{"id":974,"date":"2021-12-24T22:10:49","date_gmt":"2021-12-24T13:10:49","guid":{"rendered":"https:\/\/1up-life.blog\/?p=974"},"modified":"2021-12-24T22:10:49","modified_gmt":"2021-12-24T13:10:49","slug":"%e3%80%90%e5%92%8c%e8%a8%b3%e3%80%91%e3%82%bc%e3%83%8d%e3%83%a9%e3%83%ab%e3%83%bb%e3%83%9f%e3%83%ab%e3%82%banysegis2022%e5%b9%b4%e7%ac%ac2%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97%e8%aa%ac","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=974","title":{"rendered":"\u3010\u548c\u8a33\u3011\u30bc\u30cd\u30e9\u30eb\u30fb\u30df\u30eb\u30ba(NYSE:GIS)2022\u5e74\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09"},"content":{"rendered":"<p>\u30a2\u30e1\u30ea\u30ab\u5408\u8846\u56fd\u306e\u5927\u624b\u98df\u54c1\u4f1a\u793e\u306e\u30bc\u30cd\u30e9\u30eb\u30fb\u30df\u30eb\u30ba(NYSE:GIS)2022\u5e74\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n<p>\u65e5\u672c\u3067\u306f\u300c\u30cf\u30fc\u30b2\u30f3\u30c0\u30c3\u30c4\u300d\u306a\u3069\u304c\u6709\u540d\u3067\u3059\u3002<\/p>\n<p>\u6709\u540d\u30d6\u30e9\u30f3\u30c9\u3092\u591a\u304f\u6301\u3063\u3066\u304a\u308a\u58f2\u308a\u4e0a\u3052\u3082\u98df\u54c1\u30bb\u30af\u30bf\u30fc\u306a\u306e\u3067\u5b89\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002EPS\u3082\u3061\u3083\u3093\u3068\u51fa\u3057\u3066\u304a\u308a\u914d\u5f53\u3082\u3042\u308b\u306e\u3067\u5229\u4e0a\u3052\u5c40\u9762\u3067\u306f\u826f\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u3067\u3059\u306d\u3002<\/p>\n<div id=\"attachment_975\" style=\"width: 783px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-975\" class=\"wp-image-975 \" src=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/GIS_2021-12-24_22-06-35-300x168.png\" alt=\"\u30bc\u30cd\u30e9\u30eb\u30fb\u30df\u30eb\u30ba(NYSE:GIS)\u682a\u4fa1\" width=\"773\" height=\"433\" srcset=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/GIS_2021-12-24_22-06-35-300x168.png 300w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/GIS_2021-12-24_22-06-35-1024x575.png 1024w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/GIS_2021-12-24_22-06-35-768x431.png 768w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/GIS_2021-12-24_22-06-35-940x528.png 940w, https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/GIS_2021-12-24_22-06-35.png 1478w\" sizes=\"auto, (max-width: 773px) 100vw, 773px\" \/><p id=\"caption-attachment-975\" class=\"wp-caption-text\">\u30bc\u30cd\u30e9\u30eb\u30fb\u30df\u30eb\u30ba(NYSE:GIS)\u682a\u4fa1<\/p><\/div>\n<p class=\"hh hh3 main-bdr\"><span class=\"big\"><strong>\u30bc\u30cd\u30e9\u30eb\u30fb\u30df\u30eb\u30ba(NYSE:GIS)2022\u5e74\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n<p>2021\u5e7412\u670821\u65e5\u5348\u524d9\u664200\u5206\uff08\u65e5\u672c\u6642\u9593\uff09<\/p>\n<p>Call participants:<br \/>\nJeff Siemon &#8212; Vice President, Investor Relations<br \/>\nKofi Bruce &#8212; Chief Financial Officer<br \/>\nJonathon J. Nudi &#8212; Group President, North America Retail<br \/>\nJeffrey L. Harmening &#8212; Chairman of the Board and Chief Executive Officer<br \/>\nKen Goldman &#8212; J.P. Morgan &#8212; Analyst<br \/>\nAndrew Lazar &#8212; Barclays &#8212; Analyst<br \/>\nNik Modi &#8212; RBC Capital Markets &#8212; Analyst<br \/>\nRobert Moskow &#8212; Credit Suisse &#8212; Analyst<br \/>\nJason English &#8212; Goldman Sachs &#8212; Analyst<br \/>\nSteve Powers &#8212; Deutsche Bank &#8212; Analyst<br \/>\nWendy Nicholson &#8212; Citigroup &#8212; Analyst<br \/>\nPamela Kaufman &#8212; Morgan Stanley &#8212; Analyst<br \/>\nDavid Palmer &#8212; Evercore ISI &#8212; Analyst<br \/>\nChris Growe &#8212; Stifel &#8212; Analyst<br \/>\nMichael Lavery &#8212; Piper Sandler &#8212; Analyst<br \/>\nMore GIS analysis<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001General Mills \u306e 2022 \u5e74\u5ea6\u7b2c 2 \u56db\u534a\u671f\u6c7a\u7b97\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\u3078\u3088\u3046\u3053\u305d\u3002\u5ff5\u306e\u305f\u3081\u7533\u3057\u4e0a\u3052\u307e\u3059\u304c\u3001\u3053\u306e\u4f1a\u8b70\u306f\u9332\u97f3\u3055\u308c\u3066\u304a\u308a\u30012022\u5e7412\u670821\u65e5\uff08\u706b\uff09\u3067\u3059\u3002<\/p>\n<p>\u305d\u308c\u3067\u306f\u3001\u4f1a\u8b70\u3092\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u526f\u793e\u9577\u306e\u30b8\u30a7\u30d5\u30fb\u30b7\u30fc\u30e2\u30f3\u306b\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>Jeff Siemon &#8212; \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u30d0\u30a4\u30b9\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n<p>\u30b5\u30d0\u30f3\u30ca\u3001\u305d\u3057\u3066\u7686\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u672c\u65e5\u306f\u3001\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u306b\u95a2\u3059\u308bQ&amp;A\u306b\u304a\u96c6\u307e\u308a\u3044\u305f\u3060\u304d\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7686\u69d8\u306b\u306f\u3001\u30d7\u30ec\u30b9\u30fb\u30ea\u30ea\u30fc\u30b9\u3092\u3054\u89a7\u3044\u305f\u3060\u304d\u3001\u307e\u305f\u3001\u4eca\u671d\u3001\u6295\u8cc7\u5bb6\u5411\u3051\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u306b\u3066\u516c\u958b\u3057\u305f\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u8cc7\u6599\u3092\u3054\u89a7\u3044\u305f\u3060\u3051\u308c\u3070\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u306a\u304a\u3001\u3053\u306e\u8cea\u7591\u5fdc\u7b54\u306b\u304a\u3044\u3066\u3001COVID-19\u306e\u5927\u6d41\u884c\u304c\u5f53\u793e\u306e\u696d\u7e3e\u304a\u3088\u307322\u5e74\u5ea6\u306b\u4e0e\u3048\u3046\u308b\u5f71\u97ff\u306b\u95a2\u3059\u308b\u4e8b\u5b9f\u3084\u4eee\u5b9a\u306a\u3069\u3001\u7d4c\u55b6\u9663\u306e\u73fe\u5728\u306e\u898b\u89e3\u304a\u3088\u3073\u4eee\u5b9a\u306b\u57fa\u3065\u304f\u5c06\u6765\u306e\u898b\u901a\u3057\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u3092\u884c\u3046\u53ef\u80fd\u6027\u304c\u3042\u308b\u3053\u3068\u306b\u3054\u7559\u610f\u304f\u3060\u3055\u3044\u3002\u5c06\u6765\u306e\u898b\u901a\u3057\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u3046\u308b\u8981\u56e0\u3001\u304a\u3088\u3073\u975eGAAP\u60c5\u5831\u306e\u8abf\u6574\u306b\u3064\u3044\u3066\u306f\u3001\u4eca\u671d\u306e\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\u3092\u3054\u53c2\u7167\u304f\u3060\u3055\u3044\uff08\u672c\u65e5\u306e\u96fb\u8a71\u4f1a\u8b70\u3067\u8aac\u660e\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\uff09\u3002<\/p>\n<p>\u4f1a\u9577\u517cCEO\u306e\u30b8\u30a7\u30d5\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0\u3001CFO\u306e\u30b3\u30d5\u30a3\u30fb\u30d6\u30eb\u30fc\u30b9\u3001\u305d\u3057\u3066\u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30bb\u30b0\u30e1\u30f3\u30c8\u30fb\u30b0\u30eb\u30fc\u30d7\u793e\u9577\u306e\u30b8\u30e7\u30f3\u30fb\u30cc\u30fc\u30c7\u30a3\u304c\u51fa\u5e2d\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u6700\u521d\u306e\u8cea\u554f\u306b\u5165\u308a\u307e\u3059\u3002\u30b5\u30d0\u30f3\u30ca\u3001\u59cb\u3081\u307e\u3057\u3066\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p 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>\u78ba\u304b\u306b\u3002[\u6700\u521d\u306e\u8cea\u554f\u306fJP\u30e2\u30eb\u30ac\u30f3\u306e\u30b1\u30f3\u30fb\u30b0\u30c3\u30c9\u30de\u30f3\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u8cea\u554f\u3092\u304a\u9032\u3081\u304f\u3060\u3055\u3044\u3002\u7686\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4eca\u56de\u306e\u63aa\u7f6e\u306f\u3001\u7269\u6d41\u554f\u984c\u306b\u304a\u3051\u308b\u4f9b\u7d66\u306e\u6df7\u4e71\u3092\u76f8\u6bba\u3057\u3001\u5b9f\u3092\u7d50\u3073\u59cb\u3081\u3066\u3044\u308b\u3053\u3068\u3092\u5f37\u8abf\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u306d\u3002\u3057\u304b\u3057\u3001\u3053\u3053\u3057\u3070\u3089\u304f\u306e\u9593\u3001\u3053\u306e\u696d\u754c\u5168\u4f53\u304b\u3089\u540c\u3058\u3088\u3046\u306a\u30d1\u30bf\u30fc\u30f3\u3092\u898b\u3066\u304d\u307e\u3057\u305f\u3002\u4f8b\u3048\u3070\u3001\u300c\u96a0\u308c\u305f\u30b3\u30b9\u30c8\u300d\u304c\u767a\u751f\u3057\u3001\u7d4c\u55b6\u9663\u306f\u6700\u60aa\u306e\u4e8b\u614b\u304c\u7d42\u308f\u3063\u305f\u3068\u601d\u3044\u3001\u6b21\u306e\u56db\u534a\u671f\u306b\u306f\u6b8b\u5ff5\u306a\u304c\u3089\u305d\u306e\u30d1\u30bf\u30fc\u30f3\u304c\u7e70\u308a\u8fd4\u3055\u308c\u307e\u3059\u3002\u305d\u3053\u3067\u8cea\u554f\u3067\u3059\u304c\u3001\u3053\u306e\u3088\u3046\u306a\u5916\u751f\u7684\u306a\u554f\u984c\u304c\u5f15\u304d\u7d9a\u304d\u767a\u751f\u3057\u3066\u3044\u308b\u4e2d\u3067\u3001\u4eca\u56de\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u306f\u3001\u7269\u6d41\u3084\u4f9b\u7d66\u4e0d\u8db3\u304c\u4e0b\u534a\u671f\u306b\u518d\u3073\u60aa\u5316\u3059\u308b\u53ef\u80fd\u6027\u3092\u8003\u616e\u3057\u3001\u901a\u5e38\u3088\u308a\u3082\u5927\u304d\u306a\u30af\u30c3\u30b7\u30e7\u30f3\u3092\u52a0\u3048\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Kofi Bruce &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3082\u3061\u308d\u3093\u3001\u30b1\u30f3\u3002\u3053\u3061\u3089\u306f\u30b3\u30d5\u30a3\u3067\u3059\u3002\u3054\u8cea\u554f\u3092\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u55b6\u696d\u5229\u76ca\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u5c11\u3057\u5e83\u3081\u306b\u8a2d\u5b9a\u3057\u307e\u3057\u305f\u304c\u3001\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\u3068EPS\u306b\u3064\u3044\u3066\u306f\u3001\u55b6\u696d\u5229\u76ca\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u7d50\u679c\u3001\u3042\u306a\u305f\u304c\u304a\u3063\u3057\u3083\u308b\u3088\u3046\u306b\u3001\u3053\u306e\u74b0\u5883\u306b\u304a\u3051\u308b\u6839\u672c\u7684\u306a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u53cd\u6620\u3057\u3066\u3044\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u6839\u672c\u7684\u306a\u539f\u56e0\u306f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u304c8\u500d\u304b\u308910\u500d\u306b\u3082\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u7387\u76f4\u306b\u7533\u3057\u4e0a\u3052\u3066\u3001\u4e0b\u534a\u671f\u306f\u305d\u308c\u307b\u3069\u6539\u5584\u3055\u308c\u306a\u3044\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u6628\u5e74\u3068\u306e\u6bd4\u8f03\u3067\u306f\u3001\u4e0b\u534a\u671f\u306b\u5916\u90e8\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u30fb\u30b3\u30b9\u30c8\u304c\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306b\u95a2\u308f\u308b\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u3092\u7f6e\u304d\u63db\u3048\u308b\u3060\u3051\u3067\u3001\u4eca\u5e74\u5ea6\u5f8c\u534a\u306b\u5927\u304d\u306a\u5909\u5316\u304c\u3042\u308b\u3068\u306f\u8003\u3048\u3066\u3044\u307e\u305b\u3093\u3002\u305d\u3057\u3066\u3001\u3053\u306e\u8efd\u3044\u30ac\u30a4\u30c0\u30f3\u30b9\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c[\u5224\u8aad\u4e0d\u80fd]\u3067\u3042\u308b\u3053\u3068\u3092\u53cd\u6620\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Ken Goldman &#8212; J.P. Morgan &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u306a\u308b\u307b\u3069\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u305d\u308c\u304b\u3089\u3001\u7c21\u5358\u306a\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3067\u3059\u3002\u30b7\u30ea\u30a2\u30eb\u4e8b\u696d\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u660e\u3089\u304b\u306b\u7af6\u5408\u4ed6\u793e\u304b\u3089\u591a\u304f\u306e\u30b7\u30a7\u30a2\u3092\u596a\u3063\u3066\u3044\u307e\u3059\u306d\u3002\u7af6\u5408\u4ed6\u793e\u306f\u73fe\u5728\u3001\u4e0d\u5e78\u306a\u554f\u984c\u3092\u62b1\u3048\u3066\u3044\u307e\u3059\u3002\u4eca\u5f8c\u6570\u30f6\u6708\u9593\u3001\u5fa1\u793e\u306e\u88fd\u54c1\u306b\u5bfe\u3059\u308b\u9700\u8981\u304c\u4f38\u3073\u7d9a\u3051\u308b\u3053\u3068\u3092\u60f3\u5b9a\u3057\u3066\u3001\u5de5\u5834\u306e\u7a3c\u50cd\u7387\u306b\u3064\u3044\u3066\u5c11\u3057\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30b8\u30e7\u30ca\u30b5\u30f3\u30fbJ\u30fb\u30cc\u30fc\u30c7\u30a3 &#8212; \u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30b0\u30eb\u30fc\u30d7\u793e\u9577<\/p>\n<p>\u30b1\u30f3\u3001\u30b8\u30e7\u30f3\u30fb\u30cc\u30fc\u30c7\u30a3\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u30b7\u30ea\u30a2\u30eb\u4e8b\u696d\u306b\u3064\u3044\u3066\u975e\u5e38\u306b\u826f\u3044\u611f\u89e6\u3092\u5f97\u3066\u304a\u308a\u3001\u4e3b\u8981\u306a\u7af6\u5408\u4ed6\u793e\u306b\u3088\u308b\u77ed\u671f\u7684\u306a\u6df7\u4e71\u306f\u78ba\u304b\u306b\u7406\u89e3\u3057\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306e\u696d\u7e3e\u306f\u3001\u9577\u3044\u9593\u3001\u3064\u307e\u308a\u904e\u53bb4\u5e74\u9593\u306f\u672c\u5f53\u306b\u597d\u8abf\u3067\u3057\u305f\u3002\u77ed\u671f\u7684\u306b\u306f\u3001\u30d6\u30e9\u30f3\u30c9\u3078\u306e\u6295\u8cc7\u3092\u7d99\u7d9a\u3057\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3092\u8d77\u3053\u3059\u3053\u3068\u3067\u3001\u30b7\u30a7\u30a2\u3084\u30ab\u30c6\u30b4\u30ea\u30fc\u3092\u56de\u5fa9\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u77ed\u671f\u7684\u306b\u306f\u3001\u79c1\u305f\u3061\u306f[Indecipherable]\u30d3\u30b8\u30cd\u30b9\u306b\u3064\u3044\u3066\u826f\u3044\u611f\u89e6\u3092\u5f97\u3066\u304a\u308a\u3001\u79c1\u305f\u3061\u306f\u904e\u53bb4\u5e74\u9593\u884c\u3063\u3066\u304d\u305f\u3053\u3068\u3092\u7d99\u7d9a\u3057\u3001\u305d\u308c\u306f\u30ab\u30c6\u30b4\u30ea\u30fc\u3092\u7d99\u7d9a\u3059\u308b\u3053\u3068\u3068\u540c\u3058\u3067\u3059\u3002<\/p>\n<p>\u30b8\u30a7\u30d5\u30fb\u30b7\u30fc\u30e2\u30f3 &#8212; \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u526f\u793e\u9577<\/p>\n<p>\u8cea\u554f\u306b\u884c\u304b\u305b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u78ba\u304b\u306b\u3002\u6b21\u306e\u8cea\u554f\u306f\u30d0\u30fc\u30af\u30ec\u30a4\u30ba\u306e\u30a2\u30f3\u30c9\u30ea\u30e5\u30fc\u30fb\u30e9\u30b6\u30fc\u30eb\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u304a\u9032\u307f\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>Andrew Lazar &#8212; \u30d0\u30fc\u30af\u30ec\u30a4\u30ba &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7686\u3055\u3093\u3001\u30cf\u30c3\u30d4\u30fc\u30db\u30ea\u30c7\u30fc\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b8\u30a7\u30d5\u3001\u30bc\u30cd\u30e9\u30eb\u30fb\u30df\u30eb\u30ba\u793e\u304c\u3001\u77ed\u671f\u7684\u306a\u53ce\u76ca\u6027\u3068\u3001\u3053\u306e\u53b3\u3057\u3044\u74b0\u5883\u4e0b\u3067\u9867\u5ba2\u3084\u6d88\u8cbb\u8005\u3078\u306e\u30b5\u30fc\u30d3\u30b9\u3092\u5411\u4e0a\u3055\u305b\u308b\u3053\u3068\u306b\u3088\u308b\u9577\u671f\u7684\u306a\u5229\u76ca\u3068\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u308b\u306e\u304b\u3001\u8208\u5473\u304c\u3042\u308a\u307e\u3059\u3002\u3067\u306f\u3001\u3053\u306e\u9ad8\u3044\u30b3\u30b9\u30c8\u3067\u904e\u5270\u306a\u9700\u8981\u3092\u6e80\u305f\u3059\u3053\u3068\u306f\u4fa1\u5024\u304c\u3042\u308b\u3068\u78ba\u4fe1\u3059\u308b\u6839\u62e0\u306f\u4f55\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u3069\u306e\u6642\u70b9\u3067\u8ca9\u58f2\u3092\u898b\u9001\u308b\u3053\u3068\u306b\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u30a2\u30f3\u30c9\u30ea\u30e5\u30fc\uff1a\u4e3b\u306a\u7406\u7531\u306e1\u3064\u306f\u3001\u9867\u5ba2\u30b5\u30fc\u30d3\u30b9\u3068\u30de\u30fc\u30b8\u30f3\u3001\u58f2\u4e0a\u6210\u9577\u7387\u306a\u3069\u306e\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5\u3092\u691c\u8a0e\u3059\u308b\u306e\u306b\u76f8\u5f53\u306a\u6642\u9593\u3092\u8cbb\u3084\u3057\u305f\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u3053\u3046\u3057\u305f\u3053\u3068\u3092\u691c\u8a0e\u3059\u308b\u969b\u3001\u5e38\u306b\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u53d6\u308a\u7d44\u3080\u3088\u3046\u5fc3\u304c\u3051\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u304c155\u5e74\u3082\u5b58\u7d9a\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u9577\u3044\u76ee\u3067\u898b\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002\u79c1\u304c\u8a00\u3044\u305f\u3044\u306e\u306f\u3001\u3053\u306e\u74b0\u5883\u3067\u306f\u5927\u304d\u306a\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u3088\u308a\u9ad8\u3044\u30b5\u30fc\u30d3\u30b9\u30ec\u30d9\u30eb\u306e\u30b3\u30b9\u30c8\u3068\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5\u306b\u306a\u308b\u3068\u306f\u601d\u3048\u307e\u305b\u3093\u3002\u305d\u308c\u306f\u3001\u3082\u3057\u79c1\u305f\u3061\u304c\u30ac\u30b9\u306e\u4f9b\u7d66\u3092\u505c\u6b62\u3057\u305f\u308a\u3001\u505c\u6b62\u3057\u305f\u308a\u3057\u305f\u5834\u5408\u3001\u304a\u305d\u3089\u304f\u898b\u3064\u304b\u308b\u306e\u306f\u3001\u3088\u308a\u30c7\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u751f\u307f\u51fa\u3057\u3001\u79c1\u305f\u3061\u306e\u5c0f\u58f2\u9867\u5ba2\u306b\u3068\u3063\u3066\u3088\u308a\u52b9\u7387\u7684\u3067\u3001\u79c1\u305f\u3061\u304c\u6700\u3082\u52b9\u7387\u7684\u3060\u3068\u601d\u308f\u308c\u308b\u30c8\u30e9\u30c3\u30af\u30ed\u30fc\u30c9\u3092\u51fa\u8377\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u305f\u3081\u3001\u79c1\u305f\u3061\u306b\u554f\u984c\u304c\u767a\u751f\u3059\u308b\u3053\u3068\u3067\u3057\u3087\u3046\u304b\u3089\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306e\u30b5\u30fc\u30d3\u30b9\u306b\u76ee\u3092\u3064\u3076\u308c\u3070\u3001\u3082\u3063\u3068\u5132\u304b\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u306a\u3044\u306e\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u4e00\u65e5\u306e\u7d42\u308f\u308a\u306b\u3001\u6700\u7d42\u6d88\u8cbb\u8005\u306b\u5bfe\u3057\u3066\u3001\u305d\u3057\u3066\u5c0f\u58f2\u5e97\u306e\u304a\u5ba2\u69d8\u306b\u5bfe\u3057\u3066\u3001\u5f7c\u3089\u304c\u671b\u3080\u88fd\u54c1\u3092\u63d0\u4f9b\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b\u3053\u3068\u304c\u79c1\u305f\u3061\u306e\u8cac\u4efb\u3067\u3042\u308a\u3001\u305d\u308c\u3092\u6e80\u305f\u3059\u3053\u3068\u306b\u3088\u3063\u3066\u3001\u79c1\u305f\u3061\u306f\u81ea\u5206\u306e\u4ed5\u4e8b\u3092\u3057\u3066\u3044\u308b\u306e\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u30b5\u30fc\u30d3\u30b9\u3092\u6e1b\u3089\u3059\u3053\u3068\u3067\u5f97\u3089\u308c\u308b\u306e\u306f\u3001\u30de\u30fc\u30b8\u30f3\u304c\u826f\u304f\u306a\u308b\u3053\u3068\u304f\u3089\u3044\u3067\u3001\u58f2\u4e0a\u306f\u843d\u3061\u307e\u3059\u304c\u3001General Mills\u306e\u682a\u4e3b\u306b\u306f\u3053\u308c\u4ee5\u4e0a\u5229\u76ca\u3092\u3082\u305f\u3089\u3055\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>Andrew Lazar &#8212; \u30d0\u30fc\u30af\u30ec\u30a4\u30ba &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3067\u3059\u3001\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u305d\u308c\u304b\u3089\u3001Kofi\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u4eca\u56de\u306e\u898b\u901a\u3057\u3067\u3001General Mills\u306f\u4e0b\u534a\u671f\u306eEPS\u306e\u4f38\u3073\u304c\u7b2c4\u56db\u534a\u671f\u306b\u504f\u91cd\u3059\u308b\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u3069\u3046\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\uff1f\u3053\u308c\u306f\u3001\u7b2c3\u56db\u534a\u671f\u306b\u63a7\u3048\u3081\u3067\u3082\u3044\u3044\u304b\u3089EPS\u304c\u4f38\u3073\u3066\u3001\u7b2c4\u56db\u534a\u671f\u306b\u306f\u3082\u3063\u3068\u4f38\u3073\u308b\u3068\u898b\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u308c\u3068\u3082\u3001\u79c1\u306e\u7406\u89e3\u304c\u9593\u9055\u3063\u3066\u3044\u308b\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>Kofi Bruce &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3054\u8cea\u554f\u3092\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u306f\u3001\u7b2c2\u56db\u534a\u671f\u306b\u8a08\u4e0a\u3057\u305f\u5229\u76ca\u7387\u306e\u4f4e\u4e0b\u3092\u6539\u5584\u3057\u3001\u7b2c3\u56db\u534a\u671f\u304b\u3089\u7b2c4\u56db\u534a\u671f\u306b\u304b\u3051\u3066\u9806\u6b21\u6539\u5584\u3057\u3066\u3044\u304f\u3060\u308d\u3046\u3068\u3044\u3046\u6211\u3005\u306e\u4e88\u6e2c\u3092\u5982\u5b9f\u306b\u8868\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Andrew Lazar &#8212; \u30d0\u30fc\u30af\u30ec\u30a4\u30ba &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/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>\u6b21\u306e\u8cea\u554f\u306f\u3001RBC\u30ad\u30e3\u30d4\u30bf\u30eb\u30de\u30fc\u30b1\u30c3\u30c4\u306e\u30cb\u30af\u30fb\u30e2\u30c7\u30a3\u3067\u3059\u3002\u8cea\u554f\u3092\u304a\u9032\u3081\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>Nik Modi &#8212; RBC Capital Markets &#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\u3002Kofi\u304b\u3089\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u72b6\u6cc1\u3001\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u30c7\u30eb\u30bf\u306b\u3064\u3044\u3066\u304a\u805e\u304b\u305b\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f\u4e88\u60f3\u3088\u308a\u60aa\u304b\u3063\u305f\u3068\u3053\u308d\u306f\u3042\u308a\u307e\u3059\u304b\uff1f\u305d\u308c\u304b\u3089\u3082\u3046\u3072\u3068\u3064\u3001\u4fa1\u683c\u5f3e\u529b\u6027\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u3064\u307e\u308a\u3001\u591a\u304f\u306e\u4f01\u696d\u304c\u4e88\u60f3\u4ee5\u4e0a\u306b\u597d\u8abf\u3060\u3068\u8a71\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u5c0f\u58f2\u696d\u8005\u304c\u3059\u3079\u3066\u306e\u30da\u30fc\u30b9\u3092\u4e0a\u3052\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3088\u3046\u306a\u306e\u3067\u3059\u3002\u305d\u3053\u3067\u3001\u4eca\u5f8c\u6570\u30ab\u6708\u9593\u306e\u56db\u534a\u671f\u6c7a\u7b97\u3092\u524d\u306b\u3057\u3066\u3001\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306e\u3054\u610f\u898b\u3092\u4f3a\u3044\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>Kofi Bruce &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u3067\u306f\u3001\u6700\u521d\u306e\u8cea\u554f\u304b\u3089\u3002\u30a4\u30f3\u30d7\u30c3\u30c8\u30b3\u30b9\u30c8\u306e\u7d0455\uff05\u304c\u5305\u88c5\u8cc7\u6750\u300130\uff05\u304c\u88fd\u9020\u3001\u6b8b\u308a\u304c\u30ed\u30b8\u30b9\u30c6\u30a3\u30c3\u30af\u30b9\u306b\u306a\u308a\u307e\u3059\u3002\u7279\u306b\u539f\u6750\u6599\u3068\u5305\u88c5\u6750\u306f2\u6841\u306b\u306a\u308a\u3001\u7269\u6d41\u306f\u3059\u3067\u306b2\u6841\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u306e2\u6841\u3092\u7dad\u6301\u3057\u3001\u7279\u306b\u30a2\u30eb\u30df\u6a39\u8102\u3001\u7e4a\u7dad\u3001\u539f\u6750\u6599\u3001\u6cb9\u8102\u306a\u3069\u306e\u8abf\u9054\u3068\u5305\u88c5\u306f1\u6841\u524d\u534a\u306b\u3068\u3069\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u308c\u304b\u3089\u30012\u3064\u76ee\u306e\u3054\u8cea\u554f\u3067\u3059\u304c\u3001\u524d\u56de\u306e[Indecherable]\u306b\u95a2\u9023\u3057\u3066\u3067\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30ca\u30b5\u30f3\u30fbJ\u30fb\u30cc\u30fc\u30c7\u30a3 &#8212; \u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30b0\u30eb\u30fc\u30d7\u793e\u9577<\/p>\n<p>\u79c1\u305f\u3061\u304c\u672c\u5f53\u306b\u6e80\u8db3\u3057\u3066\u3044\u308b\u3053\u3068\u306e\u4e00\u3064\u306f\u3001\u904e\u53bb5\u30016\u5e74\u306e\u9593\u306b\u69cb\u7bc9\u3057\u305f\u5f37\u529b\u306a\u80fd\u529b\u3067\u3042\u308a\u3001\u79c1\u305f\u3061\u306f\u3088\u308a\u591a\u304f\u306e\u30c7\u30fc\u30bf\u5206\u6790\u3092\u624b\u306b\u5165\u308c\u307e\u3057\u305f\u3002\u3053\u306e\u6570\u30b7\u30fc\u30ba\u30f3\u306f\u3001\u79c1\u305f\u3061\u304c\u6b74\u53f2\u7684\u306b\u671b\u3093\u3067\u3044\u305f\u3082\u306e\u3088\u308a\u3082\u826f\u3044\u3082\u306e\u3092\u898b\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>Nik Modi &#8212; RBC Capital Markets &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/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>\u6b21\u306e\u8cea\u554f\u306f\u30af\u30ec\u30c7\u30a3\u30fb\u30b9\u30a4\u30b9\u306e\u30ed\u30d0\u30fc\u30c8\u30fb\u30e2\u30b9\u30b3\u30a6\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>Robert Moskow &#8212; Credit Suisse &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7686\u3055\u3093\u304a\u5143\u6c17\u3067\u3057\u3087\u3046\u304b\u3002\u5024\u4e0a\u3052\u306e\u969b\u306b\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3001\u30b8\u30e7\u30f3\u3055\u3093\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u3084\u539f\u6750\u6599\u30928%\u304b\u30899%\u3067\u304a\u5ba2\u69d8\u306b\u898b\u305b\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u969b\u306b\u767a\u751f\u3059\u308b\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u306b\u3088\u308b\u30b3\u30b9\u30c8\u3082\u898b\u305b\u3066\u3044\u307e\u3059\u304b\uff1f\u305d\u308c\u3092\u8e0f\u307e\u3048\u3066\u4fa1\u683c\u8a2d\u5b9a\u3092\u6b63\u5f53\u5316\u3059\u308b\u3053\u3068\u306f\u53ef\u80fd\u3067\u3057\u3087\u3046\u304b\uff1f\u306a\u305c\u306a\u3089\u3001\u9867\u5ba2\u306f\u305d\u306e\u3046\u3061\u306e\u3044\u304f\u3064\u304b\u306f\u4e00\u904e\u6027\u306e\u3082\u306e\u3060\u3068\u4e3b\u5f35\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u304b\u3089\u3067\u3059\u3002\u305d\u306e\u3042\u305f\u308a\u306e\u8a71\u3092\u805e\u304b\u305b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>Jonathon J. Nudi &#8212; \u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30b0\u30eb\u30fc\u30d7\u793e\u9577<\/p>\n<p>\u3064\u307e\u308a\u3001\u9577\u3044\u9593\u3001[Indecipherable]\u4f1a\u8a71\u306f\u904e\u53bb\u306b\u6bd4\u3079\u308c\u3070\u7c21\u5358\u306a\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u8ab0\u3082\u304c[Indecipherable]\u306f\u6b63\u5f53\u5316\u3055\u308c\u308b\u3082\u306e\u3060\u3068\u8a8d\u8b58\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u3001\u591a\u304f\u306e\u6642\u9593\u3092\u8cbb\u3084\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u307b\u3068\u3093\u3069\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u3068\u30de\u30fc\u30b1\u30c3\u30c8\u30d0\u30b9\u30b1\u30c3\u30c8\u3092\u4e2d\u5fc3\u306b\u69cb\u7bc9\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u79c1\u305f\u3061\u306f\u3088\u308a\u9577\u3044\u671f\u9593\u3001\u3053\u306e\u554f\u984c\u306b\u53d6\u308a\u7d44\u3093\u3067\u3044\u304f\u3053\u3068\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u78ba\u304b\u306b\u5c0f\u58f2\u696d\u8005\u306f\u3001\u77ed\u671f\u7684\u306b\u306f\u79c1\u305f\u3061\u304c\u8ca0\u62c5\u3057\u3066\u3044\u308b\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u30b3\u30b9\u30c8\u3092\u975e\u5e38\u306b\u8a8d\u8b58\u3057\u3066\u3044\u307e\u3059\u3057\u3001\u5f7c\u3089\u3082\u540c\u3058\u3088\u3046\u306b\u30b3\u30b9\u30c8\u3092\u8ca0\u62c5\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u73fe\u6642\u70b9\u3067\u306f\u3001\u4fa1\u683c\u8a2d\u5b9a\u3092\u6b63\u5f53\u5316\u3059\u308b\u305f\u3081\u306b\u3001\u3088\u308a\u30de\u30af\u30ed\u306a\u8981\u56e0\u3084\u30a4\u30f3\u30d5\u30ec\u306b\u7126\u70b9\u3092\u5f53\u3066\u305f\u4f1a\u8a71\u3092\u7406\u89e3\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>Robert Moskow &#8212; Credit Suisse &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3001\u305d\u308c\u3067\u8cea\u554f\u306a\u3093\u3067\u3059\u304c\u3001\u30b8\u30e7\u30f3\u3055\u3093\u3002\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u3092\u6b63\u5f53\u5316\u3059\u308b\u3053\u3068\u306f\u3001\u3088\u308a\u56f0\u96e3\u306a\u3053\u3068\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3064\u307e\u308a\u3001\u5fa1\u793e\u306e\u4fa1\u683c\u8a2d\u5b9a\u306f\u30018%\u304b\u30899%\u306e\u30a4\u30f3\u30d5\u30ec\u3092\u76f8\u6bba\u3059\u308b\u305f\u3081\u306e\u3082\u306e\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3001\u305d\u308c\u3068\u3082\u3053\u306e\u6df7\u4e71\u3082\u76f8\u6bba\u3059\u308b\u305f\u3081\u306e\u3082\u306e\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b8\u30e7\u30ca\u30b5\u30f3\u30fbJ\u30fb\u30cc\u30fc\u30c7\u30a3 &#8212; \u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30b0\u30eb\u30fc\u30d7\u793e\u9577<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3001\u79c1\u305f\u3061\u306e\u4fa1\u683c\u8a2d\u5b9a\u3068\u540c\u69d8\u306b\u3001\u77ed\u671f\u7684\u306a\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u30b3\u30b9\u30c8\u3092\u898b\u308b\u3068\u3001\u660e\u3089\u304b\u306b\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u5384\u4ecb\u306a\u306e\u306f\u3001\u5c0f\u58f2\u696d\u8005\u306e\u69cb\u6210\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u3069\u306e\u7a0b\u5ea6\u306e\u4fa1\u683c\u8a2d\u5b9a\u304c\u53ef\u80fd\u304b\u3001\u3069\u306e\u7a0b\u5ea6\u306e\u4fa1\u683c\u8a2d\u5b9a\u304c\u671b\u307e\u308c\u308b\u304b\u3001\u305d\u3057\u3066\u3001\u3053\u308c\u3089\u306e\u30ec\u30b9\u30c8\u30e9\u30f3\u306e\u80fd\u529b\u3092\u3069\u306e\u7a0b\u5ea6\u6d3b\u7528\u3067\u304d\u308b\u304b\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u3068\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u4fa1\u683c\u8a2d\u5b9a\u306e\u89b3\u70b9\u304b\u3089\u9577\u3044\u76ee\u3067\u898b\u3088\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3057\u3001\u660e\u3089\u304b\u306b\u77ed\u671f\u7684\u306a[Indecipherable]\uff08\u89e3\u8aad\u4e0d\u80fd\uff09\u306a\u90e8\u5206\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3057\u304b\u3057\u3001\u30ed\u30d0\u30fc\u30c8\u3001\u3042\u306a\u305f\u306f\u826f\u3044\u70b9\u3092\u6307\u6458\u3057\u305f\u3068\u601d\u3044\u307e\u3059\u3057\u3001\u30b8\u30e7\u30f3\u3082&#8230;\u30b8\u30e7\u30f3\u304c\u3046\u307e\u304f\u7b54\u3048\u3066\u304f\u308c\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u306f\u4e00\u904e\u6027\u306e\u3082\u306e\u3067\u3042\u308a\u3001\u5148\u307b\u3069Kofi\u304c\u6307\u6458\u3057\u305f\u3088\u3046\u306b\u3001\u4eca\u5e74\u5ea6\u4e2d\u306b\u306f\u6539\u5584\u3055\u308c\u308b\u3082\u306e\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u9577\u671f\u7684\u306b\u898b\u308c\u3070\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306f\u3088\u308a\u52b9\u7387\u7684\u306b\u306a\u3063\u3066\u3044\u304f\u3067\u3057\u3087\u3046\u3002\u30a2\u30b8\u30a2\u3067\u306e\u751f\u7523\u6027\u306f\u975e\u5e38\u306b\u9ad8\u3044\u306e\u3067\u3001\u3053\u308c\u3089\u306e\u30b3\u30b9\u30c8\u306f\u6642\u9593\u304c\u7d4c\u3066\u3070\u3001\u5e02\u5834\u304c\u5b89\u5b9a\u3059\u308c\u3070\u3001\u6539\u5584\u3067\u304d\u308b\u30b3\u30b9\u30c8\u3067\u3042\u308b\u3068\u5f37\u304f\u78ba\u4fe1\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Robert Moskow &#8212; Credit Suisse &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3067\u3059\u3001OK\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b8\u30a7\u30d5\u30fb\u30b7\u30fc\u30e2\u30f3 &#8212; \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u526f\u793e\u9577<\/p>\n<p>\u30b8\u30a7\u30d5\u30fb\u30b7\u30fc\u30e2\u30f3\u3067\u3059\u3002\u3082\u30461\u70b9\u3001\u305f\u3076\u3093\u6b63\u9d60\u3092\u5c04\u3066\u3044\u308b\u3068\u601d\u3046\u306e\u3067\u3059\u304c\u3001\u88dc\u8db3\u3057\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u6df7\u4e71\u3057\u305f\u74b0\u5883\u306f\u3001\u4e0b\u534a\u671f\u306b\u5fc5\u305a\u3057\u3082\u5927\u304d\u304f\u6539\u5584\u3059\u308b\u3068\u306f\u601d\u3063\u3066\u3044\u307e\u305b\u3093\u3002Kofi\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067\u30de\u30fc\u30b8\u30f3\u304c\u6539\u5584\u3059\u308b\u898b\u8fbc\u307f\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u6628\u5e74\u5f8c\u534a\u306b\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u30b3\u30b9\u30c8\u304c\u5897\u52a0\u3057\u305f\u305f\u3081\u3001\u6bd4\u8f03\u5bfe\u8c61\u304c\u304b\u306a\u308a\u5bb9\u6613\u306b\u306a\u308b\u3053\u3068\u304c\u8981\u56e0\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067\u4eca\u5e74\u767a\u751f\u3059\u308b\u30b3\u30b9\u30c8\u306f\u9006\u98a8\u306b\u306a\u3089\u305a\u306b\u6e08\u307f\u3001\u4e0b\u534a\u671f\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u304a\u3088\u3073\u55b6\u696d\u5229\u76ca\u7387\u306e\u6539\u5584\u306b\u5927\u304d\u304f\u8ca2\u732e\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>Robert Moskow &#8212; Credit Suisse &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u304b\u3002\u672c\u5f53\u306f\u3082\u3063\u3068\u8cea\u554f\u304c\u3042\u308b\u306e\u3067\u3059\u304c\u3001\u4eca\u65e5\u306f\u30af\u30ea\u30b9\u30de\u30b9\u306a\u306e\u3067\u3002\u3060\u304b\u3089\u3001\u3053\u308c\u306f\u79c1\u304b\u3089\u306e\u30d7\u30ec\u30bc\u30f3\u30c8\u3067\u3001\u3042\u306a\u305f\u306b\u8cea\u554f\u3057\u306a\u3044\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001\u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9\u306e\u30b8\u30a7\u30a4\u30bd\u30f3\u30fb\u30a4\u30f3\u30b0\u30ea\u30c3\u30b7\u30e5\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u304a\u9032\u307f\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30b8\u30a7\u30a4\u30bd\u30f3\u30fb\u30a4\u30f3\u30b0\u30ea\u30c3\u30b7\u30e5 &#8212; \u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u7686\u3055\u3093\u3001\u304a\u4f11\u307f\u306a\u3055\u3044\u3002[\u30b8\u30a7\u30d5\u3001\u3042\u306a\u305f\u306f\u79c1\u304c\u30b3\u30d5\u30a3\u306b\u3057\u305f\u8cea\u554f\u306e\u4e00\u3064\u3092\u660e\u78ba\u306b\u3057\u3066\u304f\u308c\u307e\u3057\u305f\u306d\u3002\u3057\u304b\u3057\u3001\u79c1\u306f\u6700\u5f8c\u306e\u30dd\u30a4\u30f3\u30c8\u3067\u307e\u3060\u8cea\u554f\u3092\u3059\u308b\u3064\u3082\u308a\u3067\u3059\u3002\u524d\u5e74\u540c\u671f\u6bd4\u3067\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306e\u5727\u529b\u306f\u3001\u30b3\u30f3\u30d7\u3092\u8003\u616e\u3059\u308b\u3068\u660e\u3089\u304b\u306b\u6e1b\u5c11\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u4fa1\u683c\u4e0a\u6607\u306e\u5727\u529b\u304c\u56db\u534a\u671f\u3001\u3064\u307e\u308a\u4eca\u5e74\u306e\u6b8b\u308a\u306e\u671f\u9593\u306b\u3042\u308a\u3001\u3055\u3089\u306b\u30a4\u30f3\u30d5\u30ec\u3082\u6765\u3066\u3044\u307e\u3059\u3002\u524d\u56db\u534a\u671f\u6bd4\u3067\u306f\u3001\u7b2c2\u56db\u534a\u671f\u306b\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u304c\u4f4e\u4e0b\u3057\u3066\u3044\u307e\u3059\u306d\u3002\u3053\u308c\u306f\u73fe\u5728\u308f\u304b\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u30d9\u30fc\u30b9\u3068\u3057\u305f\u30d5\u30ed\u30a2\u30ec\u30d9\u30eb\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u306e\u9023\u7d9a\u7684\u306a\u4f38\u3073\u3092\u671f\u5f85\u3057\u3066\u3082\u3088\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n<p>\u7b2c3\u56db\u534a\u671f\u304b\u3089\u7b2c4\u56db\u534a\u671f\u306b\u9032\u3080\u306b\u3064\u308c\u3066\u3001\u6e1b\u5c11\u3057\u305f\u90e8\u5206\u304b\u3089\u6539\u5584\u3057\u3001\u9806\u6b21\u6539\u5584\u3057\u3066\u3044\u304f\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u4e2d\u3067\u793a\u5506\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u3053\u306e\u7a0b\u5ea6\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>Jason English &#8212; Goldman Sachs &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u306a\u308b\u307b\u3069\u3001\u6697\u9ed9\u306e\u4e86\u89e3\u3068\u3057\u3066\u30013Q\u306e\u30de\u30fc\u30b8\u30f3\u306f2Q\u3088\u308a\u3082\u5f31\u304f\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u306d\u3002\u6b21\u306e\u8cea\u554f\u3067\u3059\u3002\u7c73\u56fd\u306e\u6d88\u8cbb\u8005\u304c\u307e\u3060\u6f64\u6ca2\u306a\u8cc7\u91d1\u3092\u6301\u3063\u3066\u3044\u308b\u3053\u3068\u306f\u660e\u3089\u304b\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u7af6\u5408\u4ed6\u793e\u306e1\u793e\u306f\u3001\u30b7\u30ea\u30a2\u30eb\u306e\u3088\u3046\u306a\u30ab\u30c6\u30b4\u30ea\u30fc\u3067\u30c8\u30ec\u30fc\u30c9\u30c0\u30a6\u30f3\u304c\u518d\u958b\u3055\u308c\u59cb\u3081\u305f\u3068\u3059\u3067\u306b\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u3002\u5fa1\u793e\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u3067\u3082\u540c\u3058\u3088\u3046\u306a\u3053\u3068\u304c\u8d77\u3053\u3063\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u6765\u5e74\u65e9\u3005\u306b\u304b\u306a\u308a\u5927\u304d\u306a\u666f\u6c17\u523a\u6fc0\u7b56\u3092\u5b9f\u65bd\u3059\u308b\u4e88\u5b9a\u3067\u3059\u304c\u3001\u30c8\u30ec\u30fc\u30c9\u30c0\u30a6\u30f3\u884c\u52d5\u3084\u4fa1\u683c\u5f3e\u529b\u6027\u306a\u3069\u306b\u95a2\u3057\u3066\u3001\u3069\u306e\u3088\u3046\u306a\u8a08\u753b\u3092\u304a\u6301\u3061\u3067\u3059\u304b\u3002<\/p>\n<p>\u30b8\u30e7\u30ca\u30b5\u30f3\u30fbJ\u30fb\u30cc\u30fc\u30c7\u30a3 &#8212; \u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30b0\u30eb\u30fc\u30d7\u793e\u9577<\/p>\n<p>\u30b8\u30e7\u30f3\u3067\u3059\u3002\u79c1\u305f\u3061\u306e\u30d3\u30b8\u30cd\u30b9\u3092\u898b\u3066\u307f\u308b\u3068\u3001\u307b\u3068\u3093\u3069\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u304c\u5f37\u5316\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30d6\u30e9\u30f3\u30c9\u3068\u306e\u6bd4\u8f03\u3067\u306f\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30d6\u30e9\u30f3\u30c9\u304c\u5f15\u304d\u7d9a\u304d\u30b7\u30a7\u30a2\u3092\u7372\u5f97\u3057\u3066\u304a\u308a\u3001\u5f15\u304d\u7d9a\u304d\u6ce8\u8996\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u30d6\u30e9\u30f3\u30c9\u3092\u69cb\u7bc9\u3057\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3092\u8d77\u3053\u3057\u3001\u81ea\u5206\u305f\u3061\u306e\u5f97\u610f\u306a\u3053\u3068\u3092\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u30d3\u30b8\u30cd\u30b9\u3092\u63a8\u9032\u3057\u3066\u304a\u308a\u3001\u6b74\u53f2\u7684\u306b\u898b\u3066\u3082\u3001\u4e0d\u6cc1\u306e\u6642\u4ee3\u306b\u306f\u79c1\u305f\u3061\u306e\u30d6\u30e9\u30f3\u30c9\u306f\u826f\u3044\u696d\u7e3e\u3092\u4e0a\u3052\u3066\u3044\u307e\u3057\u305f\u3002\u3067\u3059\u304b\u3089\u3001\u73fe\u6642\u70b9\u3067\u306f\u3001\u529b\u5b66\u7684\u306a\u5909\u5316\u306f\u898b\u3089\u308c\u307e\u305b\u3093\u3002<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3001\u30b8\u30a7\u30a4\u30bd\u30f3\u3055\u3093\u306b\u3082\u88dc\u8db3\u3057\u3066\u304a\u304d\u307e\u3059\u3002\u30d5\u30fc\u30c9\u30b5\u30fc\u30d3\u30b9\u90e8\u9580\u3082\u540c\u69d8\u3067\u3059\u3002\u30da\u30c3\u30c8\u306e\u5206\u91ce\u3082\u305d\u3046\u3067\u3059\u3002\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u306f\u898b\u3066\u3044\u307e\u305b\u3093\u3002\u4e2d\u56fd\u3084\u30d6\u30e9\u30b8\u30eb\u3067\u3082\u898b\u3089\u308c\u307e\u305b\u3093\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u3053\u3067\u306f\u5358\u306b\u898b\u3066\u3044\u306a\u3044\u3060\u3051\u306a\u306e\u3067\u3059\u3002<\/p>\n<p>Jason English &#8212; Goldman Sachs &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3048\u3048\u3001\u79c1\u3082\u898b\u305f\u3053\u3068\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u7af6\u5408\u4ed6\u793e\u304c\u305d\u308c\u3092\u6307\u6458\u3057\u305f\u3053\u3068\u306b\u9a5a\u3044\u305f\u306e\u3067\u3001\u8cea\u554f\u3057\u305f\u306e\u3067\u3059\u3002\u3067\u3082\u3001\u8aac\u660e\u3057\u3066\u304f\u308c\u3066\u672c\u5f53\u306b\u3042\u308a\u304c\u3068\u3046\u3002\u3088\u3044\u4f11\u6687\u3092\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001\u30c9\u30a4\u30c4\u9280\u884c\u306e\u30b9\u30c6\u30a3\u30fc\u30d6\u30fb\u30d1\u30ef\u30fc\u30ba\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30b9\u30c6\u30a3\u30fc\u30d6\u30fb\u30d1\u30ef\u30fc\u30ba &#8212; \u30c9\u30a4\u30c4\u9280\u884c &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u306f\u3044\u3001\u3069\u3046\u3082\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u3084\u52b4\u50cd\u529b\u4e0d\u8db3\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u3042\u306a\u305f\u306e\u3053\u308c\u307e\u3067\u306e\u30b3\u30e1\u30f3\u30c8\u3092\u7dcf\u5408\u3059\u308b\u3068\u3001\u30dc\u30c8\u30eb\u30cd\u30c3\u30af\u3084\u5730\u7406\u7684\u306a\u91cd\u306a\u308a\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u306b\u304b\u304b\u308f\u3089\u305a\u3001\u3042\u306a\u305f\u304c\u671f\u5f85\u3057\u3066\u3044\u308b\u3001\u3042\u308b\u3044\u306f\u3082\u3046\u5c11\u3057\u697d\u89b3\u7684\u306a\u5834\u6240\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b? \u3061\u3087\u3063\u3068\u6c17\u306b\u306a\u308b\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30ca\u30b5\u30f3 J. \u30cc\u30fc\u30c7\u30a3 &#8212; \u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30b0\u30eb\u30fc\u30d7\u793e\u9577<\/p>\n<p>\u306f\u3044\u3001\u30b9\u30c6\u30a3\u30fc\u30d6\u3001\u30b8\u30e7\u30f3\u3067\u3059\u3002\u4eca\u3001\u8ab2\u984c\u306e\u3072\u3068\u3064\u306f\u3001\u7834\u58ca\u304c\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u5168\u4f53\u306b\u53ca\u3093\u3067\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u3042\u308b\u30b1\u30fc\u30b9\u3067\u306f\u30ab\u30c6\u30b4\u30ea\u30fc\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u3001\u307e\u305f\u3042\u308b\u30b1\u30fc\u30b9\u3067\u306f\u751f\u7523\u80fd\u529b\u304c\u5236\u7d04\u3055\u308c\u3001\u3059\u3079\u3066\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u3068\u3063\u3066\u975e\u5e38\u306b\u5927\u304d\u306a\u8ab2\u984c\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u304c\u826f\u304f\u306a\u308b\u3068\u4fe1\u3058\u3066\u3044\u308b\u5206\u91ce\u306e\u4e00\u3064\u306f\u3001\u793e\u5185\u3067\u306e\u8b70\u8ad6\u3067\u3059\u3002\u79c1\u305f\u3061\u304c\u53d6\u3063\u3066\u3044\u308b\u884c\u52d5\u306b\u3088\u308a\u3001\u904e\u53bb\u306b\u306f\u3053\u306e\u5730\u57df\u306e\u5358\u4e00\u306e\u4f9b\u7d66\u5143\u3067\u3055\u3048\u3082\u826f\u304f\u306a\u304b\u3063\u305f\u3068\u3053\u308d\u3092\u3001\u4ee3\u66ff\u4f9b\u7d66\u5143\u3092\u5c0e\u5165\u3057\u3066\u3044\u307e\u3059\u3002\u7b2c3\u56db\u534a\u671f\u306f\u7b2c2\u56db\u534a\u671f\u3068\u540c\u3058\u3088\u3046\u306a\u611f\u3058\u3067\u3001\u7b2c4\u56db\u534a\u671f\u306f\u826f\u304f\u306f\u306a\u308a\u307e\u3059\u304c\u3001\u7b2c1\u56db\u534a\u671f\u306b\u8fd1\u3044\u611f\u3058\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u5e73\u5747\u3059\u308b\u3068\u3001\u4e0b\u534a\u671f\u306f\u540c\u3058\u3088\u3046\u306a\u30b5\u30fc\u30d3\u30b9\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b9\u30c6\u30a3\u30fc\u30d6\u30fb\u30d1\u30ef\u30fc\u30ba &#8212; \u30c9\u30a4\u30c4\u9280\u884c &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u306a\u308b\u307b\u3069\u3001\u7d20\u6674\u3089\u3057\u3044\u3002\u305f\u3060&#8230;\u305d\u308c\u3092\u306f\u3063\u304d\u308a\u3055\u305b\u305f\u3044\u306e\u3067\u3059\u3002\u3064\u307e\u308a\u3001\u539f\u6599\u8abf\u9054\u306e\u7de9\u548c\u3092\u671f\u5f85\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u304c\u3001\u305d\u308c\u4ee5\u4e0a\u306b\u3001\u6761\u4ef6\u304c\u826f\u304f\u306a\u3063\u305f\u306e\u3067\u591a\u69d8\u5316\u3092\u6e1b\u3089\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Jonathon J. Nudi &#8212; \u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30b0\u30eb\u30fc\u30d7\u793e\u9577<\/p>\n<p>\u305d\u306e\u901a\u308a\u3067\u3059\u3002\u4eca\u65e5\u3001\u79c1\u305f\u3061\u306f\u539f\u6750\u6599\u306e\u5927\u5e45\u306a\u6539\u5584\u3068\u5165\u624b\u306e\u3057\u3084\u3059\u3055\u3092\u78ba\u8a8d\u3057\u3066\u3044\u307e\u305b\u3093\u3057\u3001\u79c1\u305f\u3061\u306e[Indecipherable]\u306b\u95a2\u3057\u3066\u3082\u4f55\u304b\u3092\u898b\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Steve Powers &#8212; Deutsche Bank &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u306a\u308b\u307b\u3069\u3001\u7d20\u6674\u3089\u3057\u3044\u3002\u3082\u30461\u3064\u306e\u8cea\u554f\u306f\u3001\u30e8\u30fc\u30ed\u30c3\u30d1\u3068\u30aa\u30fc\u30b9\u30c8\u30e9\u30ea\u30a2\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u30e8\u30fc\u30ed\u30c3\u30d1\u3068\u30aa\u30fc\u30b9\u30c8\u30e9\u30ea\u30a2\u306f\u3001\u660e\u3089\u304b\u306b\u30de\u30fc\u30b8\u30f3\u5727\u529b\u304c\u975e\u5e38\u306b\u5f37\u3044\u3067\u3059\u3002\u305d\u3053\u3067\u5e74\u6b21\u4fa1\u683c\u4ea4\u6e09\u306b\u5165\u308b\u308f\u3051\u3067\u3059\u304c\u3001\u3053\u308c\u307e\u3067\u306e\u304a\u8a71\u304b\u3089\u3001\u7b2c4\u56db\u534a\u671f\u306b\u305d\u306e\u4ea4\u6e09\u304c\u52b9\u3044\u3066\u304d\u3066\u3001\u305d\u308c\u304c\u7de9\u548c\u306e\u6e90\u6cc9\u306b\u306a\u308b &#8212; \u3055\u3089\u306b\u7de9\u548c\u3055\u308c\u308b\u3068\u3044\u3046\u76f8\u5bfe\u7684\u306a\u78ba\u4fe1\u304c\u304a\u3042\u308a\u3067\u3059\u304b\uff1f<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u306e\u3088\u3046\u306a\u74b0\u5883\u4e0b\u3067\u306e\u4fa1\u683c\u8a2d\u5b9a\u306b\u95a2\u3059\u308b\u5236\u7d04\u306b\u3064\u3044\u3066\u306f\u3001\u6982\u7565\u3092\u3054\u7406\u89e3\u3044\u305f\u3060\u3051\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u4fa1\u683c\u4ea4\u6e09\u306e\u7a93\u53e3\u306f\u304b\u306a\u308a\u56fa\u3044\u3002\u3057\u304b\u3057\u3001\u79c1\u304c\u78ba\u8a8d\u3057\u305f\u3044\u306e\u306f\u3001\u4ed6\u306e\u30bb\u30b0\u30e1\u30f3\u30c8\u306b\u6bd4\u3079\u3066[Indecherable]\u306e\u30de\u30fc\u30b8\u30f3\u304c\u82e5\u5e72\u5727\u8feb\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u7279\u306b\u3001\u58f2\u4e0a\u9ad8\u6210\u9577\u7387\u3078\u306e\u8ca2\u732e\u5ea6\u3068\u3057\u3066\u4fa1\u683c\u8a2d\u5b9a\u3092\u898b\u308c\u3070\u3001\u305d\u308c\u304c\u53cd\u6620\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u308f\u304b\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u6280\u8853\u7684\u8ab2\u984c]\u306b\u3064\u3044\u3066\u306f\u3001\u5c0f\u898f\u6a21\u306a\u30d3\u30b8\u30cd\u30b9\u3067\u3059\u306e\u3067\u3001\u58f2\u4e0a\u9ad8\u5168\u4f53\u306e5%\u304b\u308910%\u7a0b\u5ea6\u3067\u3059\u3002<\/p>\n<p>\u30b9\u30c6\u30a3\u30fc\u30d6\u30fb\u30d1\u30ef\u30fc\u30ba &#8212; \u30c9\u30a4\u30c4\u9280\u884c &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u306f\u3044\u3001\u308f\u304b\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001\u30b7\u30c6\u30a3\u30b0\u30eb\u30fc\u30d7\u306e\u30a6\u30a7\u30f3\u30c7\u30a3\u30fb\u30cb\u30b3\u30eb\u30bd\u30f3\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u304a\u9032\u307f\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>Wendy Nicholson &#8212; \u30b7\u30c6\u30a3\u30b0\u30eb\u30fc\u30d7 &#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\u6700\u521d\u306e\u8cea\u554f\u306f\u3001\u68da\u306b\u4e26\u3079\u3089\u308c\u308b\u4fa1\u683c\u306e\u5927\u304d\u3055\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u3053\u306e\u6570\u30f6\u6708\u3001\u5317\u7c73\u306e\u5c0f\u58f2\u5e97\u3067\u306f\u5e73\u57479\uff05\u306e\u5024\u4e0a\u3052\u3068\u304a\u3063\u3057\u3083\u3063\u3066\u3044\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u4eca\u5f8c6\u30f6\u6708\u9593\u3067\u3069\u306e\u7a0b\u5ea6\u306e\u4e0a\u6607\u3092\u898b\u8fbc\u3093\u3067\u3044\u308b\u306e\u304b\u3001\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305f\u3060\u3001\u3059\u3067\u306b\u304a\u5ba2\u69d8\u306b\u767a\u8868\u3057\u3066\u3044\u308b\u4fa1\u683c\u8a2d\u5b9a\u304c\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u4e0b\u534a\u671f\u306b\u306f\u3082\u3063\u3068\u9ad8\u304f\u306a\u308b\u3068\u78ba\u4fe1\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u5c06\u6765\u306e\u4fa1\u683c\u8a2d\u5b9a\u306e\u8a73\u7d30\u306b\u3064\u3044\u3066\u306f\u30b3\u30e1\u30f3\u30c8\u3044\u305f\u3057\u307e\u305b\u3093\u3002<\/p>\n<p>Wendy Nicholson &#8212; \u30b7\u30c6\u30a3\u30b0\u30eb\u30fc\u30d7 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u306a\u308b\u307b\u3069\u3001\u305d\u306e\u901a\u308a\u3067\u3059\u306d\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30d6\u30e9\u30f3\u30c9\u306f\u8105\u5a01\u3067\u306f\u306a\u304f\u3001\u30b7\u30a7\u30a2\u3092\u4f38\u3070\u3057\u3066\u3044\u306a\u3044\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u9577\u671f\u7684\u306b\u898b\u308b\u3068\u3001\u30b7\u30a7\u30a2\u52d5\u5411\u306f\u4e2d\u7acb\u7684\u306a\u52b9\u679c\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u306d\u3002\u3057\u304b\u3057\u3001\u3042\u308b\u6642\u70b9\u304b\u3089\u7af6\u4e89\u306f\u6fc0\u3057\u304f\u306a\u308a\u3001\u304a\u305d\u3089\u304f\u7af6\u5408\u4ed6\u793e &#8212; \u4e3b\u8981\u306a\u7af6\u5408\u4ed6\u793e\u306f\u4f9b\u7d66\u306e\u89b3\u70b9\u304b\u3089\u5c11\u3057\u624b\u3092\u5f8c\u308d\u306b\u7e1b\u3089\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u5317\u7c73\u306e\u4ed6\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u306e\u30d6\u30e9\u30f3\u30c9\u30e1\u30fc\u30ab\u30fc\u304b\u3089\u898b\u3066\u3001\u4fa1\u683c\u9762\u3067\u540c\u3058\u3088\u3046\u306b\u7a4d\u6975\u7684\u3067\u3042\u308b\u304b\u3069\u3046\u304b\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u3044\u305f\u3060\u3051\u307e\u3059\u304b\u3002\u307e\u305f\u3001\u30b7\u30a7\u30a2\u62e1\u5927\u306e\u305f\u3081\u306b\u30d7\u30ed\u30e2\u30fc\u30b7\u30e7\u30f3\u3092\u5f37\u5316\u3059\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u304b\uff1f\u4eca\u3001\u5e97\u982d\u3067\u3054\u89a7\u306b\u306a\u3063\u3066\u3044\u308b\u3088\u3046\u306a\u3053\u3068\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>Jeffrey L. Harmening &#8212; \u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n<p>\u7af6\u5408\u4ed6\u793e\u304c\u4fa1\u683c\u8a2d\u5b9a\u3084\u30d3\u30b8\u30cd\u30b9\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u8a71\u3059\u306e\u306f\u3001\u304a\u305d\u3089\u304f\u6700\u5584\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u304c\u6700\u3082\u8a87\u308a\u306b\u601d\u3063\u3066\u3044\u308b\u3053\u3068\u306e\u3072\u3068\u3064\u306f\u3001Wendy\u304c\u6307\u6458\u3057\u3066\u304f\u308c\u305f\u3053\u3068\u3067\u3059\u304c\u3001\u5f53\u793e\u306f\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u30b7\u30a7\u30a2\u3092\u62e1\u5927\u3057\u3066\u304d\u305f\u3053\u3068\u3067\u3059\u3002\u30da\u30c3\u30c8\u30d3\u30b8\u30cd\u30b9\u3067\u3082\u305d\u3046\u3067\u3057\u305f\u3002\u30e8\u30fc\u30ed\u30c3\u30d1\u3001\u4e2d\u56fd\u3001\u30d6\u30e9\u30b8\u30eb\u3067\u3082\u305d\u3046\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u3053\u306e\u53b3\u3057\u3044\u74b0\u5883\u306e\u4e2d\u3067\u3001\u79c1\u304c\u6700\u3082\u8a87\u308a\u306b\u601d\u3063\u3066\u3044\u308b\u3053\u3068\u306e\u3072\u3068\u3064\u306f\u3001\u975e\u5e38\u306b\u52b9\u7387\u7684\u306b\u5229\u76ca\u3092\u4e0a\u3052\u7d9a\u3051\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u6211\u3005\u306e\u5b9f\u884c\u529b\u3068\u9867\u5ba2\u30b5\u30fc\u30d3\u30b9\u30ec\u30d9\u30eb\u306e\u9ad8\u3055\u306e\u8868\u308c\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u79c1\u305f\u3061\u306e\u5b9f\u884c\u529b\u3068\u9867\u5ba2\u30b5\u30fc\u30d3\u30b9\u30ec\u30d9\u30eb\u306e\u9ad8\u3055\u306e\u8868\u308c\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u304c\u6700\u3082\u91cd\u8981\u306a\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u591a\u304f\u306e\u5834\u5408\u3001\u7af6\u5408\u4ed6\u793e\u306f\u4f9b\u7d66\u9762\u3067\u5236\u7d04\u3092\u53d7\u3051\u308b\u3053\u3068\u306f\u306a\u304f\u3001\u7269\u8cea\u7684\u306a\u6df7\u4e71\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u305d\u306e\u3088\u3046\u306a\u4e8b\u614b\u304c\u767a\u751f\u3057\u3066\u306f\u6d88\u3048\u3001\u307e\u305f\u767a\u751f\u3057\u3066\u306f\u6d88\u3048\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u7e70\u308a\u8fd4\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u304c\u6700\u3082\u6e80\u8db3\u3057\u3066\u3044\u308b\u3053\u3068\u306e\u3072\u3068\u3064\u306f\u3001\u79c1\u305f\u3061\u306e\u696d\u7e3e\u3067\u3059\u3002\u30da\u30c3\u30c8\u30d6\u30e9\u30f3\u30c9\u3092\u8ffd\u52a0\u3057\u3001\u3053\u308c\u306f\u975e\u5e38\u306b\u3046\u307e\u304f\u3044\u304d\u307e\u3057\u305f\u3002\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u306e\u30e8\u30fc\u30b0\u30eb\u30c8\u4e8b\u696d\u3092\u58f2\u5374\u3057\u3001\u4eca\u5ea6\u306f\u751f\u5730\u4e8b\u696d\u3092\u767a\u8868\u3057\u3001\u7d44\u7e54\u3092\u518d\u69cb\u7bc9\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u793e\u5185\u5916\u3067\u306e\u3055\u307e\u3056\u307e\u306a\u5909\u5316\u306b\u5bfe\u5fdc\u3057\u306a\u304c\u3089\u3001\u7af6\u4e89\u529b\u306e\u3042\u308b\u54c1\u8cea\u3092\u5b9f\u73fe\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Wendy Nicholson &#8212; \u30b7\u30c6\u30a3\u30b0\u30eb\u30fc\u30d7 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u5317\u7c73\u4e8b\u696d\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u5e02\u5834\u30b7\u30a7\u30a2\u62e1\u5927\u306e\u5927\u304d\u306a\u8981\u56e0\u306e1\u3064\u306f\u3001\u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u4e8b\u696d\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306b\u898b\u3089\u308c\u308b\u3088\u3046\u306a\u3001\u7d20\u6674\u3089\u3057\u3044\u6280\u8853\u9769\u65b0\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306b\u306f\u69d8\u3005\u306a\u5f62\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3042\u308b\u56db\u534a\u671f\u306f\u4ed6\u306e\u56db\u534a\u671f\u3088\u308a\u597d\u8abf\u3067\u3057\u305f\u3002\u5177\u4f53\u7684\u306a\u5185\u5bb9\u3084\u672a\u767a\u8868\u306e\u3082\u306e\u3092\u63a2\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u4e00\u822c\u8ad6\u3068\u3057\u3066\u30012022\u5e74\u306b\u3064\u3044\u3066\u3001\u904e\u53bb6\uff5e12\u30f5\u6708\u9593\u306b\u767a\u8868\u3057\u305f\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306e\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u304c\u4eca\u5f8c\u3069\u3046\u306a\u308b\u304b\u3001\u3042\u308b\u3044\u306f\u540c\u3058\u304f\u3089\u3044\u5f37\u529b\u3060\u3068\u601d\u3046\u304b\u3001\u307e\u305f\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u304c\u3055\u3089\u306a\u308b\u5e02\u5834\u30b7\u30a7\u30a2\u62e1\u5927\u306e\u5f37\u529b\u306a\u63a8\u9032\u529b\u3068\u306a\u308b\u3053\u3068\u3092\u671f\u5f85\u3057\u3066\u3001\u6982\u5ff5\u7684\u306b\u30b3\u30e1\u30f3\u30c8\u3044\u305f\u3060\u3051\u307e\u3059\u304b\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3048\u3048\u3001\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u30a6\u30a7\u30f3\u30c7\u30a3\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u30b8\u30e7\u30f3\u304c\u8ff0\u3079\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u597d\u8abf\u306a\u696d\u7e3e\u3092\u4e0a\u3052\u3066\u304a\u308a\u3001\u305d\u306e\u79d8\u8a23\u306f\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u7126\u70b9\u3092\u5f53\u3066\u308b\u3053\u3068\u3067\u3042\u308a\u3001\u305d\u306e\u3072\u3068\u3064\u304c\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3067\u3059\u3002\u30d6\u30e9\u30f3\u30c9\u69cb\u7bc9\u3068\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306f\u3001\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u79c1\u305f\u3061\u306e\u30d6\u30e9\u30f3\u30c9\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u3082\u306e\u3067\u3042\u308a\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306b\u3088\u3063\u3066\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u304c\u5f8c\u9000\u3057\u3066\u3082\u3001\u79c1\u305f\u3061\u306f\u66f4\u65b0\u3092\u7d9a\u3051\u3001\u304a\u5ba2\u69d8\u306f\u305d\u308c\u3092\u9ad8\u304f\u8a55\u4fa1\u3057\u3066\u304f\u3060\u3055\u3063\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u305d\u308c\u3092\u6291\u3048\u3066\u304d\u307e\u3057\u305f\u30022022\u5e74\u306b\u5411\u3051\u3066\u306f\u3001\u6628\u5e74\u3068\u306f\u7570\u306a\u308b\u30ec\u30d9\u30eb\u306e\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3092\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u3042\u308d\u3046\u3068\u306a\u304b\u308d\u3046\u3068\u3001\u57fa\u672c\u306f\u30d6\u30e9\u30f3\u30c9\u306e\u69cb\u7bc9\u3068\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3067\u3042\u308a\u3001\u305d\u308c\u3092\u7d99\u7d9a\u3057\u306a\u304c\u3089\u524d\u9032\u3057\u3066\u3044\u304f\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>Wendy Nicholson &#8212; Citigroup &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3001\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\u306f\u3001\u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc\u8a3c\u5238\u306e\u30d1\u30e1\u30e9\u30fb\u30ab\u30a6\u30d5\u30de\u30f3\u3055\u3093\u3067\u3059\u3002\u8cea\u554f\u3092\u304a\u9032\u3081\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>Pamela Kaufman &#8212; Morgan Stanley &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30cf\u30c3\u30d4\u30fc\u30db\u30ea\u30c7\u30fc\u3067\u3059\u3002\u4eca\u671f\u3001\u5317\u7c73\u3067\u306f\u3001\u30b5\u30fc\u30d3\u30b9\u306e\u8ab2\u984c\u304c\u3042\u3063\u305f\u305f\u3081\u3001\u51fa\u8377\u304c\u6d88\u8cbb\u306b2\uff05\u307b\u3069\u9045\u308c\u3092\u3068\u3063\u305f\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u305d\u306e\u7406\u7531\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u305d\u306e\u539f\u56e0\u3068\u3057\u3066\u3001\u3069\u306e\u3088\u3046\u306a\u3053\u3068\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u3053\u306e\u72b6\u6cc1\u306f\u4e0b\u534a\u671f\u3082\u7d9a\u304f\u3068\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u3053\u308c\u306f\u5728\u5eab\u6c34\u6e96\u3068\u95a2\u4fc2\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u4e0b\u534a\u671f\u306e\u9700\u8981\u5897\u306b\u5bfe\u5fdc\u3059\u308b\u305f\u3081\u306b\u5341\u5206\u306a\u5728\u5eab\u6c34\u6e96\u304c\u3042\u308b\u3068\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b8\u30e7\u30ca\u30b5\u30f3\u30fbJ\u30fb\u30cc\u30fc\u30c7\u30a3 &#8212; \u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30b0\u30eb\u30fc\u30d7\u793e\u9577<\/p>\n<p>\u30d1\u30e0\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306b\u304a\u3051\u308b\u591a\u304f\u306e\u8ab2\u984c\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u307e\u3057\u305f\u304c\u3001\u305d\u308c\u3089\u304c\u5f53\u793e\u306e\u9867\u5ba2\u5bfe\u5fdc\u80fd\u529b\u3042\u308b\u3044\u306f\u30b5\u30fc\u30d3\u30b9\u30ec\u30d9\u30eb\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3057\u3066\u3044\u308b\u3053\u3068\u306f\u660e\u3089\u304b\u3067\u3059\u3002\u3053\u306e\u56db\u534a\u671f\u3001\u76ee\u6a19\u502490\uff05\u53f0\u5f8c\u534a\u306b\u5bfe\u3057\u306610\uff05\u53f0\u524d\u534a\u3068\u306a\u308a\u3001\u5f53\u793e\u304c\u898b\u305f\u3059\u3079\u3066\u306e\u9700\u8981\u306b\u5bfe\u3057\u3066\u51fa\u8377\u3067\u304d\u306a\u304b\u3063\u305f\u305f\u3081\u3001\u7d50\u679c\u3068\u3057\u3066\u5c0f\u58f2\u696d\u8005\u306f\u56db\u534a\u671f\u4e2d\u306b\u5728\u5eab\u3092\u5c11\u3057\u6e1b\u3089\u3057\u3001\u305d\u308c\u304c\u304a\u8a71\u306b\u3042\u3063\u305f\u30ae\u30e3\u30c3\u30d7\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u4e0b\u534a\u671f\u306f\u3001\u524d\u534a\u3068\u540c\u3058\u3088\u3046\u306a\u30b5\u30fc\u30d3\u30b9\u6c34\u6e96\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5e74\u5ea6\u5f8c\u534a\u306b\u306a\u308c\u3070\u306a\u308b\u307b\u3069\u3001\u3053\u306e\u30ae\u30e3\u30c3\u30d7\u304c\u7e2e\u307e\u308b\u3068\u306f\u601d\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306e\u76ee\u6a19\u306f\u300123\u5e74\u5ea6\u4ee5\u964d\u3082\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3092\u5f37\u5316\u3057\u3066\u3044\u304f\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u79c1\u305f\u3061\u304c\u30d4\u30dc\u30c3\u30c8\u3057\u305f\u3053\u3068\u306e\u4e00\u3064\u306f\u3001\u65b0\u3057\u3044[Indecipherable]\u3067\u3042\u308a\u3001\u3053\u308c\u306f\u672c\u5f53\u306b\u91cd\u8981\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u304c\u671b\u3093\u3067\u3044\u305f\u3088\u3046\u306a\u7af6\u4e89\u76f8\u624b\u3067\u306f\u306a\u3044\u3053\u3068\u306f\u78ba\u304b\u3067\u3059\u304c\u3001\u7b2c2\u56db\u534a\u671f\u306e\u58f2\u4e0a\u9ad8\u30b7\u30a7\u30a2\u306f\u7af6\u4e89\u76f8\u624b\u3088\u308a\u3082\u4f4e\u304f\u306a\u3063\u3066\u304a\u308a\u3001\u3053\u308c\u306f\u3001\u9867\u5ba2\u306e\u4fe1\u983c\u3059\u308b\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3068\u79c1\u305f\u3061\u304c\u884c\u3063\u3066\u3044\u308b\u7d20\u6674\u3089\u3057\u3044\u4ed5\u4e8b\u3001\u9867\u5ba2\u3068\u306e\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>Pamela Kaufman &#8212; Morgan Stanley &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306b\u3001\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u9762\u3067\u3069\u306e\u3088\u3046\u306a\u77ed\u671f\u7684\u306a\u53d6\u308a\u7d44\u307f\u304c\u3042\u308b\u306e\u304b\u3001\u304a\u805e\u304b\u305b\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u9577\u671f\u7684\u306b\u306f\u3001\u73fe\u5728\u306e\u4e8b\u696d\u74b0\u5883\u306b\u5bfe\u5fdc\u3059\u308b\u305f\u3081\u306b\u3001\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u5909\u66f4\u3092\u52a0\u3048\u305f\u308a\u3001\u6295\u8cc7\u3084\u80fd\u529b\u3001\u81ea\u52d5\u5316\u3092\u62e1\u5927\u3057\u305f\u308a\u3059\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/p>\n<p>\u30b8\u30e7\u30ca\u30b5\u30f3\u30fbJ\u30fb\u30cc\u30fc\u30c7\u30a3 &#8212; \u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30b0\u30eb\u30fc\u30d7\u793e\u9577<\/p>\n<p>\u3048\u3048\u3001\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u5b9f\u969b\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306e\u521d\u671f\u306b\u5b9f\u65bd\u3057\u305f\u30d7\u30e9\u30af\u30c6\u30a3\u30b9\u306e\u3072\u3068\u3064\u306b\u3001\u6bce\u65e5\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u3042\u308a\u3001\u30d3\u30b8\u30cd\u30b9\u5168\u4f53\u306e\u30b7\u30cb\u30a2\u30ea\u30fc\u30c0\u30fc\u305f\u3061\u304c\u96c6\u307e\u3063\u3066\u3001\u3053\u308c\u3089\u306e\u554f\u984c\u306b\u3064\u3044\u3066\u8a71\u3057\u5408\u3044\u3001\u30c1\u30fc\u30e0\u304c\u8ab2\u984c\u3092\u514b\u670d\u3067\u304d\u308b\u3088\u3046\u624b\u52a9\u3051\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u30c7\u30fc\u30bf\u5206\u6790\u3092\u6d3b\u7528\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u7d99\u7d9a\u3057\u3001\u6295\u8cc7\u3068\u80fd\u529b\u3092\u9ad8\u3081\u3066\u3044\u304f\u3053\u3068\u3067\u3001\u3044\u304f\u3064\u304b\u306e\u5b9f\u3092\u7d50\u3073\u59cb\u3081\u3066\u3044\u307e\u3059\u3002\u5317\u7c73\u3067\u8d70\u884c\u3057\u3066\u3044\u308b\u30c8\u30e9\u30c3\u30af\u306e\u53f0\u6570\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u307f\u308b\u3068\u3001\u73fe\u5728\u3088\u308a\u3082\u6e80\u8eca\u306b\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3059\u3053\u3068\u304c\u3067\u304d\u308c\u3070\u3001\u30d3\u30b8\u30cd\u30b9\u3092\u78ba\u8a8d\u3059\u308b\u4e0a\u3067\u3082\u3001\u304a\u5ba2\u69d8\u306b\u3068\u3063\u3066\u3082\u3001\u30de\u30fc\u30b8\u30f3\u306b\u3068\u3063\u3066\u3082\u826f\u3044\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u3053\u306e\u6280\u8853\u306b\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u611f\u3058\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u4ed6\u306b\u3082\u3001\u30c7\u30fc\u30bf\u3001\u5206\u6790\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306a\u3069\u3001\u3055\u307e\u3056\u307e\u306a\u53d6\u308a\u7d44\u307f\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u7269\u6d41\u30bb\u30f3\u30bf\u30fc\u3084\u3001\u52b4\u50cd\u529b\u306e\u89b3\u70b9\u304b\u3089\u73fe\u5728\u8ab2\u984c\u3068\u306a\u3063\u3066\u3044\u308b\u65bd\u8a2d\u306b\u3064\u3044\u3066\u3082\u691c\u8a0e\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u3055\u307e\u3056\u307e\u306a\u3053\u3068\u304c\u8d77\u3053\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4e00\u65e5\u306e\u7d42\u308f\u308a\u306b\u306f\u3001\u304a\u305d\u3089\u304f\u30d9\u30f3\u30c0\u30fc\u3068\u306e\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\u304c\u6700\u3082\u91cd\u8981\u3067\u3001\u539f\u6750\u6599\u304c\u4f9b\u7d66\u3055\u308c\u308b\u3053\u3068\u3092\u78ba\u8a8d\u3057\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u89b3\u70b9\u304b\u3089\u3001\u304a\u5ba2\u69d8\u3068\u306e\u30df\u30fc\u30c6\u30a3\u30f3\u30b0\u3092\u91cd\u306d\u3001\u30bf\u30a4\u30c8\u306b\u306a\u3063\u3066\u304d\u307e\u3057\u305f\u3002\u79c1\u305f\u3061\u304c\u3069\u3053\u306b\u3044\u308b\u306e\u304b\u3001\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u3067\u77e5\u308a\u305f\u304b\u3063\u305f\u306e\u3067\u3059\u3002<\/p>\n<p>Pamela Kaufman &#8212; Morgan Stanley &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u904b\u55b6\u8005<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001Evercore ISI \u306e David Palmer \u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30c7\u30d3\u30c3\u30c9\u30fb\u30d1\u30fc\u30de\u30fc &#8212; \u30a8\u30d0\u30fc\u30b3\u30a2ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u306e\u30b9\u30e9\u30a4\u30c9\u756a\u53f732\u3001\u3053\u308c\u306f\u58f2\u4e0a\u7dcf\u5229\u76ca\u306e\u30a6\u30a9\u30fc\u30bf\u30fc\u30d5\u30a9\u30fc\u30eb\u30c1\u30e3\u30fc\u30c8\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3053\u306e\u30b0\u30e9\u30d5\u306e\u3044\u304f\u3064\u304b\u306e\u30b9\u30c6\u30c3\u30d7\u306b\u306f\u6570\u5b57\u304c\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u3084\u30c7\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u305d\u306e\u4ed6\u3092\u5dee\u3057\u5f15\u304f\u3068\u3001\u6e1b\u5c11\u306e\u5927\u90e8\u5206\u3001\u3042\u308b\u3044\u306f\u5927\u90e8\u5206\u3092\u5360\u3081\u3066\u3044\u308b\u3088\u3046\u306b\u898b\u3048\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u7d04300\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002\u3053\u306e\u6570\u5b57\u304c\u5c11\u306a\u304f\u3068\u3082\u5927\u307e\u304b\u306a\u6570\u5b57\u3068\u3057\u3066\u6b63\u3057\u3044\u304b\u3069\u3046\u304b\u3001\u3054\u78ba\u8a8d\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u3053\u308c\u3089\u306e\u5f71\u97ff\u306f\u5f53\u56db\u534a\u671f\u306b\u59cb\u307e\u3063\u305f\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3064\u307e\u308a\u3001\u540c\u3058\u9805\u76ee\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u3001\u30c7\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u305d\u306e\u4ed6\u306b\u3064\u3044\u3066\u3001\u5e74\u9593\u3092\u901a\u3058\u3066\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\u3001\u307e\u305f\u4e0b\u534a\u671f\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u306f\u4f55\u304c\u793a\u5506\u3055\u308c\u3066\u3044\u307e\u3059\u304b\uff1f<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3001\u305d\u3046\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u8cea\u554f\u3092\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u307e\u305a\u306f\u7b2c2\u56db\u534a\u671f\u306b\u3064\u3044\u3066\u3001\u305d\u3057\u3066\u4eca\u5f8c\u306e\u671f\u5f85\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u3057\u307e\u3059\u3002\u305d\u308c\u3067\u3001\u3042\u306a\u305f\u306e\u8aad\u307f\u306f\u3001\u307e\u3055\u306b\u305d\u306e\u901a\u308a\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u5ff5\u306e\u305f\u3081\u7533\u3057\u6dfb\u3048\u307e\u3059\u304c\u3001\u7b2c2\u56db\u534a\u671f\u306f\u3001H&amp;M\u3068\u30d7\u30e9\u30a4\u30b9\u30df\u30c3\u30af\u30b9\u306b\u3088\u308b\u30a4\u30f3\u30d5\u30ec\u306e\u5f71\u97ff\u3092\u76f8\u6bba\u3057\u3001\u7d04300\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u306e\u30de\u30a4\u30ca\u30b9\u8981\u56e0\u304c\u3042\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4eca\u5f8c\u3001\u4e0b\u671f\u306b\u5411\u3051\u3066\u671f\u5f85\u3067\u304d\u308b\u306e\u306f\u3001\u7b2c3\u56db\u534a\u671f\u4ee5\u964d\u3001\u30d7\u30e9\u30a4\u30b9\u30df\u30c3\u30af\u30b9\u306e\u8ca2\u732e\u304c\u4e00\u6bb5\u3068\u9ad8\u307e\u308b\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3001\u524d\u534a\u3068\u5f8c\u534a\u3067\u307b\u307c\u540c\u3058\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u3053\u308c\u306f\u5404\u56db\u534a\u671f\u306b\u307b\u307c\u5747\u7b49\u306b\u5206\u6563\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u7279\u306b\u91cd\u8981\u306a\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3053\u308c\u306f\u7d66\u4e0e\u306e\u554f\u984c\u3067\u306f\u306a\u304f\u3001\u6628\u5e74\u5ea6\u3068\u306e\u6bd4\u8f03\u306b\u304a\u3044\u3066\u3001\u4e3b\u306b\u5916\u90e8\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u30fb\u30b3\u30b9\u30c8\u3092\u5897\u52a0\u3055\u305b\u305f\u3053\u3068\u306b\u3088\u308a\u3001\u305d\u306e\u4ed6\u306e\u30b3\u30b9\u30c8\u304c\u5897\u52a0\u3057\u305f\u305f\u3081\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u3053\u308c\u3089\u306e\u8cbb\u7528\u304c\u7de9\u548c\u3055\u308c\u308b\u3068\u306f\u8003\u3048\u3066\u3044\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u3089\u306e\u30b3\u30b9\u30c8\u306f\u7de9\u548c\u3055\u308c\u308b\u3068\u306f\u8003\u3048\u3066\u3044\u307e\u305b\u3093\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u7b2c3\u56db\u534a\u671f\u304b\u3089\u7b2c4\u56db\u534a\u671f\u306b\u304b\u3051\u3066\u306e\u4e0b\u534a\u671f\u306e\u898b\u901a\u3057\u3068\u3001\u30de\u30fc\u30b8\u30f3\u6539\u5584\u306e\u539f\u52d5\u529b\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u307f\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>David Palmer &#8212; Evercore ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3001\u53c2\u8003\u306b\u306a\u308a\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u3042\u306a\u305f\u306f\u3042\u308b\u767a\u8a00\u3067\u3001\u4fa1\u683c\u5f3e\u529b\u6027\u306f\u304a\u305d\u3089\u304f\u5e74\u306e\u5f8c\u534a\u306b\u306a\u308b\u3068\u5c11\u3057\u4f4e\u4e0b\u3059\u308b\u304c\u3001\u9045\u308c\u3084\u6709\u5229\u4e0d\u5229\u304c\u751f\u3058\u308b\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u304c\u3001\u305d\u3053\u3067\u306f\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u305d\u306e\u767a\u8a00\u3092\u3057\u305f\u306e\u306f\u30b8\u30e7\u30f3\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30d6\u30e9\u30f3\u30c9\u3084\u30d0\u30ea\u30e5\u30fc\u30d6\u30e9\u30f3\u30c9\u304c\u3088\u308a\u5165\u624b\u3057\u3084\u3059\u304f\u306a\u308b\u3053\u3068\u3067\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u3088\u308a\u5236\u7d04\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u300222\u5e74\u66a6\u5e74\u3067\u306e\u4fa1\u683c\u5f3e\u529b\u6027\u306b\u3064\u3044\u3066\u306f\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>Kofi Bruce &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u3067\u306f\u3001\u307e\u305a\u79c1\u304b\u3089\u3002\u4eca\u3001\u8a71\u3057\u305f\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u30a4\u30f3\u30d5\u30ec\u306f\u30d0\u30e9\u30f3\u30b9\u3059\u308b\u3068\u8a00\u3044\u307e\u3057\u305f\u304c&#8230;\u30a4\u30f3\u30d5\u30ec\u306f\u5b9f\u969b\u3001\u30d0\u30e9\u30f3\u30b9\u3057\u3066\u3044\u308b\u3068\u3057\u3066\u91d1\u984d\u7684\u306b\u306f\u5f8c\u534a\u306b\u3068\u3069\u307e\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5f3e\u529b\u6027\u306b\u3064\u3044\u3066\u306e\u3054\u8cea\u554f\u3067\u3059\u304c\u3001\u4e0b\u534a\u671f\u306f\u307e\u3060\u6b74\u53f2\u7684\u306a\u30ec\u30d9\u30eb\u3088\u308a\u4f4e\u3044\u3082\u306e\u306e\u3001\u4fa1\u683c\u5f3e\u529b\u6027\u304c\u9069\u5ea6\u306b\u4e0a\u6607\u3059\u308b\u3053\u3068\u3092\u60f3\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u304c\u58f2\u4e0a\u9ad8\u3068\u5229\u76ca\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u542b\u307e\u308c\u3066\u3044\u308b\u5185\u5bb9\u3067\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30ca\u30b5\u30f3\u30fbJ\u30fb\u30cc\u30fc\u30c7\u30a3 &#8212; \u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30b0\u30eb\u30fc\u30d7\u793e\u9577<\/p>\n<p>\u79c1\u305f\u3061\u306f\u3001\u73fe\u5b9f\u7684\u306a\u5224\u65ad\u3092\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3042\u306a\u305f\u304c\u304a\u3063\u3057\u3083\u3063\u305f\u3053\u3068\u306f\u3059\u3079\u3066\u73fe\u5b9f\u7684\u3067\u3001\u3044\u3064\u304b\u306e\u30b9\u30ca\u30c3\u30d7\u306e\u5229\u76ca\u306f\u30012019\u5e74\u306e\u30ec\u30d9\u30eb\u304b\u3089\u306f\u307e\u3060\u4e0a\u6607\u3057\u3066\u3044\u308b\u3082\u306e\u306e\u3001\u5c11\u3057\u6e1b\u5c11\u3057\u3066\u3044\u307e\u3059\u3002\u6280\u8853\u7684\u306a\u554f\u984c]\u7269\u4e8b\u304c\u518d\u751f\u3055\u308c\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>David Palmer &#8212; Evercore ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3067\u3059\u3002\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\u306f\u3001\u30b9\u30c6\u30a3\u30fc\u30d5\u30a7\u30eb\u306e\u30af\u30ea\u30b9\u30fb\u30b0\u30ed\u30a6\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3001\u304a\u9032\u307f\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>Chris Growe &#8212; Stifel &#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\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u3082\u30cf\u30c3\u30d4\u30fc\u30db\u30ea\u30c7\u30fc\u3092\u304a\u8cb8\u3057\u3057\u307e\u3059\u30022\u70b9\u3060\u3051\u8cea\u554f\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u30021\u3064\u76ee\u306f\u3001\u5f53\u521d\u4e88\u60f3\u304b\u30895\u5104\u30c9\u30eb\u5897\u52a0\u3057\u305f\u30a4\u30f3\u30d5\u30ec\u7387\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u305d\u306e\u3046\u3061\u3069\u308c\u3060\u3051\u304c\u30b3\u30b9\u30c8\u30fb\u30a4\u30f3\u30d5\u30ec\u3067\u3001\u3069\u308c\u3060\u3051\u304c\u4fa1\u683c\u8a2d\u5b9a\u306b\u3088\u308b\u3082\u306e\u306a\u306e\u304b\u3001\u6574\u7406\u3057\u3066\u3044\u305f\u3060\u3051\u307e\u305b\u3093\u304b\u3002\u3053\u306e\u6570\u5b57\u306b\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u3068\u304a\u3063\u3057\u3083\u3063\u3066\u3044\u305f\u3068\u601d\u3044\u307e\u3059\u304c\u3002\u307e\u305f\u3001\u3053\u306e\u6570\u5b57\u306b\u306f\u4fa1\u683c\u5909\u52d5\u3082\u542b\u307e\u308c\u3066\u3044\u308b\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u304c\u3001\u73fe\u5728\u9032\u884c\u4e2d\u306e\u4fa1\u683c\u5909\u52d5\u304c\u4e00\u904e\u6027\u306e\u3082\u306e\u3067\u3042\u308c\u3070\u3088\u3044\u306e\u3067\u3059\u304c\u3001\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n<p>\u3044\u3044\u8cea\u554f\u3067\u3059\u306d\u3001\u30af\u30ea\u30b9\u3002\u79c1\u304b\u3089\u3082\u8cea\u554f\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u79c1\u305f\u3061\u306e\u4e88\u60f3\u3067\u306f\u3001\u5e74\u521d\u304b\u308910\u5104\u30c9\u30eb\u306e\u30b3\u30b9\u30c8\u5897\u304c\u767a\u751f\u3057\u307e\u3057\u305f\u3002\u305d\u306e\u3046\u3061\u306e\u7d04\u534a\u5206\u3001\u3064\u307e\u308a\u534a\u5206\u5f31\u304c\u30a4\u30f3\u30d5\u30ec\u306e\u4e2d\u306b\u57cb\u3082\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u901a\u5e74\u30678%\u304b\u30899%\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u304a\u308a\u3001\u4e0b\u534a\u671f\u306f\u660e\u3089\u304b\u306b2\u6841\u306b\u306a\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u6b8b\u308a\u306e\u534a\u5206\u306f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u306b\u95a2\u9023\u3059\u308b\u3082\u306e\u3067\u3001\u305d\u306e\u307b\u3068\u3093\u3069\u306f\u3001\u30b8\u30e7\u30f3\u304c\u8a00\u53ca\u3057\u305f\u53d6\u5f15\u306b\u304a\u3051\u308b\u975e\u52b9\u7387\u6027\u3001\u4f9b\u7d66\u3001\u4e3b\u8981\u306a\u9867\u5ba2\u30b5\u30fc\u30d3\u30b9\u30ec\u30d9\u30eb\u3092\u78ba\u4fdd\u3059\u308b\u305f\u3081\u306b\u3053\u306e\u74b0\u5883\u3067\u884c\u3063\u3066\u3044\u308b\u3059\u3079\u3066\u306e\u3053\u3068\u304c\u3001\u76f4\u63a5\u7684\u306a\u30b3\u30b9\u30c8\u3068\u306a\u3063\u3066\u73fe\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Chris Growe &#8212; Stifel &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u304b\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u3082\u30461\u3064\u8cea\u554f\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u4eca\u65e5\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u4eca\u671f\u306f\u79c1\u304c\u4e88\u60f3\u3057\u3066\u3044\u305f\u3088\u308a\u3082\u4fa1\u683c\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u5f37\u304b\u3063\u305f\u306e\u3067\u3059\u304c\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306f\u4f4e\u304b\u3063\u305f\u306e\u3067\u3059\u306d\u3002\u5e74\u9593\u3092\u901a\u3057\u305f\u30a4\u30f3\u30d5\u30ec\u304c2Q\u3067\u3055\u3089\u306b\u9032\u884c\u3057\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306e\u4f4e\u4e0b\u3092\u62db\u3044\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u307e\u305f\u3001\u4e0a\u671f\u3068\u4e0b\u671f\u3092\u6bd4\u8f03\u3059\u308b\u3068\u3001\u4e0b\u671f\u306f\u30a4\u30f3\u30d5\u30ec\u304c\u9032\u884c\u3057\u3066\u3044\u308b\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u305d\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3069\u3046\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u3057\u304b\u3057\u3001\u7b2c2\u56db\u534a\u671f\u306f\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u53ca\u307c\u3057\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n<p>\u30a4\u30f3\u30d5\u30ec\u3068\u3001\u7b2c1\u56db\u534a\u671f\u3001\u7b2c2\u56db\u534a\u671f\u306b\u7d9a\u304d\u3001\u7b2c2\u56db\u534a\u671f\u3082\u6df7\u4e71\u306e\u30b3\u30b9\u30c8\u304c\u4e0a\u6607\u3057\u305f\u3053\u3068\u304c\u8db3\u3092\u5f15\u3063\u5f35\u308a\u307e\u3057\u305f\u3002\u3053\u306e\u305f\u3081\u3001\u5f53\u56db\u534a\u671f\u306f\u3001\u3088\u308a\u5927\u304d\u306a\u5f71\u97ff\u3092\u53d7\u3051\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u3059\u3067\u306b\u767a\u8868\u3057\u9867\u5ba2\u3068\u4ea4\u6e09\u3057\u3066\u3044\u308b\u65bd\u7b56\u306b\u3088\u308b\u4fa1\u683c\u69cb\u6210\u3078\u306e\u8ca2\u732e\u306f\u3001\u304a\u305d\u3089\u304f\u7b2c4\u56db\u534a\u671f\u534a\u3070\u304b\u3089\u59cb\u307e\u308a\u3001\u7b2c4\u56db\u534a\u671f\u306b\u306f\u5b8c\u5168\u306b\u5897\u52a0\u3059\u308b\u3082\u306e\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Chris Growe &#8212; Stifel &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3067\u306f\u3001\u304a\u6642\u9593\u3092\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3001\u30af\u30ea\u30b9\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u305d\u3057\u3066\u6700\u5f8c\u306e\u8cea\u554f\u306f\u3001\u30d1\u30a4\u30d1\u30fc\u30fb\u30b5\u30f3\u30c9\u30e9\u30fc\u306e\u30de\u30a4\u30b1\u30eb\u30fb\u30e9\u30d9\u30ea\u30fc\u3067\u3059\u3002\u8cea\u554f\u3092\u304a\u9032\u3081\u304f\u3060\u3055\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30de\u30a4\u30b1\u30eb\u3002<\/p>\n<p>Michael Lavery &#8212; Piper Sandler &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u3055\u307e\u3056\u307e\u306a\u6bb5\u968e\u306b\u304a\u3051\u308b\u6df7\u4e71\u306b\u3064\u3044\u3066\u3001\u3042\u306a\u305f\u306f\u660e\u3089\u304b\u306b\u591a\u304f\u3092\u8a9e\u3063\u3066\u304d\u307e\u3057\u305f\u3002\u30ef\u30af\u30c1\u30f3\u306e\u7fa9\u52d9\u5316\u306b\u95a2\u9023\u3057\u3066\u3001\u52b4\u50cd\u5e02\u5834\u3084\u691c\u67fb\u30b3\u30b9\u30c8\u3001\u3042\u308b\u3044\u306f\u305d\u306e\u4e21\u65b9\u306b\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u304c\u3042\u308b\u306e\u304b\u3001\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u4e2d\u3067\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0\uff08\u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u30ef\u30af\u30c1\u30f3\u306e\u7fa9\u52d9\u5316\u306b\u3064\u3044\u3066\u306f\u3001\u307e\u3060\u5177\u4f53\u7684\u306a\u898f\u5b9a\u304c\u306a\u3044\u306e\u3067\u3059\u304c\u3001\u3059\u3067\u306b\u8ff0\u3079\u305f\u4ee5\u4e0a\u306e\u5f71\u97ff\u306f\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Michael Lavery &#8212; Piper Sandler &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4eee\u306b\u305d\u308c\u304c\u5b9a\u7740\u3057\u305f\u5834\u5408\u3001\u8ffd\u52a0\u30b3\u30b9\u30c8\u306f\u304b\u306a\u308a\u63a7\u3048\u3081\u306a\u3082\u306e\u306b\u306a\u308b\u304b\u3001\u3042\u308b\u3044\u306f\u3059\u3067\u306b\u8a31\u5bb9\u3057\u3066\u3044\u308b\u3082\u306e\u3092\u518d\u3073\u53d6\u308a\u8fbc\u3080\u3060\u3051\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u306d\u3002<\/p>\n<p>\u30b8\u30a7\u30d5\u30ea\u30fc\u30fbL\u30fb\u30cf\u30fc\u30e1\u30cb\u30f3\u30b0 &#8212; \u53d6\u7de0\u5f79\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u30012\u756a\u76ee\u306e\u30de\u30a4\u30b1\u30eb[Indecipherable]\u304c\u30ab\u30d0\u30fc\u3057\u3066\u304f\u308c\u308b\u3053\u3068\u306e\u65b9\u304c\u306f\u308b\u304b\u306b\u591a\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>Michael Lavery &#8212; Piper Sandler &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u306a\u308b\u307b\u3069\u3001\u7d20\u6674\u3089\u3057\u3044\u3002\u5317\u7c73\u306e\u5c0f\u58f2\u90e8\u9580\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u30b9\u30ca\u30c3\u30af\u83d3\u5b50\u304c\u304b\u306a\u308a\u597d\u8abf\u306e\u3088\u3046\u3067\u3059\u306d\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u4e8b\u696d\u306f\u3057\u3070\u3089\u304f\u4f4e\u8ff7\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u4f55\u304c\u305d\u308c\u3092\u5f8c\u62bc\u3057\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u304a\u308f\u304b\u308a\u306b\u306a\u308a\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u305d\u308c\u304c\u88fd\u54c1\u4f9b\u7d66\u80fd\u529b\u306e\u5411\u4e0a\u306b\u95a2\u9023\u3059\u308b\u3082\u306e\u306a\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u4ed6\u306e\u8981\u56e0\u3088\u308a\u3082\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306b\u95a2\u9023\u3059\u308b\u3082\u306e\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b8\u30e7\u30ca\u30b5\u30f3\u30fbJ\u30fb\u30cc\u30fc\u30c7\u30a3 &#8212; \u5317\u7c73\u30ea\u30c6\u30fc\u30eb\u30b0\u30eb\u30fc\u30d7\u793e\u9577<\/p>\n<p>\u306f\u3044\u3001\u3053\u3093\u306b\u3061\u306f\u3001\u30de\u30a4\u30b1\u30eb\u3002\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u306e\u671f\u9593\u4e2d\u306f\u3001\u7a40\u7269\u30ab\u30c6\u30b4\u30ea\u30fc\u3068\u30d0\u30fc\u30fb\u30ab\u30c6\u30b4\u30ea\u30fc\u304c\u975e\u5e38\u306b\u597d\u8abf\u3067\u3001\u4eba\u3005\u306f\u3088\u308a\u6a5f\u52d5\u7684\u306b\u884c\u52d5\u3059\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u7b2c2\u56db\u534a\u671f\u306f16%\u306e\u4f38\u3073\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u79c1\u305f\u3061\u306f\u5f15\u304d\u7d9a\u304d\u30d6\u30e9\u30f3\u30c9\u69cb\u7bc9\u306b\u6ce8\u529b\u3057\u3001\u3053\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u3067\u306f\u30ca\u30f3\u30d0\u30fc\u30ef\u30f3\u306e\u30d6\u30e9\u30f3\u30c9\u3092\u7dad\u6301\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5168\u4f53\u3068\u3057\u3066\u306f\u3001\u30d0\u30fc\u3067\u7af6\u4e89\u3057\u3001\u30d6\u30e9\u30f3\u30c9\u69cb\u7bc9\u306b\u6ce8\u529b\u3059\u308b\u3053\u3068\u304c\u597d\u304d\u306a\u306e\u3067\u3059\u3002\u30b9\u30ca\u30c3\u30af\u83d3\u5b50\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u3067\u306f\u3001\u65b0\u3057\u3044\u30b9\u30ca\u30c3\u30af\u83d3\u5b50\u3092\u958b\u767a\u3057\u3001\u6d88\u8cbb\u8005\u306b\u63d0\u4f9b\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u304c\u3001\u904e\u53bb4\u30015\u5e74\u306e\u9593\u3001\u591a\u304f\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u3067\u3001\u751f\u7523\u80fd\u529b\u306e\u89b3\u70b9\u304b\u3089\u8ffd\u3044\u3064\u304f\u3053\u3068\u304c\u5927\u304d\u306a\u8ab2\u984c\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u751f\u7523\u80fd\u529b\u306e\u89b3\u70b9\u304b\u3089\u5f15\u304d\u7d9a\u304d\u6311\u6226\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u4e0b\u534a\u671f\u306b\u306f\u3055\u3089\u306b\u591a\u304f\u306e\u88fd\u54c1\u3092\u6295\u5165\u3057\u3001\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u3092\u9806\u8abf\u306b2\u6841\u6210\u9577\u3055\u305b\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u30b9\u30ca\u30c3\u30af\u83d3\u5b50\u4e8b\u696d\u3068\u305d\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u9ad8\u304f\u8a55\u4fa1\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Michael Lavery &#8212; 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<\/p>\n","protected":false},"author":1,"featured_media":976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[476,76,475,105,83,477],"class_list":{"0":"post-974","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-72","8":"tag-gis","9":"tag-76","10":"tag-475","11":"tag-105","12":"tag-83","13":"tag-477"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u3010\u548c\u8a33\u3011\u30bc\u30cd\u30e9\u30eb\u30fb\u30df\u30eb\u30ba(NYSE:GIS)2022\u5e74\u7b2c2\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=974\" \/>\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\u30bc\u30cd\u30e9\u30eb\u30fb\u30df\u30eb\u30ba(NYSE:GIS)2022\u5e74\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09 &#8211; 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