Nobela pr\u0113mijas laure\u0101ts un viens no ietekm\u012bg\u0101kajiem 20. gadsimta otr\u0101s puses ekonomistiem Pols Samuelsons ir teicis: “Invest\u0113\u0161ana vair\u0101k l\u012bdzin\u0101s, piem\u0113ram, kr\u0101sas \u017e\u016b\u0161anas vai z\u0101les aug\u0161anas v\u0113ro\u0161anai. Ja mekl\u0113 piedz\u012bvojumus, pa\u0146em 800 eiro un dodies uz Lasvegasu.” Tas lieliski raksturo ilgtermi\u0146a ieguld\u012bjumu b\u016bt\u012bbu, ko daudzi investori nav l\u012bdz galam sapratu\u0161i. Ieguld\u012bt ilgtermi\u0146\u0101 ir diezgan garlaic\u012bgi\u00a0\u2013 tu vienk\u0101r\u0161i ieguldi savu naudu pietiekami labi diversific\u0113t\u0101 portfel\u012b atbilsto\u0161i savam riska profilam un invest\u012bciju m\u0113r\u0137iem un laiku pa laikam l\u012bdzsvaro to atbilsto\u0161i savai izv\u0113l\u0113tajai strat\u0113\u0123ijai. J\u0101saprot, ka invest\u0113\u0161ana ne vienm\u0113r ir aizraujo\u0161s un azartisks process, k\u0101 to daudzviet pasniedz.<\/p>\n
Ienes\u012bg\u0101ko akciju izv\u0113l\u0113\u0161an\u0101s tiek uzskat\u012bta par galveno priek\u0161noteikumu, lai g\u016btu pan\u0101kumus, invest\u0113jot finan\u0161u tirgos. Un ir daudz pakalpojumu sniedz\u0113ju un jomas ekspertu, kuri iesaka, tie\u0161i kuras akcijas vajadz\u0113tu ieg\u0101d\u0101ties konkr\u0113taj\u0101 br\u012bd\u012b. Tom\u0113r vi\u0146i parasti nepiemin, ka ir \u013coti gr\u016bti past\u0101v\u012bgi atrast un izv\u0113l\u0113ties ienes\u012bg\u0101k\u0101s akcijas ilg\u0101kam laika periodam. V\u0113l jo vair\u0101k, pat ekspertu vid\u016b ir \u013coti maz t\u0101du, kas tie\u0161\u0101m to sp\u0113j, un tirgus dati par\u0101da, ka liela da\u013ca no profesion\u0101liem investoriem, kas piekopj akt\u012bv\u0101s tirdzniec\u012bbas strat\u0113\u0123iju, paties\u012bb\u0101 uzr\u0101da slikt\u0101kus rezult\u0101tus nek\u0101 tirgus kopum\u0101.
\n\u00a0
\nBet k\u0101p\u0113c tirgus iekaro\u0161ana, izv\u0113loties atsevi\u0161\u0137u komp\u0101niju akcijas, ir tik sare\u017e\u0123\u012bta? T\u0101 k\u0101 akciju tirgus st\u0101vokli raksturo indekss, kas ir vid\u0113jais no visiem to veidojo\u0161ajiem komponentiem, tad \u0161\u0137iet lo\u0123iski, ka 50% akciju vajadz\u0113tu p\u0101rsniegt indeksa sniegumu un p\u0101r\u0113jo 50% sniegumam b\u016btu j\u0101b\u016bt zem \u0161\u012b vid\u0113j\u0101 r\u0101d\u012bt\u0101ja. Tom\u0113r tas t\u0101 nav. Uz\u0146\u0113muma “Cambria Investment Management” l\u012bdzdibin\u0101t\u0101ja un vair\u0101ku gr\u0101matu autora Meba Feibera p\u0113t\u012bjums, kur\u0101 izv\u0113rt\u0113ts 8054 akciju sniegums period\u0101 no 1983. l\u012bdz 2007. gadam, liecina, ka faktiski 64% akciju atpalika no indeksa rezult\u0101ta un 39% (jeb 2 no 5) akciju nor\u0101d\u012btaj\u0101 period\u0101 bija pat negat\u012bvs kop\u0113jais ienes\u012bgums. V\u0113l vair\u0101k p\u0101rsteidz fakts, ka visu indeksa atdevi veidoja tikai 25% akciju, bet p\u0101r\u0113jiem 75% akciju vid\u0113j\u0101 atdeve bija 0. T\u0101tad, ja investoram nepaveiktos un vi\u0146\u0161 neizv\u0113l\u0113tos akcijas no ien\u0101kumus neso\u0161ajiem 25% akciju, tad vi\u0146a kop\u0113jais ieguvums no 1983. l\u012bdz 2007. gadam b\u016btu bijis 0%. Tie\u0161i t\u0101p\u0113c tiem, kas savu strat\u0113\u0123iju balsta tikai uz atsevi\u0161\u0137o akciju izv\u0113li, izredzes ir \u013coti mazas.<\/p>\n
V\u0113l viena priv\u0101to investoru k\u013c\u016bda ir v\u0113lme uzmin\u0113t \u012bsto br\u012bdi akciju pirk\u0161anai un p\u0101rdo\u0161anai (market timing). Da\u017e\u0101du psiholo\u0123isku iemeslu d\u0113\u013c vair\u0101kumam investoru \u0161ie centieni izr\u0101d\u0101s neveiksm\u012bgi. Individu\u0101lajiem investoriem parasti ir tieksme sekot tam, ko dara visi citi\u00a0\u2013 ar\u012b pirkt to, kas konkr\u0113taj\u0101 br\u012bd\u012b ir top\u0101. Tas paties\u012bb\u0101 noved pie t\u0101, ka cilv\u0113ki p\u0113rk par augst\u0101m cen\u0101m un p\u0101rdod par zem\u0101m cen\u0101m, kas ir tie\u0161i pret\u0113ji vajadz\u012bgajam. Turkl\u0101t diversifik\u0101cijas tr\u016bkuma d\u0113\u013c investori nesp\u0113j nov\u0113rt\u0113t re\u0101lo risku savos invest\u012bciju portfe\u013cos, jo izv\u0113l\u0113tie akt\u012bvi paties\u012bb\u0101 sav\u0101 starp\u0101 ir cie\u0161i saist\u012bti (korel\u0113 viens ar otru). Visbeidzot nev\u0113l\u0113\u0161an\u0101s vai bailes ciest zaud\u0113jumus noved pie t\u0101, ka investori iz\u0146em savu kapit\u0101lu no akciju tirgus visnepiem\u0113rot\u0101kaj\u0101 br\u012bd\u012b.<\/p>\n
Visi iepriek\u0161 min\u0113tie faktori noved pie t\u0101, ka vidusm\u0113ra investoru g\u016btais ienes\u012bgums ir slikt\u0101ks par tirgus vid\u0113jo sniegumu. K\u0101 r\u0101da jaun\u0101kais tirgus izp\u0113tes uz\u0146\u0113muma “Dalbar” p\u0113t\u012bjums, vidusm\u0113ra investora akciju portfelis atpalika no S&P 500 indeksa par 3,66%, kas noz\u012bm\u0113: ja S&P indekss bija pak\u0101pies l\u012bdz 1,38%, tad vidusm\u0113ra investors zaud\u0113ja 2,28%. \u0160\u0101da par\u0101d\u012bba bija v\u0113rojama ne tikai pag\u0101ju\u0161aj\u0101 gad\u0101, jo vidusm\u0113ra investoru portfe\u013cu ienes\u012bgums gadu no gada atpaliek no tirgus.<\/p>\n
Piem\u0113ram, p\u0113d\u0113jo 20 gadu laik\u0101 S&P 500 indeksa ikgad\u0113jais ienes\u012bgums ir bijis 8,19%, bet vidusm\u0113ra investors taj\u0101 pa\u0161\u0101 laik\u0101 ieguva tikai 4,67% gad\u0101, kas ir veselu 3,52% starp\u012bba.
\nT\u0101tad, ko investori var dar\u012bt, lai izvair\u012btos no neefekt\u012bviem ieguld\u012bjumiem un sasniegtu savus ilgtermi\u0146a m\u0113r\u0137us? Atbilde ir \u013coti vienk\u0101r\u0161a\u00a0\u2013 invest\u0113t labi diversific\u0113tos invest\u012bciju portfe\u013cos, kas atbilst vi\u0146u individu\u0101lajam riska profilam, un tur\u0113t tos ilgtermi\u0146\u0101. Ne velti diversifik\u0101ciju sauc par vien\u012bgaj\u0101m finan\u0161u sektor\u0101 pieejam\u0101m “bezmaksas pusdien\u0101m”, jo t\u0101 \u013cauj investoram sasniegt augst\u0101ku invest\u012bciju atdeves l\u012bmeni, nepak\u013caujot sevi liel\u0101kam riskam. Izskaidrojums tam ir vienk\u0101r\u0161s \u2013 ne visu akt\u012bvu cenas sv\u0101rst\u0101s vien\u0101 virzien\u0101, t\u0101d\u0113j\u0101di sabalans\u0113jot invest\u012bciju portfe\u013ca v\u0113rt\u012bbas sv\u0101rst\u012bbas.<\/p>\n
Turkl\u0101t past\u0101v vienk\u0101r\u0161a strat\u0113\u0123ija, kas \u013cauj investoriem pirkt par zem\u0101m cen\u0101m un p\u0101rdot par augst\u0101m cen\u0101m, uzlabojot pe\u013c\u0146as r\u0101d\u012bt\u0101ju. Regul\u0101r\u0101 portfe\u013ca akt\u012bvu l\u012bdzsvaro\u0161ana var sniegt aptuveni 0,2\u00a0\u2013 0,8% papildu ienes\u012bguma gad\u0101. Tas ir t\u0101p\u0113c, ka, l\u012bdzsvarojot portfeli, tiek p\u0101rdoti akt\u012bvi, kuriem cenas ir k\u0101pu\u0161as, un papildus ieg\u0101d\u0101ti akt\u012bvi, kuriem v\u0113rt\u012bba ir samazin\u0101jusies. Tas ir dabisks veids, k\u0101 pirkt par zem\u0101m cen\u0101m un p\u0101rdot par augst\u0101m.<\/p>\n
Uz v\u0113rt\u012bbu balst\u012btas invest\u0113\u0161anas t\u0113vs un pasaulslavenais ASV investors Bend\u017eamins Greiems reiz ir teicis: “Individu\u0101lajam investoram konsekventi j\u0101r\u012bkojas k\u0101 investoram, nevis k\u0101 spekulantam.” Tas noz\u012bm\u0113, ka ilgtermi\u0146a investora optim\u0101l\u0101 strat\u0113\u0123ija ir ieg\u0101d\u0101ties un tur\u0113t glob\u0101lu, labi diversific\u0113tu invest\u012bciju portfeli un ik pa laikam to l\u012bdzsvarot, g\u016bstot labumu no diversifik\u0101cijas. <\/p>\n
Atruna. Rakst\u0101 atspogu\u013cotie v\u0113sturiskie ie\u0146\u0113mumi ir paredz\u0113ti tikai informat\u012bviem nol\u016bkiem. Tie nevar tikt uzskat\u012bti par dro\u0161u garantiju n\u0101kotnes ieguld\u012bjumu rezult\u0101tiem\u00a0\u2013 patiesie rezult\u0101ti var krasi at\u0161\u0137irties no rakst\u0101 min\u0113tajiem. \u0160is materi\u0101ls nav uzskat\u0101ms par ieguld\u012bjumu konsult\u0101ciju vai pied\u0101v\u0101jumu veikt dar\u012bjumus ar finan\u0161u instrumentiem. Aicin\u0101m klientus pirms ieguld\u012bjumu l\u0113mumu pie\u0146em\u0161anas s\u012bk\u0101k iepaz\u012bties ar visiem noteikumiem un nosac\u012bjumiem par katru konkr\u0113to ieguld\u012bjumu produktu un izv\u0113rt\u0113t konkr\u0113t\u0101 ieguld\u012bjumu produkta piem\u0113rot\u012bbu klienta ieguld\u012bjumu portfelim, klienta interes\u0113m un riska profilam. Nordea banka neuz\u0146emas nek\u0101da veida atbild\u012bbu par klientu zaud\u0113jumiem, kas radu\u0161ies, izmantojot rakst\u0101 ietverto inform\u0101ciju.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"
Nobela pr\u0113mijas laure\u0101ts un viens no ietekm\u012bg\u0101kajiem 20. gadsimta otr\u0101s puses ekonomistiem Pols Sa muelsons ir teicis: “Invest\u0113\u0161ana vair\u0101k l\u012bdzin\u0101s, piem\u0113ram, kr\u0101sas \u017e\u016b\u0161anas vai z\u0101les aug\u0161anas v\u0113ro\u0161anai. Ja mekl\u0113 piedz\u012bvojumus, pa\u0146em 800 eiro un dodies uz Lasvegasu.” Tas lieliski raksturo ilgtermi\u0146a ieguld\u012bjumu b\u016bt\u012bbu, ko daudzi investori nav l\u012bdz galam sapratu\u0161i. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/zurnalsiepirkumi.lv\/index.php?rest_route=\/wp\/v2\/posts\/7770"}],"collection":[{"href":"https:\/\/zurnalsiepirkumi.lv\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zurnalsiepirkumi.lv\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zurnalsiepirkumi.lv\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zurnalsiepirkumi.lv\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7770"}],"version-history":[{"count":2,"href":"https:\/\/zurnalsiepirkumi.lv\/index.php?rest_route=\/wp\/v2\/posts\/7770\/revisions"}],"predecessor-version":[{"id":7814,"href":"https:\/\/zurnalsiepirkumi.lv\/index.php?rest_route=\/wp\/v2\/posts\/7770\/revisions\/7814"}],"wp:attachment":[{"href":"https:\/\/zurnalsiepirkumi.lv\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zurnalsiepirkumi.lv\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zurnalsiepirkumi.lv\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}