
ããã«ã®çµçãã°ã¬ãŒããªã»ããã第äžéšããè¹ã§ã¬ãšã«ã®éžæââããªãã¯ã©ãåããã
⊠ããããŒã°
第äžéšã§ç±³ã®å€æ®µãäžãã£ã話ãããã
第äºéšã§ãã®æ§é ãèŠãã
ã§ã¯ãå人ãšããŠã©ãåããã
æ£çŽã«èšãã
ç°¡åãªçãã¯ãªãã
åŠæ¹ç®ãæžããç«å Žã«ããªãã
ãã ãæ§é ãçè§£ããäžã§ãèªåã«åããç«ãŠãããšã¯ã§ããã
⊠第äžç« ïŒç¥ã£ãŠãã ãã§å šç¶éã
è¹ã§ã¬ãšã«ã®è©±ã«æ»ãã
ç±æ¹¯ã«å ¥ãããšé£ã³åºãã«ãšã«ããæ°ŽããåŸã ã«æž©ãããããšæ°ã¥ããã«è¹ã§äžããã
éãã¯äžã€ã ã
æ°ã¥ããŠãããã©ããã
éããªå奪ã¯ãæ°ã¥ããªã人ããå ã«é²ãã
åå®ã§å®è³ªçãªå¯ã溶ããŠããã
é éã®äŸ¡å€ãç®æžãããŠããã
幎éãå®è³ªçã«çž®ãã§ããã
ãããã©ãããããæ¥çªç¶èµ·ããã®ã§ã¯ãªãããããããšé²ãã
ã¹ãŒããŒã§ç±³ã®å€æ®µãèŠãŠããŸãäžãã£ãããšæãã ãã§çµãã人ãšããã®å€æ®µã®è£åŽã«ããæ§é ãçè§£ããŠãã人ã§ã¯ãèŠããŠããæ¯è²ãå šç¶éãã
çè§£ããŠããã ãã§ãéžæè¢ãå€ããã
Â
⊠第äºç« ïŒæŽå²ãæããããš
æŽå²ãæ¯ãè¿ããšãé貚äœå¶ã®ç§»è¡æã«å¿
ãèµ·ããããšãããã
å®ç©è³ç£ã®äŸ¡å€ãçžå¯Ÿçã«äžããã
çŸéã®äŸ¡å€ãç®æžãããã
æ å ±ãæã£ãŠãã人éãšæã£ãŠããªã人éã®æ Œå·®ãåºããã
Â
ð 1923幎ã®ãã€ãã»ãã€ããŒã€ã³ãã¬ã
åéãããŠãã人éããã€ã³ãã¬ã§å®è³ªçã«åµåãæ¶ããã
çŸéãæã£ãŠãã人éããçŽåããæ±ããããšã«ãªã£ãã
ããã¯æ¥µç«¯ãªäŸã ã
ãããæ¹åæ§ãšããŠãã€ã³ãã¬ãé²ãå±é¢ã§äœãèµ·ãããã瀺ããŠããã
ã°ã¬ãŒããªã»ãããéãã«é²ã圢ã§ãããæ¥æ¿ã«é²ã圢ã§ãããæŽå²ã®æèšã¯äžè²«ããŠããã
æ§é ãçè§£ããŠåãã人éãšãæ°ã¥ããªãã£ã人éã®çµæã¯ããã€ãéã£ãã
⊠第äžç« ïŒåãã ããæ®ã
ð ã§ã¯ãããªãã¯ã©ãåããã
å建ãŠã®é éã ãã§å€§äžå€«ãïŒ
ç±³åœåµã鿥çã«ä¿æããŠããéèæ©é¢ã«ãèåŸã®è³ç£ãé ããŠå€§äžå€«ãïŒ
ãšãã«ã®ãŒãèŒžå ¥ã«äŸåãããŸãŸãäžæ±ã®ç·åŒµãé«ãŸãå±é¢ã§äœãèµ·ãããïŒ
çãã¯æžããªãã
ããããã®ç¶æ³ãéãããæ£è§£ãäžã€ã§ã¯ãªãããã
ãã åããç«ãŠãããšã¯ã§ããã
ãèªåã¯ã©ãã«ããã®ãïŒã
ãæ°Žæž©ã¯ã©ããŸã§äžãã£ãŠããã®ãïŒã
ãé£ã³åºãã¿ã€ãã³ã°ã¯ãã€ãïŒã
è¹ã§ã¬ãšã«ã«ãªããã©ããã¯ãæ°ã¥ããŠãããã©ããã ãã®å·®ã ã
⊠çµã³ââ第äžéšããããŠã·ãªãŒãºã®çµè«
ã¹ãŒããŒã§ç±³ã®å€æ®µãèŠãŠãè²·ãã®ããããã£ããã®ç¬éããå§ãŸã£ãåããããããŸã§æ¥ãã
蟲æäžéã®2å
åãããã»ã³ããšããç·ããµãŠãžã®éžæãæ°ãã¬ãã³ãŠããºãæ¥æ¬ãæãã³ã¹ãã
å
šéšç¹ãã£ãŠããã
æå³çãªèšç»ãªã®ããæ§é çãªçµæãªã®ãââ
ãã®åãã«çããåºãå¿ èŠã¯ãªããããããªãã
çµæãšããŠèµ·ããŠããããšãèŠãã°ãååã ããã ã
æ
å ±ã®è£ãèªãããã ããæ ¹æ ãé¢ããªãã
ãã®å§¿å¢ã ãããè¹ã§ã¬ãšã«ã«ãªããªãããã®ãå¯äžã®æŠåšãããããªãã

ãå®ã
åèæç®ã»æ å ±æº
æ¬èšäºã®ç¬¬äžéšã«ãããè³ç£é²è¡ããã³çµæžçãªå人æŠç¥ã®èå¯ã«ãããã以äžã®èŠç¹ãçè«ãåºã«æ§æããŠããŸãã
è³ç£é åã®åºæ¬çè«: çŸä»£ããŒããã©ãªãªçè«ïŒModern Portfolio TheoryïŒããã³ãã€ã³ãã¬ãããžãšããŠã®å®ç©è³ç£ïŒéãã³ã¢ãã£ãã£ïŒã«é¢ããçµæžåŠçèŠè§£ã
æŽå²çã€ã³ãã¬å¯Ÿç: éå»ã®é貚åãäžãããã€ããŒã€ã³ãã¬æã«ãããå人ã®è³ç£é²è¡äºäŸïŒã¯ã€ããŒã«å ±ååœãæŠåŸæ¥æ¬çã®æŽå²çæèšïŒã
å°æ¿åŠãšæè³: åœéçãªè³æ¬ç§»åããã³ããªã¹ã¯åé¿å ãšããŠã®å®å šè³ç£ïŒã»ãŒãããã³ïŒã«é¢ããåžå Žåæã
éèãªãã©ã·ãŒ: éèåºãéèçµæžæè²ãããã³æ¥æ¬èšŒåžæ¥åäŒãæèšãã忣æè³ã®åºæ¬çãªèãæ¹ã
æè³æ å ±ã®å 責äºé
ãéèŠïŒå 責äºé ã»å¿ ããèªã¿ãã ããã
æ¬èšäºã¯ãçè ç¬èªã®èŠç¹ã«ããçµæžæ å¢ã®åæããã³èå¯ããŸãšãããã®ã§ãããéèååãžã®æè³å§èªãå£²è²·ã®æšå¥šãç®çãšãããã®ã§ã¯ãããŸããã
æè³å€æã¯èªå·±è²¬ä»»ã§: æ¬èšäºã§ææ¡ããè³ç£é²è¡çãèãæ¹ã¯ãå人ã®ç¶æ³ããªã¹ã¯èš±å®¹åºŠã«ãã£ãŠæé©è§£ãç°ãªããŸããå ·äœçãªè³ç£ã®éçšãè³Œå ¥ã売åŽã«ã€ããŠã¯ãå¿ ããèªèº«ã®è²¬ä»»ã«ãããŠè¡ããå¿ èŠã«å¿ããŠçšç士ãå ¬èªäŒèšå£«ããã¡ã€ãã³ã·ã£ã«ã»ãã©ã³ããŒçã®å°éå®¶ã«ãçžè«ãã ããã
æ å ±ã®æ§è³ª: æ¬èšäºã®å 容ã¯ããããŸã§ãçŸåšã®æ§é ãã©ãè§£éããã©ãåãåããããšããæèã®æ çµã¿ãæäŸãããã®ã§ãããããªãæè³ææãä¿èšŒãããã®ã§ã¯ãªããèšèŒãããããŒã¿ãèŠéãã¯ä»åŸå€æŽãããå¯èœæ§ããããŸãã
åžå Žãªã¹ã¯: æè³ã«ã¯å æ¬å²ããåžå Žå€åã®ãªã¹ã¯ã䌎ããŸããæ¬èšäºã®æ å ±ãåèã«ããçµæçããæå€±ãæå®³ã«ã€ããŠãçè ã¯äžåã®è²¬ä»»ãè² ããããŸãã
èäœæš©ã«ã€ããŠ: æ¬èšäºã®æç« ããã³æ§æã®èäœæš©ã¯çè ã«åž°å±ããŸããåŒçšã®éã¯èäœæš©æ³ã«åºã¥ããåºå žã®æèšããé¡ãããããŸãã