{"id":1689,"date":"2021-02-09T13:11:06","date_gmt":"2021-02-09T12:11:06","guid":{"rendered":"https:\/\/www.investguru.cz\/cs\/?p=1689"},"modified":"2022-03-31T10:57:49","modified_gmt":"2022-03-31T08:57:49","slug":"konec-byciho-trhu","status":"publish","type":"post","link":"https:\/\/www.investguru.cz\/cs\/konec-byciho-trhu\/","title":{"rendered":"Konec b\u00fd\u010d\u00edho trhu? Historie ukazuje sp\u00ed\u0161e opak"},"content":{"rendered":"

Americk\u00e9 akcie za sebou maj\u00ed 11 let r\u016fstu a jsou op\u011bt na nov\u00e9m maximu.<\/p>\n

Podle n\u011bkter\u00fdch jsou nesmysln\u011b nadhodnocen\u00e9 a je na nich vytvo\u0159ena cenov\u00e1 bublina, kter\u00e1 ji\u017e velmi brzy mus\u00ed prasknout.<\/p>\n

Jak to tedy je \u2013 nen\u00ed nebezpe\u010dn\u00e9 investovat do akci\u00ed?<\/p>\n

Z\u00a0\u010deho vych\u00e1zej\u00ed varov\u00e1n\u00ed<\/h2>\n

O (ne)vytv\u00e1\u0159en\u00ed bubliny na americk\u00fdch akciov\u00fdch trz\u00edch jsme ji\u017e polemizovali v \u010dl\u00e1nku na za\u010d\u00e1tku leto\u0161n\u00edho roku<\/a> i v\u00a0p\u0159ehledu argument\u016f publikovan\u00fdch na podzim roku lo\u0148sk\u00e9ho<\/a>. Proto p\u0159ipome\u0148me, \u017ee tehdy i nyn\u00ed hodnot\u00edme americk\u00fd akciov\u00fd trh jako celek.<\/p>\n

Aktu\u00e1ln\u00ed hlasy varuj\u00edc\u00ed p\u0159ed bublinou se v\u0161ak \u010dasto ozvaly p\u0159edev\u0161\u00edm kv\u016fli konkr\u00e9tn\u00edm titul\u016fm, na kter\u00fdch m\u00e1 b\u00fdt vytvo\u0159ena bublina.<\/p>\n

Nej\u010dast\u011bji b\u00fdv\u00e1 zmi\u0148ov\u00e1na situace kolem spole\u010dnost GameStop.<\/p>\n

Uk\u00e1zkov\u00e1 bublina jm\u00e9nem GameStop<\/h3>\n

Pro p\u0159ipomenut\u00ed: GameStop je americk\u00fd \u0159et\u011bzec prod\u00e1vaj\u00edc\u00ed videohry, kter\u00fd se dostal kv\u016fli koronavirov\u00e9 pandemii do velk\u00fdch probl\u00e9m\u016f. V\u00fdrazn\u011b narostly jeho dluhy a tak ohl\u00e1sil, \u017ee v r\u00e1mci \u00fasporn\u00fdch opat\u0159en\u00ed zav\u0159e t\u00e9m\u011b\u0159 500 prodejen.<\/p>\n

To pochopiteln\u011b vyvolalo ned\u016fv\u011bru velk\u00fdch investor\u016f, kte\u0159\u00ed vsadili na dal\u0161\u00ed propad ceny akci\u00ed GameStopu. S\u00e1zka na pokles se naz\u00fdv\u00e1 \u201eshort\u201c.<\/p>\n

Proti tomu se ale \u201evzbou\u0159ila\u201c \u010d\u00e1st drobn\u00fdch investor\u016f a fanou\u0161k\u016f t\u00e9to firmy, kte\u0159\u00ed se sdru\u017eili na diskusn\u00edm f\u00f3ru Reddit. Rozhodli se nakupovat co nejv\u00edce akci\u00ed GameStopu a jejich cenu t\u00edm vyhnat co nejv\u00fd\u0161e.<\/p>\n

A to se jim tak\u00e9 poda\u0159ilo. Cena akci\u00ed spole\u010dnosti GameStop d\u00edky tomu stoupla b\u011bhem n\u011bkolika dn\u016f ze 17 dolar\u016f v jednu chv\u00edli a\u017e ke 347 dolar\u016fm. A pak op\u011bt rychle poklesla.<\/p>\n

\"\"<\/p>\n

Podobn\u00e1 aktivita drobn\u00fdch investor\u016f sdru\u017een\u00fdch na internetu vyst\u0159elila nahoru tak\u00e9 ceny akci\u00ed provozovatele s\u00edt\u00ed kin AMC, v\u00fdrobce telefon\u016f BlackBerry a na p\u0159elomu ledna a \u00fanora byl vid\u011bt podobn\u00fd pokus na st\u0159\u00edb\u0159e.<\/p>\n

U akci\u00ed GameStopu \u0161lo v podstat\u011b o klasickou bublinu. Kdy\u017e cena n\u011bjak\u00e9ho aktiva vyroste b\u011bhem chv\u00edle o 2000 % procent, tak to jednodu\u0161e nen\u00ed norm\u00e1ln\u00ed a v\u011bt\u0161inou to znamen\u00e1, \u017ee ten, kdo p\u0159i\u0161el pozd\u011b p\u0159ijde o hodn\u011b pen\u011bz.<\/p>\n

Je mo\u017en\u00e9, \u017ee \u201ep\u0159irozen\u011bj\u0161\u00edm\u201c zp\u016fsobem jsou na trhu investory nadhodnocen\u00e9 i n\u011bkter\u00e9 dal\u0161\u00ed jednotliv\u00e9 tituly (zmi\u0148ov\u00e1na b\u00fdv\u00e1 nap\u0159\u00edklad Tesla, kter\u00e1 v roce 2020 pos\u00edlila o t\u00e9m\u011b\u0159 695 %). Ale to nemus\u00ed nic vypov\u00eddat o trhu jako celku.<\/p>\n

Hodno\u0165me trh jako celek<\/h2>\n

Akciov\u00fd trh jako celek ale zahrnuje tak velk\u00e9 mno\u017estv\u00ed titul\u016f, \u017ee usuzovat na jeho v\u00fdvoj ze situace dvou t\u0159\u00ed specifick\u00fdch spole\u010dnost\u00ed (a za dost specifick\u00fdch okolnost\u00ed) prost\u011b nelze.<\/p>\n

P\u0159esto ty hlasy vyjad\u0159uj\u00edc\u00ed obavu o dal\u0161\u00ed r\u016fst trh\u016f zes\u00edlily.<\/p>\n

R\u016fst pozorujeme ji\u017e n\u011bkolik let a trhy dosahuj\u00ed nov\u00fdch a nov\u00fdch maxim.<\/p>\n

Je mo\u017en\u00e9, aby rostly d\u00e1l, nebo se m\u00e1me p\u0159ipravit v brzk\u00e9 dob\u011b na hlub\u0161\u00ed propad?<\/p>\n

Jednoduchou odpov\u011bd\u00ed je, \u017ee trhy mohou r\u016fst je\u0161t\u011b klidn\u011b deset let a p\u0159itom dosahovat nov\u00fdch a nov\u00fdch maxim!<\/p>\n

Akt\u00e9\u0159i na trhu d\u00e1le investuj\u00ed<\/h2>\n

I p\u0159es ta varov\u00e1n\u00ed o bublin\u011b, kter\u00e1 mus\u00ed splasknout, trhy i nyn\u00ed nad\u00e1le rostou.<\/p>\n

Je pot\u0159eba si uv\u011bdomit, \u017ee na trhu operuje obrovsk\u00e9 mno\u017estv\u00ed investor\u016f, a\u0165 u\u017e individu\u00e1ln\u00edch, \u010di institucion\u00e1ln\u00edch, kte\u0159\u00ed maj\u00ed znalosti, zku\u0161enosti a analyzuj\u00ed trh ze v\u0161ech mo\u017en\u00fdch stran.<\/p>\n

Zku\u0161en\u00ed investo\u0159i jednaj\u00ed v\u00edce m\u00e9n\u011b racion\u00e1ln\u011b. Informace a anal\u00fdzy maj\u00ed v\u010das. V\u011bt\u0161inou nejednaj\u00ed pod vlivem emoc\u00ed jako n\u011bkte\u0159\u00ed m\u00e9n\u011b vzd\u011blan\u00ed investo\u0159i, kte\u0159\u00ed se \u0159\u00edd\u00ed t\u00edm, co se p\u00ed\u0161e v m\u00e9di\u00edch.<\/p>\n

M\u00fdlit se samoz\u0159ejm\u011b m\u016f\u017ee ka\u017ed\u00fd, ale z chov\u00e1n\u00ed zku\u0161en\u00fdch investor\u016f m\u016f\u017eeme vid\u011bt, \u017ee se z trhu nestahuj\u00ed.<\/p>\n

Porovn\u00e1n\u00ed s dlouh\u00fdmi b\u00fd\u010d\u00edmi trhy<\/h2>\n

B\u00fd\u010d\u00ed trh na americk\u00fdch akci\u00edch \u2013 tedy obdob\u00ed, kdy finan\u010dn\u00ed trhy a ceny aktiv na nich rostou \u2013 sledujeme prakticky trvale od roku 2009.<\/p>\n

Samoz\u0159ejm\u011b z\u00e1le\u017e\u00ed na definici b\u00fd\u010d\u00edho trhu. V pr\u016fb\u011bhu let jsme vid\u011bli poklesy, kter\u00e9 u\u010debnicovou definici b\u00fd\u010d\u00edho trhu p\u0159eru\u0161ily (-30 % v b\u0159eznu 2020), ale r\u016fst zp\u011bt byl v\u017edy pom\u011brn\u011b rychl\u00fd.<\/p>\n

Podle n\u011bkter\u00fdch definic byl tedy b\u00fd\u010d\u00ed trh p\u0159eru\u0161en a nejednalo by se tak podle nich ani o jeden dlouh\u00fd b\u00fd\u010d\u00ed trh, ale n\u011bkolik men\u0161\u00edch, kter\u00e9 byly p\u0159eru\u0161eny krat\u0161\u00edmi poklesy. Tyto poklesy se v\u0161ak rychle vr\u00e1tily zp\u011bt na rostouc\u00ed trajektorii.<\/p>\n

2009 – 2021 u\u017e je slu\u0161n\u011b dlouh\u00e1 doba. Ale rozhodn\u011b to nemus\u00ed znamenat, \u017ee by musel b\u00fdt bezprost\u0159edn\u011b za dve\u0159mi pokles.<\/p>\n

Z historie v\u00edme, \u017ee b\u00fd\u010d\u00ed obdob\u00ed byla i mnohem del\u0161\u00ed. Pod\u00edvejme se na roky 1942\u20131967 a 1980\u20132000. Po takov\u00e9m r\u016fstu pak skute\u010dn\u011b do\u0161lo ke splasknut\u00ed bubliny (o tom je\u0161t\u011b d\u00e1le), po\u010d\u00e1tku krize a v obou p\u0159\u00edpadech k n\u00e1sledn\u00e9 ekonomicky \u201eztracen\u00e9\u201c dek\u00e1d\u011b.<\/p>\n

\"\"
Zdroj: MARKET OUTLOOK 2021 CONTAIN AND HEAL \u2013 Julius Baer<\/figcaption><\/figure>\n

R\u016fstov\u00e1 obdob\u00ed neznamenaj\u00ed, \u017ee trh roste jen vzh\u016fru. I v pr\u016fb\u011bhu b\u00fd\u010d\u00edch obdob\u00ed m\u016f\u017eeme zaznamenat kr\u00e1tk\u00e9 propady i t\u0159eba kolem 20 – 30%, kter\u00e9 se pom\u011brn\u011b rychle srovnaly.<\/p>\n

Podobn\u00e9 korekce, jak se t\u011bmto propad\u016fm \u0159\u00edk\u00e1, jsme za\u017eili i p\u0159i t\u00e9 nyn\u011bj\u0161\u00ed r\u016fstov\u00e9 period\u011b. Nap\u0159\u00edklad v letech 2011, 2018 nebo naposledy na ja\u0159e 2020.<\/p>\n

Podobnou korekc\u00ed byl nap\u0159\u00edklad slavn\u00fd „krach“ na burze v roce 1987, kdy v\u0161ak trhy za rok a p\u016fl ztr\u00e1ty vymazaly. A n\u00e1sledn\u011b a\u017e do roku 2000 pokra\u010dovaly v r\u016fstu.<\/p>\n

Pokles n\u011bkdy p\u0159ijde \u2013 ale jak\u00fd a kdy?<\/h2>\n

Ob\u011b p\u0159edchoz\u00ed dlouh\u00e1 r\u016fstov\u00e1 obdob\u00ed, kter\u00e1 uv\u00e1d\u00edme pro srovn\u00e1n\u00ed, byla ukon\u010dena siln\u00fdm p\u00e1dem trh\u016f a p\u0159\u00edchodem del\u0161\u00edch obdob\u00ed, kter\u00e1 byla opravdu \u0161patn\u00e1.<\/p>\n

Po roce 1967 p\u0159i\u0161la stagflace, nestabilita trh\u016f a za\u010d\u00e1tek hospod\u00e1\u0159sky slab\u00e9 dek\u00e1dy 70. let, kde je\u0161t\u011b ekonomick\u00e9 probl\u00e9my zhor\u0161ily ropn\u00e9 krize.<\/p>\n

V\u00a0roce 2000 zp\u016fsobilo p\u00e1d trh\u016f prasknut\u00ed technologick\u00e9 bubliny a n\u00e1sledovalo ekonomicky nestabiln\u00ed desetilet\u00ed, na jeho\u017e konci ude\u0159ila hospod\u00e1\u0159sk\u00e1 krize let 2008 a 2009.<\/p>\n

Ale vid\u00edme, \u017ee ob\u011b p\u0159edchoz\u00ed dlouh\u00e1 r\u016fstov\u00e1 obdob\u00ed (p\u0159i zanedb\u00e1n\u00ed t\u011bch kr\u00e1tkodob\u00fdch pokles\u016f) byla mnohem del\u0161\u00ed ne\u017e 10 let.<\/p>\n

\u010cekat tedy pokles jen proto, \u017ee za sebou m\u00e1me 10 let r\u016fstu trh\u016f, nemus\u00ed m\u00edt \u017e\u00e1dn\u00fd re\u00e1ln\u00fd z\u00e1klad.<\/p>\n

Naopak nemus\u00ed b\u00fdt nere\u00e1ln\u00e9, \u017ee trhy porostou dal\u0161\u00edch n\u011bkolik let, jak vid\u00edme na srovn\u00e1n\u00ed s minulost\u00ed.<\/p>\n

Kdybychom zasadili dne\u0161n\u00ed pesimistick\u00e9 p\u0159edpov\u011bdi do t\u011bch minul\u00fdch r\u016fstov\u00fdch obdob\u00ed:<\/p>\n

Investor, kter\u00fd by v obdob\u00edch po roce 1942 v prvn\u00edm p\u0159\u00edpad\u011b a v roce 1980 v p\u0159\u00edpad\u011b druh\u00e9m s\u00e1zel po 10 letech r\u016fstu na pokles trh\u016f, by nakonec p\u0159i\u0161el v prvn\u00edm p\u0159\u00edpad\u011b o 15 a v druh\u00e9m p\u0159\u00edpad\u011b o 10 let dal\u0161\u00edho r\u016fstu!<\/p>\n

Sledujme tempo r\u016fstu<\/h2>\n

P\u0159i pohledu na srovn\u00e1vac\u00ed graf jednotliv\u00fdch dlouh\u00fdch b\u00fd\u010d\u00edch obdob\u00ed vid\u00edme, \u017ee konec ka\u017ed\u00e9ho obdob\u00ed byl p\u0159edznamen\u00e1n tak prudk\u00fdm r\u016fstem, kde u\u017e se dalo pochybovat o jeho racion\u00e1lnosti a byl to sign\u00e1l nafukov\u00e1n\u00ed ur\u010dit\u00e9 bubliny.<\/p>\n

Sou\u010dasn\u00e9 tempo r\u016fstu cen americk\u00e9ho akciov\u00e9ho trhu ale nen\u00ed nikterak \u0161\u00edlen\u00e9 a uchov\u00e1v\u00e1 si dlouhodob\u011b pom\u011brn\u011b st\u00e1lou \u00farove\u0148.<\/p>\n

Sledujme tedy sp\u00ed\u0161e tempo r\u016fstu a zda toto tempo odr\u00e1\u017e\u00ed r\u016fst tisk\u016f spole\u010dnost\u00ed. V\u00fdrazn\u00e9 odch\u00fdlen\u00ed t\u011bchto hodnot m\u016f\u017ee b\u00fdt potom sign\u00e1lem t\u00e9 opravdu se tvo\u0159\u00edc\u00ed bubliny.<\/p>\n

R\u016fst zisk\u016f spole\u010dnost\u00ed od krizov\u00e9ho roku 2009 r\u016fst cen akci\u00ed v\u00a0uplynul\u00e9m desetilet\u00ed zat\u00edm ale dostate\u010dn\u011b ospravedl\u0148uje.<\/p>\n

Volatilita je norm\u00e1ln\u00ed<\/h2>\n

Z\u00e1rove\u0148 plat\u00ed, \u017ee volatilita trh\u016f tu byla, je a bude.\u00a0 N\u00e1hl\u00e9 poklesy se mohou objevit i v obdob\u00ed r\u016fstu.<\/p>\n

Takov\u00e9 poklesy by n\u00e1s ale nem\u011bly p\u0159ekvapovat. Pokles nemus\u00ed nutn\u011b znamenat, \u017ee p\u0159i\u0161la krize.<\/p>\n

Poklesy o 5 \u010di 10 procent jsou naprosto b\u011b\u017en\u00e9 i n\u011bkolikr\u00e1t do roka. I v\u011bt\u0161\u00ed poklesy, klidn\u011b o 15 \u010di 20 procent, mohou p\u0159ij\u00edt a zase odej\u00edt.<\/p>\n

P\u0159ipravte se na r\u016fzn\u00e9 sc\u00e9n\u00e1\u0159e<\/h2>\n

Uveden\u00e1 srovn\u00e1n\u00ed a argumenty neznamenaj\u00ed, \u017ee bychom si byli jist\u00ed nebo dokonce s\u00e1zeli na to, \u017ee trh n\u00e1sleduj\u00edc\u00ed des\u00edtky let poroste.<\/p>\n

Budoucnost je v\u017edy nezn\u00e1m\u00e1 a je dobr\u00e9 pracovat s r\u016fzn\u00fdmi sc\u00e9n\u00e1\u0159i v\u00fdvoje.<\/p>\n

Uveden\u00e1 srovn\u00e1n\u00ed n\u00e1m ukazuj\u00ed, \u017ee spol\u00e9hat se na sc\u00e9n\u00e1\u0159 krize a \u010dekat na \u201earmageddon\u201c se nemus\u00ed vypl\u00e1cet.<\/p>\n

Trh n\u00e1m m\u016f\u017ee ut\u00e9ct a sta\u017een\u00ed z trhu nyn\u00ed m\u016f\u017ee znamenat, \u017ee se p\u0159iprav\u00edme o zaj\u00edmav\u00e9 zisky z pokra\u010duj\u00edc\u00edho r\u016fstu, kter\u00fd m\u016f\u017ee b\u00fdt hn\u00e1n t\u0159eba rostouc\u00ed inflac\u00ed.<\/p>\n

My s klienty nespekulujeme na r\u016fst ani na pokles, proto\u017ee jim chceme pomoci dos\u00e1hnout jejich c\u00edle – nej\u010dast\u011bji finan\u010dn\u00ed nez\u00e1vislosti – a v\u00edme, \u017ee je pot\u0159eba b\u00fdt v portfoliu p\u0159ipraven na r\u016fzn\u00e9 sc\u00e9n\u00e1\u0159e budoucnosti.<\/p>\n

Vytvo\u0159te si diverzifikovan\u00e9 portfolio pro dlouhodob\u00e9 investov\u00e1n\u00ed<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Pod\u00edvejte se na porovn\u00e1n\u00ed aktu\u00e1ln\u00ed situace s jin\u00fdmi dlouh\u00fdmi b\u00fd\u010d\u00edmi trhy<\/p>\n","protected":false},"author":5,"featured_media":1697,"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":[26,49,51],"yoast_head":"\nKonec b\u00fd\u010d\u00edho trhu? Historie ukazuje sp\u00ed\u0161e opak - InvestGuru.cz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Konec r\u016fstu akci\u00ed? Historie ukazuje sp\u00ed\u0161e opak\" \/>\n<meta property=\"og:description\" content=\"Pod\u00edvejte se na porovn\u00e1n\u00ed aktu\u00e1ln\u00ed situace s jin\u00fdmi dlouh\u00fdmi b\u00fd\u010d\u00edmi trhy\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/\" \/>\n<meta property=\"og:site_name\" content=\"InvestGuru.cz\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Fichtner-sro-185375650667\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-09T12:11:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-31T08:57:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/02\/konec-byciho-trhu-social.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Tom\u00e1\u0161 Tyl\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Napsal(a)\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tom\u00e1\u0161 Tyl\" \/>\n\t<meta name=\"twitter:label2\" content=\"Odhadovan\u00e1 doba \u010dten\u00ed\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minut\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.investguru.cz\/cs\/konec-byciho-trhu\/\"},\"author\":{\"name\":\"Tom\u00e1\u0161 Tyl\",\"@id\":\"https:\/\/www.investguru.cz\/cs\/#\/schema\/person\/4d8985f26302181f017af803fa3328d4\"},\"headline\":\"Konec b\u00fd\u010d\u00edho trhu? Historie ukazuje sp\u00ed\u0161e opak\",\"datePublished\":\"2021-02-09T12:11:06+00:00\",\"dateModified\":\"2022-03-31T08:57:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.investguru.cz\/cs\/konec-byciho-trhu\/\"},\"wordCount\":1640,\"commentCount\":3,\"publisher\":{\"@id\":\"https:\/\/www.investguru.cz\/cs\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/02\/konec-byciho-trhu-blog.jpg\",\"keywords\":[\"akcie\",\"bublina\",\"b\u00fd\u010d\u00ed trh\"],\"articleSection\":[\"\u010cl\u00e1nky\"],\"inLanguage\":\"cs\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.investguru.cz\/cs\/konec-byciho-trhu\/\",\"url\":\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/\",\"name\":\"Konec b\u00fd\u010d\u00edho trhu? Historie ukazuje sp\u00ed\u0161e opak - InvestGuru.cz\",\"isPartOf\":{\"@id\":\"https:\/\/www.investguru.cz\/cs\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/02\/konec-byciho-trhu-blog.jpg\",\"datePublished\":\"2021-02-09T12:11:06+00:00\",\"dateModified\":\"2022-03-31T08:57:49+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#breadcrumb\"},\"inLanguage\":\"cs\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"cs\",\"@id\":\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#primaryimage\",\"url\":\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/02\/konec-byciho-trhu-blog.jpg\",\"contentUrl\":\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/02\/konec-byciho-trhu-blog.jpg\",\"width\":880,\"height\":360},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Dom\u016f\",\"item\":\"https:\/\/www.investguru.cz\/cs\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Konec b\u00fd\u010d\u00edho trhu? Historie ukazuje sp\u00ed\u0161e opak\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.investguru.cz\/cs\/#website\",\"url\":\"https:\/\/www.investguru.cz\/cs\/\",\"name\":\"InvestGuru.cz\",\"description\":\"Vzd\u011bl\u00e1n\u00ed pro budouc\u00ed renti\u00e9r\u016f na cest\u011b k finan\u010dn\u00ed svobod\u011b\",\"publisher\":{\"@id\":\"https:\/\/www.investguru.cz\/cs\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.investguru.cz\/cs\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"cs\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.investguru.cz\/cs\/#organization\",\"name\":\"InvestGuru\",\"url\":\"https:\/\/www.investguru.cz\/cs\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"cs\",\"@id\":\"https:\/\/www.investguru.cz\/cs\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2018\/08\/ig.png\",\"contentUrl\":\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2018\/08\/ig.png\",\"width\":600,\"height\":160,\"caption\":\"InvestGuru\"},\"image\":{\"@id\":\"https:\/\/www.investguru.cz\/cs\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/Fichtner-sro-185375650667\/\",\"https:\/\/www.linkedin.com\/company\/fichtner-s-r-o-\/\",\"https:\/\/www.youtube.com\/channel\/UCPT7GD3SrdsxmnD-sPuV3WA\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.investguru.cz\/cs\/#\/schema\/person\/4d8985f26302181f017af803fa3328d4\",\"name\":\"Tom\u00e1\u0161 Tyl\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"cs\",\"@id\":\"https:\/\/www.investguru.cz\/cs\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2018\/10\/tomas-tyl-150x150.jpg\",\"contentUrl\":\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2018\/10\/tomas-tyl-150x150.jpg\",\"caption\":\"Tom\u00e1\u0161 Tyl\"},\"description\":\"\u0160\u00e9f analytick\u00e9ho odd\u011blen\u00ed ve Fichtner a.s. Tom\u00e1\u0161 je autorem knihy \\\"10 zp\u016fsob\u016f jak se (ne)nechat p\u0159ipravit o pen\u00edze\\\", spoluautorem knihy \u201eOsobn\u00ed finance\u201d a p\u0159ipravil stovky metodik, anal\u00fdz a pl\u00e1n\u016f.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/tomas-tyl\/\"],\"url\":\"https:\/\/www.investguru.cz\/cs\/author\/tomastyl\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Konec b\u00fd\u010d\u00edho trhu? Historie ukazuje sp\u00ed\u0161e opak - InvestGuru.cz","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/","og_locale":"cs_CZ","og_type":"article","og_title":"Konec r\u016fstu akci\u00ed? Historie ukazuje sp\u00ed\u0161e opak","og_description":"Pod\u00edvejte se na porovn\u00e1n\u00ed aktu\u00e1ln\u00ed situace s jin\u00fdmi dlouh\u00fdmi b\u00fd\u010d\u00edmi trhy","og_url":"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/","og_site_name":"InvestGuru.cz","article_publisher":"https:\/\/www.facebook.com\/Fichtner-sro-185375650667\/","article_published_time":"2021-02-09T12:11:06+00:00","article_modified_time":"2022-03-31T08:57:49+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/02\/konec-byciho-trhu-social.png","type":"image\/png"}],"author":"Tom\u00e1\u0161 Tyl","twitter_card":"summary_large_image","twitter_misc":{"Napsal(a)":"Tom\u00e1\u0161 Tyl","Odhadovan\u00e1 doba \u010dten\u00ed":"6 minut"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#article","isPartOf":{"@id":"https:\/\/www.investguru.cz\/cs\/konec-byciho-trhu\/"},"author":{"name":"Tom\u00e1\u0161 Tyl","@id":"https:\/\/www.investguru.cz\/cs\/#\/schema\/person\/4d8985f26302181f017af803fa3328d4"},"headline":"Konec b\u00fd\u010d\u00edho trhu? Historie ukazuje sp\u00ed\u0161e opak","datePublished":"2021-02-09T12:11:06+00:00","dateModified":"2022-03-31T08:57:49+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investguru.cz\/cs\/konec-byciho-trhu\/"},"wordCount":1640,"commentCount":3,"publisher":{"@id":"https:\/\/www.investguru.cz\/cs\/#organization"},"image":{"@id":"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/02\/konec-byciho-trhu-blog.jpg","keywords":["akcie","bublina","b\u00fd\u010d\u00ed trh"],"articleSection":["\u010cl\u00e1nky"],"inLanguage":"cs","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.investguru.cz\/cs\/konec-byciho-trhu\/","url":"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/","name":"Konec b\u00fd\u010d\u00edho trhu? Historie ukazuje sp\u00ed\u0161e opak - InvestGuru.cz","isPartOf":{"@id":"https:\/\/www.investguru.cz\/cs\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#primaryimage"},"image":{"@id":"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/02\/konec-byciho-trhu-blog.jpg","datePublished":"2021-02-09T12:11:06+00:00","dateModified":"2022-03-31T08:57:49+00:00","breadcrumb":{"@id":"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#breadcrumb"},"inLanguage":"cs","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.fichtner.cz\/konec-byciho-trhu\/"]}]},{"@type":"ImageObject","inLanguage":"cs","@id":"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#primaryimage","url":"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/02\/konec-byciho-trhu-blog.jpg","contentUrl":"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2021\/02\/konec-byciho-trhu-blog.jpg","width":880,"height":360},{"@type":"BreadcrumbList","@id":"https:\/\/www.fichtner.cz\/konec-byciho-trhu\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Dom\u016f","item":"https:\/\/www.investguru.cz\/cs\/"},{"@type":"ListItem","position":2,"name":"Konec b\u00fd\u010d\u00edho trhu? Historie ukazuje sp\u00ed\u0161e opak"}]},{"@type":"WebSite","@id":"https:\/\/www.investguru.cz\/cs\/#website","url":"https:\/\/www.investguru.cz\/cs\/","name":"InvestGuru.cz","description":"Vzd\u011bl\u00e1n\u00ed pro budouc\u00ed renti\u00e9r\u016f na cest\u011b k finan\u010dn\u00ed svobod\u011b","publisher":{"@id":"https:\/\/www.investguru.cz\/cs\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investguru.cz\/cs\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"cs"},{"@type":"Organization","@id":"https:\/\/www.investguru.cz\/cs\/#organization","name":"InvestGuru","url":"https:\/\/www.investguru.cz\/cs\/","logo":{"@type":"ImageObject","inLanguage":"cs","@id":"https:\/\/www.investguru.cz\/cs\/#\/schema\/logo\/image\/","url":"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2018\/08\/ig.png","contentUrl":"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2018\/08\/ig.png","width":600,"height":160,"caption":"InvestGuru"},"image":{"@id":"https:\/\/www.investguru.cz\/cs\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Fichtner-sro-185375650667\/","https:\/\/www.linkedin.com\/company\/fichtner-s-r-o-\/","https:\/\/www.youtube.com\/channel\/UCPT7GD3SrdsxmnD-sPuV3WA"]},{"@type":"Person","@id":"https:\/\/www.investguru.cz\/cs\/#\/schema\/person\/4d8985f26302181f017af803fa3328d4","name":"Tom\u00e1\u0161 Tyl","image":{"@type":"ImageObject","inLanguage":"cs","@id":"https:\/\/www.investguru.cz\/cs\/#\/schema\/person\/image\/","url":"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2018\/10\/tomas-tyl-150x150.jpg","contentUrl":"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2018\/10\/tomas-tyl-150x150.jpg","caption":"Tom\u00e1\u0161 Tyl"},"description":"\u0160\u00e9f analytick\u00e9ho odd\u011blen\u00ed ve Fichtner a.s. Tom\u00e1\u0161 je autorem knihy \"10 zp\u016fsob\u016f jak se (ne)nechat p\u0159ipravit o pen\u00edze\", spoluautorem knihy \u201eOsobn\u00ed finance\u201d a p\u0159ipravil stovky metodik, anal\u00fdz a pl\u00e1n\u016f.","sameAs":["https:\/\/www.linkedin.com\/in\/tomas-tyl\/"],"url":"https:\/\/www.investguru.cz\/cs\/author\/tomastyl\/"}]}},"_links":{"self":[{"href":"https:\/\/www.investguru.cz\/cs\/wp-json\/wp\/v2\/posts\/1689"}],"collection":[{"href":"https:\/\/www.investguru.cz\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investguru.cz\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investguru.cz\/cs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investguru.cz\/cs\/wp-json\/wp\/v2\/comments?post=1689"}],"version-history":[{"count":6,"href":"https:\/\/www.investguru.cz\/cs\/wp-json\/wp\/v2\/posts\/1689\/revisions"}],"predecessor-version":[{"id":1702,"href":"https:\/\/www.investguru.cz\/cs\/wp-json\/wp\/v2\/posts\/1689\/revisions\/1702"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investguru.cz\/cs\/wp-json\/wp\/v2\/media\/1697"}],"wp:attachment":[{"href":"https:\/\/www.investguru.cz\/cs\/wp-json\/wp\/v2\/media?parent=1689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investguru.cz\/cs\/wp-json\/wp\/v2\/categories?post=1689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investguru.cz\/cs\/wp-json\/wp\/v2\/tags?post=1689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}