Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 468

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 483

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 490

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 526

Strict Standards: Declaration of Walker_Page::start_lvl() should be compatible with Walker::start_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_Page::end_lvl() should be compatible with Walker::end_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_Page::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_Page::end_el() should be compatible with Walker::end_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_PageDropdown::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 611

Strict Standards: Declaration of Walker_Category::start_lvl() should be compatible with Walker::start_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_Category::end_lvl() should be compatible with Walker::end_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_Category::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_Category::end_el() should be compatible with Walker::end_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_CategoryDropdown::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 728

Strict Standards: Redefining already defined constructor for class wpdb in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/wp-db.php on line 306

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/cache.php on line 103

Strict Standards: Redefining already defined constructor for class WP_Object_Cache in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/cache.php on line 425

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/query.php on line 21

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/theme.php on line 618

Strict Standards: Redefining already defined constructor for class WP_Dependencies in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/class.wp-dependencies.php on line 15

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/exec-php.php on line 22

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/manager.php on line 34

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/manager.php on line 35

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/manager.php on line 36

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 42

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 51

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 52

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 53

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/ajax.php on line 63

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/cache.php on line 33

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/cache.php on line 42

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/wp-hatena/wp-hatena.php on line 45

Strict Standards: call_user_func_array() expects parameter 1 to be a valid callback, non-static method GoogleSitemapGeneratorLoader::Enable() should not be called statically in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/plugin.php on line 311
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Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: Function eregi() is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/gettext.php on line 294

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

ご案内

ブレインファクトリーでは、会社の設立・事業計画書の作成、資本・資金調達、M&A、投資事業、リスクコンサルタント等様々なメニューをご用意しております。 ホームページをご覧下さい。 詳しくは、ブレインファクトリーのホームページまで。

 

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    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2010 年 2 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 10 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 7 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 6 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 4 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 3 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 2 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 1 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 12 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 11 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 10 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 9 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 8 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 7 月

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
あわせて読みたいブログパーツ

経済・経営・株式・投資 時事評論

元投資銀行マンの時事評論 (旧社長お時間です)
リーマンブラザーズ  米国証券会社・投資銀行について

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Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

リーマンブラザーズの件は引き続き注目され、色々と言われているようです。

http://charge.biz.yahoo.co.jp/vip/news/jij/080913/080913_mbiz016.html

従業員としては落ち着つかないと思いますが、私も外資の投資銀行で4回の合併やら買収を経験していますが、ここまで来ると開き直って待つしかないんですよね。

. .

普段米系の証券とか興味のない知人からもリーマンブラザーズって何と聞かれるくらいなので、今回の注目度は高いようです。それに関連して色々な人が米系の証券・投資銀行について書いていますが、私も少々コメントを。

. .

まあ、色々と米国の金融機関のことをお勉強して書いている人が多いのですが、その中で特に目立つのがリーマンブラザーズについて、ブローカーあがりだとか、セカンドクラス?だとか言った非難です。

. .

別にリーマンブラザーズのことをかばう様な事を言うわけではないのですが、ちょっと評価の仕方というか見解が違うような気がします。

. .

日本人にとっては最近こそ前提が崩れていますが、金融機関は安定的な経営を行う事が社会的に義務付けられて、潰れないもの、継続するものであると一般に思われていますが、一般的に米国の金融機関は普通の企業以上に積極的にリスクをとって利益を上げる体質です。よって破綻したり身売りしたりする事が起こりうるのは想定内で商売しています。

. .

ブローカーあがりだからとかと言った議論はあまり意味がなく、証券・投資銀行によってそもそも収益を上げるためのリスクの取り方が異なり、それがその時代にマッチしているかどうかで、その時の収益や評価が分かれるわけです。

. .

例えば、

. .

現在、最強?といわれるゴールドマンでさえ1980年代には資金繰りが厳しく、資本を強化せざるを得ずに1986年に住友銀行から5億ドルを出資してもらっていました。(当時、住友銀行は小松頭取で、先見の明がある方でした。その投資により住友銀行はかなり儲けました。その買収で実働部隊だったのが、後にソニーで常務に招かれる近藤さんですが、そこら辺の話は後日したいと思いますが)

. .

よって、80年代後半に私が大学を卒業してそのまま投資銀行に入社したころは、ナンバーワンとは言えませんでした。(日本の金融機関から資金を取らねばならないほど困っているんだと見なされていたわけす。)

. .

80年代にナンバーワンだったのはソロモンブラザーズですが、90年初頭にたった一人のトレーダー(と言ってもヘッドですが)ポール・モーザーの不正(この不正の元となったルールは当時、ソロモンのトレーディングが強すぎて、それを牽制するために作られた入札制限ルールだったのです。)により追い詰められ、結局シティ、トラベラーズグループ傘下になりました。モーザーと共に不正に加担したと言われたのがトム・マーフィーで彼は私が新人時代にニューヨークでOJTを受けたとき、チューターとして色々指導してくれましたが、その話もいずれブログネタにしたいと思います。

. .

その時にソロモンから出て行ったトレーダーとクウォンツが、今のヘッジファンドのルーツとなる世界中のファンドに散っていき、その後荒稼ぎと言うか大暴れします。

. .

90年代中盤からは、企業と企業、あるいは企業と投資家を結びつけるM&A・ファイナンス分野主流ビジネスになり、それが得意なゴールドマン、モルガンスタンレー、JPMorganと言った投資銀行が伸びていったわけです。さらにその後はヘッジファンド、買収ファンド等の投資家が巨大化し、そこと組んだ金融機関がますます力をつけて収益をあげて行きます。

. .

ここで繰り返しますが、当然その時代にマッチした金融機関が力を持つだけの話で、その成否となるのが金融機関の経営陣が上手くその時流にのる経営の舵取りをできるかどうかです。

. .

ちなみに、野村證券で連結ベースの従業員が約18,000人、リーマンブラザーズは約29,000人、リーマンは野村の約1.5倍の従業員で、世界中50ヶ所以上で業務を展開しています。

リーマンブラザーズは何度もピンチにあって、そのつど合併したり身売りしたりして乗り切ってきました。

http://ja.wikipedia.org/wiki/%E3%83%AA%E3%83%BC%E3%83%9E%E3%83%B3%E3%83%BB%E3%83%96%E3%83%A9%E3%82%B6%E3%83%BC%E3%82%BA

ある意味、非常にしたたかです。

. .

リーマンブラザーズが小さくて大したことないと言う議論はちょっと的外れな気がしますと言った話でした。

. .

↓皆様の応援が励みになります
↓1クリック頂ければ幸いです↓

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