GLOBAL INVESTMENT ACADEMY GIA$BDL?.!!(BVol.536
$BG/(B185$BC{1_$NMxJ'$$8+DL$7$G$bJF9q:D$O@$3&0l0BA4!)(B
$B$_$J$5$^!"$3$s$K$A$O!*(B
Global Investment Academy$B$NN>3Q$G$9!#(B


$BF|K\$G$O(B
$B@hF|$N?"EDF|6dAm:[$N(B


$B!V(BYCC$B$r=@Fp$KBP1~$9$k!W(B


$B$H$$$&H/8@$+$i(B
$BD94|6bMx$,>e>:$7$^$7$?!#(B
$B 1$B!sDxEY$^$G$O5vMF$9$k$H$N$3$H$G!"(B
$B=;Bp%m!<%s6bMx$J$I$bDI?o$9$kF0$-$b$"$j!"(B


$B2f!99qL1$N@83h%3%9%H$,(B
$B$5$i$K>e>:$7$F$$$/$3$H$bM=A[$5$l!"(B


$B!V$d$l$d$l:$$C$?$b$N$@!&!&!&!W(B


$B$HC2$/?M$bB?$$$+$H;W$$$^$9!#(B


$B$7$+$7$J$,$i!"(B
$Be$2$r$7$F(B
$B0lHVC/$,:$$k$+$H$$$($P!&!&!&!&(B


$B$O$$!"$=$&$G$9!*(B


$B$"$NJ}!9$G$9$M!*(B
$B!JEz$($OEA$($^$;$s$h(B^^$B!K(B


$B$?$@!"(B
$B$3$N$h$&$J>uBV$O(B
$B2?$bF|K\$@$1$G5/$-$F$$$k$@$1$G$O$J$/!"(B


$B$`$7$mA4$/0c$& $B$b$C$HBgJQ$G?<9o$J6ILL$r(B
$B7^$($F$$$k9q$,$"$k$N$G$9!#!#(B


$B$5$"!"!"!"(B
$B$3$l$+$i$I$&$J$C$F$$$/$N$G$7$g$&$+!)(B


$B:#=5$b$h$m$7$/$*4j$$$7$^$9!*(B
$BL\
$B"#(B $B$=$m$=$m8B3&$,6a$$!*!)(B $B2a>jN.F0@-Aj>l$NE>494|(B
$B"#(B 1$B%v7n$GW7b!*(B $BJF9q$O%O%$%Q!<%$%s%U%l$rL\;X$9!*!)(B
$B"#(B $BG/4VMxJ'$$$@$1$G(B185$BC{1_!*!*(B $BC/$,$I$&9M$($F$b!VL5M}%2!
$B"#(B $B$D$$$KJF9q:D$,3J2<$2$K!*(B $BMr$NA0$N@E$1$5$KL}CG$9$k$J!*(B
$B"#(B $B2F5(5Y6H4|4V$N$4O"Mm(B
$B$=$m$=$m8B3&$,6a$$!*!)(B
$B2a>jN.F0@-Aj>l$NE>494|(B
$B$$$^;T>l4X78 $BCmL\$7$F$$$k%-!<%o!<%I$N$R$H$D$K(B


$B!V%_%s%9%-!$B$,$"$j$^$9!#(B


$B$3$l$O%+%MM>$j;~$K@8$8$?(B
$B:DL3KDD%$d?H$N>f$rD6$($?(B
$B2a>jEj;q$,8B3&$r7^$(!"(B


$B$=$NH?F0$H$7$F(B
$B;q;:2A3J$N5^Mn$d(B
$BN.F0@-$N5^Dc2<$J$I$,;O$^$k(B
$B%]%$%s%H!aE>5!$rI=$98@MU$G$9!#(B


$BEj;q2H$,J]M-$9$k!"(B
$B$"$^$jEj5!E*$G$J$$%]%8%7%g%s$5$($b(B
$B:DL3;YJ'$N$?$a$KGd5Q$9$kI,MW$KGw$i$l!"(B


$B%^!<%1%C%H$G2A3J2 $B?<9o$J2_J><{MW$,@8$8$k$h$&$K$J$j$^$9!#(B


$B%P%V%k$H6bM;4m5!$N4X78$r(B
$B2r$-L@$+$7$?JF9q$N7P:Q3X $B%O%$%^%s!&%_%s%9%-!

$BH`$K$A$J$s$G(B
$B$3$&L>IU$1$i$l$^$7$?!#(B
$B$3$N%_%s%9%-!<;a$$$o$/(B
$B7P:Q$NIT0BDj@-$OJ#;($J;T>l7P:Q$,(B
$B@8MhE*$KHw$($F$$$k7g4Y$G$"$k$H=R$Y!"(B


$B6bM;IT0BDj@-$NCJ3,$r(B
$B
$B-!D4;R$N$$$$;~!"Ej;q2H$O%j%9%/$r $B-"$I$s$I$s%j%9%/$r $B-#%j%9%/$K8+9g$C$?%j%?!<%s$, $B-$2?$+$N%7%g%C%/$G%j%9%/$,3HBg$9$k!#(B
$B-%92$F$?Ej;q2H$,;q;:$rGd5Q$9$k!#(B
$B-&;q;:2A3J$,K=Mn$9$k!#(B
$B-'Ej;q2H$,:DL3D62a$K4Y$j!"GK;:$9$k!#(B
$B-(Ej;q2H$KM;;q$7$F$$$?6d9T$,GKC>$9$k!#(B
$B-)Cf1{6d9T$,6d9T$r5_:Q$9$k!J!F(BMinsky Moment$B!G!K(B
$B-*#1$KLa$k!#(B
90$BG/Be$K$*$1$k(B
$BF|K\$N%P%V%kJx2u$d%"%8%"DL2_4m5!!"(B


2000$BG/Be$K$*$1$kJF9q$N(B
IT$B%P%V%kJx2u$d%j!<%^%s!&%7%g%C%/$J$I$O!"(B


$B$=$N%W%m%;%9$r$$$:$l$b(B
$B%_%s%9%-! $B@bL@$G$-$k$H8@$o$l$F$$$^$9!#(B


$B$U$`$U$`!&!&!&!&!#(B


$B3N$+$K2a5n$N6bM;4m5!$O(B
$B$3$NCJ3,$rF'$s$G$-$?46$8$,$7$^$9!#(B


$B$=$7$F(B
$B:#$N6bM;9)3X!"(B
$B;qK\

$B$3$&$7$FG|Bg$J(B
$B!T?.MQAOB$!U(B$B$,@8$^$l$?$N$@!*(B


$BKM$O$=$&46$8$F$$$^$9!#(B
1$B%v7n$GW7b!*(B
$BJF9q$O%O%$%Q!<%$%s%U%l$rL\;X$9!*!)(B
$B$"$J$?$O3P$($F$$$^$9$+!)(B


$B:#$+$iLs(B2$B%v7n$[$IA0!"(B
$BJF9q5D2q$OO"K.@/I\$N:DL3;D9b$N(B
$B>e8BOH$r(B2$BG/4VDd;_$7$?$3$H$r!#(B
$B!VKhEY$NCcHV7`$@!*!W(B


$B$=$&;W$C$??M$b(B
$B$+$J$j$$$?$+$H;W$$$^$9!#(B


$B7k2LJF9q$N%G%U%)%k%H$O(B
$BD>A0$G2sHr$5$l$?$b$N$N!"(B


$Bu67$,(B
$B?<9o$K$J$j$D$D$"$j$^$9!#(B


$B $BJF9q:bL3>J$O(B8,510$B2/%I%k(B
$B!JF|K\1_$K$7$FLs(B118$BC{1_!*!K(B


$B$H$$$&6C0[E*$Je$2!"(B
$B9q2H:DL3$O(B32$BC{%I%k$rFMGK$7$?$N$G$9!#(B
$B$b$A$m$s9q$r(B
$B1?1D$9$k$?$a$K;q6b$OI,MW$G$9$7!"(B
$BF|K\$G$b@V;z9q:D$r%P%s%P%sH/9T$7$F$$$^$9!#(B


$BFC$K<+9qDL2_$G(B
$BDL2_$rH/9T=PMh$k9q$O(B
$B7h$7$F%G%U%)%k%H$9$k$3$H$O$J$$!*(B
$B$H$$$&M}6~$b$"$k0UL#@5$7$$$G$7$g$&!#(B


$B$7$+$7$J$,$i!"(B
$B:DL3$r@Q$_>e$2$k%Z!<%9$,(B
$B?R>o$H$O8@$($J$$$[$I$NB.$5$HBg$-$5$K!"(B
$B6C$-$rDL$j1[$7$F$b$O$d>P$&$7$+$"$j$^$;$s!#(B
$B $BJF9q:DL3$N5^7c$JA}2C$O!"(B


$B@$3&(B3$BBg7P:Q9q$N9qFbAm@8;:(B
$B!a(BGDP$B$N9g7W$h$j$bBg$-$$$N$G$9!#(B


2022$BG/$N@$3&6d9T$N%G!<%?$G$O!"(B

$B!&9a9A!'(B3,598$B2/%I%k(B
$B!&%U%#%s%i%s%I!'(B2,808$B2/%I%k(B
$B!&%.%j%7%c!'(B2,190$B2/%I%k(B



$B$3$N(B3$B%+9q9g7W$G(B
8,596$B2/%I%k$NIY$r(B
$B@8$_=P$7$?Lu$G$9$,!"(B


$B$3$N?t;z$OJF9q$,(B4$B=54V$G(B
$B@Q$_>e$2$?:DL3$h$j$bDc$$$N$G$9!#!#!#4@(B


$BJF9q@/I\$,9T$C$F$$$k(B
$B$3$N(B$B!Ve$2Bg:n@o!W(B$B$C$F!"(B


$B$`$7$mJF9q$K(B
$B%O%$%Q!<%$%s%U%l!<%7%g%s$r(B
$B5/$3$=$&$H$7$F$k!*!)(B


$B$=$&9M$($kJ}$,E,@Z$J5$$b$7$F$$$^$9!#!#(B
$BG/4VMxJ'$$$@$1$G(B185$BC{1_!*!*(B
$BC/$,$I$&9M$($F$b!VL5M}%2!
$BJF:bL3>J$,H/I=$7$?:G?7$N(B
$B!XJF9q:b@/Js9p=q!J(BMonthly Treasury Statement$B!K!Y(B
$B$3$N%l%]!<%H$K$h$l$P!"(B
$B8=:_JF9q$,Jz$($F$$$k(B
$B:DL3;D9b$KBP$9$kMxJ'$$$O!"(B


$B8=2q7WG/EY$N(B9$B$+7n4V$G$9$G$K(B
6,520$B2/%I%k$,;YJ'$o$l$?$h$&$G$9!#(B


$BF|K\1_$K$7$FLs(B90$BC{1_$G$9!*(B


$B$7$+$b$3$N?t;z$O!"(B
$BA0G/F14|$NMxB);YJ'3[(B
5,210$B2/%I%k$HHf3S$7$F!"(B
25%$B0J>e$bA}2C$7$F$$$^$9!#(B
$B$3$l$O2?$r1#$=$&!"(B
$BJF9q$,%$%s%U%l$rM^@)$7$h$&$H(B
$B@/:v6bMx$r0z$->e$2$F$-$?$3$H$K$h$C$F(B
$BMxJ'$$6b3[$,5^A}$7$F$7$^$C$?Lu$G$9$,!"(B


$B:D7t$XEj;q$r$7$F$-$?(B
$B6d9T$r$O$8$a$H$9$kL14V4k6H$G$b(B
$BF1MM$N>uBV$G$"$k$3$H$OMF0W$K$o$+$j$^$9!#(B


$B8=:_(B5$BG/$b$N$NJF9q:DMx2s$j$O(B
$BLs(B4.2$B!sDxEY$H$J$C$F$$$^$9$,!"(B


$B:rG/=i$a$O(B1$B!sA0H>$G$7$?!#(B
$BDcMx2s$j$N:D7t$,(B
$BK~4|$r7^$($k$K$D$l$F!"(B
$B:bL3>J$OL$J'$$$N:D7t$K;YJ'$&(B
$B6bMx$N>e>:$KD>LL$7$F$$$^$9!#(B


$B:bL3>J$N:G?7%l%]!<%H$K$h$l$P!"(B
6$B7nKv;~E@$N:DL3;D9b$N2C=EJ?6Q6bMx$O(B
$B$o$:$+(B2.76$B!s$H$J$C$F$$$^$9!#(B


FRB$B$, $B@/:v6bMx$r:#$N?e=`$r0];}$9$l$P!"(B
$B2C=EJ?6Q6bMx$O$$$:$l(B4$B!s$rD6$($F$/$k$G$7$g$&!#(B


$B$3$l$OJF9q$K$H$C$F(B
$BCWL?=}$J?e=`$G$"$j!"(B


$BAm3[(B32$BC{%I%k$K(B
$B@Q$_>e$,$C$?JF9q:DL3$NMxJ'$$$,(B


12$B%+7n0JFb$K(B1$BC{(B3000$B2/%I%k!"(B
$BF|K\1_$GLs(B185$BC{1_$KC#$9$k7W;;$G$9!#(B


$BG/4V$NMxJ'$$$@$1$G(B
185$BC{1_$G$9$h!&!&!&!&4@(B


$BEvA385K\$NJV:Q$O!)!)(B


$B$3$l$G$I$&$d$C$F(B
$B9q$r7rA4$K1?1D$7$F$$$/$N$G$7$g$&$+!)!)(B


$B!J$($C!"JV$95$$J$I%5%i%5%i$J$$!*!)!K(B


$BC/$,$I$&9M$($F$b!"(B
$B4V0c$$$J$/0lC6(B$B!V%j%;%C%H!W(B$B$r(B
$B$7$J$$$HLa$l$J$$>u67$J$N$G$9!#$O$$!#!#(B
$B$D$$$KJF9q:D$,3J2<$2$K!*(B
$BMr$NA0$N@E$1$5$KL}CG$9$k$J!*(B
$BJFO"K.@/I\$K$h$kMxJ'$$3[$O(B
$B$3$N%Z!<%9$G9T$/$H$*$=$i$/(B


$B0l;MH>4|0JFb$K$O(B1$BC{%I%k$r(B
$BD6$($F$/$k$3$H$K$J$k$G$7$g$&!#(B


$BJF9q@/I\$N5^B.$J(B
$B:b@/0-2=$r0z$-6b$KJF9q7P:Q$O(B


$B!V%_%s%9%-!<%b!<%a%s%H!W(B$B$XFMF~$9$k$N$+!)(B


$B$=$7$F@$3&7P:Q$X$N1F6A$O!)(B


$B$$$d!"!"!"(B
$BFMF~$9$k$+$I$&$+$N5DO@$O(B
$B$b$O$dI,MW$J$$$+$b$7$l$^$;$s!#(B


$BFMF~$9$k$3$H$O4V0c$$$J$/!"(B
$BLdBj$J$N$O(B$B!V$$$D$+!W(B$B$H$$$&(B
$B%?%$%_%s%0$@$1$NLdBj$+$H!#(B


$B$3$&$$$& $B$"$^$jF|K\$G$OJsF;$5$l$F$$$^$;$s!#(B


$B$7$+$7$J$,$i(B
$B!V%0%l!
$B$H$$$&8@MU$,$"$k$h$&$K!"(B


$BN/$^$j$KN/$^$C$?%^%0%^$,(B
$B0l5$$K?a$-=P$9$N$G$9$+$i!"(B
$B5/$-$?;~$N%$%s%Q%/%H$O(B
$B$H$s$G$b$J$$>u67$K$J$m$&$+$H!#!#!#(B


(*) $B%0%l!<%j%N!'(B
$B%^!<%1%C%H$K$*$$$F9b$$3NN($GB8:_$7!"(B
$BBg$-$JLdBj$r0z$-5/$3$9$K$b$+$+$o$i$:!"(B
$B7Z;k$5$l$,$A$J:`NA!JLdBj!K$N$3$H(B


$B;D$5$l$?;~4V$O$=$&B?$/$J$$!&!&!&!&(B


$BKM$O$=$&;W$$$^$9$,!"(B
$B3'$5$s$O$$$+$,$G$7$g$&$+!)(B
$B:G8e$K$J$j$^$7$?$,!"(B
$B=EMW$J%K%e!<%9$r(B1$B$D!#(B


$B:#=5(B1$BF|!"(B
$BBg $BJF9q302_7z$FD94|:DL33JIU$1$r(B


$B:G>e0L$N(B$B!V%H%j%W%k(BA$B!W(B$B$+$i(B
1$BCJ3,Dc$$(B$B!V%@%V%k(BA$B%W%i%9!W(B$B$K0z$-2<$2$^$7$?!#(B
$B%U%#%C%A $BJF9q$N3JIU$1$r:G>e0L$G0];}$7$F$-$?$b$N$N!"(B


$B!VJF@/I\$N:DL3IiC4$,A}$($k8+DL$7$K2C$(!"(B
$B:DL3>e8B$N0z$->e$2$r=d$kEY=E$J$k(B
$B@/<#$Ng1Ce$HEZCE>l$G$N2r7h$,<($9(B
$B!JJF9q$N!K%,%P%J%s%9$NDc2


$B$rH?1G$7$?$H@bL@!#(B


$B$3$N%U%#%C%A $B%$%(%l%sJF:bL3D941$O(B


$B!VJF9q:D$O@$3&0l0BA4$J:D7t$@!*!W(B


$B$H6/$/H?H/$7$F$$$kLOMM$G$9$,!"(B
$B2L$?$7$F$I$&$G$7$g$&!#!#(B


$B8D?ME*$K$O(B
$BEvA3$N7k2L$@$H;W$$$^$9$1$I!#(B


$B$=$s$J>u67$NCf$G!"(B
$B$I$s$J(B$B!VHw$(!W(B$B$,I,MW$+!"(B
$B$b$&$"$J$?$J$i$*J,$+$j$G$9$h$M!*(B


$B<~0O$,3t9b$KIb$+$l$F$$$k4V$K(B
$B%j%F%i%7!<$N9b$$(BGIA$BDL?.$NFI $B$7$C$+$j$H=`Hw$7$F$*$-$^$7$g$&!*(B
$B2F5(5Y6H4|4V$N$4O"Mm(B
$B@?$K>!
$B"(2F5(5Y6H4|4V(B
2023$BG/(B8$B7n(B11$BF|(B($B6b(B) $B!A(B 2023$BG/(B8$B7n(B15$BF|(B($B2P(B)
$B$3$l$^$GDL$j%a!<%k$d(BLINE@$B$G$N$*Ld$$9g$o$;$O?o;~l9g$O!"2sEz$^$G>/$7$*;~4V$r$$$?$@$/$3$H$bM=$a$4N;>5$$$?$@$1$l$P9,$$$G$9!#(B


$B>e5-$K$h$j!"$B$B$KG[?.$H$J$j$^$9!#(B
$B:#2s$N(BGIA$BDL?.$O$$$+$,$G$7$?$+!)(B
$B46A[!&$40U8+$J$I$4$6$$$^$7$?$i!"$3$A$i$+$i$*5$7Z$K$*4s$;$/$@$5$$!#(B

$B0J>e!":#2s$b:G8e$^$G$*FI$_$$$?$@$-!"@?$K$"$j$,$H$&$4$6$$$^$7$?!#(B
$B$=$l$G$O!"
$B"(K\%a!<%k$NFbMF$O;vA0$N=qLL$K$h$k5v2D$J$/J#@=!"J#:\!"E>Aw$9$k;v$r6X$8$^$9!#(B
$B"(K\%a!<%k$O!"Ej;q$K$46=L#$r;}$C$FD:$$$?J}$KFCJL$K$*Aw$j$7$F$$$k%a%k%^%,$G!"Ej;q3X=,MQ$K:n@.$5$l$F$$$^$9!#(B
$B!!5-:\$5$l$F$$$kFbMF$O!">pJs$NDs6!$rL\E*$H$7$?$b$N$G$"$j!"Ej;q$N4+M6$rL\E*$H$9$k$b$N$G$O$"$j$^$;$s!#(B
$B"($4>R2p$7$F$$$k;vNc$d?tCM!";T>lF08~$N8+DL$7$J$I$O!"$3$NJ8>O$r=q$$$?;~E@$G$N?tCM$r85$K$7$?;29MNc$G$"$j!"(B
$B!!>-Mh$NMx2s$j$d1?MQ@.2L!";T>l4D6-$NJQF0Ey$rJ]>Z$9$k$b$N$G$O$"$j$^$;$s(B
$B%P%C%/%J%s%P!<$O$3$A$i(B
$B8D?M>pJsJ]8n$NJ}?K(B$B!C(B$B$*Ld$$9g$o$;(B

$B"(%a!<%k%^%,%8%sG[?.@_Dj8e$KB`2q$5$l$?>l9g!"B`2qEvF|!"$^$?$OMbF|$K%a!<%k$,FO$/>l9g$,$"$j$^$9!#(B
$B2?B4$4N;>5$/$@$5$$!#(B

Global Investment Academy
$B")(B104-0061$B!!El5~ETCf1{6h6d:B(B1-22-11$B!!6d:BBgC]%S%8%G%s%9(B2F
info@academy-global-investment.com

Copyright(C) GLOBAL INVESTMENT ACADEMY All Rights Reserved.

$B$3$N%a!<%k$O(BGIA$BDL?.(B$B$KEPO?$5$l$?J}$K$*Aw$j$7$F$*$j$^$9!#(B