マーケティング戦略メルマガ【週刊☆ビジマ】 : 裁定取引（スプレッド）の話

2006年04月15日

裁定取引（スプレッド）の話

裁定取引（鞘取り、スプレッド）とは、２つの差に着目した投資法である。２００７年問題で多量退職される団塊世代の方々には、株式投資を考えておられる方も多いと思うが、裁定取引を研究される事をお勧めしたい。

例えばＡ社を好きになったとする。普通それは、「絶対的に」好きなのではなく、「Ｂ社に較べて」という事なのである。新たにＣ社が現れて、そっちに気が行ってしまう場合も良くある。

裁定取引は、Ａ社を買ってＢ社を売る。即ち（Ａ－Ｂ）という取引で、２つの相対的な差に投資する方法である。高度成長期や、昨年のような上昇相場ではＡ社だけ買っていても良いが、今年はそうも行かないだろうし、裁定取引が有効になると思われる。

ここで重要なのは、Ａ社とＢ社は同じ業界にある、という事である。もちろんデイトレーダーのように修業を積めば、次の瞬間の値動きが読めるようになるかも知れない。しかし、それには極度の緊張の持続とテクニックが必要であり、中高年には無理と考えるべきであろう。

ヘッジファンドなどのプロは裁定取引を行っている。一方、個人投資家、投資信託では片張りが主流である。ヘッジファンドも時々破綻するので絶対とは言えないが、投資でも、事業でも「不確定要因」を出来るだけ排除する事、リスクヘッジする事が重要なのだと思う。

個人投資家向けに裁定取引を扱った本というのは、（重要性にも拘わらず）少ないが、炭谷道孝氏の本は参考になると思う。少なくとも株式トレードの世界の厳しさは理解できる。
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