{"id":5850,"date":"2022-07-16T18:47:08","date_gmt":"2022-07-16T16:47:08","guid":{"rendered":"https:\/\/dobretrejdy.com\/?p=5850"},"modified":"2024-08-18T09:44:06","modified_gmt":"2024-08-18T07:44:06","slug":"akciovy-index-konstrukce","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=5850","title":{"rendered":"Akciov\u00fd Index (konstrukce)"},"content":{"rendered":"

\u00a0\u00a0 \u201e\u2026S&P 500 je na prd, to m\u011b kdyby k tomu pustili, tak j\u00e1 bych to ud\u011blal jinak\u2026\u201c. Jen\u017ee jak? Ban\u00e1ln\u00ed povzdech za\u010d\u00ednaj\u00edc\u00edho obchodn\u00edka po t\u0159ech \u00fasp\u011b\u0161n\u00fdch obchodech nad nedokonalost\u00ed nejzn\u00e1m\u011bj\u0161\u00edho akciov\u00e9ho indexu je sice jedna v\u011bc, ale porozum\u011bt alespo\u0148 z\u00e1kladn\u00ed konstrukci jeho tvorby je v\u011bc druh\u00e1. M\u016f\u017ee b\u00fdt nakonec tak\u00e9 pravdou, \u017ee pom\u011b\u0159ovat sv\u00e9 s\u00edly s v\u00fdkonnost\u00ed tohoto indexu nemus\u00ed b\u00fdt pr\u00e1v\u011b nejvhodn\u011bj\u0161\u00ed, proto\u017ee m\u00e9 akciov\u00e9 portfolio nemus\u00ed s t\u00edmto akciov\u00fdm indexem n\u011bjak v\u00fdznamn\u011b korelovat, mohu si tak sv\u00e9 v\u00fdsledky porovnat s \u0161irokou paletou index\u016f jin\u00fdch, je jich toti\u017e nep\u0159ebern\u00e9 mno\u017estv\u00ed. Pokud bych se sna\u017eil pochopit metodu v\u00fdpo\u010dtu indexu, mohl bych si nakonec vytvo\u0159it n\u011bjak\u00fd sv\u016fj vlastn\u00ed akciov\u00fd index, to by nakonec nemusela b\u00fdt pro z\u00e1kladn\u00ed pochopen\u00ed fungov\u00e1n\u00ed v\u016fbec \u0161patn\u00e1 my\u0161lenka a o tom by mohl b\u00fdt tento \u010dl\u00e1nek.<\/span><\/p>\n

\u00a0\u00a0 Skupinu vybran\u00fdch akciov\u00fdch titul\u016f, kter\u00e9 bych hodlal zapojit do v\u00fdpo\u010dtu m\u00e9ho akciov\u00e9ho indexu, bych mohl vyb\u00edrat podle nejr\u016fzn\u011bj\u0161\u00edch vlastn\u00edch preferenc\u00ed. Pokud by se mi zd\u00e1lo, \u017ee nap\u0159\u00edklad akciov\u00fd index S&P 500 je p\u0159\u00edli\u0161 \u0161irok\u00fd a diverzifikovan\u00fd, mohl bych zmen\u0161it po\u010det titul\u016f nebo se zam\u011b\u0159it pouze na n\u011bjak\u00fd vybran\u00fd sektor ekonomiky, kter\u00fd by se mi zamlouval, t\u0159eba s p\u0159ihl\u00e9dnut\u00edm ke znalostem, kter\u00fdmi o tomto odv\u011btv\u00ed disponuji nap\u0159\u00edklad d\u00edky m\u00e9 civiln\u00ed profesi. Mo\u017enost\u00ed pohled\u016f a v\u00fdb\u011br\u016f je opravdu nep\u0159ebern\u00e9 mno\u017estv\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Naj\u00edst a nap\u00edt se je vlastn\u00ed ka\u017ed\u00e9mu \u017eiv\u00e9mu tvorovi a bez t\u011bchto \u00fakon\u016f se jist\u011b ned\u00e1 existovat. Nebudu tak nyn\u00ed sp\u0159\u00e1dat my\u0161lenky na vytvo\u0159en\u00ed vlastn\u00edho indexu nap\u0159\u00edklad pro zam\u00fd\u0161len\u00e9 pozorov\u00e1n\u00ed akci\u00ed spole\u010dnost\u00ed zab\u00fdvaj\u00edc\u00ed se kybernetickou ochranou dat, ale budu cht\u00edt sestavit velmi primitivn\u00ed akciov\u00fd index ze t\u0159ech titul\u016f nab\u00edzej\u00edc\u00edch slu\u017eby k uspokojen\u00ed t\u011bchto z\u00e1kladn\u00edch lidsk\u00fdch pot\u0159eb, kter\u00fd nazvu RYO Index<\/strong>. M\u016fj vlastn\u00ed RY<\/strong>chl\u00e9 O<\/strong>b\u010derstven\u00ed akciov\u00fd index bude obsahovat t\u0159i velmi zn\u00e1m\u00e9 akciov\u00e9 tituly \u2013 MCD<\/strong>, YUM<\/strong> a SBUX<\/strong>, proto\u017ee jednodu\u0161e p\u0159edpokl\u00e1d\u00e1m, \u017ee Mek\u00e1\u010d, K\u00e1efc\u00e9\u010dko a St\u00e1rbags jsou natolik profl\u00e1knut\u00e9 spole\u010dnosti, \u017ee jejich m\u00edsto v m\u00e9m akciov\u00e9m indexu zam\u011b\u0159en\u00e9m na rychl\u00e9 ob\u010derstven\u00ed je neoddiskutovateln\u00e9. Nebude m\u011b ale nyn\u00ed zaj\u00edmat, co mi vlastn\u011b v\u00fdkonnost tohoto m\u00e9ho akciov\u00e9ho indexu bude m\u011b\u0159it, ale pouze hol\u00e1 skute\u010dnost, jak se mohu dopo\u010d\u00edtat<\/strong> jeho aktu\u00e1ln\u00ed v\u00fd\u0161e<\/strong>, jak\u00fd m\u00e1 ka\u017ed\u00fd jednotliv\u00fd titul vliv na jeho hodnotu a jak se p\u0159\u00edpadn\u00e9 nejr\u016fzn\u011bj\u0161\u00ed korpor\u00e1tn\u00ed ud\u00e1losti prom\u00edtaj\u00ed do v\u00fd\u0161e m\u00e9ho indexu.<\/span><\/p>\n

\u00a0\u00a0 Proveden\u00edm vlastn\u00edho v\u00fdb\u011bru titul\u016f budu st\u00e1t p\u0159i konstrukci v\u00fdpo\u010dtu m\u00e9ho vlastn\u00edho RYO Indexu p\u0159ed z\u00e1sadn\u00ed ot\u00e1zkou, jak vypo\u010d\u00edtat jeho aktu\u00e1ln\u00ed hodnotu. Mohu vybrat ze z\u00e1kladn\u00edch dvou p\u0159\u00edstup\u016f<\/strong>, kter\u00fdmi se budu cht\u00edt zab\u00fdvat \u2013 hodnota indexu bude stanoven\u00e1\u00a0v\u00e1\u017eenou kapitalizac\u00ed<\/strong> jednotliv\u00fdch slo\u017eek akciov\u00e9ho indexu nebo hodnota indexu bude stanoven\u00e1 v\u00e1\u017een\u00edm ceny<\/strong> ka\u017ed\u00e9 slo\u017eky m\u00e9ho akciov\u00e9ho indexu. \u00a0<\/span><\/p>\n

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Akciov\u00fd Index v\u00e1\u017een\u00fd kapitalizac\u00ed<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Vypo\u010d\u00edtat kapitalizaci<\/strong> ka\u017ed\u00e9 slo\u017eky m\u00e9ho RYO akciov\u00e9ho indexu nebude nic obt\u00ed\u017en\u00e9ho. Tr\u017en\u00ed kapitalizace<\/strong> ve\u0159ejn\u011b obchodovan\u00e9 akciov\u00e9 spole\u010dnosti je celkov\u00e9 dolarov\u00e9 vyj\u00e1d\u0159en\u00ed ceny v\u0161ech akci\u00ed<\/strong>, kter\u00e9 jsou uvoln\u011bny spole\u010dnost\u00ed pro ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed, tento objem akci\u00ed se naz\u00fdv\u00e1 \u201efloat<\/strong>\u201c. Vyn\u00e1soben\u00edm aktu\u00e1ln\u00ed ceny akcie ka\u017ed\u00e9 spole\u010dnosti z indexu po\u010dtem akci\u00ed k obchodov\u00e1n\u00ed mohu zjistit tr\u017en\u00ed kapitalizaci ka\u017ed\u00e9 z nich velmi jednodu\u0161e a v ka\u017ed\u00e9m okam\u017eiku. Jak\u00e9 mohu m\u00edt tedy zad\u00e1n\u00ed pro v\u00fdpo\u010det RYO akciov\u00e9ho Indexu k okam\u017eiku, kdy p\u00ed\u0161u tento \u010dl\u00e1nek? Budu cht\u00edt, aby RYO akciov\u00fd Index<\/strong> byl stanoven na z\u00e1klad\u011b v\u00e1hy<\/strong> celkov\u00e9 tr\u017en\u00ed kapitalizace<\/strong> jednotliv\u00fdch slo\u017eek indexu a budu cht\u00edt, aby jeho hodnota ke dni jeho sestrojen\u00ed byla 1000 bod\u016f<\/strong>.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Vypo\u010d\u00edtat aktu\u00e1ln\u00ed hodnotu kapitalizace jednotliv\u00fdch slo\u017eek RYO Indexu ke dni 10.7.2022 je patrn\u00e9 z\u00a0obr\u00e1zku n\u00ed\u017ee.<\/span><\/p>\n

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\u00a0\u00a0 Nic obt\u00ed\u017en\u00e9ho. Zji\u0161t\u011bn\u00edm \u201efloatu\u201c jednotliv\u00fdch spole\u010dnost\u00ed (1)<\/strong><\/span> a jeho vyn\u00e1soben\u00ed aktu\u00e1ln\u00ed cenou akcie (2)<\/strong><\/span> zji\u0161\u0165uji, \u017ee pokud bych se cht\u011bl zmocnit v\u0161ech voln\u011b obchodovan\u00fdch akci\u00ed McDonald\u2019s, musel bych \u201ed\u00e1t stranou\u201c n\u011bco m\u00e1lo p\u0159es 187 miliard dolar\u016f (3)<\/strong><\/span> k tomu, aby se mi to poda\u0159ilo a mohl m\u00edt \u201emek\u00e1\u010d\u201c pouze pro sebe. Je tak\u00e9 patrn\u00e9, \u017ee v\u0161echny kav\u00e1rny SBUX bych z tohoto pohledu po\u0159\u00eddil za polovinu (cca 90 miliard dolar\u016f) a fastfoodov\u00e9 spole\u010dnosti provozovan\u00e9 YUM by vy\u0161ly na \u0161estinu hodnoty tr\u017en\u00ed kapitalizace McDonald\u2019s. Je tak na prvn\u00ed pohled jasn\u00e9, kdo bude \u201etahounem\u201c indexu, proto\u017ee tento bude v\u00e1\u017een pr\u00e1v\u011b podle t\u00e9to tr\u017en\u00ed kapitalizace. P\u0159esto\u017ee jsem si sv\u00e9 t\u0159i tituly do RYO Indexu vybral v\u00edcem\u00e9n\u011b n\u00e1hodn\u011b, mohu ji\u017e na z\u00e1klad\u011b v\u00fd\u0161e tr\u017en\u00ed kapitalizace prov\u00e1d\u011bt prvn\u00ed zamy\u0161len\u00ed, jestli je vybran\u00fd akciov\u00fd titul pro index vhodn\u00fd. Mohu nap\u0159\u00edklad shrom\u00e1\u017edit v\u0161echny obchodovan\u00e9 akciov\u00e9 tituly se sektoru \u201erychl\u00e9ho ob\u010derstven\u00ed\u201c a stanovit, \u017ee minim\u00e1ln\u00ed tr\u017en\u00ed kapitalizace pot\u0159ebn\u00e1 pro vstup do indexu bude na \u00farovni 30 miliard dolar\u016f, po\u010det akci\u00ed ur\u010den\u00fdch k voln\u00e9mu obchodov\u00e1n\u00ed (float) bude p\u0159edstavovat alespo\u0148 80% v\u0161ech akci\u00ed spole\u010dnosti nebo minim\u00e1ln\u00ed cena akcie bude vy\u0161\u0161\u00ed ne\u017e 5 USD. Takto nastavovan\u00e1 krit\u00e9ria mi pak mohou nap\u0159\u00edklad vytv\u00e1\u0159et subindexy k m\u00e9mu hlavn\u00edmu RYO Indexu, nap\u0159\u00edklad SmallCap RYO Index, tedy akciov\u00fd index fastfoodov\u00fdch spole\u010dnost\u00ed, jejich\u017e tr\u017en\u00ed kapitalizace nen\u00ed vy\u0161\u0161\u00ed ne\u017e 30 miliard dolar\u016f a do hlavn\u00edho indexu by se tak tyto spole\u010dnosti neve\u0161ly\u2026:c).<\/span><\/p>\n

\u00a0\u00a0 Stanoven\u00ed tr\u017en\u00ed kapitalizace je snadn\u00fdm \u00fakonem, mus\u00edm se v\u0161ak tak\u00e9 vypo\u0159\u00e1dat s po\u017eadavkem, aby inicializa\u010dn\u00ed hodnota m\u00e9ho RYO Indexu byla po\u017eadovan\u00fdch 1 000 bod\u016f a byla tak u\u017eite\u010dn\u00e1 pro dal\u0161\u00ed praktick\u00e9 pou\u017eit\u00ed. K tomuto \u00fa\u010delu vyu\u017eiji n\u00ed\u017ee uveden\u00fd v\u00fdpo\u010det:\u00a0 \u00a0<\/span><\/p>\n

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

\u00a0\u00a0 P\u0159i stanoven\u00e9 tr\u017en\u00ed kapitalizaci ka\u017ed\u00e9 z\u00a0komponent RYO Indexu nebude probl\u00e9m stanovit tr\u017en\u00ed kapitalizaci cel\u00e9ho akciov\u00e9ho indexu<\/strong> prost\u00fdm sou\u010dtem jednotliv\u00fdch kapitalizac\u00ed (1)<\/strong><\/span>, potom zjist\u00edm, \u017ee m\u016fj RYO Index<\/strong> ke dni jeho inicializace m\u00e1 celkovou tr\u017en\u00ed kapitalizaci<\/strong> ve v\u00fd\u0161i 311\u00a0653\u00a0108\u00a0073 USD<\/strong>. Mohl bych nyn\u00ed za hodnotu RYO Indexu pova\u017eovat pr\u00e1v\u011b toto \u010d\u00edslo, proto\u017ee s jakoukoliv zm\u011bnou hodnoty akci\u00ed zahrnut\u00fdch do m\u00e9ho indexu by se m\u011bnila tak\u00e9 hodnota cel\u00e9 kapitalizace a tato by odr\u00e1\u017eela n\u00e1hled na tento sektor m\u011b\u0159en\u00fd pr\u00e1v\u011b akciov\u00fdmi tituly, kter\u00e9 jsem si do RYO Indexu vybral. Uva\u017eovat ve stovk\u00e1ch miliard dolar\u016f je velmi nep\u0159ehledn\u00e9 a nepraktick\u00e9, proto byl zaveden institut \u201eD\u011blitele\u201c<\/strong>, kter\u00fd stanov\u00ed startovac\u00ed hodnotu akciov\u00e9ho indexu na n\u011bjakou smyslupln\u011bj\u0161\u00ed \u00farove\u0148, pro m\u00e9 \u00fa\u010dely byly zvolena \u00favodn\u00ed \u00farove\u0148 ve v\u00fd\u0161i 1000 bod\u016f, kterou dos\u00e1hnu tak, \u017ee vyd\u011bl\u00edm<\/strong> startovac\u00ed tr\u017en\u00ed kapitalizaci RYO Indexu jednou tis\u00edcinou<\/strong> jeho aktu\u00e1ln\u00ed v\u00fd\u0161e (2)<\/strong><\/span>. M\u016fj \u201eprvn\u00ed D\u011blitel\u201c<\/strong> tak bude m\u00edt hodnotu 311 653 108,073<\/strong> a pokud vyd\u011bl\u00edm zahajovac\u00ed celkovou tr\u017en\u00ed kapitalizaci t\u00edmto d\u011blitelem (311 653 108 073\/311 653 108,073), z\u00edsk\u00e1m po\u017eadovan\u00fd v\u00fdsledek 1 000 bod\u016f, kter\u00fd bude reprezentovat po\u010d\u00e1te\u010dn\u00ed hodnotu RYO Indexu (3)<\/strong><\/span>.<\/span><\/p>\n

\u00a0\u00a0 Stanoven\u00fd v\u00fdpo\u010det za vyu\u017eit\u00ed D\u011blitele pak zabezpe\u010duje, \u017ee pohyb cen jednotliv\u00fdch komponent indexu zvy\u0161uje\/sni\u017euje hodnotu akciov\u00e9ho indexu s ohledem na zm\u011bnu tr\u017en\u00ed kapitalizace jeho jednotliv\u00fdch titul\u016f. Mohu tak nap\u0159\u00edklad vypozorovat, \u017ee mezidenn\u00ed n\u00e1r\u016fst ceny<\/strong> akcie SBUX<\/strong> o +1.50%<\/strong><\/span> (79.28 USD*1.015) na hodnotu 80.47 USD<\/strong> zp\u016fsob\u00ed n\u00ed\u017ee uvedenou zm\u011bnu:<\/span><\/p>\n

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\u00a0\u00a0 N\u00e1r\u016fst ceny SBUX<\/strong> o +1.50% (1)<\/strong><\/span> zv\u00fd\u0161\u00ed hodnotu RYO Indexu<\/strong> na \u00farove\u0148 1004.38<\/strong> bodu (2)<\/strong><\/span> a celkov\u00e1 hodnota RYO Indexu tak posko\u010d\u00ed +0.44% (3)<\/span><\/strong>. Pokud bych stejn\u00fd cenov\u00fd uptrend aplikoval na zna\u010dn\u011b v\u00edce kapitalizovanou sou\u010d\u00e1st m\u00e9ho akciov\u00e9ho indexu \u2013 titul MCD, mohu pozorovat n\u00e1sleduj\u00edc\u00ed zm\u011bnu cel\u00e9ho indexu:<\/span><\/p>\n

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\u00a0\u00a0 N\u00e1r\u016fst ceny akcie MCD<\/strong> o stejn\u00fdch +1.50%<\/strong><\/span> (253.24 USD*1.015) na hodnotu 257.04 USD (1)<\/span><\/strong> by zp\u016fsobilo zm\u011bnu m\u00e9ho RYO Indexu na hodnotu 1009.01 (2)<\/span><\/strong> a celkov\u011b by si fastfoodov\u00fd akciov\u00fd index polep\u0161il o +0.90% (3)<\/span><\/strong>.<\/span><\/p>\n

\u00a0\u00a0 T\u00e9m\u011b\u0159 ka\u017ed\u00fd i za\u010d\u00ednaj\u00edc\u00ed akciov\u00fd obchodn\u00edk patrn\u011b tu\u0161\u00ed, \u017ee v\u00fdkonnost akciov\u00e9ho indexu z\u00e1vis\u00ed na v\u00fdkonnosti slo\u017eek, kter\u00e9 jej tvo\u0159\u00ed a ka\u017ed\u00e9ho patrn\u011b napadne, \u017ee by nemuselo b\u00fdt \u0161patn\u00e9 cht\u00edt zm\u011b\u0159it, jak v\u00fdkon ur\u010dit\u00e9 slo\u017eky zas\u00e1hne v\u00fdkon cel\u00e9ho akciov\u00e9ho indexu. Pokud jsem byl u op\u010dn\u00edho kontraktu podle hodnoty Delta schopen ur\u010dit, jak\u00e1 bude cena t\u00e9to opce, pokud se zm\u011bn\u00ed cena podkladu o +1.00 USD, mohu tak\u00e9 zji\u0161\u0165ovat, jak se zm\u011bn\u00ed hodnota<\/strong> m\u00e9ho RYO Indexu<\/strong>, pokud se hodnota akcie<\/strong> n\u011bjak\u00e9 jeho slo\u017eky zm\u011bn\u00ed t\u0159eba pr\u00e1v\u011b o tento +1.00 USD<\/strong>. Pro tento jednoduch\u00fd v\u00fdpo\u010det zjist\u00edm pod\u00edl po\u010dtu akci\u00ed k obchodov\u00e1n\u00ed (float) k hodnot\u011b aktu\u00e1ln\u00edho d\u011blitele pro ka\u017edou spole\u010dnost z indexu. Mohu tak vid\u011bt tento v\u00fdpo\u010det v m\u00e9 tabulce v\u00fdpo\u010dtu RYO Indexu.<\/span><\/p>\n

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\u00a0\u00a0 Ve sloupci ozna\u010den\u00e9m \u0161ipkou mohu vypozorovat vypo\u010d\u00edtan\u00e9 pod\u00edly, tedy jakousi kalkulaci s\u00edly jednotliv\u00fdch titul\u016f z\u00a0pohledu p\u0159\u00edsp\u011bvku ke zm\u011bn\u011b hodnoty indexu p\u0159i stejn\u011b velk\u00e9m pohybu ceny podklad\u016f. Mohu tak vypozorovat, \u017ee pod\u00edl po\u010dtu akci\u00ed ur\u010den\u00fdch k\u00a0obchodov\u00e1n\u00ed u titulu YUM<\/strong> k hodnot\u011b d\u011blitele je vypo\u010d\u00edt\u00e1n na \u00farovni 0.915 (1)<\/span><\/strong>. Z t\u00e9to hodnoty pak mohu vy\u010d\u00edst, \u017ee pokud se hodnota akcie YUM<\/strong> pohne vzh\u016fru p\u0159esn\u011b o +1.00 USD<\/strong>, bude hodnota RYO Indexu<\/strong> vy\u0161\u0161\u00ed o +0,915 bodu<\/strong>. Toto mohu jednodu\u0161e demonstrovat zm\u011bnou aktu\u00e1ln\u00ed ceny akcie YUM ze 117.28 USD na \u00farove\u0148 (+117.28 USD + 1.00 USD) ve v\u00fd\u0161i 118.28 USD.<\/span><\/p>\n

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\u00a0\u00a0 Uptrend ceny YUM o +1.00 USD (1)<\/span><\/strong> se projevil opravdu ve zm\u011bn\u011b hodnoty indexu o avizovan\u00fd r\u016fst ve v\u00fd\u0161i +0.915<\/strong> bodu na hodnotu RYO Indexu<\/strong> ve v\u00fd\u0161i 1000.915 bodu (2)<\/span><\/strong>. \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Je asi jasn\u00e9, \u017ee hodnota D\u011blitele se bude muset m\u011bnit v \u010dase tak, jak se budou prov\u00e1d\u011bt \u00fapravy po\u010dtu akci\u00ed jednotliv\u00fdch titul\u016f obsa\u017een\u00fdch v akciov\u00e9m indexu ur\u010den\u00e9 k ve\u0159ejn\u00e9mu obchodov\u00e1n\u00ed. Mohou nastat dv\u011b modelov\u00e9 situace, ka\u017ed\u00e1 z nich bude m\u00edt na p\u0159epo\u010det hodnoty akciov\u00e9ho indexu r\u016fzn\u00fd vliv.<\/span><\/p>\n

Split a Reverzn\u00ed Split<\/strong><\/span><\/h2>\n

\u00a0 \u00a0Spole\u010dnost MCD usoud\u00ed, \u017ee cena obchodovan\u00fdch akci\u00ed je nyn\u00ed vysok\u00e1 a tato vy\u0161\u0161\u00ed cena m\u016f\u017ee brzdit jej\u00ed obchodov\u00e1n\u00ed ve v\u011bt\u0161\u00edch objemech. Rozhodne se proto, \u017ee se hodnota akci\u00ed roz\u0161t\u011bp\u00ed<\/strong> v pom\u011bru 1:3<\/strong>. Nebude to znamenat nic jin\u00e9ho, ne\u017e \u017ee ka\u017ed\u00fd sou\u010dasn\u00fd akcion\u00e1\u0159 bude po splitov\u00e9 operaci vlastnit t\u0159ikr\u00e1t v\u00edce akci\u00ed, ov\u0161em hodnota ka\u017ed\u00e9 z nich bude t\u0159etinov\u00e1. Pokud by se tato operace konala za sou\u010dasn\u00fdch cenov\u00fdch podm\u00ednek, tedy cen\u011b 253,24 USD za akcii a floatu v objemu 739 546 930 kus\u016f akci\u00ed, byla by cena akci\u00ed 253.24 USD\/3 na nov\u00e9 \u00farovni 84.41333 USD<\/strong> a po\u010det akci\u00ed ur\u010den\u00fdch k obchodov\u00e1n\u00ed 739 546 930*3 by pak \u010dinil 2 218 640 790 kus\u016f<\/strong>.<\/span><\/p>\n

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\u00a0\u00a0 Split akci\u00ed MCD 1:3 by nikoho o majetek nep\u0159ipravil a tak\u00e9 by nedo\u0161lo k\u00a0\u017e\u00e1dn\u00e9 zm\u011bn\u011b ve v\u00fd\u0161i tr\u017en\u00ed kapitalizace titulu MCD. Nemusel bych pak prov\u00e1d\u011bt \u017e\u00e1dn\u00e9 \u00fapravy D\u011blitele<\/strong> akciov\u00e9ho indexu, na celkovou v\u00fd\u0161i indexu by to nem\u011blo \u017e\u00e1dn\u00fd vliv. Z\u00a0logiky v\u011bci a v\u00fdpo\u010dtu vypl\u00fdv\u00e1, \u017ee stejn\u00e9 chov\u00e1n\u00ed by pak p\u0159inesl Reverzn\u00ed Split akci\u00ed, tedy transformace v\u011bt\u0161\u00edho po\u010dtu levn\u00fdch akci\u00ed do men\u0161\u00edho po\u010dtu dra\u017e\u0161\u00edch akci\u00ed podle spole\u010dnost\u00ed zvolen\u00e9ho pom\u011bru, nap\u0159\u00edklad v\u00a0opa\u010dn\u00e9m pom\u011bru 3:1.<\/span><\/p>\n

Odkupy akci\u00ed, Sekund\u00e1rn\u00ed emise, Rebalancov\u00e1n\u00ed Indexu…<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Rozhodnut\u00edm ve\u0159ejn\u011b obchodovateln\u00e9 spole\u010dnosti, nejr\u016fzn\u011bj\u0161\u00edmi extern\u00edmi vlivy \u010di nespln\u011bn\u00edm po\u017eadavk\u016f b\u00fdt sou\u010d\u00e1st\u00ed m\u00e9ho RYO Indexu dojde k\u00a0vynucen\u00e9 zm\u011bn\u011b celkov\u00e9 tr\u017en\u00ed kapitalizace akciov\u00e9ho indexu. Mohu si zjednodu\u0161en\u011b p\u0159edstavit, \u017ee spole\u010dnost YUM! Brands po \u00fasp\u011b\u0161n\u00e9m hospod\u00e1\u0159sk\u00e9m v\u00fdsledku za uplynul\u00e9 obdob\u00ed vyhl\u00e1s\u00ed odkup vlastn\u00edch akci\u00ed v\u00a0po\u010dtu 5 milion\u016f kus\u016f. Mohu si tak\u00e9 p\u0159edstavit rozhodnut\u00ed spole\u010dnosti McDonald\u2019s zajistit dal\u0161\u00ed financov\u00e1n\u00ed sv\u00e9ho rozvoje vyd\u00e1n\u00edm dal\u0161\u00ed emise akci\u00ed v\u00a0po\u010dtu 10 milion\u016f kus\u016f. Mohu si dokonce p\u0159edstavit situaci, kdy spole\u010dnost Starbucks p\u0159estane vyhovovat po\u017eadavku na setrv\u00e1n\u00ed v\u00a0indexu, proto\u017ee klesne jej\u00ed cena natolik, \u017ee nespln\u00ed po\u017eadavek na minim\u00e1ln\u00ed tr\u017en\u00ed kapitalizaci a bude tak nahrazena jin\u00fdm titulem ze sektoru poskytov\u00e1n\u00ed fastfoodov\u00fdch slu\u017eeb, kter\u00fd tento parametr spl\u0148uje. V\u0161echny tyto zm\u011bny se dot\u00fdkaj\u00ed zm\u011bny tr\u017en\u00ed kapitalizace nikoliv zm\u011bnou ceny jednotliv\u00e9 akcie, ale zm\u011bnou po\u010dtu akci\u00ed ur\u010den\u00fdch k\u00a0obchodov\u00e1n\u00ed. Jak se tato zm\u011bna projev\u00ed v\u00a0konstrukci v\u00fdpo\u010dtu indexu mohu nast\u00ednit v\u00a0avizovan\u00e9m modelov\u00e9m p\u0159\u00edkladu, kdy se spole\u010dnost YUM! Brands chyst\u00e1 st\u00e1hnout z\u00a0ob\u011bhu 5 milion\u016f kus\u016f ve\u0159ejn\u011b obchodovan\u00fdch akci\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Aktu\u00e1ln\u00ed hodnota m\u00e9ho RYO Indexu je na \u00farovni 1005.93 bod\u016f, od jeho inicializace do\u0161lo k\u00a0cenov\u00fdm pohyb\u016fm na titulech, kter\u00e9 jej tvo\u0159\u00ed a skladbu indexu by pak mohla reprezentovat tato tabulka, situace zobrazuje Close ceny po ukon\u010den\u00ed obchodov\u00e1n\u00ed.<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0prohl\u00e1\u0161en\u00ed veden\u00ed spole\u010dnosti YUM! Brands<\/strong> v\u00edm, \u017ee z\u00a0ob\u011bhu bude sta\u017eeno 5 milion\u016f akci\u00ed,<\/strong> po\u010det ve\u0159ejn\u011b obchodovan\u00fdch akci\u00ed tak bude sn\u00ed\u017een a toto sn\u00ed\u017een\u00ed se uskute\u010dn\u00ed pr\u00e1v\u011b p\u0159ed z\u00edt\u0159ej\u0161\u00edm Open. Pokud bych ponechal tabulku ve stavu, ve kter\u00e9m se nach\u00e1z\u00ed a pouze upravil float u tickeru YUM o zm\u00edn\u011bn\u00fdch 5 milionu kus\u016f, vypadala by tabulka v\u00fdpo\u010dtu hodnoty indexu takto:<\/span><\/p>\n

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\u00a0 Ani\u017e by do\u0161lo k\u00a0jak\u00e9mukoliv cenov\u00e9mu pohybu<\/strong>, hodnota akciov\u00e9ho indexu RYO Index by se ze zav\u00edrac\u00ed\u00a0hodnoty 1005.93 propadla<\/strong> na hodnotu 1004.01 bodu<\/strong>, a to by bylo nemil\u00e9.<\/span><\/p>\n

\u00a0\u00a0 P\u0159edej\u00edt takov\u00e9mu nevysv\u011btliteln\u00e9mu propadu bez cenov\u00e9ho pohybu jednotliv\u00fdch komponent indexu lze \u00fapravou<\/strong> hodnoty D\u011blitele<\/strong>, kter\u00fd tuto zm\u011bnu vhodn\u011b postihne a hodnota RYO indexu se nijak nezm\u011bn\u00ed. Pokud vezmu z\u00a0trhu 5 milionu akci\u00ed k\u00a0obchodov\u00e1n\u00ed, zm\u011bn\u00ed se nejen celkov\u00e1 tr\u017en\u00ed kapitalizace dan\u00e9ho titulu, ale tak\u00e9 tr\u017en\u00ed kapitalizace cel\u00e9ho akciov\u00e9ho indexu. Proto, abych p\u0159ede\u0161el skokov\u00fdm pohyb\u016fm na akciov\u00e9m indexu, uprav\u00edm v\u00fdpo\u010det pomoc\u00ed vyhled\u00e1n\u00ed nov\u00e9ho d\u011blitele, kter\u00fd zabezpe\u010d\u00ed, \u017ee zm\u011bna kapitalizace povede ke stejn\u00e9 hodnot\u011b akciov\u00e9ho indexu.<\/span><\/p>\n

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\u00a0\u00a0 Sta\u017een\u00ed 5 milion\u016f akci\u00ed spole\u010dnosti YUM vedlo k poklesu celkov\u00e9<\/strong> tr\u017en\u00ed kapitalizace RYO Indexu z 313\u00a0500\u00a0200\u00a0997 USD<\/strong> na 312\u00a0903\u00a0700\u00a0997 USD (1)<\/span><\/strong>, tedy pokles tr\u017en\u00ed kapitalizace o v\u00edce ne\u017e p\u016fl miliardy dolar\u016f. Abych obdr\u017eel nov\u00e9ho D\u011blitele, kter\u00fd mi zabezpe\u010d\u00ed, \u017ee i p\u0159es tento pokles kapitalizace bez cenov\u00fdch pohyb\u016f akci\u00ed vygeneruje hodnotu RYO Indexu stejnou ne\u017e p\u0159ed zm\u011bnou t\u00e9to kapitalizace, vyd\u011bl\u00edm novou tr\u017en\u00ed kapitalizaci<\/strong> cel\u00e9ho indexu (1)<\/span><\/strong> hodnotou p\u016fvodn\u00edho RYO Indexu<\/strong> na \u00farovni 1005.93 bodu (2)<\/span><\/strong>, t\u00edm obdr\u017e\u00edm novou hodnotu D\u011blitele (3)<\/span><\/strong>. Mohu pak pozorovat, \u017ee d\u011blen\u00ed nov\u00e9 tr\u017en\u00ed kapitalizace akciov\u00e9ho indexu nov\u00fdm d\u011blitelem p\u0159inese stejn\u00fd v\u00fdsledek, jako p\u0159ed zm\u011bnou kapitalizace titulu YUM, kontinuita hodnoty akciov\u00e9ho indexu tak z\u016fstane zachov\u00e1na (4)<\/span><\/strong>. P\u0159i Open dne n\u00e1sleduj\u00edc\u00edm po \u00faprav\u011b kapitalizace tak obchodn\u00edk sleduj\u00edc\u00ed akciov\u00fd index ani nepost\u0159ehne, \u017ee n\u011bkter\u00e1 ze spole\u010dnost\u00ed pro\u0161la \u00fapravou po\u010dtu sv\u00fdch ve\u0159ejn\u011b obchodovan\u00fdch akci\u00ed, tedy \u017ee z trh\u016f zmizelo 5 milion\u016f akci\u00ed YUM.<\/span><\/p>\n

\u00a0\u00a0 Ve stejn\u00e9m smyslu pak m\u016f\u017ee k\u00a0\u00faprav\u011b akciov\u00e9ho indexu doj\u00edt v\u00a0p\u0159\u00edpad\u011b, \u017ee po\u010det ve\u0159ejn\u011b obchodovan\u00fdch akci\u00ed vzroste nap\u0159\u00edklad emitov\u00e1n\u00edm dal\u0161\u00edch akci\u00ed<\/strong> (Secondary Public Offering) nebo v\u00fdm\u011bnou cel\u00e9ho titulu<\/strong> za jinou spole\u010dnost ze zcela odli\u0161nou cenou a po\u010dtem voln\u011b obchodovan\u00fdch akci\u00ed (Rebalancov\u00e1n\u00ed akciov\u00e9ho indexu), postup s\u00a0\u00fapravou D\u011blitele se pou\u017eije adekv\u00e1tn\u011b.<\/span><\/p>\n

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Akciov\u00fd Index v\u00e1\u017een\u00fd cenou<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Odli\u0161n\u00fdm p\u0159\u00edstupem k\u00a0v\u00fdpo\u010dtu hodnoty akciov\u00e9ho indexu mohu zjistit jeho hodnotu na z\u00e1klad\u011b v\u00fdpo\u010dtu v\u00e1\u017een\u00edm ceny<\/strong> jednotliv\u00fdch \u010dlen\u016f indexu<\/strong>. Nebudu tak nyn\u00ed br\u00e1t do \u00favahy velikost tr\u017en\u00ed kapitalizace ka\u017ed\u00e9 spole\u010dnosti z indexu, pota\u017emo celkovou kapitalizaci akciov\u00e9ho indexu, ale pouze cenu ka\u017ed\u00e9ho p\u0159\u00edslu\u0161n\u00edka akciov\u00e9ho indexu a jejich celkov\u00fd sou\u010det. Budu nyn\u00ed pokra\u010dovat v zahled\u011bnosti do tvorby fastfoodov\u00e9ho akciov\u00e9ho indexu RYO Index<\/strong>, jeho\u017e komponenty budou MCD, SBUX a YUM a budu se sna\u017eit sv\u016fj index vypo\u010d\u00edtat metodou v\u00e1\u017een\u00ed cen<\/strong> t\u011bchto jednotliv\u00fdch \u010dlen\u016f ke stanoven\u00ed jeho prvn\u00ed hodnoty na \u00farovn\u00ed 1.000 bod\u016f<\/strong>.<\/span><\/p>\n

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\u00a0\u00a0 Nam\u00edsto sou\u010dtu tr\u017en\u00edch kapitalizac\u00ed u indexu v\u00e1\u017een\u00e9ho touto tr\u017en\u00ed kapitalizac\u00ed budu s\u010d\u00edtat ceny<\/strong> jednotliv\u00fdch \u010dlen\u016f indexu<\/strong>, abych zjistil, \u017ee tento \u010din\u00ed 449,80 (1)<\/span><\/strong>. Po\u017eadavek na p\u0159epo\u010det t\u00e9to inicializa\u010dn\u00ed hodnoty RYO Indexu na \u00farovni 1.000 bod\u016f vy\u0159e\u0161\u00edm tak, \u017ee budu tento sou\u010det d\u011blit D\u011blitelem<\/strong>, kter\u00fd je jednou tis\u00edcinou<\/strong> tohoto prvotn\u00edho sou\u010dtu, tedy \u010d\u00edslem 0.4498 (2)<\/span><\/strong>. Takto si nastav\u00edm po\u010d\u00e1te\u010dn\u00ed hodnotu RYO Indexu<\/strong> na hodnotu 1.000 bod\u016f<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Pokud u indexu v\u00e1\u017een\u00e9ho tr\u017en\u00ed kapitalizac\u00ed p\u0159isp\u00edvaly k pohybu indexu o proporcion\u00e1ln\u011b stejnou m\u00edru pohybu (nap\u0159\u00edklad +1.50%) v\u00edce spole\u010dnosti s vy\u0161\u0161\u00ed tr\u017en\u00ed kapitalizac\u00ed ne\u017e m\u00e9n\u011b kapitalizovan\u00e9 spole\u010dnosti, u akciov\u00e9ho indexu s v\u00fdpo\u010dtem hodnoty podle v\u00e1hy jednotliv\u00fdch cen budou \u201ehybateli\u201c indexu<\/strong> spole\u010dnosti s vy\u0161\u0161\u00ed cenou akcie<\/strong> ne\u017e \u010dlenov\u00e9 s ni\u017e\u0161\u00ed cenou. Mohu tak nap\u0159\u00edklad vypozorovat, \u017ee mezidenn\u00ed n\u00e1r\u016fst ceny akcie SBUX<\/strong> o +1.50%<\/strong> <\/span>(79.28 USD*1.015) na hodnotu 80.47 USD<\/strong> zp\u016fsob\u00ed n\u00ed\u017ee uvedenou zm\u011bnu:\u00a0 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Zm\u011bna ceny SBUX o +1.5% zp\u016fsob\u00ed n\u00e1r\u016fst hodnoty m\u00e9ho RYO Indexu<\/strong> o +0,26%<\/strong> na hodnotu 1002.65 bod\u016f<\/strong>. Stejn\u00fd n\u00e1r\u016fst ceny podstatn\u011b dra\u017e\u0161\u00ed akcie MCD<\/strong> o +1.50%<\/strong><\/span> (253.24 USD*1.015) na hodnotu 257.04 USD<\/strong> by pak zp\u016fsobil n\u00ed\u017ee uvedenou zm\u011bnu RYO Indexu:<\/span><\/p>\n

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\u00a0\u00a0 \u010c\u00edm je akcie dra\u017e\u0161\u00ed, t\u00edm zp\u016fsobuje p\u0159i stejn\u00e9m procentn\u00edm pohybu podstatn\u011bj\u0161\u00ed zm\u011bnu hodnoty RYO Indexu, kter\u00fd je nyn\u00ed v\u00e1\u017een\u00fd cenou jednotliv\u00fdch zastoupen\u00fdch \u010dlen\u016f. Identick\u00fd +1.50%<\/strong> pohyb na MCD zp\u016fsob\u00ed r\u016fst ceny RYO Indexu o +0.84%<\/strong> na jeho novou hodnotu 1008.44 bod\u016f<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Pozn\u00e1n\u00ed hodnoty D\u011blitele u cenov\u011b v\u00e1\u017een\u00e9ho indexu mi tak m\u016f\u017ee tak\u00e9 napov\u011bd\u011bt, jak\u00e1 bude hodnota indexu<\/strong>, pokud se zm\u011bn\u00ed cena n\u011bkter\u00e9 komponenty o pevn\u011b stanovenou \u010d\u00e1stku, t\u0159eba o +1.00 USD<\/strong>. V\u00a0p\u0159\u00edpad\u011b indexu vypo\u010d\u00edtan\u00e9ho v\u00e1\u017eenou kapitalizac\u00ed jsem pou\u017e\u00edval p\u0159i tomto zji\u0161t\u011bn\u00ed hodnotu D\u011blitele a po\u010dtu akci\u00ed ur\u010den\u00fdch k\u00a0ve\u0159ejn\u00e9mu obchodov\u00e1n\u00ed, nyn\u00ed v\u0161ak, u cenov\u011b v\u00e1\u017een\u00e9ho indexu je tento po\u010det akci\u00ed nepodstatn\u00fd, v\u00e1hu indexu ud\u00e1v\u00e1 pouze cena akcie a nikoliv jej\u00ed po\u010det. Mohu pak vyu\u017e\u00edt hodnotu D\u011blitele<\/strong> (aktu\u00e1ln\u011b 0.4498) ke stanoven\u00ed koeficientu<\/strong> pomoc\u00ed v\u00fdpo\u010dtu 1\/0.4498<\/strong> = 2.22<\/strong> bodu, pomoc\u00ed kter\u00e9ho vypo\u010d\u00edt\u00e1m p\u0159\u00edr\u016fstek hodnoty indexu v p\u0159\u00edpad\u011b, \u017ee se cena kter\u00e9hokoliv titulu zvedne p\u0159esn\u011b o +1.00 USD<\/strong>. Mohu tak vypozorovat, jestli je to spr\u00e1vn\u011b v p\u0159\u00edpad\u011b, \u017ee hodnota akci\u00ed YUM naroste o +1.00 USD.<\/span><\/p>\n

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\u00a0\u00a0 N\u00e1r\u016fst ceny YUM<\/strong> z\u00a0\u00farovn\u011b 117.28 USD<\/strong> p\u0159esn\u011b o +1.00 USD<\/strong> na aktu\u00e1ln\u00ed \u00farove\u0148 118.28 USD (1)<\/span><\/strong> zp\u016fsob\u00ed, \u017ee hodnota RYO Indexu<\/strong> vzroste na \u00farove\u0148 vy\u0161\u0161\u00ed p\u0159esn\u011b o +2.22 bodu<\/strong> ve v\u00fd\u0161i 1002.22 bodu (2)<\/span><\/strong> a tedy jeho hodnota povyroste o + 0.22% (3)<\/span><\/strong>. Stejn\u011b si samoz\u0159ejm\u011b budu po\u010d\u00ednat u poklesu ceny akcie o -1.00 USD, kdy cena RYO Indexu klesne o -2.22 bodu\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/p>\n

\u00a0\u00a0 Pozn\u00e1n\u00ed \u00falohy D\u011blitele p\u0159i \u201evynucen\u00e9\u201c zm\u011bn\u011b kapitalizace u indexu tvo\u0159en\u00fdch v\u00e1\u017een\u00edm tr\u017en\u00edch kapitalizac\u00ed jejich \u010dlen\u016f popisovan\u00e9 v\u00fd\u0161e nach\u00e1z\u00ed uplatn\u011bn\u00ed tak\u00e9 u indexu vypo\u010d\u00edt\u00e1van\u00fdch v\u00e1\u017een\u00edm ceny jejich \u010dlen\u016f. Vyu\u017eit\u00ed D\u011blitele je v\u0161ak rozd\u00edln\u00e9.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 \u00a0Split a Reverzn\u00ed Split<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Fastfoodov\u00e9mu akciov\u00e9mu indexu RYO Index<\/strong> v\u00e1\u017een\u00e9m cenou sv\u00fdch komponent\u016f je \u201ejakoby jedno\u201c, kolik akci\u00ed je ur\u010deno k\u00a0ve\u0159ejn\u00e9mu obchodov\u00e1n\u00ed a zcela tak nez\u00e1le\u017e\u00ed na tr\u017en\u00ed kapitalizaci jednotliv\u00fdch jejich \u010dlen\u016f. Rozhodnut\u00ed emitent\u016f o proveden\u00ed \u201e\u0161t\u011bpen\u00ed nebo slu\u010dov\u00e1n\u00ed\u201c akci\u00ed znamenalo sice zv\u00fd\u0161en\u00ed\/sn\u00ed\u017een\u00ed po\u010dtu voln\u011b obchodovan\u00fdch akci\u00ed, toto bylo ale doprov\u00e1zeno zcela identick\u00fdm p\u0159epo\u010dtem ceny nov\u011b vytvo\u0159en\u00fdch akci\u00ed, tak\u017ee k\u00a0\u017e\u00e1dn\u00e9 zm\u011bn\u011b kapitalizace nedoch\u00e1zelo a proveden\u00ed t\u00e9to akce nijak neovlivnilo hodnotu akciov\u00e9ho indexu v\u00e1\u017een\u00e9ho tr\u017en\u00edmi kapitalizacemi jejich \u010dlen\u016f, jednodu\u0161e se \u017e\u00e1dn\u00e1 zm\u011bna kapitalizace nekonala. Toto v\u0161ak v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b naplat\u00ed pro cenov\u011b v\u00e1\u017een\u00e9 akciov\u00e9 indexy, kde \u201evynucen\u00e1\u201c zm\u011bna ceny<\/strong> akcie z d\u016fvodu splitov\u00e9 operace pohne hodnotou takto konstruovan\u00e9ho indexu. Na obr\u00e1zku n\u00ed\u017ee je aktu\u00e1ln\u011b stanoven\u00e1 hodnota cenov\u011b v\u00e1\u017een\u00e9ho RYO Indexu po t\u00fddnu psan\u00ed tohoto \u010dl\u00e1nku.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0Po Close p\u00e1te\u010dn\u00edch trh\u016f je p\u0159i aktu\u00e1ln\u00edch cen\u00e1ch akci\u00ed z indexu, jejich\u017e sou\u010det je 452.97 USD (1)<\/span><\/strong> a nyn\u011bj\u0161\u00ed hodnot\u011b D\u011blitele<\/strong> ve v\u00fd\u0161i 0.4498 (2)<\/span><\/strong> hodnota RYO Indexu 1007.50 bod\u016f (3)<\/span><\/strong>. Spole\u010dnost McDonald\u2019s se nyn\u00ed rozhodla, \u017ee provede v\u00edkendovou splitovou operaci<\/strong> v pom\u011bru 1:2<\/strong>, tedy ka\u017ed\u00e1 ze sou\u010dasn\u00fdch akci\u00ed za cenu 255.20 USD bude nahrazena dv\u011bma akciemi<\/strong> za polovi\u010dn\u00ed cenu <\/strong>ve v\u00fd\u0161i 127.60 USD<\/strong>. Pokud bych ponechal v\u00fdpo\u010det bez \u00fapravy, mohl bych sledovat p\u0159i pond\u011bln\u00edm Open, po proveden\u00ed splitov\u00e9 operace tyto hodnoty RYO Indexu:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Rozd\u011blen\u00edm ceny<\/strong> akci\u00ed MCD na polovinu (1)<\/strong><\/span>\u00a0se nepochybn\u011b sn\u00ed\u017e\u00ed celkov\u00fd sou\u010det cen v\u00a0akciov\u00e9m indexu v\u00e1\u017een\u00fdm podle v\u00fd\u0161e cen jeho \u010dlen\u016f (2)<\/strong><\/span> a p\u0159i pou\u017eit\u00ed p\u016fvodn\u00edho D\u011blitele<\/strong> ve v\u00fd\u0161i 0.4498 (3)<\/span><\/strong> by se cena akciov\u00e9ho indexu RYO Index propadla na hodnotu 723.37 bod\u016f<\/strong>\u00a0a ztratila by tak v\u00edce ne\u017e \u010dtvrtinu sv\u00e9 p\u00e1te\u010dn\u00ed ceny (4)<\/strong><\/span>, a to by byla (nap\u0159\u00edklad pro investory do tohoto indexu) patrn\u011b pohroma. Mus\u00ed b\u00fdt tedy b\u011bhem v\u00edkendu provedena \u00faprava D\u011blitele<\/strong> tak, aby RYO Index reflektoval skokov\u011b sn\u00ed\u017eenou polovi\u010dn\u00ed cenu MCD zp\u016fsobenou \u00fa\u010detn\u00ed operac\u00ed a nikoliv tr\u017en\u00edmi vlivy a jeho hodnota byla zachov\u00e1na, tedy aby z\u016fstala na \u00farovni 1007.50 bodu. Na obr\u00e1zku n\u00ed\u017ee je tato \u00faprava zachycena:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 \u00daprava D\u011blitele na jeho novou hodnotu je trivi\u00e1ln\u00ed. Proto, aby mi z\u016fstala po \u00faprav\u011b sou\u010dtu nov\u00fdch cen (1)<\/span><\/strong> hodnota RYO Indexu stejn\u00e1 (2)<\/span><\/strong> mus\u00edm upravit hodnotu D\u011blitele tak, \u017ee bude pod\u00edlem nov\u00e9ho sou\u010dtu<\/strong> cen akci\u00ed po splitov\u00e9 operaci (1)<\/strong> <\/span>a p\u016fvodn\u00ed hodnoty indexu p\u0159ed splitovou operac\u00ed (2)<\/span><\/strong>, tedy 325.37\/1007.50 = 0.3229<\/strong>, toto je hodnota nov\u00e9ho D\u011blitele<\/strong>. Jeho nasazen\u00edm do dal\u0161\u00edch obchodn\u00edch dn\u016f zajist\u00edm kontinu\u00e1ln\u00ed podobu hodnoty RYO Indexu p\u0159esto, \u017ee se cena akcie v\u00fdrazn\u011b zm\u011bnila roz\u0161t\u011bpen\u00edm jej\u00ed ceny. Je tak\u00e9 pochopiteln\u00e9, \u017ee stejn\u00e1 po\u010detn\u00ed operace by p\u0159ich\u00e1zela v \u00favahu p\u0159i reverzn\u00edm splitu, tedy v p\u0159\u00edpad\u011b, \u017ee se dojde ke splynut\u00ed ceny ve\u0159ejn\u011b obchodovan\u00e9 akcie, nap\u0159\u00edklad v pom\u011bru 4:1, kdy za ka\u017ed\u00e9 \u010dty\u0159i akcie obdr\u017e\u00edm jednu akcii s \u010dty\u0159n\u00e1sobn\u011b vy\u0161\u0161\u00ed hodnotou.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0Odkupy akci\u00ed, Sekund\u00e1rn\u00ed emise\u2026<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Operace akciov\u00fdch spole\u010dnost\u00ed, kter\u00e9 \u201evynucen\u011b\u201c m\u011bn\u00ed svou kapitalizaci stahov\u00e1n\u00edm akci\u00ed z trhu nebo naopak roz\u0161i\u0159ov\u00e1n\u00edm jej\u00edho po\u010dtu nejsou p\u0159edm\u011btem p\u0159epo\u010d\u00edt\u00e1v\u00e1n\u00ed D\u011blitele<\/strong> u akciov\u00fdch indexu se stanoven\u00edm jejich hodnoty v\u00e1\u017een\u00edm cen jednotliv\u00fdch \u010dlen\u016f. P\u0159esto\u017ee je patrn\u00e9, \u017ee tyto operace maj\u00ed vliv na kone\u010dn\u00e9 ceny akci\u00ed, tyto cenov\u00e9 zm\u011bny jsou v\u00fdrazem o\u010dek\u00e1v\u00e1n\u00ed \u00fa\u010dastn\u00edk\u016f trhu, kte\u0159\u00ed je tlakem nab\u00eddky a popt\u00e1vky deformovan\u00e9 t\u011bmito cenov\u00fdmi operacemi do kone\u010dn\u00e9 ceny patrn\u011b prom\u00edtnou.<\/span><\/p>\n

\u00a0\u00a0 V\u00a0obecn\u00e9m pohledu pak je mo\u017en\u00e9 konstatovat, \u017ee cenov\u011b v\u00e1\u017een\u00e9 akciov\u00e9 indexy<\/strong> bude t\u0159eba upravovat<\/strong> (p\u0159epo\u010d\u00edtat D\u011blitele) v\u00a0p\u0159\u00edpad\u011b z\u00e1sahu do ceny akcie<\/strong>, kde\u017eto u akciov\u00fdch index\u016f s\u00a0v\u00e1hou podle tr\u017en\u00ed kapitalizace<\/strong> bude zapot\u0159eb\u00ed po\u010detn\u00edho z\u00e1sahu p\u0159i vynucen\u00e9 zm\u011bn\u011b<\/strong> t\u011bchto tr\u017en\u00edch kapitalizac\u00ed<\/strong>. \u00a0\u00a0<\/span><\/p>\n

\n

\u00a0\u00a0 Akciov\u00fd index S&P 500 je nejv\u00fdrazn\u011bj\u0161\u00edm p\u0159\u00edkladem akciov\u00e9ho indexu s hodnotou stanovenou tr\u017en\u00ed kapitalizac\u00ed jeho \u010dlen\u016f, akciov\u00fd index Dow Jones Industrial Average je naopak asi nejzn\u00e1m\u011bj\u0161\u00edm p\u0159\u00edpadem akciov\u00e9ho indexu, jeho\u017e hodnota je stanovov\u00e1na pomoc\u00ed v\u00e1\u017een\u00ed aktu\u00e1ln\u00edch cen p\u0159\u00edslu\u0161n\u00edk\u016f indexu. Mysl\u00edm, \u017ee nen\u00ed na \u0161kodu alespo\u0148 m\u00edrn\u011b nahl\u00e9dnout do konstrukc\u00ed t\u011bchto entit, jak tyto indexy \u201ematematicky\u201c funguj\u00ed a jak se v z\u00e1kladn\u00edm principu stanovuje jejich cena. Mohu pak nap\u0159\u00edklad vyhodnotit, \u017ee n\u011bkolik ob\u0159\u00edch spole\u010dnost\u00ed s aktu\u00e1ln\u011b \u201enorm\u00e1ln\u00ed\u201c cenou akcie m\u016f\u017ee pohybovat cenou indexu v\u00e1\u017een\u00e9ho tr\u017en\u00ed kapitalizac\u00ed stejn\u011b, jako n\u011bkolik jin\u00fdch daleko men\u0161\u00edch spole\u010dnost\u00ed (m\u011b\u0159eno tr\u017en\u00ed kapitalizac\u00ed) m\u016f\u017ee stejn\u011b vydatn\u011b pohybovat cenou akciov\u00e9ho indexu v\u00e1\u017een\u00e9ho cenou pouze d\u00edky tomu, \u017ee ceny jejich akci\u00ed jsou v nomin\u00e1ln\u00edm vyj\u00e1d\u0159en\u00ed aktu\u00e1ln\u011b zna\u010dn\u011b vysoko, koneckonc\u016f na odli\u0161n\u00fd princip v\u00fdpo\u010dtu hodnoty akciov\u00fdch index\u016f mohu tak\u00e9 sv\u00e1d\u011bt poruchy v jejich vz\u00e1jemn\u00fdch korelac\u00edch\u2026: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<\/strong><\/span><\/a> :c)\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0 \u201e\u2026S&P 500 je na prd, to m\u011b kdyby k tomu pustili, tak j\u00e1 bych to ud\u011blal jinak\u2026\u201c. Jen\u017ee jak? Ban\u00e1ln\u00ed povzdech za\u010d\u00ednaj\u00edc\u00edho obchodn\u00edka po t\u0159ech \u00fasp\u011b\u0161n\u00fdch obchodech nad nedokonalost\u00ed nejzn\u00e1m\u011bj\u0161\u00edho akciov\u00e9ho indexu je sice jedna v\u011bc, ale porozum\u011bt alespo\u0148 z\u00e1kladn\u00ed konstrukci jeho tvorby je v\u011bc druh\u00e1. M\u016f\u017ee b\u00fdt nakonec Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":5851,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_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},"jetpack_post_was_ever_published":false},"categories":[2],"tags":[59],"class_list":["post-5850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-zaklady","tag-akciovy-index"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1wm","jetpack-related-posts":[{"id":2853,"url":"https:\/\/dobretrejdy.com\/?p=2853","url_meta":{"origin":5850,"position":0},"title":"VVIX – Volatilita Volatility","author":"dobretrejdy :c)","date":"26.1.2019","format":false,"excerpt":"\u00a0 \u00a0\u00a0Gepard ub\u011bhne sto metr\u016f za \u010dty\u0159i vte\u0159iny, z\u00a0Olomouce do Brna pojedu ve sv\u00e9m aut\u011b hodinu a \u017eralok pr\u00fd plave stejn\u011b rychle, jako si to uh\u00e1n\u00ed Usain Bolt. Ka\u017ed\u00fd tvor nebo ka\u017ed\u00e1 v\u011bc, v\u0161e, co m\u00e1 schopnost pohybu, m\u00e1 svou vlastn\u00ed rychlost. M\u016f\u017eu ji nejr\u016fzn\u011bji m\u011b\u0159it, stopkami, tachometrem nebo prost\u00fdm\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-3.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1030,"url":"https:\/\/dobretrejdy.com\/?p=1030","url_meta":{"origin":5850,"position":1},"title":"VIX technologie + Akciov\u00e9 indexy","author":"dobretrejdy :c)","date":"14.11.2017","format":false,"excerpt":"\u00a0\u00a0 V\u00a0\u010dl\u00e1nku o VIX Indexu \u00a0jsem popsal metodu jeho v\u00fdpo\u010dtu, abych se v\u00a0n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku sna\u017eil uk\u00e1zat, jak vyu\u017e\u00edt tento v\u00fdpo\u010det pro stanoven\u00ed \u201ejin\u00fdch VIX\u016f\u201c pro jin\u00e9 podklady, nap\u0159\u00edklad velmi likvidn\u00ed akcie. \u00dadaje o takov\u00fdch vypo\u010dten\u00fdch hodnot\u00e1ch lze nal\u00e9zt na str\u00e1nk\u00e1ch CBOE s\u00a0jej\u00ed ka\u017edodenn\u00ed aktualizac\u00ed, tak\u017ee pro obchodn\u00edka t\u011bchto podkladov\u00fdch aktiv\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1055,"url":"https:\/\/dobretrejdy.com\/?p=1055","url_meta":{"origin":5850,"position":2},"title":"VIX Index se obchoduje?","author":"dobretrejdy :c)","date":"19.11.2017","format":false,"excerpt":"\u00a0 \u00a0VIX Index se ned\u00e1 obchodovat. Tato jednoduch\u00e1 v\u011bta je p\u0159\u00ed\u010dinou \u00fadivu mnoha op\u010dn\u00edch (i jin\u00fdch) obchodn\u00edk\u016f a v\u011bt\u0161inou bezpe\u010dn\u011b vyvol\u00e1 obs\u00e1hlou polemiku. V\u00a0t\u00e9to jednoduch\u00e9 v\u011bt\u011b se tak\u00e9 skr\u00fdv\u00e1 mnoho obchodn\u00edch ne\u00fasp\u011bch\u016f pramen\u00edc\u00edch z\u00a0neznalosti fungov\u00e1n\u00ed tohoto n\u00e1stroje. V\u00a0\u010dl\u00e1nku VIX Index \u00a0jsem popsal, jak se jeho hodnota vypo\u010d\u00edt\u00e1, abych v\u00a0dal\u0161\u00edch dvou\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-4.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":4123,"url":"https:\/\/dobretrejdy.com\/?p=4123","url_meta":{"origin":5850,"position":3},"title":"UVXY \u2013 Volatility ETF \u2013 III.","author":"dobretrejdy :c)","date":"8.2.2020","format":false,"excerpt":"\u00a0\u00a0 Proniknut\u00ed do problematiky deriv\u00e1t\u016f odvozen\u00fdch od volatility nut\u00ed zv\u00eddav\u00e9 du\u0161e k hled\u00e1n\u00ed dal\u0161\u00edch n\u00e1stroj\u016f, kter\u00e9 by mohly m\u00edt souvisej\u00edc\u00ed vlastnosti jako Volatility ETN popisovan\u00e9 v p\u0159edchoz\u00edch dvou \u010dl\u00e1nc\u00edch. Nemus\u00edm b\u00fdt p\u0159i hled\u00e1n\u00ed n\u011bjak zvl\u00e1\u0161\u0165 urputn\u00fd, abych si nev\u0161imnul, \u017ee takov\u00fdch \u201eodvozenin\u201c je celkem slu\u0161n\u00e1 f\u016fra. Popisoval jsem, \u017ee d\u00edky\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/02\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/02\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/02\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/02\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1010,"url":"https:\/\/dobretrejdy.com\/?p=1010","url_meta":{"origin":5850,"position":4},"title":"VIX technologie + Akcie","author":"dobretrejdy :c)","date":"8.11.2017","format":false,"excerpt":"\u00a0\u00a0\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku VIX Index\u00a0jsem otev\u0159el z\u00e1kladn\u00ed t\u00e9ma t\u00fdkaj\u00edc\u00ed se deriv\u00e1t\u016f volatility t\u00edm, \u017ee jsem se sna\u017eil popsat konstrukci samotn\u00e9ho v\u00fdpo\u010dtu VIX Indexu, ze kter\u00e9 vyplynuly z\u00e1kladn\u00ed principy jeho fungov\u00e1n\u00ed a vlivy, kter\u00e9 zp\u016fsobuj\u00ed jeho pohyb. Z\u00a0\u010dl\u00e1nku vyplynulo, \u017ee podstatou je \u201em\u011b\u0159en\u00ed nap\u011bt\u00ed\u201c na OTM opc\u00edch podkladov\u00e9ho aktiva SPX s\u00a0horizontem\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1215,"url":"https:\/\/dobretrejdy.com\/?p=1215","url_meta":{"origin":5850,"position":5},"title":"VX Futures – gravitace k VIX Indexu","author":"dobretrejdy :c)","date":"26.12.2017","format":false,"excerpt":"\u00a0\u00a0 Isaac Newton by m\u011bl radost. Nejenom\u017ee jeho dv\u011b koule hozen\u00e9 z\u00a0\u0161ikm\u00e9 v\u011b\u017ee v\u00a0Pise skon\u010dily v\u017edy bezpardonu v\u00a0italsk\u00e9m pa\u017eitu pod v\u011b\u017e\u00ed a potvrdily tak j\u00edm popsan\u00e9 gravita\u010dn\u00ed z\u00e1kony (a\u0165 s\u00a0nimi h\u00e1zel jakkoliv a m\u011bly r\u016fznou hmotnost), tak tak\u00e9 ka\u017ed\u00fd futures kontrakt (a\u0165 na n\u011bj p\u016fsob\u00ed cokoliv a m\u00e1 jakoukoliv moment\u00e1ln\u00ed\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/12\/main-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/12\/main-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/12\/main-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/12\/main-2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2022\/07\/main.jpg","_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5850","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=5850"}],"version-history":[{"count":10,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5850\/revisions"}],"predecessor-version":[{"id":7306,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5850\/revisions\/7306"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/5851"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}