{"id":1461,"date":"2025-07-11T13:17:29","date_gmt":"2025-07-11T11:17:29","guid":{"rendered":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/?p=1461"},"modified":"2025-07-11T13:17:29","modified_gmt":"2025-07-11T11:17:29","slug":"investujte-svoje-vlastni-penize-skutecne-jen-vlastni-ne-pujcene","status":"publish","type":"post","link":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/2025\/07\/11\/investujte-svoje-vlastni-penize-skutecne-jen-vlastni-ne-pujcene\/","title":{"rendered":"Investujte svoje vlastn\u00ed pen\u00edze&#8230; skute\u010dn\u011b JEN VLASTN\u00cd, ne p\u016fj\u010den\u00e9"},"content":{"rendered":"<div><span>Dnes nebudu \u00fapln\u011b pozitivn\u00ed a vysv\u011btl\u00edm hned pro\u010d. R\u00e1d bych se zastavil u t\u00e9matu, kter\u00e9 se na \u010desk\u00e9m trhu znovu objevuje a o\u017e\u00edv\u00e1. To t\u00e9ma se naz\u00fdv\u00e1 <b>\u201cinvestov\u00e1n\u00ed pomoc\u00ed lombardn\u00edch \u00fav\u011br\u016f&#8220;.<\/b><\/span><\/div>\n<div><span><br \/>\nAktu\u00e1ln\u011b ho n\u011bkter\u00e9 poradensk\u00e9 firmy propaguj\u00ed jako t\u00e9m\u011b\u0159 \u201enutnost \u010di nezbytnost\u201c. Podle m\u00e9ho n\u00e1zoru p\u0159itom jen marketingov\u011b hraj\u00ed na strunu emoce, kter\u00e1 se naz\u00fdv\u00e1\u00a0<b>chamtivost\u00ed.<\/b><\/span><\/div>\n<div><span>\u00a0<\/span><\/div>\n<div><\/div>\n<div><span>Investorovi\u00a0<b>mo\u017en\u00e1<\/b>\u00a0&#8222;d\u011bl\u00e1 dob\u0159e&#8220;, kdy\u017e m\u00e1 na v\u00fdpise vlastn\u011bn\u00e9 portfolio v 5 x v\u011bt\u0161\u00edm objemu, ne\u017e kolik m\u011bl pen\u011bz k investici a jeho poradci\u00a0<b>zcela<\/b>\u00a0<b>ur\u010dit\u011b<\/b>\u00a0&#8222;d\u011bl\u00e1 dob\u0159e&#8220;, kdy\u017e m\u00e1 5 x v\u00edce objemu pod spr\u00e1vou, ze kter\u00e9ho je n\u011bjak\u00fdm zp\u016fsobem odm\u011bn\u011bn. Chamtivost p\u0159i investov\u00e1n\u00ed m\u016f\u017ee v\u00edt\u011bzit v kr\u00e1tk\u00e9m horizontu, v tom del\u0161\u00edm ji ale pravideln\u011b por\u00e1\u017e\u00ed pokora a rozum.<\/span><\/div>\n<div><span>\u00a0<\/span><\/div>\n<div><span>N\u00e1sleduj\u00edc\u00edch p\u00e1r \u0159\u00e1dk\u016f odr\u00e1\u017e\u00ed to, \u017ee na trhu chci \u2013 spole\u010dn\u011b s kolegy z CLEVERTY a na\u0161imi investory \u2013\u00a0<b>b\u00fdt \u00fasp\u011b\u0161n\u00fd dlouhodob\u011b, a v r\u016fzn\u00fdch f\u00e1z\u00edch ekonomick\u00e9ho cyklu rozumn\u011b zhodnocovat prost\u0159edky z\u00edskan\u00e9 podnik\u00e1n\u00edm a prac\u00ed a chr\u00e1nit hodnoty budovan\u00e9 t\u0159eba i po n\u011bkolik generac\u00ed. Nejen v n\u00e1sleduj\u00edc\u00edch n\u011bkolika (mo\u017en\u00e1) m\u00e1lo letech.<\/b><br \/>\n<\/span><\/p>\n<div>Co je to vlastn\u011b lombardn\u00ed \u00fav\u011br?\u00a0Lombardn\u00ed \u00fav\u011br je typ p\u016fj\u010dky, kter\u00e1 je zaji\u0161t\u011bn\u00e1 z\u00e1stavou likvidn\u00edho majetku \u2013 nej\u010dast\u011bji cenn\u00fdch pap\u00edr\u016f (nap\u0159. akci\u00ed, dluhopis\u016f) nebo jin\u00fdch snadno obchodovateln\u00fdch aktiv. Tento \u00fav\u011br obvykle poskytuj\u00ed banky nebo obchodn\u00edci s cenn\u00fdmi pap\u00edry klient\u016fm, kte\u0159\u00ed cht\u011bj\u00ed financovat investice, ani\u017e by museli prod\u00e1vat sv\u00e1 aktiva.<\/div>\n<div>P\u0159esto\u017ee sazby t\u011bchto \u00fav\u011br\u016f vypadaj\u00ed l\u00e1kav\u011b, st\u00e1le se jedn\u00e1 o \u00fav\u011br.\u00a0Tedy o dluh, kter\u00fd jednou budete muset splatit.\u00a0Cel\u00e1 my\u0161lenka &#8211; tedy p\u016fj\u010dit si pen\u00edze oproti z\u00e1stav\u011b cenn\u00fdch pap\u00edr\u016f, kter\u00e9 vlastn\u00edm,\u00a0abych jich mohl vlastnit je\u0161t\u011b v\u00edce (p\u00e1kov\u00fd efekt)\u00a0a generovalo mi to v\u011bt\u0161\u00ed v\u00fdnos &#8211; nen\u00ed nov\u00e1. A je velmi l\u00e1kav\u00e1.\u00a0A STRA\u0160N\u011a NEBEZPE\u010cN\u00c1.<\/div>\n<div>Probl\u00e9m toti\u017e nast\u00e1v\u00e1 p\u0159i poklesu trh\u016f, kdy je investor vyzv\u00e1n k dopln\u011bn\u00ed z\u00e1stavy nebo kapit\u00e1lu (tz. margin call). Pokud investor tuto v\u00fdzvu neuposlechne, prod\u00e1 financuj\u00edc\u00ed instituce \u010d\u00e1st zastaven\u00fdch cenn\u00fdch pap\u00edr\u016f za aktu\u00e1ln\u00ed (tedy nev\u00fdhodnou) cenu.\u00a0P\u0159i vyu\u017eit\u00ed p\u00e1ky 1:5 a celkov\u00e9 investici 5 000 000 K\u010d (1 000 000 K\u010d vlastn\u00edch + 4 000 000 K\u010d p\u016fj\u010den\u00fdch) znamen\u00e1 10% r\u016fst trhu zisk 500 000 K\u010d (m\u00ednus \u00farok). Ale pokud trh klesne o 10 %, ztr\u00e1ta je rovn\u011b\u017e 500 000 K\u010d \u2013 tedy\u00a0<b>polovina<\/b>\u00a0vlastn\u00edho kapit\u00e1lu.<\/div>\n<div>Na trhu jsem za\u010d\u00ednal v roce 2007. Co nastalo v z\u00e1\u0159\u00ed v roce 2008 na kapit\u00e1lov\u00fdch a finan\u010dn\u00edch trz\u00edch v USA a potom na cel\u00e9m sv\u011bt\u011b, v\u0161ichni bu\u010f v\u00ed, nebo tu\u0161\u00ed. J\u00e1 jsem do t\u00e9 doby sl\u00fdchal od star\u0161\u00edch koleg\u016f na trhu, \u017ee \u017e\u00e1dn\u00fd \u201e\u010dern\u00fd p\u00e1tek\u201c\u00a0se u\u017e nem\u016f\u017ee opakovat, \u201cv\u017edy\u0165 je v\u0161echno zaji\u0161t\u011bn\u00e9 nemovitostmi\u201d. Dopadlo to, jak dopadlo.<\/div>\n<div>Zhruba do let 2015 &#8211; 2017 pak drtiv\u00e1 v\u011bt\u0161ina investor\u016f tvrdila &#8211;\u00a0<i>\u201eObchodovat na p\u00e1ku? U\u017e\u00a0<b>nikdy.\u00a0<\/b>P\u0159i\u0161el jsem o stra\u0161n\u00e9 pen\u00edze, kter\u00e9 jsem roky vyd\u011bl\u00e1val podnik\u00e1n\u00edm&#8220;.\u00a0<\/i>Obchodovat akcie? &#8211;\u00a0<i>&#8222;Jenom jako dopln\u011bk portfolia&#8220;.<\/i>\u00a0Postupem \u010dasu se v\u0161ak \u0161patn\u00e9 vzpom\u00ednky vytratily (p\u0159irozen\u00e1 vlastnost a obranyschopnost lidsk\u00e9ho mozku) a za\u010dala se vkr\u00e1dat p\u0159irozen\u00e1 zv\u011bdavost &#8211;\u00a0<i>\u201cu\u017e to dlouho roste, co to zase zkusit, p\u0159ece u\u017e se to nebude opakovat\u201d<\/i>\u2026 A do toho dorostla \u2013 a\u0165 u\u017e v\u011bkem, nebo kapit\u00e1lem \u2013 nov\u00e1 generace investor\u016f, kte\u0159\u00ed osobn\u00ed zku\u0161enost se ztr\u00e1tou z roku 2008 nemaj\u00ed.<\/div>\n<div><b>Pro\u010d tento text p\u00ed\u0161u?<\/b><\/div>\n<div>Sna\u017e\u00edm se v kostce odpov\u011bd\u011bt na dotazy m\u00fdch investor\u016f, kte\u0159\u00ed se mn\u011b \u010das od \u010dasu ptaj\u00ed:<i>\u00a0\u201cNed\u00e1me do toho portfolia tak\u00e9 n\u011bjak\u00fd v\u011bt\u0161\u00ed pod\u00edl t\u011bch akci\u00ed?\u201d<\/i>\u00a0nebo\u00a0<i>\u201ca nemohl bych si p\u016fj\u010dit proti t\u011bm investic\u00edm, co m\u00e1m, je\u0161t\u011b n\u011bjak\u00e9 dal\u0161\u00ed pen\u00edze, kter\u00e9 bych investoval?\u201d<\/i><\/div>\n<div>Moje odpov\u011b\u010f je z textu v\u00fd\u0161e, mysl\u00edm, v\u00edce ne\u017e jasn\u00e1.<\/div>\n<div>\n<div><strong>\u00a0<\/strong><\/div>\n<div>Investice do akci\u00ed? Ano.<br \/>\nJako dopln\u011bk portfolia. Pro dlouhodob\u00fd horizont nebo pravidelnou investici.<br \/>\nA je vcelku jedno, jestli vsad\u00edte (v\u0161imn\u011bte si toho slova, kter\u00e9 se u akci\u00ed \u010dasto pou\u017e\u00edv\u00e1) na konkr\u00e9tn\u00ed tituly, nebo zvol\u00edte konzervativn\u011bj\u0161\u00ed cestu p\u0159es \u0161iroce diverzifikovan\u00fd\u00a0<a href=\"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/wp-content\/uploads\/2025\/07\/JT-OPPORTUNITY-OPF_062025.pdf\" target=\"_blank\" rel=\"noopener\">fond<\/a>.<\/div>\n<div><\/div>\n<div><b>Investice pomoc\u00ed p\u016fj\u010den\u00fdch pen\u011bz? Ne, pros\u00edm.<\/b><br \/>\nOmlouv\u00e1m se a pochop\u00edm, pokud se v p\u0159\u00edpad\u011b m\u00e9ho odm\u00edtnut\u00ed tohoto mechanizmu rozhodnete sv\u00e9 investice sv\u011b\u0159it n\u011bkomu jin\u00e9mu. Nerad bych se v\u0161ak dostal do situace, kdy p\u0159ijdete rychle o v\u0161e kv\u016fli vidin\u011b rychl\u00e9ho zisku \u2013 a u toho by byl m\u016fj podpis, jm\u00e9no, \u00fa\u010dast nebo snad i doporu\u010den\u00ed.<\/div>\n<\/div>\n<div><\/div>\n<div>V CLEVERTY se dr\u017e\u00edme konzervativn\u00ed linie. Investujeme do toho, \u010demu rozum\u00edme, co si m\u016f\u017eeme prov\u011b\u0159it, a kde zn\u00e1me lidi, kte\u0159\u00ed za dan\u00fdm fondem nebo firmou stoj\u00ed &#8211; a\u0165 u\u017e se jedn\u00e1 o portfolio mana\u017eery nebo majitele a veden\u00ed. A ide\u00e1ln\u011b jim m\u016f\u017eeme zavolat nebo napsat e &#8211; mail.<\/div>\n<div><\/div>\n<div>A co je pro n\u00e1s d\u016fle\u017eit\u00e9 \u2013 investujeme v r\u00e1mci nebo prost\u0159ednictv\u00edm\u00a0<strong>st\u0159edn\u00ed Evropy<\/strong>. Ne v USA, ne ve \u0160v\u00fdcarsku, ne v Latinsk\u00e9 Americe nebo Monaku.\u2026 ale o tomto domn\u011bl\u00e9m l\u00e1kadlu zase p\u0159\u00ed\u0161t\u011b\u2026<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dnes nebudu \u00fapln\u011b pozitivn\u00ed a vysv\u011btl\u00edm hned pro\u010d. R\u00e1d bych se zastavil u t\u00e9matu, kter\u00e9 se na \u010desk\u00e9m trhu znovu objevuje a o\u017e\u00edv\u00e1. To t\u00e9ma se naz\u00fdv\u00e1 \u201cinvestov\u00e1n\u00ed pomoc\u00ed lombardn\u00edch [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/wp-json\/wp\/v2\/posts\/1461"}],"collection":[{"href":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/wp-json\/wp\/v2\/comments?post=1461"}],"version-history":[{"count":1,"href":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/wp-json\/wp\/v2\/posts\/1461\/revisions"}],"predecessor-version":[{"id":1462,"href":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/wp-json\/wp\/v2\/posts\/1461\/revisions\/1462"}],"wp:attachment":[{"href":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/wp-json\/wp\/v2\/media?parent=1461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/wp-json\/wp\/v2\/categories?post=1461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fialavojtech.cz\/domains\/fialavojtech.cz\/wp-json\/wp\/v2\/tags?post=1461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}