PowerPoint Presentation

QE : : : 16

: (ELN. PGN)(US/HK stocks)2.QEREITs 3

0.25%44

BANKRUPT!!5

-91.95%6

-98.11%72008 .9.15 2008.12 5.25%0.25%2009.3 QE1 :1.75 1.25MBS 3000 1750 250/TWIST+QE2+QE3 53.4

8

SimplyClearEasy.com9

1825.55386.7510

- 56.7%2013/11/15S&P500112013 .5.22 FOMC 6.5% 2-2.5% QE1212

6.5%2013/11/1513

2-2.5%2013/11/1514GDP

3%2013/11/15

2%GDPGDP15QEQE

16QE

17

1967-20132013/11/15120.918 NAHB Index . . / 20 CO220 19

NAHB2013/11/1520

2013/11/15

21 // //

22

102013/11/1523

502013/11/1524

NIKKEI 225 5 52013/11/1525

SET 2013/11/1526

2013/11/1527

2013/11/1528

SENSEX 2013/11/1529

/ ASX50 2013/11/1530

31ETF/Stock MF/32

33 6% VS VS VS VS 50002%

() 34

16 -94.36% 55 -67% 2007/10/09 H:54.482009/01/23 L: 3.0735

18 -80%6USD25,+505%2011.5.17 H:26.96 545% !!!~~36

BCS BCS-D !

37BarclaysLSEBARCNYSEBCSBarclays PLC60: BCS-D:8.125%:BBB-: BCS-C:7.75%:BBB-: BCS-A:7.1%:BB+38REITs

39(REITs) REITs2013/11/154041 Bloomberg2013/09REITs19609REITs47%

REITs 41REITS2013/09REITs(+)25.2%

REITs 42REITS90EPFR, 2013/09

(10)REITs432013/10(a)REITsFTSE NAREIT Equity REIT Index.(b)StocksS&P 500 Index.(c)BondsBarclays Capital U.S. Aggregate Bond Index. REITs13510(1979/01-2012/1235%)95Fed (1979/01-2012/1224%)

442013/6/21

2004~2006REITsU.S. REITsFTSE NAREIT Equity REIT Index.S&P 500 Index(lhs)Federal Funds(rhs)U.S. REITs(lhs)REITs452013/10/152015REITs5%REITs

REITs46REITs

47

S&P5002013/11/15REITs48

, 2013/06 49

2013/10/11JREITs

2013/06JREITsJREITs M&A1JREITs REITs50107.8420128.7%2010

2013/07201297.9%

MIKI SHOJI(2013/10) 51

REITs 52REITs+(semistandard deviation of return)(Expected return)REITs 53

54QE / 6%REITs

55

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Q&A

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