{"id":324,"date":"2016-06-27T21:25:53","date_gmt":"2016-06-27T12:25:53","guid":{"rendered":"http:\/\/finance-gfp.com\/?page_id=324"},"modified":"2025-04-12T13:14:43","modified_gmt":"2025-04-12T04:14:43","slug":"maxdrawdown1997","status":"publish","type":"post","link":"https:\/\/finance-gfp.com\/?p=324","title":{"rendered":"\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u30fb\u30ed\u30b7\u30a2\u5371\u6a5f\u6642\u306e\u6700\u5927\u4e0b\u843d\u7387\uff08\u682a\u5f0f\u30fb\u50b5\u5238\u30fbREIT\uff09"},"content":{"rendered":"<p><span class=\"ymarker-s\">\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u3067\u306f1997\u5e74\u301c1998\u5e74\u306b\u304b\u3051\u3066\u767a\u751f\u3057\u305f\u300c\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u30fb\u30ed\u30b7\u30a2\u5371\u6a5f\u300d\u306e\u969b\u306b\u5404\u7a2e\u50b5\u5238\u30fb\u682a\u5f0f\u30fbREIT\u304c\u30d4\u30fc\u30af\u304b\u3089\u30d4\u30fc\u30af\u307e\u3067\u3069\u308c\u304f\u3089\u3044\u4e0b\u843d\u3057\u305f\u304b\u3092\u63b2\u8f09\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>\u30b7\u30e7\u30c3\u30af\u6642\u306e\u6700\u5927\u640d\u5931\u3092\u628a\u63e1\u3057\u3066\u304a\u304f\u3053\u3068\u306f\u6295\u8cc7\u3092\u884c\u3046\u4e0a\u3067\u975e\u5e38\u306b\u6709\u76ca\u3067\u3059\u306e\u3067\u53c2\u8003\u306b\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u300c\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u30fb\u30ed\u30b7\u30a2\u5371\u6a5f\u300d\u306e\u7279\u5fb4\u3068\u3057\u3066\u3001\u65b0\u8208\u56fd\u682a\u5f0f\u306e\u5927\u5e45\u4e0b\u843d\u3068\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u306e\u5927\u304d\u306a\u5909\u52d5\u304c\u3042\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u30ea\u30b9\u30af\u30aa\u30d5\u306b\u3088\u308b\u5186\u9ad8\u306f1998\u5e74\u306e\u30ed\u30b7\u30a2\u5371\u6a5f\u306e\u969b\u306b\u306f\u3058\u3081\u3066\u767a\u751f\u3057\u307e\u3057\u305f\u3002<\/p>\n\n<!-- WP QUADS v. 3.0.4  Shortcode Ad -->\n<div class=\"quads-location quads-ad\" id=\"quads-ad\" style=\"float:none;margin:0px 0 0px 0;text-align:center;\">\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- \u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30b9\u30bf\u30fc\uff08\u8a18\u4e8b\u4e0a\u30ec\u30b9\u30dd\u30f3\u30b7\u30d6\uff09 -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5603670596158988\"\r\n     data-ad-slot=\"4486034607\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n\n<p>\u307e\u305a\u6700\u521d\u306b\u3001\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u30fb\u30ed\u30b7\u30a2\u5371\u6a5f\u306b\u3064\u3044\u3066\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n<h2>\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u3068\u306f<\/h2>\n<ul>\n<li>\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u3068\u306f1997\u5e747\u6708\u306b\u30bf\u30a4\u3092\u9707\u6e90\u306b\u59cb\u307e\u3063\u305f\u30a2\u30b8\u30a2\u5404\u56fd\u306e\u6025\u6fc0\u306a\u901a\u8ca8\u306e\u4e0b\u843d\u306e\u3053\u3068\u3002<\/li>\n<li>\u7279\u306b\u30bf\u30a4\u3001\u30a4\u30f3\u30c9\u30cd\u30b7\u30a2\u3001\u30de\u30ec\u30fc\u30b7\u30a2\u3001\u97d3\u56fd\u7b49\u306f\u5927\u304d\u306a\u6253\u6483\u3092\u53d7\u3051\u3001IMF\u3084\u4e16\u754c\u9280\u884c\u306e\u652f\u63f4\u3092\u53d7\u3051\u305f\u3002<\/li>\n<li>\u5f53\u6642\u30a2\u30b8\u30a2\u306e\u591a\u304f\u306e\u56fd\u3067\u306f\u81ea\u56fd\u901a\u8ca8\u3092\u7c73\u30c9\u30eb\u306b\u56fa\u5b9a\u3059\u308b\u30c9\u30eb\u30da\u30c3\u30b0\u5236\u3092\u63a1\u7528\u3057\u3066\u3044\u305f\u3002\u70ba\u66ff\u304c\u56fa\u5b9a\u76f8\u5834\u5236\u306e\u4e2d\u3067\u91d1\u5229\u3092\u7c73\u56fd\u3088\u308a\u3082\u9ad8\u3081\u306b\u8a98\u5c0e\u3057\u3066\u5916\u56fd\u304b\u3089\u8cc7\u91d1\u6d41\u5165\u3092\u4fc3\u3057\u3066\u3044\u305f\u3002<\/li>\n<li>\u307e\u305f\u3001\u7c73\u30c9\u30eb\u304c\u5b89\u304f\u63a8\u79fb\u3057\u3066\u3044\u305f\u3053\u3068\u3067\u8f38\u51fa\u304c\u597d\u8abf\u3067\u7d4c\u6e08\u304c\u9806\u8abf\u306b\u6210\u9577\u3057\u3066\u3044\u305f\u3002<\/li>\n<li>\u3057\u304b\u3057\u30011990\u5e74\u4ee3\u5f8c\u534a\u304b\u3089\u7c73\u56fd\u304c\u666f\u6c17\u56de\u5fa9\u5c40\u9762\u3067\u300c\u5f37\u3044\u30c9\u30eb\u653f\u7b56\u300d\u3092\u9032\u3081\u305f\u305f\u3081\u3001\u30c9\u30eb\u30da\u30c3\u30b0\u5236\u3092\u63a1\u7528\u3057\u3066\u3044\u308b\u30a2\u30b8\u30a2\u5404\u56fd\u306e\u901a\u8ca8\u3082\u9023\u52d5\u3057\u3066\u5f37\u304f\u306a\u308a\u3001\u8f38\u51fa\u304c\u4f38\u3073\u60a9\u307f\u59cb\u3081\u305f\u3002<\/li>\n<li>\u30a2\u30b8\u30a2\u5404\u56fd\u306f\u666f\u6c17\u304c\u60aa\u3044\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30c9\u30eb\u30da\u30c3\u30b0\u5236\u306e\u70ba\u3001\u904e\u5927\u8a55\u4fa1\u3055\u308c\u3066\u304a\u308a\u3001\u3053\u308c\u306b\u6ce8\u76ee\u3057\u305f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u5927\u898f\u6a21\u306a\u901a\u8ca8\u306e\u7a7a\u58f2\u308a\u3092\u4ed5\u639b\u3051\u3001\u56fa\u5b9a\u76f8\u5834\u5236\u3092\u7dad\u6301\u3067\u304d\u306a\u304f\u306a\u3063\u305f\u3053\u3068\u306b\u3088\u308a\u3001\u5404\u56fd\u306e\u901a\u8ca8\u304c\u5927\u5e45\u306b\u4e0b\u843d\u3057\u305f\u3002<\/li>\n<li>\u30a4\u30f3\u30c9\u30cd\u30b7\u30a2\u30eb\u30d4\u30a2\u306e\u9577\u671f\u30c1\u30e3\u30fc\u30c8\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=9591\" target=\"_blank\" rel=\"noopener\">\u30a4\u30f3\u30c9\u30cd\u30b7\u30a2\u30eb\u30d4\u30a2\u70ba\u66ff\u30ec\u30fc\u30c8\uff08\u5186\/\u30eb\u30d4\u30a2\u30fb\u30eb\u30d4\u30a2\/\u30c9\u30eb\uff09\u9577\u671f\u63a8\u79fb\uff08\u30c1\u30e3\u30fc\u30c8\u30fb\u5909\u52d5\u8981\u56e0\uff09<\/a><\/li>\n<\/ul>\n<h2>\u30ed\u30b7\u30a2\u5371\u6a5f\u3068\u306f<\/h2>\n<ul>\n<li>\u30ed\u30b7\u30a2\u306f\u8f38\u51fa\u306e\u5927\u90e8\u5206\u3092\u30a8\u30cd\u30eb\u30ae\u30fc\u95a2\u9023\u8cc7\u6e90\u306b\u4f9d\u5b58\u3057\u3066\u3044\u308b\u4e2d\u3067\u3001\u539f\u6cb9\u4fa1\u683c\u304c\u4f4e\u8ff7\u30571\u30d0\u30ec\u30eb\uff1d10\u30c9\u30eb\u53f0\u307e\u3067\u4e0b\u843d\u3057\u305f\u3002<\/li>\n<li>\u3053\u308c\u306b\u3088\u308a\u7a0e\u53ce\u304c\u6e1b\u5c11\u3057\u8ca1\u653f\u304c\u6025\u6fc0\u306b\u60aa\u5316\u3001\u901a\u8ca8\u30eb\u30fc\u30d6\u30eb\u3082\u4e0b\u843d\u3057\u59cb\u3081\u305f\u3002<\/li>\n<li>\u3053\u306e\u3088\u3046\u306a\u4e2d\u3001\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u306e\u5f71\u97ff\u3067\u4e16\u754c\u7684\u306b\u666f\u6c17\u304c\u4f4e\u8ff7\u3057\u305f\u3053\u3068\u304c\u3001\u4e8b\u614b\u3092\u3088\u308a\u60aa\u5316\u3055\u305b\u3001\u30eb\u30fc\u30d6\u30eb\u58f2\u308a\u304c\u52a0\u901f\u3057\u305f\u3002<\/li>\n<li>IMF\u304b\u3089\u306e\u652f\u63f4\u3092\u53d7\u3051\u305f\u304c\u3001\u4e8b\u614b\u306f\u597d\u8ee2\u305b\u305a1998\u5e748\u6708\u3001\u30ed\u30b7\u30a2\u306f\u5bfe\u5916\u50b5\u52d9\u306e\u652f\u6255\u3044\u3092\u4e00\u6642\u505c\u6b62\u3059\u308b\u3068\u3044\u3046\u30c7\u30d5\u30a9\u30eb\u30c8\u306b\u9665\u3063\u305f\u3002<\/li>\n<li>\u30ed\u30b7\u30a2\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u306e\u5f71\u97ff\u3067\u30ce\u30fc\u30d9\u30eb\u7d4c\u6e08\u5b66\u8cde\u53d7\u8cde\u8005\u3089\u304c\u540d\u3092\u9023\u306d\u308b\u5927\u624b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9LTCM\u304c\u7834\u305f\u3093\u3057\u3001\u4e16\u754c\u306e\u91d1\u878d\u5e02\u5834\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u305f\u3002\u3010\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u6b74\u53f2\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=518\" target=\"_blank\" rel=\"noopener\">\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u5168\u3066\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/a>\u3011<\/li>\n<\/ul>\n<h2>\u5404\u8cc7\u7523\u306e\u6700\u5927\u4e0b\u843d\u7387\uff08\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u30fb\u30ed\u30b7\u30a2\u5371\u6a5f\uff09\u3010\u50b5\u5238\u3011<\/h2>\n<ul>\n<li>\u5404\u8cc7\u7523\u30af\u30e9\u30b9\u3054\u3068\u306b\u6700\u5927\u4e0b\u843d\u7387\u3068\u306a\u3063\u305f\u671f\u9593\u3092\u63b2\u8f09\uff08\u3088\u3063\u3066\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u3054\u3068\u306b\u671f\u9593\u304c\u7570\u306a\u308b\uff09<\/li>\n<li>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306f\u7c73\u30c9\u30eb\u30d9\u30fc\u30b9<\/li>\n<li>\u7c73\u30c9\u30eb\u30d9\u30fc\u30b9\u306e\u6700\u5927\u4e0b\u843d\u7387\u3068\u5186\u30d9\u30fc\u30b9\u306e\u6700\u5927\u4e0b\u843d\u7387\u3092\u63b2\u8f09<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-17769\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/06\/877458a31b108a5c555367f8e479af9b.png\" alt=\"\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u30fb\u30ed\u30b7\u30a2\u5371\u6a5f\u6642\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u6700\u5927\u4e0b\u843d\u7387\u3010\u50b5\u5238\u3011\" width=\"743\" height=\"210\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/06\/877458a31b108a5c555367f8e479af9b.png 743w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/06\/877458a31b108a5c555367f8e479af9b-300x85.png 300w\" sizes=\"auto, (max-width: 743px) 100vw, 743px\" \/><\/p>\n<p><strong><span style=\"text-decoration: underline;\">\u30a4\u30f3\u30c7\u30c3\u30af\u30b9<\/span><\/strong><\/p>\n<ul>\n<li>\u7c73\u30c9\u30eb\u5efa\u3066\u65b0\u8208\u56fd\u56fd\u50b5\uff1aJP Morgan EMBI Global Total Return Index<\/li>\n<li>\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\uff1aS&amp;P\/LSTA Leveraged Loan Total Return Index<\/li>\n<li>\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u5238\uff1aThe BofA Merrill Lynch US High Yield Constrained Index<\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><strong>\u30dd\u30a4\u30f3\u30c8<\/strong><\/span><\/p>\n<ul>\n<li>1997\u5e74\u306b\u767a\u751f\u3057\u305f\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u3067\u306f\u30bf\u30a4\u30fb\u30a4\u30f3\u30c9\u30cd\u30b7\u30a2\u30fb\u97d3\u56fd\u7b49\u304c\u7d4c\u6e08\u7684\u306b\u3082\u5927\u304d\u306a\u30c0\u30e1\u30fc\u30b8\u3092\u53d7\u3051\u3001\u305d\u306e1\u5e74\u5f8c\u306b\u3082\u30ed\u30b7\u30a2\u5371\u6a5f\u304c\u767a\u751f\u3057\u305f\u3053\u3068\u3067\u65b0\u8208\u56fd\u50b5\u5238\u304c\u5927\u304d\u306a\u4e0b\u843d\u7387\u3068\u306a\u3063\u305f<\/li>\n<li>\u4e00\u65b9\u3001\u7c73\u56fd\u8cc7\u7523\u3067\u3042\u308b\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u3084\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\u306f\u305d\u308c\u307b\u3069\u5927\u304d\u306a\u5f71\u97ff\u306f\u53d7\u3051\u306a\u304b\u3063\u305f\u3002<\/li>\n<\/ul>\n<h2>\u5404\u8cc7\u7523\u306e\u6700\u5927\u4e0b\u843d\u7387\uff08\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u30fb\u30ed\u30b7\u30a2\u5371\u6a5f\uff09\u3010\u682a\u5f0f\/\u30ea\u30fc\u30c8\u3011<\/h2>\n<ul>\n<li>\u5404\u8cc7\u7523\u30af\u30e9\u30b9\u3054\u3068\u306b\u6700\u5927\u4e0b\u843d\u7387\u3068\u306a\u3063\u305f\u671f\u9593\u3092\u63b2\u8f09\uff08\u3088\u3063\u3066\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u3054\u3068\u306b\u671f\u9593\u304c\u7570\u306a\u308b\uff09<\/li>\n<li>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306f\u539f\u5247\u3001\u7c73\u30c9\u30eb\u30d9\u30fc\u30b9\uff08\u7c73\u30c9\u30eb\u4ee5\u5916\u306e\u5834\u5408\u306f\u4e0b\u8a18\u300c\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u300d\u306b\u8d64\u5b57\u3067\u8a18\u8f09\uff09<\/li>\n<li>\u7c73\u30c9\u30eb\u30d9\u30fc\u30b9\uff08\u73fe\u5730\u901a\u8ca8\u30d9\u30fc\u30b9\uff09\u306e\u6700\u5927\u4e0b\u843d\u7387\u3068\u5186\u30d9\u30fc\u30b9\u306e\u6700\u5927\u4e0b\u843d\u7387\u3092\u63b2\u8f09<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-17770\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/06\/968f64a82e732fe90e2d4ce762839506.png\" alt=\"\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u30fb\u30ed\u30b7\u30a2\u5371\u6a5f\u6642\u306e\u5404\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u6700\u5927\u4e0b\u843d\u7387\u3010\u682a\u5f0f\u30fb\u30ea\u30fc\u30c8\u3011\" width=\"744\" height=\"260\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/06\/968f64a82e732fe90e2d4ce762839506.png 744w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/06\/968f64a82e732fe90e2d4ce762839506-300x105.png 300w\" sizes=\"auto, (max-width: 744px) 100vw, 744px\" \/><\/p>\n<p><strong>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9<\/strong><\/p>\n<ul>\n<li>\u7c73\u56fd\u682a\u5f0f\uff1aS&amp;P500<\/li>\n<li>\u7c73\u56fd\u30ea\u30fc\u30c8\uff1aFTSE\/NAREIT 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