{"id":956,"date":"2021-12-19T23:06:59","date_gmt":"2021-12-19T14:06:59","guid":{"rendered":"https:\/\/1up-life.blog\/?p=956"},"modified":"2021-12-19T23:06:59","modified_gmt":"2021-12-19T14:06:59","slug":"%e3%80%90%e5%92%8c%e8%a8%b3%e3%80%91%e3%83%ac%e3%83%8a%e3%83%bc-nyselen2021%e5%b9%b4%e7%ac%ac4%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97%e8%aa%ac%e6%98%8e%e4%bc%9a%ef%bc%88%e3%82%ab%e3%83%b3","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=956","title":{"rendered":"\u3010\u548c\u8a33\u3011\u30ec\u30ca\u30fc (NYSE:LEN)2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09"},"content":{"rendered":"<p>\u7c73\u4f4f\u5b85\u5efa\u8a2d\u5927\u624b\u306e\u30ec\u30ca\u30fc (NYSE:LEN)2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n<p>\u58f2\u4e0a\u9ad8\u6210\u9577\u7387\u306f\u524d\u5e74\u540c\u671f\u6bd4\uff0b23%\u3067\u3057\u305f\u58f2\u4e0a\u9ad8\u30fbEPS\u3068\u3082\u306b\u30df\u30b9\u3057\u3066\u304a\u308a\u682a\u4fa1\u306f\u4e0b\u843d\u3057\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n<p>\u7c73\u4f4f\u5b85\u5e02\u5834\u306f\u904e\u53bb\u6570\u30ab\u6708\u306b\u308f\u305f\u3063\u3066\u6df1\u523b\u306a\u4eba\u624b\u4e0d\u8db3\u306b\u3088\u308a\u5efa\u7bc9\u7528\u6728\u6750\u3084\u305d\u306e\u4ed6\u306e\u539f\u6750\u6599\u304c\u4e0d\u8db3\u306b\u9665\u308a\u3001\u5efa\u8a2d\u30b3\u30b9\u30c8\u304c\u4e0a\u6607\u3057\u305f\u305f\u3081\u5229\u76ca\u3092\u5727\u8feb\u3057\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n<p>\u65b0\u7bc9\u4f4f\u5b85\u306e\u9700\u8981\u306f\u5f37\u3044\u3067\u3059\u304c\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u554f\u984c\u304c\u3042\u308b\u306e\u3067\u4f9b\u7d66\u5236\u9650\u306f\u7d9a\u304d\u305d\u3046\u3067\u3059\u3002<\/p>\n<div id=\"attachment_957\" style=\"width: 756px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-957\" class=\" wp-image-957\" src=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/LEN_2021-12-19_22-57-19-300x154.png\" alt=\"\u30ec\u30ca\u30fc (NYSE:LEN)\u682a\u4fa1\" width=\"746\" height=\"383\" srcset=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/LEN_2021-12-19_22-57-19-300x154.png 300w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/LEN_2021-12-19_22-57-19-1024x524.png 1024w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/LEN_2021-12-19_22-57-19-768x393.png 768w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/LEN_2021-12-19_22-57-19-940x481.png 940w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/LEN_2021-12-19_22-57-19.png 1478w\" sizes=\"auto, (max-width: 746px) 100vw, 746px\" \/><p id=\"caption-attachment-957\" class=\"wp-caption-text\">\u30ec\u30ca\u30fc (NYSE:LEN)\u682a\u4fa1<\/p><\/div>\n<p class=\"hh hh3 main-bdr\"><span class=\"big\"><strong>\u30ec\u30ca\u30fc (NYSE:LEN)2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n<p>2021\u5e7412\u670816\u65e5 \u5348\u524d11\u664200\u5206\uff08\u65e5\u672c\u6642\u9593\uff09<\/p>\n<p>Call participants:<br \/>\nAlex Lumpkin &#8212; Deputy General Counsel<br \/>\nStuart Miller &#8212; Executive Chairman<br \/>\nRick Beckwitt &#8212; Co-Chief Executive Officer and Co-President<br \/>\nJon Jaffe &#8212; Co-Chief Executive Officer and Co-President<br \/>\nDiane Bessette &#8212; Chief Financial Officer<br \/>\nSusan Maklari &#8212; Goldman Sachs &#8212; Analyst<br \/>\nTruman Patterson &#8212; Wolfe Research &#8212; Analyst<br \/>\nMike Rehaut &#8212; J.P. Morgan &#8212; Analyst<br \/>\nStephen Kim &#8212; Evercore ISI &#8212; Analyst<br \/>\nAlan Ratner &#8212; Zelman and Associates &#8212; Analyst<br \/>\nUnknown speaker &#8212; Barclays &#8212; Analyst<br \/>\nMatt Bouley &#8212; Barclays &#8212; Analyst<br \/>\nMore LEN analysis<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>Lennar\u306e\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u306e\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30fb\u30b3\u30fc\u30eb\u3078\u3088\u3046\u3053\u305d\u3002\u73fe\u5728\u3001\u53c2\u52a0\u8005\u306f\u5168\u54e1\u3001\u30ea\u30b9\u30cb\u30f3\u30b0\u5c02\u7528\u30e2\u30fc\u30c9\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u306e\u5f8c\u3001\u8cea\u7591\u5fdc\u7b54\u306e\u6642\u9593\u3092\u8a2d\u3051\u307e\u3059\u3002\u4eca\u65e5\u306e\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u306f\u9332\u97f3\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n[\u30a2\u30ec\u30c3\u30af\u30b9\u30fb\u30e9\u30f3\u30d7\u30ad\u30f3\u306b\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30eb\u30c3\u30ad\u30f3\u30b0\u30fb\u30b9\u30c6\u30fc\u30c8\u30e1\u30f3\u30c8\u306e\u8aad\u307f\u4e0a\u3052\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30a2\u30ec\u30c3\u30af\u30b9\u30fb\u30e9\u30f3\u30d7\u30ad\u30f3 &#8212; \u30c7\u30d4\u30e5\u30c6\u30a3\u30fb\u30b8\u30a7\u30cd\u30e9\u30eb\u30fb\u30ab\u30a6\u30f3\u30bb\u30eb<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u305d\u3057\u3066\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u672c\u65e5\u306e\u96fb\u8a71\u4f1a\u8b70\u306b\u306f\u3001\u30ec\u30ca\u30fc\u306e\u4e8b\u696d\u8ca1\u52d9\u72b6\u6cc1\u3001\u7d4c\u55b6\u6210\u7e3e\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3001\u6226\u7565\u3001\u898b\u901a\u3057\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u3092\u542b\u3080\u3001\u5c06\u6765\u306e\u898b\u901a\u3057\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u304c\u542b\u307e\u308c\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002\u5c06\u6765\u4e88\u60f3\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u306f\u3001\u3053\u306e\u96fb\u8a71\u4f1a\u8b70\u306e\u65e5\u4ed8\u306b\u304a\u3051\u308b\u30ec\u30ca\u30fc\u306e\u63a8\u5b9a\u3092\u8868\u3057\u3066\u3044\u308b\u306b\u3059\u304e\u305a\u3001\u5b9f\u969b\u306e\u5c06\u6765\u306e\u7d50\u679c\u306b\u3064\u3044\u3066\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5c06\u6765\u4e88\u60f3\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u306f\u3001\u307e\u3060\u767a\u751f\u3057\u3066\u3044\u306a\u3044\u4e8b\u67c4\u306b\u95a2\u9023\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u3053\u308c\u3089\u306e\u8a18\u8ff0\u306f\u672c\u8cea\u7684\u306b\u30ea\u30b9\u30af\u3068\u4e0d\u78ba\u5b9f\u6027\u3092\u4f34\u3044\u307e\u3059\u3002<\/p>\n<p>\u591a\u304f\u306e\u8981\u56e0\u304c\u5c06\u6765\u306e\u7d50\u679c\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u3001Lennar\u306e\u5b9f\u969b\u306e\u6d3b\u52d5\u3084\u7d50\u679c\u304c\u3001\u5c06\u6765\u4e88\u60f3\u3055\u308c\u308b\u58f0\u660e\u3067\u4e88\u6e2c\u3055\u308c\u305f\u6d3b\u52d5\u3084\u7d50\u679c\u3068\u5927\u304d\u304f\u7570\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u8981\u56e0\u306f\u3001\u6628\u65e5\u306e\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\u304a\u3088\u3073\u5f53\u793e\u306eSEC\u63d0\u51fa\u66f8\u985e\uff08\u6700\u8fd1SEC\u306b\u63d0\u51fa\u3055\u308c\u305f\u30ec\u30ca\u30fc\u306e\u30d5\u30a9\u30fc\u30e010-K\u306b\u95a2\u3059\u308b\u5e74\u6b21\u5831\u544a\u66f8\u306b\u542b\u307e\u308c\u308b\u30ea\u30b9\u30af\u8981\u56e0\u306e\u898b\u51fa\u3057\u306e\u4e0b\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u3082\u306e\u3092\u542b\u3080\uff09\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u3082\u306e\u3092\u542b\u3093\u3067\u3044\u307e\u3059\u3002Lennar\u306f\u3001\u3044\u304b\u306a\u308b\u5c06\u6765\u4e88\u60f3\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u3082\u66f4\u65b0\u3059\u308b\u7fa9\u52d9\u3092\u8ca0\u308f\u306a\u3044\u3053\u3068\u306b\u3054\u6ce8\u610f\u304f\u3060\u3055\u3044\u3002<\/p>\n<p class=\"hh hh6 main-c main-bdr\"><strong>\u8cea\u7591\u5fdc\u7b54<\/strong><\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u305d\u308c\u3067\u306f\u3001\u53f8\u4f1a\u306e\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc\u57f7\u884c\u5f79\u54e1\u3092\u3054\u7d39\u4ecb\u3057\u307e\u3059\u3002\u3069\u3046\u305e\u59cb\u3081\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; 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of Choice\u306e\u95a2\u4fc2\u306b\u53d6\u308a\u5165\u308c\u308b\u3053\u3068\u3001Everything&#8217;s 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Bessette\uff08\u30c0\u30a4\u30a2\u30f3\u30fb\u30d9\u30bb\u30c3\u30c8\uff09 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u30b8\u30e7\u30f3\u3001\u3042\u308a\u304c\u3068\u3046\u3001\u305d\u3057\u3066\u7686\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u3001\u30ea\u30c3\u30af\u3001\u305d\u3057\u3066\u30b8\u30e7\u30f3\u304c\u3001\u79c1\u305f\u3061\u306e\u4f4f\u5b85\u5efa\u8a2d\u306e\u696d\u7e3e\u306b\u3064\u3044\u3066\u3001\u975e\u5e38\u306b\u591a\u304f\u306e\u60c5\u5831\u3092\u63d0\u4f9b\u3057\u3066\u304f\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u3053\u3067\u3001\u305d\u306e\u4ed6\u306e\u4e8b\u696d\u30bb\u30b0\u30e1\u30f3\u30c8\u306e\u696d\u7e3e\u3068\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306b\u3064\u3044\u3066\u6570\u5206\u3054\u8aac\u660e\u3057\u3001\u305d\u306e\u5f8c\u30012022\u5e74\u7b2c1\u56db\u534a\u671f\u306e\u8a73\u7d30\u306a\u30ac\u30a4\u30c0\u30f3\u30b9\u30682022\u5e74\u5ea6\u306e\u30cf\u30a4\u30ec\u30d9\u30eb\u306a\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u3054\u8aac\u660e\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u91d1\u878d\u30b5\u30fc\u30d3\u30b9\u304b\u3089\u59cb\u3081\u307e\u3059\u3002<\/p>\n<p>\u7b2c4\u56db\u534a\u671f\u3001\u91d1\u878d\u30b5\u30fc\u30d3\u30b9\u90e8\u9580\u306f1\u51041,100\u4e07\u30c9\u30eb\u306e\u55b6\u696d\u5229\u76ca\u3092\u3042\u3052\u307e\u3057\u305f\u3002\u30e2\u30fc\u30b2\u30fc\u30b8\u306e\u55b6\u696d\u5229\u76ca\u306f\u3001\u524d\u5e74\u306e1\u51042,500\u4e07\u30c9\u30eb\u306b\u5bfe\u3057\u30017,700\u4e07\u30c9\u30eb\u306b\u6e1b\u5c11\u3057\u307e\u3057\u305f\u3002\u6570\u56db\u534a\u671f\u524d\u304b\u3089\u7533\u3057\u4e0a\u3052\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u5e02\u5834\u3067\u306f\u501f\u308a\u63db\u3048\u306e\u4ef6\u6570\u304c\u6e1b\u5c11\u3059\u308b\u4e00\u65b9\u3067\u3001\u8cfc\u5165\u306b 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&#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/p>\n<p>\u8cea\u554f\u306b\u7b54\u3048\u308b\u524d\u306b\u3001Diane\u306b\u7d9a\u3044\u3066\u3001David Collins\u304c\u5ea7\u3063\u3066\u3044\u308b\u8ca1\u52d9\u30c1\u30fc\u30e0\u3092\u795d\u798f\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u5e74\u9593\u3068\u56db\u534a\u671f\u306e\u6c7a\u7b97\u306b\u306f\u591a\u304f\u306e\u30cf\u30fc\u30c9\u30ef\u30fc\u30af\u304c\u5fc5\u8981\u3067\u3059\u304c\u3001\u5f7c\u3089\u306f\u7d20\u6674\u3089\u3057\u3044\u4ed5\u4e8b\u3092\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30b9\u30fc\u30b6\u30f3\u3001\u79c1\u306b\u7b54\u3048\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u5e74\u672b\u3092\u8fce\u3048\u300112\u6708\u306b\u5165\u3063\u3066\u3082\u3001\u5e02\u5834\u306f\u4f9d\u7136\u3068\u3057\u3066\u597d\u8abf\u3067\u3001\u4f1d\u7d71\u7684\u306a\u5b63\u7bc0\u6027\u304c\u623b\u3063\u3066\u304d\u3066\u3044\u307e\u3059\u304c\u3001\u5b63\u7bc0\u6027\u3068\u306e\u6bd4\u8f03\u3067\u306f\u3001\u5e02\u5834\u306e\u57fa\u672c\u7684\u306a\u5f37\u3055\u3092\u898b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u4eca\u3001\u5236\u7d04\u3068\u306a\u3063\u3066\u3044\u308b\u306e\u306f\u751f\u7523\u30b5\u30a4\u30af\u30eb\u3067\u3059\u3002\u3053\u306e2\u3064\u3092\u540c\u3058\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u6700\u7d42\u7684\u306a\u53ce\u76ca\u3092\u6700\u5927\u306b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u4eca\u5ea6\u306e\u8ca9\u58f2\u30b7\u30fc\u30ba\u30f3\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u307f\u308b\u3068\u3001\u5e02\u5834\u3084\u9031\u3054\u3068\u306e\u58f2\u4e0a\u3001\u30c8\u30e9\u30d5\u30a3\u30c3\u30af\u3001\u9700\u8981\u3092\u898b\u3066\u3001\u4eca\u30b7\u30fc\u30ba\u30f3\u306f\u975e\u5e38\u306b\u597d\u8abf\u306a\u8ca9\u58f2\u30b7\u30fc\u30ba\u30f3\u306b\u306a\u308a\u305d\u3046\u3060\u3068\u611f\u3058\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>2\u6708\u4e0b\u65ec\u304b\u30893\u6708\u306b\u304b\u3051\u3066\u306f\u3001\u3055\u3089\u306b\u8ca9\u58f2\u304c\u6d3b\u767a\u5316\u3059\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u9593\u9055\u3044\u306a\u304f\u3001\u4eca\u306f\u3068\u3066\u3082\u597d\u8abf\u3067\u3059\u3002\u3068\u306f\u3044\u3048\u3001\u751f\u7523\u30b5\u30a4\u30af\u30eb\u306f\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u56db\u534a\u671f\u3092\u901a\u3058\u3066\u5ef6\u3073\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u305d\u306e\u3053\u3068\u3092\u8a8d\u8b58\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Jon\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u30e2\u30b0\u30e9\u305f\u305f\u304d\u306e\u3088\u3046\u306a\u3082\u306e\u3060\u3068\u8a8d\u8b58\u3057\u3066\u3044\u307e\u3059\u3002\u3042\u308b\u65e5\u306f\u30ac\u30ec\u30fc\u30b8\u306e\u30c9\u30a2\u3001\u307e\u305f\u3042\u308b\u65e5\u306f\u7a93\u3084\u30da\u30f3\u30ad\u3002\u3053\u306e\u3088\u3046\u306a\u69cb\u6210\u306f\u3001\u5c11\u306a\u304f\u3068\u3082\u79c1\u305f\u3061\u306e\u4e16\u754c\u3067\u306f\u3001\u5b89\u5b9a\u3057\u305f\u3082\u306e\u306b\u306a\u308a\u3064\u3064\u3042\u308b\u3068\u611f\u3058\u3066\u3044\u307e\u3059\u3002\u79c1\u306f\u3001\u300cBuilder of Choice\u300d\u3084\u300cEverything&#8217;s Included\u300d\u306a\u3069\u306e\u8cfc\u8cb7\u30c1\u30fc\u30e0\u304c\u3001\u8cfc\u8cb7\u3084\u7269\u6d41\u3092\u5b89\u5b9a\u3055\u305b\u308b\u305f\u3081\u306b\u884c\u3063\u3066\u3044\u308b\u6d3b\u52d5\u3092\u9ad8\u304f\u8a55\u4fa1\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u4eca\u5f8c\u3001\u751f\u7523\u30b5\u30a4\u30af\u30eb\u306e\u5b89\u5b9a\u5316\u3068\u5e02\u5834\u306e\u9ad8\u3044\u9700\u8981\u306b\u652f\u3048\u3089\u308c\u30012022\u5e74\u306b\u306f\u3055\u3089\u306b\u4e0a\u6607\u3059\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u305d\u308c\u304c\u5b9f\u73fe\u3059\u308b\u304b\u3069\u3046\u304b\u306f\u3001\u898b\u5b88\u308b\u3057\u304b\u3042\u308a\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u3001\u73fe\u5728\u306e\u72b6\u6cc1\u3092\u8a8d\u8b58\u3059\u308b\u305f\u3081\u306b\u3001\u3044\u304f\u3064\u304b\u306e\u6570\u5b57\u3092\u660e\u3089\u304b\u306b\u4fdd\u5b88\u7684\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Susan Maklari &#8212; Goldman Sachs &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3068\u3066\u3082\u53c2\u8003\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7d9a\u3044\u3066\u3001\u8cc7\u672c\u914d\u5206\u306b\u8a71\u3092\u79fb\u3057\u307e\u3059\u304c\u3001\u30c0\u30a4\u30a2\u30f3\u3055\u3093\u306e\u89e3\u8aac\u3092\u8a73\u3057\u304f\u805e\u304b\u305b\u3066\u3044\u305f\u3060\u304d\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u4eca\u5f8c\u3001\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u6570\u306e\u5897\u52a0\u3084\u3001\u660e\u3089\u304b\u306b\u4e8b\u696d\u5168\u4f53\u306e\u6210\u9577\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u3044\u304f\u4e2d\u3067\u3001\u682a\u4e3b\u9084\u5143\u3068\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3001\u3088\u308a\u901f\u3044\u6210\u9577\u30da\u30fc\u30b9\u3092\u76ee\u6307\u3059\u3068\u3057\u3066\u3082\u3001\u4e8b\u696d\u5168\u4f53\u306e\u30ea\u30bf\u30fc\u30f3\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u3092\u5411\u4e0a\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u304b\u3001\u304a\u805e\u304b\u305b\u3044\u305f\u3060\u3051\u307e\u3059\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30fb\u30c1\u30a7\u30a2\u30de\u30f3<\/p>\n<p>\u4f55\u3068\u6bd4\u8f03\u3057\u308d\u3068\u3044\u3046\u306e\u3067\u3059\u304b\uff1f\u305d\u306e\u90e8\u5206\u3092\u898b\u9003\u3057\u305f\u3002\u6700\u521d\u306e\u65b9\u3067\u3059\u3002<\/p>\n<p>Susan Maklari &#8212; Goldman Sachs &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305f\u3060\u3001\u3042\u306a\u305f\u304c\u4eca\u5f8c\u306e\u6210\u9577\u306e\u305f\u3081\u306b\u6295\u8cc7\u3092\u3057\u3066\u3044\u308b\u306e\u306f\u660e\u3089\u304b\u3067\u3059\u304c\u3001\u540c\u6642\u306b\u3001\u3042\u306a\u305f\u306f &#8212; \u682a\u4e3b\u9084\u5143\u306b\u3082\u304b\u306a\u308a\u91cd\u70b9\u3092\u7f6e\u3044\u3066\u3044\u308b\u3088\u3046\u306b\u601d\u308f\u308c\u307e\u3059\u3002\u4eca\u671f\u884c\u3063\u305f\u5927\u898f\u6a21\u306a\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3064\u3044\u3066\u3001\u4eca\u5f8c\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308b\u3079\u304d\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u682a\u4e3b\u9084\u5143\u306b\u5bfe\u3059\u308b\u8cb4\u793e\u306e\u7d99\u7d9a\u7684\u306a\u53d6\u308a\u7d44\u307f\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u7b2c4\u56db\u534a\u671f\u306e\u81ea\u793e\u682a\u8cb7\u3044\u306b\u95a2\u3059\u308b\u696d\u7e3e\u304c\u3001\u305d\u308c\u3092\u3055\u3089\u306b\u660e\u78ba\u306b\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u4eca\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u5275\u51fa\u30e2\u30fc\u30c9\u306b\u3042\u308a\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u660e\u3089\u304b\u306b\u4f59\u5270\u8cc7\u91d1\u3092\u751f\u307f\u51fa\u3057\u3066\u304a\u308a\u3001\u5e02\u5834\u306b\u98db\u3073\u8fbc\u3093\u3067\u6226\u7565\u7684\u306a\u8cb7\u3044\u4ed8\u3051\u3092\u884c\u3046\u3053\u3068\u306f\u3042\u307e\u308a\u8003\u3048\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>\u3053\u306e\u50be\u5411\u306f\u4eca\u5f8c\u3082\u7d9a\u304f\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u30ea\u30bf\u30fc\u30f3\u3092\u91cd\u8996\u3057\u3066\u3044\u307e\u3059\u3002\u53ce\u76ca\u6027\u3092\u9ad8\u3081\u306a\u304c\u3089\u3001\u8cc7\u7523\u898f\u6a21\u3092\u7e2e\u5c0f\u3057\u3066\u3044\u304f\u3053\u3068\u306b\u975e\u5e38\u306b\u91cd\u70b9\u3092\u7f6e\u3044\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u6226\u7565\u7684\u306a\u30e1\u30c3\u30bb\u30fc\u30b8\u3068\u3057\u3066\u3054\u7406\u89e3\u3044\u305f\u3060\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u3053\u3068\u306f\u3001\u6226\u7565\u7684\u306a\u30e1\u30c3\u30bb\u30fc\u30b8\u3068\u3057\u3066\u304a\u805e\u304d\u306b\u306a\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u30d0\u30e9\u30f3\u30b9\u304c\u53d6\u308c\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u8ca0\u50b5\u3092\u8fd4\u6e08\u3057\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u3002\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u5f37\u5316\u3059\u308b\u3064\u3082\u308a\u3067\u3059\u3002<\/p>\n<p>\u590f\u306b\u8fd4\u6e08\u671f\u9650\u3092\u8fce\u3048\u308b\u8ca0\u50b5\u3092\u8fd4\u6e08\u3057\u3066\u3044\u304f\u3053\u3068\u306b\u306a\u308b\u3068\u601d\u3063\u3066\u304f\u3060\u3055\u3044\u3002\u305d\u308c\u306f\u4f55\u3067\u3059\u304b\uff1f575?<\/p>\n<p>Diane Bessette &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>575\u3001\u306f\u3044\u3002<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u57f7\u884c\u5f79\u54e1\u4f1a\u9577<\/p>\n<p>5\u51047500\u4e07\u5186\u3067\u3059\u3002\u3053\u308c\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u652f\u6255\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u30dc\u30c8\u30e0\u30e9\u30a4\u30f3\u3078\u306e\u56de\u5e30\u3092\u91cd\u8996\u3059\u308b\u305f\u3081\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306e\u30d7\u30ed\u30b0\u30e9\u30e0\u3082\u7d99\u7d9a\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002<\/p>\n<p>Susan Maklari &#8212; Goldman Sachs &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3059\u3054\u3044\u3002OK\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3068\u3066\u3082\u52a9\u304b\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u5e78\u904b\u3092\u7948\u308a\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001Wolfe Research\u306eTruman Patterson\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Truman Patterson &#8212; Wolfe Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7686\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u306e\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u3001\u3042\u306a\u305f\u306e\u6e96\u5099\u3057\u305f\u767a\u8a00\u3067\u3001\u3042\u306a\u305f\u306fSpinCo\u304c\u3084\u3084\u8cc7\u7523\u4e0d\u8db3\u3067\u3042\u308b\u3068\u8a71\u3057\u3066\u3044\u305f\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u3057\u3066\u3001\u305d\u306e\u4e00\u90e8\u3092\u6e05\u7b97\u3059\u308b\u53ef\u80fd\u6027\u306b\u3064\u3044\u3066\u3082\u8a00\u53ca\u3055\u308c\u3066\u3044\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u8cc7\u7523\u306e\u56de\u8ee2\u306f\u3084\u306f\u308a50\u5104\u30c9\u30eb\u304b\u308960\u5104\u30c9\u30eb\u7a0b\u5ea6\u306b\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u4e26\u884c\u3057\u3066\u3001\u4eca\u5e74\u672b\u307e\u3067\u306b\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u571f\u5730\u309265%\u306b\u3059\u308b\u3053\u3068\u3092\u76ee\u6a19\u306b\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u30b9\u30d4\u30f3\u5f8c\u300180%\u4ee5\u4e0a\u306e\u571f\u5730\u306f\u3069\u3046\u306a\u308b\u3068\u304a\u8003\u3048\u3067\u3059\u304b? \u307e\u305f\u3001\u4eca\u5f8c2\uff5e3\u5e74\u306e\u9577\u671f\u7684\u306a\u5c55\u671b\u3068\u3057\u3066\u300180\uff05\u308490\uff05\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u6a29\u3092\u7372\u5f97\u3059\u308b\u53ef\u80fd\u6027\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/p>\n<p>\u3060\u304b\u3089\u3001\u305d\u306e\u3053\u3068\u3092\u7d20\u76f4\u306b\u53d7\u3051\u6b62\u3081\u3066\u3001\u6642\u9593\u3092\u304b\u3051\u3066\u518d\u751f\u3057\u3066\u3044\u3053\u3046\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u79c1\u306f\u3001\u81ea\u5206\u306e\u30b9\u30ad\u30fc\u3092\u8d85\u3048\u305f\u3068\u3053\u308d\u306b\u884c\u304d\u305f\u304f\u306f\u306a\u3044\u306e\u3067\u3059\u3002SpinCo\u306b\u95a2\u3059\u308b\u6700\u521d\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f&#8230;\u3044\u3044\u3067\u3059\u304b\u3001SpinCo\u3092\u69cb\u6210\u3059\u308b\u969b\u306b\u3001\u8cc7\u7523\u306e\u591a\u3044\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u8cc7\u7523\u306e\u5c11\u306a\u3044\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u884c\u3063\u305f\u308a\u6765\u305f\u308a\u3057\u3066\u3044\u307e\u3059\u3002\u4eca\u5f8c\u306e\u4f1a\u793e\u3092\u5b9a\u7fa9\u3059\u308b\u3068\u3044\u3046\u610f\u5473\u3067\u306f\u3001SpinCo\u306b\u5bfe\u3059\u308b\u30a2\u30bb\u30c3\u30c8\u30fb\u30e9\u30a4\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u6700\u9069\u306a\u30d7\u30ed\u30b0\u30e9\u30e0\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001\u5f53\u521d\u30bf\u30fc\u30b2\u30c3\u30c8\u306b\u3057\u3066\u3044\u305f\u8cc7\u7523\u306e\u591a\u304f\u306f\u3001AUM\u306b\u306a\u308b\u304b\u3001\u30ec\u30ca\u30fc\u306e\u5e33\u7c3f\u3092\u79e9\u5e8f\u3042\u308b\u65b9\u6cd5\u3067\u6e05\u7b97\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u57fa\u672c\u7684\u306a\u8cc7\u7523\u69cb\u6210\u306f\u540c\u3058\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u305f\u3060\u3001\u8cc7\u7523\u3092\u73fe\u91d1\u306b\u63db\u3048\u3001\u73fe\u91d1\u307e\u305f\u306f\u8cc7\u7523\u3092\u6295\u5165\u3059\u308b\u3053\u3068\u3067\u3001\u5728\u5eab\u3092\u8efd\u304f\u3057\u3001\u4f4f\u5b85\u5efa\u8a2d\u3068\u91d1\u878d\u30b5\u30fc\u30d3\u30b9\u3068\u3044\u3046\u30d4\u30e5\u30a2\u30d7\u30ec\u30a4\u306b\u96c6\u4e2d\u3067\u304d\u308b\u3088\u3046\u306a\u88dc\u52a9\u7684\u306a\u4e8b\u696d\u30d7\u30ed\u30b0\u30e9\u30e0\u3092\u30b9\u30d4\u30f3\u3057\u3066\u304d\u305f\u3060\u3051\u306a\u306e\u3067\u3059\u3002\u3064\u307e\u308a\u3001\u30bc\u30ed\u30b5\u30e0\u30fb\u30b2\u30fc\u30e0\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>\u8cc7\u7523\u57fa\u76e4\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002\u305f\u3060\u3001\u305d\u306e\u8cc7\u7523\u304c\u3069\u3053\u306b\u843d\u3061\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3001AUM\u3001\u6e05\u7b97\u306e\u3044\u305a\u308c\u306b\u305b\u3088\u3001\u57fa\u672c\u7684\u306b\u306f\u3059\u3079\u3066\u540c\u3058\u65b9\u7a0b\u5f0f\u3067\u89e3\u304b\u308c\u307e\u3059\u3002<\/p>\n<p>Truman Patterson &#8212; Wolfe Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>OK\u3067\u3059\u3002\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u7d9a\u3044\u3066\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u7686\u3055\u3093\u306f\u300122\u5e74\u306e\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u6570\u306e\u4f38\u3073\u30922\u6841\u53f0\u524d\u534a\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u306d\u3002\u904e\u53bb4\u56db\u534a\u671f\u3067\u306f\u30011\u3064\u306e\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u306b\u3064\u304d\u6bce\u67084.5\uff5e5\u8ed2\u306e\u4f4f\u5b85\u3092\u5efa\u8a2d\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\u5e02\u5834\u306e\u5236\u7d04\u304c\u3042\u308b\u4e2d\u3067\u3001\u4eca\u5f8c\u3055\u3089\u306b\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u3092\u958b\u8a2d\u3057\u3066\u3044\u304d\u307e\u3059\u304c\u3001\u3053\u306e\u7bc4\u56f2\u5185\u3067\u5927\u4e08\u592b\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u4eee\u5b9a\u306e\u8a71\u3067\u3059\u304c\u30012022\u5e74\u4ee5\u964d\u306b\u8cc7\u6750\u306e\u4f9b\u7d66\u4f53\u5236\u304c\u6539\u5584\u3055\u308c\u308c\u3070\u3001\u3053\u306e\u7bc4\u56f2\u3092\u8d85\u3048\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u571f\u5730\u3084\u52b4\u50cd\u529b\u3092\u78ba\u4fdd\u3067\u304d\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/p>\n<p>\u30ea\u30c3\u30af\u3068\u30b8\u30e7\u30f3\u306b\u610f\u898b\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n<p>Rick Beckwitt &#8212; \u5171\u540c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u517c\u5171\u540c\u793e\u9577<\/p>\n<p>\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u30fb\u30ab\u30a6\u30f3\u30c8\u306b\u3064\u3044\u3066\u306f\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u4eca\u3001\u975e\u5e38\u306b\u826f\u3044\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u7b2c1\u56db\u534a\u671f\u306f\u5c11\u3057\u843d\u3061\u8fbc\u307f\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u30bf\u30a4\u30df\u30f3\u30b0\u306e\u554f\u984c\u3067\u3059\u300212\u30ab\u6708\u300124\u30ab\u6708\u3068\u3044\u3046\u6642\u9593\u67a0\u306e\u4e2d\u3067\u3001\u3053\u308c\u3089\u306e\u3053\u3068\u3092\u30de\u30c3\u30d4\u30f3\u30b0\u3059\u308b\u306e\u306f\u96e3\u3057\u3044\u306e\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u7b2c2\u56db\u534a\u671f\u4ee5\u964d\u3001\u4e0b\u534a\u671f\u306f\u5805\u8abf\u306b\u63a8\u79fb\u3059\u308b\u3082\u306e\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u307e\u305f\u3001\u571f\u5730\u306e\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u306b\u57fa\u3065\u3051\u3070\u300123\u5e74\u3082\u5f15\u304d\u7d9a\u304d\u6210\u9577\u3059\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u5f53\u793e\u304c\u6240\u6709\u30fb\u7ba1\u7406\u3059\u308b\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u3068\u571f\u5730\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u306744%\u5897\u52a0\u3057\u307e\u3057\u305f\u3002 \u3053\u308c\u306f\u5f53\u793e\u30c1\u30fc\u30e0\u306e\u52aa\u529b\u306e\u8cdc\u7269\u3067\u3059\u3002\u305d\u3057\u3066\u305d\u306e\u3059\u3079\u3066\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u304c\u672c\u5f53\u306b\u6210\u9577\u3092\u4fc3\u9032\u3057\u3066\u3044\u308b\u6642\u671f\u306b\u3001\u8239\u306e\u4f4d\u7f6e\u3065\u3051\u3092\u5909\u3048\u3001\u65b9\u5411\u8ee2\u63db\u3092\u56f3\u3063\u305f\u3053\u3068\u306f\u6ce8\u76ee\u306b\u5024\u3057\u307e\u3059\u3002\u30b9\u30bf\u30fc\u30c8\u9818\u57df\u306b\u3064\u3044\u3066\u306f\u3001\u304b\u306a\u308a\u5feb\u9069\u3060\u3068\u601d\u3046\u306e\u3067\u3001Jon\u306b\u8a71\u3057\u3066\u3082\u3089\u3044\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>Jon Jaffe &#8212; \u5171\u540c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u517c\u5171\u540c\u793e\u9577<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u300122\u5e74\u306f21\u5e74\u3088\u308a\u3082\u7740\u5de5\u6570\u304c\u5897\u3048\u308b\u3068\u898b\u3066\u9593\u9055\u3044\u306a\u3044\u3067\u3057\u3087\u3046\u3002\u7b2c2\u56db\u534a\u671f\u304c\u6700\u3082\u597d\u8abf\u306a\u30b9\u30bf\u30fc\u30c8\u3068\u306a\u308b\u305f\u3081\u3001\u5178\u578b\u7684\u306a\u5b63\u7bc0\u6027\u3082\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5f53\u793e\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u5168\u4f53\u3092\u898b\u6e21\u3057\u3066\u307f\u308b\u3068\u3001\u30c8\u30ec\u30fc\u30c9\u30d1\u30fc\u30c8\u30ca\u30fc\u3068\u306e\u95a2\u4fc2\u304c\u826f\u597d\u3067\u3042\u308b\u305f\u3081\u3001\u975e\u5e38\u306b\u5065\u5168\u306a\u30b9\u30bf\u30fc\u30c8\u30da\u30fc\u30b9\u3092\u7dad\u6301\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u3088\u308a\u5b89\u5b9a\u5316\u3059\u308c\u3070\u3001\u305d\u306e\u9650\u308a\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u307e\u305f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u5b89\u5b9a\u5316\u304c\u9032\u3081\u3070\u3001\u958b\u59cb\u30da\u30fc\u30b9\u3092\u4e0a\u3052\u308b\u3068\u3044\u3046\u3088\u308a\u3082\u3001\u30b5\u30a4\u30af\u30eb\u30bf\u30a4\u30e0\u3092\u77ed\u7e2e\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u79c1\u305f\u3061\u306f\u3059\u3067\u306b\u3001\u958b\u59cb\u30da\u30fc\u30b9\u306b\u5bfe\u3057\u3066\u975e\u5e38\u306b\u53b3\u683c\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u7dad\u6301\u3059\u308b\u3053\u3068\u3092\u8a08\u753b\u3057\u3066\u304a\u308a\u3001\u73fe\u5728\u306e\u3088\u3046\u306a\u9577\u671f\u306e\u30b5\u30a4\u30af\u30eb\u30bf\u30a4\u30e0\u304b\u3089\u5f15\u304d\u96e2\u3059\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>Truman Patterson &#8212; Wolfe Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u6765\u5e74\u3082\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/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>\u6b21\u306e\u8cea\u554f\u306fJP\u30e2\u30eb\u30ac\u30f3\u306e\u30de\u30a4\u30af\u30fb\u30ec\u30cf\u30fc\u30c8\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Mike Rehaut &#8212; J.P.\u30e2\u30eb\u30ac\u30f3 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7686\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u306e\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307e\u305a\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u6628\u591c\u3001\u3042\u308b\u3044\u306f\u4eca\u671d\u65b9\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u3067\u3001\u7b2c1\u56db\u534a\u671f\u304c\u524d\u56db\u534a\u671f\u6bd4\u3067\u6e1b\u5c11\u3057\u305f\u3053\u3068\u306b\u3001\u5c11\u3057 &#8212; \u4f55\u4eba\u304b\u306e\u4eba\u304c\u4e0d\u610f\u3092\u7a81\u304b\u308c\u305f\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u78ba\u304b\u306b\u300121\u5e74\u4ee5\u524d\u306f\u4e00\u8cab\u3057\u3066\u524d\u56db\u534a\u671f\u6bd4\u3067\u6e1b\u5c11\u3057\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u5fa1\u793e\u306e\u696d\u7e3e\u3068\u4e00\u81f4\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u30011\u3064\u76ee\u306e\u8cea\u554f\u3068\u3057\u3066\u3001\u6750\u6728\u306b\u95a2\u3059\u308b\u8ffd\u52a0\u7684\u306a\u30de\u30a4\u30ca\u30b9\u8981\u56e0\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u7b2c1\u56db\u534a\u671f\u306b\u6728\u6750\u30b3\u30b9\u30c8\u306e\u30d4\u30fc\u30af\u3092\u898b\u8fbc\u3093\u3067\u3044\u308b\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u304c\u3001\u9593\u63a5\u8cbb\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u4e0b\u3052\u3066\u3044\u308b\u3060\u3051\u306e\u3053\u3068\u3067\u3059\u3002\u307e\u305f\u3001\u901a\u671f\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u8003\u3048\u308b\u4e0a\u3067\u3001\u3088\u308a\u91cd\u8981\u306a\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u4e0b\u534a\u671f\u306e\u6728\u6750\u30b3\u30b9\u30c8\u306e\u524d\u63d0\u306b\u3064\u3044\u3066\u3001\u4e0a\u65b9\u8981\u56e0\u3068\u4e0b\u65b9\u8981\u56e0\u306e\u3069\u3061\u3089\u304c\u5927\u304d\u3044\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30fb\u30c1\u30a7\u30a2\u30de\u30f3<\/p>\n<p>\u307e\u305a\u6700\u521d\u306b\u3001\u5f53\u793e\u306e\u30de\u30fc\u30b8\u30f3\u304c\u975e\u5e38\u306b\u597d\u8abf\u3067\u3042\u308b\u3053\u3068\u3092\u304a\u4f1d\u3048\u3057\u307e\u3059\u3002\u7b2c1\u56db\u534a\u671f\u3092\u898b\u308b\u3068\u3001\u57fa\u672c\u7684\u306b\u306f\u88fd\u6750\u306e\u30d4\u30fc\u30af\u3092\u8fce\u3048\u3066\u304a\u308a\u3001\u7b2c2\u56db\u534a\u671f\u306b\u5165\u308b\u3068\u88fd\u6750\u306e\u30d4\u30fc\u30af\u304c\u7d42\u308f\u308a\u3001\u7de9\u3084\u304b\u306b\u306a\u308a\u59cb\u3081\u307e\u3059\u30022\u3064\u76ee\u306f\u3001\u73fe\u5834\u7d4c\u8cbb\u306b\u5bfe\u3059\u308b\u30ec\u30d0\u30ec\u30c3\u30b8\u3067\u3059\u3002<\/p>\n<p>\u7b2c1\u56db\u534a\u671f\u306f\u5c11\u3057\u843d\u3061\u8fbc\u307f\u307e\u3057\u305f\u304c\u3001\u30de\u30fc\u30b8\u30f3\u306f\u4f9d\u7136\u3068\u3057\u3066\u975e\u5e38\u306b\u9ad8\u3044\u6c34\u6e96\u306b\u3042\u308a\u30012022\u5e74\u307e\u3067\u306e\u898b\u901a\u3057\u3092\u898b\u3066\u3082\u305d\u306e\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002\u7279\u306b\u3001\u52b4\u50cd\u529b\u3084\u8cc7\u6750\u3001\u7269\u6d41\u304c\u6d41\u52d5\u7684\u306a\u5e02\u5834\u3067\u306f\u3001\u4f55\u56db\u534a\u671f\u3082\u5148\u3092\u898b\u901a\u3059\u306e\u306f\u96e3\u3057\u3044\u306e\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u4eca\u5f8c\u306e\u30de\u30fc\u30b8\u30f3\u306b\u3064\u3044\u3066\u304b\u306a\u308a\u697d\u89b3\u7684\u306b\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u5146\u5019\u306f\u3001\u5e74\u672b\u306e&#8230;\u3042\u308b\u3044\u306f2022\u5e74\u901a\u5e74\u306e\u4e88\u6e2c\u3084\u4e88\u60f3\u306b\u8868\u308c\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u30b8\u30e7\u30f3\u3001\u610f\u898b\u3092\u805e\u304b\u305b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30b8\u30e7\u30f3\u30fb\u30b8\u30e3\u30c3\u30d5\u30a7 &#8212; \u5171\u540c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u517c\u5171\u540c\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n<p>\u307b\u307c\u7db2\u7f85\u3055\u308c\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u6728\u6750\u306e\u4fa1\u683c\u306f\u7b2c1\u56db\u534a\u671f\u306b\u30d4\u30fc\u30af\u3092\u8fce\u3048\u3001\u305d\u306e\u5f8c\u3001\u5927\u5e45\u306a\u4fa1\u683c\u4f4e\u4e0b\u306e\u6069\u6075\u3092\u53d7\u3051\u59cb\u3081\u308b\u3067\u3057\u3087\u3046\u3002\u7b2c1\u56db\u534a\u671f\u3001\u7b2c2\u56db\u534a\u671f\u3001\u7b2c3\u56db\u534a\u671f\u3068\u6728\u6750\u306e\u4ed5\u5165\u308c\u306f\u5897\u52a0\u3057\u3001\u4e0b\u534a\u671f\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3067\u3057\u3087\u3046\u3002\u3057\u304b\u3057\u3001\u6625\u306e\u30bb\u30fc\u30eb\u30b7\u30fc\u30ba\u30f3\u304c\u975e\u5e38\u306b\u597d\u8abf\u3067\u3042\u308b\u305f\u3081\u3001ASP\u304c\u4e0a\u6607\u3057\u3001\u76f8\u6bba\u3055\u308c\u308b\u3082\u306e\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>Mike Rehaut &#8212; J.P.\u30e2\u30eb\u30ac\u30f3 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3044\u3084\u3001\u53c2\u8003\u306b\u306a\u308a\u307e\u3059\u3002\u6b21\u306b\u3001\u3082\u3057\u3088\u308d\u3057\u3051\u308c\u3070\u3001\u5148\u307b\u3069\u306e\u8cea\u554f\u306b\u3064\u3044\u3066\u3044\u304f\u3064\u304b\u660e\u78ba\u306b\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002<\/p>\n<p>\u305d\u306e1\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306e\u4ef6\u3067\u3059\u304c\u3001\u4eca\u671f\u306f\u8ca0\u50b5\u306e\u8fd4\u6e08\u304c\u304b\u306a\u308a\u5c11\u306a\u304f\u306a\u308b\u3088\u3046\u3067\u3059\u306d\u3002\u540c\u6642\u306b\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3082\u4ed6\u306e\u6761\u4ef6\u304c\u3059\u3079\u3066\u540c\u3058\u3067\u3042\u308c\u3070\u300122\u5e74\u306b\u306f\u3088\u308a\u591a\u304f\u306e\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3046\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u3001\u81ea\u5206\u304c\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u3092\u78ba\u8a8d\u3057\u305f\u3044\u306e\u3067\u3059\u3002\u6700\u5f8c\u306b\u3001\u30c8\u30eb\u30fc\u30de\u30f3\u306e\u8cea\u554f\u306b\u5bfe\u3059\u308b\u7b54\u3048\u306e\u3088\u3046\u306b\u805e\u3053\u3048\u307e\u3059\u304c\u300150\u5104\u304b\u308960\u5104\u306e\u8cc7\u7523\u3092\u4f55\u3089\u304b\u306e\u65b9\u6cd5\u3067\u58f2\u5374\u3059\u308b\u3053\u3068\u3092\u3001\u79c1\u304c\u6b63\u3057\u304f\u805e\u3044\u3066\u3044\u308c\u3070\u3001\u3042\u306a\u305f\u306f\u307e\u3060\u671f\u5f85\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u8cea\u554f1\u306b\u5bfe\u3059\u308b\u7b54\u3048\u306f\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u4eca\u5f8c\u3082\u6a5f\u52d5\u7684\u306b\u81ea\u793e\u682a\u8cb7\u3044\u3092\u7d9a\u3051\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5927\u304d\u3055\u3084\u3001\u305d\u308c\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306e\u5f53\u793e\u306e\u72b6\u6cc1\u306b\u3064\u3044\u3066\u3001\u3042\u306a\u305f\u306e\u304a\u8003\u3048\u306b\u306f\u4f55\u306e\u554f\u984c\u3082\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3064\u3044\u3066\u5177\u4f53\u7684\u306b\u304a\u8a71\u3057\u3059\u308b\u3064\u3082\u308a\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306f\u5341\u5206\u78ba\u4fdd\u3055\u308c\u3066\u3044\u307e\u3059\u306e\u3067\u3001\u4eca\u5f8c\u3001\u6a5f\u52d5\u7684\u306b\u5b9f\u65bd\u3057\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u30022.\u306b\u95a2\u3057\u3066\u306f\u3001\u7b54\u3048\u306f\u300c\u30a4\u30a8\u30b9\u300d\u3067\u3059\u3002\u3053\u308c\u304c\u79c1\u305f\u3061\u306e\u51fa\u3057\u305f\u7b54\u3048\u3067\u3059\u3002<\/p>\n<p>\u79c1\u306f\u57fa\u672c\u7684\u306b3\u3064\u306e\u30d0\u30b1\u30c3\u30c8\u3092\u7528\u610f\u3057\u307e\u3057\u305f\u3002SpinCo\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3001SpinCo\u306eAUM\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u3088\u308b\u6e05\u7b97\u3067\u81ea\u793e\u682a\u8cb7\u3044\u3092\u62e1\u5927\u3059\u308b\u3001\u3053\u306e3\u3064\u306e\u30d0\u30b1\u30c3\u30c8\u306b\u7126\u70b9\u3092\u7d5e\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Mike Rehaut &#8212; J.P.\u30e2\u30eb\u30ac\u30f3 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u672c\u5f53\u306b\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/p>\n<p>OK\u3067\u3059\u3002\u3055\u3088\u3046\u306a\u3089\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001Evercore ISI \u306e Stephen Kim \u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Stephen Kim &#8212; Evercore ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3044\u3044\u60c5\u5831\u304c\u305f\u304f\u3055\u3093\u3042\u308a\u307e\u3059\u306d\u3002\u307e\u305a\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3068\u30b5\u30a4\u30af\u30eb\u30bf\u30a4\u30e0\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002<\/p>\n<p>\u3053\u306e\u6bd4\u7387\u306f\u300122\u5e74\u5ea6\u306e\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u30fb\u30ac\u30a4\u30c9\u3001\u901a\u671f\u306e\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u30fb\u30ac\u30a4\u30c9\u3068\u3001\u3053\u306e\u7b2c4\u56db\u534a\u671f\u306b\u5b9f\u969b\u306b\u884c\u3063\u305f\u3053\u3068\u3092\u6bd4\u8f03\u3057\u3001\u6642\u9593\u8ef8\u3067\u898b\u305f\u5834\u5408\u3067\u3059\u3002\u305d\u306e\u7d50\u679c\u300121\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u306e\u6bd4\u7387\u307e\u305f\u306f\u500d\u7387\u3092\u60f3\u5b9a\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u4f8b\u5e74\u3068\u307b\u307c\u540c\u3058\u3067\u3059\u3002\u3057\u304b\u3057\u30014Q\u306e\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u7570\u5e38\u3067\u3042\u3063\u305f\u3053\u3068\u3001\u307e\u305f\u5148\u307b\u3069\u306e\u30b3\u30e1\u30f3\u30c8\u3067\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u826f\u304f\u306a\u308a\u59cb\u3081\u308b\u3068\u8ff0\u3079\u3089\u308c\u3066\u3044\u308b\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u306a\u305c4Q\u306b\u4f8b\u5e74\u3088\u308a\u591a\u304f\u306e\u4f4f\u5b85\u3092\u6210\u7d04\u3067\u304d\u308b\u3068\u4e88\u60f3\u3057\u306a\u3044\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u3055\u3089\u306b\u3001\u30b5\u30a4\u30af\u30eb\u30bf\u30a4\u30e0\u304c\u5b89\u5b9a\u307e\u305f\u306f\u77ed\u7e2e\u3055\u308c\u305f\u5834\u5408\u3001\u53d7\u6ce8\u3068\u751f\u7523\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u3069\u306e\u3088\u3046\u306b\u53d6\u308b\u3064\u3082\u308a\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u4f8b\u3048\u3070\u3001\u53d7\u6ce8\u304c\u518d\u3073\u5897\u52a0\u3059\u308b\u4e00\u65b9\u3067\u3001\u53d7\u6ce8\u6b8b\u306e\u56de\u8ee2\u7387\u306f\u4f4e\u3044\u307e\u307e\u3060\u3068\u4e88\u60f3\u3059\u3079\u304d\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u56de\u8ee2\u7387\u304c\u4e0a\u304c\u308a\u3001\u53d7\u6ce8\u306f\u3057\u3070\u3089\u304f\u6291\u5236\u3055\u308c\u305f\u307e\u307e\u306b\u306a\u308b\u3068\u4e88\u60f3\u3059\u3079\u304d\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/p>\n<p>\u30b8\u30e7\u30f3\uff1f\u30ea\u30c3\u30af\uff1f<\/p>\n<p>Jon Jaffe &#8212; \u5171\u540c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u517c\u5171\u540c\u793e\u9577<\/p>\n<p>\u30b5\u30a4\u30af\u30eb\u30bf\u30a4\u30e0\u3068\u751f\u7523\u8a08\u753b\u306b\u3064\u3044\u3066\u3001\u73fe\u5728\u308f\u304b\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u7387\u76f4\u306b\u304a\u8a71\u3057\u3057\u305f\u3064\u3082\u308a\u3067\u3059\u3002\u5148\u307b\u3069\u306e\u8cea\u554f\u306b\u5bfe\u3059\u308b\u56de\u7b54\u3067\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u3082\u3057\u5b89\u5b9a\u5316\u304c\u5b9f\u73fe\u3059\u308c\u3070\u3001\u30b5\u30a4\u30af\u30eb\u30bf\u30a4\u30e0\u306e\u77ed\u7e2e\u3068\u751f\u7523\u958b\u59cb\u30da\u30fc\u30b9\u306e\u5927\u5e45\u306a\u5411\u4e0a\u304c\u898b\u3089\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u3046\u306a\u308c\u3070\u3001\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u306e\u5897\u52a0\u306b\u3082\u3064\u306a\u304c\u308b\u306f\u305a\u3067\u3059\u3002\u8ca9\u58f2\u9762\u3067\u306f\u3001\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u3084\u30ea\u30c3\u30af\u304c\u30b3\u30e1\u30f3\u30c8\u3057\u305f\u3088\u3046\u306b\u3001\u975e\u5e38\u306b\u597d\u8abf\u306a\u8ca9\u58f2\u74b0\u5883\u304c\u7d9a\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u30b9\u30bf\u30fc\u30c8\u6642\u306e\u30da\u30fc\u30b9\u3067\u306f\u306a\u304f\u3001\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u306e\u30da\u30fc\u30b9\u3092\u5909\u66f4\u3059\u308c\u3070\u3001\u8ca9\u58f2\u30da\u30fc\u30b9\u3082\u305d\u308c\u306b\u5408\u308f\u305b\u3089\u308c\u308b\u3067\u3057\u3087\u3046\u3002\u3057\u304b\u3057\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u30b9\u30bf\u30fc\u30c8\u6642\u306e\u30da\u30fc\u30b9\u3092\u4e0a\u3052\u308b\u3068\u3044\u3046\u70b9\u3067\u306f\u3001\u305d\u308c\u307b\u3069\u5927\u304d\u306a\u30d7\u30e9\u30b9\u9762\u306f\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u58f2\u4e0a\u306f\u8a08\u753b\u901a\u308a\u306b\u63a8\u79fb\u3059\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Stephen Kim &#8212; Evercore ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3057\u3066\u3001\u4fa1\u683c\u304c\u305d\u308c\u3092\u5747\u7b49\u5316\u3059\u308b\u3088\u3046\u306a\u3082\u306e\u3067\u3057\u3087\u3046\u3002\u6628\u5e74\u3068\u540c\u3058\u3088\u3046\u306a\u611f\u3058\u3067\u3059\u304b\uff1f<\/p>\n<p>Jon Jaffe &#8212; \u5171\u540c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u517c\u5171\u540c\u793e\u9577<\/p>\n<p>\u307e\u305f\u3001\u4f4f\u5b85\u5efa\u8a2d\u304c\u59cb\u307e\u308b\u524d\u306b\u58f2\u5374\u3059\u308b\u7406\u7531\u306f\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Rick Beckwitt &#8212; \u5171\u540c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u517c\u5171\u540c\u793e\u9577<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u305d\u306e\u6c17\u306b\u306a\u308c\u3070\u3001\u56db\u534a\u671f\u4e2d\u306b\u3042\u30681,000\u6238\u306f\u7121\u7406\u306a\u304f\u58f2\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u305f\u3060\u3001\u305d\u308c\u3092\u3059\u308b\u610f\u5473\u306f\u306a\u3044\u306e\u3067\u3059\u3002Jon\u3068Stuart\u304c\u307e\u3055\u306b\u305d\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p>\u79c1\u305f\u3061\u304c\u826f\u3044\u30b9\u30ad\u30fc\u30e4\u30fc\u3067\u3042\u308b\u3053\u3068\u3092\u4e57\u308a\u8d8a\u3048\u3066\u3082\u610f\u5473\u304c\u306a\u3044\u306e\u3067\u3059\u3002\u5e02\u5834\u304c\u5c11\u3057\u826f\u304f\u306a\u308a\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u6b63\u5e38\u5316\u3059\u308c\u3070\u3001\u3082\u3063\u3068\u591a\u304f\u306e\u4f4f\u5b85\u3092\u6210\u7d04\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u3002\u305d\u308c\u304c\u73fe\u5b9f\u306a\u306e\u3067\u3059\u3002<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u57f7\u884c\u5f79\u54e1\u4f1a\u9577<\/p>\n<p>\u30b9\u30c6\u30a3\u30fc\u30d6 \u88dc\u8db3\u3055\u305b\u3066\u3044\u305f\u3060\u304f\u3068\u3001\u7d50\u5c40\u306e\u3068\u3053\u308d\u3001\u8a08\u7b97\u4e0a\u306f &#8212; \u5358\u7d14\u306b\u8a08\u7b97\u3059\u308b\u3068\u3001\u3042\u306a\u305f\u306e\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3060\u3068\u601d\u3044\u307e\u3059\u30022021\u5e74\u304b\u308922\u5e74\u306b\u304b\u3051\u3066\u3001\u3044\u304f\u3064\u304b\u306e\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u3092\u5ef6\u671f\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u5148\u3082\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u304c\u9032\u307f\u3001\u8ca9\u58f2\u6a5f\u4f1a\u3082\u5897\u3048\u308b\u306f\u305a\u3067\u3059\u3002\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u4e0d\u5b89\u5b9a\u306a\u305f\u3081\u3001\u5e02\u5834\u306e\u52d5\u5411\u3084\u72b6\u6cc1\u3092\u898b\u6975\u3081\u308b\u307e\u3067\u306f\u4fdd\u5b88\u7684\u306a\u59ff\u52e2\u3067\u81e8\u3080\u3079\u304d\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u3082\u3057\u3042\u306a\u305f\u304c\u305f\u3060\u5ea7\u3063\u3066\u6570\u5b66\u3092\u898b\u308b\u3060\u3051\u306a\u3089\u3001\u3042\u306a\u305f\u306e\u8cea\u554f\u306f\u7d20\u6674\u3089\u3057\u3044\u8cea\u554f\u3060\u3068\u7406\u89e3\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5e02\u5834\u304c\u3069\u306e\u3088\u3046\u306b\u52d5\u3044\u3066\u3044\u308b\u304b\u3001\u30b5\u30a4\u30af\u30eb\u30bf\u30a4\u30e0\u304c\u3069\u306e\u3088\u3046\u306b\u52d5\u3044\u3066\u3044\u308b\u304b\u3001\u30e2\u30b0\u30e9\u305f\u305f\u304d\u306e\u3088\u3046\u306a\u74b0\u5883\u306b\u306a\u3063\u3066\u3044\u308b\u304b\u3092\u898b\u308c\u3070\u3001\u30ea\u30c3\u30af\u304c\u8a00\u3046\u3088\u3046\u306b\u3001\u30b9\u30ad\u30fc\u3092\u4e57\u308a\u8d8a\u3048\u308b\u3053\u3068\u306a\u304f\u3001\u305d\u306e\u307e\u307e\u306e\u72b6\u614b\u3092\u7dad\u6301\u3059\u308b\u3064\u3082\u308a\u3067\u3059\u3002<\/p>\n<p>Stephen Kim &#8212; Evercore ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u306f\u3044\u3001\u5b8c\u74a7\u306b\u7406\u306b\u304b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u3042\u306a\u305f\u306f\u5192\u982d\u306e\u767a\u8a00\u3067\u3001\u4fdd\u5b88\u4e3b\u7fa9\u306e\u6d3e\u751f\u8a9e\u3092\u5b9f\u969b\u306b\u4f7f\u3063\u3066\u3044\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u524d\u63d0\u6761\u4ef6\u3092\u4fdd\u5b88\u7684\u306b\u3057\u3066\u3044\u308b\u3068\u304a\u3063\u3057\u3083\u3063\u3066\u3044\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u3053\u3067\u3001\u305d\u306e\u4fdd\u5b88\u4e3b\u7fa9\u306e\u7cf8\u3092\u5c11\u3057\u5f15\u3063\u5f35\u3063\u3066\u307f\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u6628\u5e74\u5ea6\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306f\u3001\u6700\u7d42\u7684\u306b\u7d04300\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u4e0a\u56de\u308a\u307e\u3057\u305f\u3002\u6728\u6750\u4fa1\u683c\u306e\u9ad8\u9a30\u3084\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u306a\u3069\u3001\u4e88\u671f\u305b\u306c\u4e8b\u614b\u304c\u767a\u751f\u3057\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u3067\u3059\u3002\u7b2c1\u56db\u534a\u671f\u306f\u5c11\u3057\u9006\u98a8\u304c\u5439\u304f\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u6728\u6750\u306e\u4ef6\u306b\u5c11\u3057\u89e6\u308c\u3089\u308c\u307e\u3057\u305f\u306d\u30024.18\u30c9\u30eb\u306e\u5897\u52a0\u306f\u3001\u7b2c1\u56db\u534a\u671f\u3088\u308a\u3082\u5927\u304d\u304f\u306a\u308b\u3001\u3068\u3044\u3046\u610f\u5473\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u305d\u308c\u3092\u78ba\u8a8d\u3057\u305f\u3044\u306e\u3067\u3059\u3002\u30c0\u30a4\u30a2\u30f3\u3055\u3093\u306a\u3089\u78ba\u8a8d\u3067\u304d\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306d\uff1f\u3057\u304b\u3057\u3001\u3082\u30461\u3064\u306e\u5927\u304d\u306a\u8981\u7d20\u306f\u4f4f\u5b85\u4fa1\u683c\u3067\u3059\u3088\u306d\uff1f\u5168\u56fd\u7684\u306b\u898b\u308b\u3068\u3001\u4f4f\u5b85\u4fa1\u683c\u306f\u307e\u3060\u67081%\u7a0b\u5ea6\u3067\u4e0a\u6607\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002\u5148\u307b\u3069\u3001\u597d\u8abf\u306a\u8ca9\u58f2\u30b7\u30fc\u30ba\u30f3\u304cASP\u3092\u62bc\u3057\u4e0a\u3052\u308b\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u3069\u3046\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\uff1f\u3057\u304b\u3057\u30012022\u5e74\u901a\u671f\u306eASP\u306e\u76ee\u5b89\u306f\u3001\u5b9f\u306f\u4eca\u56db\u534a\u671f\u306b\u8a08\u4e0a\u3057\u305f\u53d7\u6ce8\u4fa1\u683c\u3088\u308a\u3082\u4f4e\u3044\u306e\u3067\u3059\u3002<\/p>\n<p>\u3053\u308c\u306f\u4f55\u304b\u7279\u5225\u306a\u7406\u7531\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u308c\u3068\u3082\u3084\u306f\u308a\u4fdd\u5b88\u7684\u306a\u898b\u901a\u3057\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>Stuart Miller &#8212; \u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30fb\u30c1\u30a7\u30a2\u30de\u30f3<\/p>\n<p>\u30ea\u30c3\u30af\u3001\u8db3\u5143\u3092\u3059\u304f\u308f\u308c\u308b\u3088\u3046\u3067\u7533\u3057\u8a33\u306a\u3044\u306e\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306fASP\u306e\u4f38\u3073\u3059\u304e\u3092\u4e88\u60f3\u3059\u308b\u306e\u306f\u5c11\u3057\u6c17\u304c\u5f15\u3051\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3051\u7533\u3057\u4e0a\u3052\u3066\u304a\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u91d1\u5229\u304c\u3069\u3046\u306a\u308b\u304b\u3068\u3044\u3046\u306e\u3082\u8208\u5473\u6df1\u3044\u3068\u3053\u308d\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u304c\u898b\u3066\u3044\u308b\u3082\u306e\u3001\u305d\u3057\u3066\u4e88\u60f3\u3057\u3066\u3044\u308b\u3082\u306e\u306f\u3001\u3053\u308c\u3089\u306e\u6307\u6a19\u3092\u9054\u6210\u3057\u3001\u307e\u305f\u305d\u308c\u3092\u4e0a\u56de\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u30ea\u30c3\u30af \u79c1\u306f\u3042\u306a\u305f\u3092\u8e0f\u3093\u3067\u3057\u307e\u3063\u305f<\/p>\n<p>\u7533\u3057\u8a33\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>Rick Beckwitt &#8212; \u5171\u540c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u517c\u5171\u540c\u793e\u9577<\/p>\n<p>\u306f\u3044\u3002\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u304c\u8a00\u3063\u305f\u3053\u3068\u3068\u307e\u3063\u305f\u304f\u540c\u3058\u3067\u3001\u5e02\u5834\u3092\u6b69\u3044\u3066\u3044\u3066\u3082\u3001\u3059\u3079\u3066\u306e\u88fd\u54c1\u30ab\u30c6\u30b4\u30ea\u30fc\u3067\u5e02\u5834\u306e\u5f37\u3055\u3092\u611f\u3058\u307e\u3059\u3002\u529b\u5f37\u3055\u3092\u611f\u3058\u307e\u3059\u3002\u4f4f\u5b85\u3092\u5efa\u8a2d\u3057\u3001\u305d\u306e\u30b5\u30a4\u30af\u30eb\u30bf\u30a4\u30e0\u3092\u77ed\u7e2e\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u306a\u306e\u3067\u3059\u3002<\/p>\n<p>\u8ca9\u58f2\u4fa1\u683c\u306b\u3064\u3044\u3066\u306f\u3001\u307e\u3060\u5341\u5206\u306a\u4f59\u5730\u304c\u3042\u308a\u307e\u3059\u3002ASP\u306f\u3001\u4fa1\u683c\u5e2f\u304c\u3084\u3084\u4f4e\u3081\u306e\u30c6\u30ad\u30b5\u30b9\u5e02\u5834\u306e\u7d0d\u5165\u6bd4\u7387\u304c\u9ad8\u3044\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u5e74\u660e\u3051\u4ee5\u964d\u306b\u69d8\u5b50\u3092\u898b\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30f3\u30fb\u30b8\u30e3\u30c3\u30d5\u30a7 &#8212; \u5171\u540c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u517c\u5171\u540c\u793e\u9577<\/p>\n<p>\u3054\u8cea\u554f\u306e\u6700\u521d\u306e\u90e8\u5206\u3067\u3059\u304c\u3001\u7b2c1\u56db\u534a\u671f\u304c\u6728\u6750\u4fa1\u683c\u306e\u30d4\u30fc\u30af\u3068\u306a\u308a\u3001\u56db\u534a\u671f\u672b\u306b\u306f\u4e0b\u843d\u306b\u8ee2\u3058\u308b\u3082\u306e\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5168\u4f53\u3068\u3057\u3066\u306f\u7b2c4\u56db\u534a\u671f\u3088\u308a\u4e0a\u6607\u3059\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>Stephen Kim &#8212; Evercore ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b8\u30e7\u30f3\u30fb\u30b8\u30e3\u30c3\u30d5\u30a7 &#8212; \u5171\u540c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u517c\u5171\u540c\u793e\u9577<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30b9\u30c6\u30a3\u30fc\u30d6\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\u30bc\u30eb\u30de\u30f3\uff06\u30a2\u30bd\u30b7\u30a8\u30a4\u30c4\u306e\u30a2\u30e9\u30f3\u30fb\u30e9\u30c8\u30ca\u30fc\u6c0f\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Alan Ratner &#8212; \u30bc\u30eb\u30de\u30f3\uff06\u30a2\u30bd\u30b7\u30a8\u30a4\u30c4 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3084\u3042\u3001\u307f\u3093\u306a\u3002\u8cea\u554f\u3092\u304a\u53d7\u3051\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307e\u305a\u3001\u5148\u307b\u3069\u306e\u30b9\u30c6\u30a3\u30fc\u30d6\u3068\u306e\u4fa1\u683c\u306b\u3064\u3044\u3066\u306e\u8a71\u3092\u5c11\u3057\u5e83\u3052\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u7279\u306b\u91d1\u5229\u74b0\u5883\u304c\u4e0d\u900f\u660e\u306a\u4e2d\u3067\u3001\u3042\u307e\u308a\u5f37\u6c17\u306b\u306a\u308a\u305f\u304f\u306a\u3044\u3068\u3044\u3046\u4fdd\u5b88\u7684\u306a\u8003\u3048\u65b9\u306f\u3088\u304f\u7406\u89e3\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u300121\u5e74\u306e\u4fa1\u683c\u8a2d\u5b9a\u3092\u898b\u308b\u3068\u3001\u5fa1\u793e\u306f\u660e\u3089\u304b\u306b\u975e\u5e38\u306b\u826f\u3044\u30ec\u30fc\u30c8\u3067\u4fa1\u683c\u3092\u8a2d\u5b9a\u3057\u3066\u304a\u308a\u3001\u30de\u30fc\u30b8\u30f3\u3092\u898b\u3066\u3082\u3001\u78ba\u304b\u306b\u5f37\u3044\u4fa1\u683c\u74b0\u5883\u3092\u5229\u7528\u3057\u305f\u3088\u3046\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u4f38\u3073\u306f\u4ed6\u306e\u30d3\u30eb\u30c0\u30fc\u3088\u308a\u5c11\u3057\u52a3\u3063\u3066\u3044\u307e\u3059\u306d\u3002\u4fa1\u683c\u9762\u3067\u5fa1\u793e\u306e\u30d3\u30b8\u30cd\u30b9\u3092\u898b\u305f\u3068\u304d\u306b\u3001\u4fa1\u683c\u9762\u3067\u306e\u5236\u7d04\u3092\u8a8d\u8b58\u3057\u305f\u4e0a\u3067\u3001\u3088\u308a\u5c0f\u3055\u3044\u9762\u7a4d\u306e\u88fd\u54c1\u3092\u4f5c\u3063\u305f\u308a\u3001\u3088\u308a\u624b\u9803\u306a\u4fa1\u683c\u306e\u30b5\u30d6\u30de\u30fc\u30b1\u30c3\u30c8\u306b\u9032\u51fa\u3057\u305f\u308a\u3057\u3066\u3001\u4fa1\u683c\u306e\u4e0a\u6607\u5206\u3092\u76f8\u6bba\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3088\u3046\u306a\u3053\u3068\u306f\u306a\u3044\u306e\u3067\u3057\u3087\u3046\u304b? \u305d\u308c\u3068\u3082\u3001\u79c1\u306e\u8aad\u307f\u304c\u7518\u304b\u3063\u305f\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u56db\u534a\u671f\u3054\u3068\u306e\u7d0d\u54c1\u306e\u7d44\u307f\u5408\u308f\u305b\u3060\u3068\u304a\u3063\u3057\u3083\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/p>\n<p>\u30ea\u30c3\u30af\uff1f<\/p>\n<p>\u30ea\u30c3\u30af\u30fb\u30d9\u30c3\u30af\u30a6\u30a3\u30c3\u30c8 &#8212; \u5171\u540c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u517c\u5171\u540c\u793e\u9577<\/p>\n<p>\u307e\u3042\u3001\u305d\u308c\u3089\u3059\u3079\u3066\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u3059\u3002\u5c11\u3057\u96e2\u308c\u305f\u5834\u6240\u306b\u3042\u308b\u4ed6\u306e\u5e02\u5834\u306b\u79fb\u52d5\u3059\u308b\u3068\u3001\u4e00\u822c\u7684\u306b\u3001\u3088\u308a\u30a4\u30f3\u30d5\u30a3\u30eb\u306a\u8ca9\u58f2\u3068\u6bd4\u8f03\u3057\u3066\u4f4e\u4fa1\u683c\u306b\u306a\u308a\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u591a\u304f\u306e\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u3088\u308a\u5c0f\u3055\u306a\u30d5\u30c3\u30c8\u30d7\u30ea\u30f3\u30c8\u3092\u69cb\u7bc9\u3057\u3001\u8abf\u6574\u3092\u3057\u3066\u3044\u307e\u3059\u3002Jon\u3068\u79c1\u306f\u3001\u30c1\u30fc\u30e0\u3068\u5e38\u306b\u30da\u30fc\u30b9\u3068\u4fa1\u683c\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u3068\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>ASP\u306f\u4eca\u5f8c\u3082\u9806\u8abf\u306b\u4f38\u3073\u3066\u3044\u304f\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>Jon Jaffe &#8212; Co-Chief Executive Officer and Co-President<\/p>\n<p>\u307e\u305f\u3001\u5148\u307b\u3069\u30ea\u30c3\u30af\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u56db\u534a\u671f\u3054\u3068\u306e\u30df\u30c3\u30af\u30b9\u3067\u306f\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u30ea\u30c3\u30af\u3068\u79c1\u3001\u305d\u3057\u3066\u4e8b\u696d\u90e8\u306f\u3001\u624b\u9803\u306a\u4fa1\u683c\u5e2f\u306e\u88fd\u54c1\u306b\u5bfe\u5fdc\u3059\u308b\u305f\u3081\u3001\u4fa1\u683c\u30ab\u30fc\u30d6\u306e\u5f15\u304d\u4e0b\u3052\u306b\u975e\u5e38\u306b\u6ce8\u529b\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u305d\u306e\u305f\u3081\u3001\u610f\u8b58\u7684\u306b\u3001\u3088\u308a\u5c0f\u578b\u3067\u624b\u9803\u306a\u4fa1\u683c\u306e\u88fd\u54c1\u3092\u63d0\u4f9b\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u30c6\u30ad\u30b5\u30b9\u3067\u306e\u5e02\u5834\u30b7\u30a7\u30a2\u3092\u62e1\u5927\u3059\u308b\u3053\u3068\u306b\u3082\u91cd\u70b9\u3092\u7f6e\u3044\u3066\u304a\u308a\u3001\u305d\u308c\u304cASP\u306e\u5411\u4e0a\u306b\u3064\u306a\u304c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Alan Ratner &#8212; \u30bc\u30eb\u30de\u30f3\uff06\u30a2\u30bd\u30b7\u30a8\u30a4\u30c4 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u5b8c\u74a7\u3067\u3059\u30022\u3064\u76ee\u306e\u8cea\u554f\u306f\u3001\u571f\u5730\u6226\u7565\u3001\u30ed\u30c3\u30c8\u6570\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u5fa1\u793e\u306f\u3001\u7dcf\u7ba1\u7406\u533a\u753b\u6570\u304c40%\u4ee5\u4e0a\u4f38\u3073\u305f\u3053\u3068\u3092\u5f37\u8abf\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u70b9\u3067\u306f\u5fc5\u305a\u3057\u3082\u5fa1\u793e\u306b\u9650\u3063\u305f\u3053\u3068\u3067\u306f\u306a\u304f\u3001\u4e00\u822c\u306e\u5efa\u8a2d\u696d\u8005\u3082\u30b0\u30eb\u30fc\u30d7\u3068\u3057\u3066\u524d\u5e74\u6bd430%\u304b\u308940%\u306f\u4f38\u3073\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u3088\u308a\u591a\u304f\u306e\u571f\u5730\u3092\u78ba\u4fdd\u3057\u3088\u3046\u3068\u3059\u308b\u52d5\u304d\u304c\u6d3b\u767a\u5316\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3067\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u306b\u3088\u3063\u3066\u571f\u5730\u3092\u78ba\u4fdd\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u660e\u3089\u304b\u306b\u8cc7\u672c\u52b9\u7387\u304c\u826f\u3044\u306e\u3067\u3001\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u306e\u4e00\u65b9\u3067\u3001\u5e02\u5834\u304c\u3059\u3050\u306b\u305d\u306e\u3088\u3046\u306a\u6210\u9577\u3092\u5b9f\u73fe\u3067\u304d\u308b\u3068\u306f\u601d\u3048\u307e\u305b\u3093\u3002\u3064\u307e\u308a\u3001\u4eca\u5f8c1\u30012\u5e74\u306e\u9593\u306b\u5927\u304d\u306a\u30dc\u30c8\u30eb\u30cd\u30c3\u30af\u304c\u89e3\u6d88\u3055\u308c\u306a\u3044\u9650\u308a\u3001\u571f\u5730\u4f9b\u7d66\u306e\u5c3e\u306f\u4e8b\u5b9f\u4e0a\u4f38\u3073\u7d9a\u3051\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u307e\u305f\u3001\u30aa\u30d5\u30d0\u30e9\u30f3\u30b9\u5316\u3055\u308c\u3066\u3044\u308b\u3068\u306f\u3044\u3048\u30015\u30016\u56db\u534a\u671f\u524d\u3068\u6bd4\u3079\u308c\u3070\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u9810\u91d1\u3067\u62d8\u675f\u3055\u308c\u308b\u8cc7\u672c\u304c10\u5104\u30c9\u30eb\u5897\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u5b8c\u5168\u306b\u8cc7\u7523\u3084\u8cc7\u672c\u304c\u306a\u3044\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u3053\u3067\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3001\u3053\u306e\u307e\u307e\u6210\u9577\u304c\u920d\u5316\u3057\u3066\u3044\u304f\u3053\u3068\u3092\u671f\u5f85\u3057\u3066\u3082\u3044\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u5e02\u5834\u304c\u3053\u3046\u3057\u305f\u5236\u7d04\u304b\u3089\u89e3\u653e\u3055\u308c\u305f\u3068\u304d\u306b\u5099\u3048\u3066\u3001\u5e02\u5834\u306e\u9685\u3005\u306b\u307e\u3067\u624b\u3092\u884c\u304d\u6e21\u3089\u305b\u305f\u3044\u306e\u3067\u3001\u52b9\u679c\u7684\u306b\u305d\u306e\u5c3e\u3092\u4f38\u3070\u3057\u3066\u3044\u304f\u3053\u3068\u306b\u554f\u984c\u306f\u306a\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/p>\n<p>Alan\u3001\u5168\u4f53\u7684\u306b\u898b\u308c\u3070&#8230;&#8230;\u3059\u3079\u3066\u306e\u30db\u30fc\u30e0\u30d3\u30eb\u30c0\u30fc\u3092\u5bfe\u8c61\u306b\u3057\u305f\u5834\u5408\u3001\u8a08\u7b97\u3084\u3054\u8cea\u554f\u306f\u304a\u305d\u3089\u304f\u6b63\u3057\u3044\u3067\u3057\u3087\u3046\u3002\u305d\u3057\u3066\u3001\u3053\u306e\u5e02\u5834\u306e\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u5074\u9762\u306f\u3001\u904e\u53bb\u306e\u30b5\u30a4\u30af\u30eb\u3067\u306f\u904e\u5270\u3060\u3063\u305f\u3001\u5927\u898f\u6a21\u306a\u30aa\u30fc\u30d0\u30fc\u30d3\u30eb\u30c7\u30a3\u30f3\u30b0\u3092\u53ef\u80fd\u306b\u3057\u306a\u3044\u3053\u3068\u3067\u3059\u3002\u4e00\u65b9\u3001\u5f53\u793e\u306e\u571f\u5730\u6226\u7565\u3084\u30d7\u30ed\u30b0\u30e9\u30df\u30f3\u30b0\u3092\u898b\u308b\u3068\u3001\u571f\u5730\u5e02\u5834\u306f\u78ba\u304b\u306b\u5236\u7d04\u3092\u53d7\u3051\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u305f\u3081\u306b\u5fc5\u8981\u306a\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u78ba\u4fdd\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u30ea\u30c3\u30af\u3001\u3053\u306e\u4ef6\u306b\u3064\u3044\u3066\u610f\u898b\u3092\u805e\u304b\u305b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30ea\u30c3\u30af\u30fb\u30d9\u30c3\u30af\u30a6\u30a3\u30c3\u30c8 &#8212; \u5171\u540c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\u517c\u5171\u540c\u793e\u9577<\/p>\n<p>\u79c1\u305f\u3061\u304c\u3057\u3066\u304d\u305f\u3053\u3068\u306b\u3001\u3068\u3066\u3082\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002\u30a2\u30e1\u30ea\u30ab\u5168\u571f\u3067\u3001\u7d20\u6674\u3089\u3057\u3044\u571f\u5730\u6240\u6709\u8005\u3084\u5730\u57df\u306e\u30c7\u30d9\u30ed\u30c3\u30d1\u30fc\u3068\u7bc9\u304d\u4e0a\u3052\u305f\u95a2\u4fc2\u306b\u3001\u3068\u3066\u3082\u5b89\u5fc3\u3057\u3001\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u308c\u304c\u3053\u306e\u4e8b\u696d\u306e\u63a8\u9032\u529b\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u6226\u8266\u306e\u3088\u3046\u306a\u5927\u898f\u6a21\u306a\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u3068\u95a2\u308f\u308b\u6a5f\u4f1a\u304c\u5f97\u3089\u308c\u3001\u8907\u6570\u306e\u4fa1\u683c\u5e2f\u306e\u5546\u54c1\u3084\u3001\u3055\u307e\u3056\u307e\u306a\u6642\u671f\u306b\u767a\u58f2\u3055\u308c\u308b\u5546\u54c1\u304c\u3042\u308a\u3001\u305d\u308c\u81ea\u4f53\u304c\u7ce7\u306b\u306a\u308b\u3088\u3046\u306a\u72b6\u6cc1\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u4eca\u306e\u72b6\u6cc1\u306b\u306f\u3001\u672c\u5f53\u306b\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Alan Ratner &#8212; Zelman and Associates &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3067\u306f \u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/p>\n<p>OK\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u6b21\u3092\u6700\u5f8c\u306e\u8cea\u554f\u3068\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u6700\u5f8c\u306e\u8cea\u554f\u306f\u30d0\u30fc\u30af\u30ec\u30a4\u30ba\u306e\u30de\u30b7\u30e5\u30fc\u30fb\u30dc\u30a6\u30ea\u30fc\u3055\u3093\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>\u767a\u8a00\u8005\u4e0d\u660e &#8212; \u30d0\u30fc\u30af\u30ec\u30a4\u30ba &#8212; 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&#8212; 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Included\u300d\u30d7\u30ed\u30b0\u30e9\u30e0\u306b\u3088\u308a\u3001\u88fd\u54c1\u306eSKU\u6570\u3092\u524a\u6e1b\u3057\u3001\u300cBuilder of 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Bouley &#8212; \u30d0\u30fc\u30af\u30ec\u30a4\u30ba &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u8272\u5408\u3044\u3067\u3059\u306d\u3002\u6700\u5f8c\u306b\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u7b2c1\u56db\u534a\u671f\u306b\u56fa\u5b9a\u8cbb\u3092\u524a\u6e1b\u3059\u308b\u3053\u3068\u3092\u524d\u63d0\u306b\u3001\u3069\u306e\u3088\u3046\u306a\u30da\u30fc\u30b9\u3067\u9032\u3081\u3066\u3044\u304f\u306e\u304b\u3092\u660e\u78ba\u306b\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u901a\u671f\u696d\u7e3e\u4e88\u60f3\u306e\u7b97\u51fa\u306b\u3042\u305f\u3063\u3066\u306f\u3001\u901a\u671f\u3067\u306e\u56fa\u5b9a\u8cbb\u524a\u6e1b\u3092\u60f3\u5b9a\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u304c\u3001\u305d\u308c\u4ee5\u5916\u306b\u306f\u3042\u307e\u308a\u5927\u304d\u306a\u9055\u3044\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u7b2c2\u56db\u534a\u671f\u306b\u5165\u308a\u3001\u6728\u6750\u306e\u8ffd\u3044\u98a8\u304c\u5439\u3044\u3066\u3044\u308b\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u307e\u305f\u3001\u305d\u306e\u4ed6\u306b\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306b\u5bfe\u3059\u308b\u5727\u529b\u3067\u6ce8\u610f\u3059\u3079\u304d\u3053\u3068\u306f\u3042\u308a\u307e\u3059\u304b\uff1f\u30ea\u30c3\u30af: \u5148\u307b\u3069\u3001\u30c6\u30ad\u30b5\u30b9\u3078\u306e\u30df\u30c3\u30af\u30b9\u3001\u4f8b\u3048\u3070\u4f4e\u4fa1\u683c\u4f4f\u5b85\u3001\u3042\u308b\u3044\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u30ed\u30c3\u30c8\u306e\u30df\u30c3\u30af\u30b9\u306b\u3064\u3044\u3066\u89e6\u308c\u3089\u308c\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3057\u3087\u3046\u304b? \u305d\u306e\u4ed6\u306b\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u8981\u56e0\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u30a8\u30b0\u30bc\u30af\u30c6\u30a3\u30d6\u30fb\u30c1\u30a7\u30a2\u30de\u30f3<\/p>\n<p>\u3055\u3066\u3001\u30b3\u30b9\u30c8\u9762\u3060\u3051\u3092\u3068\u3063\u3066\u307f\u3066\u3082\u3001\u3055\u307e\u3056\u307e\u306a\u30af\u30ed\u30b9\u30d5\u30ed\u30fc\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u6728\u6750\u306e\u4fa1\u683c\u306f\u4f4e\u4e0b\u3057\u3066\u304a\u308a\u3001\u7b2c1\u56db\u534a\u671f\u306e\u30d4\u30fc\u30af\u3092\u8d8a\u3048\u3088\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u540c\u6642\u306b\u3001\u4ed6\u306e\u5206\u91ce\u3067\u306f\u4eba\u4ef6\u8cbb\u3084\u6750\u6599\u8cbb\u304b\u3089\u306e\u5727\u529b\u304c\u3042\u308a\u3001\u6728\u6750\u306e\u524a\u6e1b\u304b\u3089\u5f97\u3089\u308c\u308b\u5229\u76ca\u3068\u306f\u660e\u3089\u304b\u306b\u76f8\u6bba\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u30b3\u30b9\u30c8\u9762\u3067\u306f\u69d8\u3005\u306a\u52d5\u304d\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>ASP\u304c\u3069\u306e\u3088\u3046\u306b\u63a8\u79fb\u3059\u308b\u304b\u3001\u307e\u305f\u3001\u73fe\u5834\u7d4c\u8cbb\u3092\u6b63\u5e38\u5316\u3057\u3001\u6728\u6750\u304c\u6e1b\u5c11\u3057\u59cb\u3081\u308b\u3068\u3001\u3044\u304f\u3064\u304b\u306e\u6570\u5b57\u306b\u591a\u5c11\u306e\u30ae\u30e3\u30c3\u30d7\u304c\u751f\u3058\u308b\u306e\u306f\u3054\u6307\u6458\u306e\u901a\u308a\u3067\u3059\u3002\u52b4\u50cd\u5e02\u5834\u306e\u5236\u7d04\u306e\u4e2d\u3067\u3001\u4eba\u4ef6\u8cbb\u306b\u4f55\u304c\u8d77\u3053\u3063\u3066\u3044\u308b\u304b\u3092\u904e\u5c0f\u8a55\u4fa1\u3057\u306a\u3044\u3067\u304f\u3060\u3055\u3044\u3002\u305d\u3057\u3066\u3001\u7269\u4e8b\u3092\u6210\u3057\u9042\u3052\u308b\u306b\u306f\u3001\u3088\u308a\u591a\u304f\u306e\u304a\u91d1\u3092\u6255\u308f\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3053\u3068\u3082\u3042\u308b\u306e\u3067\u3059\u3002\u30ed\u30b8\u30b9\u30c6\u30a3\u30af\u30b9\u3082\u540c\u3058\u3067\u3059\u3002<\/p>\n<p>\u3053\u308c\u304c\u3001\u4eca\u73fe\u5834\u3067\u8d77\u304d\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u4e88\u6e2c\u306f\u3067\u304d\u306a\u3044\u3002\u79c1\u305f\u3061\u306b\u3067\u304d\u308b\u306e\u306f\u3001\u4e88\u60f3\u3092\u7acb\u3066\u308b\u3053\u3068\u3001\u305d\u3057\u3066\u305d\u308c\u3092\u5b9f\u884c\u3059\u308b\u3053\u3068\u3060\u3051\u3067\u3059\u3002<\/p>\n<p>Matt Bouley &#8212; \u30d0\u30fc\u30af\u30ec\u30a4\u30ba &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u3067\u306f\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u5e78\u904b\u3092\u7948\u308a\u307e\u3059\u3002<\/p>\n<p>\u30b9\u30c1\u30e5\u30a2\u30fc\u30c8\u30fb\u30df\u30e9\u30fc &#8212; \u4ee3\u8868\u53d6\u7de0\u5f79\u4f1a\u9577<\/p>\n<p>OK\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u3067\u306f\u3001\u3053\u306e\u8fba\u3067\u3002<\/p>\n<p>\u7686\u3055\u3093\u3001\u3054\u53c2\u52a0\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u30022022\u5e74\u306e\u56db\u534a\u671f\u3054\u3068\u306e\u5831\u544a\u3092\u697d\u3057\u307f\u306b\u3057\u3066\u3044\u307e\u3059\u30022022\u5e74\u306f\u975e\u5e38\u306b\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u8a18\u9332\u7684\u306a\u5e74\u306b\u306a\u308b\u3068\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\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\/stockinfo\/ranking\/in?p_cid=11118987\" 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=11118987\" 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=11118987\" 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=11118987\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/ranking\/in?p_cid=11118987\" 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=11118987\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u7c73\u4f4f\u5b85\u5efa\u8a2d\u5927\u624b\u306e\u30ec\u30ca\u30fc (NYSE:LEN)2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002 \u58f2\u4e0a\u9ad8\u6210\u9577\u7387\u306f\u524d\u5e74\u540c\u671f\u6bd4\uff0b23%\u3067\u3057\u305f\u58f2\u4e0a\u9ad8\u30fbEPS\u3068\u3082\u306b\u30df\u30b9\u3057\u3066\u304a\u308a\u682a\u4fa1\u306f\u4e0b\u843d\u3057\u3066\u304a\u308a\u307e\u3059\u3002 \u7c73\u4f4f\u5b85\u5e02\u5834\u306f\u904e\u53bb\u6570\u30ab\u6708\u306b\u308f\u305f\u3063\u3066 &#8230; <\/p>\n","protected":false},"author":1,"featured_media":958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[468,76,465,467,466,105,83],"class_list":["post-956","post","type-post","status-publish","format-standard","has-post-thumbnail","category-72","tag-len","tag-76","tag-465","tag-467","tag-466","tag-105","tag-83"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u3010\u548c\u8a33\u3011\u30ec\u30ca\u30fc (NYSE:LEN)2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09 &#8211; \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0<\/title>\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=956\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u3010\u548c\u8a33\u3011\u30ec\u30ca\u30fc (NYSE:LEN)2021\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09 &#8211; \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0\" \/>\n<meta property=\"og:description\" content=\"\u7c73\u4f4f\u5b85\u5efa\u8a2d\u5927\u624b\u306e\u30ec\u30ca\u30fc 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