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Desa\u0165ro\u010dia bol model 60\/40<\/strong> (60 % akci\u00ed a 40 % dlhopisov) z\u00e1kladn\u00fdm kame\u0148om vyv\u00e1\u017een\u00e9ho investovania, ktor\u00fd poskytoval stabilitu a mierne riziko. Larry Fink, gener\u00e1lny riadite\u013e najv\u00e4\u010d\u0161ej asset managementovej spolo\u010dnosti na svete, BlackRock, v\u0161ak tvrd\u00ed, \u017ee tento model u\u017e v s\u00fa\u010dasnej volatilnej ekonomickej realite nesta\u010d\u00ed. Vo svojom v\u00fdro\u010dnom liste investorom z roku 2025<\/u><\/a> Fink zd\u00f4raz\u0148uje, \u017ee infl\u00e1cia, trhov\u00e1 neistota a geopolitick\u00e9 zmeny si vy\u017eaduj\u00fa nov\u00fd pr\u00edstup: 50\/30\/20<\/strong> \u2013 50 % akci\u00ed, 30 % dlhopisov a 20 % s\u00fakromn\u00fdch akt\u00edv, ako s\u00fa infra\u0161trukt\u00fara, nehnute\u013enosti a s\u00fakromn\u00fd kredit.<\/p>\n\n\n\n \u201eKlasick\u00e9 portf\u00f3lio 60\/40 u\u017e nemus\u00ed plne reprezentova\u0165 skuto\u010dn\u00fa diverzifik\u00e1ciu,\u201c nap\u00edsal Fink, pri\u010dom zd\u00f4raznil, \u017ee s\u00fakromn\u00e9 trhy skr\u00fdvaj\u00fa nevyu\u017eit\u00fd potenci\u00e1l pre dlhodob\u00fd rast.<\/p>\n\n\n\n D\u00f4vody pre\u010do zmena na 50\/30\/20?<\/strong><\/p>\n\n\n\n S\u00fakromn\u00e9 akt\u00edva: Nov\u00fd horizont<\/strong> Prek\u00e1\u017eky pre be\u017en\u00fdch mal\u00fdch investorov<\/strong><\/p>\n\n\n\n Napriek potenci\u00e1lu existuj\u00fa bari\u00e9ry:<\/p>\n\n\n\n Fink tieto prek\u00e1\u017eky prip\u00fa\u0161\u0165a, no trv\u00e1 na tom, \u017ee demokratiz\u00e1cia pr\u00edstupu je k\u013e\u00fa\u010dov\u00e1, najm\u00e4 ke\u010f 30 % Ameri\u010danov nem\u00e1 \u017eiadne d\u00f4chodkov\u00e9 \u00faspory<\/strong> a viac ako polovica sa ob\u00e1va, \u017ee svoje \u00faspory pre\u017eije.<\/p>\n\n\n\n Ke\u010f\u017ee viac ako polovica akt\u00edv BlackRocku v hodnote 11,6 bili\u00f3na dol\u00e1rov je viazan\u00e1 na d\u00f4chodkov\u00e9 \u00faspory, Fink vyz\u00fdva, aby pl\u00e1ny typu 401(k) za\u010dali integrova\u0165 s\u00fakromn\u00e9 akt\u00edva. Penzijn\u00e9 fondy, ktor\u00e9 alokuj\u00fa ~20 % do alternat\u00edv, dlhodobo predstihuj\u00fa 401(k) pl\u00e1ny o 0,5 % ro\u010dne<\/strong> \u2013 medzeru, ktor\u00fa chce BlackRock uzavrie\u0165 prostredn\u00edctvom cie\u013eov\u00fdch fondov s pevn\u00fdm d\u00e1tumom<\/strong>, kombinuj\u00facich verejn\u00e9 a s\u00fakromn\u00e9 trhy.<\/p>\n\n\n\n Reakcie in\u00fdch odborn\u00edkov<\/strong><\/p>\n\n\n\n Strategick\u00fd obrat BlackRocku<\/strong><\/p>\n\n\n\n Posun BlackRocku od tradi\u010dn\u00e9ho mana\u017ementu akt\u00edv k s\u00fakromn\u00fdm trhom pod\u010diarkuje jeho akvizi\u010dn\u00e1 \u0161treka za 24,5 miliardy dol\u00e1rov<\/strong> v rokoch 2024\u20132025, vr\u00e1tane n\u00e1kupu GIP, HPS a Preqin. Tieto kroky s\u00fa v s\u00falade s Finkovou v\u00edziou \u201edemokratiz\u00e1cie investovania\u201c a rie\u0161enia glob\u00e1lneho nes\u00faladu kapit\u00e1lu.<\/p>\n\n\n\n\n\n Vladimir Gurtler je CEO G VISION s.r.o.<\/a> a advok\u00e1t<\/a><\/p>\n\n\n\n Zdroje: TU<\/a> TU<\/a> TU<\/a> TU<\/a> TU<\/a> TU<\/a> TU<\/a> TU<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Desa\u0165ro\u010dia bol model 60\/40 (60 % akci\u00ed a 40 % dlhopisov) z\u00e1kladn\u00fdm kame\u0148om vyv\u00e1\u017een\u00e9ho investovania, ktor\u00fd poskytoval stabilitu a mierne riziko. Larry … <\/p>\n","protected":false},"author":1,"featured_media":162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nezaradene"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43.png","uagb_featured_image_src":{"full":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43.png",1744,1232,false],"thumbnail":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-150x150.png",150,150,true],"medium":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-300x212.png",300,212,true],"medium_large":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-768x543.png",768,543,true],"large":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-1024x723.png",847,598,true],"1536x1536":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-1536x1085.png",1536,1085,true],"2048x2048":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43.png",1744,1232,false],"construction-landing-page-banner":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-1744x899.png",1744,899,true],"construction-landing-page-about-portfolio":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-360x276.png",360,276,true],"construction-landing-page-testimonial":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-98x98.png",98,98,true],"construction-landing-page-with-sidebar":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-847x470.png",847,470,true],"construction-landing-page-without-sidebar":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-1170x470.png",1170,470,true],"construction-landing-page-blog":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-262x203.png",262,203,true],"construction-landing-page-featured":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-208x137.png",208,137,true],"construction-landing-page-recent":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-68x68.png",68,68,true],"construction-landing-page-schema":["https:\/\/www.gvision.sk\/wp-content\/uploads\/2025\/04\/Snimka-obrazovky-2025-04-03-o-7.58.43-600x60.png",600,60,true]},"uagb_author_info":{"display_name":"gvision","author_link":"https:\/\/www.gvision.sk\/index.php\/author\/gvision\/"},"uagb_comment_info":2639,"uagb_excerpt":"Desa\u0165ro\u010dia bol model 60\/40 (60 % akci\u00ed a 40 % dlhopisov) z\u00e1kladn\u00fdm kame\u0148om vyv\u00e1\u017een\u00e9ho investovania, ktor\u00fd poskytoval stabilitu a mierne riziko. Larry …","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.gvision.sk\/index.php\/wp-json\/wp\/v2\/posts\/156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gvision.sk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gvision.sk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gvision.sk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gvision.sk\/index.php\/wp-json\/wp\/v2\/comments?post=156"}],"version-history":[{"count":5,"href":"https:\/\/www.gvision.sk\/index.php\/wp-json\/wp\/v2\/posts\/156\/revisions"}],"predecessor-version":[{"id":166,"href":"https:\/\/www.gvision.sk\/index.php\/wp-json\/wp\/v2\/posts\/156\/revisions\/166"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gvision.sk\/index.php\/wp-json\/wp\/v2\/media\/162"}],"wp:attachment":[{"href":"https:\/\/www.gvision.sk\/index.php\/wp-json\/wp\/v2\/media?parent=156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gvision.sk\/index.php\/wp-json\/wp\/v2\/categories?post=156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gvision.sk\/index.php\/wp-json\/wp\/v2\/tags?post=156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
S\u00fakromn\u00e9 akt\u00edva, ako s\u00fa dia\u013eni\u010dn\u00e9 m\u00fdto, d\u00e1tov\u00e9 centr\u00e1 alebo projekty obnovite\u013enej energie, pon\u00fakaj\u00fa pe\u0148a\u017en\u00e9 toky odoln\u00e9 vo\u010di infl\u00e1cii<\/strong> a ni\u017e\u0161iu volatilitu v porovnan\u00ed s verejn\u00fdmi trhmi. Napr\u00edklad v\u00fdnosy z infra\u0161trukt\u00fary historicky rast\u00fa s infl\u00e1ciou a u\u017e 10 % alok\u00e1cia m\u00f4\u017ee zv\u00fd\u0161i\u0165 v\u00fdkonnos\u0165 portf\u00f3lia. Pod\u013ea BlackRocku by pridanie s\u00fakromn\u00fdch akt\u00edv do d\u00f4chodkov\u00fdch portf\u00f3li\u00ed mohlo generova\u0165 o 0,5 % vy\u0161\u0161ie ro\u010dn\u00e9 v\u00fdnosy<\/strong>, \u010do by po\u010das 40 rokov znamenalo o 14,5 % viac bohatstva<\/strong> \u2013 alebo, ako to Fink nazval, \u201edev\u00e4\u0165 rokov navy\u0161e s vn\u00fa\u010datami\u201c.<\/p>\n\n\n\n\n
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