{"id":389907,"date":"2026-05-01T04:25:18","date_gmt":"2026-05-01T04:25:18","guid":{"rendered":"https:\/\/www.wacoca.com\/life\/389907\/"},"modified":"2026-05-01T04:25:18","modified_gmt":"2026-05-01T04:25:18","slug":"%e3%82%a2%e3%83%83%e3%82%af%e3%83%9e%e3%83%b3%e6%b0%8f%e3%80%81%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89%e4%b8%8a%e5%a0%b4%e5%88%9d%e6%97%a518%ef%bc%85%e5%ae%89%e5%b7%a1%e3%82%8a%e5%80%8b%e4%ba%ba%e6%8a%95","status":"publish","type":"post","link":"https:\/\/www.wacoca.com\/life\/389907\/","title":{"rendered":"\u30a2\u30c3\u30af\u30de\u30f3\u6c0f\u3001\u30d5\u30a1\u30f3\u30c9\u4e0a\u5834\u521d\u65e518\uff05\u5b89\u5de1\u308a\u500b\u4eba\u6295\u8cc7\u5bb6\u3092\u975e\u96e3 | \u30ed\u30a4\u30bf\u30fc"},"content":{"rendered":"<div data-testid=\"primary-image\" role=\"figure\" aria-describedby=\"primary-image-caption\" dir=\"ltr\">\n<div data-testid=\"EagerImageContainer\" class=\"primary-image-module__image__D-Gwq\">\n<div class=\"styles-module__image-container__E0mCm styles-module__fill__Ft7kn styles-module__center_center__bzABO styles-module__apply-ratio__u0jXJ\" style=\"--aspect-ratio:1.5\"><img loading=\"lazy\" decoding=\"async\" data-testid=\"EagerImage\" src=\"https:\/\/www.wacoca.com\/life\/wp-content\/uploads\/2026\/05\/OVQIPYA7NVJKZM5OWC4CUMBGO4.jpg\"   width=\"4710\" height=\"3140\" alt=\"&#x30A2;&#x30C3;&#x30AF;&#x30DE;&#x30F3;&#x6C0F;&#x3001;&#x30D5;&#x30A1;&#x30F3;&#x30C9;&#x4E0A;&#x5834;&#x521D;&#x65E5;18&#xFF05;&#x5B89;&#x5DE1;&#x308A;&#x500B;&#x4EBA;&#x6295;&#x8CC7;&#x5BB6;&#x3092;&#x975E;&#x96E3;\"\/><\/div>\n<\/div>\n<p>\u5199\u771f\u306f\u7c73\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u30d3\u30eb\u30fb\u30a2\u30c3\u30af\u30de\u30f3\u6c0f\u30024\u670829\u65e5\u3001\u7c73\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u64ae\u5f71\u3002REUTERS\/Brendan McDermid\/File Photo<\/p>\n<\/div>\n<div>\n<div data-testid=\"paragraph-0\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF\">[\u30ed\u30f3\u30c9\u30f3 \uff13\uff10\u65e5 \u30ed\u30a4\u30bf\u30fc] &#8211; \u7c73\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u30d3\u30eb<br \/>\n \u30fb\u30a2\u30c3\u30af\u30de\u30f3<br \/>\n \u6c0f\u306f\uff13\uff10\u65e5\u3001\u524d\u65e5\u306b\u65b0\u898f\u4e0a\u5834\u3057\u305f\u30af\u30ed\u30fc\u30ba\u30c9\u30a8\u30f3\u30c9\u578b\u30d5\u30a1\u30f3\u30c9\u300c\u30d1\u30fc\u30b7\u30f3\u30b0\u30fb\u30b9\u30af\u30a8\u30a2\uff35\uff33\uff21\u300d<a data-testid=\"Link\" target=\"_blank\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/jp.reuters.com\/markets\/companies\/PSUS.N\" rel=\"noopener nofollow\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76\">(PSUS.N), opens new tab<\/a>\u306e\u200b\u682a\u4fa1\u304c\u65b0\u898f\u682a\u5f0f\u516c\u958b\uff08\uff29\uff30\uff2f\uff09\u4fa1\u683c\u3092\u7d04\uff11\uff18\uff05\u4e0b\u56de\u3063\u305f\u3053\u3068\u3092\u500b\u4eba\u200c\u6295\u8cc7\u5bb6\u306e\u305b\u3044\u306b\u3057\u3001\u682a\u4fa1\u306f\u56de\u5fa9\u3059\u308b\u3068\u306e\u898b\u901a\u3057\u3092\u793a\u3057\u305f\u3002<\/div>\n<p>\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u540c\u30d5\u30a1\u30f3\u30c9\u3068\u81ea\u8eab\u306e\u904b\u7528\u4f1a\u793e\u3092\u4e0a\u5834\u3055\u305b\u305f\u7fcc\u65e5\u3001\u6d77\u200b\u5916\u8a18\u8005\u3068\u306e\u96fb\u8a71\u4f1a\u898b\u3067\u300c\u500b\u4eba\u6295\u8cc7\u5bb6\u306f\uff29\uff30\uff2f\u3078\u306e\u6295\u8cc7\u65b9\u6cd5\u3092\u77e5\u200b\u3089\u306a\u3044\u300d\u3068\u975e\u96e3\u3002\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\uff29\uff30\uff2f\u306b\u904e\u5270\u306a\u7533\u3057\u8fbc\u307f\u3092\u2060\u884c\u3044\u3001\u5e0c\u671b\u901a\u308a\u306e\u682a\u5f0f\u3092\u78ba\u4fdd\u3057\u305f\u3082\u306e\u306e\u3001\u8cfc\u5165\u8cc7\u91d1\u304c\u4e0d\u8db3\u200b\u3057\u3066\u3044\u305f\u305f\u3081\u3001\u3084\u3080\u3092\u5f97\u305a\u58f2\u5374\u305b\u3056\u308b\u3092\u5f97\u306a\u304b\u3063\u305f\u3068\u8ff0\u3079\u200b\u305f\u3002<\/p>\n<p>\u81ea\u8eab\u306e\u30d5\u30a1\u30f3\u30c9\u304c\u904e\u53bb\u6570\u5e74\u9593\u3001\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u3092\u4e0b\u56de\u308b\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3060\u3063\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30a2\u30c3\u30af\u30de\u30f3<br \/>\n \u6c0f\u306f\u4eca\u56de\u306e\u7c73\u682a\u5f0f\u5e02\u5834\u3078\u306e\u4e0a\u5834\u306b\u3064\u3044\u3066\u3001\u200b\u901a\u5e38\u306f\u8d85\u5bcc\u88d5\u5c64\u306b\u9650\u3089\u308c\u3066\u3044\u308b\u6295\u8cc7\u306b\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u30a2\u30af\u200b\u30bb\u30b9\u3067\u304d\u308b\u6a5f\u4f1a\u3068\u3057\u3066\u30a2\u30d4\u30fc\u30eb\u3057\u3066\u3044\u305f\u3002<\/p>\n<p>\u540c\u6c0f\u306b\u3088\u308b\u3068\u3001\u904e\u53bb\uff18\u5e74\u9593\u3067\u81ea\u8eab\u306e\u30af\u30ed\u200c\u30fc\u30ba\u2060\u30c9\u30a8\u30f3\u30c9\u578b\u30d5\u30a1\u30f3\u30c9\u306f\u5e74\u5e73\u5747\uff12\uff15\uff05\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u8a18\u9332\u3057\u3001\u4ed6\u306e\u30d5\u30a1\u30f3\u30c9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u4e0a\u56de\u3063\u305f\u3068\u3044\u3046\u3002<\/p>\n<p>\u65b0\u30d5\u30a1\u30f3\u30c9\u306e\u30d1\u30fc\u30b7\u30f3\u30b0\u30fb\u30b9\u30af\u30a8\u30a2\uff35\uff33\uff21\u306e\uff29\uff30\uff2f\u4fa1\u683c\u306f\uff15\uff10\u30c9\u30eb\u3060\u3063\u305f\u304c\u3001\uff12\uff19\u65e5\u306b\u682a\u4fa1\u306f\uff14\uff10\uff0e\uff19\uff10\u30c9\u30eb\u307e\u3067\u4e0b\u843d\u3002\uff13\uff10\u65e5\u306b\u306f\uff16\uff05\u4ee5\u4e0a\u4e0a\u6607\u3057\u200b\u3066\uff14\uff13\uff0e\uff15\uff14\u30c9\u30eb\u3067\u53d6\u5f15\u3055\u308c\u305f\u200b\u304c\u3001\u4f9d\u7136\u3068\u3057\u2060\u3066\uff29\uff30\uff2f\u4fa1\u683c\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u3002<\/p>\n<p>\u30a2\u30c3\u30af\u30de\u30f3<br \/>\n \u6c0f\u306f\u300c\u6628\u65e5\u306f\u30c6\u30af\u30cb\u30ab\u30eb\u306a\u7406\u7531\u3067\u3001\u591a\u304f\u306e\u4eba\u3005\u304c\u305d\u306e\u682a\u3092\u6295\u3052\u58f2\u308a\u200b\u3057\u305f\u300d\u3068\u6307\u6458\u3002\u8cc7\u91d1\u306e\uff18\uff10\uff05\u4ee5\u4e0a\u3092\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304c\u5360\u3081\u200b\u3066\u3044\u305f\u3068\u2060\u3082\u8ff0\u3079\u3066\u304a\u308a\u3001\uff12\uff19\u65e5\u306e\u6025\u843d\u3092\u500b\u4eba\u6295\u8cc7\u5bb6\u306e\u305b\u3044\u306b\u3059\u308b\u306e\u306f\u59a5\u5f53\u304b\u3068\u3044\u3046\u7591\u554f\u306e\u58f0\u3082\u4e00\u90e8\u3067\u6319\u304c\u3063\u3066\u3044\u308b\u3002<\/p>\n<div data-testid=\"paragraph-6\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF\">\uff29\uff30\uff2f\u6642\u306b\u30d1\u30fc\u30b7\u30f3\u30b0\u30fb\u30b9\u30af\u30a8\u30a2\uff35\uff33\uff21\u306e\u682a\u5f0f\u2060\u3092\uff15\u682a\u8cfc\u200b\u5165\u3057\u305f\u6295\u8cc7\u5bb6\u306b\u306f\u3001\u540c\u6c0f\u306e\u904b\u7528\u4f1a\u793e\u200b\u30d1\u30fc\u30b7\u30f3\u30b0\u30fb\u30b9\u30af\u30a8\u30a2<a data-testid=\"Link\" target=\"_blank\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/jp.reuters.com\/markets\/companies\/PS.N\" rel=\"noopener nofollow\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76\">(PS.N), opens new tab<\/a>\u306e\u682a\u5f0f\uff11\u682a\u304c\u8d08\u5448\u3055\u308c\u305f\u3002\u540c\u793e\u306e\u682a\u4fa1\u306f\uff12\uff19\u65e5\u306e\u53d6\u5f15\u958b\u59cb\u4fa1\u683c\uff12\uff14\u30c9\u30eb\u304b\u3089\uff12\uff10\uff05\u4e0a\u6607\u3057\u3001\uff12\uff19\uff0e\uff11\uff18\u30c9\u30eb\u200b\u3068\u306a\u3063\u305f\u3002<\/div>\n<p>\uff29\uff30\uff2f\u3067\u8abf\u9054\u3057\u305f\uff15\uff10\u5104\u30c9\u30eb\u306b\u3088\u308a\u3001\u30a2\u30c3\u30af\u30de\u30f3\u6c0f\u306e\u7dcf\u8cc7\u7523\u306f\uff12\uff15\uff05\u5897\u52a0\u3057\u305f\u3002<\/p>\n<div data-testid=\"ReutersGraphicImageGraphicContainer\" class=\"reuters-graphic-module__image-container__tSurO article-body-module__image-container__Y1fSv\">\n<div data-testid=\"Image\"><img decoding=\"async\" src=\"https:\/\/www.wacoca.com\/life\/wp-content\/uploads\/2026\/05\/chart.png\" alt=\"Losing bets on Valeant Pharmaceuticals and Herbalife crippled the fund's performance a decade ago before more recent bets on AI\"\/><\/div>\n<\/div>\n<p>Losing bets on Valeant Pharmaceuticals and Herbalife crippled the fund&#8217;s performance a decade ago before more recent bets on AI<\/p>\n<p data-testid=\"Body\" dir=\"ltr\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf article-body-module__element__5eCce article-body-module__trust-badge__5mS3f\">\u79c1\u305f\u3061\u306e\u884c\u52d5\u898f\u7bc4\uff1a<a data-testid=\"Link\" target=\"_blank\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" rel=\"noopener nofollow\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__small__sph8i link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76\">\u30c8\u30e0\u30bd\u30f3\u30fb\u30ed\u30a4\u30bf\u30fc\u300c\u4fe1\u983c\u306e\u539f\u5247\u300d, opens new tab<\/a><\/p>\n<div data-testid=\"AuthorBio\" class=\"article-body-module__element__5eCce\">\n<div class=\"author-bio-module__author-wrapper__0yxtX\"><a data-testid=\"AuthorBioImageLink\" class=\"author-bio-module__author-image__jcaG3\" href=\"https:\/\/jp.reuters.com\/authors\/nell-mackenzie\/\" referrerpolicy=\"no-referrer-when-downgrade\" tabindex=\"-1\" rel=\"nofollow noopener\" target=\"_blank\"><\/p>\n<div data-testid=\"AuthorBioImage\" class=\"author-bio-module__image__JYfQ0\"><img decoding=\"async\" src=\"https:\/\/www.wacoca.com\/life\/wp-content\/uploads\/2026\/05\/https:\/\/author-service-images-prod-us-east-1.publishing.aws.arc.pub\/reuters\/0ae2ece1-226f-497d-8ffc-.jpeg\" alt=\"Nell Mackenzie\"\/><\/div>\n<p><\/a><\/div>\n<p data-testid=\"Body\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__extra_small__8Buss body-module__base__o--Cl body-module__extra_small_body__Bfz20 author-bio-module__description__9ynkB\">Nell Mackenzie covers hedge funds, their performance and what their trades tell us about financial markets and money flows in the wider economy. She is also a regular guest on Reuters Morning Bid Podcast. She has written in the past for the BBC, Dow Jones, Risk.net, the Times and Business Insider. Nell has also made long-form feature podcasts for Euromoney.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u5199\u771f\u306f\u7c73\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u30d3\u30eb\u30fb\u30a2\u30c3\u30af\u30de\u30f3\u6c0f\u30024\u670829\u65e5\u3001\u7c73\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u64ae\u5f71\u3002REUTERS\/Brendan McDermid\/File Photo [\u30ed\u30f3\u30c9\u30f3 \uff13\uff10\u65e5 \u30ed\u30a4\u30bf\u30fc] &#8211; \u7c73\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u30d3<\/p>\n","protected":false},"author":2,"featured_media":389908,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[156929],"tags":[48566,156971,156949,156950,156951,162599,168759,157701,156956,156995,156713,156714,156974,156972,156958,157473,156959,157474,44497,35012,158539,156960,88176,156961,157476,88177,156697,156698,156944,156978,156973,156965,157302,156704,156686,117596,156708,156970,158540,15363],"class_list":{"0":"post-389907","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment","8":"tag-us","9":"tag-amers","10":"tag-bact","11":"tag-bisv","12":"tag-biz","13":"tag-cefu","14":"tag-chisl","15":"tag-cinv","16":"tag-cmpny","17":"tag-destnojpbsm","18":"tag-destnojptpm","19":"tag-destnojpztm","20":"tag-emea","21":"tag-europ","22":"tag-fin","23":"tag-fine1","24":"tag-fins","25":"tag-fund","26":"tag-gb","27":"tag-gg","28":"tag-hedge","29":"tag-invbis","30":"tag-investment","31":"tag-invm","32":"tag-invman","33":"tag-ipo","34":"tag-jfor","35":"tag-jln","36":"tag-mtgfx","37":"tag-mtpix","38":"tag-namer","39":"tag-publ","40":"tag-pxp","41":"tag-topcmb","42":"tag-topnws","43":"tag-toshi","44":"tag-trn","45":"tag-weu","46":"tag-wlth","47":"tag-15363"},"share_on_mastodon":{"url":"https:\/\/wakoka.com\/@life\/116497424828609963","error":""},"_links":{"self":[{"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/posts\/389907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/comments?post=389907"}],"version-history":[{"count":0,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/posts\/389907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/media\/389908"}],"wp:attachment":[{"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/media?parent=389907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/categories?post=389907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wacoca.com\/life\/wp-json\/wp\/v2\/tags?post=389907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}