{"id":4356,"date":"2022-12-06T00:45:57","date_gmt":"2022-12-05T23:45:57","guid":{"rendered":"https:\/\/www.forexsrovnavac.cz\/mag\/?p=4356"},"modified":"2024-04-20T13:25:38","modified_gmt":"2024-04-20T11:25:38","slug":"byl-benjamin-graham-inteligentni-investor","status":"publish","type":"post","link":"https:\/\/www.forexsrovnavac.cz\/mag\/byl-benjamin-graham-inteligentni-investor\/","title":{"rendered":"Byl Benjamin Graham Inteligentn\u00ed investor?"},"content":{"rendered":"
\n

\"\"<\/a>Poutav\u00fd soukrom\u00fd i profesn\u00ed \u017eivot Benjamina Grahama<\/strong> n\u00e1s provede po\u010d\u00e1tkem nov\u00e9 \u00e9ry obchodov\u00e1n\u00ed s cenn\u00fdmi pap\u00edry ve 20.stolet\u00ed, finan\u010dn\u00ed kriz\u00ed a n\u00e1sledn\u00fdm vznikem „grahamovsk\u00e9ho“ hodnotov\u00e9ho investov\u00e1n\u00ed.<\/p>\n

Pr\u00e1vem se z Grahama stala investorsk\u00e1 legenda, kterou n\u00e1sledovali investo\u0159i 20. a 21.stolet\u00ed. Pr\u016fkopn\u00edk modern\u00ed anal\u00fdzy cenn\u00fdch pap\u00edr\u016f, profesor, spisovatel a p\u0159edstavitel hodnotov\u00e9ho investov\u00e1n\u00ed – <\/b>to byl Benjamin Graham.<\/p>\n<\/div>\n

\n

Soukrom\u00fd \u017eivot\u00a0<\/b><\/h2>\n

Benjamin Graham se narodil v\u00a0Anglii v\u00a0roce 1894<\/strong> v\u00a0\u017eidovsk\u00e9 rodin\u011b s\u00a0p\u016fvodn\u00edm jm\u00e9nem Benjamin Grossbaum. Rok po jeho narozen\u00ed se rodina p\u0159est\u011bhovala do New Yorku za vidinou lep\u0161\u00edho \u017eivota. Kdy\u017e Grahamovi bylo osm let jeho otec ne\u010dekan\u011b zem\u0159el.<\/p>\n

Jak pozd\u011bji Graham s\u00e1m uv\u00e1d\u00ed, byl to jeden z\u00a0nejz\u00e1sadn\u011bj\u0161\u00edch okam\u017eik\u016f jeho \u017eivota. Rodina se po smrti otce ocitla v\u00a0absolutn\u00ed chudob\u011b a pr\u00e1v\u011b zku\u0161enost s\u00a0chudobou p\u016fsobila na Grahama jako obrovsk\u00e1 motivace na lep\u0161\u00ed \u017eivot. Ji\u017e jako d\u00edt\u011b musel tvrd\u011b pracovat p\u0159i studiu, aby pomohl rodinn\u00e9mu rozpo\u010dtu. I p\u0159esto se stal ve \u0161kole vynikaj\u00edc\u00edm studentem a z\u00edskal titul na presti\u017en\u00ed Kolumbijsk\u00e9 univerzit\u011b, ji\u017e ve sv\u00fdch 20 letech.<\/p>\n

Pot\u00e9 odm\u00edtl seri\u00f3zn\u00ed pracovn\u00ed nab\u00eddku na pozici profesora matematiky a filozofie a p\u0159ijal svoji prvn\u00ed pr\u00e1ci na Wall Street, v t\u00e9 dob\u011b nejist\u00e9 zam\u011bstn\u00e1n\u00ed, kter\u00e9 bylo ve\u0159ejnost\u00ed p\u0159ehl\u00ed\u017eeno. Graham se o\u017eenil s dlouholetou p\u0159\u00edtelkyn\u00ed Estey, s kterou pozd\u011bji m\u011bl tak\u00e9 syna. Zlom v jeho rodinn\u00e9m \u017eivot\u011b p\u0159ich\u00e1z\u00ed, kdy\u017e jeho syn um\u00edr\u00e1 a\u00a0 Graham nach\u00e1z\u00ed \u00fato\u010di\u0161t\u011b u p\u0159\u00edtelkyn\u011b zesnul\u00e9ho syna Marie Louise Amingues, kv\u016fli kter\u00e9 nakonec svoji man\u017eelku opust\u00ed. Graham se do sv\u00e9 smrti ofici\u00e1ln\u011b se svoji \u017eenou nikdy nerozvedl. Zem\u0159el v roce 1976, kdy\u017e mu bylo 82 let.<\/p>\n

Profesn\u00ed kari\u00e9ra\u00a0<\/b><\/h2>\n

Pot\u00e9 co Graham za\u010dal pracovat, jako finan\u010dn\u00ed analytik na Wall Street, d\u011blal rychl\u00e9 pokroky. Kombinace kvalitn\u00edho vzd\u011bl\u00e1n\u00ed, touha po soci\u00e1ln\u00ed mobilit\u011b a v\u00fdjime\u010dn\u00e1 inteligence pomohla Grahamovi rychle p\u0159ekonat chudobu a dostat se do vy\u0161\u0161\u00ed spole\u010densk\u00e9 t\u0159\u00eddy.<\/p>\n

V pouh\u00fdch 35 letech zakl\u00e1d\u00e1 vlastn\u00ed investi\u010dn\u00ed spole\u010dnost Benjamin Graham Joint Ventures.<\/strong> Kontakty z vy\u0161\u0161\u00edch spole\u010densk\u00fdch kruh\u016f pomohly Grahamovi nashrom\u00e1\u017edit ji\u017e na po\u010d\u00e1tku kapit\u00e1l ve v\u00fd\u0161i 400 tis\u00edc dolar\u016f a b\u011bhem n\u00e1sleduj\u00edc\u00edch dvan\u00e1cti m\u011bs\u00edc\u016f se mu poda\u0159ilo z\u00edskat celkem 2,5 milionu dolar\u016f od investor\u016f.<\/p>\n

Graham tak\u00e9 \u00fapln\u011b nezanev\u0159el nad akademickou p\u016fdou a jako odborn\u00fd asistent na \u010d\u00e1ste\u010dn\u00fd \u00favazek vedl kurzy na Kolumbijsk\u00e9 univerzit\u011b. V kurzech se prim\u00e1rn\u011b zam\u011b\u0159oval na anal\u00fdzu cenn\u00fdch pap\u00edr\u016f, finan\u010dn\u00ed instrumenty a hodnotov\u00e9 investov\u00e1n\u00ed. \u010c\u00e1ste\u010dn\u011b se akademick\u00e9 dr\u00e1ze v\u011bnoval t\u00e9m\u011b\u0159 \u010dty\u0159icet let<\/strong> a b\u011bhem nich z\u00edskal n\u011bkolik postgradu\u00e1ln\u00edch titul\u016f z Kolumbijsk\u00e9 univerzity, Newyorsk\u00e9ho institutu financ\u00ed a Kalifornsk\u00e9 univerzity.<\/p>\n

Velk\u00e9 ztr\u00e1ty<\/h2>\n

Grahamova z\u00e1\u0159iv\u00e1 kari\u00e9ra si pro\u0161la tak\u00e9 krizov\u00fdm obdob\u00edm. Po t\u0159ech letech p\u016fsoben\u00ed jeho investi\u010dn\u00ed spole\u010dnosti zaznamenal fond dvacetiprocentn\u00ed ztr\u00e1tu. V n\u00e1sleduj\u00edc\u00edm roce 1930 za\u010dala hospod\u00e1\u0159sk\u00e1 krize a Graham\u016fv fond zaznamen\u00e1v\u00e1 s\u00e9rii ztr\u00e1t.<\/p>\n

V letech 1929-1932 utrp\u011bl celkovou kumulovanou ztr\u00e1tu ve v\u00fd\u0161i 70%.<\/strong> Navzdory t\u011bmto v\u00fdsledk\u016fm investi\u010dn\u00ed spole\u010dnost p\u0159e\u017eila a v roce 1933 za\u010d\u00edn\u00e1 znovu se 400 tis\u00edci dolary. B\u011bhem cel\u00e9ho krizov\u00e9ho obdob\u00ed Graham a cel\u00fd management spole\u010dnosti nepob\u00edral \u017e\u00e1dn\u00fd plat a tvrd\u011b pracoval, aby smazal utr\u017een\u00e9 ztr\u00e1ty. Ji\u017e v roce 1933 dosahuje 50% zisku a o dva roky pozd\u011bji se dost\u00e1v\u00e1 zp\u011bt na p\u016fvodn\u00ed hodnotu kapit\u00e1lu 2,5 milionu dolar\u016f.<\/p>\n

P\u0159esto, \u017ee Graham platil za mimo\u0159\u00e1dn\u00e9ho investora, nepoda\u0159ilo se mu nashrom\u00e1\u017edit za jeho \u017eivot velk\u00fd majetek. V dob\u011b jeho smrti byla hodnota jeho osobn\u00edho jm\u011bn\u00ed zhruba 2,5 milionu dolar\u016f, nicm\u00e9n\u011b jeho investorsk\u00e9 strategie zap\u0159\u00ed\u010dinily vznik miliardov\u00fdch fond\u016f. Mezi Grahamovi \u017e\u00e1ky pat\u0159ili nap\u0159. Warren Buffet, William J.Ruane, Irving Kahn, Charles Brandes<\/strong> a dal\u0161\u00ed. Graham za sv\u016fj \u017eivot tak\u00e9 vyd\u00e1v\u00e1 n\u011bkolik knih o investov\u00e1n\u00ed. Nejzn\u00e1m\u011bj\u0161\u00ed z nich je kniha s n\u00e1zvem Inteligentn\u00ed investor, kter\u00e1 je odborn\u00edky i kritiky ozna\u010dov\u00e1na jako nejlep\u0161\u00ed kniha o investov\u00e1n\u00ed.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Poutav\u00fd soukrom\u00fd i profesn\u00ed \u017eivot Benjamina Grahama n\u00e1s provede po\u010d\u00e1tkem nov\u00e9 \u00e9ry obchodov\u00e1n\u00ed s cenn\u00fdmi pap\u00edry ve 20.stolet\u00ed, finan\u010dn\u00ed kriz\u00ed a n\u00e1sledn\u00fdm vznikem „grahamovsk\u00e9ho“ hodnotov\u00e9ho investov\u00e1n\u00ed. Pr\u00e1vem se z Grahama stala investorsk\u00e1 legenda, kterou n\u00e1sledovali investo\u0159i 20. a 21.stolet\u00ed. Pr\u016fkopn\u00edk modern\u00ed anal\u00fdzy cenn\u00fdch pap\u00edr\u016f, profesor, spisovatel a p\u0159edstavitel hodnotov\u00e9ho investov\u00e1n\u00ed – to byl Benjamin Graham. […]<\/p>\n","protected":false},"author":1,"featured_media":4358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"Byl Benjamin Graham a inteligentn\u00ed investor. \u0179ivot a investi\u010dn\u00ed filozofie tohoto finan\u010dn\u00edho g\u00e9nia, jak\u00fd vliv m\u011bl na dne\u0161n\u00ed investice?","_seopress_robots_index":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[194],"tags":[],"class_list":["post-4356","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\/4356","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=4356"}],"version-history":[{"count":0,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/4356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media\/4358"}],"wp:attachment":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media?parent=4356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/categories?post=4356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/tags?post=4356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}