{"id":729,"date":"2019-06-27T13:00:58","date_gmt":"2019-06-27T11:00:58","guid":{"rendered":"https:\/\/www.investguru.cz\/cs\/?p=729"},"modified":"2019-06-27T20:52:34","modified_gmt":"2019-06-27T18:52:34","slug":"investovani-teorie-praxe","status":"publish","type":"post","link":"https:\/\/www.investguru.cz\/cs\/investovani-teorie-praxe\/","title":{"rendered":"P\u0159esta\u0148me v investov\u00e1n\u00ed m\u00edchat teorii s prax\u00ed"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/3o5jvG13XKg?rel=0&amp;showinfo=0&amp;autoplay=1&amp;modestbranding=1\" width=\"720\" height=\"405\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" allow=\"autoplay\"><\/iframe><\/p>\n<h2>P\u0159epis videa<\/h2>\n<p>Poj\u010fte se se mnou pod\u00edvat na 3 p\u0159\u00edb\u011bhy, na kter\u00fdch v\u00e1m uk\u00e1\u017eu, jak teorie a praxe od sebe m\u016f\u017eou b\u00fdt v\u00fdrazn\u011b vzd\u00e1len\u00e9.<\/p>\n<p>Dobr\u00fd den. Moje jm\u00e9no je Tom\u00e1\u0161 Tyl, jsem analytik ve spole\u010dnosti Fichtner s.r.o. A na\u0161e klienty \u00fapln\u011b nezaj\u00edm\u00e1 n\u011bjak\u00e1 teorie, kterou vymysl\u00edme. Zaj\u00edm\u00e1 je, kolik jim vyd\u011bl\u00e1v\u00e1me. A n\u00e1s, proto\u017ee jsme placeni ze zisku, samoz\u0159ejm\u011b tak\u00e9.<\/p>\n<p>Jist\u011b jste se s t\u00edm setkali tak\u00e9. Do pr\u00e1ce k v\u00e1m p\u0159ijde nov\u00fd kolega, absolvent, \u010derstv\u011b p\u0159\u00edchoz\u00ed z vysok\u00e9 \u0161koly. Nabu\u0161en\u00fd v\u0161emi t\u011bmi v\u011bdomostmi.<\/p>\n<p>Ale pak se uk\u00e1\u017ee, ale to vy ze zku\u0161enosti u\u017e v\u00edte, \u017ee v t\u00e9 praxi n\u011bkter\u00e9 ty v\u011bci funguj\u00ed tro\u0161i\u010dku jinak. \u017de na \u0161kol\u00e1ch se to u\u017e u\u010d\u00ed dlouhou po\u0159\u00e1d stejn\u011b.  A vy u\u017e v\u00edte, \u017ee se \u010das n\u011bkam posunul. \u017de se tam u\u010d\u00ed n\u011bkter\u00e9 v\u011bci, kter\u00e9 nejsou tak d\u016fle\u017eit\u00e9. Zn\u00e1te ze sv\u00e9ho \u017eivota rozd\u00edl mezi t\u00edm, co jste se u\u010dili, co se u\u010d\u00ed na dne\u0161n\u00edch \u0161kol\u00e1ch, a t\u00edm, jak se to opravdu v praxi d\u011bl\u00e1.<\/p>\n<p>A samoz\u0159ejm\u011b to funguje i v investov\u00e1n\u00ed.<\/p>\n<h2>M\u011bnov\u00e9 zaji\u0161\u0165ov\u00e1n\u00ed<\/h2>\n<p>Jednou takovou oblast\u00ed, kde se teorie a praxe v\u00fdrazn\u011b li\u0161\u00ed, je m\u011bnov\u00e9 zaji\u0161\u0165ov\u00e1n\u00ed. <\/p>\n<p>N\u00e1\u0161 n\u00e1zor je, \u017ee investov\u00e1n\u00ed na akciov\u00fdch trz\u00edch nem\u00e1 smysl m\u011bnov\u011b zaji\u0161\u0165ovat. Ale v\u00edme, \u017ee na trhu je \u0159ada subjekt\u016f, kter\u00e9 to doporu\u010duj\u00ed. <\/p>\n<p>A pr\u00e1v\u011b proto jsme d\u011blali anal\u00fdzu a d\u00edvali jsme se na produkty, kter\u00e9 v sob\u011b obsahuj\u00ed m\u011bnov\u00e9 zaji\u0161t\u011bn\u00ed, investuj\u00ed do americk\u00fdch akci\u00ed. To znamen\u00e1, \u017ee by se teoreticky m\u011bly vyv\u00edjet velmi podobn\u011b v korun\u00e1ch, po tom m\u011bnov\u00e9m zaji\u0161t\u011bn\u00ed, jako se vyv\u00edj\u00ed ten p\u016fvodn\u00ed fond v dolaru. M\u00ednus nebo plus n\u011bjak\u00fd \u00farokov\u00fd diferenci\u00e1l. Ale ten rozd\u00edl by nem\u011bl b\u00fdt tak dramatick\u00fd, proto\u017ee \u00farokov\u00e9 sazby na dolaru a korun\u011b se zase tolik neli\u0161ily.<\/p>\n<p>To je teorie.<br \/>\nD\u00edvali jsme se na to, jak\u00e1 je praxe.<\/p>\n<p>V praxi v\u011bt\u0161ina fond\u016f, kter\u00e9 maj\u00ed m\u011bnov\u00e9 zaji\u0161t\u011bn\u00ed, na horizontu n\u011bjak\u00fdch 4-5 let, a d\u00edvali jsme se na obdob\u00ed, kdy vlastn\u011b dolar v\u016f\u010di korun\u011b za\u010d\u00ednal a kon\u010dil zhruba na stejn\u00e9 hodnot\u011b. Tak\u017ee ve v\u00fdsledku by ty americk\u00e9 fondy zaji\u0161t\u011bn\u00e9 do korun m\u011bly vyd\u011blat to sam\u00e9 co ten americk\u00fd trh. V lep\u0161\u00edm p\u0159\u00edpad\u011b.<\/p>\n<p>Na t\u00e9to period\u011b fondy zaostaly za t\u00edm trhem o 10 &#8211; 35%.<br \/>\nTo jsou n\u00e1klady toho zaji\u0161t\u011bn\u00ed, to je ta praxe.<br \/>\nTa realita, jak to vypadalo.<\/p>\n<p>Samoz\u0159ejm\u011b m\u016f\u017ee to b\u00fdt t\u00edm, \u017ee fond\u016fm se neda\u0159ilo dob\u0159e vyb\u00edrat akcie.<br \/>\nProto jsem se pod\u00edvali je\u0161t\u011b na specifi\u010dt\u011bj\u0161\u00ed p\u0159\u00edklad.<\/p>\n<p>Srovnali jsme indexov\u00fd fond, zaji\u0161t\u011bn\u00fd do korun, a index. A indexov\u00fd fond by se m\u011bl vyv\u00edjet velmi podobn\u011b jako cel\u00fd trh. To znamen\u00e1 indexov\u00fd fond zaji\u0161t\u011bn\u00fd do korun by se m\u011bl v korun\u00e1ch vyv\u00edjet velmi podobn\u011b jako americk\u00fd index v dolarech.<\/p>\n<p>Uk\u00e1zalo se, \u017ee ten indexov\u00fd fond zaostal za 5 let o 15 %.<br \/>\nCo\u017e je v\u00fdrazn\u011b v\u00edce ne\u017e co by odpov\u00eddal \u00farokov\u00fdm diferenci\u00e1l\u016fm mezi sazbami koruny a dolaru.<\/p>\n<p>Pravd\u011bpodobn\u011b to bylo zp\u016fsobeno t\u00edm, \u017ee na korun\u011b byla ocen\u011bn\u00ed d\u00edky intervenc\u00edm v\u00fdrazn\u011b vych\u00fdlen\u00e1 oproti tomu, jak by to fungovalo v investi\u010dn\u00ed teorii.<br \/>\nAle je vid\u011bt, \u017ee praxe potom byla jin\u00e1.<\/p>\n<h2>Roboti a algoritmy<\/h2>\n<p>Dobr\u00fd p\u0159\u00edklad toho, kdy teorie a praxe ne v\u017edycky sed\u00ed, jsou r\u016fzn\u00e9 robotick\u00e9 nebo algoritmick\u00e9 fondy, kter\u00e9 investuj\u00ed na z\u00e1klad\u011b n\u011bjak\u00fdch teoreticky vymy\u0161len\u00fdch koncept\u016f.<\/p>\n<p>Jeden p\u0159\u00edklad z ned\u00e1vn\u00e9 doby.<\/p>\n<p>Fond, kter\u00fd se sna\u017e\u00ed odhadnout, kdy m\u00e1 vstoupit v\u00edce do trhu, kdy m\u00e1 vystoupit. Tomuto fondu se velmi dob\u0159e poda\u0159ilo vystoupit z trhu na podzim v roce 2018, ne\u017e ten trh spadnul o dal\u0161\u00edch 10 &#8211; 15 %. Poda\u0159ilo se vysko\u010dit z t\u011bch akci\u00ed a ten fond se vr\u00e1til do akci\u00ed v lednu. To znamen\u00e1, zhruba na za\u010d\u00e1tku ledna v tom vlastn\u011b nejide\u00e1ln\u011bj\u0161\u00edm moment\u011b.<\/p>\n<p>Pokud by se \u010dlov\u011bk pod\u00edval jenom na to, kdy ten fond vystoupil, nastoupil do akci\u00ed, tak by si \u0159ekl, \u017ee m\u011bl v\u00fdrazn\u011b p\u0159ekonat index.<\/p>\n<p>Realita je takov\u00e1, a my nev\u00edme z jak\u00e9ho d\u016fvodu, \u017ee ten fond za indexem pom\u011brn\u011b dramaticky zaost\u00e1v\u00e1. V tomto roce kdy americk\u00e9 akcie rostly o n\u011bjak\u00fdch 17 %, v\u00fdkonnost tohoto fondu je v\u00fdrazn\u011b<br \/>\nni\u017e\u0161\u00ed. Asi t\u0159etinov\u00e1.<\/p>\n<p>Co\u017e mu samoz\u0159ejm\u011b ubralo tu v\u00fdhodu, kterou ud\u011blal na tom trhu, \u017ee na n\u011bm nebyl, kdy\u017e padal. Cel\u00e1 ta v\u00fdhoda toho dobr\u00e9ho na\u010dasov\u00e1n\u00ed se n\u011bkde ztratila.<\/p>\n<p>Kde?<br \/>\nMezi teori\u00ed a prax\u00ed.<\/p>\n<p>Konkr\u00e9tn\u00ed n\u00e1zev tohoto fondu nechci \u0159\u00edkat. To jsou sp\u00ed\u0161 informace, kter\u00e9 \u0159\u00edk\u00e1me na\u0161im klient\u016fm, kdy\u017e jim d\u00e1v\u00e1me doporu\u010den\u00ed kam investovat nebo neinvestovat.<\/p>\n<p>To byl druh\u00fd p\u0159\u00edklad.<\/p>\n<h2>Komoditn\u00ed fondy<\/h2>\n<p>A t\u0159et\u00edm p\u0159\u00edkladem je investov\u00e1n\u00ed do komoditn\u00edch fond\u016f. <\/p>\n<p>Kdy\u017e chcete investovat do komodit, co\u017e je z velk\u00e9 \u010d\u00e1sti ropa, ale jsou tam tak\u00e9 komodity jako p\u0161enice, zlato, st\u0159\u00edbro, prase\u010d\u00ed p\u016flky a podobn\u011b. Tak to v z\u00e1sad\u011b nejde ud\u011blat tak, \u017ee nakoup\u00edte ty komodity, nem\u016f\u017eete ve skladu skladovat barel ropy, vedle p\u0161enici, vedle n\u011bjak\u00e9 cihly zlata.<\/p>\n<p>V podstat\u011b zlato a st\u0159\u00edbro jsou jedin\u00e9 v\u011bci, kter\u00e9 se n\u011bjak\u00fdm zp\u016fsobem daj\u00ed realizovat. Ale v\u011bt\u0161ina komodit takto realizovat nejde.<\/p>\n<p>U\u017e jenom proto, \u017ee p\u0161enice, prase\u010d\u00ed p\u016flky, kuku\u0159ice, to v\u0161echno se kaz\u00ed.<\/p>\n<p>Proto kdy\u017e m\u00e1te komoditn\u00ed fond, komoditn\u00ed fond nenakupuje ko\u0161 komodit. Nakupuje finan\u010dn\u00ed deriv\u00e1ty, to znamen\u00e1 n\u011bjak\u00e9 cenn\u00e9 pap\u00edry, kter\u00e9 pom\u00e1haj\u00ed pod\u00edlet se na t\u00e9 cen\u011b. Na v\u00fdvoji t\u00e9 ceny.<\/p>\n<p>A kdy\u017e chcete investovat do komodit, tak m\u00e1te p\u0159edstavu, \u017ee koup\u00edte komoditn\u00ed fond a on se bude vyv\u00edjet podobn\u011b jako ceny t\u011bch komodit, kter\u00e9 m\u00e1 v portfoliu.<\/p>\n<p>To by byla teorie.<br \/>\nV praxi se ale ukazuje, \u017ee pr\u00e1v\u011b n\u00e1kup t\u011bch deriv\u00e1t\u016f sebou nese r\u016fzn\u00e9 n\u00e1klady.<\/p>\n<p>A ty n\u00e1klady v\u00e1m n\u011bkdy mohou pom\u00e1hat a n\u011bkdy mohou \u0161kodit. Kdy\u017e to \u0161kod\u00ed, tak se tomu \u0159\u00edk\u00e1 \u201econtango\u201c. Kdy\u017e to pom\u00e1h\u00e1, tak \u201ebackwardation\u201c.<\/p>\n<p>V posledn\u00edch letech je na komodit\u00e1ch velmi siln\u00e9 contango.<\/p>\n<p>To znamen\u00e1, \u017ee komoditn\u00ed fondy zaost\u00e1vaj\u00ed o v podstat\u011b doln\u00ed des\u00edtky procent za t\u011bmi komoditami. Pr\u00e1v\u011b d\u00edky tomuto jevu. Jevu, kter\u00fd ani \u0159ada bank\u00e9\u0159\u016f, kte\u0159\u00ed prod\u00e1vaj\u00ed komoditn\u00ed fondy, nebo poradc\u016f nezn\u00e1.  Ale va\u0161i v\u00fdkonnost dramaticky ovlivn\u00ed.<\/p>\n<p>P\u0159\u00edklad toho, jak teorie, kdy\u017e chcete investovat do komodit, a mysl\u00edte si, \u017ee nakupujete komodity, ovliv\u0148uje praxe. Jak\u00e9si nezn\u00e1m\u00e9 contango, kter\u00e9 v\u00e1m u\u017e\u00edr\u00e1 v\u00fdnosy.<\/p>\n<p>To byly 3 p\u0159\u00edklady, kde se teorie a praxe zna\u010dn\u011b li\u0161\u00ed. Ale t\u011bch p\u0159\u00edklad\u016f je cel\u00e1 \u0159ada.<\/p>\n<p>A proto my ve Fichtner s.r.o., kdy\u017e doporu\u010dujeme n\u011bjak\u00e9 investice, chceme, aby to byly v\u017edy investice prov\u011b\u0159en\u00e9 prax\u00ed.<\/p>\n<p>Z tohoto d\u016fvodu m\u00e1me krit\u00e9ria jako nap\u0159\u00edklad d\u00e9lka trv\u00e1n\u00ed produktu, nebo velikost cel\u00e9ho trhu, velikost dan\u00e9ho fondu, velikost spr\u00e1vce. Proto\u017ee to v\u0161echno jsou v\u011bci, kter\u00e9 n\u00e1m pom\u00e1haj\u00ed odhalit, \u017ee se to v praxi chov\u00e1 tak, jak chceme.<\/p>\n<p>Pokud nechcete pouze teoretizovat, ale zaj\u00edm\u00e1 v\u00e1s investi\u010dn\u00ed praxe, pod\u00edvejte se na <a href=\"https:\/\/www.investguru.cz\/cs\/trenink\/?utm_source=investguru&#038;utm_medium=blog&#038;utm_campaign=teorie-praxe\">tr\u00e9nink InvestGuru.cz<\/a>, ve kter\u00e9m v\u00e1m uk\u00e1\u017eeme, jak\u00fdm zp\u016fsobem investujeme v praxi s na\u0161imi klienty my.<\/p>\n<h3>Setkali jste se n\u011bkdy s t\u00edm, \u017ee se teorie v\u00fdrazn\u011b li\u0161ila od praxe?<\/h3>\n<p>Pokud ano, napi\u0161te mi to pros\u00edm do koment\u00e1\u0159\u016f. R\u00e1d se na to pod\u00edv\u00e1m.<\/p>\n<p>P\u0159eji v\u00e1m, aby pen\u00edze v\u017edy mohly b\u00fdt ve va\u0161em \u017eivot\u011b a\u017e na posledn\u00edm m\u00edst\u011b.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Teorie a praxe od sebe m\u016f\u017eou b\u00fdt v\u00fdrazn\u011b vzd\u00e1len\u00e9. Nad v\u00fdd\u011blkem pak nepl\u00e1\u010de teoretik, ale investor, kter\u00fd investuje sv\u00e9 pen\u00edze do neov\u011b\u0159en\u00fdch model\u016f a konstrukc\u00ed.<\/p>\n","protected":false},"author":5,"featured_media":733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","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":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>P\u0159esta\u0148me v investov\u00e1n\u00ed m\u00edchat teorii s prax\u00ed - 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.investguru.cz\/cs\/investovani-teorie-praxe\/\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"P\u0159esta\u0148me v investov\u00e1n\u00ed m\u00edchat teorii s prax\u00ed\" \/>\n<meta property=\"og:description\" content=\"Na 3 p\u0159\u00edkladech pozn\u00e1te, \u017ee to, co teoreticky vypad\u00e1 dob\u0159e, v praxi m\u016f\u017ee dopadnout \u00fapln\u011b jinak.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.investguru.cz\/cs\/investovani-teorie-praxe\/\" \/>\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=\"2019-06-27T11:00:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-27T18:52:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2019\/06\/ig-blog-teorie-praxe-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=\"7 minut\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.investguru.cz\/cs\/investovani-teorie-praxe\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.investguru.cz\/cs\/investovani-teorie-praxe\/\"},\"author\":{\"name\":\"Tom\u00e1\u0161 Tyl\",\"@id\":\"https:\/\/www.investguru.cz\/cs\/#\/schema\/person\/4d8985f26302181f017af803fa3328d4\"},\"headline\":\"P\u0159esta\u0148me v investov\u00e1n\u00ed m\u00edchat teorii s prax\u00ed\",\"datePublished\":\"2019-06-27T11:00:58+00:00\",\"dateModified\":\"2019-06-27T18:52:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.investguru.cz\/cs\/investovani-teorie-praxe\/\"},\"wordCount\":1434,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\/\/www.investguru.cz\/cs\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.investguru.cz\/cs\/investovani-teorie-praxe\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.investguru.cz\/cs\/wp-content\/uploads\/2019\/06\/ig-blog-teorie-praxe-small.jpg\",\"articleSection\":[\"Video tipy\"],\"inLanguage\":\"cs\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.investguru.cz\/cs\/investovani-teorie-praxe\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.investguru.cz\/cs\/investovani-teorie-praxe\/\",\"url\":\"https:\/\/www.investguru.cz\/cs\/investovani-teorie-praxe\/\",\"name\":\"P\u0159esta\u0148me v investov\u00e1n\u00ed m\u00edchat teorii s prax\u00ed - 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