{"id":5967,"date":"2022-11-17T12:37:01","date_gmt":"2022-11-17T10:37:01","guid":{"rendered":"https:\/\/dobretrejdy.com\/?p=5967"},"modified":"2024-08-18T09:49:11","modified_gmt":"2024-08-18T07:49:11","slug":"dluhopisy-ii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=5967","title":{"rendered":"Dluhopisy \u2013 II."},"content":{"rendered":"

\u00a0 Zjistit, jak\u00e1 je budouc\u00ed hodnota investovan\u00fdch pen\u011bz za ur\u010dit\u00fdch \u00farokov\u00fdch podm\u00ednek, bylo pops\u00e1no v\u00a0minul\u00e9m \u010dl\u00e1nku. Po\u0159\u00eddit investici s\u00a0pevn\u00fdm p\u0159\u00edjmem v\u00a0budoucnosti p\u0159edstavovalo nasazen\u00ed jednoduch\u00fdch po\u010detn\u00edch \u00fakon\u016f, abych se dobral v\u00fdsledku, kter\u00fd reprezentoval p\u0159edstavu o budouc\u00ed hodnot\u011b investice, jej\u00ed v\u00fd\u0161e byla zejm\u00e9na podm\u00edn\u011bna d\u00e9lkou dr\u017een\u00ed investice, v\u00fd\u0161i p\u0159ijat\u00e9ho pln\u011bn\u00ed z\u00a0dohodnut\u00e9ho \u00faroku, frekvenci s\u00a0jakou jsou tyto odm\u011bny za poskytnutou investici vypl\u00e1ceny a nakonec tak\u00e9 rozhodnut\u00ed, jestli se postupn\u011b p\u0159ij\u00edman\u00e9 \u00farokov\u00e9 platby rozhodnu reinvestovat, celkov\u00fd sou\u010det t\u011bchto budouc\u00edch pen\u011b\u017en\u00edch tok\u016f pak zobrazil budouc\u00ed hodnotu cel\u00e9 realizovan\u00e9 investice. P\u0159edm\u011btem tohoto \u010dl\u00e1nku bude ale \u0159e\u0161en\u00ed zcela opa\u010dn\u00e9ho probl\u00e9mu, budu se sna\u017eit zjistit, jakou sumu m\u00e1m dnes investovat, abych za p\u0159esn\u011b dan\u00fdch podm\u00ednek t\u00e9to investice mohl utr\u017eit p\u0159esn\u011b danou hodnotu investice v\u00a0budoucnosti. V\u00a0p\u0159\u00edm\u011bru s\u00a0jednoro\u010dn\u00ed jednomilionovou p\u016fj\u010dkou m\u00e9mu kamar\u00e1dovi s\u00a010% \u00farokem p\u0159i jej\u00ed splatnosti jsem v\u00a0minul\u00e9m \u010dl\u00e1nku<\/a><\/strong><\/span> hledal odpov\u011b\u010f, jak\u00e1 bude hodnota m\u00e9 investice za rok. Velmi jednoduch\u00fdm v\u00fdpo\u010dtem jsem zjistil, \u017ee budouc\u00ed hodnota je 1,100.000,- K\u010d. Nyn\u00ed ale budu \u0159e\u0161it opa\u010dn\u00fd probl\u00e9m<\/strong>, tedy hledat, jak\u00e1 m\u00e1 b\u00fdt p\u0159esn\u011b aktu\u00e1ln\u00ed v\u00fd\u0161e m\u00e9 investice<\/strong>, abych p\u0159i po\u017eadovan\u00fdch podm\u00ednk\u00e1ch p\u016fj\u010dky doc\u00edlil \u010d\u00e1stku 1,100.000,- K\u010d.\u00a0 \u00a0\u00a0<\/span><\/p>\n

Sou\u010dasn\u00e1 hodnota investovan\u00fdch pen\u011bz<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Vzorec pro v\u00fdpo\u010det budouc\u00ed hodnoty<\/strong> investovan\u00fdch pen\u011bz v minul\u00e9m \u010dl\u00e1nku m\u011bl tento tvar:<\/span><\/p>\n

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\u00a0\u00a0 BH<\/em><\/span> je ozna\u010den\u00ed budouc\u00ed hodnoty investice, SH<\/em><\/span> je v\u00fdraz pro sou\u010dasnou hodnotu investovan\u00fdch pen\u011bz, \u00farok<\/span> j<\/em>e desetinn\u00e9 \u010d\u00edslo p\u0159edstavuj\u00edc\u00ed \u00farokovou sazbu za sjednan\u00e9 obdob\u00ed investice a n<\/em><\/span> je v\u00fdraz pro po\u010det obdob\u00ed, za kter\u00e9 se vypl\u00e1c\u00ed sjednan\u00e1 \u00farokov\u00e1 sazba. V jednoduch\u00e9 algebraick\u00e9 \u00faprav\u011b tohoto vzorce pak mohu pro hledanou sou\u010dasnou hodnotu<\/strong> investovan\u00fdch pen\u011bz SH nal\u00e9zt tuto jednoduchou interpretaci:\u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Tento vzorec pak bude p\u0159edm\u011btem zkoum\u00e1n\u00ed v tomto \u010dl\u00e1nku a bude p\u0159edstavovat v\u00fdpo\u010det, jak\u00e1 by byla<\/strong> hodnota sou\u010dasn\u00e1 investice<\/strong> (SH)<\/em>, abych p\u0159i p\u0159edpokl\u00e1dan\u00e9m po\u010dtu period<\/strong> vypl\u00e1cej\u00edc\u00edch \u00farok (n)<\/em> pro zadan\u00e9, p\u0159edpokl\u00e1dan\u00e9 nebo po\u017eadovan\u00e9 \u00farokov\u00e9 sazb\u011b<\/strong> (\u00farok)<\/em> pro zadanou periodu, utr\u017eil po\u017eadovanou budouc\u00ed hodnotu<\/strong> (BH<\/em>). Mohu pak pro p\u0159\u00edklad ro\u010dn\u00ed (n<\/em> = 1) p\u016fj\u010dky kamar\u00e1dovi, cht\u00edt vypo\u010d\u00edtat, jak\u00e1 by byla suma pen\u011bz, kter\u00e9 mu p\u016fj\u010d\u00edm, abych na t\u00e9to transakci vyd\u011blal 1,100.000,- K\u010d (BH<\/em> = 1,100.000,- K\u010d) p\u0159i p\u0159edstav\u011b, \u017ee chci zhodnotit tyto p\u016fj\u010den\u00e9 pen\u00edze \u00farokovou sazbou 10% p.a. (\u00farok<\/em> = 0.10)<\/span><\/p>\n

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\u00a0 \u00a0Pro zhodnocen\u00ed m\u00e9 jednoro\u010dn\u00ed investice na kone\u010dnou \u010d\u00e1stku 1,100.000,- K\u010d budu p\u0159i po\u017eadovan\u00e9m \u00faroku 10% p.a. muset realizovat p\u016fj\u010dku ve v\u00fd\u0161i 1,000.000,- K\u010d. Stejn\u011b tak mohu pou\u017e\u00edt tento vzorec pro p\u0159\u00edklad s po\u0159\u00edzen\u00edm t\u0159\u00edlet\u00e9ho term\u00ednovan\u00e9ho vkladu<\/strong> (n = 3) z minul\u00e9ho \u010dl\u00e1nku<\/a><\/span><\/strong>, kdy jsem vym\u011bnil jednomilionovou p\u016fj\u010dku pr\u00e1v\u011b za investici do takov\u00e9ho investi\u010dn\u00edho produktu s 10% sazbou p.a. (\u00farok = 0,10) a s vypo\u010d\u00edtanou v\u00fd\u0161i kone\u010dn\u00e9 \u010d\u00e1stky t\u0159\u00edlet\u00e9ho vkladu ve v\u00fd\u0161i 1,331.000,- K\u010d. <\/span>Pokud bych nasadil tento vzorec tak\u00e9 na tento p\u0159\u00edklad, tedy po\u017eadoval zjistit kolik, m\u00e1m na term\u00ednovan\u00fd vklad vlo\u017eit, abych m\u011bl na konci t\u0159\u00edlet\u00e9ho obdob\u00ed k dispozici 1,331.000,- K\u010d p\u0159i nab\u00edzen\u00e9m \u00faroku 10% p.a., vypadal by v\u00fdpo\u010det n\u00e1sledovn\u011b:\u00a0 \u00a0<\/span><\/p>\n

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\u00a0\u00a0 V\u00fdsledek je o\u010dek\u00e1van\u00fd 1,000.000,- K\u010d, jako pot\u0159ebn\u00e1 \u010d\u00e1stka k investici s po\u017eadovan\u00fdm t\u0159\u00edlet\u00fdm zhodnocen\u00edm. Mohu pak tento vzorec \u201erozpitvat\u201c na jednotliv\u00e9 postupn\u00e9 kroky v excelovsk\u00e9 tabulce, kde jsou diskontov\u00e1ny jednotliv\u00e9 roky trv\u00e1n\u00ed investice od budouc\u00ed hodnoty k sou\u010dasn\u00e9.<\/span><\/p>\n

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\u00a0\u00a0 P\u0159esto\u017ee to vypad\u00e1 jednodu\u0161e a pochopiteln\u011b, hled\u00e1n\u00ed odpov\u011bdi na ot\u00e1zku velikosti sou\u010dasn\u00e9 hodnoty p\u0159i o\u010dek\u00e1van\u00e9 konkr\u00e9tn\u00ed budouc\u00ed hodnot\u011b poodkr\u00fdv\u00e1 t\u0159i z\u00e1kladn\u00ed z\u00e1vislosti<\/strong> sv\u011bta investi\u010dn\u00edch n\u00e1stroj\u016f s pevn\u00fdm p\u0159\u00edjmem (fixed-income) nav\u00e1zan\u00fdch na \u00farokovou sazbu. Investi\u010dn\u00ed produkt s pevn\u00fdm p\u0159\u00edjmem toti\u017e nab\u00edz\u00ed jakousi spo\u010d\u00edtatelnou budouc\u00ed hodnotu a nab\u00edz\u00ed se k po\u0159\u00edzen\u00ed za zcela konkr\u00e9tn\u00ed cenu, kterou mohu vid\u011bt ve sv\u00e9 obchodn\u00ed platform\u011b. Mohu si nyn\u00ed zjednodu\u0161en\u011b p\u0159edstavit, \u017ee t\u0159\u00edlet\u00fd term\u00ednovan\u00fd vklad nen\u00ed bankovn\u00edm spo\u0159\u00edc\u00edm produktem, ale je jak\u00fdmsi t\u0159\u00edlet\u00fdm investi\u010dn\u00edm n\u00e1strojem, pro kter\u00fd jsem si spo\u010d\u00edtal budouc\u00ed hodnotu 1,331.000,- K\u010d p\u0159i aktu\u00e1ln\u00ed \u00farokov\u00e9 sazb\u011b 10% p.a., kter\u00e1 generuje pr\u00e1v\u011b tuto budouc\u00ed hodnotu. Mohu pak nad existenc\u00ed a po\u0159\u00edzen\u00edm tohoto investi\u010dn\u00edho produktu prov\u00e9st tato zamy\u0161len\u00ed:<\/span><\/p>\n

1\/ Aktu\u00e1ln\u00ed cena investi\u010dn\u00edho n\u00e1stroje na trhu\u00a0<\/strong><\/span><\/h3>\n

\u00a0 \u00a0Aktu\u00e1ln\u00edm pohledem do sv\u00e9 obchodn\u00ed platformy mohu zjistit, \u017ee tento investi\u010dn\u00ed n\u00e1stroj se nenab\u00edz\u00ed za 1,000.000,- K\u010d, ale jeho cena<\/strong> na trhu je 900.000,- K\u010d<\/strong>. Proto\u017ee v\u00edm, \u017ee v\u0161echny platby v\u00a0budoucnosti vypl\u00fdvaj\u00edc\u00ed z\u00a0dr\u017een\u00ed investi\u010dn\u00edho n\u00e1stroje budou v\u00a0sou\u010dtu 1,331.000,- K\u010d, bude m\u00e9 zhodnocen\u00ed<\/strong> investice vy\u0161\u0161\u00ed ne\u017e 10% p.a.<\/strong> Stejn\u011b tak naopak, pokud by tento investi\u010dn\u00ed produkt s pevn\u00fdm p\u0159\u00edjmem byl na trhu k m\u00e1n\u00ed za aktu\u00e1ln\u00ed cenu<\/strong> ve v\u00fd\u0161i 1,150.000,- K\u010d<\/strong>, budu m\u00edt celkov\u00e9 zhodnocen\u00ed zam\u00fd\u0161len\u00e9 investice ni\u017e\u0161\u00ed ne\u017e 10% p.a.<\/strong><\/span><\/p>\n

2\/ Aktu\u00e1ln\u00ed \u00farokov\u00e1 sazba na trhu<\/strong><\/span><\/h3>\n

\u00a0 Modelov\u00fd investi\u010dn\u00ed n\u00e1stroj se nab\u00edz\u00ed za f\u00e9rovou cenu 1,000.000,- K\u010d<\/strong> a p\u0159i aktu\u00e1ln\u00ed \u00farokov\u00e9 sazb\u011b 10% p.a.<\/strong> je jeho budouc\u00ed hodnota 1,331.000,- K\u010d. Ihned po jeho po\u0159\u00edzen\u00ed se ale \u00farokov\u00e1 sazba zv\u00fd\u0161\u00ed o +2% a bude +12% p.a.<\/strong>. Jak\u00fd to bude m\u00edt vliv na cenu tohoto investi\u010dn\u00edho n\u00e1stroje?<\/span><\/p>\n

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\u00a0\u00a0 Sv\u00e9ho c\u00edle 1,331.000,- K\u010d budouc\u00ed hodnoty investice po t\u0159ech letech dos\u00e1hnu p\u0159i zv\u00fd\u0161en\u00fdch \u00farokov\u00fdch sazb\u00e1ch<\/strong> za ni\u017e\u0161\u00ed sou\u010dasnou hodnotu<\/strong>. Podle tabulky s diskontov\u00e1n\u00edm budouc\u00ed hodnoty z obr\u00e1zku v\u00fd\u0161e mohu zjistit, \u017ee by cena takov\u00e9ho n\u00e1stroje m\u011bla klesnout na 947.379,51 K\u010d. Pokud by naopak \u00farokov\u00e1 sazba ihned po po\u0159\u00edzen\u00ed investi\u010dn\u00edho n\u00e1stroje klesla o -2% na \u00farove\u0148 +8% p.a.<\/strong>, mohu proveden\u00fdm diskontov\u00e1n\u00edm pozorovat tento v\u00fdsledek.<\/span><\/p>\n

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\u00a0\u00a0 Cena<\/strong> investi\u010dn\u00edho n\u00e1stroje by m\u011bla vzr\u016fst<\/strong>, proto\u017e k\u00a0napln\u011bn\u00ed budouc\u00edho investi\u010dn\u00edho c\u00edle 1,331.000,- K\u010d p\u0159i sn\u00ed\u017een\u00e9 \u00farokov\u00e9 sazb\u011b bude zapot\u0159eb\u00ed v\u011bt\u0161\u00ed prvotn\u00ed investice. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

3\/ Kles\u00e1n\u00ed sou\u010dasn\u00e9 hodnoty investice sm\u011brem do budoucnosti<\/strong><\/span><\/h3>\n

\u00a0\u00a0 Pro danou \u00farokovou sazbu vyzna\u010denou pro dan\u00fd investi\u010dn\u00ed n\u00e1stroj s\u00a0pevn\u00fdm v\u00fdnosem plat\u00ed, \u017ee sou\u010dasn\u00e1 hodnota investice sm\u011brem do budoucnosti (ke splatnosti) kles\u00e1. S\u00a0postupem \u010dasu mohu p\u0159ij\u00edmat st\u00e1le vy\u0161\u0161\u00ed \u010d\u00e1st budouc\u00ed hodnoty investi\u010dn\u00edho n\u00e1stroje, kter\u00fd mohu d\u00e1le reinvestovat a akumulovat dal\u0161\u00ed p\u0159\u00edjem, t\u00edm m\u00e1m mo\u017enost dos\u00e1hnout investi\u010dn\u00edho t\u0159\u00edlet\u00e9ho c\u00edle s\u00a0m\u00e9n\u011b ne\u017e zbyl\u00fdmi investovan\u00fdmi prost\u0159edky.<\/span><\/p>\n

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\u00a0\u00a0 Vypo\u010d\u00edtat sou\u010dasnou hodnotu lze pomoc\u00ed jednoduch\u00e9ho vzorce uveden\u00e9ho v\u00fd\u0161e pro zadan\u00e9 podm\u00ednky a pro stanovenou o\u010dek\u00e1vanou budouc\u00ed hodnotu u investi\u010dn\u00edch produkt\u016f, kter\u00e9 nab\u00edzej\u00ed zhodnocen\u00ed n\u011bjakou \u00farokovou sazbou, kter\u00e1 je aplikov\u00e1na za n\u011bjak\u00fd \u010dasov\u00fd \u00fasek, nap\u0159\u00edklad jedenkr\u00e1t za rok (p.a.) a s\u00a0touto frekvenc\u00ed jsou tak\u00e9 tyto pen\u011b\u017en\u00ed toky p\u0159ipisov\u00e1ny a op\u011btovn\u011b \u00faro\u010deny podle sjednan\u00fdch podm\u00ednek. Proto\u017ee jsou p\u0159edm\u011btem m\u00e9ho z\u00e1jmu dluhopisy, nebude tento jednoduch\u00fd v\u00fdpo\u010det sou\u010dasn\u00e9 hodnoty pro tento \u00fa\u010del patrn\u011b zcela takto jednodu\u0161e sta\u010dit. Dr\u017een\u00ed dluhopisu poskytuje sl\u00edben\u00e9 \u00faro\u010den\u00ed<\/strong> m\u00e9 investice ve form\u011b v\u00fdplaty pravideln\u00e9ho kup\u00f3nu<\/strong> se sazbou z nomin\u00e1lu dluhopisu vyzna\u010denou v jeho prospektu, nicm\u00e9n\u011b jeho dr\u017een\u00ed postr\u00e1d\u00e1 v\u00fdhodu p\u0159ipisov\u00e1n\u00ed \u00farok\u016f a jeho op\u011btovn\u00e9ho \u00faro\u010den\u00ed. P\u0159ijat\u00fd \u00farok z kup\u00f3nu je toti\u017e dr\u017eiteli dluhopisu vyplacen a o jeho dal\u0161\u00edm osudu rozhoduje jeho p\u0159\u00edjemce. \u00a0<\/span><\/p>\n

\u00a0\u00a0 K p\u0159edstav\u011b, jak bude mo\u017en\u00e9 se dobrat k parametr\u016fm dluhopisu a prov\u00e1d\u011bt jejich nejjednodu\u0161\u0161\u00ed vyhodnocov\u00e1n\u00ed je zapot\u0159eb\u00ed porozum\u011bt \u0159e\u0161en\u00ed ji\u017e popsan\u00fdch \u00faloh a tyto potom aplikovat na to, co m\u011b m\u016f\u017ee v obchodn\u00ed praxi potkat. Dr\u017een\u00ed dluhopisu s pevn\u00fdm kup\u00f3nem vyj\u00e1d\u0159en\u00fdm \u00farokovou sazbou p\u0159edstavuje vynalo\u017een\u00ed n\u011bjak\u00e9 \u010d\u00e1stky na jeho po\u0159\u00edzen\u00ed a pot\u00e9 do doby splatnosti inkasuji slibovan\u00fd kup\u00f3n, spole\u010dn\u011b s posledn\u00edm kup\u00f3nem je mi vr\u00e1cena \u010d\u00e1stka p\u0159edstavuj\u00edc\u00ed nomin\u00e1l dluhopisu. Nemus\u00edm nyn\u00ed nakonec uva\u017eovat jenom o dluhopisu, ale nap\u0159\u00edklad o jak\u00e9koliv jinak nazvan\u00e9 investici s pevn\u00fdm p\u0159\u00edjmem v budoucnosti. Nab\u00edz\u00ed se mi nap\u0159\u00edklad po\u0159\u00edzen\u00ed investi\u010dn\u00edho n\u00e1stroje, kter\u00fd po dobu p\u011bti let p\u0159in\u00e1\u0161\u00ed periodick\u00fd ka\u017edoro\u010dn\u00ed p\u0159\u00edjem ve v\u00fd\u0161i +500 USD a na konci p\u00e1t\u00e9ho roku obdr\u017e\u00edm (krom\u011b posledn\u00ed p\u011btistovky dolar\u016f) \u010d\u00e1stku 20.000,- USD. Toto zad\u00e1n\u00ed je patrn\u00e9 na obr\u00e1zku n\u00ed\u017ee.<\/span><\/p>\n

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\u00a0\u00a0 Nyn\u00ed m\u011b bude zaj\u00edmat, jakou cenu<\/strong> (1)<\/strong><\/span> bych m\u011bl za tento investi\u010dn\u00ed n\u00e1stroj nyn\u00ed zaplatit<\/strong>, aby pro m\u011b tato investice p\u0159edstavovala zhodnocen\u00ed 5.55% p.a<\/strong>. (2)<\/span><\/strong>, takovou \u00farokovou sazbu bych pova\u017eoval za vhodnou pro sv\u016fj investi\u010dn\u00ed pl\u00e1n, m\u016f\u017eu nakonec vych\u00e1zet z\u00a0okoln\u00ed reality, kdy\u017e ve chv\u00edli, kdy p\u00ed\u0161u tyto \u0159\u00e1dky se aktu\u00e1ln\u00ed \u00farokov\u00e9 sazby v USA pohybuj\u00ed kolem 4% p.a. K\u00a0tomuto \u010d\u00edslu \u2013 po\u0159izovac\u00ed hodnot\u011b tohoto investi\u010dn\u00edho n\u00e1stroje, se doberu za pou\u017eit\u00ed v\u00fd\u0161e uveden\u00e9ho vzorce k\u00a0diskontov\u00e1n\u00ed budouc\u00ed hodnoty<\/strong> na sou\u010dasnou cenu, a to tak, \u017ee budu zji\u0161\u0165ovat, jak\u00e1 je aktu\u00e1ln\u00ed sou\u010dasn\u00e1 hodnota<\/strong> ka\u017ed\u00e9 v\u00a0budoucnosti p\u0159ijat\u00e9 platby<\/strong> a potom tyto jednotliv\u00e9 polo\u017eky se\u010dtu. Budu diskontovat mnou po\u017eadovanou \u00farokovou m\u00edrou (5.55%) ka\u017ed\u00fd budouc\u00ed pen\u011b\u017en\u00ed tok, kter\u00fd se dostane k m\u00fdm ruk\u00e1m a bude m\u011b tak zaj\u00edmat, jak\u00e1 je hodnota ka\u017ed\u00e9 t\u00e9to jednotliv\u00e9 platby a samoz\u0159ejm\u011b hodnota jejich sou\u010dtu. Vzorec pro takov\u00fd celkov\u00fd sou\u010det je n\u00ed\u017ee. \u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0\u00a0 Bude to znamenat, \u017ee vezmu 4x ka\u017edou p\u011btistovku dolar\u016f, kterou v budoucnosti obdr\u017e\u00edm spole\u010dn\u011b s p\u00e1tou p\u011btistovkou obohacenou o spl\u00e1tku nomin\u00e1lu investi\u010dn\u00edho n\u00e1stroje a provedu jejich diskontov\u00e1n\u00ed podle vzorce z \u00favodu \u010dl\u00e1nku a podle obdob\u00ed, kdy tuto platbu v budoucnosti obdr\u017e\u00edm. Mohu proto sumu ze vzorce v\u00fd\u0161e rozepsat podle m\u00e9ho p\u0159\u00edkladu na zcela konkr\u00e9tn\u00ed v\u00fdpo\u010detn\u00ed postup:<\/span><\/p>\n

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\u00a0\u00a0 Nebudu se v\u00fdznamn\u011b nam\u00e1hat s kalkula\u010dkou a sv\u011b\u0159\u00edm tento \u00fakon excelovsk\u00e9 tabulce, abych zjistil hodnotu z tohoto m\u00edrn\u011b dlouh\u00e9ho vzorce.<\/span><\/p>\n

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\u00a0\u00a0 Mohu vypozorovat, \u017ee v\u00fdsledek diskontov\u00e1n\u00ed na aktu\u00e1ln\u00ed cenu takto strukturovan\u00e9 investice by p\u0159inesl hodnotu sou\u010dasn\u00e9 ceny ve v\u00fd\u0161i 17.398,69 USD<\/strong>. V jednotliv\u00fdch \u0159\u00e1dc\u00edch obr\u00e1zku jsou patrn\u00e9 diskontovan\u00e9 ceny (sloupec \u201esou\u010dasn\u00e1 hodnota\u201c) pro ka\u017ed\u00e9 budouc\u00ed cash flow do m\u00fdch rukou, ve \u017elut\u011b podbarven\u00e9 bu\u0148ce je pak v\u00fdsledek jako prost\u00fd sou\u010det t\u011bchto jednotliv\u00fdch diskontovan\u00fdch polo\u017eek (\u010derven\u011b v obr\u00e1zku p\u0159\u00edklad excelovsk\u00e9ho vzorce pro v\u00fdpo\u010det diskontovan\u00e9 hodnoty 500,- USD pro t\u0159et\u00ed rok dr\u017een\u00ed investi\u010dn\u00edho n\u00e1stroje). Ve skute\u010dnosti budu, s ohledem na t\u00e9ma t\u00e9to s\u00e9rie \u010dl\u00e1nk\u016f, tento vzorec a postup aplikovat tak\u00e9 na ocen\u011bn\u00ed dluhopis\u016f, pouze p\u0159edes\u00edl\u00e1m, \u017ee tento v\u00fdpo\u010det bude zalo\u017een na principu zji\u0161t\u011bn\u00ed sou\u010dasn\u00e9 ceny v\u0161ech obdr\u017een\u00fdch kup\u00f3n\u016f diskontov\u00e1n\u00edm jejich postupn\u00fdch p\u0159\u00edjm\u016f najednou a diskontov\u00e1n\u00edm nomin\u00e1ln\u00ed hodnoty dluhopisu, v\u00fdsledn\u00e1 cena dluhopisu pak bude sou\u010dtem t\u011bchto hodnot, nebudu tak tvo\u0159it tabulku o mnoha \u0159\u00e1dc\u00edch p\u0159edstavuj\u00edc\u00edch ka\u017edou periodu s p\u0159\u00edjmem pen\u011b\u017en\u00edho toku, ale vyu\u017eiji jeden vzorec pro diskontov\u00e1n\u00ed v\u0161ech t\u011bchto pen\u011b\u017en\u00edch tok\u016f a jeden vzorec na diskontov\u00e1n\u00ed nomin\u00e1lu. \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Ot\u00e1zka hled\u00e1n\u00ed sou\u010dasn\u00e9 hodnoty budouc\u00ed investice m\u016f\u017ee b\u00fdt tak\u00e9 postavena pon\u011bkud jinak. Mohu pozorovat (nap\u0159\u00edklad v\u00a0obchodn\u00ed platform\u011b) investi\u010dn\u00ed n\u00e1stroj s\u00a0pevn\u011b stanoven\u00fdm p\u0159\u00edjmem, kter\u00fd se nab\u00edz\u00ed k\u00a0m\u00e9 zam\u00fd\u0161len\u00e9 investici s\u00a0t\u00edm, \u017ee vid\u00edm jeho sou\u010dasnou hodnotu<\/strong> SH<\/em><\/span>\u00a0a zn\u00e1m v\u0161echny budouc\u00ed p\u0159\u00edjmy <\/strong>BHt<\/sub><\/em><\/span>\u00a0, jak budou postupn\u011b \u201ep\u0159iplouvat\u201c na m\u016fj obchodn\u00ed \u00fa\u010det, \u00a0nezn\u00e1m<\/strong> ale \u00farokovou sazbu<\/strong> \u00farok<\/em><\/span>, kterou tato investice p\u0159edstavuje, abych mohl jednodu\u0161e vyhodnotit, s\u00a0jak\u00fdm zhodnocen\u00edm m\u00e9 investice vlastn\u011b mohu po\u010d\u00edtat. Na rozd\u00edl od p\u0159edchoz\u00edho p\u0159\u00edpadu, kdy zn\u00e1m v\u0161echny budouc\u00ed pen\u011b\u017en\u00ed toky a \u00farokovou sazbu pro hled\u00e1n\u00ed sou\u010dasn\u00e9 ceny investice nyn\u00ed, p\u0159i zn\u00e1m\u00e9 sou\u010dasn\u00e9 cen\u011b investice a v\u0161ech budouc\u00edch pen\u011b\u017en\u00edch tok\u016f, budu hledat \u00farokovou sazbu, kter\u00e1 tuto investici bude charakterizovat. Mohu pak toto zobrazit n\u00ed\u017ee na obr\u00e1zku. \u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

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\u00a0 \u00a0Ot\u00e1zka tak nyn\u00ed zn\u00ed, jakou<\/strong> dostanu v\u00fdslednou \u00farokovou sazbu<\/strong> p.a. (1)<\/span><\/strong> p\u0159i zn\u00e1m\u00e9 po\u0159izovac\u00ed hodnot\u011b<\/strong> investice -17.398,69 USD (2)<\/strong><\/span> a v\u0161ech poznan\u00fdch budouc\u00edch pen\u011b\u017en\u00edch toc\u00edch<\/strong> (3)<\/span><\/strong>?<\/span><\/p>\n

\u00a0\u00a0 Vypo\u010d\u00edtat po\u010d\u00e1te\u010dn\u00ed hodnotu investice<\/strong> p\u0159i zn\u00e1m\u00e9 \u00farokov\u00e9 sazb\u011b<\/strong> podle vzorce pro diskontov\u00e1n\u00ed pen\u011b\u017en\u00edch tok\u016f je jednoduch\u00e9, dosad\u00edme hodnoty do vzorc\u016f a je hotovo, toto m\u016f\u017eeme ud\u011blat v nejhor\u0161\u00edm p\u0159\u00edpad\u011b i ru\u010dn\u011b (viz rozepsan\u00fd vzorec sumy postupn\u00fdch v\u00fdpo\u010dt\u016f v odstavci v\u00fd\u0161e). Prov\u00e9st ale v\u00fdpo\u010det \u00farokov\u00e9 sazby<\/strong> zhodnocuj\u00edc\u00ed mou investici o zn\u00e1m\u00e9 sou\u010dasn\u00e9 hodnot\u011b investice<\/strong> a poznan\u00fdch budouc\u00edch pen\u011b\u017en\u00edch toc\u00edch<\/strong> tak jednoduch\u00e9 nen\u00ed. Pokud bych cht\u011bl ze vzorce v\u00fd\u0161e toto prov\u00e1d\u011bt, musel bych volit metodu postupn\u00e9 aproximace, tedy spo\u010d\u00edtat p\u0159i n\u011bjak\u00e9 zvolen\u00e9 \u00farokov\u00e9 sazb\u011b v\u00fdslednou sou\u010dasnou hodnotu a pot\u00e9 zvolit jinou \u00farokovou sazbu a spo\u010d\u00edtat dal\u0161\u00ed v\u00fdslednou sou\u010dasnou hodnotu. Pokud bych pou\u017eit\u00edm takto zvolen\u00fdch \u201en\u00e1hodn\u00fdch\u201c \u00farokov\u00fdch sazeb obdr\u017eel v\u00fdsledky sou\u010dasn\u00e9 hodnoty, kter\u00e9 jsou men\u0161\u00ed ne\u017e je aktu\u00e1ln\u00ed skute\u010dn\u00e1 hodnota investi\u010dn\u00edho n\u00e1stroje a v\u00fdsledky, kter\u00e9 jsou v\u011bt\u0161\u00ed ne\u017e je aktu\u00e1ln\u00ed skute\u010dn\u00e1 hodnota investi\u010dn\u00edho n\u00e1stroje, mohl bych je aproximovat do takov\u00e9 \u00farokov\u00e9 sazby, kter\u00e1 by p\u0159esn\u011b odpov\u00eddala sou\u010dasn\u00e9 skute\u010dn\u00e9 hodnot\u011b investi\u010dn\u00edho n\u00e1stroje, kterou bych mohl pozorovat nap\u0159\u00edklad ve sv\u00e9 obchodn\u00ed platform\u011b. Toto je v\u0161ak zna\u010dn\u011b n\u00e1ro\u010dn\u00fd po\u010dt\u00e1\u0159sk\u00fd \u00fakon, kter\u00fd hrav\u011b zvl\u00e1dne Excel pou\u017eit\u00edm funkce =M\u00cdRA.V\u00ddNOSNOSTI. <\/em>Vyhledat hodnotu Vnit\u0159n\u00edho V\u00fdnosov\u00e9ho Procenta<\/strong> (Internal Rate of Return IRR), tak se tato aproximovan\u00e1 hodnota \u00farokov\u00e9 sazby tak\u00e9 naz\u00fdv\u00e1, je pak pomoc\u00ed t\u00e9to excelovsk\u00e9 formule velmi jednoduch\u00e9. Vzorec pro v\u00fdpo\u010det Vnit\u0159n\u00edho V\u00fdnosov\u00e9ho Procenta nasazen\u00fd do excelovsk\u00e9 tabulky pracuje technikou iterace, kde postupn\u011b zp\u0159es\u0148uje nast\u00edn\u011bn\u00fd ru\u010dn\u00ed v\u00fdpo\u010det na jednu stotis\u00edcinu procenta, na v\u00fdsledek se tak lze spolehnout.\u00a0 \u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Nasazen\u00ed vzorce pro v\u00fdpo\u010det Vnit\u0159n\u00edho V\u00fdnosov\u00e9ho Procenta \u2013 hledan\u00e9 \u00farokov\u00e9 sazby zhodnocen\u00ed m\u00e9 investice o dan\u00e9 po\u010d\u00e1te\u010dn\u00ed hodnot\u011b a poznan\u00fdch budouc\u00edch pen\u011b\u017en\u00edch toc\u00edch, mi vypo\u010d\u00edt\u00e1 hodnotu +5.55% p.a.<\/strong>, tedy potvrzuje, \u017ee nalezen\u00e1 hodnota je spr\u00e1vn\u00e1. Pokud jsem p\u0159i t\u00e9to zadan\u00e9 \u00farokov\u00e9 sazb\u011b a stejn\u00fdch budouc\u00edch pen\u011b\u017en\u00edch toc\u00edch zjistil nejd\u0159\u00edve podle vzorce o hled\u00e1n\u00ed sou\u010dasn\u00e9 hodnoty investice jej\u00ed po\u010d\u00e1te\u010dn\u00ed hodnotu, potom jsem pomoc\u00ed t\u00e9to po\u010d\u00e1te\u010dn\u00ed hodnot\u011b a poznan\u00fdch budouc\u00edch pen\u011b\u017en\u00edch toc\u00edch pomoc\u00ed v\u00fdpo\u010dtu vnit\u0159n\u00edho v\u00fdnosov\u00e9ho procenta zjistil po\u017eadovanou \u00farokovou sazbu reprezentuj\u00edc\u00ed celkov\u00e9 zhodnocen\u00ed m\u00e9 investice.<\/span><\/p>\n

\u00a0\u00a0 Mohu tak\u00e9 vyzkou\u0161et, jak by se zm\u011bnilo celkov\u00e9 zhodnocen\u00ed investice, pokud bych p\u0159i zadan\u00fdch podm\u00ednek, kter\u00e9 generuj\u00ed budouc\u00ed pen\u011b\u017en\u00ed toky, po\u0159\u00eddil investici za jinou cenu, ne\u017e za -17.398,69 USD, kdy\u017e tato po\u0159izovac\u00ed cena p\u0159edstavuje zhodnocen\u00ed +5.55% p.a.<\/span><\/p>\n

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\u00a0\u00a0 Po\u0159\u00edzen\u00ed investi\u010dn\u00edho n\u00e1stroje za ni\u017e\u0161\u00ed cenu 16.000,- USD (1)<\/strong><\/span> by znamenalo vy\u0161\u0161\u00ed zhodnocen\u00ed na \u00farovni +7.43% p.a., po\u0159\u00edzen\u00ed investi\u010dn\u00edho n\u00e1stroje za vy\u0161\u0161\u00ed cenu 19.000,- USD (2)<\/span><\/strong> by znamenalo ni\u017e\u0161\u00ed zhodnocen\u00ed na \u00farovni -3.61% p.a.. M\u016f\u017eu tak op\u011bt potvrdit pravidlo 2\/ v\u00fd\u0161e v \u010dl\u00e1nku o souvislosti v\u00fd\u0161e \u00farokov\u00e9 sazby a po\u0159izovac\u00ed ceny investice.\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Z\u00e1sadn\u00edm pozn\u00e1n\u00edm v pochopen\u00ed fungov\u00e1n\u00ed dluhopis\u016f je poznat principy tvorby jeho aktu\u00e1ln\u00ed ceny. Principy jsou obecn\u00e9 pro investici do \u010dehokoliv, co p\u0159in\u00e1\u0161\u00ed jak\u00fdsi pevn\u00fd p\u0159\u00edjem v budoucnosti (nebo m\u00e1m alespo\u0148 p\u0159edstavu o tomto budouc\u00edm p\u0159\u00edjmu). Mohu tak tyto v\u00fdpo\u010dty aplikovat na cokoliv diskontov\u00e1n\u00edm t\u011bchto budouc\u00edch p\u0159\u00edjm\u016f do jejich sou\u010dasn\u00e9 hodnoty a jejich sou\u010dtem pak ocenit sou\u010dasnou hodnotu t\u00e9to investice nebo z t\u011bchto diskontovan\u00fdch cen rozpoznat v\u00fdnosnost zam\u00fd\u0161len\u00e9 investice. V\u0161echny poznatky pak budou aplikov\u00e1ny na dluhopisy, kter\u00e9 ve sv\u00fdch r\u016fzn\u00fdch form\u00e1ch a podob\u00e1ch p\u0159edstavuj\u00ed pr\u00e1v\u011b takovou investici, v\u011bt\u0161inou nab\u00edzej\u00ed v\u00fdplaty kup\u00f3n\u016f vyj\u00e1d\u0159en\u00e9 procentem z jejich nomin\u00e1ln\u00ed hodnoty s n\u011bjakou budouc\u00ed frekvenc\u00ed (od p\u0159\u00ed\u0161t\u00edho \u010dl\u00e1nku ji\u017e budu pou\u017e\u00edvat jin\u00fd term\u00edn ne\u017e \u201enomin\u00e1l\u201c) a slibuj\u00ed u jejich splatnosti vr\u00e1cen\u00ed hodnoty tohoto nomin\u00e1lu. P\u0159\u00ed\u0161t\u011b to tak ji\u017e bude opravdu jen o dluhopisech….: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>\u00a0:c)<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Zjistit, jak\u00e1 je budouc\u00ed hodnota investovan\u00fdch pen\u011bz za ur\u010dit\u00fdch \u00farokov\u00fdch podm\u00ednek, bylo pops\u00e1no v\u00a0minul\u00e9m \u010dl\u00e1nku. Po\u0159\u00eddit investici s\u00a0pevn\u00fdm p\u0159\u00edjmem v\u00a0budoucnosti p\u0159edstavovalo nasazen\u00ed jednoduch\u00fdch po\u010detn\u00edch \u00fakon\u016f, abych se dobral v\u00fdsledku, kter\u00fd reprezentoval p\u0159edstavu o budouc\u00ed hodnot\u011b investice, jej\u00ed v\u00fd\u0161e byla zejm\u00e9na podm\u00edn\u011bna d\u00e9lkou dr\u017een\u00ed investice, v\u00fd\u0161i p\u0159ijat\u00e9ho pln\u011bn\u00ed z\u00a0dohodnut\u00e9ho \u00faroku, Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":5987,"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":[60],"tags":[61],"class_list":["post-5967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dluhopisy","tag-dluhopisy"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2022\/11\/main-2.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1yf","jetpack-related-posts":[{"id":5925,"url":"https:\/\/dobretrejdy.com\/?p=5925","url_meta":{"origin":5967,"position":0},"title":"Dluhopisy \u2013 I.","author":"dobretrejdy :c)","date":"12.11.2022","format":false,"excerpt":"\u00a0 \u201eAhoj, p\u016fj\u010d mi pros\u00edm t\u011b milion, j\u00e1 ti to za rok vr\u00e1t\u00edm a k tomu p\u0159id\u00e1m desetiprocentn\u00ed \u00farok, d\u00edk\u201c. Takto by mohla zn\u00edt jednoduch\u00e1 domluva na ban\u00e1ln\u00ed p\u016fj\u010dce s kamar\u00e1dem, se kter\u00fdm jsem sd\u00edlel \u0161koln\u00ed lavici na dev\u00edtiletce a kter\u00e1 by mohla odp\u00edchnout t\u00e9ma dluhopis\u016f na tomto webu. Je\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\/2022\/11\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/11\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/11\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/11\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":6668,"url":"https:\/\/dobretrejdy.com\/?p=6668","url_meta":{"origin":5967,"position":1},"title":"Dluhopisy \u2013 XII.","author":"dobretrejdy :c)","date":"14.10.2023","format":false,"excerpt":"\u00a0\u00a0 V\u00a0hrnci dluhopisov\u00fdch trh\u016f to za\u010d\u00edn\u00e1 p\u011bkn\u011b bublat. Pry\u010d jsou doby nev\u00fdznamn\u00fdch v\u00fdnos\u016f \u010di dokonce z\u00e1porn\u00fdch \u00farokov\u00fdch sazeb, investo\u0159i za\u010d\u00ednaj\u00ed v\u011bt\u0159it zaj\u00edmav\u00e9 p\u0159\u00edle\u017eitosti a po dlouh\u00e1 l\u00e9ta p\u0159ehl\u00ed\u017een\u00fd segment cenn\u00fdch pap\u00edr\u016f s\u00a0pevn\u00fdm v\u00fdnosem za\u010d\u00edn\u00e1 nab\u00edrat na zaslou\u017een\u00e9 pozornosti. N\u00e1sleduj\u00edc\u00ed \u0159\u00e1dky dal\u0161\u00edho d\u00edlu dluhopisov\u00e9ho seri\u00e1lu pak budou o projasn\u011bn\u00ed n\u011bkter\u00fdch probl\u00e9m\u016f\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.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6122,"url":"https:\/\/dobretrejdy.com\/?p=6122","url_meta":{"origin":5967,"position":2},"title":"Dluhopisy – V.","author":"dobretrejdy :c)","date":"28.1.2023","format":false,"excerpt":"\u00a0\u00a0 Kupuji dluhopis. Prvn\u00ed v\u011bta z\u00a0minul\u00e9ho \u010dl\u00e1nku se tak opakuje, a proto\u017ee jsem si v\u00a0tomto p\u0159edch\u00e1zej\u00edc\u00edm \u010dl\u00e1nku ud\u011blal svou anal\u00fdzu z\u00e1kladn\u00edch vlastnost\u00ed dluhopisu, nyn\u00ed je m\u00e9 rozhodov\u00e1n\u00ed ji\u017e zam\u011b\u0159eno na vlastn\u00ed v\u00fdkon zam\u00fd\u0161len\u00e9 investice. Jak zm\u011b\u0159it investici do cenn\u00e9ho pap\u00edru s pevn\u00fdm v\u00fdnosem je opravdu v\u00fdzva a z nab\u00edzen\u00e9ho \u0159e\u0161en\u00ed\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\/01\/O1.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6987,"url":"https:\/\/dobretrejdy.com\/?p=6987","url_meta":{"origin":5967,"position":3},"title":"Dluhopisy \u2013 XVI. \u00a0\u00a0\u00a0\u00a0\u00a0","author":"dobretrejdy :c)","date":"10.3.2024","format":false,"excerpt":"\u00a0 \u00a0V posledn\u00edm \u010dl\u00e1nku dluhopisov\u00e9 minis\u00e9rie Dluhopisy \u2013 XV. jsem popsal jednoduch\u00fd obchod s n\u00e1kupem dluhopisu a jeho zaji\u0161t\u011bn\u00ed pomoc\u00ed odpov\u00eddaj\u00edc\u00edho dluhopisov\u00e9ho futures. Zvolen\u00fd modelov\u00fd obchod nedoprov\u00e1zela \u017e\u00e1dn\u00e1 hlub\u0161\u00ed \u00favaha o vlastnostech zvolen\u00e9ho dluhopisu a byly tak patrn\u00e9 pouze z\u00e1kladn\u00ed vztahy mezi v\u00fdvojem \u00farokov\u00fdch sazeb, cenou dluhopis\u016f a hodnotou odpov\u00eddaj\u00edc\u00edho\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\/2024\/03\/Gr1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/03\/Gr1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/03\/Gr1.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/03\/Gr1.jpg?resize=700%2C400 2x"},"classes":[]},{"id":6742,"url":"https:\/\/dobretrejdy.com\/?p=6742","url_meta":{"origin":5967,"position":4},"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":6900,"url":"https:\/\/dobretrejdy.com\/?p=6900","url_meta":{"origin":5967,"position":5},"title":"Dluhopisy \u2013 XV.\u00a0","author":"dobretrejdy :c)","date":"31.1.2024","format":false,"excerpt":"\u00a0 \u00a0Popisem a principem ur\u010den\u00ed ceny dluhopisov\u00fdch futures kontrakt\u016f jsem se zab\u00fdval v minul\u00e9m \u010dl\u00e1nku, poskytuje se mi tak z\u00e1kladn\u00ed n\u00e1hled na z\u00e1kladn\u00ed dluhopisov\u00fd deriv\u00e1t, kter\u00fd se vyzna\u010duje v\u00fdznamn\u00fdmi objemy obchod\u016f a z toho odvozenou zna\u010dnou likviditou. Jak mohu ale toto dluhopisov\u00e9 futures vyu\u017e\u00edt prakticky by mohlo b\u00fdt n\u00e1pln\u00ed n\u00e1sleduj\u00edc\u00edch\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\/2024\/01\/F2.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/01\/F2.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/01\/F2.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/01\/F2.jpg?resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5967","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=5967"}],"version-history":[{"count":20,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5967\/revisions"}],"predecessor-version":[{"id":7309,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5967\/revisions\/7309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/5987"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}