{"id":5803,"date":"2022-06-05T16:02:36","date_gmt":"2022-06-05T14:02:36","guid":{"rendered":"https:\/\/dobretrejdy.com\/?p=5803"},"modified":"2024-08-18T09:42:34","modified_gmt":"2024-08-18T07:42:34","slug":"fondovani-iii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=5803","title":{"rendered":"Fondov\u00e1n\u00ed \u2013 III."},"content":{"rendered":"

\u00a0\u00a0 \u201eNic nen\u00ed star\u0161\u00edho ne\u017e v\u010derej\u0161\u00ed noviny\u201c by mohlo b\u00fdt \u00favodn\u00edm bonmotem k \u010dl\u00e1nku, ve kter\u00e9m bych cht\u011bl velmi kr\u00e1tce rekapitulovat p\u016flro\u010dn\u00ed fungov\u00e1n\u00ed investi\u010dn\u00edho fondu Quantical<\/a><\/strong><\/span>. Z pohledu v\u00fdkonnosti pak za dal\u0161\u00edho p\u016fl roku ji\u017e bude tento \u010dl\u00e1nek zcela jist\u011b \u201emimo m\u00edsu\u201c, proto\u017ee se do n\u011bj prom\u00edtnou dal\u0161\u00ed proveden\u00e9 budouc\u00ed obchody a bude pravd\u011bpodobn\u011b odrazem zcela jin\u00e9 investi\u010dn\u00ed reality, kter\u00e1 n\u00e1s teprve \u010dek\u00e1. Pokud hovo\u0159\u00edm o p\u016flro\u010dn\u00edm fungov\u00e1n\u00ed<\/strong> nyn\u00ed, kdy vych\u00e1z\u00edm z reportu fondu ke konci m\u011bs\u00edce kv\u011btna 2022, m\u00e1m na mysli skute\u010dnost, \u017ee hlavn\u00ed obchody fondu byly spu\u0161t\u011bny v listopadu 2021, kdy po jak\u00e9si zah\u0159\u00edvac\u00ed f\u00e1zi byla investov\u00e1na z\u00e1sadn\u00ed \u010d\u00e1st prost\u0159edk\u016f fondu. Zcela zodpov\u011bdn\u011b mohu hned v \u00favodu tohoto kr\u00e1tk\u00e9ho \u010dl\u00e1nku prohl\u00e1sit, \u017ee to nebyl jednoduch\u00fd p\u016flrok. P\u0159edpokl\u00e1d\u00e1m, \u017ee velmi zna\u010dn\u00e1 \u010d\u00e1st n\u00e1v\u0161t\u011bvn\u00edk\u016f tohoto webu jsou sami obchodn\u00edky s nejr\u016fzn\u011bj\u0161\u00edmi investi\u010dn\u00edmi n\u00e1stroji, mohou proto vyhodnotit, jak kru\u0161n\u00fd p\u016flrok n\u00e1m finan\u010dn\u00ed trhy nad\u011blily. V\u00e1lka na Ukrajin\u011b, obrovsk\u00fd n\u00e1r\u016fst inflace, drastick\u00fd n\u00e1r\u016fst cen ropy, \u201ecovidov\u00e9 recovery\u201c v \u010c\u00edn\u011b, r\u016fst \u00farokov\u00fdch sazeb a mnoho dal\u0161\u00edch v\u00edce \u010di m\u00e9n\u011b z\u00e1va\u017en\u00fdch skute\u010dnost\u00ed zp\u016fsobilo, \u017ee trhy se k investor\u016fm nechovaly v posledn\u00edch m\u011bs\u00edc\u00edch zrovna s l\u00e1skou. Nen\u00ed v moci nikoho z n\u00e1s tyto ud\u00e1losti n\u011bjak ovlivnit, nezb\u00fdv\u00e1 n\u00e1m tak, ne\u017e se t\u011bmto skute\u010dnostem n\u011bjak\u00fdm zp\u016fsobem p\u0159izp\u016fsobit. To, co fungovalo nap\u0159\u00edklad od dubna 2020 do p\u0159elomu roku 2021\/2022 zcela jist\u011b nefunguje od za\u010d\u00e1tku leto\u0161n\u00edho roku, na obr\u00e1zku n\u00ed\u017ee je koneckonc\u016f velmi plasticky zobrazeno, jak je to my\u0161leno.<\/span><\/p>\n

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\u00a0\u00a0 V detailn\u011bj\u0161\u00edm zobrazen\u00ed pak mohu toto \u201erozlo\u017een\u00ed sil\u201c demonstrovat na \u010dasov\u00e9m \u00faseku reprezentuj\u00edc\u00edm prvn\u00ed investi\u010dn\u00ed obdob\u00ed fondu.<\/span><\/p>\n

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\u00a0\u00a0 Je jist\u00e9, \u017ee pokud bychom investovali zp\u016fsobem \u201elong only\u201c, museli bychom nyn\u00ed reportovat velmi v\u00fdznamn\u00e9 ztr\u00e1ty a investo\u0159i by patrn\u011b nebyli nijak v\u00fdznamn\u011b nad\u0161eni. Pokud ztrat\u00ed nejv\u00fdznamn\u011bj\u0161\u00ed akciov\u00fd index S&P 500 ze sv\u00e9ho vrcholu zhruba jeden tis\u00edc bod\u016f pro vytvo\u0159en\u00ed sv\u00e9ho ned\u00e1vn\u00e9ho lok\u00e1ln\u00edho dna, nejevila by se investice nap\u0159\u00edklad do r\u016fstov\u00e9ho akciov\u00e9ho portfolia t\u00edm nej\u0161\u0165astn\u011bj\u0161\u00edm \u0159e\u0161en\u00edm, by\u0165 bychom si asi dali velmi z\u00e1le\u017eet na n\u011bjak\u00e9m sofistikovan\u00e9m stock-pickingu. Pokud bychom do takto vytvo\u0159en\u00e9ho akciov\u00e9ho portfolia p\u0159im\u00edchali n\u011bjak\u00e9 (by\u0165 sebekvalitn\u011bj\u0161\u00ed) technologick\u00e9 tituly, nezdar by byl je\u0161t\u011b v\u00fdznamn\u011bj\u0161\u00ed. Je mi tak up\u0159\u00edmn\u011b l\u00edto koleg\u016f z investi\u010dn\u00edch fond\u016f, kte\u0159\u00ed d\u00edky schv\u00e1len\u00fdm strategi\u00edm a v souladu s prospekty fond\u016f nemohou investovat jin\u00fdmi zp\u016fsoby ne\u017e v duchu spekulace na r\u016fst po\u0159\u00edzen\u00fdch investi\u010dn\u00edch aktiv a stali se tak ob\u011bt\u00ed ned\u00e1vn\u00fdch v\u00fdznamn\u00fdch pokles\u016f a v\u00fdprodej\u016f t\u00e9m\u011b\u0159 nap\u0159\u00ed\u010d v\u0161emi akciov\u00fdmi sektory. Nemo\u017enost omezovat risk nap\u0159\u00edklad po\u0159izov\u00e1n\u00edm korelovan\u00fdch short pozic nebo vyu\u017e\u00edt k zaji\u0161t\u011bn\u00ed pozic \u010di portfoli\u00ed nejr\u016fzn\u011bj\u0161\u00ed deriv\u00e1ty pak d\u00e1vaj\u00ed p\u0159e\u010dkat takov\u00e9 kru\u0161n\u00e9 obdob\u00ed v je\u0161t\u011b tristn\u011bj\u0161\u00ed podob\u011b. Nicm\u00e9n\u011b dost o ostatn\u00edch a v kr\u00e1tkosti v\u00edce o n\u00e1s. Z v\u00fdkonnostn\u00edho reportu fondu<\/strong> ke shrnut\u00ed v\u00fdsledku v\u0161ech investi\u010dn\u00edch aktivit investi\u010dn\u00edho fondu ke dni 31.5.2022<\/strong> by m\u011bl patrn\u011b nejv\u00edce vypov\u011bd\u011bt n\u00ed\u017ee uveden\u00fd obr\u00e1zek.<\/span><\/p>\n

\"\" \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/p>\n

\u00a0\u00a0 Celkov\u00fd v\u00fdnos<\/strong> ke dni 31.5.2022<\/strong> \u010din\u00ed +4.28%<\/strong><\/span>. Za m\u011b je to skv\u011bl\u00e9 \u010d\u00edslo. P\u0159edstavovali jsme si s\u00a0Lu\u010fkem sice vy\u0161\u0161\u00ed m\u00edru zhodnocen\u00ed, nicm\u00e9n\u011b vzhledem k\u00a0okolnostem a v\u011bcem okolo n\u00e1s, s\u00a0odkazem na turbulentn\u00ed pr\u016fb\u011bh posledn\u00edch m\u011bs\u00edc\u016f na finan\u010dn\u00edch trz\u00edch a s\u00a0p\u0159ihl\u00e9dnut\u00edm k\u00a0po\u010d\u00e1te\u010dn\u00ed ost\u00fdchavosti to je z\u00a0m\u00e9ho pohledu celkem slu\u0161n\u00fd v\u00fdsledek. Pro srovn\u00e1n\u00ed jsem si nechal do reportu vygenerovat v\u00fdkonost fondov\u00fdch obchod\u016f v\u00a0porovn\u00e1n\u00ed<\/strong> s v\u00fdkony akciov\u00e9ho indexu S&P 500<\/strong> (jeho\u017e akciov\u00e9 podklady jsem vyu\u017e\u00edval) a tak\u00e9 ve srovn\u00e1n\u00ed<\/strong> s celosv\u011btov\u00fdm indexem MCSI<\/strong> (MXWO) za obchodovan\u00e9 obdob\u00ed.<\/span><\/p>\n

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\u00a0\u00a0 Modr\u00e9 sloupce reprezentuj\u00ed v\u00fdkonnost na\u0161eho investi\u010dn\u00edho fondu a mysl\u00edm, \u017ee nen\u00ed zapot\u0159eb\u00ed nic v\u00fdznamn\u011bj\u0161\u00edho dod\u00e1vat.<\/span><\/p>\n

\u00a0\u00a0 Avizoval jsem, \u017ee hlavn\u00ed investi\u010dn\u00ed strategi\u00ed<\/strong> fondu budou obchody na b\u00e1zi Delta Neutrality<\/strong>. Nen\u00ed nyn\u00ed podstatn\u00e9, jak tyto obchody konkr\u00e9tn\u011b prob\u00edhaj\u00ed (zejm\u00e9na proto, \u017ee ka\u017ed\u00fd prob\u011bhne v\u017edy n\u011bjak jinak), ale d\u016fle\u017eit\u00e9 je upozornit na jejich z\u00e1kladn\u00ed vlastnost, tedy pln\u00e9 zaji\u0161t\u011bn\u00ed<\/strong> po\u0159\u00edzen\u00fdch podklad\u016f (Long \u010di Short) souvisej\u00edc\u00edmi op\u010dn\u00edmi kontrakty<\/strong>. Z takto strukturovan\u00fdch obchod\u016f pak vypl\u00fdv\u00e1, \u017ee pokud m\u00e1m m\u00edt na n\u011bjak\u00e9 pozici n\u011bjakou maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tu, je to ztr\u00e1ta ve v\u00fd\u0161i investice do tohoto zaji\u0161t\u011bn\u00ed, jednodu\u0161e proto, \u017ee nakoupit zaji\u0161t\u011bn\u00ed nen\u00ed v \u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b zadarmo. Mohu pak s klidn\u00fdm sv\u011bdom\u00edm pozorovat nap\u0159\u00edklad nakoupen\u00e9 Long podklady (akcie nebo futures), jak si vesele klesaj\u00ed, proto\u017ee jsou pln\u011b zaji\u0161t\u011bny p\u0159\u00edslu\u0161n\u00fdmi op\u010dn\u00edmi kontrakty, kter\u00e9 na cen\u011b nab\u00edraj\u00ed. V opa\u010dn\u00e9m pohledu se pak mohu p\u0159i r\u016fstu ceny nakoupen\u00fdch podklad\u016f t\u011b\u0161it z profit\u016f, kter\u00e9 mi ale naopak sni\u017euje klesaj\u00edc\u00ed cena m\u00e9ho zaji\u0161t\u011bn\u00ed. Ve v\u00fdsledku by se pak mohlo jednat za dobr\u00fdch okolnost\u00ed v obou p\u0159\u00edpadech o profitabiln\u00ed obchody, popisu obchod\u016f s touto logikou jsem pak v\u011bnoval celkem \u010dtrn\u00e1ct samostatn\u00fdch \u010dl\u00e1nk\u016f na tomto webu (Delta Neutral I. a\u017e Delta Neutral XIV.). Na obr\u00e1zku n\u00ed\u017ee je zobrazena v\u00fdkonnost fondov\u00fdch obchod\u016f podle pou\u017eit\u00fdch finan\u010dn\u00edch n\u00e1stroj\u016f.<\/span><\/p>\n

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\u00a0\u00a0 \u010cerven\u00fdmi \u0161ipkami jsem vyzna\u010dil nejv\u00fdrazn\u011bj\u0161\u00ed obchod m\u011b\u0159en\u00fd pohledem v\u00fdkonnosti pou\u017eit\u00fdch investi\u010dn\u00edch n\u00e1stroj\u016f, kter\u00fd ukazuje princip popisovan\u00e9ho zaji\u0161t\u011bn\u00ed. Bled\u011b modr\u00fd tenk\u00fd sloupec uprost\u0159ed histogramu obchod\u016f vyzna\u010duje v\u00fdkonnost nakoupen\u00e9ho b\u0159eznov\u00e9ho p\u0161eni\u010dn\u00e9ho futures (ZW MAY22), kde\u017eto ve stejnou dobu se do z\u00e1porn\u00e9ho teritoria pono\u0159ila zaji\u0161\u0165ovac\u00ed Long Put opce (ZW 850 MAY22). N\u00e1r\u016fst ceny futures kompenzuje pokles ceny zaji\u0161t\u011bn\u00ed, v p\u0159\u00edpad\u011b poklesu ceny futures by se pozice sloupc\u016f obr\u00e1tily \u2013 n\u00e1r\u016fst cen op\u010dn\u00edch kontrakt\u016f by kompenzoval ztr\u00e1tu na p\u0161eni\u010dn\u00fdch futures kontraktech…<\/span><\/p>\n

\u00a0\u00a0 Stejn\u00fd princip prov\u00e1d\u011bn\u00fdch obchod\u016f se pak d\u00e1 vyn\u00e9st v reportu do porovn\u00e1n\u00ed, jak si vedly v\u0161echny po\u0159\u00edzen\u00e9 Long<\/strong> pozice a v\u0161echny po\u0159\u00edzen\u00e9 Short<\/strong> pozice obchodovan\u00e9 ve stejn\u00fd \u010das na \u00fa\u010dtu fondu.<\/span><\/p>\n

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\u00a0\u00a0 Je patrn\u00e9, \u017ee ka\u017ed\u00fd obchod, kter\u00fd v\u00fdrazn\u011bji vytvo\u0159\u00ed spike nad nulovou hodnotu je doprov\u00e1zen zrcadlov\u011b obr\u00e1cen\u00fdm propadem do z\u00e1porn\u00fdch hodnot, n\u00e1r\u016fst jedn\u00e9 \u010d\u00e1sti pozice je kompenzov\u00e1n ztr\u00e1tou na druh\u00e9 \u010d\u00e1sti pozice. Siln\u00e9 zapojen\u00ed deriv\u00e1t\u016f (op\u010dn\u00edch pozic) k\u00a0po\u0159izovan\u00fdm podklad\u016fm je pak patrn\u00e9 na dal\u0161\u00edm obr\u00e1zku, kter\u00fd zobrazuje p\u0159\u00edsp\u011bvek t\u011bchto t\u0159\u00edd aktiv na celkov\u00fdch obchodech fondu<\/span><\/p>\n

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\u00a0\u00a0 Mohu pak je\u0161t\u011b pro ilustraci konkr\u00e9tn\u011bj\u0161\u00edch v\u00fdsledk\u016f zobrazit p\u011bt titul\u016f<\/strong>, kter\u00e9 p\u0159edvedly nejlep\u0161\u00ed v\u00fdkonnost<\/strong> bez ohledu na to, jestli jsme je m\u011bli ve form\u011b deriv\u00e1t\u016f \u010di podklad\u016f. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0 \u2026a proto\u017ee existuj\u00ed tituly, kter\u00e9 se p\u0159edvedly v\u00a0dobr\u00e9m sv\u011btle, mus\u00ed existovat tickery, kter\u00e9 p\u0159edvedly zcela opa\u010dnou v\u00fdkonnost:<\/strong><\/span><\/p>\n

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\u00a0 …ty technologie :c)<\/strong><\/span><\/h1>\n

\u00a0 \u00a0Nen\u00ed mo\u017en\u00e9 si nev\u0161imnout, jak si v posledn\u00edch m\u011bs\u00edc\u00edch vedou technologick\u00e9 tituly<\/strong>, kter\u00e9 byly v \u010dele ned\u00e1vn\u00fdch (…a nakonec je\u0161t\u011b i aktu\u00e1ln\u00edch) akciov\u00fdch v\u00fdprodej\u016f p\u0159esto, \u017ee se mezi nimi nach\u00e1zej\u00ed velmi kvalitn\u00ed spole\u010dnosti. Mohu si o t\u011bchto propadech myslet sv\u00e9, mohu tak\u00e9 uv\u011b\u0159it vysv\u011btlen\u00ed, kter\u00e9 p\u0159in\u00e1\u0161ej\u00ed renomovan\u00e9 tradingov\u00e9 celebrity nebo zaveden\u00e9 investi\u010dn\u00ed spole\u010dnosti. Zv\u00fd\u0161en\u00ed \u00farokov\u00fdch sazeb a zhor\u0161en\u00e1 mo\u017enost financov\u00e1n\u00ed t\u011bchto spole\u010dnost\u00ed nebo jen prost\u011b chmurn\u00e9 vyhl\u00eddky na budouc\u00ed hospod\u00e1\u0159sk\u00e9 v\u00fdsledky poslaly ceny n\u011bkter\u00fdch spole\u010dnost\u00ed na \u201ezaj\u00edmav\u00e9 ceny\u201c (z pohledu t\u011bch, kte\u0159\u00ed jej nyn\u00ed cht\u011bj\u00ed po\u0159\u00eddit) nebo do \u201epodmo\u0159sk\u00fdch hlubin\u201c (kam uv\u00edzli ti, kte\u0159\u00ed je po\u0159\u00eddili t\u0159eba v minul\u00e9m roce). Nest\u00e1li jsme stranou a nasadili jsme na\u0161i strategii tak\u00e9 na n\u011bkter\u00e9 z nich (AAPL, AMD a FB). V\u0161echny t\u0159i tituly pro\u0161ly (a st\u00e1le proch\u00e1zej\u00ed) velmi dramatick\u00fdm pr\u016fb\u011bhem, a proto uk\u00e1\u017eu alespo\u0148 na titulu FB (Facebook) <\/strong>konkr\u00e9tn\u011b, jak u n\u00e1s obchod prob\u011bhl, aby mohl alespo\u0148 \u010d\u00e1ste\u010dn\u011b demonstrovat skrytou s\u00edlu obchodovan\u00e9ho konceptu. Tento obchod jsem si vybral tak\u00e9 proto, \u017ee jsem jej zm\u00ednil v prvn\u00edm \u010dl\u00e1nku o fungov\u00e1n\u00ed fondu Fondov\u00e1n\u00ed \u2013 I.<\/a><\/strong><\/span>, jako tehdy aktu\u00e1ln\u011b prob\u00edhaj\u00edc\u00ed obchod, bude zde tedy alespo\u0148 jak\u00e1si m\u00edrn\u00e1 kontinuita. Na obr\u00e1zku n\u00ed\u017ee je cenov\u00fd pr\u016fb\u011bh za dobu trv\u00e1n\u00ed obchodu na titulu FB vynesen\u00fd do ro\u010dn\u00edho grafu:<\/span><\/p>\n

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\u00a0\u00a0 Obchod za\u010dal 6.12.2021<\/strong> na cen\u011b FB na \u00farovni 319.10 USD<\/strong>, aby zakon\u010dil dne 8.4.2022<\/strong> (o \u010dty\u0159i m\u011bs\u00edce pozd\u011bji) na \u00farovni 224.07 USD<\/strong>. Sta\u010dilo m\u00e1lo, avizov\u00e1n\u00ed korekce budouc\u00edch tr\u017eeb z reklamy p\u0159i vyhla\u0161ov\u00e1n\u00ed hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f za\u010d\u00e1tkem \u00fanora 2022, aby se spustil ne\u010dekan\u00fd v\u00fdprodej a cena akcie ztratila t\u0159etinu sv\u00e9 ceny. Pokud m\u00e1 fungovat zaji\u0161t\u011bn\u00ed, postupn\u00e9 upravov\u00e1n\u00ed pozic, sb\u00edr\u00e1n\u00ed pr\u00e9mi\u00ed, rolov\u00e1n\u00ed Short opc\u00ed, rolov\u00e1n\u00ed Long opc\u00ed, tedy v\u0161echny popisovan\u00e9 prvky z \u010dl\u00e1nk\u016f o Delta Neutralit\u011b, pak toto je ten vhodn\u00fd p\u0159\u00edklad. Bez pat\u0159i\u010dn\u00e9 ochrany by investice do akci\u00ed FB byla t\u00e9m\u011b\u0159 investi\u010dn\u00ed sebevra\u017eda, kter\u00e1 by p\u0159i v\u00fdznamn\u011bj\u0161\u00ed pozici mohla ohrozit cel\u00e9 portfolio a jeho v\u00fdkonnost. Takto nakonec obchod prob\u011bhl na na\u0161em \u00fa\u010dtu.<\/span><\/p>\n

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\u00a0\u00a0 Na obr\u00e1zku v\u00fd\u0161e je pak zobrazen cel\u00fd konkr\u00e9tn\u00ed pr\u016fb\u011bh obchodu, kter\u00fd nakonec zakon\u010dil s profitem +2.120,79 USD<\/strong><\/span>. Nebudu jej nyn\u00ed nijak komentovat, proto\u017ee rozbor a popis ka\u017ed\u00e9 obchodn\u00ed transakce by v souhrnu vysta\u010dil na cel\u00fd samostatn\u00fd \u010dl\u00e1nek a koneckonc\u016f jsou to \u00fapravy, kter\u00e9 jsem ji\u017e n\u011bkolikr\u00e1t zde na webu popisoval. Nech\u00e1m tak obr\u00e1zek bez z\u00e1sadn\u011bj\u0161\u00edho koment\u00e1\u0159e, \u010derven\u00e9 popisky v obr\u00e1zku pak v jednoduchosti deklaruj\u00ed mnou proveden\u00e9 kroky.\u00a0<\/span><\/p>\n

\n

\u00a0\u00a0 Nev\u00edme, jak se bude obchodov\u00e1n\u00ed fondu vyv\u00edjet v dal\u0161\u00edm obdob\u00ed a co n\u00e1s v aktu\u00e1ln\u00ed dob\u011b v\u00fdrazn\u00e9 tr\u017en\u00ed nejistoty vlastn\u011b \u010dek\u00e1. V\u00edme jedin\u00e9, nechceme ud\u011blat \u017e\u00e1dnou v\u00fdznamnou investi\u010dn\u00ed chybu, kter\u00e1 by mohla ohrozit spravovan\u00e9 pen\u00edze a chceme svou \u010dinnost nad\u00e1le pe\u010dliv\u011b a s rozvahou rozv\u00edjet. M\u00e1me mal\u00fd, skromn\u00fd a nyn\u00ed pochopiteln\u00fd c\u00edl \u2013 chceme porazit nikoliv zaveden\u00fd akciov\u00fd index, ale moment\u00e1ln\u011b v\u00fdznamn\u011bj\u0161\u00edho soupe\u0159e \u2013 m\u00edru inflace, kter\u00e1 vytahuje z na\u0161ich pen\u011b\u017eenek, b\u011b\u017en\u00fdch \u00fa\u010dt\u016f a stro\u017eok\u016f nemal\u00e9 pen\u00edze a budeme se sna\u017eit na\u0161im investor\u016fm tuto nep\u0159\u00edjemnou finan\u010dn\u00ed lap\u00e1lii n\u011bjak rozumn\u011b kompenzovat, snad se n\u00e1m to poda\u0159\u00ed :c)<\/span><\/p>\n

\u00a0 \u00a0Koment\u00e1\u0159e a p\u0159\u00edsp\u011bvky k tomuto \u010dl\u00e1nku pros\u00edm sm\u011brujte do Diskuzn\u00edho f\u00f3ra do tohoto vl\u00e1kna<\/a><\/strong><\/span>\u00a0nebo<\/span> do obecn\u011bj\u0161\u00ed diskuze\u00a0Quantical investi\u010dn\u00ed fond<\/strong><\/a><\/span>\u00a0:c)<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0 \u201eNic nen\u00ed star\u0161\u00edho ne\u017e v\u010derej\u0161\u00ed noviny\u201c by mohlo b\u00fdt \u00favodn\u00edm bonmotem k \u010dl\u00e1nku, ve kter\u00e9m bych cht\u011bl velmi kr\u00e1tce rekapitulovat p\u016flro\u010dn\u00ed fungov\u00e1n\u00ed investi\u010dn\u00edho fondu Quantical. Z pohledu v\u00fdkonnosti pak za dal\u0161\u00edho p\u016fl roku ji\u017e bude tento \u010dl\u00e1nek zcela jist\u011b \u201emimo m\u00edsu\u201c, proto\u017ee se do n\u011bj prom\u00edtnou dal\u0161\u00ed proveden\u00e9 budouc\u00ed Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":5804,"comment_status":"closed","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":[62],"tags":[58],"class_list":["post-5803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investicni-fond","tag-investicni-fond"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2022\/06\/main.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1vB","jetpack-related-posts":[{"id":6795,"url":"https:\/\/dobretrejdy.com\/?p=6795","url_meta":{"origin":5803,"position":0},"title":"Fondov\u00e1n\u00ed \u2013 VIII.","author":"dobretrejdy :c)","date":"5.11.2023","format":false,"excerpt":"\u00a0\u00a0 Uplynul\u00fdch deset m\u011bs\u00edc\u016f roku 2023 vykreslilo na \u00fa\u010dtu investi\u010dn\u00edho fondu Quantical velmi slu\u0161n\u00e1 \u010d\u00edsla. K\u0159ivka equity fondu ne\u00fanavn\u011b roste a p\u0159\u00e1l bych si, aby tento trend nepolevil. Cht\u011bl bych se s odstupem n\u011bjak\u00e9ho \u010dasu pod\u011blit s investory, p\u0159\u00edpadn\u00fdmi z\u00e1jemci o vstup do fondu nebo jen s t\u011bmi, co n\u00e1s\u2026","rel":"","context":"V \u201eInvesti\u010dn\u00ed fond\u201c","block_context":{"text":"Investi\u010dn\u00ed fond","link":"https:\/\/dobretrejdy.com\/?cat=62"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/11\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/11\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/11\/main.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6079,"url":"https:\/\/dobretrejdy.com\/?p=6079","url_meta":{"origin":5803,"position":1},"title":"Fondov\u00e1n\u00ed – V.","author":"dobretrejdy :c)","date":"8.1.2023","format":false,"excerpt":"\u00a0 \u00a0V\u011bd\u011bl jsem, \u017ee toto bude kl\u00ed\u010dov\u00fd \u010dl\u00e1nek o provozov\u00e1n\u00ed investi\u010dn\u00edho fondu Quantical. Pokud jsme za\u010dali s prvn\u00edmi obchody na sklonku roku 2021, nemohlo b\u00fdt vyhodnocen\u00ed investi\u010dn\u00ed \u010dinnosti k 31.12.2021 (slab\u00e9 dva m\u011bs\u00edce provozu) nijak vypov\u00eddaj\u00edc\u00ed. Nicm\u00e9n\u011b absolvov\u00e1n\u00ed pln\u00e9ho kalend\u00e1\u0159n\u00edho roku 2022 v plnohodnotn\u00e9m obchodn\u00edm zat\u00ed\u017een\u00ed ji\u017e samoz\u0159ejm\u011b bilancov\u00e1n\u00ed vy\u017eaduje,\u2026","rel":"","context":"V \u201eInvesti\u010dn\u00ed fond\u201c","block_context":{"text":"Investi\u010dn\u00ed fond","link":"https:\/\/dobretrejdy.com\/?cat=62"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/01\/SPX.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/01\/SPX.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/01\/SPX.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/01\/SPX.jpg?resize=700%2C400 2x"},"classes":[]},{"id":6742,"url":"https:\/\/dobretrejdy.com\/?p=6742","url_meta":{"origin":5803,"position":2},"title":"Dluhopisy \u2013 XIII.","author":"dobretrejdy :c)","date":"28.10.2023","format":false,"excerpt":"\u00a0\u00a0 Poznat a pochopit dluhopisov\u00fd trh, porozum\u011bt z\u00e1kladn\u00edm princip\u016fm spojen\u00fdch s nakl\u00e1d\u00e1n\u00ed s dluhopisy a zjednodu\u0161en\u00fd vhled do mo\u017enost\u00ed, jak je u sv\u00e9ho brokera nakoupit a co to m\u016f\u017ee pro m\u011b znamenat, bylo p\u0159edm\u011btem p\u0159edchoz\u00edch \u010dl\u00e1nk\u016f. Nabyt\u00e9 poznatky pak mohu aplikovat na zapojen\u00ed dluhopis\u016f do sv\u00e9ho obchodov\u00e1n\u00ed a nemus\u00ed to\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":5640,"url":"https:\/\/dobretrejdy.com\/?p=5640","url_meta":{"origin":5803,"position":3},"title":"Fondov\u00e1n\u00ed \u2013 I.","author":"dobretrejdy :c)","date":"28.12.2021","format":false,"excerpt":"\u00a0\u00a0 Nebyl to dobr\u00fd rok. Toto mohu zcela jednozna\u010dn\u011b prohl\u00e1sit p\u0159i bilancov\u00e1n\u00ed p\u0159ed z\u00e1v\u011brem leto\u0161n\u00edho roku a nem\u00e1 to \u017e\u00e1dnou souvislost s\u00a0obchodov\u00e1n\u00edm, ale s\u00a0m\u00fdm osobn\u00edm \u017eivotem. Ztr\u00e1ta nejbli\u017e\u0161\u00edho \u010dlov\u011bka m\u011b natolik paralyzovala, \u017ee jsem nebyl schopen od konce l\u00e9ta napsat \u017e\u00e1dn\u00e9 kloudn\u00e9 slovo a m\u00e1m proto ve sv\u00e9m \u201ep\u0159\u00edpravn\u00e9m WORDu\u201c\u2026","rel":"","context":"V \u201eInvesti\u010dn\u00ed fond\u201c","block_context":{"text":"Investi\u010dn\u00ed fond","link":"https:\/\/dobretrejdy.com\/?cat=62"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/12\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/12\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/12\/main.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6393,"url":"https:\/\/dobretrejdy.com\/?p=6393","url_meta":{"origin":5803,"position":4},"title":"Fondov\u00e1n\u00ed \u2013 VI.","author":"dobretrejdy :c)","date":"27.5.2023","format":false,"excerpt":"\u00a0\u00a0 Oddechnut\u00edm si od problematiky dluhopis\u016f v aktu\u00e1ln\u011b publikovan\u00e9m seri\u00e1lu o t\u011bchto typech cenn\u00fdch pap\u00edr\u016f by mohlo b\u00fdt mal\u00e9 ohl\u00e9dnut\u00ed za posledn\u00edmi v\u00fdsledky p\u0159i spr\u00e1v\u011b prost\u0159edk\u016f pro investi\u010dn\u00ed fond Quantical \u010di vyhodnocen\u00ed \u010dinnosti p\u0159i spr\u00e1v\u011b portfolia op\u010dn\u00edho podfondu BH Securities. V \u010dl\u00e1nku Fondov\u00e1n\u00ed V. jsem bilancoval v\u00fdsledky investi\u010dn\u00edho fondu Quantical\u2026","rel":"","context":"V \u201eInvesti\u010dn\u00ed fond\u201c","block_context":{"text":"Investi\u010dn\u00ed fond","link":"https:\/\/dobretrejdy.com\/?cat=62"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/05\/CR1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/05\/CR1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/05\/CR1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":7351,"url":"https:\/\/dobretrejdy.com\/?p=7351","url_meta":{"origin":5803,"position":5},"title":"Miln\u00edk \u2013 V.","author":"dobretrejdy :c)","date":"1.11.2024","format":false,"excerpt":"\u00a0\u00a0 Vlo\u017een\u00ed oddechov\u00e9ho \u010dl\u00e1nku mezi n\u00e1ro\u010dn\u011bj\u0161\u00ed texty o dluhopisech a dluhopisov\u00fdch a \u00farokov\u00fdch deriv\u00e1tech nem\u00e1 v\u00fdznamn\u011bj\u0161\u00edho d\u016fvodu, tak\u017ee n\u00e1zev \u010dl\u00e1nku \u201emiln\u00edk\u201c jsem pou\u017eil jako synonymum pro p\u0159ijet\u00ed jak\u00e9hosi pomysln\u00e9ho oddechov\u00e9ho \u010dasu a nem\u00e1 s\u00a0existenc\u00ed n\u011bjak\u00e9 v\u00fdznamn\u00e9 \u017eivotn\u00ed nebo tradingov\u00e9 ud\u00e1losti t\u00e9m\u011b\u0159 \u017e\u00e1dnou souvislost. Napadlo m\u011b pouze n\u011bkolik mal\u00fdch podt\u00e9mat, kter\u00e9\u2026","rel":"","context":"V \u201eHaraburd\u00ed\u201c","block_context":{"text":"Haraburd\u00ed","link":"https:\/\/dobretrejdy.com\/?cat=1"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/11\/Q2.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/11\/Q2.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/11\/Q2.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/11\/Q2.jpg?resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5803"}],"version-history":[{"count":9,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5803\/revisions"}],"predecessor-version":[{"id":7305,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5803\/revisions\/7305"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/5804"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}