Patrick Vyroubal, CFA, portfolio manažer, ČSOB Asset Management



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.
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Do cen a do melounů se nevidí


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. 
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Is the Czech Republic ‘Good for its Word’?



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


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



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



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
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