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Openai/69401093-f800-800a-94fc-a5d69db9f764
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==== ### ==== 世界株式・債券・不動産・インフラ・PE等に加え、希少資産(名車、モータースポーツ由来の一点物、歴史的プロダクト等)もこの柱の一類型として位置づけられる。ここで重要なのは、国内で買い集めれば批判が出るという政治社会リスクがある以上、対象・市場・規制を跨ぐ設計が必要になる点である。 ===== 配当・利息・複利、売却益、分散投資によるリスク調整後リターン。希少資産は、評価が主観性を帯びるため、情報優位と出口設計が収益の本体になる。 ===== ===== 運用規律、情報優位(目利き)、真正性・来歴の証明、保管・修復、国際売却網、税務・法務が障壁となる。 ===== ===== リスク調整後リターン、流動性(平均売却期間)、保管コスト比率、損失事故率、保険回収率、鑑定・真正性トラブル率。 ===== ===== 流動性枯渇、評価の主観性、真贋、保管事故、規制、税務、そして市場濫用・買い占め批判。統制は、分散・上限規律・透明な鑑定・保険と再保険・出口複線化で行う。 =====
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