çµè«ã¯åºãŠããã®ã«ããŸãããå éšçä¿æªäººè«ãXïŒãã€ãã¿ãŒïŒã§å€§éšãããŠããŸãã
ãã ããªã話ãªãã§ããã©ããäžåºŠãæŽçããŠããããšæããæžãäºã«ããŸãã
ð£å®éã®ãã€ãŒããèŠãŠã¿ã
åœæ°ã®è² æ ã¯ãã§ã«éçã§ãã
â Dr.ãã€ã (@knife900) October 10, 2023
ãããããã500å ã«èšãäžãã£ãå éšçä¿ããªããšãããŠãã ããã
åçŽèšç®ã ãšæ¶è²»çšã20幎以äžå»æ¢ã§ãã財æºã§ãã
ãçµå£é£ãèªæ°ã«æ¶è²»çšå¢çšæ±ãããåºãåœæ°ãè² æ ãã財æºã®ããæ¹ãhttps://t.co/lzeLOXIUf1 https://t.co/afzk2VOn9f
æ³äººçšãšå éšçä¿
â Dr.ãã€ã (@knife900) October 11, 2023
ã1990幎ã
æ³äººçš42%ãå éšçä¿100å å以äž
ã2023幎ã
æ³äººçš23%ãå éšçä¿ãçŽ500å å
倱ããã30幎ãçµæžæé·ãªããšãããªãããäŒæ¥ã®å éšçä¿ãããã ãå¢ããã®ã¯ãã©ãèããŠãæ³äººçšæžçšã®æ©æµã§ãããã
æ³äººçšãäžããããå éšçä¿ã¯æé©ãªã¬ãã«ã«èœã¡çããŠããã¯ã
âãã®æ°åãã¿ãããæã®çµå¶è ã¯åãã£ããã§ãããå©çãå¿ èŠä»¥äžã«æ®ãããåŸæ¥å¡ãžã®åé ãäºæ¥ãžã®æè³ããã£ãŠãããã§ãã
â Dr.ãã€ã (@knife900) October 11, 2023
æ³äººçšãäžãç¶ããçµæãå©çãäœãããããšãæ ªäŸ¡ãæ ªäŸ¡é£ååå ±é ¬ã°ããæ°ã«ããããã«ãªããçµæžæé·ãéåããã®ã§ã¯ãªãã§ããããã
âçµå¶è ãå©çãæ®ãã®ã¯æ¥ã ãšããã€ãŠã®æ¥æ¬ã®å倧ãªçµå¶è ã¯æã£ãŠããã®ã§ã¯ãªãã§ãããããå人äŒãäœãã§ããããã®èªãã ããšããã
â Dr.ãã€ã (@knife900) October 11, 2023
ãªããå éšçä¿ããšããèšèã䜿ã£ãŠãå©çå°äœéãã䜿ããªããïŒ
â Dr.ãã€ã (@knife900) October 12, 2023
誰ã«äœãäŒããããã§ãã
ãå éšçä¿ããšããèšèã¯å€ãã®ã¡ãã£ã¢ã䜿ã£ãŠããŠãããªãèªç¥ãããŠãããå éšçä¿ãšããã°ã ãããäŒãããå€å°å®çŸ©ã¯ææ§ã§ããããŒã±ãã£ã³ã°çã«ã³ã¹ããéåžžã«äœãã⊠https://t.co/2jPiajJ1S6
ãŒããèããæ匷ã®çšå¶ïŒãã¿ã§ã¯ãªãïŒ
â Dr.ãã€ã (@knife900) October 11, 2023
ã»æ¶è²»çšå»æ¢
ã»å£²äžçšå°å ¥ïŒçŽ¯é²æ§åŒ·åïŒ
ã»æ³äººçšå¢çšïŒ40ïŒ ä»¥äžãåŽååé çé£åïŒ
ã»è³æ¬é1å以äžã®äŒæ¥ã¯æ³äººçšãçŸç¶ç¶æ
ã»æåŸçšã®çŽ¯é²æ§åŒ·å
ã»éèæåŸèª²çšã®åŒ·å
ã»è³ç£èª²çšã®åŒ·å
ã»ç€ŸäŒä¿éè² æ ã®çŽ¯é²æ§åŒ·å
ã»é«éœ¢è ã®å»çè²»ã环é²æ§åŒ·å
ð£ä»å§ãŸã£ã話ã§ã¯ãªãå éšçä¿ã®è©±
äŸãã°ãä»ãã3幎åã®ã³ããã·ã§ãã¯ã®æã«ã¯$BAïŒããŒã€ã³ã°ïŒNYSEïŒãçµå¶å±æ©ã«é¥ã£ãæã«ã¯ãã¥ãŒã¹ãµã€ãããã¯å éšçä¿ãèãäºã«å¯ŸããŠãããããããæªãããã«æžãããŠããŸã£ãŠããã®ãã¥ãŒã¹ãèŠãæè³å®¶ã¬ãã«ã§ã¯å éšçä¿ã¯åãæ¹ãè¯ãã®ã§ã¯ãªããïŒãšèšã£ãäºäŸãå¢ããŸãããã€ãŸããå éšçä¿ã¯åãæ¹ãè¯ããšçãã人ãšãæªããšçãã人ãå ¥ãæ¿ããç«ã¡ä»£ããå¢ãããæžã£ããããŠããŸãã
ããã§ä»¥äžã®ãããªãã€ãŒãããããŸãã
æ¥æ¬äŒæ¥ã®ãçä¿ããæªãã³ãã®ããã«èšã人ãå± ãããã©ãäŒæ¥ã«ã¯çä¿ãå¿ èŠã
â ãã£ã¡ã㟠(@hirosetakao) March 22, 2020
ãçä¿ãæããªããããžãã¹ã»ã¢ãã«ã§ããREITã®æšç¶ãèŠãïŒ
å®ã¯ãã®çºèšãèããŠãç§ãæææ¥ã«J-REITãè²·ã£ãŠïŒå²å²ããŠå£²ãæããŠããŸãã
Dr.ãã€ãããã®ãã€ãŒãã«éããããã®ãã€ãŒããã©ãããªïŒã£ãŠæããŸãã
äžè¬çã«èšãããå éšçä¿ã®æå³ã¯å©çå°äœéã®è©±ã«ãªããŸãã
ããã¯åœæçŽå©çããé åœãå·®ãåŒããæ®ããå©çå°äœéãšããŠãã©ã¹ãããŸãã
ãã ããåœæçŽå©çããé åœãå·®ãåŒããå Žåã§èµ€åã«ãªã£ãæã«ã¯ãã®åã ãå©çå°äœéã¯æžããŸãã
ã€ãŸããå éšçä¿ãšã¯éå»ã®å©çã®èç©ã«ãããªãããå®å šæ§ã®ææšãšããŠæ©èœããŠããèš³ã§ã¯ãããŸããã
ä»®ã«åœæçŽå©çããé åœãæã£ãåããã©ã¹ã§ãã£ãŠãå¶æ¥CFããã€ãã¹ã ãšå©çå°äœéã¯å¢ããŠãæ¬æ¥ïŒå¶æ¥æŽ»åïŒã§çŸéã¯æžããŸãïŒæè³CFã財åCFããã©ã¹ã®å ŽåããããŸãããæ®éã®äŒæ¥ã¯æè³æŽ»åã財å掻åãããäºã§ãã€ãã¹ãå€ãïŒã
ãã®ããã«å éšçä¿ãšã¯å®å šæ§ã®ææšã«ã¯ãªããŸããã
éãèšãã°ãå éšçä¿ãèããŠãå¶æ¥CFã®ãã©ã¹ãå®å®ããŠããFCFã®ç¯å²å ã§é åœéãæ¯æããã°ãåé¡ã¯ãããŸããã
åœæçŽå©çãèµ€åã®å Žåã§ãã£ãŠãå©çå°äœéïŒå éšçä¿ïŒãæžãã ãã§å¶æ¥CFã®ãã©ã¹ãå®å®ããŠããFCFã®ç¯å²å ãªãã°é åœãæ¯æã£ãŠãåé¡ã¯ãããŸããïŒãã®åã¯å©çå°äœéã¯æžãïŒã
ð£Dr.ãã€ãããã®ãã€ãŒãã¯ããããã¡ïŒ
Dr.ãã€ãããã®ãã€ãŒããåºããŠããŸãããããããã¡ïŒã£ãŠæãææããŸãããã ããããæ¢ã«åºå°œãããè°è«ãªã®ã§ãç¥ã£ãŠãã人ã¯å€ãçã§ãã
ãããããã500å ã«èšãäžãã£ãå éšçä¿ããªããšãããŠãã ããã
åçŽèšç®ã ãšæ¶è²»çšã20幎以äžå»æ¢ã§ãã財æºã§ãã
åºæïŒXããé城XããïŒ @GICHOGIïŒããã®ãããããç»åãåãæãã
ããã«ããã°æ¬åœã«çµŠäžã¯23äžåã§ããã°ã瀟äŒä¿éè²»ïŒå人+äŒæ¥ã®äž¡è² æ åïŒ+çšéã®ããã«ã§åŒããšæåãã¯16äžåãããã«ãªã£ãŠããŸãããã§ãã
ãããªãã°ç¢ºãã«è² æ ãéãã§ããã
ãã ãããã§åé¡ã¯ç€ŸäŒä¿éã«ããæåŸã®åé åãé©åãªã®ãã©ãããéèŠã§ãã
ããããããŒã¿ãåºæããŸãã
ããã§ã¯å¹³åå€ã§èŠãæå³ã¯ããŸããªãã®ã§äžå€®å€ã§èŠãŠã¿ãŸãã
20æ³ä»£â30æ³ä»£ïŒ+260äžåïŒ
30æ³ä»£â40æ³ä»£ïŒ+130äžåïŒ
40æ³ä»£â50æ³ä»£ïŒ+250äžåïŒ
50æ³ä»£â60æ³ä»£ïŒ+600äžåïŒ
60æ³ä»£â70æ³ä»£ïŒ+70äžåïŒ
ãã®ããŒã¿ãèŠãéãã60æ³ä»£ã«å ¥ããšäžæ°ã«äžå€®å€ã¯+600äžåãšãžã£ã³ãããŸãã
ããã¯éè·éã®åãåãã圱é¿ããŠãããã®ãšã¿ãããŸãã
ç¹ã«70æ³ä»£ã§ã¯1420äžåãšæœ€æ²¢ãªéèè³ç£ãæã£ãŠããäºãåãããŸãã
ããããã¯ãä»ã®è¥å¹Žå±€ã¯éè·éãããããªã人ãæ¥æ¿ã«å¢ããŠãããŸãã
ããããªãããä»ã®é«éœ¢è ã¯åç幎éã«ã€ããŠã¯ä»ã®äžä»£ãšæ¯ã¹ãŠæžé¡ãããŠããŸããã
å¹³æ15幎3æãŸã§ã®é«ãæçã§èšç®ãããŠããããã§ãã
ãã®ããã§ãå¥åº·ä¿éºã«ãã延åœæ²»çãŸã§è¥è ã®è² æ ã«ãªã£ãŠããŸãã
ã€ãŸããä»ã®è¥è ã®è²§å°åé¡ã®çç±ã®äžã€ã¯äžä»£éæ Œå·®ã§ãä»ã®è¥ã人ã¯é«ã瀟äŒä¿éè²»ãæã£ãŠãããæåãã倧ããæžã£ãŠããŸãã
ãããåœæ°ã®è² æ ã倧ããããŠããŸãã
ãããã£ãŠãäŒæ¥ã®å éšçä¿ã®è©±ã§ã¯ãªããŠã瀟äŒä¿éã«ããæåŸã®åé åã¯é«éœ¢è ã«ç§»è»¢ããçºããéãæã£ãŠããé«éœ¢è ã«çã ãéãéãŸãäºæ ã«ãªã£ãŠããŸã£ãŠãããããå ã®æ¥æ¬ãæ¯ããè¥è ã®çµŠäžã®æåãã倧ããäžãã£ãŠããã®ã§ãã
ã¡ãªã¿ã«ãæ¥æ¬ã®å®è³ªè³éã®äžèœèŠå ã¯ãŸã ãããŸãã
ãããé«éœ¢è éçšã§ããåçåŽåçã¯å®å¹ŽãçŸåšã¯65æ³ãšããŠããŸãããå°æ¥çã«ã¯70æ³ãŸã§åŒãäžããå¯èœæ§ã¯ååãããŸãã
ããã ãé·çãããŠããããã§ããé«éœ¢è ã£ãŠè£å©éãåºããªããšäŒæ¥ãéã£ãŠãããªãããæ絊ãå®ãã§ãã
æ³äººçš23%ãå éšçä¿ãçŽ500å å倱ããã30幎ãçµæžæé·ãªããšãããªãããäŒæ¥ã®å éšçä¿ãããã ãå¢ããã®ã¯ãã©ãèããŠãæ³äººçšæžçšã®æ©æµã§ãããã
æ³äººçšãäžããããå éšçä¿ã¯æé©ãªã¬ãã«ã«èœã¡çããŠããã¯ã
æ¥æ¬ã¯è§£éèŠå¶ãå³ããäºãããããçšåºŠã®å éšçä¿ãæ±ããæ¹ãéçšãç¶æãããããšèããŠããããã§ã¯ãªãã§ããããïŒ
ç±³åœã®ããã«å éšçä¿ãèãäŒæ¥ããããŸãããªã¹ãã©ã¯ç°¡åã§ããããšèšãæã«ã¯éè¡ãããéãåããäºãæ®éã«ãããŸãã
解決çã¯è§£éèŠå¶ãç·©ãããŠç°¡åã«åŸæ¥å¡ãã¯ãã«ã§ããããã«ããäºã§ãã
è¿œèšïŒææããã£ãã®ã§è¿œå ããŸãã
å·Šå·»ã®äººã¯çœ®ããšããŠãæ¥æ¬ã§ã¯å éšçä¿ãç¹ã«çŸé éã§æ»èµãããŠããããäŒæ¥ãæè³ãããªãã§äœæé·ã«ãªã£ãŠããšéèåºãçµç£çãåé¡èŠããŠãŸããæ ªäž»éå ã®å å®ãäœPBR察çãããšããã®ã¯å éšçä¿ãåãåºããšããããšã§ããã
â 倢èŠç¶ (@yumemititi) October 12, 2023
ããã¯é åœå²åŒã¢ãã«ã§èããã°æ£ããäºã«ãªããŸãã
å éšçä¿ã¯æ ªäž»ã®ç©ã§ããããPBR1åå²ãã®å Žåã¯ãROEïŒæ ªäž»ã®èŠæ±åççãã«ãªã£ãŠããŸããããé åœã§ãã£ãã·ã¥ã¢ãŠãããŠå éšçä¿ã¯ã¹ãªã åããŠROEãäžããŠæ ªäŸ¡ãäžããã¹ãã§ãããã
ããã¯åŽåè ã«ã¯äœäžã€ãã©ã¹ã«ãªããªããšèšãæèŠã¯ãããŸãããå®ã¯GPIFã¯æ¥æ¬æ ªã§éçšãããŠããã®ã§ãæ ªäŸ¡äžæãšé åœã®ãã£ãã·ã¥ã¢ãŠãã¯å¹Žéç©ç«éã¯å¢ããŠãããŸããã€ãŸããããã¯å°æ¥ã絊ä»ãããäºã«ãªãã®ã§åŽåè ã«ããã©ã¹ã«ãªããŸãã
å©çãå¿ èŠä»¥äžã«æ®ãããåŸæ¥å¡ãžã®åé ãäºæ¥ãžã®æè³ããã£ãŠãããã§ãã
æ³äººçšãäžãç¶ããçµæãå©çãäœãããããšãæ ªäŸ¡ãæ ªäŸ¡é£ååå ±é ¬ã°ããæ°ã«ããããã«ãªããçµæžæé·ãéåããã®ã§ã¯ãªãã§ããããã
æ¥æ¬ç瀟äŒäž»çŸ©ãšèšã£ãŠãäžçã§æãæåãã瀟äŒäž»çŸ©ã®æ代ã§ãã
ãã®åœæã¯ã¿ããªãå¿ æ»ã«åãã°ã¿ããªãå ±ãããæ代ã§ããã
ã ãããæ¥ç±³èªåè»æ©æŠãèµ·ããããéåŽæ»ãåé¡ã«ãªã£ãã®ã§ãã
ä»ã®äººãã¡ã¯ç¥ããªããšæããŸãããªã²ã€ã³ã®CMã«ã¯ã24æéæŠããŸããïŒåãã®ãªã²ã€ã³ããšèšãã®ããããŸããã
ããã ããæã®äººã¯åããŠããã®ã§ãã
欧米ãšæ¯ã¹ãŠéåŽæ»ã«ãªããããªå®åæéãé·ãäºãåžžæ åããŠããäºå®ãç解ããŠããå¿ èŠããããŸãã
ã§ãã瀟äŒäž»çŸ©ã®åœã¯ãåãããè é£ãã¹ãããã®çµæžããªã®ã§åœç¶ãšèšãã°åœç¶ã§ãããã«å€±æããã®ããœããšããšäžåœã§ããã
æ³äººçšãäžããã®ã¯è«žå€åœãšæ¯ã¹ãŠæ¥æ¬ã¯æ³äººçšçãé«ãã£ãããã§ããããã§ããã ãååœãšåãããŠç«¶äºåãç¶æããããšããŸããã
ããã§çµæžæé·ãèŠãŠã¿ãŸãã
åºæïŒäžççµæžã®ãã¿åž³ããç»åãåãæã
ããã§ã¯1990幎â2022幎ãŸã§ã®çµæžæé·çãèŠãŠã¿ãŸãã
ç±³åœ5963.13â25462.73ïŒ4.27åïŒ
æ¥æ¬2506.13â6144.60ïŒ2.45åïŒ
ã¹ãŠã§ãŒãã³171.82â695.38ïŒ4.05åïŒ
ãã³ããŒã¯112.59â418.96ïŒ3.72åïŒ
ã¹ã€ã¹369.39â781.50ïŒ2.12åïŒ
ãããã®ããŒã¿ã¯è³Œè²·å平䟡GDPïŒUSãã«ïŒãšçµ±äžãããŠããŸãããæ¯èŒãããã®ãªãã°ããã®ããŒã¿ãè¯ãã§ãããã
ããã ãã§ã¯åœæ°ãå°ãªããšæãããŸããæžããããªãã®ã§ã»ã»ã»
ãããèŠããšæ¥æ¬ã極端ã«æªããšã¯èšããŸããã
å®è³ªããŒã¹ãªã®ã§ãæ¥æ¬ã決ããŠæªãæ°åãšã¯èšããŸããã
çµæžæé·çã¯ç±³åœçµæžãšãªã³ã¯ããŠããã®ã§ããããªã«æªãæ°åã§ããªãã§ããã
ã»æ¶è²»çšå»æ¢
ã»å£²äžçšå°å ¥ïŒçŽ¯é²æ§åŒ·åïŒ
ã»æ³äººçšå¢çšïŒ40ïŒ ä»¥äžãåŽååé çé£åïŒ
ã»è³æ¬é1å以äžã®äŒæ¥ã¯æ³äººçšãçŸç¶ç¶æ
ã»æåŸçšã®çŽ¯é²æ§åŒ·å
ã»éèæåŸèª²çšã®åŒ·å
ã»è³ç£èª²çšã®åŒ·å
ã»ç€ŸäŒä¿éè² æ ã®çŽ¯é²æ§åŒ·å
ã»é«éœ¢è ã®å»çè²»ã环é²æ§åŒ·å
äžåœã¯ã¿ããªãå¹³çã«è²§ãããªã£ãŠã倩å®éäºä»¶ã®ãã£ããã«ãªã£ãã®ã ãããœããšãã§ã¯ãŽã«ããã§ã倧統é ãåœã®ç«ãŠçŽãã®çºã«ãåœãé ·ããªã£ãŠããæ å ±ãå ¬éããŠå±æ©æãæã£ãŠãããããšèããŸããããœããšãåœæ°ããã¯ç倧ãªããŒã€ã³ã°ã®åµã§ãå©ããã矜ç®ã«ãªããŸããã
ãœããšãã§ã¯ä»äºäžã®æŒéããé ã飲ããªïŒã£ãŠèšãããŠã«ãã³ãšããããã§ãããæ¥æ¬ã§ããã¹ãã¯ã©ããªã©ãé€ãã°ä»äºäžã«é ã飲ãã§è¯ãã®ã§ããããïŒ
ããã ãã¿ããªåããªããªã£ãã®ã§ãã
æ¥æ¬ç瀟äŒäž»çŸ©ãäžçã§æãæåããã®ã¯ãïŒéåŽæ»ãåé¡ã«ãªã£ãããã©ãïŒã¿ããªå¿ æ»ã«åããããã§ããœããšããäžåœã¯åããªããªã£ãäºã§å ±ç£äž»çŸ©ã¯å€§å€±æã«çµãããŸããã
è²ã æžããŸãããDr.ãã€ãããã¯å匷äžè¶³ã§ãã
èªåã®èšã£ãŠããäºã絶察æ£ãããšæã£ãŠããã®ããç¥ããŸããããããã¯å€§å€å±éºã§ãã
ãŸããŠãå ±ç£äž»çŸ©ãªããŠä»ãŸã§æåããäºããªããã®ãŸã§åºããŠããŠãã誰ãçŽåŸãããªãã§ãããã
ãã£ãšãŸããã«å匷ããŠãã ããïŒä»¥äžã§ãã
å¿æŽãããããé¡ãããŸãã
ã€ã³ããã¯ã¹æè³ã©ã³ãã³ã°
æµ·å€ETFã©ã³ãã³ã°