\u308b\u306e\u304b\u3069\u3046\u304b\u3001\u6c17\u306b\u306a\u308b\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u3044\u3044\u8cea\u554f\u3067\u3059\u306d\u3002\u307e\u305a\u7b2c\u4e00\u306b\u3001\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\u306e\u696d\u7e3e\u3001\u30db\u30fc\u30eb\u30bb\u30fc\u30eb\u306e\u696d\u7e3e\u5168\u822c\u306b\u306f\u975e\u5e38\u306b\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u5b9f\u969b\u306b\u58f2\u4e0a\u3092\u4f38\u3070\u3057\u305f\u3068\u3044\u3046\u4e8b\u5b9f\u306b\u3082\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u6708\u66dc\u65e5\u306e\u8ca9\u58f2\u30921\u3064\u6e1b\u3089\u3057\u3001\u706b\u66dc\u65e5\u306b\u632f\u308a\u66ff\u3048\u305f\u3053\u3068\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002\u6708\u66dc\u65e5\u306f\u706b\u66dc\u65e5\u3088\u308a\u3082\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\u306e\u30dc\u30ea\u30e5\u30fc\u30e0\u304c\u5927\u304d\u3044\u65e5\u3067\u3059\u3002\u6628\u5e74\u306f\u305d\u306e\u6069\u6075\u3092\u53d7\u3051\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u3060\u304b\u3089\u3001\u3053\u308c\u306f\u30d4\u30c3\u30af\u30a2\u30c3\u30d7\u306b\u306f\u306a\u3089\u306a\u3044\u3067\u3057\u3087\u3046\u3002\u3082\u3046\u3072\u3068\u3064\u306f\u3001\u901a\u5e38\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\u306b\u51fa\u3057\u3066\u3044\u308b\u30af\u30eb\u30de\u306e\u4e00\u90e8\u3092\u3001\u5c0f\u58f2\u5e97\u5411\u3051\u306b\u88fd\u9020\u3059\u308b\u3053\u3068\u306b\u3057\u305f\u3053\u3068\u3067\u3059\u3002\u3053\u306e2\u3064\u304c\u306a\u3051\u308c\u3070\u3001\u3082\u3057\u305d\u308c\u3089\u3092\u629c\u3044\u305f\u3068\u3057\u3066\u3082\u3001\u5378\u58f2\u306f10%\u4ee5\u4e0a\u4f38\u3073\u305f\u306f\u305a\u3067\u3059\u3002<\/p>\n<p>John Healy &#8212; Northcoast Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306fWilliam Blair\u306eSharon Zackfia\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30b7\u30e3\u30ed\u30f3\u30fb\u30b6\u30c3\u30af\u30d5\u30a3\u30a2 &#8212; \u30a6\u30a3\u30ea\u30a2\u30e0\u30fb\u30d6\u30ec\u30a2\u30fb\u30a2\u30f3\u30c9\u30fb\u30ab\u30f3\u30d1\u30cb\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u3088\u308a\u4fa1\u5024\u3042\u308b\u8eca\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u304d\u3001\u3053\u308c\u307e\u3067\u306e\u3088\u3046\u306a\u30d5\u30eb\u30ea\u30b3\u30f3\u30c7\u30a3\u30b7\u30e7\u30cb\u30f3\u30b0\u306e\u30c7\u30fc\u30bf\u304b\u3089\u79fb\u884c\u3057\u3001\u591a\u5c11\u306e\u50b7\u306a\u3069\u3092\u6b8b\u3057\u3066\u3001\u305d\u306e\u307e\u307e\u8ca9\u58f2\u3057\u3001\u4fa1\u5024\u63d0\u6848\u3092\u3055\u3089\u306b\u5f37\u5316\u3059\u308b\u3053\u3068\u3082\u691c\u8a0e\u3055\u308c\u3066\u3044\u307e\u3059\u304b\uff1f\u30d6\u30e9\u30f3\u30c9\u3068\u3044\u3046\u89b3\u70b9\u304b\u3089\u306f\u3001\u3053\u308c\u307e\u3067\u614e\u91cd\u306b\u306a\u3063\u3066\u3044\u305f\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u304c\u3002<\/p>\n<p>\u6b21\u306b\u3001\u4e8b\u614b\u304c\u597d\u8ee2\u3059\u308b\u524d\u306b\u60aa\u5316\u3059\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3044\u3046\u61f8\u5ff5\u304c\u3042\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u3082\u3046\u4e00\u6bb5\u306e\u4e0b\u843d\u304c\u3042\u3063\u305f\u5834\u5408\u3001\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u53ef\u80fd\u306a\u89b3\u70b9\u304b\u3089\u3069\u306e\u3088\u3046\u306a\u4f4d\u7f6e\u3065\u3051\u306b\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u3064\u307e\u308a\u3001\u8ca9\u58f2\u7ba1\u7406\u8cbb\u306b\u3064\u3044\u3066\u3069\u3046\u8003\u3048\u308b\u3079\u304d\u304b\u3001\u524a\u6e1b\u304c\u5fc5\u8981\u306a\u5834\u5408\u306f\u4f55\u3092\u524a\u6e1b\u3059\u308c\u3070\u3088\u3044\u306e\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3001\u305d\u3046\u3067\u3059\u3002\u4eca\u5f8c\u306e\u61f8\u5ff5\u4e8b\u9805\u306b\u3064\u3044\u3066\u306f\u3001\u30a8\u30f3\u30ea\u30b1\u304b\u3089\u30b3\u30e1\u30f3\u30c8\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u3001\u4e21\u65b9\u306b\u53d6\u308a\u7d44\u307f\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u6700\u521d\u306e\u3054\u8cea\u554f\u306e\u3046\u3061\u3001\u53e4\u3044\u5728\u5eab\u306b\u3064\u3044\u3066\u306f\u3001\u30b7\u30e3\u30ed\u30f3\u3001\u79c1\u305f\u3061\u306f &#8212; 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Zackfia &#8212; William Blair and Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u30b7\u30e3\u30ed\u30f3\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u53f8\u4f1a<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306fJP\u30e2\u30eb\u30ac\u30f3\u306eRajat Gupta\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Rajat Gupta &#8212; J.P.\u30e2\u30eb\u30ac\u30f3 &#8212; 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Gupta &#8212; J.P.\u30e2\u30eb\u30ac\u30f3 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3067\u306f\u3001\u307e\u305f\u5f8c\u307b\u3069\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3001Rajat\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306f\u3001\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u30b9\u793e\u306e\u30c0\u30cb\u30a8\u30eb\u30fb\u30a4\u30f3\u30d6\u30ed\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30c0\u30cb\u30a8\u30eb\u30fb\u30a4\u30f3\u30d6\u30ed &#8212; \u30b9\u30c6\u30d5\u30a1\u30f3\u30fb\u30a4\u30f3\u30af &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u306f\u3044\u3001\u3069\u3046\u3082 \u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u8cea\u554f\u3092\u304a\u53d7\u3051\u3057\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>CAF\u306e\u7af6\u4e89\u74b0\u5883\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u524d\u56db\u534a\u671f\u3067\u306f\u3001\u4ed6\u306e\u30ec\u30f3\u30c0\u30fc\u304c84\u30f6\u6708\u307e\u3067\u671f\u9593\u3092\u5ef6\u9577\u3057\u3066\u3044\u308b\u3053\u3068\u3001\u8cc7\u91d1\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u3092\u8ee2\u5ac1\u3057\u3066\u3044\u306a\u3044\u3053\u3068\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u3057\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u4eca\u671f\u306f\u305d\u3046\u3057\u305f\u8cc7\u91d1\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u3092\u5438\u53ce\u3057\u59cb\u3081\u305f\u3068\u3001\u6e96\u5099\u66f8\u9762\u3067\u3082\u304a\u8a71\u3055\u308c\u3066\u3044\u305f\u3088\u3046\u306b\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u7af6\u4e89\u74b0\u5883\u304c\u3069\u306e\u3088\u3046\u306b\u5909\u5316\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u307e\u305f\u660e\u3089\u304b\u306bCAF\u306e\u666e\u53ca\u7387\u304c\u5f53\u56db\u534a\u671f\u306b\u4f4e\u4e0b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u306f\u610f\u56f3\u7684\u306b\u4e8b\u696d\u304b\u3089\u64a4\u9000\u3057\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u4f55\u304c\u305d\u306e\u539f\u52d5\u529b\u306b\u306a\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Jon Daniels &#8212; CAF\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u4e0a\u7d1a\u526f\u793e\u9577<\/p>\n<p>\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u3054\u8cea\u554f\u3092\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3054\u6307\u6458\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u6e96\u5099\u66f8\u9762\u3067\u306f\u3001\u4eca\u671f\u306e\u6d78\u900f\u7387\u306b\u95a2\u3059\u308b\u30b9\u30c8\u30fc\u30ea\u30fc\u3084\u898b\u51fa\u3057\u306f\u3001\u73fe\u91d1\u4fa1\u683c\u306e\u52d5\u304d\u306b\u95a2\u3059\u308b\u3082\u306e\u3067\u3042\u308b\u3068\u8ff0\u3079\u307e\u3057\u305f\u3002\u79c1\u305f\u3061\u306f\u30d3\u30b8\u30cd\u30b9\u304b\u3089\u624b\u3092\u5f15\u3044\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u524d\u56db\u534a\u671f\u306e\u5e73\u5747\u91d1\u5229\u306f8.2%\u3067\u3057\u305f\u3002\u4eca\u671f\u306f9%\u306b\u306a\u308a\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u4e3b\u306b\u79c1\u305f\u3061\u306e\u30b3\u30b9\u30c8\u5897\u3092\u6d88\u8cbb\u8005\u306b\u8ee2\u5ac1\u3057\u3066\u3044\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n<p>\u3053\u308c\u306f\u5e38\u306b\u5fae\u5999\u306a\u30d0\u30e9\u30f3\u30b9\u3067\u3059\u3002\u9867\u5ba2\u306b\u5bfe\u3057\u3066\u9ad8\u3044\u7af6\u4e89\u529b\u3092\u7dad\u6301\u3059\u308b\u305f\u3081\u306e\u30de\u30cd\u30fc\u30b8\u30e1\u30f3\u30c8\u3092\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u3001\u4e3b\u306b\u4fe1\u7528\u7d44\u5408\u3084\u3001\u3042\u308b\u7a0b\u5ea6\u306f\u5916\u90e8\u306e\u9280\u884c\u3068\u76f4\u63a5\u7af6\u5408\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u5fd8\u308c\u306a\u3044\u3067\u304f\u3060\u3055\u3044\u3002\u79c1\u305f\u3061\u306f\u3001\u5f7c\u3089\u3088\u308a\u3082\u5c11\u3057\u65e9\u304f\u5c0e\u5165\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u3053\u306e\u56db\u534a\u671f\u3067\u306e\u666e\u53ca\u306e\u8c37\u9593\u306f\u30012\u6708\u304b\u30893\u6708\u306b\u304b\u3051\u3066\u306e\u6642\u671f\u3067\u3001\u79c1\u305f\u3061\u306f\u7af6\u5408\u4ed6\u793e\u3092\u89b3\u5bdf\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u7af6\u5408\u4ed6\u793e\u304c\u56db\u534a\u671f\u3092\u901a\u3057\u3066\u6599\u91d1\u3092\u5f15\u304d\u4e0a\u3052\u3066\u3044\u308b\u306e\u3092\u898b\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u5f53\u793e\u306e\u65b9\u304c\u5c11\u3057\u65e9\u304b\u3063\u305f\u306e\u3067\u3001\u666e\u53ca\u7387\u306f\u56db\u534a\u671f\u4e2d\u306b\u5143\u306b\u623b\u308a\u307e\u3057\u305f\u3002\u3067\u3059\u304b\u3089\u3001\u4eca\u5f8c\u3082\u305d\u306e\u3088\u3046\u306a\u72b6\u6cc1\u304c\u7d9a\u304f\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u7e70\u308a\u8fd4\u3057\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u666e\u53ca\u7387\u3068\u7d14\u91d1\u5229\u30de\u30fc\u30b8\u30f3\u3092\u7ba1\u7406\u3057\u306a\u304c\u3089\u3001\u9867\u5ba2\u306b\u3068\u3063\u3066\u975e\u5e38\u306b\u6709\u5229\u306a\u7af6\u4e89\u529b\u3092\u78ba\u4fdd\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u5fae\u5999\u306a\u30d0\u30e9\u30f3\u30b9\u3067\u3059\u3002\u7af6\u5408\u4ed6\u793e\u306e\u52d5\u304d\u3068\u9023\u90a6\u653f\u5e9c\u306e\u52d5\u304d\u3092\u6ce8\u8996\u3057\u306a\u304c\u3089\u3001\u4eca\u5f8c\u3082\u7d9a\u3051\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u3002<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3057\u3066\u3001\u30b8\u30e7\u30f3\u3001\u79c1\u305f\u3061\u306e\u666e\u53ca\u7387\u306f\u4e0b\u304c\u308a\u307e\u3057\u305f\u304c\u3001\u81ea\u5206\u3067\u878d\u8cc7\u3092\u53d7\u3051\u308b\u6d88\u8cbb\u8005\u306f\u5897\u3048\u307e\u3057\u305f\u306d\u3002<\/p>\n<p>Jon Daniels &#8212; CAF\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u4e0a\u7d1a\u526f\u793e\u9577<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u4e00\u822c\u7684\u306b\u306f\u3001\u305d\u308c\u304c\u76f8\u6bba\u3055\u308c\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306e\u5206\u91ce\u3067\u306f\u3001\u901a\u5e38\u3001\u304a\u5ba2\u3055\u307e\u306f\u8eca\u3092\u898b\u3066\u3001\u305d\u308c\u3092\u6b32\u3057\u3044\u3068\u601d\u3044\u307e\u3059\u3002CAF\u304b\u3089\u306e\u878d\u8cc7\u3092\u9078\u3076\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3057\u3001\u307e\u305f\u3001\u79c1\u305f\u3061\u306e\u30d7\u30ed\u30b0\u30e9\u30e0\u306e\u7d20\u6674\u3089\u3057\u3044\u3068\u3053\u308d\u306f\u3001\u5916\u90e8\u304b\u3089\u878d\u8cc7\u3092\u53d7\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u8eca\u3092\u624b\u653e\u3059\u5fc5\u8981\u304c\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u3060\u304b\u3089\u3001\u4eca\u671f\u306f\u305d\u308c\u3092\u9078\u629e\u3057\u305f\u306e\u3067\u3059\u3002<\/p>\n<p>Daniel Imbro &#8212; Stephens, Inc.\u793e &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u3067\u306f\u3001\u307e\u305f\u9806\u756a\u5f85\u3061\u306e\u5217\u306b\u4e26\u3073\u307e\u3059\u3002\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3001\u30c0\u30cb\u30a8\u30eb\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u305d\u308c\u3067\u306f \u6b21\u306f\u30a6\u30a7\u30c9\u30d6\u30c3\u30b7\u30e5\u8a3c\u5238\u306e\u30bb\u30b9\u30fb\u30d0\u30b7\u30e3\u30e0\u304b\u3089\u8cea\u554f\u3092\u304a\u53d7\u3051\u3057\u307e\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30cd\u30a4\u30b5\u30f3\u30fb\u30d5\u30ea\u30fc\u30c9\u30de\u30f3 &#8212; \u30a6\u30a7\u30c9\u30d6\u30c3\u30b7\u30e5\u8a3c\u5238 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u306f\u3044\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u30bb\u30b9\u306e\u4ee3\u308f\u308a\u306e\u30cd\u30a4\u30b5\u30f3\u30fb\u30d5\u30ea\u30fc\u30c9\u30de\u30f3\u3067\u3059\u3002\u79c1\u306e\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u6700\u521d\u306b\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u306f\u30011\u53f0\u3042\u305f\u308a\u306e\u5c0f\u58f2\u7c97\u5229\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u73fe\u5728\u306e\u4e2d\u53e4\u54c1\u306e\u4fa1\u683c\u74b0\u5883\u3068\u3001\u4eca\u5e74\u4e2d\u306b\u6e1b\u4fa1\u511f\u5374\u304c\u6b63\u5e38\u5316\u307e\u305f\u306f\u52a0\u901f\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u4eca\u5f8c\u3082\u3053\u306e\u30ec\u30d9\u30eb\u306eGPU\u3092\u898b\u8fbc\u3093\u3067\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u305d\u308c\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308b\u3079\u304d\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>Bill Nash &#8212; 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&#8212; \u30a6\u30a7\u30c9\u30d6\u30c3\u30b7\u30e5\u8a3c\u5238 &#8212; 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\u30b7\u30cb\u30a2\u30fb\u30d0\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8\u517c\u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n<p>\u306f\u3044\u3002\u30b8\u30e7\u30f3\u304c\u6e96\u5099\u66f8\u9762\u306e\u4e2d\u3067\u8ff0\u3079\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u5f53\u56db\u534a\u671f\u306b900\u4e07\u30c9\u30eb\u306e\u30d8\u30c3\u30b8\u5229\u76ca\u3092\u5f97\u307e\u3057\u305f\u304c\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u8aac\u660e\u3057\u307e\u3059\u3002\u5f53\u793e\u306e\u50b5\u6a29\u306e\u5927\u90e8\u5206\u306f\u8a3c\u5238\u5316\u5e02\u5834\u3092\u901a\u3058\u3066\u8abf\u9054\u3055\u308c\u3066\u304a\u308a\u3001\u3053\u308c\u3089\u306b\u306f\u3059\u3079\u3066\u4f1a\u8a08\u4e0a\u306e\u30d8\u30c3\u30b8\u304c\u9069\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u6570\u5e74\u524d\u304b\u3089\u9280\u884c\u30d1\u30fc\u30c8\u30ca\u30fc\u3068\u3068\u3082\u306b\u8a71\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u4ee3\u66ff\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u3082\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u3089\u306e\u50b5\u6a29\u306e\u4e00\u90e8\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30d8\u30c3\u30b8\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u4f1a\u8a08\u4e0a\u306e\u30d8\u30c3\u30b8\u306f\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002\u3053\u308c\u306f\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u67d4\u8edf\u6027\u3092\u7dad\u6301\u3059\u308b\u305f\u3081\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4f1a\u8a08\u4e0a\u306e\u30d8\u30c3\u30b8\u304c\u306a\u3044\u50b5\u6a29\u306f\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u6642\u4fa1\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002\u3053\u306e\u305f\u3081\u3001\u6700\u8fd1\u306e\u6025\u6fc0\u304b\u3064\u5927\u5e45\u306a\u91d1\u5229\u5909\u52d5\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u5f53\u56db\u534a\u671f\u306f\u5229\u76ca\u3092\u3042\u3052\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\u3057\u304b\u3057\u4eca\u5f8c\u306f\u3001\u91d1\u5229\u306e\u6025\u6fc0\u306a\u5909\u52d5\u304c\u3042\u3063\u305f\u5834\u5408\u306b\u306e\u307f\u3001\u3053\u306e\u5f71\u97ff\u304c\u5927\u304d\u304f\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Nathan Friedman &#8212; Wedbush Securities &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u304a\u6642\u9593\u3092\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u305d\u308c\u3067\u306f \u6b21\u306fBank of America\u306eJohn Murphy\u304b\u3089\u8cea\u554f\u3092\u304a\u53d7\u3051\u3057\u307e\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30f3\u30fb\u30de\u30fc\u30d5\u30a3\u30fc &#8212; \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7686\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u9ad8\u5e74\u5f0f\u8eca\u3078\u306e\u30b7\u30d5\u30c8\u306b\u8a71\u3092\u623b\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u4eca\u5f8c\u6570\u5e74\u9593\u3092\u8003\u3048\u308b\u3068\u30010\uff5e6\u6b73\u306e\u8eca\u9f62\u306e\u4eba\u53e3\u306f\u304b\u306a\u308a\u5287\u7684\u306b\u6e1b\u5c11\u3059\u308b\u304b\u3001\u3042\u308b\u3044\u306f\u3042\u307e\u308a\u56de\u5fa9\u3057\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3068\u3044\u3046\u306e\u3082\u3001\u65b0\u8eca\u306e\u8ca9\u58f2\u53f0\u6570\u306f\u3001\u73fe\u5b9f\u306b\u306f\u5b58\u5728\u3057\u306a\u3044\u3088\u3046\u306a\u3082\u306e\u3060\u304b\u3089\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u30016\u5e74\u4ee5\u4e0a\u524d\u306e\u8eca\u3092\u898b\u3066\u307f\u308b\u3068\u30017\u5e74\u304b\u308910\u5e74\u306e\u8eca\u306b\u306f\u672c\u5f53\u306e\u30c1\u30e3\u30f3\u30b9\u304c\u3042\u308b\u3088\u3046\u306b\u601d\u3044\u307e\u3059\u300210\u5e74\u300120\u5e74\u524d\u3068\u306f\u307e\u3063\u305f\u304f\u9055\u3046\u306e\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u6d88\u8cbb\u8005\u306b\u3046\u307e\u304f\u8aac\u660e\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u8ca9\u58f2\u4ee3\u7406\u5e97\u306b\u3068\u3063\u3066\u306f\u826f\u3044\u5546\u54c1\u306a\u306e\u3067\u3059\u3002<\/p>\n<p>\u4eca\u671f\u3001ValueMax\u307e\u305f\u306fValueMax\u306b\u8fd1\u3044\u8eca\u7a2e\u304c25%\u3060\u3063\u305f\u306e\u304c35%\u306b\u306a\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u306e\u6570\u5b57\u306f\u6642\u9593\u3068\u3068\u3082\u306b\u5927\u304d\u304f\u4f38\u3073\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u3053\u308c\u306f\u5358\u306b0\uff5e6\u6b73\u5150\u306e\u4f9b\u7d66\u4e0d\u8db3\u3092\u88dc\u3046\u305f\u3081\u306e\u52d5\u304d\u3067\u306f\u306a\u304f\u3001\u3088\u308a\u69cb\u9020\u7684\u306a\u3082\u306e\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u30015\uff5e10\u5e74\u5f8c\u3092\u8003\u3048\u308b\u3068\u3001\u5404\u5e97\u8217\u306e\u30a2\u30c9\u30ec\u30b5\u30d6\u30eb\u30de\u30fc\u30b1\u30c3\u30c8\u304c\u5287\u7684\u306b\u5897\u52a0\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30b8\u30e7\u30f3\u3002\u306f\u3044\u3002\u3044\u3044\u8cea\u554f\u3067\u3059\u306d\u3002<\/p>\n<p>\u79c1\u305f\u3061\u306e\u30d3\u30b8\u30cd\u30b9\u306e\u3059\u3070\u3089\u3057\u3055\u306f\u3001\u6d88\u8cbb\u8005\u304c\u6c42\u3081\u3066\u3044\u308b\u3082\u306e\u3092\u4f55\u3067\u3082\u63d0\u4f9b\u3067\u304d\u308b\u3053\u3068\u3067\u3059\u3002\u4eca\u3001\u660e\u3089\u304b\u306b\u3001\u3053\u308c\u3089\u306e\u8eca\u306e\u3044\u304f\u3064\u304b\u3092\u898b\u3064\u3051\u3001\u305d\u308c\u3092\u4f5c\u308b\u306e\u306f\u5c11\u3057\u96e3\u3057\u3044\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u540c\u3058\u3088\u3046\u306a\u72b6\u6cc1\u3092\u7d4c\u9a13\u3057\u3066\u304d\u307e\u3057\u305f\u30022008\u5e74\u30012009\u5e74\u306e\u4e0d\u6cc1\u671f\u306b\u306f\u3001\u65b0\u8eca\u8ca9\u58f2\u53f0\u6570\u304c\u5927\u5e45\u306b\u6e1b\u5c11\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u65b0\u8eca\u8ca9\u58f2\u53f0\u6570\u306f2\u6841\u53f0\u524d\u534a\u307e\u3067\u843d\u3061\u8fbc\u307f\u3001\u4e00\u6642\u306f\u305d\u308c\u4ee5\u4e0b\u306b\u3082\u306a\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u3053\u306e\u3088\u3046\u306a\u30d0\u30d6\u30eb\u306e\u5d29\u58ca\u304c\u3042\u3063\u305f\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u30012008\u5e74\u30842009\u5e74\u306e\u3088\u3046\u306a\u5927\u898f\u6a21\u306a\u30d0\u30d6\u30eb\u306b\u306f\u306a\u3089\u306a\u3044\u3067\u3057\u3087\u3046\u3002\u5f53\u6642\u3068\u9055\u3046\u306e\u306f\u3001\u79c1\u305f\u3061\u306f\u30d0\u30d6\u30eb\u3092\u4e57\u308a\u5207\u308b\u3053\u3068\u304c\u3067\u304d\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u5f53\u6642\u306b\u306f\u306a\u304b\u3063\u305f\u7d20\u6674\u3089\u3057\u3044\u70b9\u306f\u3001\u79c1\u305f\u3061\u306e\u81ea\u7d66\u81ea\u8db3\u3067\u3059\u3002\u5728\u5eab\u306e\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u304d\u3001\u305d\u306e\u4e00\u756a\u306e\u4f9b\u7d66\u6e90\u306f\u6d88\u8cbb\u8005\u3067\u3059\u3002\u81ea\u7d66\u7387\u304c\u975e\u5e38\u306b\u9ad8\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u305d\u308c\u3060\u3051\u591a\u304f\u306e\u5728\u5eab\u3092\u78ba\u4fdd\u3067\u304d\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u30026\u6708\u4ee5\u964d\u306b\u5c11\u3057\u304a\u8a71\u3057\u307e\u3057\u305f\u304c\u3001\u305d\u308c\u306f\u672c\u5f53\u306b\u91cd\u8981\u306a\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>0\u304b\u30894\u307e\u3067\u3067\u5206\u3051\u308b\u3068\u30011\u5e74\u524d\u306f\u3060\u3044\u305f\u3044\u58f2\u4e0a\u306e66%\u304f\u3089\u3044\u3067\u3057\u305f\u3002\u4eca\u671f\u306f\u7d0450%\u3067\u3059\u30025\uff5e7\u5e74\u843d\u3061\u306e\u8eca\u7a2e\u306f\u300120\uff5e25\uff05\u3067\u3059\u3002\u4eca\u671f\u306f30\uff5e35%\u3067\u3059\u3002<\/p>\n<p>8\u6b73\u4ee5\u4e0a\u3067\u306f15\uff05\u3067\u3059\u3002\u3053\u308c\u306f\u5168\u4f53\u7684\u306a\u50be\u5411\u3067\u3001\u4eca\u306f\u5728\u5eab\u306e\u4f9b\u7d66\u6e90\u3082\u5145\u5b9f\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u4eca\u5f8c\u306e\u30c1\u30e3\u30f3\u30b9\u306b\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>John Murphy &#8212; Bank of America Merrill Lynch &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u304b\u3002\u8cb7\u53ce\u306e\u9762\u3067\u306f\u3001\u81ea\u7d66\u81ea\u8db3\u306e\u9762\u3067\u3088\u3044\u4ed5\u4e8b\u3092\u3055\u308c\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u8eca\u3092\u8cfc\u5165\u3059\u308b\u6d88\u8cbb\u8005\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u307f\u308b\u3068\u3001\u5f7c\u3089\u306f\u82e5\u3044\u8eca\u3088\u308a\u3082\u5b9f\u969b\u306b\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u8cfc\u5165\u3059\u308b\u50be\u5411\u304c\u3042\u308b\u3088\u3046\u3067\u3059\u3002\u30aa\u30e0\u30cb\u30c1\u30e3\u30cd\u30eb\u306e\u53d6\u308a\u7d44\u307f\u3084\u5e74\u9f62\u5c64\u5225\u306e\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u3092\u898b\u3066\u3044\u308b\u3068\u30017\u6b73\u4ee5\u4e0a\u306e\u8eca\u4e21\u306f1\uff5e3\u6b73\u5150\u3088\u308a\u3082\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u8cfc\u5165\u3059\u308b\u50be\u5411\u304c\u5f37\u3044\u3068\u3044\u3046\u306e\u306f\u672c\u5f53\u3067\u3057\u3087\u3046\u304b\uff1f\u3064\u307e\u308a\u3001\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u3069\u3046\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3001\u30b8\u30e7\u30f3\u3002\u6b63\u76f4\u306a\u3068\u3053\u308d\u3001\u79c1\u306e\u982d\u306e\u4e2d\u3067\u306f\u3001\u305d\u308c\u304c\u5fc5\u305a\u3057\u3082\u6b63\u3057\u3044\u304b\u3069\u3046\u304b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3002\u30aa\u30f3\u30e9\u30a4\u30f3\u8ca9\u58f2\u306e\u89b3\u70b9\u304b\u3089\u898b\u308b\u3068\u3001\u3055\u307e\u3056\u307e\u306a\u5546\u54c1\u3092\u63a2\u3057\u3066\u3044\u308b\u6d88\u8cbb\u8005\u306e\u5c64\u304c\u539a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3060\u304b\u3089\u3001\u30cd\u30c3\u30c8\u3067\u58f2\u308c\u3066\u3044\u308b\u306e\u306f\u53e4\u3044\u3082\u306e\u3060\u3068\u3044\u3046\u306e\u306f\u3001\u5fc5\u305a\u3057\u3082\u6b63\u3057\u3044\u3068\u306f\u8a00\u3048\u306a\u3044\u3068\u601d\u3046\u3093\u3067\u3059\u3002<\/p>\n<p>\u3042\u308b\u306b\u306f\u3042\u308b\u3093\u3067\u3059\u3051\u3069\u306d\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u304c\u4e0d\u91e3\u308a\u5408\u3044\u3067\u3042\u308b\u3068\u306f\u601d\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>John Murphy &#8212; Bank of America Merrill Lynch &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u304b\u3002\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3001\u30b8\u30e7\u30f3\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u305d\u308c\u3067\u306f \u6b21\u306fEvercore ISI\u306eMichael Montani\u304b\u3089\u304a\u8a71\u3092\u4f3a\u3044\u307e\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30de\u30a4\u30b1\u30eb\u30fb\u30e2\u30f3\u30bf\u30fc\u30cb &#8212; \u30a8\u30d0\u30fc\u30b3\u30a2ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6700\u521d\u306b\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u306f\u3001\u7686\u3055\u3093\u304c\u898b\u3066\u3044\u308b\u8cfc\u8cb7\u50be\u5411\u306b\u3064\u3044\u3066\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u306a\u3044\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>4\u4e07\u4eba\u4ee5\u4e0b\u306e\u4e16\u5e2f\u306810\u4e07\u4eba\u4ee5\u4e0a\u306e\u4e16\u5e2f\u3068\u3044\u3046\u3088\u3046\u306b\u3001\u6240\u5f97\u968e\u5c64\u5225\u306b\u5206\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u304b\u3069\u3046\u304b\u308f\u304b\u308a\u307e\u305b\u3093\u304c\u3002\u307e\u305f\u3001\u58f2\u4e0a\u304c1\u6841\u53f0\u524d\u534a\u3067\u5b89\u5b9a\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u305d\u306e\u63a8\u79fb\u306b\u3064\u3044\u3066\u3082\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u30de\u30a4\u30af\u3001\u3042\u306a\u305f\u304c\u63a2\u3057\u3066\u3044\u308b\u3088\u3046\u306a\u4e16\u5e2f\u53ce\u5165\u306b\u95a2\u3059\u308b\u30b3\u30fc\u30db\u30fc\u30c8\u306f\u6301\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u3082\u5e97\u8217\u3067\u3082\u3001\u3059\u3079\u3066\u306e\u6d88\u8cbb\u8005\u306b\u5e83\u304f\u53d7\u3051\u5165\u308c\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u56db\u534a\u671f\u306b\u306f\u3001\u8208\u5473\u6df1\u3044\u3053\u3068\u306b\u3001\u5b8c\u5168\u306a\u30b5\u30d7\u30e9\u30a4\u30ba\u3067\u306f\u306a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u8cb7\u3044\u7269\u3092\u3057\u307e\u3057\u305f\u3002\u30ac\u30bd\u30ea\u30f3\u4fa1\u683c\u306e\u5f71\u97ff\u3082\u3042\u3063\u3066\u304b\u3001\u5927\u578b\u306eSUV\u3084\u30d4\u30c3\u30af\u30a2\u30c3\u30d7\u30c8\u30e9\u30c3\u30af\u3092\u3088\u308a\u591a\u304f\u8cfc\u5165\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u305d\u306e\u4e00\u65b9\u3067\u3001\u8ca9\u58f2\u53f0\u6570\u3082\u5897\u3048\u307e\u3057\u305f\u3002\u6d88\u8cbb\u8005\u304c\u3044\u305f\u306e\u3067\u3059\u3002\u9069\u5207\u306a\u4fa1\u683c\u3092\u51fa\u305b\u3070\u58f2\u308c\u308b\u3057\u3001\u5b9f\u969b\u306b\u305d\u3046\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3082\u3001\u76ee\u306e\u524d\u306b\u30c7\u30fc\u30bf\u304c\u306a\u3044\u306e\u3067\u3001\u4e16\u5e2f\u5e74\u53ce\u304c\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u304b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u304c\u63d0\u4f9b\u3059\u308b\u88fd\u54c1\u306f\u3001\u672c\u5f53\u306b\u5e45\u5e83\u3044\u5c64\u306b\u30a2\u30d4\u30fc\u30eb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Jon Daniels &#8212; CAF\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u30b7\u30cb\u30a2\u30fb\u30f4\u30a1\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n<p>\u4fe1\u7528\u3068\u3044\u3046\u89b3\u70b9\u304b\u3089\u4ed8\u3051\u52a0\u3048\u308b\u3068\u3001\u304a\u305d\u3089\u304f\u4e16\u5e2f\u53ce\u5165\u3068\u3001\u30c9\u30a2\u3092\u958b\u3051\u3066\u5165\u3063\u3066\u304f\u308b\u304a\u5ba2\u3055\u307e\u306e\u4fe1\u7528\u306e\u8cea\u3092\u4e00\u81f4\u3055\u305b\u3088\u3046\u3068\u3059\u308b\u3053\u3068\u3067\u3057\u3087\u3046\u3002\u4ee5\u524d\u306b\u3082\u304a\u8a71\u3057\u3057\u305f\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u4e16\u306e\u4e2d\u306b\u306f\u9700\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u4fe1\u7528\u5ea6\u306e\u4f4e\u3044\u9867\u5ba2\u306f\u3001\u307e\u3060\u8cb7\u3044\u7269\u3092\u3057\u305f\u308a\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u3092\u7533\u3057\u8fbc\u3093\u3060\u308a\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002\u305f\u3060\u3001\u8eca\u306e\u4fa1\u683c\u3084\u6708\u3005\u306e\u652f\u6255\u984d\u306e\u305f\u3081\u306b\u3001\u5e02\u5834\u304b\u3089\u6392\u9664\u3055\u308c\u308b\u3053\u3068\u3082\u3042\u308b\u3088\u3046\u3067\u3059\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u9700\u8981\u306f\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u5728\u5eab\u304c\u6e1b\u3063\u3066\u304f\u308c\u3070\u3001\u305d\u3053\u306b\u624b\u304c\u5c4a\u304f\u3088\u3046\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3084\u306f\u308a\u3001\u305d\u306e\u3088\u3046\u306a\u6d88\u8cbb\u8005\u3068\u4f4e\u6240\u5f97\u8005\u5c64\u3068\u306e\u9593\u306b\u4f55\u3089\u304b\u306e\u76f8\u95a2\u95a2\u4fc2\u304c\u3042\u308c\u3070\u3001\u9700\u8981\u306f\u3042\u308b\u306e\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>Michael Montani &#8212; Evercore ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u308c\u304b\u3089\u3001\u5229\u76ca\u9762\u306b\u3064\u3044\u3066\u88dc\u8db3\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u4eca\u5e74\u306e\u521d\u3081\u3001\u7686\u3055\u3093\u306f\u3001\u73fe\u5728\u9032\u884c\u4e2d\u306e\u3044\u304f\u3064\u304b\u306e\u6295\u8cc7\u3092\u8003\u3048\u308b\u3068\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u304b\u3051\u308b\u305f\u3081\u306b\u306f\u58f2\u4e0a\u7dcf\u5229\u76ca\u304c1\u6841\u53f0\u5f8c\u534a\u306b\u6210\u9577\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3068\u304a\u3063\u3057\u3083\u3063\u3066\u3044\u307e\u3057\u305f\u3002\u305d\u3053\u3067\u3001\u4e0b\u671f\u306b\u3064\u3044\u3066\u3082\u8003\u3048\u3066\u307f\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u30de\u30eb\u30c1\u30c1\u30e3\u30cd\u30eb\u304c\u5c0e\u5165\u3055\u308c\u305f\u3053\u3068\u3067\u3001\u5e83\u544a\u5ba3\u4f1d\u8cbb\u306f\u5897\u52a0\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u5f93\u696d\u54e1\u6570\u306b\u3064\u3044\u3066\u306f\u3001\u5c11\u3057\u6e1b\u5c11\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3088\u3046\u306b\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>\u4e0b\u671f\u306e\u8ca9\u58f2\u7ba1\u7406\u8cbb\u306e\u30da\u30fc\u30b9\u3092\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308c\u3070\u3088\u3044\u304b\u3001\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>Enrique Mayor-Mora &#8212; \u30b7\u30cb\u30a2\u30fb\u30f4\u30a1\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8\u517c\u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n<p>\u306f\u3044\u3002\u524d\u56de\u306e\u96fb\u8a71\u4f1a\u8b70\u3067\u306f\u300123\u5e743\u6708\u671f\u306b\u306f\u3001\u3053\u308c\u307e\u3067\u306e1\u6841\u53f0\u5f8c\u534a\u3092\u8d85\u3048\u308b\u58f2\u4e0a\u9ad8\u304c\u5fc5\u8981\u306b\u306a\u308b\u898b\u8fbc\u307f\u3060\u3068\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u3002\u3064\u307e\u308a\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u304b\u3051\u308b\u305f\u3081\u306b\u306f\u3001\u305d\u308c\u4ee5\u4e0a\u306e\u3082\u306e\u304c\u5fc5\u8981\u306a\u306e\u3067\u3059\u3002\u3068\u3044\u3046\u306e\u3082\u3001\u5148\u307b\u3069\u304a\u8a71\u3057\u305f\u3088\u3046\u306b\u3001\u4eba\u6750\u6d3e\u9063\u306e\u6210\u529f\u306f\u5e74\u7387\u63db\u7b97\u3067\u3001\u307e\u305f\u3001\u7b2c1\u56db\u534a\u671f\u306f\u305d\u306e\u5f71\u97ff\u304c\u6700\u3082\u5927\u304d\u304f\u51fa\u308b\u56db\u534a\u671f\u306a\u306e\u3067\u3001\u79c1\u305f\u3061\u306f\u8cbb\u7528\u3092\u9867\u5ba2\u306e\u9700\u8981\u306b\u898b\u5408\u3063\u305f\u3082\u306e\u306b\u3059\u308b\u3053\u3068\u306b\u5168\u529b\u3092\u6ce8\u3044\u3067\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u3059\u3067\u306b\u5b9f\u65bd\u3057\u305f\u30b9\u30c6\u30c3\u30d7\u306b\u3064\u3044\u3066\u3082\u304a\u8a71\u3057\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u7b2c1\u56db\u534a\u671f\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u89b3\u70b9\u304b\u3089\u306f\u3001\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u6700\u3082\u53b3\u3057\u3044\u56db\u534a\u671f\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>Michael Montani &#8212; Evercore ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u305d\u308c\u3067\u306f \u6b21\u306fBaird\u306eCraig Kennison\u304b\u3089\u8cea\u554f\u3092\u304a\u53d7\u3051\u3057\u307e\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Craig Kennison &#8212; Robert W. Baird and Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u306e\u8cea\u554f\u306b\u3082\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u306f\u3001\u8cb4\u793e\u306e\u30bd\u30fc\u30b7\u30f3\u30b0\u30fb\u30e2\u30fc\u30c9\u3092\u6398\u308a\u4e0b\u3052\u3001MaxOffer\u30c4\u30fc\u30eb\u306b\u3064\u3044\u3066\u3082\u3046\u5c11\u3057\u7406\u89e3\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u3053\u306e\u30c4\u30fc\u30eb\u306e\u7d4c\u6e08\u6027\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u307e\u305f\u3001\u305d\u306e\u5730\u57df\u5e02\u5834\u306e\u7af6\u5408\u76f8\u624b\u3067\u3042\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u306a\u305c\u30c7\u30a3\u30fc\u30e9\u30fc\u304c\u3053\u306e\u30c4\u30fc\u30eb\u3092\u9078\u629e\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u305d\u306e\u3088\u3046\u306a\u8eca\u306f\u3001\u6d88\u8cbb\u8005\u304b\u3089\u76f4\u63a5\u4ed5\u5165\u308c\u305f\u8eca\u3084\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\u3067\u4ed5\u5165\u308c\u305f\u8eca\u3068\u540c\u3058\u3088\u3046\u306b\u5229\u76ca\u3092\u751f\u3080\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3001Craig\u3002\u306f\u3044\u3002\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306fMaxOffer\u306b\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u79c1\u305f\u3061\u304c\u305a\u3063\u3068\u53d6\u308a\u7d44\u3093\u3067\u304d\u305f\u88fd\u54c1\u3067\u3059\u3002<\/p>\n<p>IO\u306b\u6bd4\u3079\u308b\u3068\u5c11\u3057\u5f8c\u624b\u306b\u56de\u3063\u3066\u3057\u307e\u3044\u307e\u3057\u305f\u304c\u3001\u540c\u3058\u3088\u3046\u306a\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u3092\u6d3b\u7528\u3057\u3066\u3044\u307e\u3059\u3002\u53ce\u76ca\u6027\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u307f\u308b\u3068\u3001\u660e\u3089\u304b\u306b&#8230;&#8230;\u307e\u305a\u7b2c\u4e00\u306b\u3001MaxOffer\u3067\u8cfc\u5165\u3057\u305f\u3082\u306e\u306f\u30aa\u30d5\u30b5\u30a4\u30c8\u3067\u8cfc\u5165\u3059\u308b\u3088\u308a\u3082\u7d76\u5bfe\u306b\u53ce\u76ca\u6027\u304c\u9ad8\u3044\u306e\u3067\u3059\u3002\u6d88\u8cbb\u8005\u304c\u79c1\u305f\u3061\u3092\u8eca\u306b\u9023\u308c\u3066\u304f\u308b\u306e\u306f\u660e\u3089\u304b\u306a\u7406\u7531\u3067\u3001\u79c1\u305f\u3061\u306f\u30ed\u30b8\u30b9\u30c6\u30a3\u30af\u30b9\u3092\u3059\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001MaxOffer\u306e\u5834\u5408\u3001\u6d88\u8cbb\u8005\u3068\u3057\u3066\u306e\u53ce\u76ca\u6027\u306f\u305d\u308c\u307b\u3069\u9ad8\u304f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u305d\u308c\u3067\u3082\u30aa\u30d5\u30b5\u30a4\u30c8\u3067\u8cfc\u5165\u3059\u308b\u3088\u308a\u306f\u53ce\u76ca\u6027\u304c\u9ad8\u304f\u3001\u3053\u308c\u306f\u307e\u305f\u7406\u306b\u304b\u306a\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u8ca9\u58f2\u5e97\u306b\u306f\u3001\u8208\u5473\u306e\u306a\u3044\u5728\u5eab\u304c\u3042\u3063\u305f\u308a\u3001\u67fb\u5b9a\u306b\u51fa\u3057\u305f\u3044\u3051\u308c\u3069\u3082\u3069\u306e\u3088\u3046\u306b\u8a55\u4fa1\u3057\u305f\u3089\u3044\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u3068\u3044\u3046\u30b1\u30fc\u30b9\u304c\u305f\u304f\u3055\u3093\u3042\u308a\u307e\u3059\u3002\u305d\u3053\u3067\u3001\u3053\u308c\u306f\u7121\u6599\u3067\u63d0\u4f9b\u3067\u304d\u308b\u30b5\u30fc\u30d3\u30b9\u3067\u3001\u3057\u304b\u3082\u88cf\u4ed8\u3051\u304c\u3042\u308b\u3002\u305d\u3057\u3066\u3001\u3053\u308c\u306f\u53cd\u97ff\u3092\u547c\u3076\u3053\u3068\u304c\u8a3c\u660e\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u96fb\u8a71\u4f1a\u8b70\u3067\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u79c1\u305f\u3061\u306f30\u306e\u5e02\u5834\u306730\u3092\u5c11\u3057\u8d85\u3048\u305f\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n<p>\u4eca\u5f8c\u3082\u62e1\u5927\u3059\u308b\u30c1\u30e3\u30f3\u30b9\u306f\u5341\u5206\u306b\u3042\u308a\u307e\u3059\u3002Edmunds\u306f\u4f55\u5343\u3082\u306e\u30c7\u30a3\u30fc\u30e9\u30fc\u3068\u53d6\u5f15\u3057\u3066\u3044\u307e\u3059\u3002Edmunds\u306e\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\u306b\u306f\u4f55\u5343\u3068\u3044\u3046\u30c7\u30a3\u30fc\u30e9\u30fc\u304c\u53c2\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u3053\u306b\u306f\u5927\u304d\u306a\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Craig Kennison &#8212; Robert W. Baird and Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u6599\u91d1\u4f53\u7cfb\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u3042\u306a\u305f\u306f\u624b\u6570\u6599\u3092\u3082\u3089\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u5f7c\u3089\u304c\u624b\u6570\u6599\u3092\u53d6\u3063\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f &#8212; \u5b9f\u969b\u306b &#8212; \u5c11\u3057\u3067\u3082 &#8212; \u5f7c\u3089\u306e\u6642\u9593\u3092\u5272\u304f\u3060\u3051\u306e\u4fa1\u5024\u3092\u6301\u305f\u305b\u3066\u3044\u307e\u3059\u3002\u3060\u304b\u3089\u3001\u5f7c\u3089\u306f\u5b9f\u969b\u306b\u3053\u308c\u3067\u304a\u91d1\u3092\u7a3c\u3050\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002\u305d\u308c\u304c\u79c1\u305f\u3061\u306e\u3084\u308a\u65b9\u3067\u3059\u3002<\/p>\n<p>Craig Kennison &#8212; Robert W. Baird and Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u5b8c\u74a7\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u305d\u308c\u3067\u306f \u6b21\u306e\u8cea\u554f\u306f\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u306e\u30a8\u30f4\u30a1\u30f3\u30fb\u30b7\u30eb\u30d0\u30fc\u30d0\u30fc\u30b0\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30a8\u30f4\u30a1\u30f3\u30fb\u30b7\u30eb\u30d0\u30fc\u30d0\u30fc\u30b0 &#8212; \u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30a2\u30c0\u30e0\u30fb\u30b8\u30e7\u30ca\u30b9\u306b\u4ee3\u308f\u3063\u3066\u30a8\u30f4\u30a1\u30f3\u30fb\u30b7\u30eb\u30d0\u30fc\u30d0\u30fc\u30b0\u3067\u3059\u3002\u524d\u5e74\u540c\u6708\u6bd4\u306e\u30b3\u30f3\u30d7\u306b\u3064\u3044\u3066\u3001\u6e96\u5099\u66f8\u9762\u306e\u4e2d\u3067\u3044\u304f\u3064\u304b\u8a00\u53ca\u304c\u3042\u308a\u307e\u3057\u305f\u306d\u3002\u307e\u305f\u3001\u7b2c2\u56db\u534a\u671f\u306e\u58f2\u4e0a\u9ad8\u3092\u3069\u306e\u3088\u3046\u306b\u898b\u3066\u3044\u307e\u3059\u304b\uff1f<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3002\u5192\u982d\u3067\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u58f2\u4e0a\u306f\u56db\u534a\u671f\u3092\u901a\u3058\u3066\u5f90\u3005\u306b\u6539\u5584\u3057\u3001\u56db\u534a\u671f\u672b\u306b\u306f2\u6841\u304b\u30891\u6841\u524d\u534a\u306e\u30de\u30a4\u30ca\u30b9\u30b3\u30f3\u30d7\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u306e\u50be\u5411\u306b\u306f\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u30026\u6708\u3068\u7b2c2\u56db\u534a\u671f\u306b\u3064\u3044\u3066\u306f\u3001\u305d\u306e\u6642\u306b\u304a\u8a71\u3057\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u5f53\u56db\u534a\u671f\u3092\u7d42\u3048\u3066\u307f\u3066\u3001\u79c1\u305f\u3061\u306f\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Evan Silverberg &#8212; Morgan Stanley &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3053\u306e\u56db\u534a\u671f\u3067\u3082\u3001\u6d88\u8cbb\u8005\u5c64\u3067\u4f55\u304b\u50be\u5411\u306f\u3042\u308a\u307e\u3059\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u3055\u307e\u3056\u307e\u306a\u5c64\u3067\u5b89\u5b9a\u7684\u306b\u63a8\u79fb\u3057\u3066\u3044\u308b\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3044\u3044\u3048\u3001\u3055\u307e\u3056\u307e\u306a\u5c64\u3092\u901a\u3058\u3066\u304b\u306a\u308a\u5b89\u5b9a\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u5148\u307b\u3069Jon\u304c\u6307\u6458\u3057\u305f\u3088\u3046\u306b\u3001FICO\u306e\u4f4e\u3044\u304a\u5ba2\u3055\u307e\u304c\u3001\u304a\u305d\u3089\u304f\u81ea\u52d5\u8eca\u306e\u5024\u3054\u308d\u611f\u304b\u3089\u6700\u3082\u5927\u304d\u306a\u5f71\u97ff\u3092\u53d7\u3051\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u3082\u307e\u305f\u3001\u5f53\u56db\u534a\u671f\u306e\u521d\u3081\u306b\u305d\u3046\u3067\u3042\u3063\u305f\u3057\u3001\u5f53\u56db\u534a\u671f\u306e\u7d42\u308f\u308a\u306b\u3082\u305d\u3046\u3067\u3042\u3063\u305f\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u3053\u306e\u56db\u534a\u671f\u3092\u901a\u3057\u3066\u304b\u306a\u308a\u4e00\u8cab\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u30a8\u30f4\u30a1\u30f3\u30fb\u30b7\u30eb\u30d0\u30fc\u30d0\u30fc\u30b0 &#8212; \u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306f\u30e2\u30fc\u30cb\u30f3\u30b0\u30b9\u30bf\u30fc\u306eDavid Whiston\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>David Whiston &#8212; \u30e2\u30fc\u30cb\u30f3\u30b0\u30b9\u30bf\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u81ea\u793e\u682a\u8cb7\u3044\u3084\u50b5\u52d9\u306e\u8fd4\u6e08\u306b\u52a0\u3048\u3001\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u5275\u51fa\u3055\u308c\u305f\u3053\u3068\u306f\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3067\u3059\u3002\u305f\u3060\u3001\u73fe\u5728\u7d0410\u5104\u30c9\u30eb\u3001\u8fd4\u6e08\u671f\u9650\u306f2\u5e74\u5f8c\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u306e\u30ea\u30dc\u6255\u3044\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u524d\u306b\u793e\u5185\u3067\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3057\u3066\u30ea\u30dc\u30eb\u30d0\u30fc\u3092\u89e3\u6d88\u3059\u308b\u306e\u304c\u76ee\u6a19\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u3044\u305a\u308c\u306f5\u5e74\u50b5\u308410\u5e74\u50b5\u3092\u767a\u884c\u3059\u308b\u3064\u3082\u308a\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Enrique Mayor-Mora &#8212; \u4e0a\u5e2d\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3055\u3066\u3001\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3001\u5f53\u56db\u534a\u671f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306b\u306f\u975e\u5e38\u306b\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002\u53b3\u3057\u3044\u8ca9\u58f2\u72b6\u6cc1\u3067\u3042\u3063\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u5f53\u793e\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u304c\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u751f\u307f\u51fa\u3059\u3053\u3068\u304c\u3067\u304d\u3001\u672c\u5f53\u306b\u3046\u308c\u3057\u304f\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u7d50\u679c\u30016\u5104\u30c9\u30eb\u8fd1\u3044\u30ea\u30dc\u30eb\u30d0\u30fc\u306e\u8fd4\u6e08\u304c\u53ef\u80fd\u306b\u306a\u308a\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306e\u30d7\u30ed\u30b0\u30e9\u30e0\u3082\u52a0\u901f\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002\u4eca\u5f8c\u3069\u3046\u3059\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u74b0\u5883\u306b\u5fdc\u3058\u3066\u6a5f\u654f\u306b\u884c\u52d5\u3057\u3001\u682a\u4e3b\u306e\u305f\u3081\u306b\u6b63\u3057\u3044\u3053\u3068\u3092\u884c\u3044\u3001\u540c\u6642\u306b\u5f53\u793e\u306e\u696d\u7e3e\u3068\u9078\u629e\u80a2\u3092\u898b\u6975\u3081\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u306b\u306f\u3001\u8cc7\u672c\u69cb\u6210\u3068\u3057\u3066\u3001\u8abf\u6574\u5f8c\u8ca0\u50b5\u6bd4\u7387\u309235%\u304b\u308945%\u3067\u904b\u55b6\u3057\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u3002\u305d\u308c\u304c\u79c1\u305f\u3061\u306e\u4e8b\u696d\u7ba1\u7406\u306e\u65b9\u6cd5\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u306b\u3001\u501f\u5165\u3092\u884c\u3063\u305f\u308a\u3001\u501f\u5165\u3092\u6e1b\u3089\u3057\u305f\u308a\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3082\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u304c\u3001\u79c1\u305f\u3061\u304c\u4f7f\u3063\u3066\u3044\u308b\u30ec\u30d0\u30fc\u3067\u3059\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u4eca\u5f8c\u3001\u79c1\u305f\u3061\u306f\u305d\u306e\u3088\u3046\u306a\u5272\u5408\u3067\u7ba1\u7406\u3057\u3066\u3044\u304f\u3053\u3068\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>David Whiston &#8212; \u30e2\u30fc\u30cb\u30f3\u30b0\u30b9\u30bf\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5275\u51fa\u306b\u3064\u3044\u3066\u306f\u3001\u5728\u5eab\u306e\u524a\u6e1b\u304c\u5927\u304d\u304f\u5bc4\u4e0e\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u304c\u3001\u904e\u53bb\u6570\u56db\u534a\u671f\u306f\u904b\u8ee2\u8cc7\u672c\u306e\u524a\u6e1b\u304c\u9032\u3093\u3067\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u3053\u306e\u5728\u5eab\u524a\u6e1b\u306f\u3001\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3059\u305f\u3081\u306b\u610f\u56f3\u7684\u306b\u884c\u308f\u308c\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u3088\u308a\u53e4\u3044\u8eca\u4e21\u3092\u8cfc\u5165\u3057\u305f\u3053\u3068\u306b\u3088\u308b\u3082\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Enrique Mayor-Mora &#8212; \u4e0a\u5e2d\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u7b2c1\u56db\u534a\u671f\u306f\u5b63\u7bc0\u7684\u306a\u8981\u56e0\u304c\u591a\u304f\u3001\u4e0a\u534a\u671f\u306b\u5165\u308b\u3068\u3001\u7d0d\u7a0e\u30b7\u30fc\u30ba\u30f3\u306b\u5411\u3051\u3066\u5728\u5eab\u306e\u5727\u7e2e\u3092\u884c\u3044\u307e\u3057\u305f\u3002\u305d\u306e\u3088\u3046\u306a\u72b6\u6cc1\u3067\u3059\u3002\u307e\u305f\u3001\u5728\u5eab\u306e\u5e73\u5747\u5358\u4fa1\u304c\u56db\u534a\u671f\u3054\u3068\u306b\u5c11\u3057\u4e0b\u304c\u308a\u307e\u3057\u305f\u3002\u3053\u306e\u3053\u3068\u306f\u3001\u79c1\u305f\u3061\u306b\u3082\u5c11\u3057\u306f\u5f79\u7acb\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>David Whiston &#8212; \u30e2\u30fc\u30cb\u30f3\u30b0\u30b9\u30bf\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u305d\u308c\u3067\u306f \u7d9a\u3044\u3066\u3001BNP\u30d1\u30ea\u30d0\u306e\u30af\u30ea\u30b9\u30fb\u30dc\u30c3\u30c6\u30a3\u30b0\u30ea\u30a8\u30ea\u304b\u3089\u304a\u8a71\u3092\u4f3a\u3044\u307e\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30af\u30ea\u30b9\u30fb\u30dc\u30c3\u30c6\u30a3\u30b0\u30ea\u30a8\u30ea &#8212; \u30a8\u30b0\u30b6\u30f3BNP\u30d1\u30ea\u30d0 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002CAF\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u306b\u3064\u3044\u3066\u3001\u88dc\u8db3\u7684\u306a\u8cea\u554f\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u91d1\u5229\u30d8\u30c3\u30b8\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u91d1\u5229\u304c\u3053\u306e\u307e\u307e\u306e\u6c34\u6e96\u3067\u63a8\u79fb\u3059\u308b\u3068\u3001900\u4e07\u30c9\u30eb\u306e\u30d8\u30c3\u30b8\u52b9\u679c\u304c\u89e3\u6d88\u3055\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\uff1f\u3053\u306e\u30d8\u30c3\u30b8\u304c\u3069\u308c\u304f\u3089\u3044\u306e\u671f\u9593\u7d9a\u304f\u306e\u304b\u3001\u7406\u89e3\u3057\u305f\u3044\u306e\u3067\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u5009\u5eab\u65bd\u8a2d\u306b\u3064\u3044\u3066\u306f\u3001\u300cK\u300d\u306e\u4e2d\u306e\u30d5\u30a1\u30f3\u30c9\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u304c\u3001\u5009\u5eab\u65bd\u8a2d\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30ec\u30fc\u30c8\u306f\u3044\u304f\u3089\u3067\u3059\u304b\uff1fLIBOR\u3068\u304b\u3001LIBOR\u306e\u4ee3\u308f\u308a\u3068\u306a\u308b\u3082\u306e\u306e\u3053\u3068\u3092\u305d\u3046\u547c\u3076\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u304b\u3089\u3001\u7533\u3057\u8a33\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u6700\u5f8c\u306b\u3082\u3046\u4e00\u3064\u3001\u3053\u306e\u4ef6\u306b\u95a2\u3059\u308b\u88dc\u8db3\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u5927\u304d\u306a\u8996\u70b9\u3067\u898b\u308b\u3068\u3001\u304a\u305d\u3089\u304f50\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u306e\u91d1\u5229\u3092\u9867\u5ba2\u306b\u8ee2\u5ac1\u3057\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3044\u307e\u3059\u3002\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u91d1\u5229\u306e300\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u306e\u4e0a\u6607\u306e\u3046\u3061\u3001\u6700\u7d42\u7684\u306b\u3069\u306e\u7a0b\u5ea6\u3092\u8ee2\u5ac1\u3059\u308b\u3068\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\u3002\u79c1\u304b\u3089\u306f\u4ee5\u4e0a\u3067\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30f3\u30fb\u30c0\u30cb\u30a8\u30eb\u30ba &#8212; CAF\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u3001\u30b7\u30cb\u30a2\u30fb\u30d0\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n<p>\u307e\u305a\u3001\u6700\u5f8c\u306e1\u3064\u3092\u304a\u805e\u304d\u3057\u307e\u3059\u3002\u5b9f\u306f\u3001\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3001\u79c1\u305f\u3061\u306f\u6d88\u8cbb\u8005\u306b\u6599\u91d1\u3092\u8ee2\u5ac1\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u524d\u56de\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u5e38\u306b\u30c6\u30b9\u30c8\u3068\u8a55\u4fa1\u3092\u7e70\u308a\u8fd4\u3059\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u306d\u3002\u79c1\u305f\u3061\u304c\u7ba1\u7406\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3082\u306e\u3001\u666e\u53ca\u7387\u3001\u30de\u30fc\u30b8\u30f3\u3001\u9867\u5ba2\u7d4c\u9a13\u3001\u305d\u308c\u3089\u3059\u3079\u3066\u3092\u8a8d\u8b58\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u975e\u5e38\u306b\u6ce8\u610f\u6df1\u304f\u898b\u5b88\u3063\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u3002<\/p>\n<p>\u3053\u306e\u56db\u534a\u671f\u3067\u79c1\u304c\u975e\u5e38\u306b\u6e80\u8db3\u3057\u305f\u306e\u306f\u3001\u5358\u306b\u4e00\u56de\u3060\u3051\u52d5\u3044\u3066\u3001\u305d\u308c\u3092\u5fd8\u308c\u3066\u3001\u5438\u53ce\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u5f3e\u529b\u6027\u304c\u4f4e\u3044\u3068\u601d\u308f\u308c\u308b\u4eba\u53e3\u306e\u30dd\u30b1\u30c3\u30c8\u3092\u7279\u5b9a\u3057\u3001\u5f3e\u529b\u6027\u3092\u30c6\u30b9\u30c8\u3057\u3001\u8abf\u6574\u3057\u3001\u7af6\u5408\u306e\u52d5\u304d\u3092\u898b\u3066\u3001\u901a\u5e38\u3001\u3053\u306e\u3088\u3046\u306a\u65b9\u6cd5\u3067\u4e8b\u696d\u3092\u5c55\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u5e02\u5834\u3092\u30ea\u30fc\u30c9\u3059\u308b\u3088\u3046\u306a\u6599\u91d1\u4f53\u7cfb\u3092\u76ee\u6307\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u3001\u9ad8\u3044\u7af6\u4e89\u529b\u3092\u7dad\u6301\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u5e78\u3044\u306a\u3053\u3068\u306b\u30013\u65e5\u9593\u306e\u30da\u30a4\u30aa\u30d5\u30aa\u30d7\u30b7\u30e7\u30f3\u304c\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u304a\u5ba2\u69d8\u306f\u305d\u308c\u3092\u5229\u7528\u3057\u3066\u8eca\u3092\u58f2\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3044\u304f\u3089\u9084\u5143\u3055\u308c\u308b\u304b\u6b63\u78ba\u306b\u306f\u7533\u3057\u4e0a\u3052\u3089\u308c\u307e\u305b\u3093\u304c\u3001\u79c1\u305f\u3061\u304c\u3069\u306e\u3088\u3046\u306b\u7ba1\u7406\u3057\u3066\u3044\u308b\u304b\u306f\u3054\u7406\u89e3\u3044\u305f\u3060\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u30a8\u30f3\u30ea\u30b1\u30fb\u30de\u30a4\u30e8\u30fc\u30eb\u30fb\u30e2\u30fc\u30e9 &#8212; \u30b7\u30cb\u30a2\u30fb\u30f4\u30a1\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8\u517c\u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n<p>\u306f\u3044\u3002\u4ed6\u306e2\u3064\u306e\u8cea\u554f\u306b\u3064\u3044\u3066\u306f\u3001\u5009\u5eab\u306e\u30b3\u30b9\u30c8\u30fb\u30d9\u30fc\u30b9\u306b\u95a2\u3057\u3066\u306f\u3001LIBOR\u3092\u4f7f\u7528\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u306e\u30c4\u30fc\u30eb\u304c\u3042\u308b\u7a0b\u5ea6\u6210\u719f\u3057\u3066\u304f\u308b\u3068\u3001SOFR\u3092\u4f7f\u7528\u3059\u308b\u3053\u3068\u304c\u591a\u304f\u306a\u308a\u307e\u3059\u3002\u30d8\u30c3\u30b8\u306b\u95a2\u3059\u308b\u8cea\u554f\u3067\u3059\u304c\u3001\u5177\u4f53\u7684\u306b\u306f\u3001900\u4e07\u30c9\u30eb\u306e\u3046\u3061\u3001\u4f1a\u8a08\u4e0a\u306e\u30d8\u30c3\u30b8\u304c\u306a\u304f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30d8\u30c3\u30b8\u3092\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u3082\u4eca\u5f8c\u5909\u66f4\u3055\u308c\u308b\u3067\u3057\u3087\u3046\u3002\u3053\u308c\u306f\u4eca\u671f\u306e\u3088\u3046\u306b\u30d7\u30e9\u30b9\u306b\u306a\u308b\u3053\u3068\u3082\u3042\u308c\u3070\u3001\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u91d1\u5229\u304c\u6025\u6fc0\u306b\u5927\u304d\u304f\u5909\u5316\u3059\u308b\u3068\u304d\u3060\u3051\u3001\u30d8\u30c3\u30b8\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u305d\u306e\u3068\u304d\u3060\u3051\u5909\u5316\u3059\u308b\u306e\u3067\u3059\u3002\u91d1\u5229\u304c\u5927\u304d\u304f\u5909\u5316\u3059\u308b\u306e\u306f\u3001\u305d\u306e\u3068\u304d\u3060\u3051\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u5909\u5316\u3059\u308b\u306e\u306f\u3001\u91d1\u5229\u306b\u6025\u6fc0\u306a\u5909\u52d5\u304c\u3042\u3063\u305f\u3068\u304d\u3060\u3051\u3067\u3059\u3002\u305d\u3053\u3067\u3001\u79c1\u305f\u3061\u306f\u305d\u306e\u6069\u6075\u3092\u53d7\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u5f53\u793e\u306e\u50b5\u6a29\u306e\u5927\u90e8\u5206\u306f\u8a3c\u5238\u5316\u5e02\u5834\u3092\u901a\u3058\u3066\u3044\u308b\u305f\u3081\u3001\u56db\u534a\u671f\u5358\u4f4d\u3067\u306f\u305d\u306e\u3088\u3046\u306a\u5f71\u97ff\u306f\u53d7\u3051\u307e\u305b\u3093\u3002<\/p>\n<p>\u9280\u884c\u30d1\u30fc\u30c8\u30ca\u30fc\u3092\u901a\u3058\u3066\u4ee3\u66ff\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u3066\u3044\u308b\u3054\u304f\u5c11\u6570\u306e\u50b5\u6a29\u304c\u3001\u305d\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u91d1\u5229\u304c\u5927\u304d\u304f\u5909\u52d5\u3057\u306a\u3051\u308c\u3070\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u53d7\u3051\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>Chris Bottiglieri &#8212; Exane BNP Paribas &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3067\u3059\u3002OK\u3067\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u3088\u308a\u5927\u304d\u306a\u8996\u91ce\u3067\u306e\u8cea\u554f\u3067\u3059\u304c\u3001GPU\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u3064\u307e\u308a\u3001\u3053\u308c\u306fGPU\u306e\u6a19\u6e96\u504f\u5dee2\uff5e3\u306e\u52d5\u304d\u306e\u3088\u3046\u306b\u611f\u3058\u3089\u308c\u308b\u306e\u3067\u3059\u304c\u3001\u901a\u5e38\u3001\u3042\u306a\u305f\u306f\u6d88\u8cbb\u8005\u3078\u306e\u9084\u5143\u3084\u5e02\u5834\u30b7\u30a7\u30a2\u306e\u7372\u5f97\u306b\u3064\u3044\u3066\u304b\u306a\u308a\u614e\u91cd\u3067\u3001\u305f\u3060\u305d\u306eGPU\u3092\u30d1\u30c3\u30af\u3057\u3066ASP\u3092\u51fa\u529b\u3055\u305b\u308b\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>GPU\u3078\u306e\u30b7\u30d5\u30c8\u3084\u5e02\u5834\u30b7\u30a7\u30a2\u306e\u6e1b\u5c11\u306e\u539f\u56e0\u3068\u3057\u3066\u3001\u4f55\u304b\u54f2\u5b66\u7684\u306a\u5909\u5316\u304c\u3042\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308b\u3044\u306f\u3001\u79c1\u304c\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u3044\u306a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u305d\u308c\u3092\u69cb\u6210\u3057\u307e\u3059\u304b\uff1f<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3044\u3044\u3048\u3001\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3067\u3059\u3002\u305d\u3046\u3067\u3059\u306d\u3002\u3069\u306e\u56db\u534a\u671f\u3067\u3082\u300150\u30c9\u30eb\u304b\u308980\u30c9\u30eb\u306e\u5dee\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u4eca\u56de\u306f\u660e\u3089\u304b\u306b\u305d\u308c\u3088\u308a\u3082\u5c11\u3057\u591a\u3044\u306e\u3067\u3059\u3002\u3053\u308c\u306f\u610f\u8b58\u7684\u306a\u6c7a\u5b9a\u3067\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u7e70\u308a\u8fd4\u3057\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u79c1\u305f\u3061\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u4f55\u3088\u308a\u3082\u307e\u305a\u52b9\u7387\u6027\u3092\u8ffd\u6c42\u3057\u3001\u52b9\u7387\u6027\u3092\u898b\u3064\u3051\u305f\u5f8c\u306b\u3001\u30de\u30fc\u30b8\u30f3\u3092\u3082\u3046\u5c11\u3057\u5897\u3084\u3059\u3068\u3044\u3046\u6c7a\u65ad\u3092\u4e0b\u3059\u3068\u3044\u3046\u3082\u306e\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u306b\u306f\u3001\u3055\u307e\u3056\u307e\u306a\u8981\u7d20\u3092\u691c\u8a0e\u3057\u3001\u4fa1\u683c\u306b\u3069\u308c\u3060\u3051\u53cd\u6620\u3055\u305b\u308b\u304b\u3092\u6c7a\u5b9a\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u305d\u3057\u3066\u3001\u3059\u3079\u3066\u306e\u8981\u7d20\u3092\u8003\u616e\u3057\u305f\u4e0a\u3067\u3001\u3044\u304f\u3064\u304b\u306e\u52b9\u7387\u5316\u3092\u56f3\u308a\u307e\u3057\u305f\u3002\u3067\u3059\u304b\u3089\u3001\u6d88\u8cbb\u8005\u304c\u3053\u308c\u307e\u3067\u652f\u6255\u3063\u3066\u304d\u305f\u91d1\u984d\u3092\u8ca0\u62c5\u3059\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5b9f\u969b\u3001\u65e7\u578b\u8eca\u3084\u81ea\u7d66\u81ea\u8db3\u306b\u3088\u308b\u8ffd\u52a0\u7684\u306a\u52b9\u7387\u5316\u306f\u3001\u5f15\u304d\u7d9a\u304d\u884c\u3063\u3066\u3044\u307e\u3059\u3057\u3001\u4eca\u671f\u306f\u3055\u3089\u306b\u5c11\u3057\u5897\u3084\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u610f\u8b58\u7684\u306a\u6c7a\u65ad\u3067\u3057\u305f\u3002<\/p>\n<p>\u4eca\u5f8c\u306b\u3064\u3044\u3066\u306f\u3001\u7af6\u5408\u4ed6\u793e\u306e\u52d5\u5411\u3084\u5f3e\u529b\u6027\u3092\u30e2\u30cb\u30bf\u30fc\u3057\u306a\u304c\u3089\u3001\u3044\u3064\u3082\u306e\u3088\u3046\u306b\u56db\u534a\u671f\u3054\u3068\u306b\u5224\u65ad\u3057\u3066\u3044\u304f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>Enrique Mayor-Mora &#8212; \u30b7\u30cb\u30a2\u30fb\u30f4\u30a1\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8\u517c\u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n<p>\u305d\u3057\u3066\u3001\u56db\u534a\u671f\u5185\u306b\u5e02\u5834\u30b7\u30a7\u30a2\u3092\u62e1\u5927\u3057\u306a\u304c\u3089\u3001\u305d\u308c\u3092\u5b9f\u73fe\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u306d\uff1f<\/p>\n<p>Chris Bottiglieri &#8212; Exane BNP Paribas &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3044\u3048\u3044\u3048\u3001\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u305d\u3046\u3067\u3059\u3002<\/p>\n<p>Enrique Mayor-Mora &#8212; \u30b7\u30cb\u30a2\u30fb\u30f4\u30a1\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8\u517c\u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n<p>\u5e02\u5834\u5360\u6709\u7387\u3067\u306f<\/p>\n<p>Chris Bottiglieri &#8212; Exane BNP Paribas &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3067\u3059\u3002OK\u3067\u3059\u3002\u7d20\u6674\u3089\u3057\u3044 \u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u305d\u308c\u3067\u306f \u3067\u306f\u6b21\u306b\u3001\u30cb\u30fc\u30c0\u30e0\u306e\u30af\u30ea\u30b9\u30fb\u30d4\u30a2\u30fc\u30b9\u304b\u3089\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u3069\u3046\u305e\u3001\u304a\u805e\u304d\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30af\u30ea\u30b9\u30fb\u30d4\u30a2\u30b9 &#8212; \u30cb\u30fc\u30c9\u30cf\u30e0\u30fb\u30a2\u30f3\u30c9\u30fb\u30ab\u30f3\u30d1\u30cb\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059 \u3042\u306a\u305f\u65b9\u306f\u7d4c\u8cbb\u306e\u8abf\u6574\u306b\u3064\u3044\u3066\u8a71\u3057\u3066\u304d\u307e\u3057\u305f\u304c\u3001\u5e02\u5834\u30b7\u30a7\u30a2\u306e\u62e1\u5927\u306b\u3064\u3044\u3066\u3082\u8a71\u3057\u3066\u304d\u307e\u3057\u305f\u306d\u3002\u305d\u3057\u3066\u3001\u6700\u5f8c\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u3053\u306e\u9ad8\u3044\u30ec\u30d9\u30eb\u3067\u306eGPU\u306e\u5feb\u9069\u3055\u306b\u3064\u3044\u3066\u3067\u3059\u3002<\/p>\n<p>\u7af6\u5408\u4ed6\u793e\u304c\u8db3\u6b62\u3081\u3092\u98df\u3089\u3063\u3066\u3044\u308b\u3088\u3046\u306a\u72b6\u6cc1\u3067\u3059\u304c\u3001\u6700\u7d42\u5e02\u5834\u3082\u305d\u308c\u307b\u3069\u76db\u308a\u4e0a\u304c\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u3053\u3067\u3001\u4eca\u5f8c\u306e\u5e83\u544a\u3084\u8eca\u4e21\u3042\u305f\u308a\u306e\u5e83\u544a\u306b\u3064\u3044\u3066\u3001\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u30af\u30ea\u30b9\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306e\u5e83\u544a\u306b\u5bfe\u3059\u308b\u30b9\u30bf\u30f3\u30b9\u306f\u3001\u4ee5\u524d\u304b\u3089\u7533\u3057\u4e0a\u3052\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u6765\u5e74\u306f\u3055\u3089\u306b\u4e0a\u6607\u3059\u308b\u3082\u306e\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001COVID\u306e\u524d\u306b\u623b\u3063\u3066\u307f\u308b\u3068\u3001\u30a8\u30f3\u30ea\u30b1\u3001\u79c1\u305f\u3061\u306f70\uff05\u5897\u3067&#8230;&#8230;\u3002<\/p>\n<p>Enrique Mayor-Mora &#8212; \u4e0a\u5e2d\u526f\u793e\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u30c9\u30eb\u63db\u7b97\u3067\u30021\u53f0\u3042\u305f\u308a\u3067\u306f60\uff05\u3067\u3059\u3002<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u5e83\u544a\u5ba3\u4f1d\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u3001\u79c1\u305f\u3061\u306f\u826f\u3044\u3053\u3068\u3092\u305f\u304f\u3055\u3093\u8a00\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u306f&#8230;&#8230;\u660e\u3089\u304b\u306b\u6d88\u8cbb\u8005\u30bd\u30d5\u30c8\u3067\u3059\u304c\u3001\u307f\u3093\u306a\u304c\u305f\u304f\u3055\u3093\u306e\u5e83\u544a\u8cbb\u3092\u6295\u5165\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3053\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306f1\u53f0\u3042\u305f\u308a350\u5186\u7a0b\u5ea6\u3067\u3001\u4eca\u671f\u306f\u5c11\u3057\u9ad8\u304f\u306a\u308a\u307e\u3057\u305f\u304c\u3001\u4eca\u5f8c\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u4e0a\u3067\u306f\u826f\u3044\u6750\u6599\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u308c\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u65b0\u3057\u3044\u6a5f\u80fd\u3092\u305f\u304f\u3055\u3093\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u30aa\u30f3\u30e9\u30a4\u30f3\u81ea\u5df1\u30d7\u30ed\u30b0\u30ec\u30c3\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066\u306f\u3001\u4eca\u5e74\u5f8c\u534a\u306e\u3042\u308b\u6642\u70b9\u3067\u3001\u305d\u306e\u5e83\u544a\u3092\u958b\u59cb\u3059\u308b\u3053\u3068\u3092\u60f3\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u969b\u306b\u306f\u3001\u8cc7\u91d1\u3092\u5c11\u3057\u79fb\u52d5\u3055\u305b\u308b\u4e88\u5b9a\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u5e38\u306b\u3001\u8cb7\u53ce\u3068\u8a8d\u77e5\u5ea6\u306e\u9593\u3067\u7269\u4e8b\u3092\u52d5\u304b\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u304c\u9451\u5b9a\u8a8d\u77e5\u5ea6\u3067\u3042\u308c\u3001\u6d88\u8cbb\u8005\u3001\u5c0f\u58f2\u6d88\u8cbb\u8005\u306e\u8a8d\u77e5\u5ea6\u3067\u3042\u308c\u3002<\/p>\n<p>\u3069\u306e\u56db\u534a\u671f\u3067\u3082\u3001\u5e38\u306b\u3044\u308d\u3044\u308d\u306a\u3082\u306e\u3092\u52d5\u304b\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4eca\u5e74\u306e\u5f8c\u534a\u306b\u306f\u65b0\u3057\u3044\u30e1\u30c3\u30bb\u30fc\u30b8\u30f3\u30b0\u3092\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Chris Pierce &#8212; Needham and Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>Bill Nash &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u904b\u55b6\u62c5\u5f53\u8005<\/p>\n<p>\u305d\u308c\u3067\u306f\u3001\u3053\u308c\u4ee5\u4e0a\u306e\u3054\u8cea\u554f\u306f\u3054\u3056\u3044\u307e\u305b\u3093\u3002\u3067\u306f\u3001\u6700\u5f8c\u306b\u30d3\u30eb\u304b\u3089\u3054\u6328\u62f6\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d3\u30eb\u30fb\u30ca\u30c3\u30b7\u30e5 &#8212; \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3067\u306f\u3001\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u672c\u65e5\u306f\u304a\u96fb\u8a71\u306b\u3054\u53c2\u52a0\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u3044\u3064\u3082\u3069\u304a\u308a\u3054\u8cea\u554f\u3084\u3054\u652f\u63f4\u3092\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3044\u3064\u3082\u305d\u3046\u3067\u3059\u304c\u3001\u5f93\u696d\u54e1\u306e\u307f\u306a\u3055\u3093\u306b\u306f\u3001\u304a\u5ba2\u3055\u307e\u3084\u5730\u57df\u793e\u4f1a\u306b\u3088\u3044\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u305f\u3081\u306b\u3001\u3042\u3089\u3086\u308b\u52aa\u529b\u3092\u60dc\u3057\u307e\u306a\u3044\u3067\u3044\u3066\u304f\u308c\u308b\u3053\u3068\u306b\u611f\u8b1d\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u3057\u3066\u3001\u7279\u306b\u74b0\u5883\u306b\u95a2\u3057\u3066\u3082\u3001\u3064\u3044\u6700\u8fd1\u30012022\u5e74\u306e\u8cac\u4efb\u30ec\u30dd\u30fc\u30c8\u3092\u767a\u8868\u3057\u307e\u3057\u305f\u3002\u307e\u3060\u3054\u89a7\u306b\u306a\u3063\u3066\u3044\u306a\u3044\u65b9\u306f\u3001\u305c\u3072\u4e00\u5ea6\u3054\u89a7\u306b\u306a\u3063\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002\u79c1\u305f\u3061\u306f\u3001\u65e5\u3005\u751f\u304d\u3066\u3044\u308b\u4fa1\u5024\u89b3\u3068\u3001\u3059\u3079\u3066\u306e\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u306b\u5bfe\u3057\u3066\u9577\u671f\u7684\u3067\u6301\u7d9a\u53ef\u80fd\u306a\u4fa1\u5024\u5275\u9020\u3092\u63a8\u9032\u3059\u308b\u305f\u3081\u306e\u7d99\u7d9a\u7684\u306a\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3092\u672c\u5f53\u306b\u8a87\u308a\u306b\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u672c\u65e5\u3082\u304a\u6642\u9593\u3092\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u6765\u671f\u3082\u304a\u8a71\u3057\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u4ee5\u4e0a\u3067\u3059\u3002\u4ed6\u306e\u7ffb\u8a33\u5e0c\u671b\u304c\u3042\u308c\u3070\u3054\u9023\u7d61\u3044\u305f\u3060\u3051\u308c\u3070\u691c\u8a0e\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n<p>\uff0a\u8aa4\u8a33\u306a\u3069\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3067\u306e\u53c2\u8003\u7a0b\u5ea6\u306b\u3057\u3066\u3044\u305f\u3060\u304d\u6295\u8cc7\u306f\u81ea\u5df1\u5224\u65ad\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d6\u30ed\u30b0\u904b\u55b6\u306e\u52b1\u307f\u306b\u306a\u308a\u307e\u3059\u306e\u3067\u3001\u304a\u624b\u6570\u3067\u3059\u304c\u3001\u5fdc\u63f4\u306e\uff11\u65e5\uff11\u30af\u30ea\u30c3\u30af\u3092\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u81f4\u3057\u307e\u3059\u3002<\/p>\n<p>\u2193\u2193\uff1c\u5fdc\u63f4\u30af\u30ea\u30c3\u30af\u304a\u9858\u3044\u3057\u307e\u3059\uff1e<\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/stockinfo\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/stockinfo\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u682a\u5f0f\u6295\u8cc7\u60c5\u5831\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/stockinfo\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/americastock\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/americastock\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u7c73\u56fd\u682a\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/americastock\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/tenbagger\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/tenbagger\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u30c6\u30f3\u30d0\u30ac\u30fc\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/tenbagger\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4e2d\u53e4\u8eca\u306e\u5c0f\u58f2\u8ca9\u58f2\u30c1\u30a7\u30fc\u30f3\u3092\u5c55\u958b\u3059\u308b\u30ab\u30fc\u30de\u30c3\u30af\u30b9 (KMX)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002 \u58f2\u308a\u4e0a\u3052\u30fbEPS\u5171\u4e88\u60f3\u8d8a\u3048\u3067\u826f\u304b\u3063\u305f\u3067\u3059\u306d\u3002\u4e2d\u53e4\u8eca\u4fa1\u683c\u3068\u3082\u306b\u682a\u4fa1\u3082\u4e0a\u304c\u3063\u3066\u3044\u307e\u3057\u305f\u304c\u6700\u8fd1\u3067\u306f\u4e0b\u304c\u3063\u3066\u304d\u3066\u304a\u308a\u682a\u4fa1\u3082 &#8230; <\/p>\n","protected":false},"author":1,"featured_media":1727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[706,705,76,707,87,83],"class_list":{"0":"post-1725","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-72","8":"tag-kmx","9":"tag-705","10":"tag-76","11":"tag-707","12":"tag-87","13":"tag-83"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u3010\u7ffb\u8a33\u3011\u30ab\u30fc\u30de\u30c3\u30af\u30b9 (KMX)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a &#8211; \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0<\/title>\n<meta name=\"description\" content=\"\u4e2d\u53e4\u8eca\u306e\u5c0f\u58f2\u8ca9\u58f2\u30c1\u30a7\u30fc\u30f3\u3092\u5c55\u958b\u3059\u308b\u30ab\u30fc\u30de\u30c3\u30af\u30b9 (KMX)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u58f2\u308a\u4e0a\u3052\u30fbEPS\u5171\u4e88\u60f3\u8d8a\u3048\u3067\u826f\u304b\u3063\u305f\u3067\u3059\u306d\u3002\u4e2d\u53e4\u8eca\u4fa1\u683c\u3068\u3082\u306b\u682a\u4fa1\u3082\u4e0a\u304c\u3063\u3066\u3044\u307e\u3057\u305f\u304c\u6700\u8fd1\u3067\u306f\u4e0b\u304c\u3063\u3066\u304d\u3066\u304a\u308a\u682a\u4fa1\u3082\u30b3\u30ed\u30ca\u524d\u306e\u6c34\u6e96\u306b\u306a\u3063\u3066\u304d\u3066\u3044\u307e\u3059\u3002\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/1up-life.blog\/?p=1725\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u3010\u7ffb\u8a33\u3011\u30ab\u30fc\u30de\u30c3\u30af\u30b9 (KMX)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a &#8211; \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0\" \/>\n<meta property=\"og:description\" content=\"\u4e2d\u53e4\u8eca\u306e\u5c0f\u58f2\u8ca9\u58f2\u30c1\u30a7\u30fc\u30f3\u3092\u5c55\u958b\u3059\u308b\u30ab\u30fc\u30de\u30c3\u30af\u30b9 (KMX)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u58f2\u308a\u4e0a\u3052\u30fbEPS\u5171\u4e88\u60f3\u8d8a\u3048\u3067\u826f\u304b\u3063\u305f\u3067\u3059\u306d\u3002\u4e2d\u53e4\u8eca\u4fa1\u683c\u3068\u3082\u306b\u682a\u4fa1\u3082\u4e0a\u304c\u3063\u3066\u3044\u307e\u3057\u305f\u304c\u6700\u8fd1\u3067\u306f\u4e0b\u304c\u3063\u3066\u304d\u3066\u304a\u308a\u682a\u4fa1\u3082\u30b3\u30ed\u30ca\u524d\u306e\u6c34\u6e96\u306b\u306a\u3063\u3066\u304d\u3066\u3044\u307e\u3059\u3002\" \/>\n<meta property=\"og:url\" content=\"https:\/\/1up-life.blog\/?p=1725\" \/>\n<meta property=\"og:site_name\" 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