Jakub Pivoluska: "Zůstal ve mě dobrý pocit z toho, že jsem diplomku nenapsal jen a čistě do šuplíku"

07:00 5 Comments


Jakub Pivoluska vystudoval v roce 2013 Vysokou školu ekonomickou v Praze v oboru Finanční inženýrství na Fakultě financí a účetnictví. Vystudoval také magisterský program na London School of Economics and Political Science a úspěšně absolvoval zkoušku CFA druhé úrovně. V roce 2012 byl členem vítězného týmu v rámci studentské soutěže CFA Institute Research Challenge. Michal Stupavský, CFA v polovině srpna uskutečnil s Jakubem krátké interview na téma jeho diplomové práce, která v letošním roce vzbudila velkou mediální pozornost.

5 komentářů:

How To Cut Your Dependency on Mr. Market

12:58 2 Comments

Investors spend enormous amount of time analysing companies, industries, trends and simply try to understand how the business works. That is of course very much needed and at least basic understanding is absolutely essential for correct asset valuation. However, in the very end of the valuation process one deeply subjective variable may enter into the calculation. And it may change everything.

2 komentářů:

Discussion Paper: Are Analysts Providing Measurable ‘Added-Value’?

02:34 2 Comments

Once companies have provided financial guidance: Are analysts’ forecasts able to add any extra value? If so, how often and by how much?
A study by AKRO investiční společnost, comparing the accuracy of analyst forecasts and management forecasts, shows that so called ‘post event’ analyst forecasts, i.e. those made post recent results/management guidance, are in general more accurate than management forecasts. Both the frequency and magnitude of the greater accuracy prove significant, a somewhat reassuring conclusion for research analysts.
If analysts are able to provide insights with regard to tangible measures of value, it seems logical to assume analysts are also able to provide insights with regard to less tangible measures of value, e.g. management quality, industry outlook. At a time when the ‘active’ asset management industry is getting a bad press, and many research departments are being downsized[i], the results should give pause for thought.

2 komentářů:

Patrick Vyroubal, CFA, portfolio manažer, ČSOB Asset Management

13:14 1 Comments



Patrick v současnosti pracuje jako portfolio manažer ve společnosti ČSOB Asset Management, kde má na starosti správu akciových fondů zaměřených na vyspělé trhy (USA, Evropa, Japonsko) a ČR. V roce 2003 dokončil studium na Vysoké škole ekonomické v Praze (Fakulta mezinárodních vztahů) a od roku 2013 je držitelem certifikátu CFA (certifikovaný finanční analytik). V minulosti pracoval v útvaru exportního a strukturovaného financování v ČSOB, dále pak jako akciový analytik ve společnostech Atlantik finanční trhy a ČSOB Asset Management.

1 komentářů:

Do cen a do melounů se nevidí

07:06 0 Comments


Michal Mareš, CFA

Úvaha o oceňování kapitálových aktiv.  Přiměřená tržní hodnota a cena: přesnost a relevance.
Parafráze italského přísloví – zde pro oblast oceňování kapitálových aktiv – je výstižnější než původní verze[1].  A je politicky korektní.  Finanční analytici denně pracují s informacemi o obchodovaných cenných papírech nebo cílových investicích a porovnávají pozorované tržní ceny a kalkulované investiční hodnoty.  Stanovení přiměřené tržní hodnoty naráží na schopnost dostupná data adekvátně zpracovat a správně interpretovat.  Ale i na schopnost najít vstupní parametry, které jsou předpokladem pro uplatnění relevantních teorií. 

0 komentářů:

Is the Czech Republic ‘Good for its Word’?

00:15 11 Comments



Jeremy Monk, AKRO investiční společnost, a.s.
The Mysterious Case of the Czech Pre-War Bonds and the ‘Secret’ 1984/1986 Agreements

Scripophily isn’t without its own controversies. The recent discovery of the original signed 1984 and 1986 agreements between the Bondholders Protective Council and the Czechoslovak State, in the archives at Stanford University Libraries, calls into question the transparency and integrity of the Czech State; both past and present.



11 komentářů:

24 Hours with Matěj Turek, CFA



Employer and Position: Investor & Portfolio Manager, Meridon Funds

Professional Credo: “Walking forward is a series of cleverly prevented falls.”

1 komentářů:

Friday Article Pick for CFA Candidates and CFA Charterholders: Daniel Kahneman, Amos Tversky (Econometrica, 1979) – Prospect Theory: An Analysis of Decision under Risk

14:00 , 0 Comments


Following on the article pick from 20 May “Judgment under Uncertainty: Heuristics and Biases (1974)”, “Prospect Theory: An Analysis of Decision under Risk” is the second groundbreaking and most famous academic paper of Kahneman and Tversky. This text is in fact among the most cited academic papers of all time laying core foundations of behavioral economics, having integrated insights from cognitive psychology into economic science.

0 komentářů:

Czech Scripophily: A Story of Love, Beer and Broken Promises

04:42 4 Comments



More than Just a Pretty Picture!

Scripophily isn’t the name of some rare disease, but rather a specialised branch of numismatics focused on the study and collection of old stocks and bonds. The word is derived from the English word "scrip" which represents an ownership right and the Greek word "philos" which means to love. At AKRO, we have adorned the walls of our offices not with photos or paintings but with old stock and bond certificates. Such furnishings seem particularly fitting for a mutual fund group whose activities are focused on such investments.
Over the years, thousands of companies have at one time or another issued share and/or bond certificates. It is therefore possible to focus on almost any theme to start a collection. The railway and automotive industries are particular favourites amongst Scripophilists. Thematic collections can include anything from corporate scandals (Enron, Global Crossing,) to erotica (Nevada brothels, Playboy Inc., Beate Uhse). I will confess that my collection at AKRO, and at home, is rather eclectic in nature; a mixture of the decorative and the historically interesting. It includes some lavishly illustrated foreign certificates issued by Louis Bleriot, Claridges Hotels, The Port of Bruges, and Societe Paris-France S.A. The majority of the collection is however focused on old Czech certificates.

4 komentářů:

The Success Equation - Untangling Skill and Luck in Business, Sports, and Investing by Michael J. Mauboussin (CFA Institute, 2013)

23:46 , 0 Comments



Michael J. Mauboussin - Head of Global Financial Strategies at Credit Suisse in New York - holds a strong view that demonstrating investment skill by investment managers requires persistent and predictable performance. Expectations investing is a process for identifying attractively priced stocks by first estimating the market’s expectations of key value drivers and then determining the likelihood that the company can or cannot meet those expectations.

This paper is a transcript of Michael's presentation at the Equity Research and Valuation Conference 2012 held in Philadelphia on 6–7 December 2012 in partnership with CFA Society Philadelphia.
For more, please see this link: http://www.cfapubs.org/doi/pdf/10.2469/cp.v30.n3.1

0 komentářů:

McKinsey on Finance Quarterly Magazine - Winter 2016

01:04 , 0 Comments


McKinsey published a new issue of its legendary quarterly "McKinsey on Finance" several weeks ago with the following four thought-provoking articles: Valuing high-tech companies; M&A 2015: New highs, and a new tone; How the best acquirers excel at integration and Pharma M&A: Agile shouldn’t mean ad hoc. It is a superb study source, which can help you integrate your knowledge from the CFA Curriculum to real business world. On top of that, the charts included might be an interesting inspiration source for your own analysis and presentations.


http://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/mckinsey-on-finance/mckinsey-on-finance-number-57

0 komentářů:

Speculative Half-Cycles Tend To Be Completed Badly by John Hussman, (22 February 2016)

02:21 , 0 Comments



Excerpt from the article: „Last week, the Cleveland Fed Financial Stress Index climbed to 1.92 (measured as standard deviations from the mean); a level associated with severe financial distress, and previously observed only during the 2011 market retreat, the 2008-2009 financial crisis, and the Asian crisis of 1998. This spike has been driven by widening credit spreads and other measures of systemic market-perceived risk. In 1998, a similar spike shortly preceded the collapse of Long Term Capital Management. In 2008, the spike shortly preceded the failure of Bear Stearns and Lehman Brothers. In 2011, the spike was followed by the failure and restructuring of Greek government debt… Presently, a further 40-50% collapse in the S&P 500 over the completion of this market cycle would not represent a worst-case scenario, but rather a run-of-the-mill outcome from current valuations. That prospect is coupled with an expectation of a U.S. recession, and the likelihood that Fed easing will be wholly ineffective in preventing either…. 

0 komentářů:

Has the Index Fairy Lost Her Powers?

02:35 0 Comments


The Index Valuation Premium
It is accepted wisdom that the addition of a company in a major index leads to a rise in its share price and a subsequently higher valuation of the company on the stock market.

A study of the impact of S&P500 index additions and deletions, between 1990 and 2005, found average abnormal share price returns of +8.8% for additions and -15.1% for deletions¹. Another study focusing on the valuation of premium of S&P500 constituents, found that, in 1997, measured in terms of Tobin’s q ratio, S&P500 firms enjoyed a whopping 40% higher valuation than equivalent companies not in the index². As recently as June 2015, a study by S&P capital IQ, comparing stocks in the Russell2000 index against non-Russell2000 index members found, when comparing the Price/book valuation of companies, a large 62% premium valuation for index members versus non-index members³. It’s as if there’s an Index Fairy whose magic wand has the power to dramatically increase (or decrease) the value of a company.

0 komentářů:

Jiří Voda: Naší specialitou v JET Investment Management je koupené podniky postavit zpátky na nohy, tak aby si na sebe nejen zpětně vydělaly, ale byly silnými prosperujícími podniky v dlouhodobém horizontu.

02:05 2 Comments



Jiří Voda, CFA, v roce 2003 absolvoval Fakultu mezinárodních vztahů Vysoké školy ekonomické v Praze a od roku 2012 je také držitelem titulu CFA (Chartered Financial Analyst). Od roku 2000 působil v bankovním a investičním sektoru, nejprve v bankovní skupině UniCredit – Živnostenská banka, poté v Pioneer Investments a nakonec v Citibank, kde se zaměřoval na spolupráci s nadnárodními a velkými lokálními korporacemi. Od roku 2014 působí v české private equity skupině Jet Investment Management Igora Faita jako ředitel investičních projektů. Jiří zde vyhledává příležitosti k restrukturalizacím společností, které následně i sám aktivně řídí. V současné době je například členem představenstva ve společnostech PBS INDUSTRY a STROJÍRNY POLDI. O jeho zkušenostech ze sektoru private equity si s ním povídal Michal Stupavský, CFA.

2 komentářů:

Game Theory Primer for Macro Investors written by Brian Singer, CFA, the key-note speaker at the CFA Society Forecasting Dinner 2016 on 16 February

06:58 , 0 Comments


This Tuesday we had a pleasure to host Brian Singer, CFA, the Partner and Head of Dynamic Allocation Strategies Team at William Blair & Company, L.L.C, as the key-note speaker at the CFA Society Forecasting Dinner 2016. His thought-provoking lecture with the title "The Macro Asset Allocation "Game" - Is Game Theory Overtaking Finance?"unequivocally confirmed once again that economics is a social science as he was stressing many themes and key words which are not the prime focus for the great majority of finance and investment professionals, such as complex adaptive systems, geopolitics, strategic negotiations, game theory or time-series cointegration. Based on Brian's lecture it is totally obvious that to become a successful economist, investor or financial advisor in the long-term perspective it is by no means enough to be a master of Excel spread sheets. On the contrary you must abound also with a solid background in history, geopolitics, sociology and international relations. In his short paper from March 2013 Brian summarizes the game theory framework applied within the investment process of his Dynamic Allocation Strategies (DAS) team. 


Enjoy the reading and let us know your comments! We wish you a nice weekend. 

0 komentářů:

Do you like a simple P/E ratio?

09:59 , 0 Comments


If you do, then according to the valuation and corporate finance guru Aswath Damodaran you should beware in case of high net cash companies in particular. 


Today we kick off a regular weekly post "Friday Article Pick for CFA Candidates and CFA Charterholders". Hope you will appreciate this initiative and become our regular readers. We will appreciate a lot your comments, thoughts and feedback below the articles. 

0 komentářů:

24 Hours with Michal Žofaj, CFA


Employer and position: Portfolio Manager at ČSOB Asset Management, a.s.

Professional Credo: „ Consult not your fears but your hopes and your dreams. Think not about your frustrations, but about your unfilled potential.Concern yourself not with what you tried and failed in, but with what it is still possible for you to do. "
Pope John XXIII

3 komentářů:

24 Hours with Jan Vejmělek, CFA

12:14 2 Comments


Employer and position: Komerční banka, a. s., Chief Economist

8:00 – 11:00
Fortunately, I am an early riser and so it is not a big problem for me to start working very early at 6:00 in my home office. I prepare the morning report for our clients, focusing on the latest developments in local and global economies and financial markets, i.e., currencies and fixed income. 

2 komentářů: