{"id":10136,"date":"2025-08-22T15:41:59","date_gmt":"2025-08-22T13:41:59","guid":{"rendered":"https:\/\/www.forexsrovnavac.cz\/mag\/?p=10136"},"modified":"2025-08-22T20:59:54","modified_gmt":"2025-08-22T18:59:54","slug":"velka-analyza-spolecnosti-berkshire-hathaway-ebook-zdarma","status":"publish","type":"post","link":"https:\/\/www.forexsrovnavac.cz\/mag\/velka-analyza-spolecnosti-berkshire-hathaway-ebook-zdarma\/","title":{"rendered":"Velk\u00e1 anal\u00fdza spole\u010dnosti Berkshire Hathaway + ebook zdarma"},"content":{"rendered":"

Spole\u010dnost Berkshire Hathaway Inc. p\u0159edstavuje v modern\u00edm sv\u011bt\u011b investic naprost\u00fd unik\u00e1t. Je to rozs\u00e1hl\u00fd konglomer\u00e1t zahrnuj\u00edc\u00ed des\u00edtky zcela vlastn\u011bn\u00fdch podnik\u016f z r\u016fzn\u00fdch odv\u011btv\u00ed \u2013 od poji\u0161\u0165ovnictv\u00ed a \u017eelezni\u010dn\u00ed dopravy p\u0159es energetiku a\u017e po v\u00fdrobu cukrovinek \u2013 a z\u00e1rove\u0148 jeden z nejv\u011bt\u0161\u00edch institucion\u00e1ln\u00edch investor\u016f na sv\u011bt\u011b. Jej\u00ed \u00fasp\u011bch p\u0159esahuj\u00ed pouh\u00e9 finan\u010dn\u00ed v\u00fdkazy a \u010din\u00ed z n\u00ed fenom\u00e9n hodn\u00fd detailn\u00edho zkoum\u00e1n\u00ed.<\/p>\n

V \u010dele spole\u010dnosti st\u00e1lo t\u00e9m\u011b\u0159 sedm desetilet\u00ed legend\u00e1rn\u00ed investi\u010dn\u00ed duo, Warren Buffett a ned\u00e1vno zesnul\u00fd Charlie Munger<\/strong>. Spole\u010dn\u011b p\u0159evzali p\u016fvodn\u011b malou a upadaj\u00edc\u00ed textiln\u00ed tov\u00e1rnu a b\u011bhem n\u011bkolika des\u00edtek let z n\u00ed vybudovali jednu z nejhodnotn\u011bj\u0161\u00edch spole\u010dnost\u00ed na sv\u011bt\u011b. Jejich p\u0159\u00edstup byl v\u017edy zalo\u017een na jednoduch\u00fdch principech: trp\u011blivosti, investov\u00e1n\u00ed do firem, kter\u00fdm dob\u0159e rozum\u00ed<\/strong>\u00a0a hled\u00e1n\u00ed kvality za rozumnou cenu.<\/p>\n

Nov\u00fdm \u0161\u00e9fem Berkshire Hathaway se v\u0161ak stane Greg Abel<\/strong>, kter\u00fd firmu povede od za\u010d\u00e1tku roku 2026. Dosud m\u011bl na starosti v\u0161echny podniky mimo poji\u0161\u0165ovnictv\u00ed a d\u0159\u00edve \u0159\u00eddil energetickou divizi. Je zn\u00e1m\u00fd sv\u00fdm praktick\u00fdm stylem \u0159\u00edzen\u00ed a dlouhodob\u011b pat\u0159\u00ed mezi nejbli\u017e\u0161\u00ed spolupracovn\u00edky Warrena Buffetta. Buffett z\u016fstane d\u00e1l p\u0159edsedou p\u0159edstavenstva.<\/p>\n

Tato anal\u00fdza spole\u010dnosti Berkshire Hathaway m\u00e1 v\u00fdhradn\u011b informativn\u00ed charakter a nep\u0159edstavuje investi\u010dn\u00ed doporu\u010den\u00ed. P\u0159ed investic\u00ed do jak\u00e9hokoliv aktiva je nezbytn\u00e9 prov\u00e9st vlastn\u00ed due diligence a v p\u0159\u00edpad\u011b pot\u0159eby konzultovat rozhodnut\u00ed s nez\u00e1visl\u00fdm finan\u010dn\u00edm poradcem.<\/div>\n
<\/div>\n
C\u00edlem t\u00e9to anal\u00fdzy je jednodu\u0161e a srozumiteln\u011b popsat, jak Berkshire Hathaway funguje, jak\u00e9 akcie nab\u00edz\u00ed a \u010d\u00edm je tak v\u00fdjime\u010dn\u00e1. Dozv\u00edte se t\u0159eba, pro\u010d jsou jej\u00ed akcie tak drah\u00e9 a jak\u00fd rozd\u00edl je mezi \u201et\u0159\u00eddou A\u201c a \u201et\u0159\u00eddou B\u201c.<\/div>\n

Struktura spole\u010dnosti Berkshire Hathaway<\/h2>\n

Abychom pochopili, jak Berkshire Hathaway vyd\u011bl\u00e1v\u00e1 pen\u00edze, mus\u00edme si jej\u00ed byznys rozd\u011blit na dv\u011b hlavn\u00ed \u010d\u00e1sti, kter\u00e9 se navz\u00e1jem skv\u011ble dopl\u0148uj\u00ed. Nejedn\u00e1 se jen o firmu, kter\u00e1 nakupuje a prod\u00e1v\u00e1 akcie.<\/p>\n

Prvn\u00ed a pravd\u011bpodobn\u011b nejd\u016fle\u017eit\u011bj\u0161\u00ed \u010d\u00e1st\u00ed jsou\u00a0pln\u011b vlastn\u011bn\u00e9 dce\u0159in\u00e9 spole\u010dnosti<\/strong>. Jde o des\u00edtky firem, kter\u00e9 Berkshire vlastn\u00ed v podstat\u011b cel\u00e9 (ze 100 %). Jde o skute\u010dn\u00e9 podniky, kter\u00e9 ka\u017ed\u00fd den funguj\u00ed, zam\u011bstn\u00e1vaj\u00ed lidi a obsluhuj\u00ed sv\u00e9 z\u00e1kazn\u00edky.<\/p>\n

Pat\u0159\u00ed sem nap\u0159\u00edklad obrovsk\u00e1 \u017eelezni\u010dn\u00ed spole\u010dnost BNSF, kter\u00e1 p\u0159epravuje zbo\u017e\u00ed po cel\u00e9 Americe, energetick\u00e1 divize Berkshire Hathaway Energy, kter\u00e1 dod\u00e1v\u00e1 elekt\u0159inu milion\u016fm dom\u00e1cnost\u00ed, nebo zn\u00e1m\u00e1 poji\u0161\u0165ovna GEICO. Tyto firmy tvo\u0159\u00ed pevn\u00fd z\u00e1klad cel\u00e9ho konglomer\u00e1tu a jejich hlavn\u00edm \u00fakolem je generovat stabiln\u00ed a p\u0159edv\u00eddateln\u00fd proud hotovosti (cash flow), kter\u00fd pravideln\u011b plyne do centr\u00e1ly Berkshire.<\/p>\n

\"\"<\/a>

Na obr\u00e1zku jsou n\u011bkter\u00e9 v\u00fdznamn\u00e9 spole\u010dnosti, kter\u00e9 Berkshire Hathaway provozuje nebo vlastn\u00ed (pln\u011b \u010di v\u011bt\u0161inov\u011b.<\/p><\/div>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
Sektor<\/th>Hlavn\u00ed spole\u010dnosti<\/th>Dal\u0161\u00ed v\u00fdznamn\u00e9 spole\u010dnosti<\/th>\n<\/tr>\n<\/thead>\n
Poji\u0161\u0165ovnictv\u00ed<\/td>GEICO \u2013 automobilov\u00e9 poji\u0161t\u011bn\u00ed<\/td>Gen Re, Central States Indemnity, dal\u0161\u00ed dce\u0159in\u00e9 poji\u0161\u0165ovny<\/td>\n<\/tr>\n
\u017deleznice<\/td>BNSF Railway<\/td><\/td>\n<\/tr>\n
Energie a utility<\/td>Berkshire Hathaway Energy<\/td><\/td>\n<\/tr>\n
V\u00fdroba a pr\u016fmysl<\/td>Benjamin Moore & Co. \u2013 barvy a n\u00e1t\u011brov\u00e9 hmoty
\nClayton Homes \u2013 moduly a mobiln\u00ed domy
\nDuracell \u2013 baterie
\nFruit of the Loom, Garan Inc \u2013 oble\u010den\u00ed<\/td>		Johns Manville, Lubrizol \u2013 pr\u016fmyslov\u00e9 materi\u00e1ly
\nPrecision Castparts, Scott Fetzer Company<\/td>\n<\/tr>\n
Slu\u017eby a maloobchod<\/td>Dairy Queen \u2013 s\u00ed\u0165 restaurac\u00ed
\nSee's Candies \u2013 cukrovinky
\nBen Bridge Jeweler \u2013 klenotnictv\u00ed<\/td>		Business Wire, NetJets, Oriental Trading
\nPampered Chef, McLane Company
\nStar Furniture, WPLG<\/td>\n<\/tr>\n
Dopl\u0148uj\u00edc\u00ed p\u0159ehled<\/td>Nebraska Furniture Mart \u2013 n\u00e1bytek
\nBorsheims \u2013 \u0161perky
\nHelzberg Diamonds \u2013 klenotnictv\u00ed<\/td>		Lubrizol, Larson-Juhl
\nMarmon Holdings, Forest River
\nJohns Manville, Scott Fetzer<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

Druhou, a v m\u00e9di\u00edch mnohem zn\u00e1m\u011bj\u0161\u00ed slo\u017ekou, je\u00a0portfolio ve\u0159ejn\u011b obchodovan\u00fdch akci\u00ed<\/strong>. To je ta \u010d\u00e1st, o kter\u00e9 se nej\u010dast\u011bji mluv\u00ed \u2013 pod\u00edly ve sv\u011btozn\u00e1m\u00fdch firm\u00e1ch jako Apple, Bank of America nebo Coca-Cola. Kdy\u017e se \u0159\u00edk\u00e1, \u017ee Warren Buffett „nakoupil“ nebo „prodal“, obvykle se t\u00edm mysl\u00ed pr\u00e1v\u011b tyto akcie. Toto akciov\u00e9 portfolio je jen jednou \u010d\u00e1st\u00ed cel\u00e9ho p\u0159\u00edb\u011bhu. Pr\u00e1v\u011b stabiln\u00ed zisky z pln\u011b vlastn\u011bn\u00fdch firem (prvn\u00ed pil\u00ed\u0159) a velk\u00e1 hotovost na \u00fa\u010dtech, d\u00e1vaj\u00ed Berkshire Hathaway obrovsk\u00e9 mno\u017estv\u00ed kapit\u00e1lu, kter\u00fd pak m\u016f\u017ee investovat do n\u00e1kupu akci\u00ed.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Spole\u010dnost<\/th>Obor \/ Sektor<\/th>P\u0159ibli\u017en\u00fd pod\u00edl<\/th>\n<\/tr>\n<\/thead>\n
DaVita<\/td>Zdravotn\u00ed p\u00e9\u010de<\/td>a\u017e 44 %<\/td>\n<\/tr>\n
Sirius XM<\/td>M\u00e9dia<\/td>\u2248 35 %<\/td>\n<\/tr>\n
Occidental Petroleum (OXY)<\/td>Ropa & plyn<\/td>a\u017e 28 %<\/td>\n<\/tr>\n
Kraft Heinz<\/td>Potraviny<\/td>a\u017e 26\u201327 %<\/td>\n<\/tr>\n
Apple Inc.<\/td>Technologie<\/td>22\u201323 %<\/td>\n<\/tr>\n
American Express<\/td>Finan\u010dn\u00ed slu\u017eby<\/td>18\u201319 %<\/td>\n<\/tr>\n
Verisign<\/td>Technologie<\/td>\u2248 14 %<\/td>\n<\/tr>\n
Moody\u2019s<\/td>Finan\u010dn\u00ed slu\u017eby<\/td>\u2248 13\u201313.7 %<\/td>\n<\/tr>\n
Bank of America<\/td>Finance<\/td>\u2248 11 %<\/td>\n<\/tr>\n
Coca-Cola<\/td>Potraviny<\/td>\u2248 11 %<\/td>\n<\/tr>\n
Ally Financial<\/td>Finance<\/td>9\u20139.5 %<\/td>\n<\/tr>\n
Chubb<\/td>Poji\u0161\u0165ovnictv\u00ed<\/td>\u2248 6.7\u20136.8 %<\/td>\n<\/tr>\n
Chevron<\/td>Ropa & plyn<\/td>6\u20137 %<\/td>\n<\/tr>\n
Aon<\/td>Finan\u010dn\u00ed slu\u017eby<\/td>\u2248 1.9 %<\/td>\n<\/tr>\n
UnitedHealth Group<\/td>Poji\u0161t\u011bn\u00ed<\/td>\u2248 0.5\u20130.6 %<\/td>\n<\/tr>\n
Amazon<\/td>Technologie & retail<\/td>\u2248 0.1 %<\/td>\n<\/tr>\n
Nucor, Lennar, DR Horton<\/td>Sektor nemovitost\u00ed \/ ocel<\/td>nov\u00e9 men\u0161\u00ed pozice<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

Typy akci\u00ed Berkshire Hathaway<\/h2>\n

Spole\u010dnost Berkshire Hathaway emituje dva typy akci\u00ed, jejich\u017e rozd\u00edly si nyn\u00ed p\u0159edstav\u00edme. P\u016fvodn\u00ed akcie t\u0159\u00eddy A (BRK.A)<\/strong> jsou z\u00e1kladn\u00ed kmenov\u00e9 akcie spole\u010dnosti. Jejich cena se pravideln\u011b dr\u017e\u00ed nad hranic\u00ed n\u011bkolika set tis\u00edc dolar\u016f za akcii a je z\u00e1m\u011brn\u011b udr\u017eov\u00e1na na velmi vysok\u00e9 \u00farovni \u2013 Warren Buffett se historicky br\u00e1nil split\u016fm (rozd\u011blen\u00ed akci\u00ed), aby p\u0159il\u00e1kal sp\u00ed\u0161e dlouhodob\u011b orientovan\u00e9 investory a omezil kr\u00e1tkodob\u00e9 spekulace. Dr\u017eitel\u00e9 t\u011bchto akci\u00ed disponuj\u00ed pln\u00fdmi hlasovac\u00edmi pr\u00e1vy.<\/p>\n

Aby byla spole\u010dnost dostupn\u00e1 i pro \u0161ir\u0161\u00ed okruh investor\u016f, zavedla v roce 1996\u00a0akcie t\u0159\u00eddy B (BRK.B)<\/strong>, neform\u00e1ln\u011b zn\u00e1m\u00e9 jako \u201eBaby Berks\u201c. Jejich cena p\u0159edstavuje pouze zlomek hodnoty t\u0159\u00eddy A a pro v\u011bt\u0161inu mal\u00fdch investor\u016f je to jedin\u00e1 re\u00e1ln\u00e1 mo\u017enost investice do spole\u010dnosti Berkshire Hathaway. Z hlediska pr\u00e1v jsou v\u0161ak omezeny: p\u016fvodn\u011b poskytovaly 1\/1 500 hlasovac\u00ed s\u00edly oproti akci\u00edm t\u0159\u00eddy A, po splitovi v roce 2010 byl tento pom\u011br upraven na 1\/10 000.<\/p>\n

Tato dualita umo\u017e\u0148uje firm\u011b udr\u017eet si \u00fazkou skupinu akcion\u00e1\u0159\u016f s pln\u00fdm hlasovac\u00edm vlivem a z\u00e1rove\u0148 t\u011b\u017eit z kapit\u00e1lu drobn\u00fdch investor\u016f. Jedna akcie BRK.A<\/strong> je p\u0159ibli\u017en\u011b rovna 1 500 akci\u00edm B, co\u017e udr\u017euje jejich ceny v praxi sv\u00e1zan\u00e9 konvertibilitou: akcie A lze p\u0159ev\u00e9st na B v pom\u011bru 1:1 500, opa\u010dn\u00fd p\u0159evod nen\u00ed mo\u017en\u00fd.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t
Vlastnost<\/th>Akcie t\u0159\u00eddy A (BRK.A)<\/th>Akcie t\u0159\u00eddy B (BRK.B)<\/th>\n<\/tr>\n<\/thead>\n
Cena<\/td>Velmi vysok\u00e1 (~$600,000+)<\/td>Cenov\u011b dostupn\u00e1 (~$400+)<\/td>\n<\/tr>\n
C\u00edlov\u00fd investor<\/td>Instituce, bohat\u00ed jedinci<\/td>Drobn\u00ed a men\u0161\u00ed investo\u0159i<\/td>\n<\/tr>\n
Likvidita<\/td>Ni\u017e\u0161\u00ed<\/td>Vysok\u00e1<\/td>\n<\/tr>\n
Hlasovac\u00ed pr\u00e1va<\/td>Pln\u00e1 (1 hlas na akcii)<\/td>Zlomkov\u00e1 (1\/10 000 hlasu na akcii)<\/td>\n<\/tr>\n
Mo\u017enost konverze<\/td>Lze konvertovat na BRK.B<\/td>Nelze konvertovat na BRK.A<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

P\u0159o\u010d je Berkshire Hathaway tak \u00fasp\u011b\u0161n\u00e1 spole\u010dnost<\/h2>\n

Buffett\u016fv p\u0159\u00edstup je p\u0159ekvapiv\u011b jednoduch\u00fd: kup si dobrou firmu za rozumnou cenu a dr\u017e ji dlouho. M\u00edsto hon\u011bn\u00ed kr\u00e1tkodob\u00fdch \u201etip\u016f\u201c hled\u00e1 podniky, kter\u00e9 vyd\u011bl\u00e1vaj\u00ed stabiln\u00ed pen\u00edze, rozum\u00ed jim a maj\u00ed n\u011bco, co je chr\u00e1n\u00ed p\u0159ed konkurenc\u00ed.<\/p>\n

T\u00e9 ochran\u011b \u0159\u00edk\u00e1 Moat <\/strong>\u201ep\u0159\u00edkop\u201c \u2013 m\u016f\u017ee to b\u00fdt siln\u00e1 zna\u010dka (Coca\u2011Cola), nejni\u017e\u0161\u00ed n\u00e1klady v oboru (GEICO) nebo s\u00ed\u0165ov\u00fd efekt (u Applu je to propojen\u00ed hardwaru, softwaru a slu\u017eeb). Kdy\u017e takovou firmu najde za cenu, kter\u00e1 d\u00e1v\u00e1 smysl, rad\u011bji ji dr\u017e\u00ed roky a\u017e desetilet\u00ed.<\/strong> Ne\u0159e\u0161\u00ed denn\u00ed v\u00fdkyvy, zaj\u00edm\u00e1 ho, kolik hotovosti podnik vyd\u011bl\u00e1 za p\u011bt a v\u00edce let.<\/p>\n

Koncept „Floatu“: Motor, kter\u00fd v\u0161e poh\u00e1n\u00ed<\/strong><\/h3>\n

Pochopit „float“ je naprosto z\u00e1sadn\u00ed. Funguje to takto: Poji\u0161\u0165ovny (jako je GEICO, kter\u00e9 pat\u0159\u00ed Berkshire) vyberou pojistn\u00e9 od klient\u016f hned, ale \u0161kody propl\u00e1cej\u00ed a\u017e v budoucnu, kdy\u017e se n\u011bco stane. T\u011bmto pen\u011bz\u016fm, kter\u00e9 poji\u0161\u0165ovna do\u010dasn\u011b dr\u017e\u00ed mezi v\u00fdb\u011brem pojistn\u00e9ho a vyplacen\u00edm \u0161kody, se \u0159\u00edk\u00e1\u00a0„float“<\/strong>.<\/p>\n

Pro Berkshire Hathaway je tento float zlat\u00fd d\u016fl. Jde o des\u00edtky miliard dolar\u016f, kter\u00e9 technicky nepat\u0159\u00ed firm\u011b, ale m\u016f\u017ee je mezit\u00edm pou\u017e\u00edt pro sv\u00e9 vlastn\u00ed investice. Je to v podstat\u011b obrovsk\u00e1 p\u016fj\u010dka, za kterou Berkshire nemus\u00ed platit \u017e\u00e1dn\u00fd \u00farok. Naopak, pokud poji\u0161\u0165ovny hospoda\u0159\u00ed dob\u0159e a vyberou na pojistn\u00e9m v\u00edce, ne\u017e vyplat\u00ed na \u0161kod\u00e1ch, je tento kapit\u00e1l nejen zdarma, ale dokonce ziskov\u00fd. Tento t\u00e9m\u011b\u0159 nekone\u010dn\u00fd proud bez\u00faro\u010dn\u00e9ho kapit\u00e1lu je motorem, kter\u00fd poh\u00e1n\u00ed celou investi\u010dn\u00ed ma\u0161in\u00e9rii Berkshire.<\/p>\n

Hledan\u00ed potencion\u00e1ln\u00edch investic v „kruhu kompetence“<\/strong><\/h3>\n

Dal\u0161\u00ed z\u00e1sadou je\u00a0\u201ekruhu kompetence\u201c <\/strong>\u2013 investovat jen do toho, \u010demu opravdu rozum\u00edte. Pokud je byznys p\u0159\u00edli\u0161 slo\u017eit\u00fd nebo ne\u010diteln\u00fd, je lep\u0161\u00ed ho vynechat. Buffett tak\u00e9 klade velk\u00fd d\u016fraz na charakter a schopnosti veden\u00ed firem: chce vlastn\u00edky\u2011mana\u017eery, kte\u0159\u00ed hraj\u00ed f\u00e9r, dob\u0159e hospoda\u0159\u00ed s kapit\u00e1lem a nemusej\u00ed b\u00fdt z centr\u00e1ly \u201ehl\u00edd\u00e1ni\u201c.\u00a0 Pr\u00e1v\u011b proto se des\u00edtky let vyh\u00fdbali technologick\u00fdm firm\u00e1m. Do Applu investovali a\u017e ve chv\u00edli, kdy jeho byznys za\u010dali ch\u00e1pat ne jako technologick\u00fd, ale sp\u00ed\u0161e jako byznys se spot\u0159ebn\u00edm zbo\u017e\u00edm se silnou zna\u010dkou a v\u011brn\u00fdmi z\u00e1kazn\u00edky.<\/p>\n

Organiza\u010dn\u011b je Berkshire v\u00fdrazn\u011b decentralizovan\u00e1. Mal\u00e1 centr\u00e1la v Omaze nech\u00e1v\u00e1 \u0161\u00e9f\u016fm dce\u0159in\u00fdch firem \u0161irokou autonomii v ka\u017edodenn\u00edm \u0159\u00edzen\u00ed a zasahuje hlavn\u011b do alokace kapit\u00e1lu a nastavov\u00e1n\u00ed kultury odpov\u011bdnosti. Tento model sni\u017euje re\u017eii, zrychluje rozhodov\u00e1n\u00ed bl\u00edzko z\u00e1kazn\u00edkovi a p\u0159itahuje \u201evlastnick\u00fd\u201c typ mana\u017eer\u016f, kter\u00fdm Berkshire d\u016fv\u011b\u0159uje a kter\u00e9 hodnot\u00ed podle dlouhodob\u00fdch v\u00fdsledk\u016f, ne kr\u00e1tkodob\u00fdch metrik. Kombinace trp\u011blivosti, zam\u011b\u0159en\u00ed na kvalitu a disciplinovan\u00e9 pr\u00e1ce s floatem je t\u00edm, co Berkshire dlouhodob\u011b odli\u0161uje.<\/p>\n

Rizika a budoucnost: Nad \u010d\u00edm by m\u011bl investor p\u0159em\u00fd\u0161let<\/h2>\n

I kdy\u017e je Berkshire Hathaway pova\u017eov\u00e1na za jednu z nejbezpe\u010dn\u011bj\u0161\u00edch velk\u00fdch firem na sv\u011bt\u011b, \u017e\u00e1dn\u00e1 investice nen\u00ed bez rizika. Ne\u017e do n\u00ed \u010dlov\u011bk vlo\u017e\u00ed sv\u00e9 pen\u00edze, m\u011bl by si b\u00fdt v\u011bdom n\u011bkolika kl\u00ed\u010dov\u00fdch otazn\u00edk\u016f.<\/p>\n

1. Co bude po Buffettovi? Ot\u00e1zka n\u00e1stupnictv\u00ed<\/strong><\/p>\n

Warren Buffett je legenda a jeho genialita je hlavn\u00edm d\u016fvodem \u00fasp\u011bchu firmy. Je mu ale p\u0159es 90 let. A\u010dkoliv m\u00e1 jasn\u011b vybran\u00e9 n\u00e1stupce (Grega Abela pro \u0159\u00edzen\u00ed v\u0161ech nepoji\u0161\u0165ovac\u00edch operac\u00ed a Ajita Jaina pro poji\u0161\u0165ovnictv\u00ed), velkou ot\u00e1zkou z\u016fst\u00e1v\u00e1, zda firma dok\u00e1\u017ee pokra\u010dovat ve sv\u00e9m \u00fasp\u011bchu i bez sv\u00e9ho zakladatele. Buffett m\u011bl jedine\u010dn\u00fd talent pro vyhled\u00e1v\u00e1n\u00ed skv\u011bl\u00fdch p\u0159\u00edle\u017eitost\u00ed. Investor se mus\u00ed pt\u00e1t: „V\u011b\u0159\u00edm, \u017ee syst\u00e9m a firemn\u00ed kultura, kterou Buffett vybudoval, jsou dostate\u010dn\u011b siln\u00e9 na to, aby fungovaly i bez n\u011bj?“<\/p>\n

2. Probl\u00e9m velikosti: T\u011b\u017e\u0161\u00ed a t\u011b\u017e\u0161\u00ed r\u016fst<\/strong><\/p>\n

Berkshire je dnes tak obrovsk\u00e1 spole\u010dnost, \u017ee je pro ni st\u00e1le t\u011b\u017e\u0161\u00ed r\u016fst stejn\u00fdm tempem jako v minulosti. P\u0159edstavte si to takto: Kdy\u017e m\u00e1te malou firmu, nen\u00ed tak t\u011b\u017ek\u00e9 jej\u00ed hodnotu zdvojn\u00e1sobit. Kdy\u017e ale va\u0161e firma m\u00e1 hodnotu stovek miliard dolar\u016f, mus\u00edte naj\u00edt investici v \u0159\u00e1du des\u00edtek miliard, aby to s celkovou hodnotou v\u016fbec pohnulo. Takto velk\u00e9 a z\u00e1rove\u0148 v\u00fdhodn\u00e9 p\u0159\u00edle\u017eitosti se hledaj\u00ed velmi t\u011b\u017eko. Investor by m\u011bl po\u010d\u00edtat s t\u00edm, \u017ee Berkshire Hathaway u\u017e pravd\u011bpodobn\u011b neporoste tak raketov\u011b jako d\u0159\u00edv a bude sp\u00ed\u0161e p\u0159ipom\u00ednat stabiln\u00ed, pomaleji rostouc\u00ed kolos.<\/p>\n

3. Velk\u00e1 s\u00e1zka na Apple<\/strong><\/p>\n

Krom\u011b ot\u00e1zek veden\u00ed a velikosti je t\u0159eba se pod\u00edvat i na to, z \u010deho se vlastn\u011b majetek Berkshire skl\u00e1d\u00e1. V akciov\u00e9 \u010d\u00e1sti portfolia existuje zna\u010dn\u00e9 riziko koncentrace. Zn\u00e1m\u00e9 pravidlo rad\u00ed ned\u00e1vat v\u0161echna vejce do jednoho ko\u0161\u00edku, av\u0161ak Berkshire m\u00e1 obrovskou \u010d\u00e1st sv\u00e9ho portfolia v jedin\u00e9 firm\u011b \u2013 Applu. Zat\u00edmco tato s\u00e1zka byla fenomen\u00e1ln\u011b \u00fasp\u011b\u0161n\u00e1, z\u00e1rove\u0148 to znamen\u00e1, \u017ee kdy\u017e Apple „zaka\u0161le“, Berkshire „dostane ch\u0159ipku“.<\/p>\n

4. Rizika re\u00e1ln\u00e9ho sv\u011bta<\/strong><\/p>\n

Berkshire nevlastn\u00ed jen cenn\u00e9 pap\u00edry, ale i skute\u010dn\u00e9 podniky, kter\u00e9 mohou narazit na probl\u00e9my. Poji\u0161\u0165ovny mohou m\u00edt slab\u00fd rok kv\u016fli velk\u00fdm katastrof\u00e1m nebo r\u016fstu n\u00e1klad\u016f na \u0161kody. \u017deleznice je citliv\u00e1 na zdrav\u00ed ekonomiky a konkurenci v doprav\u011b. Energetika je siln\u011b regulovan\u00e1, n\u00e1vratnost se odv\u00edj\u00ed od schv\u00e1len\u00fdch sazeb a investic do s\u00edt\u011b, a extr\u00e9mn\u00ed po\u010das\u00ed m\u016f\u017ee n\u00e1klady v\u00fdrazn\u011b zv\u00fd\u0161it. Do toho vstupuj\u00ed i \u00farokov\u00e9 sazby a dan\u011b, kter\u00e9 ovliv\u0148uj\u00ed hodnotu investic.<\/p>\n

Z\u00e1kladn\u00ed finan\u010dn\u00ed ukazatele spole\u010dnosti Berkshire Hathaway<\/h2>\n

Berkshire Hathaway m\u00e1 siln\u00e9 z\u00e1klady s celkov\u00fdm vlastn\u00edm kapit\u00e1lem 670 miliard USD, n\u00edzk\u00fdm \u010dist\u00fdm dluhem ve v\u00fd\u0161i 27 miliard USD a robustn\u00ed hotovostn\u00ed pozic\u00ed p\u0159es 300 miliard USD. Ro\u010dn\u00ed zisk se pohybuje kolem 50 miliard USD a voln\u00fd pen\u011b\u017en\u00ed tok okolo 21 miliard USD. N\u00ed\u017ee najdete jednoduchou tabulku, kter\u00e1 p\u0159ehledn\u011b ukazuje t\u0159i \u010d\u00e1sti financ\u00ed Berkshire Hathaway: rozvahu (balance sheet), v\u00fdsledovku (income statement) a pen\u011b\u017en\u00ed toky (cash flow). Rozvaha \u0159\u00edk\u00e1, co firma vlastn\u00ed a co dlu\u017e\u00ed; v\u00fdsledovka ukazuje, kolik firma utr\u017eila a vyd\u011blala; pen\u011b\u017en\u00ed toky vysv\u011btluj\u00ed, odkud pen\u00edze p\u0159ich\u00e1zej\u00ed a kam odch\u00e1zej\u00ed.<\/p>\n

M\u016f\u017eete si zvolit zobrazen\u00ed kvart\u00e1ln\u011b (Q) nebo ro\u010dn\u011b\/TTM (R), podle toho, zda chcete sledovat kr\u00e1tkodob\u00fd v\u00fdvoj po \u010dtvrtlet\u00edch, nebo del\u0161\u00ed trend za posledn\u00ed 4 roky.<\/p>\n<\/stock-market-widget>\n

Dal\u0161\u00ed informace z\u00edsk\u00e1te v e\u2011booku (PDF) od profesion\u00e1ln\u00edch analytik\u016f z XTB<\/h2>\n

Pr\u00e1v\u011b jste nahl\u00e9dli do fascinuj\u00edc\u00edho sv\u011bta Berkshire Hathaway \u2013 ale to je jen za\u010d\u00e1tek. Chcete v\u011bd\u011bt, jak se skute\u010dn\u011b ocenila tahle legenda trhu, pro\u010d dr\u017e\u00ed rekordn\u00edch 348 miliard dolar\u016f v hotovosti a jak se zm\u011bn\u00ed jej\u00ed strategie po odchodu Warrena Buffetta? jak si vede Berkshire oproti indexu S&P 500 v dlouhodob\u00e9m horizontu?<\/strong> V ebooku najdete tak\u00e9 aktu\u00e1ln\u00ed ocen\u011bn\u00ed a v\u00fdsledky spole\u010dnosti za posledn\u00ed roky.<\/p>\n

Tato z\u00e1kladn\u00ed anal\u00fdza byla jen ochutn\u00e1vka. Pro skute\u010dn\u00fd ponor do hloubky pro v\u00e1s analytick\u00fd t\u00fdm z XTB p\u0159ipravil 18str\u00e1nkov\u00fd e-book nabit\u00fd informacemi o Berkshire Hathaway<\/strong>. V n\u011bm najdete detailn\u00ed ocen\u011bn\u00ed firmy, exkluzivn\u00ed pohledy profesion\u00e1ln\u00edch analytik\u016f, p\u0159ehledn\u00e9 grafy a hlavn\u011b anal\u00fdzu toho, kdo imp\u00e9rium p\u0159evezme a jak\u00e1 ho \u010dek\u00e1 budoucnost. Z\u00edskejte komplexn\u00ed pohled, kter\u00fd p\u0159esahuje r\u00e1mec b\u011b\u017en\u00fdch \u010dl\u00e1nk\u016f.\u00a0St\u00e1hn\u011bte si e-book zcela zdarma.<\/a> Investov\u00e1n\u00ed je rizikov\u00e9. Investujte zodpov\u011bdn\u011b.\u00a0<\/strong><\/p>\n

\"\"<\/a>

Investi\u010dn\u00ed imp\u00e9rium Warrena Buffetta \u2013 ebook ke sta\u017een\u00ed zdarma, bez nutnosti vkladu. Okam\u017eit\u011b ve va\u0161em emailu. #XTB #XTBWebsite, #XTBOnlineTrading<\/p><\/div>\n

Z\u00e1v\u011br a shrnut\u00ed<\/h2>\n

Berkshire Hathaway je unik\u00e1tn\u00ed konglomer\u00e1t se dv\u011bma pil\u00ed\u0159i: pln\u011b vlastn\u011bn\u00e9 podniky (nap\u0159. BNSF, Berkshire Hathaway Energy, GEICO) generuj\u00edc\u00ed stabiln\u00ed cash flow a portfolio ve\u0159ejn\u011b obchodovan\u00fdch akci\u00ed (Apple, Bank of America, Coca\u2011Cola), financovan\u00e9 mimo jin\u00e9 poji\u0161\u0165ovac\u00edm \u201efloatem\u201c jako levn\u00fdm a ziskov\u00fdm kapit\u00e1lem. Strategie Warrena Buffetta a Charlieho Mungera stoj\u00ed na trp\u011blivosti, \u201emoatu\u201c a decentralizovan\u00e9m \u0159\u00edzen\u00ed.<\/p>\n

Spole\u010dnost nyn\u00ed stoj\u00ed na historick\u00e9 k\u0159i\u017eovatce. Nejistota spojen\u00e1 s n\u00e1stupnictv\u00edm po legend\u00e1rn\u00edch zakladatel\u00edch se za\u010d\u00edn\u00e1 odr\u00e1\u017eet na sentimentu trhu, co\u017e p\u0159isp\u00edv\u00e1 k ned\u00e1vn\u00e9 volatilit\u011b a tlaku na pokles ceny akci\u00ed Berkshire Hathaway<\/a>. S p\u0159ed\u00e1n\u00edm veden\u00ed do rukou Grega Abela se investo\u0159i ptaj\u00ed, zda syst\u00e9m a kultura firmy dok\u00e1\u017eou fungovat i bez Buffettovy geniality.<\/p>\n

Nejv\u011bt\u0161\u00edmi riziky do budoucna jsou probl\u00e9m gigantick\u00e9 velikosti, kter\u00e1 zt\u011b\u017euje dal\u0161\u00ed rychl\u00fd r\u016fst, a mimo\u0159\u00e1dn\u00e1 koncentrace akciov\u00e9ho portfolia v jedin\u00e9 firm\u011b Apple. A\u010dkoliv jsou finan\u010dn\u00ed z\u00e1klady Berkshire Hathaway mimo\u0159\u00e1dn\u011b pevn\u00e9, jej\u00ed budouc\u00ed \u00fasp\u011bch bude z\u00e1viset na schopnosti nov\u00e9ho veden\u00ed alokovat obrovsk\u00fd kapit\u00e1l v m\u011bn\u00edc\u00edm se sv\u011bt\u011b.<\/p>\n","protected":false},"excerpt":{"rendered":"

Spole\u010dnost Berkshire Hathaway Inc. p\u0159edstavuje v modern\u00edm sv\u011bt\u011b investic naprost\u00fd unik\u00e1t. Je to rozs\u00e1hl\u00fd konglomer\u00e1t zahrnuj\u00edc\u00ed des\u00edtky zcela vlastn\u011bn\u00fdch podnik\u016f z r\u016fzn\u00fdch odv\u011btv\u00ed \u2013 od poji\u0161\u0165ovnictv\u00ed a \u017eelezni\u010dn\u00ed dopravy p\u0159es energetiku a\u017e po v\u00fdrobu cukrovinek \u2013 a z\u00e1rove\u0148 jeden z nejv\u011bt\u0161\u00edch institucion\u00e1ln\u00edch investor\u016f na sv\u011bt\u011b. Jej\u00ed \u00fasp\u011bch p\u0159esahuj\u00ed pouh\u00e9 finan\u010dn\u00ed v\u00fdkazy a \u010din\u00ed z n\u00ed […]<\/p>\n","protected":false},"author":1,"featured_media":10158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[194],"tags":[],"class_list":["post-10136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-akcie"],"modified_by":"Krpensk\u00fd Martin","_links":{"self":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/10136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/comments?post=10136"}],"version-history":[{"count":0,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/10136\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media\/10158"}],"wp:attachment":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media?parent=10136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/categories?post=10136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/tags?post=10136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}