{"id":362,"date":"2017-05-13T10:24:36","date_gmt":"2017-05-13T10:24:36","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=362"},"modified":"2022-07-11T10:32:38","modified_gmt":"2022-07-11T08:32:38","slug":"dividendy-i","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=362","title":{"rendered":"Dividendy – I."},"content":{"rendered":"

\u00a0 \u00a0B\u00fdt akcion\u00e1\u0159 a m\u00edt dividendu je skv\u011bl\u00e1 v\u011bc. Vlastnit akcie a jednou za n\u011bjak\u00fd \u010das sklidit plody tohoto dr\u017een\u00ed je tak fascinuj\u00edc\u00ed z\u00e1le\u017eitost, \u017ee nesnese odkladu se takovou v\u011bc\u00ed zab\u00fdvat. Zd\u00e1lo by se, \u017ee bez dr\u017een\u00ed akci\u00ed by \u017e\u00e1dn\u00e9 dividendy nebyly a naopak, dividendu nemohu z\u00edskat, pokud nem\u00e1m akcie. To, \u017ee to nen\u00ed \u00fapln\u011b tak zcela pravda, vyplyne ze s\u00e9rie \u010dl\u00e1nk\u016f, kter\u00e9 se budou zab\u00fdvat fenom\u00e9nem \u201edividenda\u201c zejm\u00e9na z\u00a0pohledu op\u010dn\u00edho obchodn\u00edka. Pro \u00favod do t\u00e9matu bude zapot\u0159eb\u00ed m\u00edrn\u00e9 teoretick\u00e9 pr\u016fpravy, vysv\u011btlen\u00ed n\u011bkter\u00fdch z\u00e1kladn\u00edch pojm\u016f a stanoven\u00ed v\u00fdchoz\u00edch p\u0159edpoklad\u016f k\u00a0jednoduch\u00e9mu pochopen\u00ed dal\u0161\u00edch souvislost\u00ed.<\/span><\/p>\n

Z\u00e1kladn\u00ed p\u0159edpoklady a pojmy<\/span><\/strong><\/h2>\n

\u00a0\u00a0 Prvn\u00edm<\/strong>\u00a0p\u0159edpokladem<\/strong><\/span> je zji\u0161t\u011bn\u00ed, \u017ee jako dr\u017eitel op\u010dn\u00edho kontraktu<\/strong> nem\u00e1m \u017e\u00e1dn\u00e9 pr\u00e1vo k\u00a0dividend\u011b<\/strong> souvisej\u00edc\u00ed s\u00a0podkladov\u00fdm aktivem. Pokud budu m\u00edt dnes koupenou Long Call opci na akcie Goldman Sachs (GS) a s\u00a0toto akci\u00ed je spojeno dne\u0161n\u00ed vypl\u00e1cen\u00ed dividendy ve v\u00fd\u0161i 0.75 USD\/akcii, tak mi z\u00a0t\u00e9to skute\u010dnosti, jako op\u010dn\u00edmu obchodn\u00edkovi dr\u017e\u00edc\u00edmu op\u010dn\u00ed kontrakt, neplyne \u017e\u00e1dn\u00fd u\u017eitek \u2013 \u017e\u00e1dn\u00fd dividendov\u00fd n\u00e1rok nem\u00e1m.\u00a0<\/span><\/p>\n

\u00a0 Druh\u00fd p\u0159edpoklad<\/strong><\/span> je celkem pochopiteln\u00fd, a to je zji\u0161t\u011bn\u00ed, \u017ee dr\u017eitel Long akcie, zapsan\u00fd ve \u201espr\u00e1vn\u00fd\u201c den v\u00a0seznamu akcion\u00e1\u0159\u016f m\u00e1 pr\u00e1vo na deklarovanou dividendu v\u00a0pln\u00e9 v\u00fd\u0161i.<\/span><\/p>\n

\u00a0\u00a0 T\u0159et\u00edm p\u0159edpokladem<\/span><\/strong> je, \u017ee pokud v\u00a0den, kter\u00fd je rozhodn\u00fd pro z\u00e1pis do seznamu akcion\u00e1\u0159\u016f opr\u00e1vn\u011bn\u00fdch k\u00a0v\u00fdplat\u011b dividendy budu m\u00edt ve sv\u00e9m dr\u017een\u00ed Short akcie<\/strong>, budu muset dividendu v\u00a0pln\u00e9 v\u00fd\u0161i zaplatit<\/strong> (bude mi str\u017eena z\u00a0\u00fa\u010dtu).<\/span><\/p>\n

\u00a0\u00a0 V\u00a0souvislosti s\u00a0v\u00fdplatou dividendy jsou za zaznamen\u00e1n\u00ed ur\u010dit\u00e9 \u010dasov\u00e9 ud\u00e1losti, kter\u00e9 jsou s\u00a0takovou \u010dinnost\u00ed spojeny.<\/span><\/p>\n

\u00a0 Declaration Day.<\/strong><\/span> T\u00edmto n\u00e1zvem je ozna\u010dov\u00e1n den, kdy org\u00e1ny spole\u010dnosti d\u00e1vaj\u00ed ve zn\u00e1most, \u017ee spole\u010dnost vyplat\u00ed dividendu. Ozn\u00e1men\u00ed se pak t\u00fdk\u00e1 zejm\u00e9na jej\u00ed v\u00fd\u0161e a ozn\u00e1men\u00ed data, kter\u00e9 je rozhodn\u00e9 pro v\u00fdplatu dividendy.<\/span><\/p>\n

\u00a0 \u00a0Record Day<\/strong>. V\u00a0tento den mus\u00ed b\u00fdt zaps\u00e1n<\/strong> akcion\u00e1\u0159 v\u00a0seznamu akcion\u00e1\u0159\u016f<\/strong>, aby obdr\u017eel dividendu. Pouze takov\u00ed akcion\u00e1\u0159i se na ni mohou t\u011b\u0161it (dr\u017eitel\u00e9 Long akci\u00ed) nebo m\u00edt o\u010di pro pl\u00e1\u010d (dr\u017eitel\u00e9 Short akci\u00ed)<\/span><\/p>\n

\u00a0 \u00a0Ex-Dividend Day<\/strong><\/span>. Nejd\u016fle\u017eit\u011bj\u0161\u00ed term\u00edn pro na\u0161e „dividendov\u00e9“ pot\u0159eby. Proto\u017ee vypo\u0159\u00e1d\u00e1v\u00e1n\u00ed akciov\u00fdch obchod\u016f zab\u00edr\u00e1 n\u011bjak\u00fd \u010das (stock settlement process), tak nejd\u016fle\u017eit\u011bj\u0161\u00edm datem je pr\u00e1v\u011b Ex-Dividend Day, kter\u00fd je v\u00a0drtiv\u00e9 v\u011bt\u0161in\u011b p\u0159\u00edpad\u016f o dva dny d\u0159\u00edve, ne\u017e je Record Day. Rozhoduj\u00edc\u00ed\u00a0 je dr\u017een\u00ed akciov\u00e9 pozice p\u0159i Open<\/strong> na tento Ex-Dividend Day<\/strong>. Vlastnick\u00e9 pr\u00e1vo k\u00a0akcii v\u00a0tento moment m\u011b oprav\u0148uje k\u00a0pr\u00e1vu dividendy. Pokud bych situaci \u00fapln\u011b zjednodu\u0161il, tak n\u00e1kup akci\u00ed na Close p\u0159ed Ex-Dividend Day a jejich prodej po Open na Ex-Dividendy Day m\u011b oprav\u0148uje k p\u0159ijet\u00ed dividendy. Ex-Dividend Day vid\u00edte ve v\u0161ech kvalitn\u00edch obchodn\u00edch platform\u00e1ch, nen\u00ed se t\u0159eba ob\u00e1vat, \u017ee v\u00e1m n\u011bco unikne nebo n\u011bco zme\u0161k\u00e1te. \u00a0<\/span><\/p>\n

\u00a0 Payable Day<\/strong><\/span>. Den ur\u010den\u00fd k\u00a0fyzick\u00e9 v\u00fdplat\u011b dividendy. V\u00a0tento den je p\u0159ips\u00e1na na \u00fa\u010det akcion\u00e1\u0159e dividenda. Tento den nast\u00e1v\u00e1 s\u00a0odstupem n\u011bkolika dn\u016f a\u017e t\u00fddn\u016f po Ex-Dividend Day, z\u00e1le\u017e\u00ed na prohl\u00e1\u0161en\u00ed spole\u010dnosti, jak tuto povinnost z\u00fa\u0159aduje.<\/span><\/p>\n

Dan\u011b<\/span><\/strong><\/h2>\n

\u00a0 V\u00a0m\u00fdch \u010dl\u00e1nc\u00edch budu v\u00a0souvislosti s\u00a0dividendou uva\u017eovat v\u00fdhradn\u011b o zahrani\u010dn\u00edch spole\u010dnostech, p\u0159edev\u0161\u00edm americk\u00fdch. Pokud budete pat\u0159it mezi \u0161\u0165astlivce, kter\u00fd z\u00edsk\u00e1v\u00e1 dividendu na z\u00e1klad\u011b dr\u017een\u00ed akcie americk\u00e9 spole\u010dnosti, z\u00e1le\u017e\u00ed pak na jej\u00edm typu, jak vysok\u00e1 je da\u0148 z\u00a0vypl\u00e1cen\u00e9 dividendy. V\u00a0drtiv\u00e9 v\u011bt\u0161in\u011b p\u0159\u00edpad\u016f bude dividenda dan\u011bna sr\u00e1\u017ekovou dan\u00ed 15%<\/strong>. O tuto da\u0148 bude dividenda kr\u00e1cena brokerem a tento ji odvede za v\u00e1s, tak\u017ee starost s\u00a0placen\u00edm dan\u011b v\u00a0USA odpad\u00e1. P\u0159i p\u0159\u00edpadn\u00fdch operac\u00edch s\u00a0akciemi a opcemi pak mus\u00edte m\u00edt na pam\u011bti, \u017ee o tyto pen\u00edze p\u0159i v\u00fdplat\u011b dividendy p\u0159ich\u00e1z\u00edte<\/strong>. Existuj\u00ed ale dal\u0161\u00ed \u201eneb\u011b\u017en\u00e9\u201c typy spole\u010dnost\u00ed, jejich\u017e akcie se na burz\u00e1ch tak\u00e9 obchoduj\u00ed, a jejich\u017e \u201eprebendy\u201c (z\u00e1m\u011brn\u011b nepou\u017e\u00edv\u00e1m slovo \u201edividendy\u201c) se zda\u0148uj\u00ed jinou sazbou. Jedn\u00e1 se nap\u0159\u00edklad o tzv. Master Limited Partnership (MLP), sdru\u017een\u00ed r\u016fzn\u00fdch spole\u010dnost\u00ed, kter\u00e9 po\u017e\u00edvaj\u00ed speci\u00e1ln\u00edch da\u0148ov\u00fdch v\u00fdhod a jejich\u017e akcie vypl\u00e1cej\u00ed \u201epen\u011b\u017en\u00ed p\u0159ebytky\u201c mezi akcion\u00e1\u0159e, co\u017e m\u016f\u017ee navozovat dojem, \u017ee se jedn\u00e1 o dividendu spojenou s\u00a0dr\u017een\u00edm akcie. Takov\u00e9 po\u017eitky jsou pak dan\u011bny sazbou 39,60% a rovn\u011b\u017e jsou odv\u00e1d\u011bny brokerem. Je proto dobr\u00e9 sledovat, jak\u00e9ho typu je spole\u010dnost, jej\u00ed\u017e akcie obchodujete a jestli platforma, kde sledujete nap\u0159\u00edklad r\u016fzn\u00e9 Ex-Dividend Days nezam\u011b\u0148uje klasick\u00e9 dividendy s\u00a0takov\u00fdmi \u201eprebendami\u201c nebo je t\u0159eba jen h\u00e1z\u00ed do jednoho pytle.<\/span><\/p>\n

\u00a0 \u00a0Proto\u017ee nem\u00e1te povinnost v\u016f\u010di americk\u00fdm finan\u010dn\u00edm \u00fa\u0159ad\u016fm, tak si to mus\u00edte vynahradit doma. Do da\u0148ov\u00e9ho p\u0159izn\u00e1n\u00ed mus\u00edte p\u0159\u00edpadn\u00e9 p\u0159ijat\u00e9 dividendy op\u011bt uv\u00e9st a zdanit je u n\u00e1s podruh\u00e9. Jejich v\u00fd\u0161i mus\u00edte p\u0159ev\u00e9st na koruny podle jednotn\u00e9ho kurzu. Pokud dividendy poch\u00e1z\u00ed ze zem\u011b, kde m\u00e1 \u010cesk\u00e1 republika uzav\u0159enu dohodu o zamezen\u00ed dvoj\u00edho zdan\u011bn\u00ed a da\u0148 byla v\u00a0t\u00e9to zemi odvedena (plat\u00ed pro USA), pou\u017eijete na svou da\u0148ovou povinnost z\u00a0da\u0148ov\u00e9ho p\u0159izn\u00e1n\u00ed z\u00e1po\u010det dan\u011b zaplacen\u00e9 v\u00a0zahrani\u010d\u00ed. Je na to speci\u00e1ln\u00ed da\u0148ov\u00fd formul\u00e1\u0159 sta\u017eiteln\u00fd z webu (P\u0159\u00edjmy ze zdroj\u016f v zahrani\u010d\u00ed \u2013 metoda prost\u00e9ho z\u00e1po\u010dtu dan\u011b zaplacen\u00e9 v\u00a0zahrani\u010d\u00ed). K\u00a0tomu mus\u00edte dolo\u017eit doklady o t\u00e9to sra\u017een\u00e9 dani v\u00a0zahrani\u010d\u00ed \u2013 v\u00fdpisy z\u00a0obchodn\u00edho \u00fa\u010dtu se sra\u017eeninami 15% \u010d\u00e1stek z\u00a0ka\u017ed\u00e9 inkasovan\u00e9 dividendy. V\u00a0takov\u00e9m p\u0159\u00edpad\u011b se da\u0148ov\u00e1 povinnost placen\u00ed dan\u011b z\u00a0dividendy v\u00a0\u010cR vyru\u0161\u00ed. Jenom na okraj dod\u00e1v\u00e1m, \u017ee jsem letos poprv\u00e9 obdr\u017eel speci\u00e1ln\u00ed potvrzen\u00ed od sv\u00e9ho brokera (Interactive Brokers) o v\u00fd\u0161i inkasovan\u00fdch dividend a sra\u017een\u00e9 dani v\u00a0USA pr\u00e1v\u011b pro pot\u0159eby m\u00e9ho da\u0148ov\u00e9ho p\u0159izn\u00e1n\u00ed.<\/span><\/p>\n

\u00a0 Z\u00a0tohoto da\u0148ov\u00e9ho pohledu pak je t\u0159eba v souhrnu si zejm\u00e9na uv\u011bdomit, \u017ee pokud dividendu dost\u00e1v\u00e1te na z\u00e1klad\u011b dr\u017een\u00ed akci\u00ed (Long akcie<\/strong>), tak ji p\u0159ij\u00edm\u00e1te ni\u017e\u0161\u00ed o sra\u017eenou da\u0148<\/strong>, kde\u017eto pokud dividendu plat\u00edte z\u00a0d\u016fvodu, \u017ee jste v\u00a0noci na Ex-Dividend Day m\u011bli akcie prodan\u00e9 (Short akcie<\/strong>), tak takovou dividendu plat\u00edte celou v\u00a0pln\u00e9 vyzna\u010den\u00e9 v\u00fd\u0161i<\/strong>. Pro po\u0159\u00e1dek uv\u00e1d\u00edm, \u017ee takov\u00e9 placen\u00ed dividendy samoz\u0159ejm\u011b nen\u00ed z\u00a0va\u0161\u00ed strany nic dobrovoln\u00e9ho, broker v\u00e1m tuto dividendu jednodu\u0161e z\u00a0\u00fa\u010dtu strhne.<\/span><\/p>\n

Co t\u00e9m\u011b\u0159 jist\u011b nefunguje<\/span><\/strong><\/h2>\n

\u00a0 Dlouhodob\u00e9 dr\u017een\u00ed dlouh\u00fdch pozic<\/strong><\/span>. Jsem siln\u00fd odp\u016frce prost\u00e9ho dr\u017een\u00ed akci\u00ed bez n\u011bjak\u00e9ho zaji\u0161t\u011bn\u00ed, alespo\u0148 m\u00edrn\u00e9ho. Je to siln\u011b rizikov\u00e1 z\u00e1le\u017eitost obchodovat akcie jen tak \u201enaholo\u201c a spol\u00e9hat, \u017ee po n\u011bjak\u00e9m sofistikovan\u00e9m v\u00fdb\u011bru vhodn\u00e9ho titulu k\u00a0po\u0159\u00edzen\u00ed se tento za\u010dne pohybovat ve sm\u011bru, kter\u00fd jsem mu ve sv\u00e9 mysli p\u0159edur\u010dil. Se z\u00e1jmem v\u017edy \u010dtu r\u016fzn\u00e9 \u010dl\u00e1nky s \u00favahami o dividendov\u00fdch portfoli\u00edch a pravideln\u00e9m generov\u00e1n\u00ed pravideln\u00fdch p\u0159\u00edjm\u016f vypl\u00fdvaj\u00edc\u00edch s\u00a0jejich periodick\u00e9 v\u00fdplaty. V\u00a0n\u011bkter\u00fdch \u010dl\u00e1nc\u00edch se pak nap\u0159\u00edklad \u00fapln\u011b zapom\u00edn\u00e1, \u017ee dividendov\u00e1 akcie se tak\u00e9 n\u011bjak pohybuje a \u017ee tyto pohyby tak\u00e9 mohou generovat v\u00fdrazn\u00e9 ztr\u00e1ty. Byst\u0159ej\u0161\u00ed \u00favahy ji\u017e s\u00a0takovou skute\u010dnost\u00ed po\u010d\u00edtaj\u00ed a nab\u00edzej\u00ed \u0159e\u0161en\u00ed reinvestov\u00e1n\u00ed vyplacen\u00e9 dividendy do op\u011btovn\u00e9ho n\u00e1kupu podkladov\u00fdch akci\u00ed a t\u00edm spojen\u00fdm geometrick\u00fdm r\u016fstem hodnoty a v\u00fdkonosti portfolia ve smyslu v\u00edce akci\u00ed \u2013 v\u00edce budouc\u00edch dividend, no nev\u00edm…. Proto\u017ee jsem v\u00a0minulosti str\u00e1vil mnoho \u010dasu arbitr\u00e1\u017eov\u00fdmi obchody s\u00a0akciemi, tak v\u00edm, \u017ee sestaven\u00e9 akciov\u00e9 portfolio, kter\u00e9 nen\u00ed nijak hed\u017eov\u00e1no, m\u016f\u017ee m\u00edt sice n\u011bjakou svou (i dobrou) v\u00fdkonnost, aby pouh\u00fd jedin\u00fd \u201eblack swan\u201c efekt n\u011bjak\u00e9ho titulu v\u00e1m smazal cel\u00fd nebo podstatnou \u010d\u00e1st profitu. Vybo\u010den\u00ed z\u00a0korelace s\u00a0trhem, zap\u0159\u00ed\u010din\u011bn\u00e9 nap\u0159\u00edklad v\u00fdraznou fundament\u00e1ln\u00ed zpr\u00e1vou, vezme sebou cel\u00e9 profity i s\u00a0dividendami. V\u00a0t\u00e9to souvislosti je pak v t\u011bchto \u010dl\u00e1nc\u00edch o dividendov\u00fdch portoli\u00edch \u010dasto zmi\u0148ov\u00e1n seznam dividendov\u00fdch titul\u016f akci\u00ed za\u0159azen\u00fdch do indexu SP500, kter\u00e9 za posledn\u00edch 25 let vypl\u00e1cely dividendu \u2013 Dividend Aristocrats, jako dobr\u00e9 tipy na za\u0159azen\u00ed n\u011bkter\u00e9ho z\u00a0t\u011bchto titul\u016f do va\u0161eho portfolia. \u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0 Kr\u00e1tkodob\u00e9 dr\u017een\u00ed Long akci\u00ed<\/strong><\/span>. Patrn\u011b nejjednodu\u0161\u0161\u00ed metodou, jak vyd\u011blat na dividend\u011b je koupit akcie na Close p\u0159ed Ex-Dividend Day a po Open na Ex-Dividend Day je prodat. Strategie m\u00e1 nezanedbateln\u00fd h\u00e1\u010dek. T\u00e9m\u011b\u0159 v\u0161echny akcie na Open na Ex-Dividend Day otev\u0159ou n\u00ed\u017ee minim\u00e1ln\u011b o hodnotu dividendy<\/strong>\u00a0a valn\u00e1 v\u011bt\u0161ina akci\u00ed v\u00a0takov\u00e9m poklesu z\u016fst\u00e1v\u00e1 del\u0161\u00ed dobu. Vyd\u011bl\u00e1te pouze na titulech, kter\u00e9 po takov\u00e9 v\u00fdplat\u011b bezprost\u0159edn\u011b neklesnou, ale budou se chovat opa\u010dn\u011b. Pokud svou strategii pov\u00fd\u0161\u00edte na mechanickou a budete takto postupovat systematicky, budou drobn\u00e9 profity z\u00a0nenorm\u00e1ln\u00edho v\u00fdvoje po Ex-Dividend Day zcela p\u0159ebity pravideln\u00fdmi a opakuj\u00edc\u00edmi se ztr\u00e1tami. Sta\u010d\u00ed velmi jednoduch\u00fd backtest na historick\u00fdch datech a uvid\u00edte, \u017ee to nefunguje.<\/span><\/p>\n

\u00a0 \u00a0Pokud tedy kritizuji, \u017ee pouh\u00e9 dlouhodob\u00e9 dr\u017een\u00ed Long akci\u00ed nebo ultrakr\u00e1tk\u00e9 pouh\u00e9 dr\u017een\u00ed Long akci\u00ed nefunguje, pak mus\u00edm, jako spr\u00e1vn\u00fd kritik, uk\u00e1zat n\u011bjak\u00e9 jin\u00e9 \u0159e\u0161en\u00ed.<\/span><\/p>\n

\u00a0 Op\u010dn\u00edmu obchodn\u00edkovi se otev\u00edraj\u00ed zna\u010dn\u011b slu\u0161n\u00e9 mo\u017enosti, jak zaji\u0161\u0165ovat akciov\u00e1 portfolia op\u010dn\u00edmi kontrakty. V\u00a0minul\u00fdch \u010dl\u00e1nc\u00edch jsem takov\u00e9 mo\u017enosti nazna\u010dil a ve smyslu t\u011bchto zku\u0161enost\u00ed a uk\u00e1zek budu tak\u00e9 pokra\u010dovat v\u00a0souvislosti s\u00a0dividendou.<\/span><\/p>\n

Dlouhodob\u00e1 dividendov\u00e1 pozice<\/span><\/strong><\/h2>\n

\u00a0\u00a0 Po\u0159\u00edzen\u00ed n\u00e1jemn\u00edho bytu je snem mnoha renti\u00e9r\u016f. Koup\u00edm t\u0159i plus jedni\u010dku, se\u017eenu n\u00e1jemn\u00edky a ka\u017ed\u00fd m\u011bs\u00edc se budu t\u011b\u0161it na z\u00edskan\u00e9 n\u00e1jemn\u00e9. To, \u017ee mi n\u00e1jem budou platit je jist\u00e9, proto\u017ee jsem si je samoz\u0159ejm\u011b dop\u0159edu prov\u011b\u0159il a zjistil jsem, \u017ee v\u00a0minulosti platili zcela spolehliv\u011b. Z\u016fst\u00e1vaj\u00ed mi pak dv\u011b starosti. Prvn\u00ed starost\u00ed je, aby mi n\u00e1jemn\u00edci byt v\u00fdrazn\u011b nezdevastovali nebo aby se cel\u00fd d\u016fm i s\u00a0m\u00fdm bytem nezhroutil. Tomu se budu br\u00e1nit tak, \u017ee uzav\u0159u n\u011bjakou pojistku, kter\u00e1 m\u011b bude p\u0159ed takov\u00fdmi ud\u00e1lostmi chr\u00e1nit. \u010c\u00e1st pen\u011bz z\u00a0n\u00e1jemn\u00e9ho tak d\u00e1m na toto poji\u0161t\u011bn\u00ed stranou. Druhou starost\u00ed z\u016fst\u00e1v\u00e1 obava, aby hodnota m\u00e9ho bytu neklesla vlivem n\u011bjak\u00e9 okolnosti, kterou nemohu p\u0159edv\u00eddat. Z\u00a0kdysi honosn\u00e9 \u010dtvrti se m\u00e1vnut\u00edm proutku stane, po nast\u011bhov\u00e1n\u00ed t\u0159in\u00e1cti rodin soci\u00e1ln\u011b nep\u0159izp\u016fsobiv\u00fdch do bl\u00edzk\u00e9ho sousedstv\u00ed, oblast v\u00fdrazn\u011b p\u0159ipom\u00ednaj\u00edc\u00ed Bronx a hodnota m\u00e9 investice jde ke dnu. Jeho cena na trhu je nyn\u00ed polovi\u010dn\u00ed. K\u00a0\u010demu je mi pak vybran\u00e9 n\u00e1jemn\u00e9, kdy\u017e toto pokryje mou ztr\u00e1tu ceny bytu v\u00a0horizontu dvaceti let? Proti takov\u00fdm nep\u0159edv\u00eddan\u00fdm ud\u00e1lostem se nejde v\u00a0b\u011b\u017en\u00e9m \u017eivot\u011b zajistit. Nep\u0159izp\u016fsobiv\u00e9 nem\u00e1te \u0161anci vyst\u011bhovat, a i kdyby se tak stalo, tak jm\u00e9no a za\u0161l\u00e1 sl\u00e1va \u010dtvrti se opr\u00e1\u0161\u00ed a\u017e po mnoha letech. Se stejn\u00fdmi obavami budu tak\u00e9 p\u0159istupovat p\u0159i po\u0159\u00edzen\u00ed dividendov\u00e9ho titulu a budu vyu\u017e\u00edvat mo\u017enost\u00ed, kter\u00e9 mi nab\u00edz\u00ed op\u010dn\u00ed obchodov\u00e1n\u00ed.<\/span><\/p>\n

\u00a0 P\u0159i v\u00fdb\u011bru kandid\u00e1t\u016f do dividendov\u00e9ho portfolia jsem si vybral titul Goldman Sachs (GS)<\/strong>, kter\u00fd pravideln\u011b ka\u017ed\u00e9 \u010dtvrtlet\u00ed vypl\u00e1c\u00ed dividendu. Na str\u00e1nk\u00e1ch Marketchameleon<\/a><\/strong><\/span>\u00a0mohu po zad\u00e1n\u00ed tickeru GS do vyhled\u00e1vac\u00edho pol\u00ed\u010dka zjistit, jak\u00fd byl jej\u00ed historick\u00fd v\u00fdvoj<\/strong>, jak se jej\u00ed hodnota postupn\u011b zvy\u0161ovala a kolik \u010dinil procentn\u00ed dividendov\u00fd v\u00fdnos.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0Na stejn\u00e9 webov\u00e9 str\u00e1nce mohu tak\u00e9 zjistit, jak\u00fd je projektovan\u00fd dividendov\u00fd v\u00fdnos<\/strong> do nejbli\u017e\u0161\u00ed budoucnosti, kde mne budou p\u0159edev\u0161\u00edm zaj\u00edmat term\u00edny<\/strong> spojen\u00e9 s jej\u00ed v\u00fdplatou \u2013 tedy konkr\u00e9tn\u00ed Ex-Dividend Day.<\/span><\/p>\n

\"\"<\/span><\/p>\n

\u00a0 Z\u00a0t\u00e9to projekce je patrn\u00e9, v\u00a0jak\u00fdch term\u00ednech bude patrn\u011b vypl\u00e1cena dividenda v\u00a0budoucnosti a v\u00a0jak\u00e9 o\u010dek\u00e1van\u00e9 v\u00fd\u0161i. Jednotliv\u00e9 term\u00edny budou postupn\u011b up\u0159es\u0148ov\u00e1ny, jedin\u00e9 co je nyn\u00ed jist\u00e9, je skute\u010dnost, \u017ee 30.5.2017 bude vyplacena prvn\u00ed nejbli\u017e\u0161\u00ed dividenda ve v\u00fd\u0161i 0,75 USD\/akcii. V\u00a0obr\u00e1zku jsem ozna\u010dil v\u00a0\u010derven\u00e9m obd\u00e9ln\u00edku p\u011bt nejbli\u017e\u0161\u00edch dividendov\u00fdch term\u00edn\u016f. Pro\u010d?<\/span><\/p>\n

\u00a0\u00a0 Pohledem do obchodn\u00ed platformy mohu vypozorovat p\u0159i p\u00e1te\u010dn\u00edm Close<\/strong> na GS<\/strong> ve v\u00fd\u0161i 222,82 USD<\/strong> op\u010dn\u00ed \u0159et\u011bzec jako na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku. Jedn\u00e1 se o opce s\u00a0expirac\u00ed za 398 dn\u016f<\/strong>, tedy opce s expirac\u00ed za zhruba 1 rok – 15.6.2018<\/strong>.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 Na obr\u00e1zku jsem vyzna\u010dil op\u010dn\u00ed pozici, kterou bych mohl zaujmout sou\u010dasn\u011b s\u00a0pozic\u00ed 100 x Long akcie<\/strong>. Odhl\u00e9dnu nyn\u00ed od mo\u017enosti, \u017ee bych koupil patrn\u011b levn\u011bji ne\u017e za Ask a vypsal mo\u017en\u00e1 dr\u00e1\u017e ne\u017e za Bid. Po\u0159\u00eddil bych Conversion<\/strong><\/span> s\u00a0Long akciemi<\/strong> za cenu 222.82 USD<\/strong> a s\u00a0ITM Long Put<\/strong> na strike 235<\/strong> za cenu -2.750 USD<\/strong> a d\u00e1le s OTM\u00a0Short Call<\/strong> na strike 235<\/strong> za cenu +1.525 USD<\/strong>. Celkem bych takovou pozici po\u0159\u00eddil za n\u00e1klady -22.282 USD (za akcie) \u2013 2.750 (Long Put) a +1.525 USD (Short Call) = -23.507 USD<\/strong>. P\u0159i expiraci 15.6.2018 (za cca rok) budu v\u017edy bu\u010f p\u0159i\u0159azen na Short Call 235 nebo uplatn\u011bn na Long Put 235, bude z\u00e1le\u017eet, kter\u00e1 opce bude v\u00a0pen\u011bz\u00edch a j\u00e1 v\u017edy dostanu na \u00fa\u010det 100 x Short akcie za cenu strike 235 USD\/kus a budu m\u00edt z\u00a0t\u00e9to transakce tr\u017ebu +23.500 USD. Akciov\u00e9 pozice se vyru\u0161\u00ed (Long x Short), opce zmiz\u00ed a z\u016fstanou pouze pen\u00edze -23.507 USD n\u00e1klady +23.500 USD tr\u017eba = -7 USD ztr\u00e1ta<\/strong>. \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 K\u00a0t\u00e9to sedmidolarov\u00e9 ztr\u00e1t\u011b ke dni 15.6.2018 v\u0161ak mus\u00edm p\u0159ipo\u010d\u00edtat 5 x inkasovanou dividendu<\/strong> ve v\u00fd\u0161i 75 USD<\/strong> = +375 USD<\/strong>, ze kter\u00e9 mi bude str\u017eena 15% da\u0148, m\u016fj celkov\u00fd v\u00fdnos z\u00a0dividend bude 318.75 USD \u2013 7 USD n\u00e1klady = profit +311.75 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Co je d\u016fle\u017eit\u00e9 je skute\u010dnost, \u017ee jsem konstrukc\u00ed takov\u00e9 Conversion zajistil<\/strong> akciovou pozici proti cenov\u00e9mu pohybu<\/strong>. Cel\u00e1 pozice je Delta Neutral<\/strong> po celou dobu sv\u00e9 existence, proto\u017ee sou\u010det Delta opc\u00ed je (a v\u017edy bude) -100 a Delta Long akci\u00ed je v\u017edy +100. A\u0165 bude cena kdekoliv, v\u017edy dostanu to sv\u00e9 vlo\u017een\u00e9 zp\u011bt, to je v\u00fdhoda. Nev\u00fdhodou je, \u017ee nemohu participovat na p\u0159\u00edpadn\u00e9m r\u016fstu<\/strong> akcie po dobu dr\u017een\u00ed takov\u00e9 Conversion. Co se ale tak\u00e9 m\u016f\u017ee za dobu dr\u017een\u00ed t\u00e9to pozice st\u00e1t?<\/span><\/p>\n

\u00a0 \u00a01\/<\/strong> Spole\u010dnosti se nebude da\u0159it a bude deklarovat, \u017ee dividendy p\u0159estane vypl\u00e1cet<\/strong>, a to se mi nemus\u00ed l\u00edbit. Pokud budu cht\u00edt pozici uzav\u0159\u00edt, zlikviduji celou Conversion za moment\u00e1ln\u00ed cenu na trhu. M\u011blo by se mi to poda\u0159it (vzhledem k\u00a0Ask\/Bid) za utrp\u011bn\u00ed velmi mal\u00e9 ztr\u00e1ty.<\/span><\/p>\n

\u00a0\u00a0 2\/<\/strong> Stoj\u00ed za pov\u0161imnut\u00ed, \u017ee jsem sestavil Conversion s\u00a0hluboce ITM Long Put<\/strong><\/span> a dosti OTM Short Call<\/strong><\/span>. Ud\u011blal jsem to proto, \u017ee dal\u0161\u00edm nebezpe\u010d\u00edm, kter\u00e9 budu podrobn\u011bji rozeb\u00edrat v\u00a0dal\u0161\u00edch \u010dl\u00e1nc\u00edch, je skute\u010dnost, \u017ee pokud cena GS stoupne a m\u00e1 Short Call 235 se dostane \u201edo pen\u011bz\u201c<\/strong> je zde velik\u00e1 pravd\u011bpodobnost assignment<\/strong> (p\u0159i\u0159azen\u00ed) t\u00e9to opce zaejm\u00e9na d\u00edky v\u00fdplat\u011b dividendy. Tak takov\u00e9 p\u0159i\u0159azen\u00ed bych si opravdu p\u0159\u00e1l. Dostal bych toti\u017e darov\u00e1no pr\u00e9mium, kter\u00e9 jsem utr\u017eil p\u0159i v\u00fdpisu sv\u00e9 Short Call 235 opce, kter\u00e1 by byla p\u0159i\u0159azena. Takov\u00e9 p\u0159i\u0159azen\u00ed by pak znamenalo, \u017ee Short Call 235 by na m\u016fj \u00fa\u010det vygenerovala 100 x Short Call akci\u00ed za cenu strike 235 USD, kter\u00e9 by byly kompenzov\u00e1ny m\u00fdmi 100 Long akciemi a j\u00e1 bych obdr\u017eel +23.500 USD<\/strong>, m\u011bl bych pak -7 USD avizovanou ztr\u00e1tu, jenom\u017ee m\u00e1m \u201ek dobru\u201c dr\u017eenou Long Put 235<\/strong><\/span>, a ta by m\u011bla ur\u010dit\u011b n\u011bjakou svou cenu, podle toho, jak daleko je do jej\u00ed expirace a jak vysoko vystoupala GS ve chv\u00edli tohoto p\u0159i\u0159azen\u00ed. Tr\u017eba z\u00a0prodeje t\u00e9to Long Put 235 by pak byla jist\u00fdm profitem (mohla by b\u00fdt i v\u00a0\u0159\u00e1dech n\u011bkolika stovek dolar\u016f). Po takov\u00e9m profitabiln\u00edm prodeji Long Put 235 by cel\u00e1 p\u016fvodn\u00ed Conversion byla pry\u010d a j\u00e1 bych sm\u011ble vytvo\u0159il dal\u0161\u00ed dlouhodobou Conversion<\/strong> na nov\u00e9m vy\u0161\u0161\u00edm strike a o\u010dek\u00e1val dal\u0161\u00ed dividendy nebo p\u0159i\u0159azen\u00ed\u2026<\/span><\/p>\n

\u00a0 Kr\u00e1tkodob\u00e1 dividendov\u00e1 pozice<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Po\u0159izov\u00e1n\u00edm kr\u00e1tkodob\u00fdch op\u010dn\u00edch a akciov\u00fdch pozic, jako variantou kritizovan\u00e9ho postupu v\u00a0\u010dl\u00e1nku v\u00fd\u0161e o n\u00e1kupu akci\u00ed t\u011bsn\u011b p\u0159ed Ex-Dividend Day a jejich okam\u017eit\u00e9m prodeji po Open na Ex-Dividend Day, se budu zab\u00fdvat podrobn\u011bji v\u00a0dal\u0161\u00edch \u010dl\u00e1nc\u00edch :c)<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0B\u00fdt akcion\u00e1\u0159 a m\u00edt dividendu je skv\u011bl\u00e1 v\u011bc. Vlastnit akcie a jednou za n\u011bjak\u00fd \u010das sklidit plody tohoto dr\u017een\u00ed je tak fascinuj\u00edc\u00ed z\u00e1le\u017eitost, \u017ee nesnese odkladu se takovou v\u011bc\u00ed zab\u00fdvat. Zd\u00e1lo by se, \u017ee bez dr\u017een\u00ed akci\u00ed by \u017e\u00e1dn\u00e9 dividendy nebyly a naopak, dividendu nemohu z\u00edskat, pokud nem\u00e1m akcie. Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[28],"tags":[14,29],"class_list":["post-362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dividendy","tag-conversion","tag-dividendy"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/dividend-profil-obr1.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-5Q","jetpack-related-posts":[{"id":2329,"url":"https:\/\/dobretrejdy.com\/?p=2329","url_meta":{"origin":362,"position":0},"title":"Syntetick\u00e9 pozice – II.","author":"dobretrejdy :c)","date":"19.8.2018","format":false,"excerpt":"\u00a0\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku \u00a0jsem se pokou\u0161el zobrazit vztah mezi cenami opc\u00ed na stejn\u00e9m strike a z\u00a0t\u011bchto vztah\u016f pak vydolovat jejich praktick\u00e9 vyu\u017eit\u00ed s\u00a0n\u00e1znaky obchodovatelnosti mo\u017en\u00fdch diferenc\u00ed a nesoulad\u016f v\u00a0definovan\u00fdch vztaz\u00edch. V\u0161e jsem pot\u00e9 demonstroval na op\u010dn\u00edm \u0159et\u011bzci akcie AAPL, kdy\u017e z poznan\u00e9ho vztahu mezi cenami opc\u00ed na stejn\u00e9m strike a\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":501,"url":"https:\/\/dobretrejdy.com\/?p=501","url_meta":{"origin":362,"position":1},"title":"Dividendy – VII.","author":"dobretrejdy :c)","date":"10.6.2017","format":false,"excerpt":"\u00a0\u00a0\u00a0 V\u00a0dne\u0161n\u00edm \u010dl\u00e1nku uzav\u00edraj\u00edc\u00edm minis\u00e9rii o opc\u00edch a v\u00fdplat\u00e1ch Dividendy bych se cht\u011bl vr\u00e1tit na za\u010d\u00e1tek t\u00e9to \u0159ady \u010dl\u00e1nk\u016f. V\u00a0\u00fapln\u011b prvn\u00edm \u010dl\u00e1nku t\u00e9to minis\u00e9rie o obchodov\u00e1n\u00ed dividendov\u00e9ho obdob\u00ed pomoc\u00ed opc\u00ed jsem p\u0159i vysloven\u00e9m p\u0159edpokladu, \u017ee v\u00fdplata Dividendy je spojena s\u00a0vlastnictv\u00edm Long akci\u00ed, poznamenal, \u017ee to nemus\u00ed b\u00fdt tak \u00fapln\u011b pravda.\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/DIV-7-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/DIV-7-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/DIV-7-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/DIV-7-2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/DIV-7-2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":378,"url":"https:\/\/dobretrejdy.com\/?p=378","url_meta":{"origin":362,"position":2},"title":"Dividendy – II.","author":"dobretrejdy :c)","date":"17.5.2017","format":false,"excerpt":"\u00a0 \u00a0Oops!... I Did It Again, zazp\u00edvala by si na\u0161tvan\u011b Britney Spears svou hitovku, kdyby vid\u011bla na sv\u00e9m obchodn\u00edm \u00fa\u010dtu, jak byla op\u011bt p\u0159i\u0159azena na ITM Short Call opci a od brokera se ji do\u010dkalo op\u011btovn\u00e9ho such\u00e9ho vysv\u011btlen\u00ed, \u017ee to bylo proto, \u017ee \u201e\u2026se p\u0159ece v\u010dera vypl\u00e1cely dividendy\u2026\u201c.\u00a0 V\u00e1gn\u00ed odpov\u011b\u010f,\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Div2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Div2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Div2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Div2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":475,"url":"https:\/\/dobretrejdy.com\/?p=475","url_meta":{"origin":362,"position":3},"title":"Dividendy – VI.","author":"dobretrejdy :c)","date":"2.6.2017","format":false,"excerpt":"\u00a0 \u00a0V\u00a0minul\u00e9m \u010dl\u00e1nku Dividendy \u2013 V.\u00a0jsem popisoval, jak se cena Dividendy v\u00a0obdob\u00ed t\u011bsn\u011b p\u0159ed Ex-Dividend Day ve sv\u00e9 pln\u00e9 v\u00fd\u0161i prom\u00edt\u00e1 do ceny ITM Long Put opc\u00ed a nikoliv do ceny Call opc\u00ed. Na p\u0159\u00edkladu akcie GS (Goldman Sachs Inc.) jsem v\u00a0jednoduch\u00e9 tabulce ukazoval, jak\u00e9 jsou konkr\u00e9tn\u00ed ceny pr\u00e9mi\u00ed takov\u00fdch\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/div6.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/div6.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/div6.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":454,"url":"https:\/\/dobretrejdy.com\/?p=454","url_meta":{"origin":362,"position":4},"title":"Dividendy \u2013 V.","author":"dobretrejdy :c)","date":"28.5.2017","format":false,"excerpt":"\u00a0 \u00a0V\u00a0p\u0159edchoz\u00edch \u010dl\u00e1nc\u00edch o v\u00fdplat\u011b Dividendy a mo\u017en\u00fdch op\u010dn\u00edch obchodech jsem se pohyboval pouze na Call stran\u011b op\u010dn\u00edho \u0159et\u011bzce. 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