{"id":1636,"date":"2021-01-05T13:00:29","date_gmt":"2021-01-05T12:00:29","guid":{"rendered":"https:\/\/www.investguru.cz\/cs\/?p=1636"},"modified":"2022-03-31T11:01:46","modified_gmt":"2022-03-31T09:01:46","slug":"ceny-akcii-2020-bublina","status":"publish","type":"post","link":"https:\/\/www.investguru.cz\/cs\/ceny-akcii-2020-bublina\/","title":{"rendered":"Ceny akci\u00ed v roce 2020 v\u00fdrazn\u011b rostly: Nafukuje se bublina?"},"content":{"rendered":"<p>Akcie tvo\u0159\u00ed v\u011bt\u0161\u00ed \u010di men\u0161\u00ed \u010d\u00e1st portfolia prakticky ka\u017ed\u00e9ho investora.<\/p>\n<p>V b\u0159eznu 2020 akciov\u00e9 trhy za\u017eily v\u00fdrazn\u00fd propad. Jejich n\u00e1sledn\u00fd rychl\u00fd r\u016fst tento propad p\u0159ekonal. A nejen to.<\/p>\n<p>Akciov\u00e9 trhy v USA kon\u010d\u00ed rok na v\u00fdrazn\u011b vy\u0161\u0161\u00edch \u010d\u00edslech ne\u017e ho za\u010daly. I p\u0159es sou\u010dasn\u00e9 d\u011bn\u00ed ohledn\u011b COVID-19.<\/p>\n<ul>\n<li>S&amp;P 500 <span style=\"color: green;\">+16,26 % v USD<\/span> (<span style=\"color: green;\">+12,24 % v CZK)<\/span><\/li>\n<li>Nasdaq <span style=\"color: green;\">+43,64 % v USD<\/span> (<span style=\"color: green;\">+37,39 % v CZK)<\/span><\/li>\n<li>US Dividend Aristocrats <span style=\"color: green;\">+0,88 % v USD<\/span> (<span style=\"color: red;\">-4,36 % v CZK<\/span>)<\/li>\n<li>Dow Jones 30 <span style=\"color: green;\">+7,25 % v USD<\/span><\/li>\n<\/ul>\n<p>(zdroj MorningStar)<\/p>\n<p>Za\u010d\u00ednaj\u00ed se dokonce objevovat hlasy, \u017ee akcie jsou nyn\u00ed p\u0159\u00edli\u0161\u00a0drah\u00e9 a mo\u017en\u00e1 se zde i vytv\u00e1\u0159\u00ed cenov\u00e1 bublina.<\/p>\n<p>Jsou obavy opodstatn\u011bn\u00e9, nebo nikoli?<\/p>\n<h2>Jsou ceny americk\u00fdch akci\u00ed bezprecedentn\u011b vysoko?<\/h2>\n<p>V srpnu 2020 jsme zm\u00ednili\u00a0<a href=\"https:\/\/www.investguru.cz\/cs\/americke-akcie-bublina\/\">3 d\u016fvody, pro\u010d nejsou americk\u00e9 akcie v bublin\u011b<\/a>, ale od t\u00e9 doby akcie p\u0159idaly t\u00e9m\u011b\u0159 10 %. A zdravotn\u00ed dopad COVID-19 i hlasy mluv\u00edc\u00ed o bublin\u011b od t\u00e9 doby s\u00edl\u00ed.<\/p>\n<p>Na \u00favod je nutn\u00e9 \u0159\u00edci, \u017ee v\u00fdrazn\u011bji rostouc\u00ed ceny sledujeme p\u0159edev\u0161\u00edm u r\u016fstov\u00fdch akci\u00ed z\u00a0USA. Takov\u00e9 tradi\u010dn\u00ed dividendov\u00e9 akcie jsou st\u00e1le v m\u00ednusu. A to je norm\u00e1ln\u00ed. Ka\u017ed\u00fd rok jde n\u011bco nahoru a n\u011bco jde dol\u016f.<\/p>\n<p><strong>Tempo r\u016fstu cen akci\u00ed evropsk\u00fdch i z\u00a0ostatn\u00edch \u010d\u00e1st\u00ed sv\u011bta nen\u00ed zdaleka tak rychl\u00e9.<\/strong> Zde se zat\u00edm ani o n\u00e1znaku bubliny nem\u00e1 v\u016fbec cenu bavit.<\/p>\n<p>Z\u00e1rove\u0148 je pot\u0159eba zd\u016fraznit, \u017ee samotn\u00e1 hodnota akci\u00ed a index\u016f je tvo\u0159ena v\u00edce faktory ne\u017e jen\u00a0samotnou cenou tvo\u0159enou na z\u00e1klad\u011b popt\u00e1vky.<\/p>\n<p>Tady jsou n\u011bkter\u00e9 z nich:<\/p>\n<ul>\n<li>hospod\u00e1\u0159sk\u00e9\u00a0v\u00fdsledky firem (p\u0159edev\u0161\u00edm tahoun\u016f jednotliv\u00fdch obor\u016f)<\/li>\n<li>v\u00fdnosnost ostatn\u00edch aktiv<\/li>\n<li>celkov\u00fd\u00a0ekonomick\u00fd v\u00fdvoj<\/li>\n<li>psychologie retailov\u00fdch investor\u016f, zejm\u00e9na t\u011bch finan\u010dn\u011b m\u00e9n\u011b\u00a0vzd\u011blan\u00fdch.<\/li>\n<\/ul>\n<p>Mezi nejv\u011bt\u0161\u00ed firmy sv\u011bta obchodovan\u00e9 na burze pat\u0159\u00ed hlavn\u011b technologick\u00e9 spole\u010dnosti &#8211; <strong>Apple, Microsoft, Amazon, Facebook, Google<\/strong>. Sou\u010dasn\u00e9 vy\u0161\u0161\u00ed ceny akci\u00ed proto mohou v\u00e9st ke srovn\u00e1n\u00ed s rokem 2000.<\/p>\n<p>Na p\u0159elomu tis\u00edcilet\u00ed byly hodnoty akci\u00ed na\u0161ponovan\u00e9 pod\u00a0nere\u00e1ln\u00fdmi o\u010dek\u00e1v\u00e1n\u00edmi z\u00a0dal\u0161\u00edho v\u00fdvoje technologick\u00fdch firem. Kdy\u017e se uk\u00e1zala nere\u00e1lnost t\u011bchto\u00a0o\u010dek\u00e1v\u00e1n\u00ed, bublina splaskla.<\/p>\n<p>V\u00a0sou\u010dasn\u00e9 dob\u011b jsme ale od podobn\u00e9 situace velmi daleko a o cenov\u00e9\u00a0bublin\u011b se u akciov\u00e9ho trhu jako celku ned\u00e1 hovo\u0159it.<\/p>\n<h2>Rok 2000 se neopakuje, roli hraje i \u00farokov\u00e1 sazba<\/h2>\n<p>Valuace akci\u00ed byla kolem roku 2000 mnohem v\u00fd\u0161e. Nejde toti\u017e jen o cenovou \u00farove\u0148 akciov\u00e9ho trhu,\u00a0ale tak\u00e9 o srovn\u00e1n\u00ed jejich v\u00fdnosnosti s\u00a0dal\u0161\u00edmi aktivy, zejm\u00e9na s\u00a0dluhopisy.<\/p>\n<p>P\u0159i n\u00edzk\u00fdch \u00farokov\u00fdch\u00a0sazb\u00e1ch (kter\u00e9 za\u017e\u00edv\u00e1me nyn\u00ed) jsou akcie v\u016f\u010di dluhopis\u016fm v\u00fdrazn\u011b atraktivn\u011bj\u0161\u00ed, a tud\u00ed\u017e \u017e\u00e1dan\u011bj\u0161\u00ed.<\/p>\n<p>Kdy\u017e se pod\u00edv\u00e1me na rizikovou pr\u00e9mii (tedy rozd\u00edl mezi ziskovost\u00ed akci\u00ed (E\/P &#8211; Earnings\/Price &#8211; Zisky\/Cena) a re\u00e1ln\u00fdm v\u00fdnosem z dluhopis\u016f) u indexu S&amp;P 500 a jej\u00ed v\u00fdvoj v \u010dase, vid\u00edme, \u017ee akcie ji\u017e v minulosti byly v tomto porovn\u00e1n\u00ed mnohem v\u00fd\u0161e.<\/p>\n<p><img decoding=\"async\" class=\"size-large wp-image-1642\" src=\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/01\/akcie-2020-bublina-1.png\" alt=\"\" \/><\/p>\n<p>Nap\u0159\u00edklad v\u00a0letech 2009 a dal\u0161\u00edch dvou letech, po odrazu ode dna\u00a0hospod\u00e1\u0159sk\u00e9 krize, za\u010daly b\u00fdt v\u00a0tomto srovn\u00e1n\u00ed akcie svou v\u00fdnosnost\u00ed hodn\u011b atraktivn\u00ed.<\/p>\n<p>Naopak p\u0159i technologick\u00e9 bublin\u011b na p\u0159elomu tis\u00edcilet\u00ed vid\u00edme, \u017ee v\u00fdnosnost akci\u00ed ani p\u0159ed splasknut\u00edm bubliny nebyla nikterak z\u00e1vratn\u00e1 a po splasknut\u00ed bubliny v roce 2000 se v\u00fdnosnost akci\u00ed prakticky rovnala v\u00fdnosnosti dluhopis\u016f.<\/p>\n<p>Nyn\u011bj\u0161\u00ed hodnota rizikov\u00e9 pr\u00e9mie se pohybuje mezi t\u011bmito dv\u011bma zm\u00edn\u011bn\u00fdmi extr\u00e9my \u2013 nen\u00ed ani\u00a0dramaticky vysok\u00e1, ani n\u00edzk\u00e1.<\/p>\n<p>D\u00e1 se tedy \u0159\u00edci, \u017ee akcie dle tohoto srovn\u00e1n\u00ed v\u00a0sou\u010dasn\u00e9 dob\u011b vypadaj\u00ed\u00a0jako rozumn\u011b ocen\u011bn\u00e9. Aktu\u00e1ln\u00ed n\u00edzk\u00e9 \u00farokov\u00e9 sazby sni\u017euj\u00ed v\u00fdnosnost dluhopis\u016f a \u010din\u00ed naopak\u00a0atraktivn\u011bj\u0161\u00edmi akcie.<\/p>\n<p>R\u016fst jejich cen je tedy i t\u00edmto opodstatn\u011bn\u00fd.<\/p>\n<h2>Technologick\u00e9 firmy: Opravdov\u00e1 bublina u\u017e tu byla<\/h2>\n<p>To, jestli je akcie drah\u00e1, nez\u00e1vis\u00ed jen na samotn\u00e9 cen\u011b, ale i na tom, co oproti tomu v\u00a0r\u00e1mci dr\u017eby\u00a0titulu dost\u00e1v\u00e1te \u2013 zisky, tr\u017eby apod.<\/p>\n<p>Obdobn\u011b jako na p\u0159elomu tis\u00edcilet\u00ed jsou i nyn\u00ed jedny\u00a0z\u00a0nejsledovan\u011bj\u0161\u00edch akcie technologick\u00fdch firem pova\u017eovan\u00fdch za jedny z\u00a0tahoun\u016f hospod\u00e1\u0159sk\u00e9ho a\u00a0spole\u010densk\u00e9ho v\u00fdvoje.<\/p>\n<p>V roce 2000, kdy vrcholila a pot\u00e9 splaskla \u201edot com\u201c bublina, \u0161ly\u00a0bezprecedentn\u011b nahoru ceny akci\u00ed internetov\u00fdch a technologick\u00fdch firem, kter\u00e9 za sebou ale\u00a0v\u00a0mnoha p\u0159\u00edpadech je\u0161t\u011b nem\u011bly \u017e\u00e1dnou historii hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f a zisk\u016f.<\/p>\n<p>Cel\u00fd r\u016fst a \u0161\u00edlenstv\u00ed\u00a0kolem t\u011bchto titul\u016f byly ta\u017eeny jen p\u0159\u00edslibem, \u017ee tyto spole\u010dnosti a cel\u00fd obor raketov\u011b porostou. Tato\u00a0o\u010dek\u00e1v\u00e1n\u00ed vytvo\u0159ila skute\u010dnou bublinu, kdy ceny t\u011bchto firem nem\u011bly hmatateln\u00fd z\u00e1klad.<\/p>\n<p>A kdy\u017e se\u00a0uk\u00e1zalo, \u017ee tato o\u010dek\u00e1v\u00e1n\u00ed tyto spole\u010dnosti rozhodn\u011b nebudou schopny naplnit, bublina splaskla.<\/p>\n<p>Sou\u010dasn\u00e1 hodnota technologick\u00fdch firem je ov\u0161em podep\u0159ena jejich minul\u00fdmi v\u00fdsledky \u2013 rostouc\u00edmi\u00a0zisky a tr\u017ebami, prokazateln\u00fdm v\u00fdvojem a dal\u0161\u00edm pl\u00e1novan\u00fdm zdokonalov\u00e1n\u00edm re\u00e1ln\u00fdch produkt\u016f a\u00a0slu\u017eeb.<\/p>\n<p>V r\u00e1mci\u00a0<a href=\"https:\/\/www.fichtner.cz\/analyticky-servis\/\">analytick\u00e9ho servisu Fichtner Investment Advisors<\/a> hl\u00edd\u00e1me ohodnocen\u00ed finan\u010dn\u00edch aktiv (akcie, dluhopisy a.d.) a pravideln\u011b ho reportujeme na\u0161im klient\u016fm.<\/p>\n<h2>V\u00fdvoj je jin\u00fd<\/h2>\n<p>Srovnejme si v\u00fdvoj indexu NASDAQ, kter\u00fd obsahuje p\u0159ev\u00e1\u017en\u011b technologick\u00e9 firmy. Vezmeme posledn\u00edch 5 let (tedy\u00a02015\u20132020) a 5 let p\u0159ed splasknut\u00edm bubliny v\u00a0roce 2000 (roky 1995\u20132000).<\/p>\n<p>Uvid\u00edme, co bublina opravdu znamenala a znamen\u00e1.<\/p>\n<p><img decoding=\"async\" class=\"wp-image-1643 size-full\" src=\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/01\/akcie-2020-bublina-nasdaq.png\" alt=\"Situace na indexu NASDAQ nevypad\u00e1 jako v roce 2000\" \/><\/p>\n<p>Sou\u010dasn\u00fd v\u00fdvoj 5let\u00e9ho indexu vykazuje hodnotu +127 %, na p\u0159elomu tis\u00edcilet\u00ed to v\u0161ak bylo + 456 %. I to tedy ukazuje, \u017ee sou\u010dasn\u00fd stav opravdu nelze\u00a0srovn\u00e1vat s\u00a0rokem 2000.<\/p>\n<p>Zaj\u00edmav\u00fd je tak\u00e9 pohled na v\u00fdvoj ceny akci\u00ed konkr\u00e9tn\u00edch renomovan\u00fdch technologick\u00fdch spole\u010dnost\u00ed\u00a0dne\u0161n\u00ed doby a p\u0159elomu tis\u00edcilet\u00ed.<\/p>\n<p><img decoding=\"async\" class=\"size-large wp-image-1644\" src=\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/01\/akcie-2020-bublina-akcie-2020-1024x702.png\" alt=\"\" \/><\/p>\n<p>Nap\u0159\u00edklad akcie Amazonu vyk\u00e1zaly za posledn\u00edch 5 let (2015 &#8211; 2020) r\u016fst p\u0159es 500%, Netflix p\u0159es 370 %, trojcifern\u00e9 \u010d\u00edslo r\u016fstu m\u016f\u017eeme vid\u011bt i u Facebooku \u010di Applu. M\u016f\u017eete si \u0159\u00edct, \u017ee to je obrovsk\u00fd r\u016fst a ur\u010dit\u011b bublina, ale..<\/p>\n<p>A na jak\u00fdch\u00a0hodnot\u00e1ch byly kolem roku 2000 spole\u010dnosti pova\u017eovan\u00e9 za tehdej\u0161\u00ed technologick\u00e9 tahouny?<\/p>\n<p><img decoding=\"async\" class=\"size-large wp-image-1646\" src=\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/01\/akcie-2020-bublina-akcie-2000-1024x699.png\" alt=\"\" \/><\/p>\n<p>Rozd\u00edl je \u0159\u00e1dov\u00fd&#8230; Cisco za 5let\u00e9 obdob\u00ed (1995 &#8211; 2000) narostlo o ohromuj\u00edc\u00edch v\u00edce ne\u017e 3 900 %, Microsoft o 1 600 %, Oracle o 1200 % a Intel \u201ejen\u201d o\u00a0 998 %.<\/p>\n<p>Takov\u00e9to dramatick\u00e9 skoky v\u00a0sou\u010dasn\u00e9m v\u00fdvoji nepozorujeme.<\/p>\n<h2>Ani psychologie neukazuje na bublinu<\/h2>\n<p>D\u016fle\u017eitou sou\u010d\u00e1st\u00ed investi\u010dn\u00edch trh\u016f je psychologie samotn\u00fdch investor\u016f.<\/p>\n<p>Bublinu hodn\u011b podporuje\u00a0chov\u00e1n\u00ed m\u00e9n\u011b vzd\u011blan\u00fdch investor\u016f, kte\u0159\u00ed se \u010dasto nechaj\u00ed strhnout emocemi a zpr\u00e1vami\u00a0odhaduj\u00edc\u00edmi dal\u0161\u00ed siln\u00fd r\u016fst akci\u00ed nebo konkr\u00e9tn\u00edch titul\u016f \u010di obor\u016f.<\/p>\n<p>V\u00a0takov\u00e9 chv\u00edli naskakuj\u00ed tito\u00a0investo\u0159i do hry s\u00a0vidinou, \u017ee po\u0159\u00edzen\u00edm akci\u00ed v\u00a0tento moment budou po pokra\u010duj\u00edc\u00edm o\u010dek\u00e1v\u00e1n\u00e9m\u00a0r\u016fstu realizovat dal\u0161\u00ed zisk.<\/p>\n<p>P\u0159evis popt\u00e1vky zp\u016fsob\u00ed dal\u0161\u00ed r\u016fst cen \u2013 a to za\u010dne nafukovat onu\u00a0psychologickou bublinu. R\u016fst se v\u00a0ur\u010dit\u00e9 chv\u00edli ale zastav\u00ed a nikdo neum\u00ed odhadnout, kdy tato chv\u00edle\u00a0nastane.<\/p>\n<p><strong>Tento proces m\u00e1 p\u0159\u00edzna\u010dn\u00fd n\u00e1zev \u201e<a href=\"https:\/\/www.investguru.cz\/cs\/anatomie-investicni-bubliny\/\">hra na v\u011bt\u0161\u00edho bl\u00e1zna<\/a>\u201c. <\/strong><\/p>\n<p>Ten, kdo kupuje u\u017e pom\u011brn\u011b drah\u00e9\u00a0tituly, douf\u00e1, \u017ee r\u016fst cen bude je\u0161t\u011b trvat a \u017ee najde je\u0161t\u011b v\u011bt\u0161\u00edho bl\u00e1zna, kter\u00fd pak koup\u00ed je\u0161t\u011b dr\u00e1\u017ee a\u00a0on vyd\u011bl\u00e1.<\/p>\n<p>To se v\u0161ak v\u00a0dne\u0161n\u00ed dob\u011b tak\u00e9 ned\u011bje.<\/p>\n<p>Nesly\u0161\u00edme \u017e\u00e1dn\u00e9 v\u00fdk\u0159iky typu \u201e<em>nakupujte, akcie a jejich indexy p\u016fjdou je\u0161t\u011b\u00a0mnohem v\u00fd\u0161e\u201c<\/em>.<\/p>\n<p>Naopak. Sp\u00ed\u0161e jsou sly\u0161et ony skeptick\u00e9 n\u00e1zory a varov\u00e1n\u00ed, \u017ee akcie jsou ji\u017e\u00a0nyn\u00ed drah\u00e9.<\/p>\n<p>Ani tato psychologick\u00e1 bublina tu tedy nen\u00ed. B\u011b\u017en\u00ed a v\u00a0investi\u010dn\u00edch trz\u00edch nep\u0159\u00edli\u0161 vzd\u011blan\u00ed\u00a0lid\u00e9 se nyn\u00ed do n\u00e1kup\u016f akci\u00ed ne\u017eenou a jsou naopak sp\u00ed\u0161e opatrn\u00ed.<\/p>\n<h2>Akcie nejsou p\u0159edra\u017een\u00e9, opatrnost je ale na m\u00edst\u011b v\u017edy<\/h2>\n<p>V\u0161echny v\u00fd\u0161e zm\u00edn\u011bn\u00e9 ukazatele a srovn\u00e1n\u00ed tedy ukazuj\u00ed na to, \u017ee zde na akciov\u00fdch trz\u00edch \u017e\u00e1dn\u00e1\u00a0<a href=\"https:\/\/www.investguru.cz\/cs\/americke-akcie-bublina\/\">cenov\u00e1 bublina nen\u00ed<\/a> a jejich ceny nejsou iracion\u00e1ln\u011b \u201ep\u0159est\u0159elen\u00e9\u201c.<\/p>\n<p>To ov\u0161em samoz\u0159ejm\u011b nemus\u00ed\u00a0znamenat, \u017ee nemohou b\u00fdt bublinov\u011b nadhodnocen\u00e9 ceny n\u011bkter\u00fdch konkr\u00e9tn\u00edch titul\u016f. Nej\u010dast\u011bji se hovo\u0159\u00ed o automobilce Tesla, kter\u00e1 za rok 2020 <strong>vyrostla o 731 %<\/strong>.<\/p>\n<p>Z\u00e1rove\u0148 nelze odhadovat dal\u0161\u00ed v\u00fdvoj a \u0159\u00edci si nap\u0159\u00edklad, \u017ee bychom m\u011bli b\u00fdt na pomysln\u00e9m vrcholu a \u017ee\u00a0n\u00e1s nem\u016f\u017ee \u010dekat dal\u0161\u00ed (by\u0165 t\u0159eba jen pozvoln\u011bj\u0161\u00ed) r\u016fst cen akci\u00ed. Ten klidn\u011b m\u016f\u017ee pokra\u010dovat.<\/p>\n<p>Nen\u00ed\u00a0tedy dobr\u00e9 ani spekulovat na to, \u017ee by nyn\u00ed m\u011bly b\u00fdt akcie na vrcholu a zaspekulovat na pokles\u00a0(\u201eshortovat\u201c).<\/p>\n<p>Ale i k poklesu samoz\u0159ejm\u011b doj\u00edt m\u016f\u017ee: Pokud by pod vlivem sou\u010dasn\u00e9ho d\u011bn\u00ed p\u0159i\u0161la\u00a0siln\u011bj\u0161\u00ed hospod\u00e1\u0159sk\u00e1 krize a zisky firem by d\u00e1le klesaly, tak to akciov\u00fd trh samoz\u0159ejm\u011b ovlivn\u00ed a\u00a0pravd\u011bpodobn\u011b by pak do\u0161lo k\u00a0poklesu cen.<\/p>\n<p>Kam se pohne trh v roce 2021 nev\u00edme (a nev\u00ed to z\u0159ejm\u011b nikdo, ka\u017ed\u00fd jen h\u00e1d\u00e1), nicm\u00e9n\u011b m\u016f\u017eeme shrnout sou\u010dasnou situaci do jedn\u00e9 v\u011bty:<\/p>\n<p><strong>Cenov\u00e1\u00a0bublina aktu\u00e1ln\u011b na akciov\u00fdch trz\u00edch jako celku nen\u00ed, a proto doporu\u010dujeme, aby pro dlouhodob\u00e9\u00a0investov\u00e1n\u00ed st\u00e1le p\u0159eva\u017eovaly v\u00a0diverzifikovan\u00e9m portfoliu akcie.<\/strong><\/p>\n<p style=\"text-align: center;\"><a class=\"button\" href=\"https:\/\/www.efrank.cz\/cs\/\">Vytvo\u0159te si diverzifikovan\u00e9 portfolio pro dlouhodob\u00e9 investov\u00e1n\u00ed<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pod\u00edvejte se, jestli jsou obavy opodstatn\u011bn\u00e9, nebo nikoli.<\/p>\n","protected":false},"author":5,"featured_media":1656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[26,49],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ceny akci\u00ed v roce 2020 v\u00fdrazn\u011b rostly: Nafukuje se bublina? 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