{"id":90056,"date":"2026-10-08T11:09:40","date_gmt":"2026-10-08T09:09:40","guid":{"rendered":"https:\/\/trader-magazine.com\/?p=90056"},"modified":"2026-10-08T11:09:46","modified_gmt":"2026-10-08T09:09:46","slug":"akcie-s-nizkou-volatilitou-proc-mohou-i-zdanlive-bezpecne-akcie-skryvat-znacna-rizika","status":"publish","type":"post","link":"https:\/\/trader-magazine.com\/cs\/akciove-trhy\/akcie-s-nizkou-volatilitou-proc-mohou-i-zdanlive-bezpecne-akcie-skryvat-znacna-rizika\/","title":{"rendered":"Akcie s n\u00edzkou volatilitou: Pro\u010d mohou i zd\u00e1nliv\u011b bezpe\u010dn\u00e9 akcie skr\u00fdvat zna\u010dn\u00e1 rizika?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Kdy\u017e na akciov\u00fdch trz\u00edch roste nejistota, investo\u0159i \u010dasto hledaj\u00ed \u00fato\u010di\u0161t\u011b u spole\u010dnost\u00ed, jejich\u017e akcie v minulosti nepodl\u00e9haly tak v\u00fdrazn\u00fdm cenov\u00fdm v\u00fdkyv\u016fm. Takzvan\u00e9 akcie s n\u00edzkou volatilitou slibuj\u00ed klidn\u011bj\u0161\u00ed pr\u016fb\u011bh investov\u00e1n\u00ed a potenci\u00e1ln\u011b men\u0161\u00ed ztr\u00e1ty b\u011bhem tr\u017en\u00edch propad\u016f. Jen\u017ee skute\u010dnost, \u017ee se cena ur\u010dit\u00e9 akcie dlouhodob\u011b vyv\u00edj\u00ed relativn\u011b stabiln\u011b, je\u0161t\u011b neznamen\u00e1, \u017ee jde o bezpe\u010dnou investici. Za zd\u00e1nliv\u011b klidn\u00fdm cenov\u00fdm grafem se toti\u017e mohou skr\u00fdvat nadhodnocen\u00e9 akcie, nadm\u011brn\u00e1 koncentrace investic v n\u011bkolika odv\u011btv\u00edch i rizika, kter\u00e1 b\u011b\u017en\u00e9 ukazatele volatility nedok\u00e1\u017eou zachytit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro investory, kter\u00e9 unavuj\u00ed prudk\u00e9 v\u00fdkyvy technologick\u00fdch akci\u00ed, je p\u0159ita\u017elivost akci\u00ed s n\u00edzkou volatilitou pochopiteln\u00e1. Energetick\u00e9 spole\u010dnosti, v\u00fdrobci potravin a spot\u0159ebn\u00edho zbo\u017e\u00ed nebo zaveden\u00e9 farmaceutick\u00e9 podniky zpravidla nepodl\u00e9haj\u00ed zm\u011bn\u00e1m ekonomick\u00e9 n\u00e1lady tak v\u00fdrazn\u011b jako rychle rostouc\u00ed technologick\u00e9 firmy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jejich v\u00fdrobky a slu\u017eby toti\u017e lid\u00e9 pot\u0159ebuj\u00ed i v dob\u011b, kdy omezuj\u00ed sv\u00e9 v\u00fddaje. D\u00edky tomu mohou tyto podniky vykazovat p\u0159edv\u00eddateln\u011bj\u0161\u00ed tr\u017eby, stabiln\u011bj\u0161\u00ed zisky a v n\u011bkter\u00fdch p\u0159\u00edpadech tak\u00e9 pravideln\u011b vypl\u00e1cet dividendy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mezi stabiln\u00edm podnik\u00e1n\u00edm a bezpe\u010dnou investic\u00ed v\u0161ak existuje z\u00e1sadn\u00ed rozd\u00edl. I finan\u010dn\u011b zdrav\u00e1 spole\u010dnost m\u016f\u017ee investor\u016fm p\u0159in\u00e9st zklam\u00e1n\u00ed, pokud za jej\u00ed akcie zaplat\u00ed p\u0159\u00edli\u0161 vysokou cenu. Podobn\u011b m\u016f\u017ee b\u00fdt portfolio slo\u017een\u00e9 ze zd\u00e1nliv\u011b defenzivn\u00edch titul\u016f p\u0159ekvapiv\u011b zraniteln\u00e9, pokud jsou jednotliv\u00e9 spole\u010dnosti vystaveny stejn\u00fdm ekonomick\u00fdm rizik\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K pochopen\u00ed t\u011bchto souvislost\u00ed je proto nutn\u00e9 pod\u00edvat se d\u00e1l ne\u017e jen na historick\u00fd v\u00fdvoj cen akci\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co jsou akcie s n\u00edzkou volatilitou?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Akcie s n\u00edzkou volatilitou jsou akcie spole\u010dnost\u00ed, jejich\u017e ceny v minulosti kol\u00edsaly m\u00e9n\u011b ne\u017e ceny jin\u00fdch titul\u016f nebo \u0161ir\u0161\u00edho akciov\u00e9ho trhu. Jejich cenov\u00fd v\u00fdvoj b\u00fdv\u00e1 zpravidla klidn\u011bj\u0161\u00ed, co\u017e je atraktivn\u00ed zejm\u00e9na pro investory, kte\u0159\u00ed cht\u011bj\u00ed omezit v\u00fdkyvy hodnoty sv\u00e9ho portfolia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Volatilita se obvykle m\u011b\u0159\u00ed pomoc\u00ed sm\u011brodatn\u00e9 odchylky historick\u00fdch v\u00fdnos\u016f. Pokud m\u00e1 nap\u0159\u00edklad jedna akcie anualizovanou volatilitu 15 % a druh\u00e1 35 %, znamen\u00e1 to, \u017ee v\u00fdnosy prvn\u00ed akcie v minulosti vykazovaly men\u0161\u00ed rozkol\u00edsanost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tato \u010d\u00edsla v\u0161ak vypov\u00eddaj\u00ed pouze o historick\u00fdch cenov\u00fdch v\u00fdkyvech, nikoliv o maxim\u00e1ln\u00ed mo\u017en\u00e9 ztr\u00e1t\u011b. Ni\u017e\u0161\u00ed volatilita tak neznamen\u00e1, \u017ee cena akcie nem\u016f\u017ee v budoucnu v\u00fdrazn\u011b klesnout.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jedn\u00edm z nejzn\u00e1m\u011bj\u0161\u00edch p\u0159\u00edstup\u016f k v\u00fdb\u011bru podobn\u00fdch spole\u010dnost\u00ed je&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">spglobal.com, kter\u00fd vyb\u00edr\u00e1 100 akci\u00ed s nejni\u017e\u0161\u00ed historickou volatilitou z indexu S&amp;P 500. Vy\u0161\u0161\u00ed v\u00e1hu v n\u011bm n\u00e1sledn\u011b z\u00edsk\u00e1vaj\u00ed spole\u010dnosti, jejich\u017e akcie vykazovaly nejmen\u0161\u00ed cenov\u00e9 v\u00fdkyvy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nam\u00edsto hled\u00e1n\u00ed podnik\u016f s nejrychlej\u0161\u00edm r\u016fstem zisk\u016f nebo nejvy\u0161\u0161\u00edm o\u010dek\u00e1van\u00fdm v\u00fdnosem tak tato strategie up\u0159ednost\u0148uje stabilitu jejich historick\u00e9ho cenov\u00e9ho v\u00fdvoje.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b proto mohou portfolia zam\u011b\u0159en\u00e1 na n\u00edzkou volatilitu vypadat v\u00fdrazn\u011b odli\u0161n\u011b od b\u011b\u017en\u00fdch akciov\u00fdch index\u016f, v nich\u017e maj\u00ed jednotliv\u00e9 spole\u010dnosti v\u00e1hu podle sv\u00e9 tr\u017en\u00ed kapitalizace. Velk\u00e9 technologick\u00e9 firmy, kter\u00e9 dnes dominuj\u00ed hlavn\u00edm burzovn\u00edm index\u016fm, mohou b\u00fdt zastoupeny podstatn\u011b m\u00e9n\u011b. Naopak v\u011bt\u0161\u00ed prostor z\u00edsk\u00e1vaj\u00ed energetick\u00e9 spole\u010dnosti, v\u00fdrobci z\u00e1kladn\u00edho spot\u0159ebn\u00edho zbo\u017e\u00ed, poji\u0161\u0165ovny nebo jin\u00e9 zaveden\u00e9 podniky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento p\u0159\u00edstup m\u00e1 v\u0161ak z\u00e1sadn\u00ed omezen\u00ed. Hodnot\u00ed toti\u017e p\u0159edev\u0161\u00edm to, jak se akcie chovaly v minulosti, nikoliv to, jak se bude dan\u00e9 spole\u010dnosti da\u0159it v budoucnu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mohlo by v\u00e1s zaj\u00edmat: <a href=\"https:\/\/trader-magazine.com\/cs\/akciove-trhy\/ktere-akcie-vyplaceji-dividendy-jak-poznat-udrzitelne-dividendove-tituly\/\">Kter\u00e9 akcie vypl\u00e1cej\u00ed dividendy? Jak poznat udr\u017eiteln\u00e9 dividendov\u00e9 tituly<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Volatilita a beta: Dva ukazatele, kter\u00e9 by investo\u0159i nem\u011bli zam\u011b\u0148ovat<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159esto\u017ee se volatilita a ukazatel beta \u010dasto zmi\u0148uj\u00ed spole\u010dn\u011b, ve skute\u010dnosti m\u011b\u0159\u00ed odli\u0161n\u00e9 aspekty investi\u010dn\u00edho rizika.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Volatilita vyjad\u0159uje celkovou rozkol\u00edsanost v\u00fdnos\u016f ur\u010dit\u00e9 akcie bez ohledu na to, zda jej\u00ed cenov\u00e9 pohyby souvisej\u00ed s v\u00fdvojem \u0161ir\u0161\u00edho trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Beta naproti tomu ukazuje, jak citliv\u011b akcie v minulosti reagovala na zm\u011bny hodnoty zvolen\u00e9ho tr\u017en\u00edho benchmarku, nap\u0159\u00edklad indexu S&amp;P 500.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Akcie s betou 1,0 vykazuje citlivost na tr\u017en\u00ed pohyby p\u0159ibli\u017en\u011b odpov\u00eddaj\u00edc\u00ed sledovan\u00e9mu indexu. Beta 0,6 nazna\u010duje, \u017ee jej\u00ed cena m\u011bla tendenci reagovat na tr\u017en\u00ed zm\u011bny m\u00e9n\u011b v\u00fdrazn\u011b. Hodnota 1,4 naopak znamen\u00e1 vy\u0161\u0161\u00ed citlivost na pohyby trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud by nap\u0159\u00edklad index S&amp;P 500 klesl o 10 %, u akcie s betou 0,6 by bylo mo\u017en\u00e9 na z\u00e1klad\u011b jej\u00edho historick\u00e9ho vztahu k indexu o\u010dek\u00e1vat p\u0159ibli\u017en\u011b \u0161estiprocentn\u00ed pokles.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jde v\u0161ak pouze o statistick\u00fd odhad, nikoliv o spolehlivou p\u0159edpov\u011b\u010f. Skute\u010dn\u00fd v\u00fdvoj mohou v\u00fdrazn\u011b ovlivnit probl\u00e9my konkr\u00e9tn\u00ed spole\u010dnosti, ne\u010dekan\u00e9 ekonomick\u00e9 ud\u00e1losti nebo zm\u011bny n\u00e1lady investor\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si nap\u0159\u00edklad dv\u011b hypotetick\u00e9 spole\u010dnosti. Prvn\u00ed vykazuje n\u00edzkou celkovou volatilitu, ale jej\u00ed cena m\u00e1 pouze st\u0159edn\u011b silnou vazbu na \u0161ir\u0161\u00ed trh. Druh\u00e1 m\u00e1 n\u00edzkou betu, p\u0159esto jej\u00ed akcie ob\u010das prudce kol\u00edsaj\u00ed v d\u016fsledku ud\u00e1lost\u00ed t\u00fdkaj\u00edc\u00edch se samotn\u00e9ho podniku.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ob\u011b mohou podle ur\u010dit\u00e9 metodiky p\u016fsobit defenzivn\u011b, av\u0161ak ve skute\u010dnosti nesou velmi odli\u0161n\u00e1 rizika.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento rozd\u00edl je zvl\u00e1\u0161\u0165 d\u016fle\u017eit\u00fd b\u011bhem tr\u017en\u00edch kriz\u00ed, kdy se mohou m\u011bnit korelace mezi jednotliv\u00fdmi akciemi a dosud stabiln\u00ed tituly mohou za\u010d\u00edt prudce klesat spole\u010dn\u011b se zbytkem trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i by proto nem\u011bli pova\u017eovat n\u00edzkou betu a n\u00edzkou volatilitu za dva zam\u011bniteln\u00e9 ukazatele bezpe\u010dnosti.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pro\u010d v portfoli\u00edch s n\u00edzkou volatilitou p\u0159evl\u00e1daj\u00ed defenzivn\u00ed sektory?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Obliba akci\u00ed s n\u00edzkou volatilitou souvis\u00ed p\u0159edev\u0161\u00edm s relativn\u011b p\u0159edv\u00eddateln\u00fdm podnik\u00e1n\u00edm n\u011bkter\u00fdch odv\u011btv\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nap\u0159\u00edklad dodavatel\u00e9 elekt\u0159iny p\u016fsob\u00ed v sektoru, kde popt\u00e1vka z\u016fst\u00e1v\u00e1 pom\u011brn\u011b odoln\u00e1 v\u016f\u010di kr\u00e1tkodob\u00e9mu ekonomick\u00e9mu v\u00fdvoji. V\u00fdrobci z\u00e1kladn\u00edho spot\u0159ebn\u00edho zbo\u017e\u00ed zase prod\u00e1vaj\u00ed potraviny, n\u00e1poje nebo pot\u0159eby pro dom\u00e1cnost, kter\u00e9 z\u00e1kazn\u00edci nakupuj\u00ed i b\u011bhem hospod\u00e1\u0159sk\u00e9 recese.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Podobnou v\u00fdhodu mohou m\u00edt zdravotnick\u00e9 a farmaceutick\u00e9 spole\u010dnosti, jejich\u017e slu\u017eby a produkty nejsou tolik z\u00e1visl\u00e9 na ekonomick\u00e9m cyklu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b proto se tyto podniky \u010dasto dost\u00e1vaj\u00ed do v\u00fdb\u011br\u016f akci\u00ed s n\u00edzkou volatilitou. Tento p\u0159\u00edstup v\u0161ak m\u016f\u017ee m\u00edt nezam\u00fd\u0161len\u00fd d\u016fsledek: portfolio vytvo\u0159en\u00e9 s c\u00edlem sn\u00ed\u017eit investi\u010dn\u00ed riziko se m\u016f\u017ee postupn\u011b v\u00fdrazn\u011b koncentrovat v n\u011bkolika m\u00e1lo odv\u011btv\u00edch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nejde p\u0159itom jen o teoretick\u00fd probl\u00e9m. Z&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">spglobal.comvypl\u00fdv\u00e1, \u017ee index S&amp;P 500 Low Volatility vyb\u00edr\u00e1 akcie podle volatility jejich cen za p\u0159edchoz\u00edch 252 obchodn\u00edch dn\u00ed a jednotliv\u00fdm titul\u016fm n\u00e1sledn\u011b p\u0159i\u0159azuje v\u00e1hy nep\u0159\u00edmo \u00fam\u011brn\u00e9 jejich volatilit\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Z\u00e1kladn\u00ed pravidla v\u00fdb\u011bru p\u0159itom nevy\u017eaduj\u00ed rovnom\u011brn\u00e9 zastoupen\u00ed jednotliv\u00fdch sektor\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To samo o sob\u011b neznamen\u00e1, \u017ee je takov\u00fd index pro investory nevhodn\u00fd. Ukazuje to v\u0161ak, jak m\u016f\u017ee v\u00fdb\u011br akci\u00ed zalo\u017een\u00fd p\u0159ev\u00e1\u017en\u011b na jejich historick\u00e9m cenov\u00e9m v\u00fdvoji v\u00e9st k v\u00fdrazn\u00e9 sektorov\u00e9 koncentraci.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zd\u00e1nliv\u00e1 stabilita jednotliv\u00fdch titul\u016f tak m\u016f\u017ee zakr\u00fdvat skute\u010dnost, \u017ee jsou v\u0161echny vystaveny podobn\u00fdm ekonomick\u00fdm rizik\u016fm.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Jak m\u016f\u017ee portfolio akci\u00ed s n\u00edzkou volatilitou ztratit svou diverzifikaci?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si investora, kter\u00fd se rozhodne sestavit portfolio v hodnot\u011b 100 000 dolar\u016f v\u00fdhradn\u011b z akci\u00ed s relativn\u011b n\u00edzkou historickou volatilitou.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Projde \u0161ir\u0161\u00ed nab\u00eddku akci\u00ed a vybere deset spole\u010dnost\u00ed, jejich\u017e ceny v minulosti p\u0159\u00edli\u0161 nekol\u00edsaly. P\u0159i v\u00fdb\u011bru v\u0161ak nebude nijak omezovat zastoupen\u00ed jednotliv\u00fdch odv\u011btv\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fdsledn\u00e9 portfolio by mohlo vypadat n\u00e1sledovn\u011b:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th>Sektor<\/th><th>Po\u010det akci\u00ed<\/th><th>Pod\u00edl v portfoliu<\/th><\/tr><tr><td>Energetick\u00e9 spole\u010dnosti a ve\u0159ejn\u00e9 slu\u017eby<\/td><td>3<\/td><td>30 %<\/td><\/tr><tr><td>Z\u00e1kladn\u00ed spot\u0159ebn\u00ed zbo\u017e\u00ed<\/td><td>3<\/td><td>30 %<\/td><\/tr><tr><td>Zdravotnictv\u00ed<\/td><td>2<\/td><td>20 %<\/td><\/tr><tr><td>Telekomunikace<\/td><td>1<\/td><td>10 %<\/td><\/tr><tr><td>Poji\u0161\u0165ovnictv\u00ed<\/td><td>1<\/td><td>10 %<\/td><\/tr><tr><td>Celkem<\/td><td>10<\/td><td>100 %<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Jde o \u010dist\u011b ilustrativn\u00ed portfolio, kter\u00e9 nep\u0159edstavuje skute\u010dnou investi\u010dn\u00ed strategii ani re\u00e1ln\u00e9 v\u00fdsledky konkr\u00e9tn\u00edch spole\u010dnost\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na prvn\u00ed pohled m\u016f\u017ee portfolio p\u016fsobit pom\u011brn\u011b diverzifikovan\u011b. Obsahuje deset r\u016fzn\u00fdch podnik\u016f z p\u011bti odv\u011btv\u00ed a \u017e\u00e1dn\u00e1 jednotliv\u00e1 akcie nep\u0159edstavuje v\u00edce ne\u017e desetinu celkov\u00e9 investice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159i bli\u017e\u0161\u00edm pohledu v\u0161ak zjist\u00edme, \u017ee 60 % prost\u0159edk\u016f sm\u011b\u0159uje pouze do dvou sektor\u016f \u2013 energetick\u00fdch spole\u010dnost\u00ed a v\u00fdrobc\u016f z\u00e1kladn\u00edho spot\u0159ebn\u00edho zbo\u017e\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ob\u011b odv\u011btv\u00ed b\u00fdvaj\u00ed pova\u017eov\u00e1na za defenzivn\u00ed, proto\u017ee jejich tr\u017eby zpravidla l\u00e9pe odol\u00e1vaj\u00ed hospod\u00e1\u0159sk\u00e9mu poklesu. To v\u0161ak neznamen\u00e1, \u017ee jsou jejich akcie imunn\u00ed v\u016f\u010di spole\u010dn\u00fdm rizik\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Energetick\u00e9 spole\u010dnosti a provozovatel\u00e9 ve\u0159ejn\u00fdch slu\u017eeb b\u00fdvaj\u00ed citliv\u00ed na v\u00fdvoj \u00farokov\u00fdch sazeb. Jejich podnik\u00e1n\u00ed vy\u017eaduje rozs\u00e1hl\u00e9 kapit\u00e1lov\u00e9 investice a \u010dasto je spojeno s vysok\u00fdm zadlu\u017een\u00edm. Rostouc\u00ed n\u00e1klady na financov\u00e1n\u00ed tak mohou sni\u017eovat ziskovost, zat\u00edmco vy\u0161\u0161\u00ed v\u00fdnosy dluhopis\u016f mohou oslabovat atraktivitu dividendov\u00fdch akci\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fdrobci z\u00e1kladn\u00edho spot\u0159ebn\u00edho zbo\u017e\u00ed zase \u010del\u00ed tlaku rostouc\u00edch vstupn\u00edch n\u00e1klad\u016f, zm\u011bn\u00e1m spot\u0159ebitelsk\u00e9ho chov\u00e1n\u00ed nebo konkurenci levn\u011bj\u0161\u00edch priv\u00e1tn\u00edch zna\u010dek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si nyn\u00ed hypotetickou tr\u017en\u00ed situaci, b\u011bhem kter\u00e9 jednotliv\u00e9 sektory dos\u00e1hnou n\u00e1sleduj\u00edc\u00edch v\u00fdsledk\u016f:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th>Sektor<\/th><th>Pod\u00edl v portfoliu<\/th><th>Hypotetick\u00fd v\u00fdnos<\/th><\/tr><tr><td>Energetick\u00e9 spole\u010dnosti a ve\u0159ejn\u00e9 slu\u017eby<\/td><td>30 %<\/td><td>\u221220 %<\/td><\/tr><tr><td>Z\u00e1kladn\u00ed spot\u0159ebn\u00ed zbo\u017e\u00ed<\/td><td>30 %<\/td><td>\u221212 %<\/td><\/tr><tr><td>Zdravotnictv\u00ed<\/td><td>20 %<\/td><td>+5 %<\/td><\/tr><tr><td>Telekomunikace<\/td><td>10 %<\/td><td>\u22128 %<\/td><\/tr><tr><td>Poji\u0161\u0165ovnictv\u00ed<\/td><td>10 %<\/td><td>+3 %<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Za t\u011bchto p\u0159edpoklad\u016f by cel\u00e9 portfolio ztratilo p\u0159ibli\u017en\u011b 9,1 % sv\u00e9 hodnoty, p\u0159esto\u017ee je slo\u017een\u00e9 p\u0159ev\u00e1\u017en\u011b z historicky stabiln\u00edch spole\u010dnost\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nejde o p\u0159edpov\u011b\u010f skute\u010dn\u00e9ho v\u00fdvoje trh\u016f. P\u0159\u00edklad pouze ukazuje, \u017ee n\u011bkolik zd\u00e1nliv\u011b konzervativn\u00edch investic m\u016f\u017ee zaznamenat ztr\u00e1ty sou\u010dasn\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portfolio tak m\u016f\u017ee obsahovat \u0159adu r\u016fzn\u00fdch akci\u00ed, ani\u017e by bylo skute\u010dn\u011b diverzifikovan\u00e9 v\u016f\u010di nejd\u016fle\u017eit\u011bj\u0161\u00edm ekonomick\u00fdm rizik\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro investory zam\u011b\u0159en\u00e9 na n\u00edzkou volatilitu z toho vypl\u00fdv\u00e1 d\u016fle\u017eit\u00e9 ponau\u010den\u00ed.&nbsp;Sn\u00ed\u017een\u00ed kol\u00edsavosti jednotliv\u00fdch akci\u00ed automaticky neznamen\u00e1 odstran\u011bn\u00ed rizika na \u00farovni cel\u00e9ho portfolia.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Skryt\u00e9 nebezpe\u010d\u00ed: Kdy\u017e investo\u0159i za stabilitu zaplat\u00ed p\u0159\u00edli\u0161 vysokou cenu<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Sektorov\u00e1 koncentrace p\u0159edstavuje pouze jednu \u010d\u00e1st probl\u00e9mu. Dal\u0161\u00ed v\u00fdznamn\u00e9 riziko vznik\u00e1 ve chv\u00edli, kdy velk\u00e9 mno\u017estv\u00ed investor\u016f za\u010dne sou\u010dasn\u011b vyhled\u00e1vat stejn\u00e9 defenzivn\u00ed spole\u010dnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V obdob\u00ed nejistoty mohou podniky se stabiln\u00edmi zisky, zaveden\u00fdmi zna\u010dkami a pravideln\u00fdmi dividendami p\u0159itahovat zna\u010dn\u00fd z\u00e1jem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">S rostouc\u00ed ochotou investor\u016f platit za p\u0159edv\u00eddateln\u00e9 pen\u011b\u017en\u00ed toky v\u0161ak mohou r\u016fst tak\u00e9 valuace t\u011bchto spole\u010dnost\u00ed, a to i v situaci, kdy jejich skute\u010dn\u00e9 zisky v\u00fdrazn\u011b nerostou.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si v\u00fdrobce z\u00e1kladn\u00edho spot\u0159ebn\u00edho zbo\u017e\u00ed, kter\u00fd dosahuje ro\u010dn\u00edho zisku na akcii ve v\u00fd\u0161i p\u011bti dolar\u016f. Pokud se jeho akcie obchoduje za 100 dolar\u016f, odpov\u00edd\u00e1 to pom\u011bru ceny k zisku (P\/E) na \u00farovni 20.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jestli\u017ee investo\u0159i za\u010dnou vyhled\u00e1vat defenzivn\u00ed tituly a vytla\u010d\u00ed cenu akcie na 150 dolar\u016f, ani\u017e by se zv\u00fd\u0161ily zisky spole\u010dnosti, jej\u00ed P\/E vzroste na 30.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Samotn\u00fd podnik p\u0159itom nemus\u00ed b\u00fdt ziskov\u011bj\u0161\u00ed, finan\u010dn\u011b siln\u011bj\u0161\u00ed ani l\u00e9pe p\u0159ipraven\u00fd na budouc\u00ed r\u016fst. Investo\u0159i pouze plat\u00ed o polovinu v\u00edce za stejnou \u00farove\u0148 ziskovosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud by se pozd\u011bji n\u00e1lada na trhu zm\u011bnila a ocen\u011bn\u00ed spole\u010dnosti se vr\u00e1tilo na dvacetin\u00e1sobek ro\u010dn\u00edho zisku, cena akcie by klesla ze 150 na 100 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor by tak p\u0159i nezm\u011bn\u011bn\u00fdch zisc\u00edch utrp\u011bl ztr\u00e1tu p\u0159ibli\u017en\u011b 33 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b tento p\u0159\u00edklad ukazuje, pro\u010d mohou akcie s n\u00edzkou volatilitou p\u0159edstavovat zna\u010dn\u00e9 valua\u010dn\u00ed riziko. Stabiln\u00ed hospod\u00e1\u0159sk\u00e9 v\u00fdsledky toti\u017e investory neochr\u00e1n\u00ed p\u0159ed ztr\u00e1tami zp\u016fsoben\u00fdmi poklesem ocen\u011bn\u00ed spole\u010dnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Situace b\u00fdv\u00e1 zvl\u00e1\u0161\u0165 problematick\u00e1, pokud investo\u0159i za\u010dnou defenzivn\u00ed dividendov\u00e9 akcie vn\u00edmat jako alternativu k dluhopis\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V prost\u0159ed\u00ed n\u00edzk\u00fdch \u00farokov\u00fdch sazeb mohou b\u00fdt ochotni akceptovat i relativn\u011b n\u00edzk\u00fd dividendov\u00fd v\u00fdnos. Jakmile v\u0161ak v\u00fdnosy st\u00e1tn\u00edch dluhopis\u016f vzrostou, dividendov\u00e9 akcie za\u010dnou \u010delit siln\u011bj\u0161\u00ed konkurenci.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na tento vztah upozornil tak\u00e9&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">msci.com. Podle n\u011bj vykazovaly defenzivn\u00ed akciov\u00e9 faktory v\u010detn\u011b n\u00edzk\u00e9 volatility historicky negativn\u00ed vztah ke zm\u011bn\u00e1m \u00farokov\u00fdch sazeb. Zvl\u00e1\u0161\u0165 citliv\u00fd byl v tomto ohledu sektor ve\u0159ejn\u00fdch slu\u017eeb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Defenzivn\u00ed akcie tak mohou \u010delit poklesu cen i v situaci, kdy samotn\u00fdm spole\u010dnostem se z provozn\u00edho hlediska nad\u00e1le da\u0159\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mohlo by v\u00e1s zaj\u00edmat: <a href=\"https:\/\/trader-magazine.com\/cs\/ekonomika\/co-je-volatilita-klicovy-ukazatel-rizika-ktery-rozhoduje-o-vasich-ziscich-i-ztratach\/\">Co je volatilita? Kl\u00ed\u010dov\u00fd ukazatel rizika, kter\u00fd rozhoduje o va\u0161ich zisc\u00edch i ztr\u00e1t\u00e1ch<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">N\u00edzk\u00e1 volatilita nemus\u00ed znamenat n\u00edzk\u00e9 finan\u010dn\u00ed riziko<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Historick\u00e9 pohyby ceny akcie odhaluj\u00ed pouze \u010d\u00e1st informac\u00ed o finan\u010dn\u00ed situaci spole\u010dnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Uva\u017eujme nap\u0159\u00edklad o energetick\u00e9m podniku, jeho\u017e zisky z\u016fst\u00e1valy n\u011bkolik let relativn\u011b stabiln\u00ed. Jeho akcie se tak m\u016f\u017ee dostat do portfolia s n\u00edzkou volatilitou, proto\u017ee investo\u0159i o\u010dek\u00e1vaj\u00ed p\u0159edv\u00eddateln\u00e9 tr\u017eby a pravideln\u00e9 dividendy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si v\u0161ak, \u017ee spole\u010dnost sou\u010dasn\u011b nahromadila zna\u010dn\u00e9 dluhy kv\u016fli financov\u00e1n\u00ed infrastrukturn\u00edch projekt\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud \u00farokov\u00e9 sazby z\u016fstanou del\u0161\u00ed dobu vysok\u00e9, refinancov\u00e1n\u00ed t\u011bchto z\u00e1vazk\u016f se m\u016f\u017ee prodra\u017eit. Regula\u010dn\u00ed zm\u011bny nav\u00edc mohou omezit mo\u017enost p\u0159en\u00e1\u0161et rostouc\u00ed n\u00e1klady na z\u00e1kazn\u00edky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Historick\u00e1 volatilita akcie p\u0159itom nemus\u00ed tato budouc\u00ed rizika dostate\u010dn\u011b odr\u00e1\u017eet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Podobn\u00e9 probl\u00e9my se mohou objevit tak\u00e9 v dal\u0161\u00edch defenzivn\u00edch odv\u011btv\u00edch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fdrobce potravin m\u016f\u017ee \u010delit poklesu ziskov\u00fdch mar\u017e\u00ed, proto\u017ee z\u00e1kazn\u00edci za\u010dnou \u010dast\u011bji nakupovat levn\u011bj\u0161\u00ed alternativy. Farmaceutick\u00e1 spole\u010dnost m\u016f\u017ee p\u0159ij\u00edt o patentovou ochranu d\u016fle\u017eit\u00e9ho l\u00e9ku. Poji\u0161\u0165ovna zase m\u016f\u017ee zaznamenat mimo\u0159\u00e1dn\u011b vysok\u00e9 n\u00e1klady na pojistn\u00e1 pln\u011bn\u00ed v d\u016fsledku p\u0159\u00edrodn\u00ed katastrofy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u017d\u00e1dn\u00e9 z t\u011bchto rizik p\u0159itom nemus\u00ed b\u00fdt p\u0159edem doprov\u00e1zeno dlouhodob\u00fdm r\u016fstem volatility akci\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na rozd\u00edl mezi historickou stabilitou cen a skute\u010dn\u00fdmi investi\u010dn\u00edmi riziky upozor\u0148uje tak\u00e9&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">investor.gov, kter\u00e1 p\u0159i hodnocen\u00ed investi\u010dn\u00edch fond\u016f rozli\u0161uje mimo jin\u00e9 tr\u017en\u00ed riziko, rizika konkr\u00e9tn\u00edch spole\u010dnost\u00ed a riziko koncentrace investic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i, kte\u0159\u00ed hledaj\u00ed akcie s n\u00edzkou volatilitou, by proto m\u011bli vedle historick\u00fdch cenov\u00fdch v\u00fdkyv\u016f sledovat tak\u00e9 zadlu\u017een\u00ed spole\u010dnosti, splatnost jej\u00edch z\u00e1vazk\u016f, voln\u00e9 pen\u011b\u017en\u00ed toky, ziskov\u00e9 mar\u017ee nebo dlouhodobou udr\u017eitelnost dividend.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finan\u010dn\u00ed zdrav\u00ed samotn\u00e9ho podniku je p\u0159inejmen\u0161\u00edm stejn\u011b d\u016fle\u017eit\u00e9 jako klidn\u00fd v\u00fdvoj jeho akciov\u00e9ho grafu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pro\u010d mohou akcie s n\u00edzkou volatilitou zaost\u00e1vat b\u011bhem r\u016fstu trh\u016f?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Investov\u00e1n\u00ed do akci\u00ed s n\u00edzkou volatilitou p\u0159in\u00e1\u0161\u00ed je\u0161t\u011b jeden kompromis, kter\u00fd b\u00fdv\u00e1 n\u011bkdy p\u0159ehl\u00ed\u017een. Omezen\u00ed rizika v\u00fdrazn\u00fdch propad\u016f m\u016f\u017ee z\u00e1rove\u0148 znamenat, \u017ee se investor p\u0159iprav\u00ed o \u010d\u00e1st zisk\u016f b\u011bhem siln\u00e9ho r\u016fstu akciov\u00fdch trh\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kdy\u017e na trz\u00edch p\u0159evl\u00e1d\u00e1 optimismus ohledn\u011b ekonomick\u00e9ho r\u016fstu, investo\u0159i \u010dasto up\u0159ednost\u0148uj\u00ed spole\u010dnosti s vy\u0161\u0161\u00edm r\u016fstov\u00fdm potenci\u00e1lem. Typicky jde o technologick\u00e9 podniky, pr\u016fmyslov\u00e9 spole\u010dnosti nebo v\u00fdrobce zbo\u017e\u00ed dlouhodob\u00e9 spot\u0159eby.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Defenzivn\u00ed podniky mohou nad\u00e1le dosahovat stabiln\u00edch zisk\u016f, jejich relativn\u011b omezen\u00e9 mo\u017enosti r\u016fstu v\u0161ak mohou b\u011bhem takov\u00fdch obdob\u00ed p\u016fsobit m\u00e9n\u011b atraktivn\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portfolio zam\u011b\u0159en\u00e9 na n\u00edzkou volatilitu tak m\u016f\u017ee zaost\u00e1vat za \u0161ir\u0161\u00edm akciov\u00fdm indexem, p\u0159esto\u017ee samo dosahuje kladn\u00e9ho v\u00fdnosu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To ov\u0161em automaticky neznamen\u00e1, \u017ee zvolen\u00e1 strategie selhala. Jej\u00edm hlavn\u00edm c\u00edlem zpravidla nen\u00ed maximalizovat v\u00fdnos za v\u0161ech tr\u017en\u00edch podm\u00ednek, ale p\u0159edev\u0161\u00edm omezovat kol\u00eds\u00e1n\u00ed hodnoty portfolia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u016fle\u017eit\u00e9 je tak\u00e9 rozli\u0161ovat mezi jednoduch\u00fdm v\u00fdb\u011brem akci\u00ed s n\u00edzkou volatilitou a propracovan\u011bj\u0161\u00ed strategi\u00ed minimalizace volatility cel\u00e9ho portfolia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nap\u0159\u00edklad&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">msci.comvyu\u017e\u00edvaj\u00ed optimalizaci portfolia, jej\u00edm\u017e c\u00edlem je sn\u00ed\u017eit jeho celkovou volatilitu p\u0159i dodr\u017een\u00ed stanoven\u00fdch investi\u010dn\u00edch omezen\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento p\u0159\u00edstup bere v \u00favahu tak\u00e9 vz\u00e1jemn\u00e9 vztahy mezi jednotliv\u00fdmi akciemi, nikoliv pouze jejich individu\u00e1ln\u00ed cenov\u00e9 v\u00fdkyvy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Takov\u00e1 omezen\u00ed mohou pomoci sn\u00ed\u017eit ne\u017e\u00e1douc\u00ed koncentraci portfolia, nedok\u00e1\u017eou v\u0161ak investi\u010dn\u00ed riziko zcela odstranit ani zaru\u010dit lep\u0161\u00ed v\u00fdkonnost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i by proto m\u011bli p\u0159i porovn\u00e1v\u00e1n\u00ed jednotliv\u00fdch fond\u016f pe\u010dliv\u011b zkoumat jejich metodiku. Dva produkty ozna\u010dovan\u00e9 jako n\u00edzkovolatiln\u00ed mohou m\u00edt ve skute\u010dnosti velmi odli\u0161n\u00e9 slo\u017een\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Jak spr\u00e1vn\u011b vyb\u00edrat akcie s n\u00edzkou volatilitou?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Nejrozumn\u011bj\u0161\u00edm p\u0159\u00edstupem je vn\u00edmat n\u00edzkou volatilitu jako jednu z charakteristik investice, nikoliv jako \u00faplnou definici jej\u00ed bezpe\u010dnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Historick\u00e1 sm\u011brodatn\u00e1 odchylka a ukazatel beta mohou poskytnout u\u017eite\u010dn\u00e9 informace o tom, jak se konkr\u00e9tn\u00ed akcie chovala ve srovn\u00e1n\u00ed s ostatn\u00edmi tituly nebo \u0161ir\u0161\u00edm trhem. Samy o sob\u011b v\u0161ak nedok\u00e1\u017eou pln\u011b zohlednit finan\u010dn\u00ed situaci spole\u010dnosti, jej\u00ed ocen\u011bn\u00ed ani budouc\u00ed ekonomick\u00e9 zm\u011bny.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Podnik s n\u00edzkou historickou volatilitou, vysok\u00fdm zadlu\u017een\u00edm, klesaj\u00edc\u00edmi zisky a nadhodnocen\u00fdmi akciemi m\u016f\u017ee b\u00fdt ve v\u00fdsledku rizikov\u011bj\u0161\u00ed ne\u017e spole\u010dnost s v\u00fdrazn\u011bj\u0161\u00edmi cenov\u00fdmi v\u00fdkyvy, ale siln\u00fdmi pen\u011b\u017en\u00edmi toky a zdravou rozvahou.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stejn\u011b d\u016fle\u017eit\u00e1 je konstrukce cel\u00e9ho investi\u010dn\u00edho portfolia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i by m\u011bli sledovat, zda jejich n\u00edzkovolatiln\u00ed akcie nejsou nadm\u011brn\u011b koncentrov\u00e1ny v odv\u011btv\u00edch vystaven\u00fdch podobn\u00fdm rizik\u016fm, nap\u0159\u00edklad zm\u011bn\u00e1m \u00farokov\u00fdch sazeb, inflaci nebo regulatorn\u00edm z\u00e1sah\u016fm. Z\u00e1rove\u0148 by m\u011bli posuzovat, jak tyto tituly dopl\u0148uj\u00ed jejich ostatn\u00ed investice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fdznam rozlo\u017een\u00ed investic mezi r\u016fzn\u00e1 aktiva a odv\u011btv\u00ed zd\u016fraz\u0148uje tak\u00e9&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">investor.gov, kter\u00fd vysv\u011btluje, jak m\u016f\u017ee diverzifikace omezovat z\u00e1vislost portfolia na v\u00fdkonnosti jednotliv\u00fdch investic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud nap\u0159\u00edklad investor ji\u017e vlastn\u00ed velk\u00e9 mno\u017estv\u00ed akci\u00ed energetick\u00fdch spole\u010dnost\u00ed a v\u00fdrobc\u016f z\u00e1kladn\u00edho spot\u0159ebn\u00edho zbo\u017e\u00ed, n\u00e1kup dal\u0161\u00edho defenzivn\u00edho fondu nemus\u00ed diverzifikaci zlep\u0161it. Naopak m\u016f\u017ee koncentraci v t\u011bchto sektorech je\u0161t\u011b zv\u00fd\u0161it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159i hodnocen\u00ed investic je proto vhodn\u00e9 sledovat kvalitu a udr\u017eitelnost zisk\u016f, valua\u010dn\u00ed ukazatele, dividendovou politiku i vz\u00e1jemn\u00e9 korelace jednotliv\u00fdch titul\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u016fle\u017eit\u00e9 je tak\u00e9 uv\u011bdomit si, \u017ee volatilita se v \u010dase m\u011bn\u00ed. Akcie, kter\u00e1 b\u011bhem n\u011bkolika let p\u0159\u00edzniv\u00fdch ekonomick\u00fdch podm\u00ednek p\u016fsobila stabiln\u011b, se m\u016f\u017ee p\u0159i ne\u010dekan\u00fdch probl\u00e9mech sv\u00e9ho odv\u011btv\u00ed za\u010d\u00edt chovat \u00fapln\u011b jinak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Anal\u00fdza del\u0161\u00edch historick\u00fdch obdob\u00ed a testov\u00e1n\u00ed chov\u00e1n\u00ed portfolia p\u0159i r\u016fzn\u00fdch ekonomick\u00fdch sc\u00e9n\u00e1\u0159\u00edch proto m\u016f\u017ee p\u0159in\u00e9st komplexn\u011bj\u0161\u00ed obr\u00e1zek ne\u017e spol\u00e9h\u00e1n\u00ed na jedin\u00fd ukazatel volatility.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Vyplat\u00ed se investovat do akci\u00ed s n\u00edzkou volatilitou?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Akcie s n\u00edzkou volatilitou mohou m\u00edt v dob\u0159e diverzifikovan\u00e9m investi\u010dn\u00edm portfoliu sv\u00e9 m\u00edsto. Zvl\u00e1\u0161\u0165 atraktivn\u00ed mohou b\u00fdt pro investory, kte\u0159\u00ed cht\u011bj\u00ed omezit vystaven\u00ed prudk\u00fdm cenov\u00fdm v\u00fdkyv\u016fm, ale z\u00e1rove\u0148 necht\u011bj\u00ed zcela opustit akciov\u00e9 trhy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tyto tituly mohou b\u011bhem n\u011bkter\u00fdch obdob\u00ed nejistoty nab\u00eddnout klidn\u011bj\u0161\u00ed pr\u016fb\u011bh investov\u00e1n\u00ed a jejich podnik\u00e1n\u00ed \u010dasto t\u011b\u017e\u00ed z relativn\u011b p\u0159edv\u00eddateln\u00e9 popt\u00e1vky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i by si v\u0161ak nem\u011bli pl\u00e9st stabiln\u011bj\u0161\u00ed historick\u00fd cenov\u00fd v\u00fdvoj s ochranou p\u0159ed budouc\u00edmi ztr\u00e1tami.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nadhodnocen\u00e9 akcie, nadm\u011brn\u00e1 koncentrace v n\u011bkolika odv\u011btv\u00edch, rostouc\u00ed \u00farokov\u00e9 sazby nebo finan\u010dn\u00ed probl\u00e9my konkr\u00e9tn\u00edch spole\u010dnost\u00ed mohou zd\u00e1nlivou bezpe\u010dnost defenzivn\u00edch titul\u016f rychle naru\u0161it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Z\u00e1sadn\u00ed probl\u00e9m spo\u010d\u00edv\u00e1 v tom, \u017ee volatilita m\u011b\u0159\u00ed intenzitu historick\u00fdch cenov\u00fdch pohyb\u016f, nikoliv to, zda cena akcie odpov\u00edd\u00e1 skute\u010dn\u00e9 hodnot\u011b a finan\u010dn\u00edmu zdrav\u00ed spole\u010dnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro dlouhodob\u00e9 investory je proto vhodn\u011bj\u0161\u00ed ch\u00e1pat akcie s n\u00edzkou volatilitou jako jeden z mo\u017en\u00fdch n\u00e1stroj\u016f \u0159\u00edzen\u00ed rizika, nikoliv jako jednoduchou cestu k bezpe\u010dn\u00fdm v\u00fdnos\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Akcie, kter\u00e1 na prvn\u00ed pohled p\u016fsob\u00ed nejbezpe\u010dn\u011bji, toti\u017e nemus\u00ed b\u00fdt tou nejbezpe\u010dn\u011bj\u0161\u00ed investic\u00ed. Rozhoduj\u00edc\u00ed je p\u0159edev\u0161\u00edm cena, kterou za ni investor zaplat\u00ed, finan\u010dn\u00ed kondice samotn\u00e9 spole\u010dnosti a to, jak dan\u00e1 investice zapad\u00e1 do celkov\u00e9ho portfolia.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kdy\u017e na akciov\u00fdch trz\u00edch roste nejistota, investo\u0159i \u010dasto hledaj\u00ed \u00fato\u010di\u0161t\u011b u spole\u010dnost\u00ed, jejich\u017e akcie v minulosti nepodl\u00e9haly tak v\u00fdrazn\u00fdm cenov\u00fdm v\u00fdkyv\u016fm. Takzvan\u00e9 akcie s n\u00edzkou volatilitou slibuj\u00ed klidn\u011bj\u0161\u00ed pr\u016fb\u011bh investov\u00e1n\u00ed a potenci\u00e1ln\u011b men\u0161\u00ed ztr\u00e1ty b\u011bhem tr\u017en\u00edch propad\u016f. Jen\u017ee skute\u010dnost, \u017ee se cena ur\u010dit\u00e9 akcie dlouhodob\u011b vyv\u00edj\u00ed relativn\u011b stabiln\u011b, je\u0161t\u011b neznamen\u00e1, \u017ee jde o bezpe\u010dnou investici. [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":90040,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[250],"tags":[5715,6431,4940],"class_list":["post-90056","post","type-post","status-publish","format-standard","has-post-thumbnail","category-akciove-trhy","tag-akcie","tag-akcie-s-nizkou-volatilitou","tag-ekonomika"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.2.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Akcie s n\u00edzkou volatilitou mohou p\u016fsobit bezpe\u010dn\u011b. 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