{"id":5311,"date":"2020-05-19T18:52:00","date_gmt":"2020-05-20T02:52:00","guid":{"rendered":"https:\/\/smartandresponsible.com\/blog\/?p=5311"},"modified":"2020-05-12T07:47:18","modified_gmt":"2020-05-12T15:47:18","slug":"%e3%83%95%e3%82%a1%e3%82%af%e3%82%bf%e3%83%bc%e6%8a%95%e8%b3%87%e3%81%a3%e3%81%a6%e4%bd%95%e3%81%a7%e3%81%97%e3%82%87%e3%81%86%ef%bc%9f%ef%bc%88%ef%bc%92%ef%bc%89","status":"publish","type":"post","link":"https:\/\/smartandresponsible.com\/blog\/%e3%83%95%e3%82%a1%e3%82%af%e3%82%bf%e3%83%bc%e6%8a%95%e8%b3%87%e3%81%a3%e3%81%a6%e4%bd%95%e3%81%a7%e3%81%97%e3%82%87%e3%81%86%ef%bc%9f%ef%bc%88%ef%bc%92%ef%bc%89\/","title":{"rendered":"\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u3063\u3066\u4f55\u3067\u3057\u3087\u3046\uff1f\uff08\uff12\uff09"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>\u524d\u56de\u3001\u6700\u8fd1\u3061\u3087\u3063\u3068\u3057\u305f\u6d41\u884c\u308a\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u306b\u3064\u3044\u3066\u307f\u3066\u307f\u307e\u3057\u305f\u3002\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u3068\u3044\u3046\u8a00\u8449\u306f\u65b0\u3057\u3044\u304c\u3001\u305d\u308c\u306f\u3064\u307e\u308b\u3068\u3053\u308d\u30a2\u30af\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u4e00\u7a2e\u3067\u3042\u308a\u3001\u6614\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u81ea\u52d5\u5316\/\u9ad8\u7cbe\u5ea6\u5316\/\u9ad8\u901f\u5316\/\u4f4e\u624b\u6570\u6599\u5316\u30d0\u30fc\u30b8\u30e7\u30f3\u3067\u3042\u308b\u3053\u3068\u3002\u30eb\u30fc\u30eb\u306e\u81ea\u52d5\u5316\u306b\u3088\u308a\u682a\u5f0f\u3084\u50b5\u5238\u306a\u3069\u306e\u9078\u629e\u306e\u7cbe\u5ea6\u306f\u4e0a\u304c\u308a\u9ad8\u901f\u5316\u3055\u308c\u3001\u4f4e\u624b\u6570\u6599\u304c\u5b9f\u73fe\u3055\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u304a\u4f1d\u3048\u3057\u307e\u3057\u305f\u3002\u4eca\u65e5\u306f\u3001\u5404\u793e\u304c\u58f2\u308a\u8fbc\u3080\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u7a2e\u985e\u306b\u306f\u3069\u3093\u306a\u3082\u306e\u304c\u3042\u308a\u3001\u307e\u305f\u79c1\u305f\u3061\u306f\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u306b\u3064\u3044\u3066\u3069\u3046\u3044\u3046\u59ff\u52e2\u3092\u3068\u308b\u3079\u304d\u304b\u306b\u3064\u3044\u3066\u307f\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u3069\u3093\u306a\u30d5\u30a1\u30af\u30bf\u30fc\u304c\u3042\u308b\uff1f<\/h2>\n\n\n\n<p>\u3067\u306f\u3001\u5b9f\u969b\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u3068\u306f\u3069\u3046\u3084\u3063\u3066\u5b9f\u73fe\u3055\u308c\u308b\u306e\u304b\u30fb\u30fb\u3067\u3059\u304c\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u30d5\u30a1\u30af\u30bf\u30fc\uff08\u8981\u7d20\u3001\u6761\u4ef6\uff09\u304c\u826f\u304f\u4f7f\u308f\u308c\u3001\u305d\u308c\u305e\u308c\u6761\u4ef6\u306b\u5408\u3046\u682a\u3092\u96c6\u3081\u305f\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3053\u308c\u4ee5\u5916\u306b\u3082\u30d5\u30a1\u30af\u30bf\u30fc\u306f\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>Value<\/strong>\uff1a\u3000\u5b9f\u8cea\u306e\u5272\u306b\u306f\u682a\u4fa1\u304c\u5272\u5b89\u306a\u3082\u306e\u306b\u6295\u8cc7\u3059\u308b\u3002<\/p>\n\n\n\n<p><strong>Momentum<\/strong>\uff1a\u3000\u76f4\u8fd1\u306e\u6210\u7e3e\u304c\u512a\u79c0\u306a\u682a\u3001\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u306b\u3042\u308b\u682a\u306b\u6295\u8cc7\u3059\u308b\u3002<\/p>\n\n\n\n<p><strong>Quality<\/strong>\uff1a\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u4e0a\u306e\u8ca1\u52d9\u529b\u304c\u512a\u308c\u3066\u3044\u308b\u3001\u7d4c\u5e38\u5229\u76ca\u304c\u512a\u826f\u306a\u4f1a\u793e\u306b\u6295\u8cc7\u3059\u308b\u3002<\/p>\n\n\n\n<p><strong>Liquidity<\/strong>\uff1a\u30c8\u30ec\u30fc\u30c9\uff08\u58f2\u308a\u8cb7\u3044\uff09\u3055\u308c\u308b\u3053\u3068\u306e\u5c11\u306a\u3044\uff08less\nliquid)\u306a\u682a\u306b\u6295\u8cc7\u3059\u308b<\/p>\n\n\n\n<p><strong>Size<\/strong>\uff1a\u3000\u5c0f\u578b\u306e\u6210\u9577\u682a\u306b\u6295\u8cc7\u3059\u308b<\/p>\n\n\n\n<p><strong>Volatility<\/strong>\uff1a\u3000\u5024\u52d5\u304d\u304c\u5c0f\u3055\u304f\u3001\u30ea\u30b9\u30af\u306e\u5c11\u306a\u3044\u3082\u306e\u3078\u6295\u8cc7\u3059\u308b\u3002<\/p>\n\n\n\n<p><strong>ROE<\/strong>:\u3000\u53ce\u76ca\u6027\u306e\u9ad8\u3044\u9298\u67c4\u3078\u6295\u8cc7\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u4ee5\u4e0a\u306f\u682a\u5f0f\u306e\u4ee3\u8868\u7684\u306a\u30d5\u30a1\u30af\u30bf\u30fc\u3067\u3059\u304c\u3001\u50b5\u5238\u306a\u3089\u3053\u3093\u306a\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>Term\uff1a<\/strong>\u3000\u9577\u671f\u50b5\u306b\u6295\u8cc7\u3059\u308b\u3002<\/p>\n\n\n\n<p><strong>Credit\uff1a<\/strong>\u3000\u30af\u30ec\u30b8\u30c3\u30c8\u30ec\u30a4\u30c6\u30a3\u30f3\u30b0\u304c\u4f4e\u3044\u50b5\u5238\u306b\u6295\u8cc7\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u4ee5\u524d\u3082\u8ff0\u3079\u307e\u3057\u305f\u304c\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u306f\u6614\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u81ea\u52d5\u5316\/\u4f4e\u624b\u6570\u6599\u5316\u30d0\u30fc\u30b8\u30e7\u30f3\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u3089\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306f\u4f55\u3082\u76ee\u65b0\u3057\u3044\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u6614\u304b\u3089\u3042\u3063\u305f\u3082\u306e\u3067\u3059\u3002\u3053\u308c\u3089\uff08\u3053\u308c\u4ee5\u5916\u306b\u3082\u3042\u308b\uff09\u306e\u8981\u7d20\u306b\u5408\u81f4\u3057\u305f\u3082\u306e\u3092\u9078\u3073\u3001\u58f2\u3063\u305f\u308a\u8cb7\u3063\u305f\u308a\u3092\u3057\u306a\u304c\u3089\u6295\u8cc7\u3059\u308b\u30a2\u30af\u30c6\u30a3\u30d6\u6295\u8cc7\u306f\u9577\u3089\u304f\u5b58\u5728\u3057\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u305f\u3068\u3048\u3070\u3001\u4e16\u754c\u30af\u30e9\u30b9\u306e\u6295\u8cc7\u5bb6\u3067\u3042\u308b\u30d3\u30ea\u30aa\u30cd\u30a2\u306eWarren\u3000Buffet\u306f\u3001\u81ea\u5206\u72ec\u81ea\u306e\u30ea\u30b5\u30fc\u30c1\u3067\u6210\u9577\u682a\u3068Value\u682a\u306b\u6295\u8cc7\u3057\u8ca1\u3092\u306a\u3057\u3066\u304d\u307e\u3057\u305f\u3002Warren Buffet\u306e\u982d\u8133\u3068\u76ee\u5229\u304d\u306e\u4ee3\u308f\u308a\u306b\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u3067\u306f\u3001\u81ea\u52d5\u5316\u3057\u305f\u30d7\u30ed\u30b0\u30e9\u30e0\u304c\u7279\u5b9a\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u9069\u3046\u682a\u3092\u9078\u629e\u3057\u3066\u3044\u304f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u5b8c\u5168\u306b\u30eb\u30fc\u30eb\u5316\u3055\u308c\u305f\u6761\u4ef6\u304c\u3042\u308a\u3001\u305d\u308c\u3092\u6e80\u305f\u3059\u682a\u5f0f\u304c\u9078\u3070\u308c\u7dad\u6301\u3055\u308c\u3066\u3044\u304f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u306e\u6709\u7528\u6027<\/h2>\n\n\n\n<p>\u7279\u5b9a\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u9078\u3093\u3067\u6295\u8cc7\u3059\u308b\u3053\u3068\u3067\u3001\u300c\u30ea\u30b9\u30af\u306f\u4e0a\u3052\u305a\u306b\u30ea\u30bf\u30fc\u30f3\u3060\u3051\u3092\u4e0a\u3052\u308b\u300d\u3053\u3068\u3084\u3001\u300c\u540c\u3058\u30ea\u30bf\u30fc\u30f3\u3092\u3088\u308a\u4f4e\u3044\u30ea\u30b9\u30af\u3067\u5b9f\u73fe\u3059\u308b\u300d\u3053\u3068\u304c\u3067\u304d\u308b\u3068PR\u3057\u3066\u3044\u308b\u306e\u3082\u898b\u304b\u3051\u307e\u3059\u3002\u3082\u3057\u672c\u5f53\u3060\u3068\u3057\u305f\u3089\u3001\u305d\u308c\u3092\u4f7f\u308f\u306a\u3044\u7406\u7531\u306f\u306a\u3044\u306e\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u9577\u671f\u7684\u306b\u7acb\u8a3c\u3055\u308c\u305f\u8003\u3048\u65b9\u3067\u306f\u306a\u3044\u3088\u3046\u306b\u601d\u3044\u307e\u3059\u3002\u3082\u3057\u304b\u3057\u305f\u3089\u7279\u5b9a\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u30d5\u30a1\u30f3\u30c9\u306b\u306f\u5f53\u3066\u306f\u307e\u308b\u3053\u3068\u304c\u306a\u3044\u3068\u306f\u8a00\u3048\u307e\u305b\u3093\u304c\u3001\u305d\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u30d5\u30a1\u30f3\u30c9\u3092\u898b\u3064\u3051\u308b\u3053\u3068\u306f\u5bb9\u6613\u3067\u306f\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3042\u308b\u610f\u5473\u3001\u3059\u3079\u3066\u7d42\u308f\u3063\u3066\u632f\u308a\u8fd4\u3063\u3066\u307f\u3066\u521d\u3081\u3066\u3001\u3053\u308c\u3053\u308c\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u30d5\u30a1\u30f3\u30c9\u304c\u6210\u7e3e\u304c\u826f\u304b\u3063\u305f\u3068\u5206\u304b\u308b\u3082\u306e\u306e\u3088\u3046\u306b\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>Vanguard\u793e\u304c\u30012005\u5e74\u304b\u30892014\u5e74\u306e10\u5e74\u9593\u3001\uff17\u3064\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u3082\u3068\u306b\u6295\u8cc7\u3055\u308c\u305f\u30d5\u30a1\u30af\u30bf\u30fc\u30d5\u30a1\u30f3\u30c9\u306b\u3064\u3044\u3066\u3001\u305d\u308c\u305e\u308c\u6210\u7e3e\u3092\u8ffd\u3063\u305f\u30ea\u30b5\u30fc\u30c1\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"648\" height=\"306\" src=\"https:\/\/i0.wp.com\/smartandresponsible.com\/blog\/wp-content\/uploads\/2020\/02\/factor.png?resize=648%2C306&#038;ssl=1\" alt=\"\" class=\"wp-image-5312\" srcset=\"https:\/\/i0.wp.com\/smartandresponsible.com\/blog\/wp-content\/uploads\/2020\/02\/factor.png?w=648&amp;ssl=1 648w, https:\/\/i0.wp.com\/smartandresponsible.com\/blog\/wp-content\/uploads\/2020\/02\/factor.png?resize=300%2C142&amp;ssl=1 300w\" sizes=\"auto, (max-width: 648px) 100vw, 648px\" \/><\/figure>\n\n\n\n<p>\u4e0a\u306e\u8868\u3067\u306f\u30017\u3064\u306e\u7570\u306a\u308b\u30d5\u30a1\u30af\u30bf\u30fc\u30d9\u30fc\u30b9\u306e\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304c\u305d\u308c\u305e\u308c\u306e\u8272\u3067\u8868\u3055\u308c\u3001\u5404\u5e74\u3067\u6700\u3082\u6210\u7e3e\u306e\u826f\u304b\u3063\u305f\u3082\u306e\u304b\u3089\u60aa\u304b\u3063\u305f\u3082\u306e\u306b\u30d7\u30ed\u30c3\u30c8\u3057\u3066\u3042\u308a\u307e\u3059\u304c\u3001\u5404\u30d5\u30a1\u30af\u30bf\u30fc\u30d5\u30a1\u30f3\u30c9\u306e\u6210\u7e3e\u306f\u5e74\u3005\u9806\u5e8f\u304c\u5165\u308c\u66ff\u308f\u308a\u3001\u3069\u308c\u304b\u304c\u4e00\u5b9a\u7684\u306b\u6210\u7e3e\u304c\u3059\u3050\u308c\u3066\u3044\u308b\u3068\u6c7a\u3081\u308b\u3053\u3068\u304c\u96e3\u3057\u3044\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u3053\u3068\u306f\u3001\u524d\u56de\u3054\u7d39\u4ecb\u3057\u305f\u4ee5\u524d\u306e\u30d6\u30ed\u30b0\u8a18\u4e8b\uff08<a href=\"https:\/\/smartandresponsible.com\/blog\/indexing3\/\" ><strong>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u3092\u7406\u89e3\u3059\u308b\uff08\uff13\uff09\uff1a\u5132\u304b\u308a\u305d\u3046\u306a\u3082\u306e\u3092\u898b\u3064\u3051\u3088\u3046\u3068\u3057\u306a\u3044\uff01<\/strong><\/a>\uff09\u306e\u5185\u5bb9\u3068\u91cd\u306a\u308a\u307e\u3059\u304c\u3001\u4e00\u751f\u61f8\u547d\u7279\u5b9a\u306e\u6761\u4ef6\u306b\u5408\u3046\u3082\u306e\u3092\u9078\u3093\u3067\u3082\u3001\u6052\u5e38\u7684\u306b\u30c8\u30c3\u30d7\u30af\u30e9\u30b9\u3067\u3042\u308b\u3053\u3068\u306f\u306a\u304b\u306a\u304b\u96e3\u3057\u3044\u3053\u3068\u3092\u7269\u8a9e\u3063\u3066\u3044\u307e\u3059\u3002Vanguard\u793e\u306f\u3001\u300c<strong>\u3042\u308b\u30d5\u30a1\u30af\u30bf\u30fc\u304c\u4e00\u5b9a\u671f\u9593\u4ed6\u3068\u6bd4\u3079\u3066\u3088\u3044\u6210\u7e3e\u3092\u304a\u3055\u3081\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u304c\u3001\u540c\u6642\u306b\u305d\u306e\u540c\u3058\u30d5\u30a1\u30af\u30bf\u30fc\u304c\u4ed6\u306e\u4e00\u5b9a\u671f\u9593\u3067\u306f\u4ed6\u3068\u6bd4\u3079\u3066\u60aa\u3044\u6210\u7e3e\u3092\u304a\u3055\u3081\u308b\u53ef\u80fd\u6027\u3082\u3042\u308b<\/strong>\u3053\u3068\u3092\u7269\u8a9e\u3063\u3066\u3044\u308b\u300d\u3068\u7de0\u3081\u304f\u304f\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>Vanguard\u306f\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u306f\u30a2\u30af\u30c6\u30a3\u30d6\u6295\u8cc7\u3067\u3042\u308b\u3068\u660e\u8a18\u3057\u3066\u3044\u307e\u3059\u3002\u3044\u308d\u3044\u308d\u306a\u6d41\u884c\u308a\u306ePR\u3067\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u304c\u306a\u3055\u308c\u305f\u3068\u3057\u3066\u3082\u3001\u3084\u306f\u308a\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u306f\u81ea\u52d5\u5316\/\u4f4e\u30b3\u30b9\u30c8\u5316\u306f\u3057\u305f\u3082\u306e\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u6295\u8cc7\u3067\u3042\u308a\u3001\u5e02\u5834\u5168\u4f53\u306b\u6295\u8cc7\u3059\u308b\u30d1\u30c3\u30b7\u30d6\u6295\u8cc7\u306b\u6bd4\u3079\u308c\u3070\u3001\u3042\u308b\u4e00\u5b9a\u306e\u6761\u4ef6\u306b\u3042\u308b\u682a\u306a\u308a\u50b5\u5238\u306b\u201c\u8ced\u3051\u308b\u201d\u3082\u306e\u3067\u3042\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u3067\u3001\u3069\u3046\u3059\u308b\uff1f<\/h2>\n\n\n\n<p>\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u3058\u3083\u3001\u3069\u3046\u3059\u308c\u3070\u3044\u3044\u304b\u3067\u3059\u304c<strong>\u3001\u4eca\u307e\u3067\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u306e\u30d1\u30c3\u30b7\u30d6\u6295\u8cc7\u3067\u6295\u8cc7\u3057\u3066\u304d\u305f\u65b9\u306f\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u304c\u6d41\u884c\u3063\u3066\u304d\u305f\u304b\u3089\u3068\u3044\u3063\u3066\u3001\u59ff\u52e2\u3092\u5909\u66f4\u3059\u308b\u5fc5\u8981\u306f\u306a\u3044<\/strong>\u3088\u3046\u306b\u601d\u3044\u307e\u3059\u3002\u52dd\u3066\u308b\u304b\u3069\u3046\u304b\u308f\u304b\u3089\u306a\u3044\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u306b\u3075\u308a\u307e\u308f\u3055\u308c\u305a\u3001\u5e38\u306b\u5e02\u5834\u5168\u4f53\u306b\u30ea\u30b9\u30af\u5206\u6563\u3057\u3066\u6295\u8cc7\u3059\u308b\u30d1\u30c3\u30b7\u30d6\u6295\u8cc7\u3067\u7740\u5b9f\u306b\u5e02\u5834\u5229\u56de\u308a\u3092\u78ba\u4fdd\u3057\u3066\u3044\u304f\u3084\u308a\u304b\u305f\u306f\u3001\u3053\u308c\u307e\u3067\u3082\u3001\u307e\u305f\u3053\u308c\u304b\u3089\u3082\u6709\u7528\u3067\u3059\u3002\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u3092\u305b\u305a\u306b\u898b\u9001\u3063\u305f\u304b\u3089\u3068\u3044\u3063\u3066\u3001Not much\nto lose (\u5931\u3046\u3082\u306e\u306f\u3042\u3063\u305f\u3068\u3057\u3066\u3082\u591a\u304f\u306a\u3044)\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3082\u3057\u3082\u3069\u3046\u3057\u3066\u3082\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u3092\u3084\u3063\u3066\u307f\u305f\u3044\u3068\u3044\u3046\u5834\u5408\u306f\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u306e\u30d1\u30c3\u30b7\u30d6\u6295\u8cc7\u3092\u57fa\u672c\u306b\u636e\u3048\u306a\u304c\u3089\u3001\u9650\u3089\u308c\u305f\u30d1\u30fc\u30bb\u30f3\u30c6\u30fc\u30b8\u3092\u81ea\u5206\u306e\u4fe1\u3058\u308b\u30d5\u30a1\u30af\u30bf\u30fc\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3057\u3066\u307f\u308b\u3068\u3044\u3046\u65b9\u6cd5\u304c\u826f\u3044\u304b\u3068\u601d\u3044\u307e\u3059\u3002\u4ee5\u4e0b\u306f\u3001\u5e02\u5834\u5168\u4f53\uff08Market)\u306b\u6295\u8cc7\u3059\u308b\u4eca\u307e\u3067\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306b\u52a0\u3048\u3066\u3001\u4e00\u90e8Value\u3068Momentum\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3057\u305f\u3084\u308a\u65b9\u3092\u8868\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"810\" height=\"349\" src=\"https:\/\/i0.wp.com\/smartandresponsible.com\/blog\/wp-content\/uploads\/2020\/02\/factor-application.png?resize=810%2C349&#038;ssl=1\" alt=\"\" class=\"wp-image-5313\" srcset=\"https:\/\/i0.wp.com\/smartandresponsible.com\/blog\/wp-content\/uploads\/2020\/02\/factor-application.png?w=1004&amp;ssl=1 1004w, https:\/\/i0.wp.com\/smartandresponsible.com\/blog\/wp-content\/uploads\/2020\/02\/factor-application.png?resize=300%2C129&amp;ssl=1 300w, https:\/\/i0.wp.com\/smartandresponsible.com\/blog\/wp-content\/uploads\/2020\/02\/factor-application.png?resize=768%2C330&amp;ssl=1 768w\" sizes=\"auto, (max-width: 810px) 100vw, 810px\" \/><\/figure>\n\n\n\n<p>\u3053\u3053\u3067\u306f\u3001Value\u3068Momentum\u3092\u9078\u3093\u3067\u3044\u307e\u3059\u304c\u3001\u3069\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u9078\u3076\u304b\u306f\u81ea\u5206\u306e\u4fe1\u3058\u308b\u3068\u3053\u308d\u306b\u3088\u308a\u307e\u3059\u3002\u524d\u8ff0\u306e\u3068\u304a\u308a\u3001\u3069\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3060\u3063\u305f\u3089\u9577\u671f\u7684\u306b\u3044\u3064\u3082\u52dd\u3066\u308b\u304b\u3068\u3044\u3046\u5b9f\u7e3e\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u6642\u671f\u305d\u306e\u6642\u671f\u3067\u6210\u7e3e\u306f\u307e\u3061\u307e\u3061\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3053\u306e\u8868\u306e\u4e0b\u306b\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u6ce8\u610f\u66f8\u304d\u3082\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"501\" height=\"172\" src=\"https:\/\/i0.wp.com\/smartandresponsible.com\/blog\/wp-content\/uploads\/2020\/02\/factor-cabeats.png?resize=501%2C172&#038;ssl=1\" alt=\"\" class=\"wp-image-5315\" srcset=\"https:\/\/i0.wp.com\/smartandresponsible.com\/blog\/wp-content\/uploads\/2020\/02\/factor-cabeats.png?w=501&amp;ssl=1 501w, https:\/\/i0.wp.com\/smartandresponsible.com\/blog\/wp-content\/uploads\/2020\/02\/factor-cabeats.png?resize=300%2C103&amp;ssl=1 300w\" sizes=\"auto, (max-width: 501px) 100vw, 501px\" 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