{"id":2717,"date":"2021-11-25T21:23:16","date_gmt":"2021-11-25T20:23:16","guid":{"rendered":"https:\/\/www.forexsrovnavac.cz\/mag\/?p=2717"},"modified":"2025-01-07T18:46:04","modified_gmt":"2025-01-07T17:46:04","slug":"jak-investuje-warren-buffett","status":"publish","type":"post","link":"https:\/\/www.forexsrovnavac.cz\/mag\/jak-investuje-warren-buffett\/","title":{"rendered":"Jak investuje Warren Buffett"},"content":{"rendered":"<p>Kdokoliv chce investovat podobn\u011b jako <strong>Buffett<\/strong>, je dobr\u00e9 zam\u011b\u0159it se na value investov\u00e1n\u00ed, kter\u00e9 propaguje. My\u0161lenka <strong>value investov\u00e1n\u00ed<\/strong> se zakl\u00e1d\u00e1 na jednoduch\u00e9m faktu \u2013 naj\u00edt spole\u010dnost, kter\u00e1 m\u00e1 vnit\u0159n\u00ed hodnotu vy\u0161\u0161\u00ed ne\u017e je cena jej\u00ed akcie. Samoz\u0159ejm\u011b, \u017ee nalezen\u00ed takov\u00e9to akcie nen\u00ed snadn\u00e9 a jde o tvrdou pr\u00e1ci.<\/p>\n<p>Buffett se mnoh\u00e9 nau\u010dil od jeho obl\u00edben\u00e9ho profesora <strong>Benjamina Grahama<\/strong>, kter\u00fd se zam\u011b\u0159uje pr\u00e1v\u011b na value investice. Jeho kniha Inteligentn\u00ed investor pat\u0159\u00ed mezi hlavn\u00ed zdroje k tomuto druhu obchodov\u00e1n\u00ed s akciemi. Buffett postupn\u011b posunul Graham\u016fv p\u0159\u00edstup od \u010dist\u011b \u010d\u00edseln\u00e9ho hodnocen\u00ed (hled\u00e1n\u00ed podhodnocen\u00fdch aktiv) sm\u011brem ke kvalitativn\u00edmu hodnocen\u00ed konkuren\u010dn\u00ed v\u00fdhody spole\u010dnost\u00ed. V\u00edce se zam\u011b\u0159uje na spole\u010dnosti s tzv.<strong> &#8222;economic moat&#8220; (ekonomick\u00fdm p\u0159\u00edkopem) &#8211; tedy udr\u017eitelnou konkuren\u010dn\u00ed v\u00fdhodou<\/strong>.<\/p>\n<h2><strong>Strategie kup a dr\u017e<\/strong><\/h2>\n<p>Dal\u0161\u00ed z investi\u010dn\u00edch strategi\u00ed Warrena Buffetta je nakoupit akcie spole\u010dnost\u00ed, u kter\u00fdch v\u011b\u0159\u00edme, \u017ee si v dlouhodob\u00e9m horizontu alespo\u0148 5 a v\u00edce let povedou dob\u0159e. Jestli\u017ee sledujete novinky z <a href=\"https:\/\/www.forexsrovnavac.cz\/cs\/americke-akcie-kurzy\/berkshire-hathaway\">Berkshire Hathaway<\/a> fondu, jsou zde zve\u0159ej\u0148ov\u00e1ny v\u0161echny n\u00e1kupy akci\u00ed nebo akvizice spole\u010dnost\u00ed. Ka\u017ed\u00fd rok v ka\u017ed\u00e9m kvart\u00e1le se tak ka\u017ed\u00fd investor nebo obchodn\u00edk m\u016f\u017ee dozv\u011bd\u011bt, co pr\u00e1v\u011b Buffet koupil nebo prodal.<\/p>\n<p>Buffett investuje do akci\u00ed spole\u010dnost\u00ed, kter\u00e9 maj\u00ed dlouhodob\u00e9 <strong>stabiln\u00ed a dobr\u00e9 v\u00fdsledky<\/strong> v z\u00e1vislosti na tr\u017en\u00edch podm\u00ednk\u00e1ch a jsou v sektoru, kter\u00fd do budoucna bude r\u016fst. Zde je jasn\u011b vid\u011bt, \u017ee se Warren zam\u011b\u0159uje na velmi dlouhodob\u00e9 investov\u00e1n\u00ed a z\u00edsk\u00e1n\u00ed maxima z proveden\u00fdch investic. Jeho strategie prim\u00e1rn\u011b nen\u00ed ur\u010dena pro <a href=\"https:\/\/www.forexsrovnavac.cz\/mag\/daytrading\/\">intradenn\u00ed obchodn\u00edky<\/a>, ignoruje kr\u00e1tkodob\u00e9 poklesy akci\u00ed a zam\u011b\u0159uje se na uskute\u010dn\u011bn\u00ed dlouhodob\u00e9ho obchodu.<\/p>\n<div id=\"attachment_8906\" style=\"width: 812px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-akciova-strategie.png\"><img alt=\"\" loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-8906\" class=\"wp-image-8906 size-full\" title=\"Z\u00e1kladn\u00ed principy Buffettova investov\u00e1n\u00ed\" src=\"https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-akciova-strategie.png\" alt=\"\" width=\"812\" height=\"408\" srcset=\"https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-akciova-strategie.png 812w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-akciova-strategie-150x75.png 150w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-akciova-strategie-768x386.png 768w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-akciova-strategie-80x40.png 80w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-akciova-strategie-64x32.png 64w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-akciova-strategie-159x80.png 159w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-akciova-strategie-269x135.png 269w\" sizes=\"auto, (max-width: 812px) 100vw, 812px\" \/><\/a><p id=\"caption-attachment-8906\" class=\"wp-caption-text\">&#8222;\u010casov\u00e1 osa Buffettovy investi\u010dn\u00ed strategie zobrazuj\u00edc\u00ed t\u0159i hlavn\u00ed principy: Value Investice, Kup a Dr\u017e, Rozum\u011bt Byznysu.<\/p><\/div>\n<h2><strong>Investuj do toho, \u010demu rozum\u00ed\u0161<\/strong><\/h2>\n<p>Warren Buffett neutrp\u011bl velk\u00e9 ztr\u00e1ty p\u0159i dot com bublin\u011b na p\u0159elomu stolet\u00ed, proto\u017ee zde nem\u011bl p\u0159\u00edli\u0161 velk\u00e9 investice. Tento investor kupuje pouze akcie spole\u010dnost\u00ed, kde pln\u011b rozum\u00ed co nab\u00edz\u00ed za produkty. Portfolio Berkshire Hathaway fond\u016f je slo\u017eeno z akciov\u00fdch titul\u016f, kter\u00e9 jsou v\u0161eobecn\u011b zn\u00e1m\u00e9 a je snadn\u00e9 rozum\u011bt jejich \u010dinnosti.<\/p>\n<p>Mezi <strong>velk\u00e9 akciov\u00e9 spole\u010dnosti<\/strong>, v nich\u017e Buffett dr\u017e\u00ed pod\u00edly jsou <a href=\"https:\/\/www.forexsrovnavac.cz\/cs\/americke-akcie-kurzy\/coca-cola\">Coca Cola<\/a>, H.J. Heinz Company, American Express, Kroger, Apple, Snowflake a dal\u0161\u00ed pozn. Nejv\u011bt\u0161\u00ed <strong>pozic\u00ed v portfoliu<\/strong> je pr\u00e1v\u011b spole\u010dnost Apple, kter\u00e1 tvo\u0159\u00ed a\u017e 40% jeho portfolia &#8211; aktu\u00e1ln\u00ed k roku 2021.<\/p>\n<p>Mnoho investor\u016f si asi polo\u017e\u00ed ot\u00e1zku, zda n\u00e1sledov\u00e1n\u00ed Buffetta bude fungovat v praxi. Z\u00e1kladn\u00ed rady j\u00edm uv\u00e1d\u011bn\u00e9 jsou pochopiteln\u011b realizovateln\u00e9 a mnoho investor\u016f tak \u010din\u00ed, nicm\u00e9n\u011b je zde rozd\u00edl v mo\u017enostech velikosti investice, kter\u00e9 lze investovat. Dal\u0161\u00ed mo\u017enost\u00ed je p\u0159\u00edmo n\u00e1kup akci\u00ed fondu <strong>Berkshire Hathaway<\/strong>. Tr\u017en\u00ed hodnota jedn\u00e9 akcie je v\u0161ak vysok\u00e1. Nicm\u00e9n\u011b lze nakoupit levn\u011bj\u0161\u00ed akcie tzv. B shares, kter\u00e9 jsou levn\u011bj\u0161\u00ed variantou zm\u00edn\u011bn\u00e9ho fondu.<\/p>\n<h2>Ekonomick\u00fd p\u0159\u00edkop (Economic Moat) a role managementu<\/h2>\n<p>Koncept &#8222;ekonomick\u00e9ho p\u0159\u00edkopu&#8220; je kl\u00ed\u010dovou sou\u010d\u00e1st\u00ed Buffettovy investi\u010dn\u00ed filozofie. Jde o udr\u017eitelnou konkuren\u010dn\u00ed v\u00fdhodu, kter\u00e1 chr\u00e1n\u00ed zisky spole\u010dnosti p\u0159ed konkurenc\u00ed. M\u016f\u017ee j\u00edt o:<\/p>\n<ul>\n<li>Silnou zna\u010dku (nap\u0159. Coca-Cola)<\/li>\n<li>S\u00ed\u0165ov\u00fd efekt (American Express)<\/li>\n<li>Vysok\u00e9 n\u00e1klady na zm\u011bnu dodavatele<\/li>\n<li>Patenty a licence<\/li>\n<li>\u00daspory z rozsahu<\/li>\n<\/ul>\n<p>Buffett tak\u00e9 klade mimo\u0159\u00e1dn\u00fd d\u016fraz na kvalitu veden\u00ed spole\u010dnost\u00ed, do kter\u00fdch investuje. Hled\u00e1 mana\u017eery, kte\u0159\u00ed jsou nejen kompetentn\u00ed, ale tak\u00e9 \u010destn\u00ed a orientovan\u00ed na dlouhodob\u00fd r\u016fst. Pravideln\u011b komunikuje s veden\u00edm firem a sleduje jejich rozhodnut\u00ed. Jeho slavn\u00fd v\u00fdrok &#8222;Kdy\u017e do firmy investujete, m\u011bli byste se c\u00edtit, jako byste byli ochotni ji vlastnit cel\u00fdch 10 let, i kdyby se trh n\u00e1sleduj\u00edc\u00ed den zav\u0159el&#8220; odr\u00e1\u017e\u00ed tento d\u016fraz na kvalitn\u00ed management.<\/p>\n<h2>Buffettova investi\u010dn\u00ed strategie<\/h2>\n<p>Prim\u00e1rn\u011b se zam\u011b\u0159uje na value investov\u00e1n\u00ed, kdy hled\u00e1<strong> podhodnocen\u00e9 spole\u010dnosti<\/strong> s vysokou vnit\u0159n\u00ed hodnotou a dostate\u010dnou bezpe\u010dnostn\u00ed mar\u017e\u00ed. Druh\u00fdm kl\u00ed\u010dov\u00fdm prvkem je tzv. ekonomick\u00fd p\u0159\u00edkop &#8211; v\u00fdhody, kter\u00e9 chr\u00e1n\u00ed firmu p\u0159ed konkurenc\u00ed, jako jsou siln\u00e1 zna\u010dka \u010di s\u00ed\u0165ov\u00e9 efekty. T\u0159et\u00ed pil\u00ed\u0159 tvo\u0159\u00ed disciplinovan\u00e1 spr\u00e1va portfolia s vysok\u00fdmi pen\u011b\u017en\u00edmi rezervami a trp\u011bliv\u00fdm p\u0159\u00edstupem k n\u00e1kup\u016fm. \u010ctvrt\u00fdm prvkem je dlouhodob\u00fd p\u0159\u00edstup s dr\u017een\u00edm investic 5 a v\u00edce let a ignorov\u00e1n\u00edm kr\u00e1tkodob\u00fdch tr\u017en\u00edch v\u00fdkyv\u016f. P\u00e1t\u00fdm principem je d\u016fraz na porozum\u011bn\u00ed byznysu &#8211; Buffett investuje pouze do spole\u010dnost\u00ed s jednoduch\u00fdmi modely a p\u0159edv\u00eddateln\u00fdmi v\u00fdnosy. Posledn\u00edm pil\u00ed\u0159em je d\u016fraz na kvalitu managementu, kde oce\u0148uje \u010destn\u00e9 veden\u00ed s dlouhodob\u00fdm fokusem.<\/p>\n<p>Vizu\u00e1ln\u011b je strategie zachycena v diagramu s centr\u00e1ln\u00edm uzlem, ze kter\u00e9ho vych\u00e1zej\u00ed zm\u00edn\u011bn\u00fdch \u0161est hlavn\u00edch v\u011btv\u00ed reprezentuj\u00edc\u00edch jednotliv\u00e9 pil\u00ed\u0159e. Ka\u017ed\u00e1 v\u011btev se d\u00e1le d\u011bl\u00ed na konkr\u00e9tn\u00ed aspekty a principy, kter\u00e9 Buffett v dan\u00e9 oblasti sleduje.<\/p>\n<div id=\"attachment_8910\" style=\"width: 790px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-kompletni-investicni-strategie-1.png\"><img alt=\"\" loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-8910\" class=\"wp-image-8910 size-full\" title=\"Kompletn\u00ed my\u0161lenkov\u00e1 mapa Buffettovy investi\u010dn\u00ed strategie\" src=\"https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-kompletni-investicni-strategie-1.png\" alt=\"\" width=\"790\" height=\"554\" srcset=\"https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-kompletni-investicni-strategie-1.png 790w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-kompletni-investicni-strategie-1-150x105.png 150w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-kompletni-investicni-strategie-1-768x539.png 768w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-kompletni-investicni-strategie-1-57x40.png 57w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-kompletni-investicni-strategie-1-450x317.png 450w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-kompletni-investicni-strategie-1-46x32.png 46w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-kompletni-investicni-strategie-1-114x80.png 114w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/11\/buffett-kompletni-investicni-strategie-1-193x135.png 193w\" sizes=\"auto, (max-width: 790px) 100vw, 790px\" \/><\/a><p id=\"caption-attachment-8910\" class=\"wp-caption-text\">Kompletn\u00ed my\u0161lenkov\u00e1 mapa Buffettovy investi\u010dn\u00ed strategie na sv\u011btl\u00e9m pozad\u00ed s \u0161esti hlavn\u00edmi v\u011btvemi: Value Investov\u00e1n\u00ed, Ekonomick\u00fd P\u0159\u00edkop, Spr\u00e1va Portfolia, Dlouhodob\u00fd P\u0159\u00edstup, Porozum\u011bn\u00ed Byznysu a Kvalita Managementu a dal\u0161\u00ed.<\/p><\/div>\n<h3>Z\u00e1v\u011br<\/h3>\n<p>Buffett\u016fv investi\u010dn\u00ed styl se v pr\u016fb\u011bhu let vyv\u00edjel. Od Grahamova striktn\u011b kvantitativn\u00edho p\u0159\u00edstupu se posunul k sofistikovan\u011bj\u0161\u00edmu hodnocen\u00ed kvalitativn\u00edch faktor\u016f. Zat\u00edmco Graham hledal &#8222;cigaretov\u00e9 nedopalky&#8220; (extr\u00e9mn\u011b levn\u00e9 akcie), Buffett preferuje &#8222;skv\u011bl\u00e9 spole\u010dnosti za f\u00e9rovou cenu&#8220;. Tento posun byl v\u00fdznamn\u011b ovlivn\u011bn jeho dlouholet\u00fdm partnerem Charliem Mungerem. Buffet dr\u017e\u00ed zna\u010dn\u00e9 mno\u017estv\u00ed hotovosti a investuje pouze tehdy, kdy\u017e najde skute\u010dn\u011b atraktivn\u00ed p\u0159\u00edle\u017eitost. Jeho p\u0159\u00edstup lze shrnout cit\u00e1tem: &#8222;Trh je mechanismus p\u0159esouvaj\u00edc\u00ed pen\u00edze od netrp\u011bliv\u00fdch k trp\u011bliv\u00fdm.&#8220;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Warren Buffett pat\u0159\u00ed k nej\u00fasp\u011b\u0161n\u011bj\u0161\u00edm investor\u016fm na burze ve sv\u011btov\u00e9 historii, kupuje hlavn\u011b akcie, nebo se sna\u017e\u00ed ovl\u00e1dnou cel\u00e9 spole\u010dnosti. Sv\u00e9 investice prov\u00e1d\u00ed prost\u0159ednictv\u00edm sv\u00e9 investi\u010dn\u00ed spole\u010dnosti Berkshire Hathaway Inc. Tato spole\u010dnost vznikla kolem roku 1962, ve chv\u00edli kdy za\u010dal kupovat akcie mal\u00e9 textiln\u00ed tov\u00e1rny. V n\u00e1sleduj\u00edc\u00edch desetilet\u00edch tento investor dok\u00e1zal, \u017ee pat\u0159\u00ed mezi absolutn\u00ed a respektovanou \u0161pi\u010dku.<\/p>\n","protected":false},"author":1,"featured_media":2723,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"Jak investuje Warren Buffett? Co pou\u017e\u00edv\u00e1 za investi\u010dn\u00ed strategii? Jak funguje strategie kup a dr\u017e akcie nebo jeho value investov\u00e1n\u00ed?","_seopress_robots_index":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[194],"tags":[],"class_list":["post-2717","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\/2717","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=2717"}],"version-history":[{"count":0,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/2717\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media\/2723"}],"wp:attachment":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media?parent=2717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/categories?post=2717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/tags?post=2717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}