{"id":74062,"date":"2026-06-18T21:23:48","date_gmt":"2026-06-18T12:23:48","guid":{"rendered":"https:\/\/wordpress.realcollector.jp\/blog\/?p=74062"},"modified":"2026-06-18T21:23:48","modified_gmt":"2026-06-18T12:23:48","slug":"%e3%83%9e%e3%82%a4%e3%82%b1%e3%83%ab-%e3%83%90%e3%83%bc%e3%83%aa","status":"publish","type":"post","link":"https:\/\/wordpress.realcollector.jp\/blog\/?p=74062","title":{"rendered":"\u30de\u30a4\u30b1\u30eb \u30d0\u30fc\u30ea"},"content":{"rendered":"

\u30de\u30a4\u30b1\u30eb\u30fb\u30d0\u30fc\u30ea\uff08Michael Burry\uff09\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u5408\u8846\u56fd\u306e\u8457\u540d\u306a\u6295\u8cc7\u5bb6\u30fb\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30b8\u30e3\u30fc\u3067\u3042\u308a\u3001\u7279\u306b2007\uff5e2008\u5e74\u306e\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u4f4f\u5b85\u30ed\u30fc\u30f3\u5371\u6a5f\u3092\u65e9\u671f\u306b\u4e88\u6e2c\u3057\u3001\u305d\u306e\u5bfe\u7b56\u3068\u3057\u3066\u83ab\u5927\u306a\u5229\u76ca\u3092\u4e0a\u3052\u305f\u3053\u3068\u3067\u4e16\u754c\u7684\u306a\u6ce8\u76ee\u3092\u96c6\u3081\u307e\u3057\u305f\u3002\u30d0\u30fc\u30ea\u306f1971\u5e746\u670819\u65e5\u306b\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u5dde\u30b5\u30df\u30c3\u30c8\u90e1\u3067\u751f\u307e\u308c\u3001\u5e7c\u3044\u3053\u308d\u304b\u3089\u79d1\u5b66\u3084\u6570\u5b66\u306b\u512a\u308c\u305f\u624d\u80fd\u3092\u793a\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u5927\u5b66\u306f\u30ab\u30ea\u30d5\u30a9\u30eb\u30cb\u30a2\u5927\u5b66\u30ed\u30b5\u30f3\u30bc\u30eb\u30b9\u6821\uff08UCLA\uff09\u306b\u5165\u5b66\u3057\u3001\u5f8c\u306b\u30cf\u30fc\u30d0\u30fc\u30c9\u30fb\u30e1\u30c7\u30a3\u30ab\u30eb\u30fb\u30b9\u30af\u30fc\u30eb\u306b\u9032\u5b66\u3057\u3066\u533b\u5b66\u535a\u58eb\uff08MD\uff09\u3092\u53d6\u5f97\u3002\u3057\u304b\u3057\u3001\u81e8\u5e8a\u533b\u3068\u3057\u3066\u306e\u9053\u3092\u9078\u3070\u305a\u3001\u30c7\u30fc\u30bf\u5206\u6790\u3084\u682a\u5f0f\u5e02\u5834\u306b\u5f37\u3044\u8208\u5473\u304c\u3042\u3063\u305f\u3053\u3068\u304b\u3089\u3001\u81ea\u3089\u30d5\u30a1\u30f3\u30c9\u3092\u8a2d\u7acb\u3057\u3066\u6295\u8cc7\u306e\u4e16\u754c\u306b\u8db3\u3092\u8e0f\u307f\u5165\u308c\u307e\u3059\u3002<\/p>\n

2000\u5e74\u306b\u8a2d\u7acb\u3057\u305f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u300cScion Capital\uff08\u30b9\u30ab\u30a4\u30aa\u30f3\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\uff09\u300d\u3067\u306f\u3001\u7dbf\u5bc6\u306a\u4f01\u696d\u5206\u6790\u3084\u30de\u30af\u30ed\u7d4c\u6e08\u52d5\u5411\u306e\u8abf\u67fb\u306b\u57fa\u3065\u304d\u3001\u72ec\u81ea\u306e\u6295\u8cc7\u6226\u7565\u3092\u5c55\u958b\u3002\u7279\u306b2005\u5e74\u9803\u304b\u3089\u7c73\u56fd\u306e\u4e0d\u52d5\u7523\u5e02\u5834\u3084\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u5e02\u5834\u306b\u95a2\u3059\u308b\u81a8\u5927\u306a\u30c7\u30fc\u30bf\u3092\u7cbe\u67fb\u3057\u3001\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u8a3c\u5238\u5316\u5546\u54c1\uff08CDO\uff1a\u62c5\u4fdd\u50b5\u52d9\u8a3c\u5238\uff09\u304c\u3044\u305a\u308c\u66b4\u843d\u3059\u308b\u3068\u4e88\u6e2c\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306b\u57fa\u3065\u304d\u3001\u3044\u308f\u3086\u308b\u300c\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\u300d\u3092\u7528\u3044\u3066\u4fe1\u7528\u30c7\u30d5\u30a9\u30eb\u30c8\u30b9\u30ef\u30c3\u30d7\uff08CDS\uff09\u3092\u5927\u91cf\u306b\u8cfc\u5165\u3057\u3001\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u5e02\u5834\u306e\u5d29\u58ca\u6642\u306b\u7d0470\u500d\u3082\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u7372\u5f97\u3057\u305f\u3068\u3044\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6210\u679c\u306f\u3001\u30de\u30a4\u30b1\u30eb\u30fb\u30eb\u30a4\u30b9\u306e\u8457\u66f8\u300e\u30de\u30cd\u30fc\u30fb\u30b7\u30e7\u30fc\u30c8\u300f\uff08The Big Short\uff09\u3084\u3001\u305d\u306e\u6620\u753b\u5316\u4f5c\u54c1\u300e\u30de\u30cd\u30fc\u30fb\u30b7\u30e7\u30fc\u30c8 \u83ef\u9e97\u306a\u308b\u5927\u9006\u8ee2\u300f\u3067\u5e83\u304f\u7d39\u4ecb\u3055\u308c\u3001\u5f7c\u306e\u540d\u3092\u4e00\u8e8d\u6709\u540d\u306b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30d0\u30fc\u30ea\u306e\u6295\u8cc7\u54f2\u5b66\u306f\u300c\u5fb9\u5e95\u3057\u305f\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u5206\u6790\u300d\u300c\u30c7\u30fc\u30bf\u306b\u88cf\u6253\u3061\u3055\u308c\u305f\u8a08\u753b\u6027\u300d\u300c\u5e02\u5834\u306e\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u306b\u9006\u3089\u3046\u30b3\u30f3\u30c8\u30e9\u30ea\u30a2\u30f3\uff08\u53cd\u5927\u52e2\u6d3e\uff09\u6226\u7565\u300d\u306b\u3042\u308a\u307e\u3059\u3002\u5f7c\u306f\u307e\u305f\u3001\u9577\u671f\u7684\u306a\u8996\u91ce\u306b\u7acb\u3063\u3066\u4fa1\u5024\u3092\u898b\u51fa\u3059\u30d0\u30ea\u30e5\u30fc\u6295\u8cc7\u306e\u624b\u6cd5\u3092\u597d\u307f\u3001\u4ed6\u306e\u6295\u8cc7\u5bb6\u304c\u656c\u9060\u3059\u308b\u9298\u67c4\u3084\u5206\u91ce\u306b\u3082\u679c\u6562\u306b\u6311\u6226\u3057\u307e\u3059\u30022008\u5e74\u4ee5\u964d\u3001Scion Capital\u306f\u4e00\u5ea6\u9589\u9396\u3055\u308c\u308b\u3082\u306e\u306e\u30012013\u5e74\u306b\u300cScion Asset Management\uff08\u30b9\u30ab\u30a4\u30aa\u30f3\u30fb\u30a2\u30bb\u30c3\u30c8\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\uff09\u300d\u3068\u3057\u3066\u518d\u30b9\u30bf\u30fc\u30c8\u3057\u3001\u91d1\uff08\u30b4\u30fc\u30eb\u30c9\uff09\u3084\u571f\u5730\u30fb\u6c34\u8cc7\u6e90\u95a2\u9023\u3001\u4e0d\u826f\u50b5\u6a29\u3001\u8fb2\u696d\u7528\u5730\u3068\u3044\u3063\u305f\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306b\u3082\u6ce8\u529b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

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2020\u5e74\u4ee3\u306b\u5165\u308a\u3001\u74b0\u5883\u554f\u984c\u3084\u8cc7\u6e90\u4e0d\u8db3\u3078\u306e\u95a2\u5fc3\u304b\u3089\u3001\u6c34\u6a29\uff08\u30a6\u30a9\u30fc\u30bf\u30fc\u30fb\u30e9\u30a4\u30c4\uff09\u3084\u6301\u7d9a\u53ef\u80fd\u306a\u8fb2\u696d\u3001\u4e0d\u52d5\u7523\u306e\u3088\u3046\u306a\u5b9f\u7269\u8cc7\u7523\u3078\u306e\u6295\u8cc7\u3092\u5f37\u5316\u3002\u52a0\u3048\u3066\u3001AI\uff08\u4eba\u5de5\u77e5\u80fd\uff09\u3084\u6a5f\u68b0\u5b66\u7fd2\u3092\u6d3b\u7528\u3057\u305f\u8cc7\u7523\u904b\u7528\u30e2\u30c7\u30eb\u306e\u5c0e\u5165\u306b\u3082\u610f\u6b32\u7684\u3067\u3042\u308b\u3053\u3068\u304c\u5831\u3058\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u306e\u6210\u529f\u306e\u307f\u306a\u3089\u305a\u3001\u5fb9\u5e95\u3057\u305f\u30c7\u30fc\u30bf\u5206\u6790\u3068\u51b7\u9759\u306a\u610f\u601d\u6c7a\u5b9a\u3001\u9ad8\u3044\u502b\u7406\u89b3\u3092\u517c\u306d\u5099\u3048\u305f\u4eba\u7269\u3068\u3057\u3066\u3001\u73fe\u4ee3\u306e\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\u6295\u8cc7\u5bb6\u306e\u30ed\u30fc\u30eb\u30e2\u30c7\u30eb\u3068\u3082\u3044\u3048\u308b\u5b58\u5728\u3067\u3059\u3002<\/p>\n

\u4e3b\u306a\u7279\u5fb4\uff08\u7279\u9577\uff09 1. \u5fb9\u5e95\u7684\u306a\u30c7\u30fc\u30bf\u5206\u6790\u3068\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u8abf\u67fb 2. \u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u5371\u6a5f\u3092\u4e88\u6e2c\u3057\u305f\u30b3\u30f3\u30c8\u30e9\u30ea\u30a2\u30f3\uff08\u9006\u5f35\u308a\uff09\u6226\u7565 3. \u533b\u5b66\u535a\u58eb\u53f7\u53d6\u5f97\u5f8c\u306b\u91d1\u878d\u696d\u754c\u3078\u8ee2\u8eab\u3057\u305f\u7570\u8272\u306e\u7d4c\u6b74 4. \u30e1\u30c7\u30a3\u30a2\u9732\u51fa\u3092\u6291\u3048\u305f\u30df\u30b9\u30c6\u30ea\u30a2\u30b9\u306a\u30d1\u30fc\u30bd\u30ca\u30ea\u30c6\u30a3 5. \u30d0\u30ea\u30e5\u30fc\u6295\u8cc7\u3092\u57fa\u76e4\u3068\u3057\u305f\u9577\u671f\u7684\u8996\u91ce 6. \u91d1\u30fb\u6c34\u8cc7\u6e90\u30fb\u8fb2\u696d\u7528\u5730\u306a\u3069\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u8cc7\u7523\u3078\u306e\u6295\u8cc7 7. AI\u30fb\u6a5f\u68b0\u5b66\u7fd2\u3092\u6d3b\u7528\u3057\u305f\u65b0\u305f\u306a\u6295\u8cc7\u624b\u6cd5\u306e\u6a21\u7d22<\/p>\n

\u53c2\u8003\u6587\u732e\u30fb\u30ea\u30f3\u30af\uff08\u65e5\u672c\u8a9e\uff09 1. \u30a6\u30a3\u30ad\u30da\u30c7\u30a3\u30a2\uff08\u65e5\u672c\u8a9e\u7248\uff09\u300c\u30de\u30a4\u30b1\u30eb\u30fb\u30d0\u30fc\u30ea\u300d https:\/\/ja.wikipedia.org\/wiki\/\u30de\u30a4\u30b1\u30eb\u30fb\u30d0\u30fc\u30ea<\/a> 2. \u65e5\u7d4c\u30d3\u30b8\u30cd\u30b9\u300c\u30de\u30a4\u30b1\u30eb\u30fb\u30d0\u30fc\u30ea\u304c\u898b\u305f\u201c\u6b21\u306e\u5371\u6a5f\u201d\u3068\u306f\uff1f\u300d\uff082020\u5e74\uff09 https:\/\/business.nikkei.com\/atcl\/opinion\/15\/278168\/053000041\/<\/a> 3. Forbes JAPAN\u300c\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u4e88\u8a00\u8005\u3001\u30de\u30a4\u30b1\u30eb\u30fb\u30d0\u30fc\u30ea\u306e\u7d20\u9854\u300d https:\/\/forbesjapan.com\/articles\/detail\/37860<\/a> 4. \u30c0\u30a4\u30e4\u30e2\u30f3\u30c9\u30fb\u30aa\u30f3\u30e9\u30a4\u30f3\u300c\u300e\u30de\u30cd\u30fc\u30fb\u30b7\u30e7\u30fc\u30c8\u300f\u306e\u4f1d\u8aac\u7684\u6295\u8cc7\u5bb6\u3001\u4eca\u5ea6\u306f\u201c\u6c34\u201d\u3092\u72d9\u3046\u300d https:\/\/diamond.jp\/articles\/-\/243391<\/a> 5. Reuters Japan\u300c\u30d0\u30fc\u30ea\u6c0f\u3001\u65b0\u8208\u5e02\u5834\u306e\u30bb\u30af\u30bf\u30fc\u306b\u5206\u6563\u6295\u8cc7\u3092\u5f37\u8abf\u300d\uff082022\u5e74\uff09 https:\/\/jp.reuters.com\/article\/michael-burry-water-idJPKCN1VV03T<\/a> 6. The Big Short\uff08\u6620\u753b\u516c\u5f0f\u30b5\u30a4\u30c8\u3001\u65e5\u672c\u8a9e\uff09 https:\/\/www.bigshort.jp\/<\/a><\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u30de\u30a4\u30b1\u30eb\u30fb\u30d0\u30fc\u30ea\uff08Michael Burry\uff09\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u5408\u8846\u56fd\u306e\u8457\u540d\u306a\u6295\u8cc7\u5bb6\u30fb\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30b8\u30e3\u30fc\u3067\u3042\u308a\u3001\u7279\u306b2007\uff5e2008\u5e74\u306e\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u4f4f\u5b85\u30ed\u30fc\u30f3\u5371\u6a5f\u3092\u65e9\u671f\u306b\u4e88\u6e2c\u3057\u3001\u305d\u306e\u5bfe\u7b56\u3068\u3057\u3066\u83ab\u5927\u306a\u5229\u76ca\u3092\u4e0a\u3052\u305f\u3053\u3068\u3067\u4e16 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10942],"tags":[16724,16725,16723,13605,11873],"class_list":["post-74062","post","type-post","status-publish","format-standard","hentry","category-o4-mini","tag-16724","tag-16725","tag-16723","tag-13605","tag-11873"],"jetpack_featured_media_url":"","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/wordpress.realcollector.jp\/blog\/index.php?rest_route=\/wp\/v2\/posts\/74062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wordpress.realcollector.jp\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wordpress.realcollector.jp\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wordpress.realcollector.jp\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wordpress.realcollector.jp\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=74062"}],"version-history":[{"count":1,"href":"https:\/\/wordpress.realcollector.jp\/blog\/index.php?rest_route=\/wp\/v2\/posts\/74062\/revisions"}],"predecessor-version":[{"id":74064,"href":"https:\/\/wordpress.realcollector.jp\/blog\/index.php?rest_route=\/wp\/v2\/posts\/74062\/revisions\/74064"}],"wp:attachment":[{"href":"https:\/\/wordpress.realcollector.jp\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=74062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wordpress.realcollector.jp\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=74062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wordpress.realcollector.jp\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=74062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}