{"id":75176,"date":"2026-05-04T11:40:11","date_gmt":"2026-05-04T11:40:11","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/75176\/"},"modified":"2026-05-04T11:40:11","modified_gmt":"2026-05-04T11:40:11","slug":"parket-wall-street-je-draha-berkshire-po-buffettovi-dal-sazi-na-japonsko","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/75176\/","title":{"rendered":"Parket: Wall Street je drah\u00e1. Berkshire po Buffettovi d\u00e1l s\u00e1z\u00ed na Japonsko"},"content":{"rendered":"

\u010ctete uk\u00e1zku z\u00a0newsletteru Parket, ve kter\u00e9m Luk\u00e1\u0161 Vo\u017een\u00edlek p\u0159in\u00e1\u0161\u00ed ty nejd\u016fle\u017eit\u011bj\u0161\u00ed novinky ze z\u00e1kulis\u00ed finan\u010dn\u00edch trh\u016f. Pokud v\u00e1s zaj\u00edm\u00e1 v\u00fdvoj burzovn\u00edch index\u016f, cen komodit \u010di m\u011bnov\u00fdch kurz\u016f, p\u0159ihlaste se k\u00a0odb\u011bru<\/a> a\u00a0cel\u00fd newsletter budete ka\u017ed\u00e9 pond\u011bl\u00ed dost\u00e1vat do sv\u00e9 e-mailov\u00e9 schr\u00e1nky.<\/p>\n

Berkshire Hathaway vstoupila do nov\u00e9 \u00e9ry a\u00a0investo\u0159i zat\u00edm d\u00e1vaj\u00ed najevo, \u017ee odchod Warrena Buffetta z\u00a0ka\u017edodenn\u00edho \u0159\u00edzen\u00ed firmy nen\u00ed jen symbolick\u00e1 ud\u00e1lost. Od chv\u00edle, kdy slavn\u00fd investor loni v\u00a0kv\u011btnu ozn\u00e1mil, \u017ee ke konci roku 2025\u00a0skon\u010d\u00ed jako gener\u00e1ln\u00ed \u0159editel a\u00a0p\u0159ed\u00e1 veden\u00ed Gregu Abelovi, se akci\u00edm Berkshire da\u0159\u00ed v\u00fdrazn\u011b h\u016f\u0159e ne\u017e \u0161ir\u0161\u00edmu americk\u00e9mu trhu.<\/p>\n

Od lo\u0148sk\u00e9ho kv\u011btna klesly o\u00a012\u00a0procent, zat\u00edmco index S&P 500\u00a0za stejnou dobu p\u0159idal 27\u00a0procent. V\u00fdkonnostn\u00ed n\u016f\u017eky se tak rozev\u0159ely na tak\u0159ka 40\u00a0procentn\u00edch bod\u016f. Je to jeden z\u00a0nejviditeln\u011bj\u0161\u00edch sign\u00e1l\u016f, \u017ee investo\u0159i si na Berkshire bez Buffetta v\u00a0roli gener\u00e1ln\u00edho \u0159editele zvykaj\u00ed opatrn\u011bji, ne\u017e by nazna\u010dovala jej\u00ed historick\u00e1 aura.<\/p>\n

Podle finan\u010dn\u00edho serveru Barron\u2019s jde z\u00e1rove\u0148 o\u00a0jedno z\u00a0nejhor\u0161\u00edch obdob\u00ed relativn\u00ed v\u00fdkonnosti Berkshire v\u016f\u010di \u0161ir\u0161\u00edmu americk\u00e9mu trhu od roku 1965, kdy Buffett firmu p\u0159evzal.<\/p>\n

Samotn\u00fd Buffett sv\u016fj odchod ozn\u00e1mil 3.\u00a0kv\u011btna 2025\u00a0na v\u00fdro\u010dn\u00edm setk\u00e1n\u00ed akcion\u00e1\u0159\u016f v\u00a0Omaze. Agentura Reuters tehdy napsala, \u017ee t\u00edm kon\u010d\u00ed jeho v\u00edce ne\u017e \u0161edes\u00e1tilet\u00e1 \u00e9ra v\u00a0\u010dele firmy, b\u011bhem n\u00ed\u017e se z\u00a0p\u016fvodn\u011b upadaj\u00edc\u00ed textilky stal jeden z\u00a0nejv\u011bt\u0161\u00edch a\u00a0nejrespektovan\u011bj\u0161\u00edch konglomer\u00e1t\u016f sv\u011bta.<\/p>\n

Buffett ale z\u00a0firmy neode\u0161el \u00fapln\u011b. Z\u016fst\u00e1v\u00e1 p\u0159edsedou p\u0159edstavenstva, zat\u00edmco Greg Abel p\u0159evzal funkci gener\u00e1ln\u00edho \u0159editele od leto\u0161n\u00edho ledna. Slab\u0161\u00ed v\u00fdkon akci\u00ed Berkshire ale nemus\u00ed nutn\u011b znamenat slab\u0161\u00ed v\u00fdkon samotn\u00e9 firmy. Sp\u00ed\u0161e ukazuje, \u017ee trh si zvyk\u00e1 na novou realitu.<\/p>\n

Foto: FactSet<\/p>\n

Berkshire po Buffettov\u011b ozn\u00e1men\u00ed ztratila tempo. Zat\u00edmco S&P 500\u00a0v\u00fdrazn\u011b rostl, akcie konglomer\u00e1tu z\u016fst\u00e1vaj\u00ed pod nulou.<\/p>\n

Aktu\u00e1lnost p\u0159echodu se naplno uk\u00e1zala pr\u00e1v\u011b o\u00a0v\u00edkendu v\u00a0Omaze. Sobotn\u00ed valnou hromadu Berkshire poprv\u00e9 vedl Greg Abel u\u017e jako nov\u00fd gener\u00e1ln\u00ed \u0159editel. Tradi\u010dn\u00ed \u201eWoodstock kapitalist\u016f\u201c tak m\u011bl jinou atmosf\u00e9ru ne\u017e v\u00a0dob\u011b, kdy hlavn\u00ed show pat\u0159ila Buffettovi a\u00a0Charliemu Mungerovi.<\/p>\n

Buffett sice z\u016fst\u00e1v\u00e1 p\u0159edsedou p\u0159edstavenstva a\u00a0na setk\u00e1n\u00ed kr\u00e1tce promluvil, hlavn\u00ed roli u\u017e ale p\u0159evzal Abel. Nov\u00fd \u0161\u00e9f se sna\u017eil akcion\u00e1\u0159e ujistit, \u017ee bude investovat rozumn\u011b a\u00a0\u017ee konglomer\u00e1t nezat\u00ed\u017e\u00ed zbyte\u010dnou byrokraci\u00ed.<\/p>\n

Nov\u00fd \u0161\u00e9f, star\u00e1 ot\u00e1zka: Kam d\u00e1t pen\u00edze?<\/p>\n

Berkshire se postupn\u011b posouv\u00e1 od p\u0159\u00edb\u011bhu firmy neodd\u011bliteln\u011b spojen\u00e9 s\u00a0Buffettov\u00fdm osobn\u00edm investi\u010dn\u00edm \u00fasudkem k\u00a0p\u0159\u00edb\u011bhu obrovsk\u00e9ho, konzervativn\u011b \u0159\u00edzen\u00e9ho konglomer\u00e1tu s\u00a0nov\u00fdm v\u00fdkonn\u00fdm \u0161\u00e9fem. Abel \u201ezd\u011bdil\u201c firmu s\u00a0mimo\u0159\u00e1dn\u011b silnou rozvahou, velk\u00fdm poji\u0161\u0165ovac\u00edm byznysem a\u00a0akciov\u00fdm portfoliem za stovky miliard dolar\u016f.<\/p>\n

Vedle toho ale zd\u011bdil i\u00a0z\u00e1sadn\u00ed ot\u00e1zku, kterou Buffett \u0159e\u0161il v\u00a0posledn\u00edch letech st\u00e1le \u010dast\u011bji: Kam rozumn\u011b investovat pen\u00edze, kdy\u017e je americk\u00fd trh drah\u00fd? Dob\u0159e to ukazuje nap\u0159\u00edklad ukazatel Shillerovo P\/E, kter\u00fd zjednodu\u0161en\u011b \u0159\u00edk\u00e1, kolik jsou investo\u0159i ochotni platit za dlouhodob\u011b o\u010di\u0161t\u011bn\u00e9 zisky americk\u00fdch firem.<\/p>\n

<\/a><\/p>\n

\u010c\u00edm je \u010d\u00edslo vy\u0161\u0161\u00ed, t\u00edm dra\u017e\u0161\u00ed trh obvykle je. Podle serveru Multpl se tento ukazatel u\u00a0indexu S&P 500\u00a0pohybuje kolem 40,7\u00a0bodu, zat\u00edmco jeho dlouhodob\u00fd pr\u016fm\u011br je zhruba 17,4\u00a0bodu. Americk\u00e9 akcie jsou tedy podle tohoto m\u011b\u0159\u00edtka v\u00edce ne\u017e dvojn\u00e1sobn\u011b dra\u017e\u0161\u00ed, ne\u017e b\u00fdvalo historicky b\u011b\u017en\u00e9, a\u00a0pro investora velikosti Berkshire je st\u00e1le t\u011b\u017e\u0161\u00ed naj\u00edt dostate\u010dn\u011b velkou p\u0159\u00edle\u017eitost za cenu, kter\u00e1 by d\u00e1vala dlouhodob\u00fd smysl.<\/p>\n

Pr\u00e1v\u011b proto je d\u016fle\u017eit\u00e9 sledovat, kde Berkshire pod nov\u00fdm veden\u00edm nach\u00e1z\u00ed alespo\u0148 d\u00edl\u010d\u00ed p\u0159\u00edle\u017eitosti. Firma d\u00e1l dr\u017e\u00ed obrovsk\u00fd objem likvidn\u00edch prost\u0159edk\u016f\u00a0\u2013 hotovosti a\u00a0americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f\u00a0\u2013 a\u00a0v USA z\u016fst\u00e1v\u00e1 velmi opatrn\u00e1. To ale neznamen\u00e1, \u017ee se investi\u010dn\u011b zastavila.<\/p>\n

Tam, kde vid\u00ed rozumn\u011bj\u0161\u00ed ocen\u011bn\u00ed, stabiln\u00ed hotovostn\u00ed toky a\u00a0mo\u017enost dlouhodob\u00e9ho partnerstv\u00ed, je ochotn\u00e1 jednat. A\u00a0pr\u00e1v\u011b v\u00a0tomto ohledu se v\u00a0posledn\u00edch letech st\u00e1le v\u00fdrazn\u011bji r\u00fdsuje Japonsko.<\/p>\n

Berkshire u\u017e n\u011bkolik let dr\u017e\u00ed velk\u00e9 pod\u00edly v\u00a0p\u011bti hlavn\u00edch japonsk\u00fdch obchodn\u00edch domech, zn\u00e1m\u00fdch jako sogo shosha: Mitsubishi, Itochu, Mitsui, Marubeni a\u00a0Sumitomo. Nejde o\u00a0oby\u010dejn\u00e9 obchodn\u00ed firmy, ale o\u00a0rozs\u00e1hl\u00e9 konglomer\u00e1ty s\u00a0aktivitami v\u00a0mnoha odv\u011btv\u00edch.<\/p>\n

Japonsk\u00e9 konglomer\u00e1ty<\/p>\n

A pr\u00e1v\u011b t\u00edm se podobaj\u00ed samotn\u00e9 Berkshire. Nejsou postaven\u00e9 na jednom m\u00f3dn\u00edm produktu ani na jedn\u00e9 technologick\u00e9 vln\u011b, ale na \u0161irok\u00e9 s\u00edti podnik\u016f, kter\u00e9 vyd\u011bl\u00e1vaj\u00ed pen\u00edze v\u00a0r\u016fzn\u00fdch odv\u011btv\u00edch a\u00a0za r\u016fzn\u00fdch ekonomick\u00fdch podm\u00ednek.<\/p>\n

Buffett p\u0159itom dal u\u017e loni jasn\u011b najevo, \u017ee nejde o\u00a0kr\u00e1tkodobou s\u00e1zku. Agentura Reuters po v\u00fdro\u010dn\u00edm setk\u00e1n\u00ed akcion\u00e1\u0159\u016f v\u00a0Omaze citovala jeho slova, \u017ee Berkshire v\u00a0p\u0159\u00ed\u0161t\u00edch 50\u00a0letech \u201eani nenapadne\u201c tyto pod\u00edly prod\u00e1vat. \u201eBudujeme vztahy a\u00a0opravdu douf\u00e1me, \u017ee s\u00a0t\u011bmito firmami budeme d\u011blat velk\u00e9 v\u011bci,\u201c doplnil Abel.<\/p>\n

Podle v\u00fdro\u010dn\u00ed zpr\u00e1vy Berkshire<\/a> za rok 2025\u00a0m\u011bla skupina na konci lo\u0148sk\u00e9ho roku v\u00a0t\u011bchto p\u011bti japonsk\u00fdch firm\u00e1ch pod\u00edly v\u00a0tr\u017en\u00ed hodnot\u011b 35,4\u00a0miliardy dolar\u016f. Jejich p\u016fvodn\u00ed po\u0159izovac\u00ed cena p\u0159itom \u010dinila 15,4\u00a0miliardy dolar\u016f a\u00a0dividendy za rok 2025\u00a0dos\u00e1hly 862\u00a0milion\u016f dolar\u016f.<\/p>\n

To je p\u0159esn\u011b typ investice, kter\u00fd do buffettovsk\u00e9ho stylu zapad\u00e1: Koupit kvalitn\u00ed a\u00a0diverzifikovan\u00e1 aktiva za rozumnou cenu, dlouhodob\u011b je dr\u017eet a\u00a0inkasovat dividendy.<\/p>\n

Berkshire nav\u00edc vstoupila do leto\u0161n\u00edho roku siln\u011b. V\u00a0prvn\u00edm \u010dtvrtlet\u00ed v\u00edce ne\u017e zdvojn\u00e1sobila \u010dist\u00fd zisk na 10,1\u00a0miliardy dolar\u016f ze 4,6\u00a0miliardy dolar\u016f p\u0159ed rokem. Provozn\u00ed zisk, kter\u00fd l\u00e9pe ukazuje v\u00fdkonnost hlavn\u00edch byznys\u016f skupiny, se zv\u00fd\u0161il o\u00a018\u00a0procent na 11,35\u00a0miliardy dolar\u016f.<\/p>\n

P\u016fj\u010dky v\u00a0jenech<\/p>\n

Je\u0161t\u011b zaj\u00edmav\u011bj\u0161\u00ed je zp\u016fsob financov\u00e1n\u00ed. Berkshire m\u00e1 obrovskou munici ve v\u00fd\u0161i necel\u00fdch 400\u00a0miliard dolar\u016f, ale na japonsk\u00e9 investice si p\u016fj\u010duje, a\u00a0to p\u0159\u00edmo v\u00a0jenech. Na prvn\u00ed pohled to m\u016f\u017ee p\u016fsobit zvl\u00e1\u0161tn\u011b, ale m\u00e1 to dvoj\u00ed vysv\u011btlen\u00ed. Zaprv\u00e9, p\u016fj\u010dky v\u00a0japonsk\u00e9 m\u011bn\u011b byly pro Berkshire velmi levn\u00e9. Ve v\u00fdro\u010dn\u00ed zpr\u00e1v\u011b uv\u00e1d\u00ed, \u017ee pr\u016fm\u011brn\u00fd n\u00e1klad tohoto financov\u00e1n\u00ed \u010din\u00ed p\u0159ibli\u017en\u011b 1,2\u00a0procenta.<\/p>\n

Zadruh\u00e9, dluh ve stejn\u00e9 m\u011bn\u011b, v\u00a0jak\u00e9 jsou nakoupen\u00e1 aktiva, funguje jako p\u0159irozen\u00e9 m\u011bnov\u00e9 zaji\u0161t\u011bn\u00ed. Pokud by jen v\u00fdrazn\u011b oslabil, sn\u00ed\u017eila by se sice dolarov\u00e1 hodnota japonsk\u00fdch akci\u00ed a\u00a0dividend, ale z\u00e1rove\u0148 by v\u00a0dolarov\u00e9m vyj\u00e1d\u0159en\u00ed klesla i\u00a0hodnota jenov\u00e9ho dluhu, kter\u00fd Berkshire mus\u00ed splatit. M\u011bnov\u00fd pohyb se tak z\u010d\u00e1sti vyrovn\u00e1v\u00e1.<\/p>\n

Berkshire si tedy nep\u016fj\u010duje proto, \u017ee by j\u00ed chyb\u011bly pen\u00edze, ale proto, \u017ee levn\u00e9 financov\u00e1n\u00ed v\u00a0jenech dob\u0159e odpov\u00edd\u00e1 povaze cel\u00e9 investice. Pokud dividendy a\u00a0r\u016fst hodnoty japonsk\u00fdch firem p\u0159ev\u00fd\u0161\u00ed n\u00edzk\u00fd n\u00e1klad dluhu, vznik\u00e1 velmi atraktivn\u00ed dlouhodob\u00e1 struktura.<\/p>\n

Nov\u00e1 s\u00e1zka<\/p>\n

T\u00edm ale japonsk\u00e1 strategie Berkshire nekon\u010d\u00ed. Dosavadn\u00ed s\u00e1zka st\u00e1la hlavn\u011b na p\u011bti podnic\u00edch, kter\u00e9 Buffett za\u010dal nakupovat u\u017e p\u0159ed lety. Pod Abelem se v\u0161ak z\u00e1b\u011br roz\u0161i\u0159uje i\u00a0mimo tuto skupinu. Novou kapitolou je vstup do Tokio Marine Holdings. Agentura Reuters v\u00a0b\u0159eznu informovala, \u017ee Berkshire p\u0159es svou poji\u0161\u0165ovac\u00ed dce\u0159inou spole\u010dnost National Indemnity kupuje v\u00a0japonsk\u00e9 poji\u0161\u0165ovn\u011b pod\u00edl 2,49\u00a0procenta za zhruba 1,8\u00a0miliardy dolar\u016f.<\/p>\n

<\/a><\/p>\n

Dohoda z\u00e1rove\u0148 umo\u017e\u0148uje National Indemnity nav\u00fd\u0161it pod\u00edl n\u00e1kupy na trhu a\u017e na 9,9\u00a0procenta bez dal\u0161\u00edho souhlasu p\u0159edstavenstva Tokio Marine. Sou\u010d\u00e1st\u00ed m\u00e1 b\u00fdt strategick\u00e1 spolupr\u00e1ce v\u00a0zaji\u0161\u0165ovnictv\u00ed, tedy v\u00a0poji\u0161t\u011bn\u00ed rizik jin\u00fdch poji\u0161\u0165oven, a\u00a0tak\u00e9 v\u00a0glob\u00e1ln\u00edch investic\u00edch a\u00a0p\u0159\u00edpadn\u00fdch akvizic\u00edch.<\/p>\n

Tokio Marine je pro novou \u00e9ru Berkshire symbolick\u00e1 i\u00a0t\u00edm, \u017ee nejde o\u00a0dal\u0161\u00ed japonsk\u00fd obchodn\u00ed konglomer\u00e1t typu sogo shosha, ale o\u00a0poji\u0161\u0165ovnu, tedy sektor, kter\u00fd tvo\u0159\u00ed j\u00e1dro Berkshire. Ajit Jain, m\u00edstop\u0159edseda Berkshire odpov\u011bdn\u00fd za poji\u0161\u0165ovac\u00ed operace, v\u00a0ozn\u00e1men\u00ed k\u00a0transakci uvedl, \u017ee partnerstv\u00ed by m\u011blo vytvo\u0159it \u201ep\u0159esv\u011bd\u010div\u00e9 dlouhodob\u00e9 p\u0159\u00edle\u017eitosti pro ob\u011b organizace\u201c.<\/p>\n

Pokud se spoj\u00ed kapit\u00e1lov\u00e1 s\u00edla Berkshire, jej\u00ed zku\u0161enosti s\u00a0poji\u0161\u0165ovnictv\u00edm a\u00a0glob\u00e1ln\u00ed s\u00ed\u0165 Tokio Marine, m\u016f\u017ee j\u00edt o\u00a0z\u00e1klad \u0161ir\u0161\u00edho p\u016fsoben\u00ed Berkshire v\u00a0Japonsku. Japonsk\u00e1 s\u00e1zka tak ukazuje, \u017ee Berkshire po Buffettovi nem\u011bn\u00ed investi\u010dn\u00ed DNA. I\u00a0nad\u00e1le hled\u00e1 siln\u00e9 firmy, rozumn\u00e9 ceny, dividendy, levn\u00e9 financov\u00e1n\u00ed a\u00a0dlouh\u00fd horizont.<\/p>\n

Rozd\u00edl je v\u00a0tom, \u017ee po odchodu Buffetta z\u00a0ka\u017edodenn\u00edho \u0159\u00edzen\u00ed bude muset trh p\u0159esv\u011bd\u010dit n\u011bkdo jin\u00fd. Greg Abel zat\u00edm nazna\u010duje, \u017ee jednou z\u00a0jeho nejd\u016fle\u017eit\u011bj\u0161\u00edch odpov\u011bd\u00ed m\u016f\u017ee b\u00fdt pr\u00e1v\u011b Japonsko.<\/p>\n

V pln\u00e9 verzi newsletteru Parket v\u017edy najdete i\u00a0souhrn nejd\u016fle\u017eit\u011bj\u0161\u00edch zpr\u00e1v z\u00a0oblasti akciov\u00fdch trh\u016f a\u00a0makroekonomick\u00fdch trend\u016f, investi\u010dn\u00ed tipy odborn\u00edk\u016f nebo novinky z\u00a0pra\u017esk\u00e9 burzy. P\u0159ihlaste se k\u00a0odb\u011bru<\/a>, aby v\u00e1m nic d\u016fle\u017eit\u00e9ho neuniklo.<\/p>\n","protected":false},"excerpt":{"rendered":"\u010ctete uk\u00e1zku z\u00a0newsletteru Parket, ve kter\u00e9m Luk\u00e1\u0161 Vo\u017een\u00edlek p\u0159in\u00e1\u0161\u00ed ty nejd\u016fle\u017eit\u011bj\u0161\u00ed novinky ze z\u00e1kulis\u00ed finan\u010dn\u00edch trh\u016f. Pokud v\u00e1s…\n","protected":false},"author":2,"featured_media":75177,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[901,67,68,69,245,3887,501,902],"class_list":{"0":"post-75176","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-berkshire-hathaway","9":"tag-business","10":"tag-byznys","11":"tag-investice","12":"tag-japonsko","13":"tag-newsletter-parket","14":"tag-pojistovny","15":"tag-warren-buffett"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116516121836815701","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/75176","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=75176"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/75176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/75177"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=75176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=75176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=75176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}