{"id":67550,"date":"2026-04-27T06:14:17","date_gmt":"2026-04-27T06:14:17","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/67550\/"},"modified":"2026-04-27T06:14:17","modified_gmt":"2026-04-27T06:14:17","slug":"cemu-veri-fond-mladi-v-jt-zisk-v-rane-fazi-firmy-nehraje-klicovou-roli","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/67550\/","title":{"rendered":"\u010cemu v\u011b\u0159\u00ed fond ml\u00e1d\u00ed v J&T? Zisk v ran\u00e9 f\u00e1zi firmy nehraje kl\u00ed\u010dovou roli"},"content":{"rendered":"

Gabrielu Herbrikovi je p\u011btadvacet, st\u00e1le studuje \u0161kolu, ale u\u017e nese v\u00e1hu sv\u00fdch investi\u010dn\u00edch rozhodnut\u00ed v J&T, konkr\u00e9tn\u011b ve fondu NextGen \u2013 entit\u011b, kde mlad\u00ed strat\u00e9gov\u00e9 jako on vyb\u00edraj\u00ed budouc\u00ed investi\u010dn\u00ed trh\u00e1ky. Co je podle fondu horkou s\u00e1zkou? Jedn\u00edm slovem technologie. Jeho portfolio mana\u017eer\u00a0Michal Semotan<\/a>\u00a0p\u0159ed \u010dasem poodhalil strategii, kdy\u017e uvedl, \u017ee fond nov\u011b za\u0159adil akcie spole\u010dnosti Zscaler, p\u0159ikoupil CrowdStrike, Nebius a otev\u0159el pozici ve firm\u00e1ch Netflix a Vistra.\u00a0<\/p>\n

Kdy\u017e se Gabriel Herbrik poprv\u00e9 vloni postavil p\u0159ed investory, aby jim odprezentoval v\u00fdsledky fondu J&T NextGen, m\u011bl pr\u00fd sucho v krku. Musel jim toti\u017e sd\u011blit, \u017ee fond je od za\u010d\u00e1tku roku do dan\u00e9ho data p\u0159ipravil o 17 procent hodnoty jejich investic. Na vin\u011b byla tarifn\u00ed politika americk\u00e9 administrativy. Na\u0161t\u011bst\u00ed spr\u00e1vn\u011b tu\u0161il, \u017ee jde jen o v\u00fdkyv, a situaci ust\u00e1l. Dne\u0161n\u00ed student presti\u017en\u00ed italsk\u00e9 univerzity SDA Bocconi je tak tak\u00e9 \u010dlenem investi\u010dn\u00edho v\u00fdboru J&T NextGen.\u00a0<\/p>\n

\"Tesla<\/a>Tesla zv\u00fd\u0161ila \u010dist\u00fd zisk, potvrdila masivn\u00ed investice do robot\u016f a um\u011bl\u00e9 inteligence<\/a><\/p>\n

Zrod fondu NextGen byl s\u00e1m o sob\u011b unik\u00e1tn\u00ed. P\u0159ed zhruba t\u0159emi lety gener\u00e1ln\u00edho \u0159editele J&T investi\u010dn\u00ed spole\u010dnosti Tom\u00e1\u0161e Martince zaujala skupina student\u016f gymn\u00e1zia Nov\u00fd PORG. Usp\u011bli ve Wharton Investment Competition, tedy mezin\u00e1rodn\u00ed investi\u010dn\u00ed sout\u011b\u017ei pro st\u0159edo\u0161kol\u00e1ky po\u0159\u00e1dan\u00e9 Wharton School University of Pennsylvania \u2013 jedn\u00e9 z nejpresti\u017en\u011bj\u0161\u00edch na sv\u011bt\u011b v t\u00e9to v\u011bkov\u00e9 kategorii. Jejich t\u0159et\u00ed m\u00edsto bylo historick\u00fdm \u00fasp\u011bchem (\u017e\u00e1dn\u00e1 evropsk\u00e1 \u0161kola nikdy vy\u0161\u0161\u00edho um\u00edst\u011bn\u00ed nedos\u00e1hla) a z\u00e1rove\u0148 se stali z\u00e1kladn\u00edm kamenem experimentu, v n\u011bm\u017e m\u011bli studenti sv\u00e9 dovednosti zopakovat pod hlavi\u010dkou J&T. Samoz\u0159ejm\u011b stoprocentn\u00ed volnost je\u0161t\u011b nedostali. S pr\u00e1vem veta nad nimi bd\u00ed ost\u0159\u00edlen\u00fd portfolio mana\u017eer Michal Semotan.\u00a0<\/p>\n

Gabriel Herbrik<\/p>\n

S\u00e1m Herbrik p\u0159i\u0161el do v\u00fdboru fondu vyb\u00edrat\u00a0investorsk\u00e9<\/a>\u00a0tipy a\u017e pozd\u011bji, p\u0159es st\u00e1\u017e v J&T pot\u00e9, co zakl\u00e1daj\u00edc\u00ed studenti za\u010dali odch\u00e1zet na vysok\u00e9 \u0161koly. Ona prvn\u00ed negativn\u00ed zku\u0161enost, respektive jej\u00ed p\u0159ekon\u00e1n\u00ed, jako by p\u0159edznamenaly Gabrielovo budouc\u00ed nastaven\u00ed. NextGen toti\u017e nen\u00ed \u201enext\u201c jen kv\u016fli nastupuj\u00edc\u00ed p\u0159\u00ed\u0161t\u00ed generaci mana\u017eer\u016f, ale i kv\u016fli titul\u016fm, na kter\u00e9 se d\u00edvaj\u00ed. Jde o firmy \u010dasto v ran\u00e9 f\u00e1zi, u nich\u017e se m\u016f\u017ee st\u00e1t, \u017ee je\u0161t\u011b negeneruj\u00ed zisky.\u00a0<\/p>\n

Proto je pot\u0159eba trochu jin\u00fd pohled a hlavn\u011b sebev\u011bdom\u00ed. \u201e\u017de firma negeneruje zisk, m\u00e1 t\u0159eba dluhy, je\u0161t\u011b nemus\u00ed znamenat, \u017ee se o ni nebudeme zaj\u00edmat. Pokud v n\u00ed vid\u00edme potenci\u00e1l a jsme v investici v\u010das, \u00fasp\u011bch je pak o to v\u011bt\u0161\u00ed,\u201c vysv\u011btluje Herbrik.\u00a0<\/p>\n

\"Ma\u010farsk\u00fd<\/a>Ma\u010farsk\u00fd MOL po t\u00e9m\u011b\u0159 t\u0159ech m\u011bs\u00edc\u00edch znovu dost\u00e1v\u00e1 ropu ropovodem Dru\u017eba<\/a><\/p>\n

Ona budoucnost u firem ale nem\u016f\u017ee b\u00fdt mlhav\u00e1. NextGen zaj\u00edmaj\u00ed ze v\u0161eho nejv\u00edce technologie, kter\u00e9 firmy vyu\u017e\u00edvaj\u00ed, a zda z nich m\u016f\u017ee bu\u010f on, nebo pozd\u011bji zbytek trhu t\u011b\u017eit. Z tohoto pohledu se samoz\u0159ejm\u011b \u010dlenov\u00e9 v\u00fdboru d\u00edvaj\u00ed i na tradi\u010dn\u00ed spole\u010dnosti u\u017e etablovan\u00e9 na trhu.\u00a0<\/p>\n

Zaj\u00edmaj\u00ed je konkr\u00e9tn\u011b nap\u0159\u00edklad biotechnologie, \u00fasp\u011bch ale zaznamenali i u firem pracuj\u00edc\u00edch na kvantov\u00fdch po\u010d\u00edta\u010d\u00edch. Svou pozici tak m\u011bli t\u0159eba v kalifornsk\u00e9 Rigetti Computing nebo aktu\u00e1ln\u011b je\u0161t\u011b dr\u017e\u00ed v IonQ.\u00a0<\/p>\n

Gabriel Herbrik ve sv\u00e9 pr\u00e1ci vyu\u017e\u00edv\u00e1 krom\u011b pohledu na \u00fa\u010detn\u00ed data firem tak\u00e9 pohled na soci\u00e1ln\u00ed s\u00edt\u011b. Jeden p\u0159\u00edklad za v\u0161echny: Softwarov\u00e1 Adobe se mu zprvu zd\u00e1la podle v\u0161ech ukazatel\u016f jako potenci\u00e1ln\u011b podhodnocen\u00e1 atraktivn\u00ed investice. \u201eAle jej\u00ed z\u00e1kazn\u00edci dlouhodob\u011b ventilovali malou spokojenost s jej\u00ed cenovou politikou a p\u0159\u00edstupem. P\u0159itom to jsou oni, kdo tvo\u0159\u00ed jej\u00ed hodnotu. Rozhodli jsme se proto investici neprov\u00e9st, a jak se pozd\u011bji uk\u00e1zalo, byl to rozumn\u00fd krok,\u201c hodnot\u00ed.\u00a0<\/p>\n

\"Z<\/a>Z akci\u00ed \u010cEZ se odlupuje n\u00e1lepka p\u0159edra\u017een\u00e9ho zbo\u017e\u00ed<\/a><\/p>\n

Stejn\u011b tak je zaj\u00edmav\u00fd pohled na to, jak se fond d\u00edv\u00e1 na r\u016fst trhu. Nemus\u00ed investovat v\u017edy do jeho tahoun\u016f, ale do t\u0159et\u00edch \u010di \u010dtvrt\u00fdch firem v dodavatelsk\u00e9m \u0159et\u011bzci, kter\u00e9 se s r\u016fstem svezou a kde je r\u016fstov\u00fd potenci\u00e1l a cena akcie daleko zaj\u00edmav\u011bj\u0161\u00ed.\u00a0<\/p>\n

Samoz\u0159ejm\u011b p\u0159in\u00e9st nov\u00fd pohled nen\u00ed v\u017edy jednoduch\u00e9. \u201eJsou to des\u00edtky, mo\u017en\u00e1 stovky firem, na kter\u00e9 se d\u00edv\u00e1m. \u00dakolem je pak odprezentovat n\u00e1vrh investi\u010dn\u00edmu v\u00fdboru, m\u00e1me pak je\u0161t\u011b dal\u0161\u00ed \u00farovn\u011b posuzov\u00e1n\u00ed rizik a podobn\u011b. Ka\u017edop\u00e1dn\u011b jsem r\u00e1d, \u017ee m\u016f\u017eeme \u010derpat i ze zku\u0161enost\u00ed pana Semotana, a pokud mohu b\u00fdt neskromn\u00fd, snad jsme ho tak\u00e9 n\u011bco z na\u0161eho pohledu nau\u010dili,\u201c \u0159\u00edk\u00e1 Gabriel Herbrik.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Gabrielu Herbrikovi je p\u011btadvacet, st\u00e1le studuje \u0161kolu, ale u\u017e nese v\u00e1hu sv\u00fdch investi\u010dn\u00edch rozhodnut\u00ed v J&T, konkr\u00e9tn\u011b ve…\n","protected":false},"author":2,"featured_media":67551,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[43,42,22727,41,40,69,2939,13890,1842,22728,22726],"class_list":{"0":"post-67550","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cesko","8":"tag-ceska-republika","9":"tag-cesko","10":"tag-crowdstrike","11":"tag-czech-republic","12":"tag-czechia","13":"tag-investice","14":"tag-jt","15":"tag-nebius-group","16":"tag-netflix","17":"tag-rigetti-computing","18":"tag-tomas-martinec"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116475203595111860","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/67550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=67550"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/67550\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/67551"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=67550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=67550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=67550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}