{"id":3614,"date":"2016-06-14T21:16:14","date_gmt":"2016-06-15T05:16:14","guid":{"rendered":"http:\/\/smartandresponsible.com\/blog\/?p=3614"},"modified":"2016-06-14T21:16:14","modified_gmt":"2016-06-15T05:16:14","slug":"vanguard","status":"publish","type":"post","link":"https:\/\/smartandresponsible.com\/blog\/vanguard\/","title":{"rendered":"\u79c1\u304cVanguard\u304c\u597d\u304d\u306a\u308f\u3051\u30fb\u30fb\u30fb"},"content":{"rendered":"<p>\u79c1\u306fVanguard\u793e\u306e\u30d5\u30a1\u30f3\u3067\u3059\u3002\u307e\u305f\u3001Vanguard\u793e\u3092\u8a2d\u7acb\u3057\u305fJohn Bogle\u3068\u3044\u3046\u4eba\u306e\u30d5\u30a1\u30f3\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u4f4e\u30b3\u30b9\u30c8\u306e\u30b7\u30f3\u30d7\u30eb\u306a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u4e00\u822c\u6295\u8cc7\u5bb6\u306e\u5fc3\u5f37\u3044\u5473\u65b9\u3060\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002Smart &amp; Responsible\u3067\u306f\u3001401(k)\u306a\u3069\u3067\u67a0\u7d44\u307f\u304c\u3059\u3067\u306b\u6c7a\u307e\u3063\u3066\u3044\u308b\u5834\u5408\u306f\u3001\u305d\u306e\u67a0\u7d44\u307f\u306e\u306a\u304b\u3067\u63d0\u4f9b\u3055\u308c\u3066\u3044\u308b\u3088\u308a\u826f\u8cea\u306e\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u3092\u9078\u3093\u3067\u304a\u52e7\u3081\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3082\u3057\u67a0\u7d44\u307f\u304c\u306a\u3044\u5834\u5408\u306fVanguard\u793e\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3092\u304a\u52e7\u3081\u3059\u308b\u3053\u3068\u3082\u591a\u3044\u3067\u3059\u3002\u6700\u8fd1\u3001Vanguard\u3084\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u6295\u8cc7\u306e\u3088\u3055\u304c\u898b\u76f4\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u304f\u3001\u3046\u308c\u3057\u304f\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u6295\u8cc7\u3092\u3059\u308b\u65b9\u306a\u3089\u305c\u3072\u77e5\u3063\u3066\u304a\u3044\u3066\u3044\u305f\u3060\u304d\u305f\u3044\u30fb\u30fb\u4eca\u65e5\u306f\u305d\u3093\u306a\u8a71\u3092\u3054\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>John Bogle\u306f1951\u5e74\u306b\u30d7\u30ea\u30f3\u30b9\u30c8\u30f3\u5927\u5b66\u3092\u5352\u696d\u5f8c\u3001Wellington Fund\u3068\u3044\u3046\u4f1a\u793e\u3092\u7d4c\u3066\u30011974\u5e74\u306bVanguard\u793e\u3092\u8a2d\u7acb\u3057\u307e\u3057\u305f\u3002Bogle\u306e\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\u306e\u3082\u3068\u3001Vanguard\u306f\u6210\u9577\u30571999\u5e74\u306b\u306fFortune Magazine\u304b\u3089\u201c20\u4e16\u7d00\u306e4\u5927\u6295\u8cc7\u4f1a\u793e\u306e\u3046\u3061\u306e\u3072\u3068\u3064\u201d\u3068\u51a0\u3055\u308c\u307e\u3057\u305f\u30021975\u5e74\u306b\u306f\u3001\u4e00\u822c\u5927\u8846\u304c\u6295\u8cc7\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306f\u3058\u3081\u3066\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30fb\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u3092\u3064\u304f\u308a\u307e\u3057\u305f\u3002\u305d\u306e\u5f8c\u30011999\u5e74\u306b\u306fVangaurd\u793e\u3092\u96e2\u308c\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u5f8c\u3082\u30a2\u30e1\u30ea\u30ab\u3067\u306e\u6295\u8cc7\u696d\u754c\u3067\u306f\u5c0a\u656c\u3055\u308c\u308b\u3079\u304d\u5b58\u5728\u3067\u3042\u308a\u3064\u3065\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u306e\u8a95\u751f<\/h2>\n<p>\u305d\u306e\u6642\u305d\u306e\u6642\u3067\u5b89\u3044\u682a\u3092\u8cb7\u3063\u3066\u5f8c\u3067\u9ad8\u304f\u58f2\u308b\u3053\u3068\u3067\u3001\u682a\u5f0f\u5e02\u5834\u306e\u304a\u3044\u3057\u3044\u3068\u3053\u308d\u53d6\u308a\u3092\u3057\u3001\u5e02\u5834\u5168\u4f53\u306e\u6210\u7e3e\u3088\u308a\u3088\u3044\u5229\u56de\u308a\u3092\u5f97\u308b\u3053\u3068\u3092beating the market \u3068\u304bbeating the index\u3068\u547c\u3073\u307e\u3059\u304c\u3001John Bogle\u306f\u3053\u308c\u3092\u76ee\u6307\u3059\u4ee3\u308f\u308a\u306b\u3001\u682a\u5f0f\u5e02\u5834\u306e\u5e02\u5834\u5e73\u5747\uff08\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff09\u3092\u30d5\u30a9\u30ed\u30fc\u3059\u308b\u6295\u8cc7\u306e\u4ed5\u65b9\u3067\u9577\u671f\u7684\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u306e\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u306b\u304b\u304b\u308b\u52b4\u529b\u3068\u30b3\u30b9\u30c8\u3092\u6291\u3048\u9577\u671f\u7684\u306a\u8996\u91ce\u3067\u3088\u308a\u9ad8\u3044\u5229\u56de\u308a\u3092\u5b9f\u73fe\u3059\u308b\u3053\u3068\u3092\u63d0\u5531\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u5f7c\u304c\u59cb\u3081\u305f\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\uff08\u4ee5\u4e0b\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3068\u547c\u3076\uff09\u306f\u3001\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u3092\u4ee3\u8868\u3059\u308b\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306b\u8ffd\u968f\u3057\u3066\u6295\u8cc7\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u3067\u3059\u3002\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306b\u306f\u3044\u308d\u3044\u308d\u306a\u7a2e\u985e\u304c\u3042\u308a\u307e\u3059\u304c\u3001S&amp;P500\u306a\u3069\u304c\u6709\u540d\u3067\u3059\u3002\u305f\u3068\u3048\u3070S&amp;P500\u306f\u3001\u7c73\u56fd\u6295\u8cc7\u60c5\u5831\u4f1a\u793e\u300c\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30fb\u30a2\u30f3\u30c9\u30fb\u30d7\u30a2\u30fc\u30ba\u793e\uff08S&amp;P\uff09\u300d\u304c\u3001 \u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u8a3c\u5238\u53d6\u5f15\u6240\u3001\u30a2\u30e1\u30ea\u30ab\u30f3\u8a3c\u5238\u53d6\u5f15\u6240\u3001NASDAQ\u306b\u4e0a\u5834\u3057\u3066\u3044\u308b\u9298\u67c4\u304b\u3089\u4ee3\u8868\u7684\u306a500\u9298\u67c4\u306e\u682a\u4fa1\u3092\u57fa\u306b\u7b97\u51fa\u3057\u305f\u3001\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\u5e73\u5747\u578b\u682a\u4fa1\u6307\u6570\u3067\u3059\u3002\u3053\u308c\u3092\u30b3\u30d4\u30fc\u3059\u308b\u5f62\u3067\u6295\u8cc7\u3059\u308b\u305f\u3081\u306b\u3001\u30d5\u30a1\u30f3\u30c9\u306b\u8a72\u5f53\u3059\u308b\u682a\u3092\u540c\u3058\u6642\u4fa1\u7dcf\u984d\u6bd4\u7387\u3067\u96c6\u3081\u305f\u3082\u306e\u304cS&amp;P500\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>1976\u5e74\u306bBogle\u304c\u306f\u3058\u3081\u305fVanguard 500 Index Fund\uff08S&amp;P500 Index\uff09\u306f40\u5468\u5e74\u3092\u8fce\u3048\u307e\u3057\u305f\u3002\u5f7c\u306f\u3001\u983b\u7e41\u306b\u58f2\u308a\u8cb7\u3044\u3092\u7e70\u308a\u8fd4\u3057\u3066\u5229\u3056\u3084\u3092\u7a3c\u3050\u3088\u3046\u306a\u6295\u8cc7\u306e\u4ed5\u65b9\u306f\u3001\u6052\u5e38\u7684\u306b\u3088\u3044\u5229\u56de\u308a\u3092\u5f97\u7d9a\u3051\u308b\u3053\u3068\u304c\u96e3\u3057\u3044\u3046\u3048\u3001\u58f2\u308a\u8cb7\u3044\u306b\u3088\u308b\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30b3\u30b9\u30c8\u3084\u30bb\u30fc\u30eb\u30b9\u624b\u6570\u6599\u3001\u7a0e\u91d1\u3084\u53d6\u5f15\u306b\u304b\u304b\u308b\u8cbb\u7528\u306a\u3069\u3092\u8003\u3048\u5408\u308f\u305b\u308b\u3068\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3092\u3057\u3066\u305d\u308c\u3092\u305f\u3060\u305f\u3060\u6301\u3061\u7d9a\u3051\u308b\u5f62\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u3088\u308a\u3082\u3001\u9577\u671f\u7684\u306b\u512a\u308c\u305f\u6210\u7e3e\u3092\u51fa\u3057\u7d9a\u3051\u308b\u3053\u3068\u306f\u56f0\u96e3\u3067\u3042\u308d\u3046\u3068\u8003\u3048\u307e\u3057\u305f\u3002\u3088\u3063\u3066\u3001\u4f4e\u624b\u6570\u6599\u3067\u58f2\u308a\u8cb7\u3044\u3082\u6700\u5c0f\u5316\u3057\u305f\u305f\u304f\u3055\u3093\u306e\u682a\u306b\u307e\u3093\u3079\u3093\u306a\u304f\u6295\u8cc7\u3059\u308b\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u3092\u63d0\u5531\u3057\u305f\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2>\u6295\u8cc7\u3068\u6295\u6a5f<\/h2>\n<p>Bogle\u306e\u30a2\u30a4\u30c7\u30a2\u306f\u3001\u6295\u8cc7\uff08Investment\uff09\u3068\u6295\u6a5f\uff08Speculation\uff09\u3092\u306f\u3063\u304d\u308a\u3068\u533a\u5225\u3059\u308b\u3082\u306e\u3067\u3057\u305f\u3002\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3078\u306e\u6295\u8cc7\u306f\u524d\u8005\u306e\u300c\u6295\u8cc7\u300d\u306b\u3042\u305f\u308a\u307e\u3059\u3002\u6295\u8cc7\u306f\u30ea\u30b9\u30af\u3092\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3057\u306a\u304c\u3089\u9577\u671f\u7684\u306b\u5229\u56de\u308a\u3092\u78ba\u4fdd\u3057\u3066\u3044\u304f\u65b9\u6cd5\u3067\u3042\u308a\u3001\u4e00\u65b9\u3067\u3001\u6295\u6a5f\u306f\u58f2\u308a\u8cb7\u3044\u306b\u3088\u3063\u3066\u77ed\u671f\u7684\u306a\u5229\u3056\u3084\u3092\u7a3c\u3050\u3053\u3068\u3092\u76ee\u7684\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u4ee5\u4e0b\u306e\u8981\u7d20\u304c\u7aef\u7684\u306bBogle\u306e\u63d0\u5531\u3059\u308b\u3001\u9577\u671f\u6295\u8cc7\u306e\u30b9\u30bf\u30f3\u30b9\u3092\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4f4e\u30b3\u30b9\u30c8\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3092\u9078\u3076\u3002<\/li>\n<li>\u6295\u8cc7\u5a92\u4f53\u3084\u30d5\u30a1\u30f3\u30c9\u3092\u9078\u3076\u305f\u3081\u306e\u300c\u6295\u8cc7\u30a2\u30c9\u30d0\u30a4\u30b9\u300d\u306f\u305d\u306e\u4fa1\u5024\u3092\u3088\u304f\u541f\u5473\u3059\u308b\u3002\u9577\u671f\u7684\u306a\u6295\u8cc7\u5229\u56de\u308a\u304c\u5287\u7684\u306b\u5411\u4e0a\u3059\u308b\u3088\u3046\u306a\u300c\u6295\u8cc7\u30a2\u30c9\u30d0\u30a4\u30b9\u300d\u306f\u306a\u304b\u306a\u304b\u5b58\u5728\u3057\u3048\u306a\u3044\u3002<\/li>\n<li>\u904e\u53bb\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306b\u30d5\u30a1\u30f3\u30c9\u306e\u8cea\u3092\u898b\u308b\u3046\u3048\u3067\u306e\u3042\u308b\u7a0b\u5ea6\u306e\u91cd\u304d\u3092\u7f6e\u304d\u306a\u304c\u3089\u3082\u3001\u305d\u308c\u3092\u91cd\u8981\u8996\u3057\u3059\u304e\u306a\u3044\u3002\u6628\u5e74\u975e\u5e38\u306b\u6210\u7e3e\u306e\u3088\u3044\u30d5\u30a1\u30f3\u30c9\u304c\u4eca\u5e74\u3082\u540c\u3058\u3088\u3046\u306b\u6210\u7e3e\u304c\u3088\u3044\u3068\u306f\u9650\u3089\u306a\u3044\u3002<\/li>\n<li>\u3059\u3070\u3089\u3057\u3044\u6210\u7e3e\u3092\u8a18\u9332\u3057\u305f\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u304c\u3001\u5c06\u6765\u7684\u306b\u3082\u6052\u5e38\u7684\u306b\u3088\u3044\u6210\u7e3e\u3092\u51fa\u3059\u3068\u306f\u9650\u3089\u306a\u3044\u3002<\/li>\n<li>\u30d5\u30a1\u30f3\u30c9\u306e\u6295\u8cc7\u8cc7\u7523\u898f\u6a21\u306b\u6c17\u3092\u4ed8\u3051\u308b\uff08\u6025\u901f\u306b\u5927\u304d\u304f\u306a\u3063\u305f\u30d5\u30a1\u30f3\u30c9\u306f\u6ce8\u610f\uff09<\/li>\n<li>\u3042\u307e\u308a\u306b\u305f\u304f\u3055\u3093\u306e\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3057\u306a\u3044\u3002\u5fc5\u8981\u306a\u30ea\u30b9\u30af\u30ec\u30d9\u30eb\u3092\u5b9f\u73fe\u3059\u308b\u3001\u304b\u3064\u306a\u308b\u3079\u304f\u30b7\u30f3\u30d7\u30eb\u306a\u6295\u8cc7\u304c\u30d9\u30b9\u30c8\u3002<\/li>\n<li>\u6295\u8cc7\u3057\u305f\u3089\u3001\u305d\u308c\u3092\u6301\u3061\u7d9a\u3051\u308b\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2>Active Investing\u3068Passive Investing<\/h2>\n<p>Bogle\u304c\u59cb\u3081\u305fVanguard 500 Index Fund\u306f\u3001\u5f53\u521d\u306f\u6295\u8cc7\u5bb6\u304b\u3089$11.3\u30df\u30ea\u30aa\u30f3\u306e\u6295\u8cc7\u984d\u3092\u96c6\u3081\u305f\u306b\u3059\u304e\u305a\u3001\u305d\u308c\u306fS&amp;P500 Index\u306e\u3059\u3079\u3066\u306e\u682a\u3092\u8cb7\u3046\u306e\u306b\u5341\u5206\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002Vanguard\u306e\u7af6\u5408\u4f01\u696d\u304b\u3089\u306f\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u304c\u3001\u3088\u3044\u9298\u67c4\u3092\u7814\u7a76\u3057\u3066\u9078\u3073\u3001\u3088\u3044\u6210\u7e3e\u3092\u5f97\u3088\u3046\u3068\u3059\u308b\uff08Active Investing\u3068\u547c\u3070\u308c\u308b\uff09\u3067\u306f\u306a\u304f\u3001\u5358\u306b\u3059\u3067\u306b\u3042\u308b\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306b\u8ffd\u968f\u3057\u3066\u6295\u8cc7\u3059\u308b\u3068\u3044\u3046\u3001\u6d88\u6975\u7684\u306a\u6295\u8cc7\uff08Passive Investing\u3068\u547c\u3070\u308c\u308b\uff09\u3067\u3042\u308b\u3053\u3068\u3092\u5c0f\u3070\u304b\u306b\u3057\u307e\u3057\u305f\u3002\u5c02\u9580\u5bb6\u304b\u3089\u3082\u3055\u307e\u3056\u307e\u306a\u6279\u5224\u3092\u53d7\u3051\u307e\u3057\u305f\u3002<\/p>\n<p>40\u5e74\u305f\u3063\u305f\u4eca\u3001Active Investing\u306f\u6052\u5e38\u7684\u306b\u671f\u5f85\u3067\u304d\u308b\u9ad8\u3044\u5229\u56de\u308a\u3092\u5b9f\u73fe\u3059\u308b\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u3064\u307e\u308b\u3068\u3053\u308dPassive Investing\u306e\u307b\u3046\u304c\u7406\u306b\u9069\u3046\u3053\u3068\u3092\u591a\u304f\u306e\u4eba\u304c\u8a8d\u3081\u3066\u3044\u307e\u3059\u3002\u3068\u304f\u306b2008\u5e74\u4ee5\u964d\u306e\u4e0d\u5b89\u5b9a\u306a\u5e02\u5834\u3092\u80cc\u666f\u306b\u3001Active Investing\u306b\u8ab2\u3055\u308c\u308b\u30d5\u30a1\u30f3\u30c9\u306e\u624b\u6570\u6599\u306b\u5bfe\u3057\u3066\u53b3\u3057\u3044\u76ee\u304c\u6ce8\u304c\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u305d\u308c\u306b\u4f34\u3044\u4f4e\u30b3\u30b9\u30c8\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306b\u6ce8\u76ee\u304c\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u305d\u308c\u307e\u3067\u306f\u3001\u4e0d\u52d5\u7523\u30d0\u30d6\u30eb\u3082\u3042\u3044\u307e\u3063\u3066\u3001\u9ad8\u3044\u624b\u6570\u6599\u3084\u9ad8\u3044\u30a2\u30c9\u30d0\u30a4\u30b9\u6599\u3092\u6255\u3063\u3066\u884c\u3063\u3066\u3044\u308b\u3001\u201c\u30d5\u30a1\u30f3\u30b7\u30fc\u306a\u201d\u6295\u8cc7\u304c\u305d\u308c\u306b\u898b\u5408\u3046\u6210\u7e3e\u3092\u6b8b\u3057\u3066\u3044\u308b\u306e\u3060\u308d\u3046\u3068\u3075\u3093\u308f\u308a\u3068\u3057\u305f\u671f\u5f85\u304c\u3042\u308a\u3001\u306a\u3093\u3068\u306a\u304f\u898b\u9003\u3055\u308c\u3066\u3044\u305f\u3082\u306e\u304c\u3001\u5b9f\u969b\u6255\u3063\u3066\u3044\u308b\u624b\u6570\u6599\u306f\u305d\u308c\u306b\u898b\u5408\u3046\u4fa1\u5024\u304c\u3042\u308b\u306e\u304b\u3092\u554f\u3046\u59ff\u52e2\u304c\u3067\u3066\u304d\u305f\u306e\u3067\u3059\u3002401(k)\u30d5\u30a1\u30f3\u30c9\u306e\u624b\u6570\u6599\u306a\u3069\u306e\u516c\u793a\u3082\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306e\u4fa1\u5024\u304c\u898b\u76f4\u3055\u308c\u307e\u3057\u305f\u30022015\u5e74\uff081\u6708\u304b\u308911\u6708\u307e\u3067\u306e\u30c7\u30fc\u30bf\uff09\u306b\u306f\u3001Active Investing\u306e\u56fd\u5185\u682a\u3068\u50b5\u5238\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u5408\u8a08$140\u30d3\u30ea\u30aa\u30f3\u304c\u5f15\u304d\u51fa\u3055\u308c\u3001\u305d\u308c\u3092\u8d85\u3048\u308b$362\u30d3\u30ea\u30aa\u30f3\u304c\u56fd\u5185\u682a\u3068\u50b5\u5238\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3055\u308c\u305f\u3068\u767a\u8868\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2>\u9577\u5e74\u3092\u7d4c\u305f\u52dd\u6557\u306f\uff1f<\/h2>\n<p>\u5177\u4f53\u7684\u306a\u6570\u5b57\u3092\u898b\u3066\u307f\u307e\u3057\u3087\u3046\u30022015\u00a0Standard &amp; Poor&#8217;s Indices Versus Active Fund (SPIVA) Scorecard\u306b\u3088\u308b\u3068\u00a0\u30012015\u5e7412\u670831\u65e5\u3067\u7d42\u308f\u308b5\u5e74\u9593\u3092\u898b\u305f\u5834\u5408\u3001Active Investing\u306e\u56fd\u5185\u682a\u30d5\u30a1\u30f3\u30c9\u306e\u3046\u3061\u300184\uff05\u306e\u5927\u578b\u682a\u30d5\u30a1\u30f3\u30c9\u300177\uff05\u306e\u4e2d\u578b\u682a\u30d5\u30a1\u30f3\u30c9\u300190\uff05\u306e\u5c0f\u578b\u682a\u30d5\u30a1\u30f3\u30c9\u304c\u3001\u305d\u308c\u305e\u308c\u76f8\u5f53\u30b5\u30a4\u30ba\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u306b\u6bd4\u3079\u305f\u5834\u5408\u3001\u624b\u6570\u6599\u5f8c\u306e\u6210\u7e3e\u3067\u52a3\u3063\u305f\u3068\u3044\u3046\u7d50\u679c\u3067\u3057\u305f\u30025\u5e74\u9593\u3067\u306a\u304f10\u5e74\u9593\u3067\u898b\u305f\u5834\u5408\u306f\u3001Active Investing\u306e\u30d5\u30a1\u30f3\u30c9\u306e\u3046\u3061\u300182\uff05\u306e\u5927\u578b\u682a\u30d5\u30a1\u30f3\u30c9\u300188\uff05\u306e\u4e2d\u578b\u682a\u30d5\u30a1\u30f3\u30c9\u300188\uff05\u306e\u5c0f\u578b\u682a\u30d5\u30a1\u30f3\u30c9\u304c\u3001\u305d\u308c\u305e\u308c\u76f8\u5f53\u30b5\u30a4\u30ba\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u306b\u6bd4\u3079\u3066\u3001\u624b\u6570\u6599\u5f8c\u306e\u6210\u7e3e\u3067\u52a3\u3063\u305f\u3068\u3044\u3046\u7d50\u679c\u3067\u3057\u305f\u3002<\/p>\n<p>Morningstar\u793e\u306e\u8abf\u3079\u3067\u306f\u30012015\u5e7410\u670831\u65e5\u3067\u7d42\u308f\u308b10\u5e74\u9593\u3092\u898b\u305f\u5834\u5408\u30014,993\u306eActive Investing\u306e\u30d5\u30a1\u30f3\u30c9\u306e\u3046\u3061\u3001\u305d\u308c\u305e\u308c\u76f8\u5f53\u3059\u308bVanguard\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3088\u308a\u6210\u7e3e\u304c\u3088\u304b\u3063\u305f\u306e\u306f205\u30d5\u30a1\u30f3\u30c9\u3001\u5168\u4f53\u306e4.1\uff05\u306b\u904e\u304e\u306a\u304b\u3063\u305f\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u540c\u793e\u306e\u30ec\u30dd\u30fc\u30c8\u3067\u306f\u3001Active Investing\u306e\u30d5\u30a1\u30f3\u30c9\u306f\u6982\u3057\u3066Passive Investing\u306e\u7af6\u5408\u30d5\u30a1\u30f3\u30c9\u306b\u52a3\u308b\u6210\u7e3e\u3067\u3042\u308a\u3001\u3068\u304f\u306b\u305d\u308c\u306f\u9577\u671f\u6295\u8cc7\u306b\u304a\u3044\u3066\u306f\u9855\u8457\u3067\u3042\u308b\u3068\u3057\u3066\u3044\u307e\u3059\u3002Active Investing\u306e\u30d5\u30a1\u30f3\u30c9\u306f\u9589\u9396\u3055\u308c\u305f\u308a\u4ed6\u306e\u30d5\u30a1\u30f3\u30c9\u3068\u5408\u4f75\u3055\u308c\u305f\u308a\u306a\u3069\u3001\u5f53\u521d\u306e\u5f62\u3067\u5b58\u7d9a\u3057\u306a\u3044\u78ba\u7387\u3082\u9ad8\u304f\u3001\u307e\u305f\u6210\u7e3e\u306f\u30d5\u30a1\u30f3\u30c9\u624b\u6570\u6599\u3068\u76f8\u95a2\u304c\u3042\u308a\u3001\u624b\u6570\u6599\u304c\u9ad8\u3051\u308c\u3070\u9ad8\u3044\u307b\u3069\u3001\u6210\u7e3e\u4e0d\u632f\u3001\u3042\u308b\u3044\u306f\u9589\u9396\u3084\u5408\u4f75\u306e\u50be\u5411\u304c\u9ad8\u3044\u3068\u3044\u3046\u7d50\u679c\u3092\u5831\u544a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2>\u7121\u5370\u826f\u54c1\u306e\u6295\u8cc7<\/h2>\n<p>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u306f\u8ab0\u3067\u3082\u3044\u3064\u3067\u3082\u8cb7\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u500b\u4eba\u305d\u308c\u305e\u308c\u306e\u9069\u5207\u306a\u30ea\u30b9\u30af\u30ec\u30d9\u30eb\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u3044\u304f\u3064\u304b\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u3061\u3087\u3046\u3069\u3088\u3044\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u4f5c\u308a\u51fa\u3059\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u7279\u5225\u306a\u30a2\u30c9\u30d0\u30a4\u30b9\u304c\u3044\u308b\u307b\u3069\u96e3\u3057\u3044\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u4eba\u306e\u4eba\u751f\u306e\u30d5\u30a7\u30fc\u30ba\u304c\u4eca\u3069\u3053\u306b\u3042\u308a\u3001\u9577\u671f\u7684\u306a\u76ee\u7684\u3084\u6295\u8cc7\u30b9\u30d1\u30f3\u3092\u78ba\u8a8d\u3059\u308c\u3070\u3001\u5272\u3068\u7c21\u5358\u306b\u7b54\u3048\u304c\u51fa\u305b\u308b\u554f\u984c\u3067\u3059\u3002<\/p>\n<p>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3092\u4f7f\u3063\u305fPassive Investing\u306e\u6295\u8cc7\u306f\u3001\u54c1\u8cea\u91cd\u8996\u3060\u3051\u3069\u4f4e\u30b3\u30b9\u30c8\u306e\u7121\u5370\u826f\u54c1\u3092\u8cb7\u3046\u3088\u3046\u306a\u3082\u306e\u3067\u3042\u308a\u3001\u4e00\u65b9\u3067Active Investing\u306e\u7279\u5225\u306a\u30d5\u30a1\u30f3\u30c9\u3092\u8cb7\u3046\u306e\u306f\u3001\u54c1\u8cea\u304c\u305d\u308c\u307b\u3069\u3088\u304f\u306a\u3044\u304c\u96d1\u8a8c\u3067\u53d6\u308a\u6c99\u6c70\u3055\u308c\u308b\u4eba\u6c17\u30d6\u30e9\u30f3\u30c9\u3092\u8cb7\u3046\u3088\u3046\u306a\u3082\u306e\u3068\u3082\u3044\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u3057\u304b\u3057\u306a\u304c\u3089\u3001\u306a\u305c\u3044\u307e\u3060\u306b\u3001\u201c\u3053\u308c\u3053\u308c\u306e\u30d5\u30a1\u30f3\u30c9\u304c\u4eca\u30db\u30c3\u30c8\uff01\u201d\u3060\u3068\u304b\u3001\u201c\u4eca\u6295\u8cc7\u3059\u308b\u306a\u3089\u3053\u306e\u30d5\u30a1\u30f3\u30c9\u3060\u3068\u304b\u201d\u3068\u3044\u3046\u3088\u3046\u306a\u8b70\u8ad6\u304c\u5b58\u5728\u3059\u308b\u306e\u3067\u3057\u3087\u3046\uff1f\u201c\u5c02\u9580\u5bb6\u201c\u304c\u3082\u3063\u3068\u3082\u3089\u3057\u6c17\u306b\u201c\u63a8\u85a6\u201d\u3059\u308b\u7279\u5225\u306a\u30d5\u30a1\u30f3\u30c9\u3092\u8cb7\u3044\u305f\u3044\u3068\u601d\u3046\u4eba\u304c\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u591a\u304f\u306e\u5834\u5408\u3001Passive Investing\u3068Active Investing\u306e\u5dee\u3092\u77e5\u3089\u305a\u3001\u307e\u305f\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u304c\u3069\u3093\u306a\u3082\u306e\u3067\u3001\u3069\u306e\u3088\u3046\u306a\u76ee\u7684\u306e\u305f\u3081\u306b\u3064\u304f\u3089\u308c\u305f\u306e\u304b\u3082\u77e5\u3089\u306a\u3044\u304b\u3089\u3001\u3064\u3044\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u306b\u306e\u305b\u3089\u308c\u3066\u3044\u308b\u3068\u3053\u308d\u3082\u5927\u3044\u306b\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u201c\u3053\u306e\u30d5\u30a1\u30f3\u30c9\u304c\u8cb7\u3044\u6642\uff01\u201d\u306e\u3088\u3046\u306a\u30cb\u30e5\u30fc\u30b9\u306f\u3001\u5b9f\u969b\u305d\u308c\u3092\u8cb7\u3063\u3066\u5f97\u3092\u3057\u305f\u4eba\u304c\u3044\u308c\u3070\u306a\u304a\u3055\u3089\u306a\u304a\u3053\u3068\u3001\u9b45\u529b\u7684\u306a\u3082\u306e\u306b\u898b\u3048\u308b\u304b\u3089\u3067\u3057\u3087\u3046\u3002\u5b9f\u969b\u306f\u3001\u305d\u306e\u4eba\u306e\u5f97\u304c\u540c\u3058\u3088\u3046\u306b\u307e\u305f\u7e70\u308a\u8fd4\u3055\u308c\u308b\u53ef\u80fd\u6027\u306f\u4f4e\u3044\u306b\u3082\u95a2\u308f\u3089\u305a\u3067\u3059\u3002<\/p>\n<p>\u9ad8\u3044\u30a2\u30c9\u30d0\u30a4\u30b8\u30f3\u30b0\u6599\u3092\u30c1\u30e3\u30fc\u30b8\u3057\u3066\u6700\u3082\u3089\u3057\u3052\u306b\u30a2\u30c9\u30d0\u30a4\u30b9\u3092\u3059\u308b\u201c\u5c02\u9580\u5bb6\u201d\u306f\u3001John Bogle\u306e\u4e3b\u5f35\u304c\u3046\u3059\u3046\u3059\u6b63\u3057\u3044\u3068\u306f\u601d\u3044\u306a\u304c\u3089\u3082\u3001\u305d\u308c\u3092\u6301\u3061\u51fa\u3057\u3066\u8aac\u660e\u3057\u3066\u304f\u308c\u308b\u3053\u3068\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u3002\u305d\u306e\u6642\u305f\u307e\u305f\u307e\u6210\u7e3e\u304c\u3088\u3044\u30d5\u30a1\u30f3\u30c9\u3092\u58f2\u308a\u8fbc\u3093\u3067\u9867\u5ba2\u3092\u96c6\u3081\u3001\u6b21\u306b\u4eca\u5ea6\u306f\u4ed6\u306e\u30d5\u30a1\u30a4\u30f3\u30c9\u306e\u6210\u7e3e\u304c\u826f\u304f\u306a\u3063\u305f\u3089\u305d\u308c\u3092\u58f2\u308a\u8fbc\u3080\u3053\u3068\u3092\u7e70\u308a\u8fd4\u3057\u3066\u3044\u308c\u3070\u3001\u81ea\u5206\u305f\u3061\u306e\u30b3\u30df\u30c3\u30b7\u30e7\u30f3\u3084\u5229\u76ca\u306f\u7d99\u7d9a\u7684\u306b\u5165\u3063\u3066\u304f\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>Bogle\u306f\u4f55\u5341\u5e74\u3082\u524d\u306b\u3001\u201c\u3075\u3064\u3046\u306e\u591a\u304f\u306e\u4e00\u822c\u6295\u8cc7\u5bb6\u306f\u3001\u5e02\u5834\u306e\u4e00\u822c\u7684\u306a\u5229\u56de\u308a\uff08Market Return\u3068\u547c\u3070\u308c\u308b\u3082\u306e\u3067\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u304c\u76ee\u6307\u3059\u3082\u306e\u306b\u8fd1\u3044\uff09\u304c\u5b9f\u73fe\u3055\u3048\u3067\u304d\u308c\u3070\u5341\u5206\u3067\u3042\u308b\u306f\u305a\u3060\u201d\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u5e02\u5834\u5168\u4f53\u3088\u308a\u3082\u826f\u3044\u5229\u56de\u308a\u3092\u51fa\u3059\u5fc5\u8981\u306f\u306a\u304f\u3001\u5e02\u5834\u5168\u4f53\u306e\u5e73\u5747\u7684\u306a\u5229\u56de\u308a\u3092\u9577\u671f\u7684\u306b\u5b9f\u73fe\u3057\u3066\u3044\u308c\u3070\u3001\u305d\u308c\u3067\u5341\u5206\u30ea\u30bf\u30a4\u30e4\u30e1\u30f3\u30c8\u6e96\u5099\u304c\u3067\u304d\u3066\u3044\u304f\u306f\u305a\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u5e02\u5834\u5168\u4f53\u3088\u308a\u3082\u826f\u3044\u5229\u56de\u308a\u3092\u5e38\u306b\u51fa\u3057\u7d9a\u3051\u308b\u3053\u3068\u306f\u56f0\u96e3\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u898b\u629c\u3044\u3066\u3044\u305f\u304b\u3089\u3053\u305d\u4e3b\u5f35\u3067\u304d\u308b\u3053\u3068\u3067\u3082\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u3053\u306e\u7406\u7531\u304b\u3089\u3001Smart &amp; Responsible\u3067\u306f\u3001\u77ed\u671f\u7684\u306a\u6295\u6a5f\u3067\u306f\u306a\u3044\u3001\u9577\u671f\u7684\u306a\u6295\u8cc7\u306b\u30d5\u30a9\u30fc\u30ab\u30b9\u3092\u5f53\u3066\u3001\u73fe\u72b6\u3068\u30b4\u30fc\u30eb\u3092\u898b\u636e\u3048\u305f\u3046\u3048\u3067\u3001\u4f4e\u30b3\u30b9\u30c8\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3092\u5229\u7528\u3057\u3066\u5fc5\u8981\u306a\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u5b9f\u73fe\u3059\u308b\u3001Passive\u3067\u30b7\u30f3\u30d7\u30eb\u306a\u6295\u8cc7\u6cd5\u3092\u304a\u52e7\u3081\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u79c1\u306fVanguard\u793e\u306e\u30d5\u30a1\u30f3\u3067\u3059\u3002\u307e\u305f\u3001Vanguard\u793e\u3092\u8a2d\u7acb\u3057\u305fJohn Bogle\u3068\u3044\u3046\u4eba\u306e\u30d5\u30a1\u30f3\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u4f4e\u30b3\u30b9\u30c8\u306e\u30b7\u30f3\u30d7\u30eb\u306a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u4e00\u822c\u6295\u8cc7\u5bb6\u306e\u5fc3\u5f37\u3044\u5473\u65b9\u3060\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002Smart &#038; 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