0:00 First of all, please put your student number, name, and name tag on the card. The back is basically your ID and registration number. Today is the first time, so I don't want to talk about it properly. It's the most important thing, or it's part of the main topic. This is a public subject, and I heard that one or two people are looking at
0:48 the evidence from various angles. I've been doing public classes for the third year. I don't have anyone to do it with, but the head of the school said, "Someone do it for me." So I'm doing it as a public class. I'm doing it with fun rather than with a lot of excitement. I'm doing it as a public class. I will talk about this university as a form of lecture, but I will talk about it 15 times. I want to make sure that you have something to teach or
1:36 learn. I don't want to be a lecture or a warning. I will have you attend 15 lectures and collect your results every time. I heard that there are 51 students in this subject. I'm sure some of you have taken the previous subjects in the same order. I don't mind that. It's a very unique subject for me. On the contrary, I think about my own income I don't intend to give lectures
2:21 that only teach about the Nogaki. To be honest, I did in the previous lecture, "Toshi 1200-don." I will explain the knowledge and the way of thinking needed in the context of having a consciousness of the "Toshi" . I think some of you have taken the previous course, but I would like you to learn and understand the strategic thinking of the financial strategy theory, which is the same as the financial strategy theory of the previous course. I don't intend to hold a financial company or a bank meeting to give advice on how
3:07 to invest. To put it simply, I don't want to ask, "Do you want to buy any of these stocks?" or "Where should I invest?" There are similar subjects in the Department of Economic and Financial Studies, but the Department of Economic and Financial Studies that I am currently studying in the Department of Personal Finance is the Department of Economics. My original specialty is economics, theoretical economics. From there, I came to the Department of Finance and Business Taxes. In general, it is what is called a comprehensive management strategy. In the normal context, it is business policy. It is a person
3:52 who studies and writes a paper that specializes in what is called a management strategy. The textbook is also written in the "Kirabasu" of financial management theory, but it is a person who specializes in the commercialization of investment theory. So when I say that I am a person who is studying, there are some excuses and some things that make sense. But I'm not an expert. To put it simply, when I thought about what a university teacher is, there is a business school where you teach and learn extremely practical and rhythmic things together. It's called a business school. It's called a management university.
4:37 I think it's written in the syllabus. The story of the society is different from the story of the society based on the experiences of the workplace or the industry where you came from, and the story of the society based on the experiences of the society based on the experiences of the industry or the industry where you came from, and the story of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the society based on the experiences of the societies of the society based When you think about the actual science of the book, you should think about investing. You should think about
5:26 what you should do and what you should do when you invest. You should think about the basic knowledge you need to think about it. I will talk about that, including my experience. So, even if there is a correct answer, it's nothing. When I say management, I often ask, "How can I manage well?" For example, I learn how to talk, and what to do. This is not a business education. There are many people who don't have the awareness to learn. It may be a difficult way
6:16 to explain it, but there is a word called management. There are people who translate this as management. This is a common-sense way of thinking. I thought it would be good to say that, but there is an interesting program that has recently come out. What was it? There's a word called "evidence" in the language of the industry.
7:04 Yesterday's Daily News, April 12th, Sunday. The newspaper newspaper is also interesting on Sunday. To put it simply, information that is necessary at the individual level is posted. Here, the evidence on the cover, do you understand what the evidence means? This article is a good article, but it is a very useful article in terms of the meaning and usage of evidence. I'm not saying it's wrong, but there are also variables
7:50 in the environment that represent the word "evidence." But the use of evidence in commercial science is not used in conventional scientific research or social science. You might be using it in a wrong way, pretending to be cool. In that case, evidence is used, for example, as evidence. You can't tell by the dictionary, but you're saying evidence or evidence. That commercial's accurate translation is "shutten." Do
8:36 you understand? In other words, it means "where did you pull it from?" That's all. The original word "evidence" is the one that "pulled" the evidence. It's like pointing at evidence, evidence, or a base that's close to it. But the truth is not touched by anything. It's written here, too. When I read the newspaper article, it said that it was a word that was often used during the COVID-19 pandemic. The reason why the word "Iwane" was used during the COVID-19 pandemic is because it
9:23 is called medicine, but do you know what "ekigaku" means? In other words, it is called "ekigaku" when we do social movements to prevent everyone. So, for example, if you are alone and you are doing an experiment, for example, if a person with COVID-19 comes and sneezes, you will say that there are tens of thousands of viruses in it and that it will spread to everyone within a few hours. So, for example, as a cause of action, you are not gathering people and not gathering people. When we have to think of a measure, we use the
10:10 word "evidence" to refer to the relationship of the cause and effect that is based on the time when we make a proposal. So, in this case, the word "evidence" means evidence. So, in the current form, evidence is "ikyo" and "shutten" is "shutten". You often say that you do not express things in words. For example, when you write a paper or write something, you say "pakuru" to others. But when you cut and paste, you can see that the past is reflected
10:57 in exactly the same way. But you can't think about whether the original information is correct. We are also thinking about the proposal for the exam, and many people are saying that it will be a problem. It's like how to use AI to do it. For example, if you read a paper, an opinion, or a comment on TV in the morning, you will say that AI is convenient now. If you are a commentator, you have to think about something and write it down. Or when you have to write on SNS, you can ask AI and write it down. For example, Minaya's father, the announcer's father, said, "That program will end soon, right? What should I do
11:46 after this is over?" When I asked, the AI said, "Go to the kitchen." I was talking about a funny story and saying ridiculous things, but it was the same. If you say what you heard, you can copy or copy-paste it, but if you change it or change it a little, it's not the same when you check it, so you don't do it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I
12:31 don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't have to complain about it. I don't We call causality, cause and effect. We researchers try to investigate causes and effects of
13:16 causality. There are general rules, for example, that can be explained by the form. That's the job. What I just said at that time means evidence. It's not just about whether something like a case or a self-defense system is used or not. There's also the example of a sample. What we can understand from the sample is the cause of the problem. In the case of science, there is a result. What happened to the phenomenon
14:03 in front of us? It is a study to find a causal relationship between the two. So, when you think about it, you can use interesting words like "robust" in the context of causality, sustainability, and continuity in statistics. When I talked about the law of law, you often said that the way of using it is very good. Can you define the
14:51 law of law in what way? I can't hear you. I'm just listening to the conversation. I know that there are people who know it, but there are people who don't know it. It's the same as the previous case, but the answer is what you want. The reason is simple. It can't be helped that everyone knows what I'm talking about here. I wanted to have such an lecture, such a lecture, and I'm going to have an ideal lecture. I'm not asking you to pay me money to listen to the things I've learned and read before I start listening to the stories I've heard. I'm not
15:39 asking you to pay me money to listen to all these things. Basically, it's the same as what's written in the syllabus. I'm not going to talk about what I can read and study here. If you want to hear something like that, you can do it like a collaboration in a book. Sometimes you can make a half-joke and then skip it. If you skip it like this, it's not relevant at all, and you can't get into the main topic. I'm not talking about what I'm talking about in my head, but it's all connected. I am the one who builds that connection. On the contrary,
16:25 it is not wrong to judge by listening to it. It is like an inspiration to you. I hope that it will be a trigger and spread your thoughts and thoughts. Think about things, think about things, think about the lecture, think about it, think about it, and it's good for elementary school education. Dream, dream, even a monkey can say that. Do you understand? But what I'm saying is not a novel or anything, but I don't say that I came here because I had a dream like this, because I did this, because
17:11 I did this. Teachers don't say that. On the contrary, that's not real science. Why can't you explain how you overcame your limits and managed them? That's why I brought this topic of investment. I am investing myself. I am also a consultant for corporate management. So, the way people think about the scene, the funny things, the interesting things, all of them, okay? If you say it like that, they will be together and
17:57 do the same thing. So, people who are not like that, on the contrary, the securities companies, the stock market, the bank, it's easy. The bank wants to borrow money, and the securities companies want to buy stocks. Because that's their job. So, in a sense, it's different from talking about the park and explanation with people who have a clear background. So, as an example, for example, N-Shao, I go to the park in various places. Sometimes, I'm on the explanation side, or I'm on the financial planning side, or I'm an expert on
18:45 financial theory, and I'm on the business side, and I go to the park. There are many things to do in business education, I went to Ote-machi to ask about the idea of cash flow statement that Nikkei Shimbun is doing. If you don't pay the money, you can't do anything about it. If you just let me hear it, I won't let you hear it. If you go to ask, the explanation of the cash flow inspector who came there is not terrible, but the
19:30 sales of the cash flow calculation software that I made at my place. I thought I was kidding. There is a hall on the 8th floor of Keidan-den Kaikan in Ootei-machi. I think it's amazing that 800 people gathered there and did lectures. I know it from my own experience, but I think the venue fee will probably go quite a lot for each person, but how much is the actual number of people? How much is it if you come to 800 people and think about 25,000 people? Can you get it yourself? I'm sorry, but I haven't received it. Maybe I've been asked to go to the park by myself, and the most expensive was 80,000 yen per hour with a chin. The decision of the person who comes is that you are making a lot of money. Even if you think so, you are not making any
20:19 money. Because there are many things to do before you go to do it. If you do it, I will change it, so please do it. If you say, "It's okay, I'll give it to you," I want to say, "Can you do it?" If you do it like that, others will come in and say, "There are people who come in and say, 'It's not related,' but when you see various things in that way, When you think about the public in universities, you don't know about the bank's business or the securities industry. What the investor thinks about is different from psychology. So when you go back
21:07 to the words of the management, you say "management" and "earnings" in the morning, which means "earnings" in the morning. Many people misunderstand this. This is a big misunderstanding. It's like learning = learning = learning. What does it mean to make money? It's written in the accounting system
21:56 as S-C=PL. In your heads, it's like this. I'm not saying bad things. It's about how you think. Profit. How much money do you spend and how much do you make? I just wrote this formula on the left. What's different from the formula above and below? It's easy to say. It's either L or nothing. L is loss. In other words, it's minus. The reason why the mode of thinking is easy to understand is that when it comes to management, we only think about P. However, in reality, L comes out. But when it comes to thinking, we
22:42 think about investment plans or when we manage. On the contrary, if we don't make money, we will not be able to do business. That's what's strange. Why can't we change our way of thinking? That's the proposal. So, "kiku kikanai" is a word that is used because the way you say it is hard or because you used the word "temei" and the teacher said, "I used the word "temei" and I complained about it." But if I forget it, I'll say, "You're an idiot." "Ah, the teacher is an idiot again." In my lecture, words like "like an idiot" and "like an idiot" come out. I don't mean to
23:28 say specific people, but it's better to listen to them. It's not interesting, but it's okay if it's interesting. If you complain, it's bad. It's simple, so be patient and listen. I will understand the essence of what I am saying and complain. So, including work, on the contrary, I have fought many times. I'm saying this for the sake of students, so I'm not using that kind of word. I'm just saying it because it doesn't have any impact if you don't use it that much. If you say that there is no medicine to make you stupid, the teacher will say that you made a fool of yourself, but if you think you're not stupid, you
24:16 should study. It doesn't matter if you don't have any medicine to make you stupid. So, I'm good at replacing what others say with what I say. I'm sorry that I don't care if you say something bad or harsh. So, if you say that, it's not about what other people think, but I don't intend to sell you a hobby. I don't intend to take your origin. Because the knowledge that the people of the world, the investors, are seeking, or the minimum standard, will not change at all. What do you think? It's not my fault that I failed
25:02 to get out of it. The teacher didn't teach me. It's not like that. I'm not studying what I know. So, as I said in the place where it is written in the syllabus, I heard this last time, but I'm sorry for the syllabus. Who is this lecture reading? Who is not reading? Which one is the one who doesn't raise their hand? I'm saying in the current form. There are people who are alive and dead. There are people who are dead. There are people who are alive and dead. There are people who are dead. There are people who are alive and dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are
25:48 people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people who are dead. There are people I'm not criticizing you because you're an Indian. I'm saying this because there are people like that. Of course, I don't think you understand because you read it. That's why I'm talking here. I'm talking about this so that I don't get a bonk later. I'm saying this because I don't want to sell the contents of
26:37 the lecture to the level of the lecture for its convenience. It's the same as before. When people in the world see it, they ask, "Are you learning this? Are you teaching this?" Basically, what I can't talk about here is not only failure and success. When you study theory and apply it to practice, what are the possibilities and limits? This applies to other classes as well. In my class, I ask you to determine the possibilities and limits. I want
27:23 you to determine the possibilities and limits of both. I want them to be able to make their own investment plans and strategies. On the contrary, it's impossible if you don't. I read a lot of books, and I went to the industry, and I went to the stock market, and I went to the stock market. I've been doing it for a month or a year. Meanwhile, I was in the re-establishment department and was also the re-establishment leader. And then, the money, the bank, the Kawase
28:09 Shikinbu, is assigned to that place. And then, the stock, not the stock, the stock market, and then the Kawase. The stock market is similar to the stock market in a sense. I'm just going to say the words here. For example, do you know CB? CB. This is also a convertible bond. This is a convertible bond. This is a convertible bond. This is a convertible bond. This is a convertible bond. This
29:02 is a convertible bond. This is The main one is the debt, and then the exchange rate. After the exchange rate, there is the interbank money fund, which is the use of funds. There is a way to get away from the feeling of being far away. I also did such a money dealing in Nishigiri. But there was a person in charge, and I was an assistant. The main thing was to do the interbank car dealer at the end. It was decided in OJT, so I went around before that. Before going to the Kawase Shikinbu, there is a section called "Operation". Do
29:47 you know what "Operation" is translated into Japanese? I heard it in the previous lecture, but it's a marketing term. What is marketing? Can you define or explain marketing? Senpai, you're studying marketing, aren't you? The Faculty of Science and Technology is specialized in marketing. What do you call marketing in Japanese? Simply put. This is also a question, so I won't say it. If you can say that marketing is said in Japanese like this, please raise your hand. Marketing
30:33 is said only by people who can speak marketing. There are many people. I don't think anyone who doesn't raise their hand knows. I'm just not understanding the meaning and intention of this question. In other words, I think that there is no way to participate in the business. But such a thing is a symbol. Marketing is the idea of "improving market creation". The market has an "ing". For example, when you use the word "finance", what do you translate "finance" for?
31:18 It's "finance" because it's convenient. For example, "investment" is the same, right? What is "investment"? I explained it here, but it was written in the syllabus, but can you explain the difference between "investment" and "exploitation"? It's a big topic today. "Investment" and "exploitation" and then another one is "baptism". Can you explain these three things clearly and in a short and brief way? If you can, raise your hand. If you can't, raise your hand. It's easy. I don't want to say, "If you can do it, you don't have to come to class." Each person has their own
32:09 way of thinking. On the contrary, I want to say, "Can you explain it to people?" So, what I'm saying is that marketing is to create a market, to make a market, to activate it, to make it functional. To put it simply, it's only about how to sell things. It's about how to sell things. So, if you think that you're only looking at one side, you're saying that you're wrong. That's why there's no answer. So, I'm not saying that you should find the right answer or reach the right
32:57 answer. The right answer is the right answer if the result is correct. It doesn't matter how correct it is or how good it is theoretically. If it's negative or not working at all, people won't evaluate it. It's simple. For example, if Michael Porter said something like this, or a marketing professor said something like this, or a book was written, and you tried it as you were told, you tried it, you failed, then the problem is simple. You won't hear from him next time. I don't know why, but if you do it with momentum, and you get results, what should you buy next time? Where should you go? What should you think about?
33:44 You ask yourself that question. That's all. The result is not correct. If you judge whether it is profitable or not, it seems that it is profitable if you say it in a monetary way, but it is not profitable. It's the same. Whether people want to hear the other person's opinion at that time, On the other hand, if you don't know anything, let's talk about something more simple. If you're a fund manager who's moving 300 million or 400 million yen, you don't need a head. For example, there is an index operation.
34:31 I'm putting it out as a word and a word. Even if you have that kind of knowledge in financial products, the actual judgment is different. As I said, it's easy to say that the rich will make money at the end. In other words, I dare to write various things. I call it a martingale. Those who have heard of martingales, those who know, those who have not heard of it, I don't know if I've heard of it, but
35:18 I don't talk about it. It's the same as before. The problem is that it's the same as the world because it's a lecture that people who have heard of it, who have not heard of it, and who have not heard of it are mixed together. I don't want to say that I'm wrong to someone who thinks I understand. If it's different from what I said, I don't think it's wrong to think that I'm wrong and that my understanding is wrong. When you put your own understanding into practice, that's the only problem. If you can be a great person, that's enough. So what I'm
36:05 saying here is that if you're going to go there and say, "I've heard of people who understand." I won't explain my choice. It's a matter of time. When you're standing on it and talking about things like Martingale, you can go next if it goes through. That's all you have to ask. It's not that I'm saying anything. In that part, what you think is natural and known is in the world of the investment market. I'm the same when I'm in the bank, but there are so many things in this field. It doesn't matter if you have
36:52 a lot of money and you can make the right decision. The only thing I said was, "The important thing is to make money. Anyway, I want to make money." If you say whether there is a desire in human beings or not, there is still salvation. I think I'm talking about it, but there are people who don't. I'm not blaming you for not reading the Shikabatsu I just said, but I'm asking you why you're listening to this lecture. I don't hate you. I just say it because it doesn't come to mind even if I talk about various investment stories to such a person. So, as it is
37:38 written in Syrabas, we will do the exam. But we will do the exam, but as I said, we will do the exam, and remember what we have done, and write it down. I don't feel like you're going to do an exam where you look at the PowerPoint materials that you are familiar with in other schools and write it down and decide what to do. I can't guarantee anything, so I'm not sure if I can guarantee it. I can guarantee that only the content of the class is where you studied and understood. There is no guarantee. It's
38:24 not like that. Product warranty. Every time I hear it, I run around like a bug. That's why I'm saying that. I don't want to be stubborn in class. "Oh, it's hard. I don't know. You did a good job. You said it well. But it's useless. There's no content." I just say it clearly. If I do this, I'll be fooled and I'll get angry. So in the end, it's okay to lose because it's you. You can't take care of it that much. I also lose and make money. But the bottom line is that I want to make money. I want to use my wisdom
39:10 and experience. What you earned because you decided it yourself is yours. If you lose, it's your fault. That's the basic mindset of investors. So, if you don't have that, you can't make money. It's not useful to just say that you're watching a boring movie or reading something. What I want to say is that This is the only world where you can live only with your head. Do you understand what I'm saying? People with physical disabilities often say, "Don't discriminate." It has nothing to do with nationality or gender. You can't judge whether you sold it or
39:56 not. You can't judge whether you sold it or not by saying, "I'm on a wheelchair and I'm discriminating." If you say, "I'm on a wheelchair and I'm discriminating," you can get a sign that you sold it or not. You can make a deal. Action from the results that came out of your head. If you can't do it yourself, you can say, "I'll buy it, I'll buy it, and I'll pay it." So it doesn't matter. Whether it's gender, nationality, age, etc. Have you retired and lost your job? I have. I've been working all my life. As long as I want
40:41 to make money by investing. I'll be a clerk in two years, but I can't stop investing there. As a result of analyzing what I think, I look at various people's papers and refer to them. I'm talking about what to do and what to do after hearing rumors. It's fun to make long-term and medium-term judgments like that. As a result, to put it simply, I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years
41:26 and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been doing it for 10 years and I have been The reason I don't teach is simple. I can't take responsibility. I understand. So I'll get into the risk here, too. I'll say it because it's written in the Hikashirabase, but I'll start by suppressing the idea of risk. I'm
42:17 saying this as a keyword, so I'm not saying anything useless. The risk is one thing, but the other is that it is a common example to measure with a statistical standard deviation. Do you understand? Standard deviation. It's a pain in the ass to write, but standard deviation. We call this sigma or sigma-signature. The sigma-signature is called division. This is the standard deviation, so the sigma standard deviation is the root. You can do anything in elementary
43:03 school, middle school, and statistics. For example, if you say "average," you're already in the middle of your major. There are so many "average"s. What do you say in English when you say "average"? In the world of statistics and investment, you don't say "average." It's not "average." It's "mean." For example, you can see statistics and numbers like that. If there are people in the world who don't know, they may say, "I learned it a long time ago, but I don't remember
43:53 it." It's the same for both. It's not bad to say it. I don't care if you say you learned it a long time ago. Why don't you remember? Why do you do it at that place? When I asked you to teach me, I talked about it and wrote a statistics formula. I said that, but you don't like it, do you? It's the same as English. Why can't you speak English? I was educated so much. It's not like there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's
44:38 a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, or there's a bad education in Japan, The results of the analysis of the data collected by the human being who is thinking are the result of the theory. It's a book. You can understand it by thinking about it. So when you say that, you can understand it. I never thought about investment. So if you say "toushi" now, they'll say "what? I'm going to get a job and do it, but what's that? Is it an forehead or something? And I don't know if it's NASA or NASA, but please talk about this, brother."
45:28 It always comes out. You can find out about this yourself. It's easy. It's a tax system. It's convenient now, but I don't know what to do with my forehead. This problem is how to reduce the tax on the cash flow that comes in. It's easy to make it cheap, just reduce the 20% tax. You can see it from the source. Even if you do it at 10% for 3 million yen, it's 30 million yen, and then 20% It's not a big amount, but why don't you think about the results of the investment operation before that? For example, if you want
46:15 to build a building, you don't have the will to study, so you don't have the time to do this because you are investing in securities. It's already over 60 years old, and I'm over 65 years old. I can't do it. I can do it. The problem is where to invest money. What field to invest in. This is a problem called allocation, but that's all. What if I said it in the form of a shoulder or a statistics? Each of the elderly. I was
47:01 really angry when I was told, "Don't say you're older than me." I thought I was an old man. I was sorry, but when I said I was an old woman, my teacher said I was older than me. I was also an old man, so it was bad to see it from the perspective of an old man. I was 66 years old. I was a teenager for two years. But there are people who are older than me in the world. I'm going to keep attacking it, so I'm going to invest in it because there's no place to teach it. That's a lifelong job. Investing is good, so is the financial system. So, in that sense, it's a bit vague. After doing this, I did this,
47:47 and it's 65, so how much did it become? I'll withdraw it. I've accumulated the compensation. How is it? I'll carry it out again. The system of the system is often said to be vague, but pension or insurance. This is also a story of financial products, and it comes out in this. Is this okay? For example, if this comes out, the annual salary. Even if you do annual salary, you can't get paid. It became a national policy. The TV is. Insurance? The insurance company is making a profit. So it doesn't mean you're in. I'm just going to go with the
48:34 surface. For example, if you do it for such a person, you can be relieved. It's a good thing. What happened when the money came down a little after becoming 65? I often deceived it in my own way. For example, virtual currency. I don't say virtual currency now. Do you know? It's called security. I wrote this in my paper before, but it's not such a good thing. When I say that, it's not like I'm saying, "That's enough." I'm saying that I'm saying,
49:20 "That's enough." I know what's inside, so I'm not a person who likes to put money in a place like this. But if you understand and are convinced, please do it. Why? You are the one who takes the risk. The reason why I don't recommend it to people, or what people say, is because I don't chase the risk I'm chasing. I chase it myself. There's no other way but to do it. So, do you think you know the mechanism well?
50:06 I just need to confirm that. So, in that sense, as I said, I dare to say various things. Things that should be taken up here, or things that relate to the time when we talked about investment. So, in that sense, if I talk about it now, I'm dealing with the exchange rate, and I don't mean to say that I know or don't know the exchange rate. Nobody knows this. I will explain the mechanism of the exchange. I tried it. I quit the bank when I entered the bank and it was three years later.
50:53 I thought I understood that the market of the exchange and the financial market of the bank increased and the number of shares increased. I quit because I thought so. I had a sense of accomplishment. I thought I wanted to go to the World Bank and quit and go back to college. I'm saying it so generously. I want to study more. I want to hear more from various people. The best merit of being a student is that you can ask anyone and say that you are a student. I
51:39 understand. So if you go to a library or something like that, they will help you integrate, they will lend you books, and if you say that you are writing letters and doing it for research, they will help you with anything. You guys are doing the survey, and you're trying to find out if you can actually recover it by opening the lid. I was coming from a university recently, but I was told that the regional revitalization was coming, but I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm It's the same as that. The merit of being a student and the
52:26 merit of having a degree are the same. I'm sorry, but there is no merit in investing. It's a world without a need. I did it because there was such a thing. But what I thought I understood at that time was the sense of the market until then. This is also said in words, but in a very vulgar form, if you dare to write it, you can understand it as "Badge". the atmosphere of the place, the atmosphere of the place, and how it is moving. The atmosphere in this market is what I experienced at the forefront.
53:12 However, interestingly, just after I quit, in 1988, a big financial crisis occurred. At that time, the people who stayed in the bank later said this to half of the people who stayed in the bank. "No, Mr. Masada, I know it well, so I quit." The bank I was in was bought by a major bank. It was bought, or in that case, it was called Midland. It's a bank called Midland. I'm not bragging, but I'm saying that Midland is the British capital. There are four major banks in the UK, and there is a bank from the 16th century. It's like
53:58 a small company. There is a place here that is said to be a four-storied bank. Nutt West, Roy's, Midland, and Berkeley. This is the same in the United States. Now, it's the same, but the bank. In the past, it was Chase Manhattan and Chemical Bank. Chemical Bank is still there. Chemical Bank is with Wells Fargo. The number of the US government is increasing. In 1983, the US government abolished the regulation 9, which was my job. This changed the financial market. For example, in FX, it's not like
54:44 you're saying, "I'm going to remember it." It's 1973. You're talking about securities right now. Holmes. Where is Holmes's company? Should I put it on the test? I don't think I'd know if I didn't read it. The reason why the Shinkansen became a Hendo Soba ship in 1973 was because of the First Sino-Japanese War. The oil price went up by 4 times. I'm not bragging about the past. I didn't have any experience of how the stock market would act when such a situation occurred. In other words, when something
55:35 new happens, we can say, "It used to be like this." For example, in the world of FX, there are 150 countries in the world. There are about 120 countries in the world. If there is a currency in each country, for example, Switzerland, France, England, Stalingrad, France, Germany, When I look at the Reuter screen, it's completely different from what I see now. It's all euros now, right? Simply put. So the infrastructure and structure are different from when
56:22 I was there. I don't mean that it's completely different because it's different. It's something like the behavior pattern that was considered at that time. On the other hand, when I just quit my bank, another thing is the so-called derivative, the derivative of the derivative. In other words, this is actually a pre-existing and an option. This was only just started, and this was also in 1973, I think. The trading began at the Chicago Mercantile Trading Center. Until then, this was not there.
57:07 If you look at this more, you can see where this originally came from. It is often said that it is a Japanese rice market. Do you know? Japanese rice market. If you follow that, you will find yourself in the old days. The reason why the world of finance is interesting is that, simply put, it is the gathering of the rich and the poor. The owner of the money is not deceiving people, but is the trustee
57:52 of people. Until the time when people are told that they want to sell or buy, there is no guarantee of money exchange. That's why the "tampo" comes out. In that case, the trustee of people who are told that they will be paid for the "tampo" How do you build a guarantee? Everyone is doing it by taking over the land, so it's amazing because it's a finished system. I understand. So the bank guy, the money guy, is still the same, but it's not like he's doing it so well. This virtual
58:37 currency I mentioned earlier, this is also an anonymous asset. Anonymous asset. It's the same as the "Cyprocal Asset" that is the "Cyber-free" and "Cyber-free" I mentioned in my previous lecture that the F-X is a foreign currency, but many people can't explain it. It's not like that, but it's a bit different. How about the Chinese People's Court? The Chinese People's Court era is coming. I said this when I was a student, 40 years ago. Has it become like that?
59:25 For example, in the US, the price of oil has exceeded $100. Where is the price of oil rising? Is there anyone who can say that? I know. The price of oil has exceeded $110. It has exceeded $100. It has gone down. That's why the stock market is going back and forth. If you can do it there, as a word, WTI. Do you know what WTI is? This is the abbreviation of West Texas Intermediate. Dow Jones' Dow. This is the name of a person. You understand? There are various things
1:00:12 like topics, indexes, etc. This is easy. You know Texas, right? It's above Mexico. There's a lot of oil in Texas. The initial contract price of that guy is WTI. The business-level investment. How much is a barrel? In the US, the oil price is high, and the oil price is high. The US sells 1 gallon. Japan doesn't sell liters. When I studied in the US, 1 gallon was 94 cents. This
1:01:02 is about 4 liters. If you go to the place I just mentioned, you will find a lot of terms. It's not that it's difficult to explain, it's not that it's difficult to arrange the contents, I said this last time, but please check it yourself. You have your favorite smartphone, right? Please use it. I don't need anything. You can use it on your computer. If you don't understand the terms, listen first. There are many things like that in this culture. And the people who are
1:01:47 actually working on the site, it's not what I'm talking about now, but if you say, "Do you know everyone?" Everyone doesn't know. I heard that the difference between the time spent and the time spent is not clear. For example, knowledge and information are not related to the time spent. What you are doing is expected to go up and down. The scary thing about investment is that it is not related to learning or knowledge. If you just look at the rise and fall, you will be told this. I'm doing binary. I
1:02:33 didn't know either, but I went to binary and saw that there was a good deal of up and down in the stock market every time. It's not an investment. So I asked if I could understand PPP. It says PPP. The standard decision of foreign stocks is PPP. PPP is Purchase Power Parity. There is a theory called the "efficiency-efficiency theory". It's a common thing. In other words, if you look at it, it's the price of a Mac.
1:03:21 You often ask, "How much is the price of a Big Mac?" So, the decision of the exchange market is important. The problem is that the exchange market is based on the decision of the exchange market. When we analyze the current situation, the most convincing way to decide is PPP. If you ask, "Is PPP working in reality?" or "Is the supply power system working?" There are
1:04:07 times when you can't get the question mark on your head. The problem is, when there is a theoretical price, is it a price that goes up or a price that goes down? Even if you don't know how to set it up, you can only hit the vaccine if you go up or down. You understand? So, if you look at the current situation, there are people who say that they are going to bet on the problem, so it's a bit hard to say, but if you look at the current situation, when you ask about the
1:04:54 difference between the investment and the return, most people don't answer. Let me put it simply. The money is big, the return is small, and the period is short, The long term is investment. So what is the impact? If we look at the current risk of standardization, we can see that the expected value is expected. We call it EXP, or expectation. This is the same as the mean we just described in the statistics.
1:05:42 For example, if there are people who are interested in such things and study them, it's a pain in the ass. Even if you do it, you can hit the Bakuchi of the rise or fall. Do you understand? There is a super-and-a-half Bakuchi. If you have the same eyes, you have a super-and-a-half if you have different eyes. It's not easy to split the price. So, when I was selling, the owner said, "Yes, please." If you talk about the price, the price will be different. Do you understand? If everyone thinks it's a butterfly, you can't do it there. Because
1:06:29 the dealer is against it. Half or half. The probability process is that half is a butterfly and half is a half. It's the same. The standard deviation and probability are coming out here. Even if you don't know that, you can do it in the Heiken's Law. It's the same as the Toshi and Toki. However, when you think about whether the problem is profitable or not, if you want to make money, you want to know more
1:07:18 about the contents and structure. What do you think about and do? You just think. Or you just study. You just talk to people and make knowledge. There is nothing right in that. You just explain the situation. The reason is that we have to investigate the relationship between the past and the past. We are not scholars. We have to predict and forecast. In that sense, it may look the same,
1:08:03 but the difference between the contents and the two differences is completely different. For example, the "Sai-ken" and "Shoken" are different. They are different in the way they are seen, and they are explained differently. But as I explained in the example, the "CB" is the same as the "Hon-shitsu". You can't do it unless you see the essence of it. So, even if you come to the currency of the encrypted company, even if you come to the guy you just said, it's not bad because it's good enough. It's interesting because
1:08:49 there is that. Because there is risk, it leads to revenue. I'm going to say this again, but I understand the definitive difference between the other two. I say it again and again. The other is zero-sum. In other words, you can see that those who make a loss and those who make a profit must be there. The stock market and the market are different. There is business activity in the background, and that's because management is taught, but it creates value. Business activities are the one that turns it into money. The part that
1:09:37 you earn from it is the part that you invest in as a shareholder. This is because the price of the stock is decided. I'll talk about it in this, so I'll say it again at that time, but the value of the stock is different. It doesn't create anything. Just by the expectation. For example, you can say, "Did you write what I said?" "Did you do it when I explained it to you?" If you didn't do it, you wouldn't be saying stupid things or being rational. So please understand the meaning of "understanding from another angle". I don't mean to
1:10:24 say that you are stupid or hypocritical or something. I've never thought about it. It's a childish opinion. What is it? The meaning of being childish is just lack of study. You just need to study. You just need to read. Whether you are an Ikeko or a Nii-san, you can find it on the Internet. Please read it. And then, while we're talking, I'll ask questions that are different from what I've been asked. Let's make lessons together. I'll talk as a member of the investment department. I don't want to brag
1:11:09 about it. But I want to show you the power of seeing through the question of where the nature of risk lies. Another question is, how much can you endure? It's a necessary question. How much can you endure? You're so busy talking about how to do financial literacy, how to educate your family, and so on. I laugh at my own ass. It doesn't matter. It's obvious. The problem is how much you can endure. Because there is always
1:11:55 an against. Setting that part is the minimum thinking in financial literacy. It can't be helped if you can't analyze the risk. I'm saying that the risk is high and big, but there is no such convenient word. Anyway, I don't know because I'm talking about it. There is a risk, so it's dangerous. There is a risk, so it's profitable. There is no profit if the risk is small. There is no loss. In that way of thinking, how much can you endure? It's okay if you can endure it. In the world, it's okay if you can
1:12:41 endure it and nothing happens. It's always fresh in that way. I'm going to talk about it in this way because the time is coming, so the most important thing today is this. For example, I put out the keyword "Balala Baba" on purpose, so when I make a notebook later, this is also the case, but I'm recording it today. My lecture is basically good, isn't it? I think I dropped it. I should have put it in. I'm going to record it in video and upload it for review. I'll also drop
1:13:28 it in PDF and take a picture of it, but I'll send it to you through a call. So please make your own notes during the review process. If you don't understand the terms, please check them. If you have any comments, please write them on the back. I will do it at the end. Basically, I will do the final test question in accordance with the results, but in my case, I will do the start first. The first is B. B is basically understood team. I don't know how to understand the basic things after I understand and discuss
1:14:15 them. So, as I said, I usually write down the basics and make notes. I don't have time today, but I'll bring it here and show it to you next time. This is a scrap I made when I was doing the Kawase's dealing. I still have it. I made it to show you. This is a scrap I made. I made it to show you. This is a scrap I made. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it to show you. I made it You have to create an image of yourself of how things actually work, as
1:15:02 I said earlier. You can't do it with someone else. You can't show off. On the contrary, if you say that this is interesting and it's coming out, it's hardly useful in the current situation. So I'm making something else now. It's convenient now. There's a net, and you can read the dictionary and everything there. You can't understand English, so you can just look it up. We didn't have that. I have no choice but to scrap it. When I look at it later, it's not as useful as it is useless. It's the same when I talk about the past, but the most common impression is, "Oh, I
1:15:51 did a good job." I don't think it was difficult at all. It was fun. Because we were able to achieve results. It's the same now. So, in that sense, please study what you learn, what you learn, and what you can study. As a result, you just need to ask for a proposal that you can write. If you don't want to do it, it's your own business. It's better to have a habit of doing things that you have to do as a investor. As I said, an investment is something you have to do for
1:16:37 the rest of your life. If you're old enough, you're a child, a parent, a daughter-in-law, etc. All of that, portfolio, asset management, everything is involved. In that sense, it's a lifetime. If you can't do it, it's easy if you don't want to do it. Choose someone who will do a good job and lend him money. So now, it's not a manager, but you have a job, right? Everyone is paid. It's okay to make a mistake, but it's like you're on a plane and you're on your smartphone and you're free to do whatever you want. If I forget, I won't get on
1:17:22 that plane even if I make a mistake. I feel bad if I can't decide everything myself. It's natural that if you ask someone, you'll be taken into account. There's no one in the world who would do it for free. That's what it is. Also, as it is written here, I will explain the challenges of what I want you to do next time. I will explain it again. Anyway, the conference will continue in this way, so I will prepare, review, and review. If you have any questions, please answer them. I will pick up the questions that you can
1:18:07 answer. If you think it's boring to take such a lecture, you should quit. If you want to play or sleep, you don't have to come to class. Just give out the attendance form and then hand it out to everyone. You can see it and write that it was interesting or not interesting. If you write that you have learned something like this, that's fine. Then you can see the attendance. I'll write it later. I think I've seen this before. This is
1:18:57 my email address for this class. If you have any questions, comments, or jokes, please write them here. Write down your student number and name. If you don't, you can use your iPhone. I don't know who sent it. Please feel free to leave comments here and let's do it with me. Is that okay? I don't explain the online version next time, so I'll explain it step by step. I understand that it is also recorded, and I will send it to you with a proper URL. Please don't
1:19:48 copy it. Or if you missed it, Are you ready? Yes, then, the blood test I just distributed, I take it every time so
