{"id":21009,"date":"2021-11-26T06:11:11","date_gmt":"2021-11-26T06:11:11","guid":{"rendered":"https:\/\/catalinx.ro\/wordpress\/?p=21009"},"modified":"2021-11-23T21:53:29","modified_gmt":"2021-11-23T21:53:29","slug":"un-sistem-care-toarna-bani-in-inflatie","status":"publish","type":"post","link":"https:\/\/catalinx.ro\/wordpress\/?p=21009","title":{"rendered":"Un sistem care toarn\u0103 bani in infla\u021bie"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p>Am citit un pic de literatur\u0103 de investi\u021bii anum astay, c\u0103 am zis c\u0103 trebuie s\u0103 mut banii in altfel de portofele, unele din care nu curge #valoarea pe la col\u021buri.<\/p>\n\n\n\n<p>Pe mine m\u0103 intereseaz\u0103 \u00een principal chestii din industria minier\u0103 ( lucrez in conexe \u0219i mai aflu una alta ) \u0219i agricol\u0103, dar nu-i cel mai prielnic moment acum pentru astea. E posibil s\u0103 vin\u0103, in 4-5 ani. <\/p>\n\n\n\n<p>\u0218i majoritatea articolelor  tind s\u0103 favorizeze fondurile&nbsp; de investi\u021bii cu management pasiv ( f\u0103cut de calculatoare), pentru randament, \u00een general mai bun dec\u00e2t cele cu management activ (oameni) \u0219i ideea este, \u00een general, c\u0103 de\u0219i oamenii sunt in teorie mai inteligen\u021bi, adic\u0103 reu\u0219esc analize care transcend analiza matematic\u0103 \u0219i statistic\u0103 f\u0103cut\u0103 \u00een vitez\u0103, la care calculatoarele sunt net mai bune, in practic\u0103 rezultatele lor financiare sunt mai proaste. <\/p>\n\n\n\n<p>\u0218i m-am tot g\u00e2ndit la treaba asta \u0219i la mecanismele folosite. Paradigma investi\u021bional\u0103 a devenit \u00een mod foarte generalist una speculativ\u0103. <\/p>\n\n\n\n<p>Pentru un calculator nu conteaz\u0103 compania din spatele stocului tranzac\u021bionat. Conteaz\u0103 doar prospectul ca valoarea ac\u021biunilor s\u0103 creasc\u0103.&nbsp; Cu c\u00e2t valoarea portofoliilor&nbsp; dirijate electronic a crescut, cu at\u00e2t mai mult economia \u0219i sectorul investi\u021bional au fost afectate \u00een sensul \u0103sta \u0219i s-au adaptat pentru asta. <\/p>\n\n\n\n<p>Pe scurt , dac\u0103 ai companii care \u021bintesc stock valuation ele vor fi tranzac\u021bionate automat, valoarea investi\u021biilor \u00een ele creste. Nu prea conteaz\u0103 dac\u0103 \u00ee\u021bi place produsul, sau nu, sau pre\u021bul lui. S\u0103 zicem Apple. Problemele pe care le vad eu sunt dou\u0103 . <\/p>\n\n\n\n<p>Modelul folosit e unul care favorizeaz\u0103 un soi de marketing financiar, care atrage capitalizare, cu un focus mai mic pe produs \u0219i pe outputul efectiv al afacerii. S\u0103 zicem c\u0103 eu \u00eemi deschid m\u00e2ine o companie pe care o vreau profitabil\u0103 \u00een termeni reali \u0219i vreau s\u0103 distribui dividende.&nbsp; Dac\u0103 compania are cre\u0219tere organic\u0103, pentru a men\u021bine profitabilitatea, m\u0103 creste \u00eencet. <\/p>\n\n\n\n<p>Ajutat\u0103 de capitalizare ar putea cre\u0219te mai repede. \u00cens\u0103 capitalizarea depinde de ceea ce se nume\u0219te &#8220;stock valuation&#8221;. Adic\u0103 , dac\u0103 ac\u021biunile nu cresc in valoare, calculatoarele de oriunde nu vor favoriza ac\u021biunile companiei mele, vor prefera o companie care, chiar dac\u0103 merge pe pierdere, &#8220;promite mult&#8221; \u0219i ac\u021bioneaz\u0103 expansionist. <\/p>\n\n\n\n<p>Iar asta duce la problema doi, c\u0103 modelul asta e infla\u021bionist. Orice ban b\u0103gat trebuie scos din produs.&nbsp; In mod normal, o pia\u021b\u0103 concuren\u021bial\u0103 ar trebui s\u0103 regleze asta. Dar modelul matematic speculativ \u0219i de management al riscului nu este o pia\u021b\u0103 concuren\u021bial\u0103.  Un ETF cump\u0103r\u0103 &#8220;across the board&#8221;  ac\u021biuni la companii dintr-o industrie \u0219i \u00eei pas\u0103 mai pu\u021bin de &#8220;care e compania mai bun\u0103 dintre ele&#8221;.  Dac\u0103 ai companii pentru care valoarea ac\u021biunilor r\u0103m\u00e2ne \u00een urm\u0103, va tot r\u0103m\u00e2ne \u0219i va fi defavorizat\u0103 datorit\u0103 capitaliz\u0103rii. <\/p>\n\n\n\n<p>De aia m\u0103 g\u00e2ndesc  ca, in ciuda logicii investi\u021bionale, eu a\u0219 vrea ca banii mei s\u0103 nu favorizeze un model infla\u021bionist \u0219i  problema este c\u0103 dac\u0103 doar eu m\u0103 g\u00e2ndesc la asta, am s\u0103 suport eu costurile, evident&#8230;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p> Perspectiv\u0103 oarecum interesant\u0103 \u0219i pe care nu o s\u0103 o g\u0103si\u021bi \u00een ziarul financiar sau pe profit.ro<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1440\" data-attachment-id=\"21028\" data-permalink=\"https:\/\/catalinx.ro\/wordpress\/?attachment_id=21028#main\" data-orig-file=\"https:\/\/catalinx.ro\/wordpress\/wp-content\/uploads\/2021\/11\/p_20211120_092659-1977929564925972597.jpg\" data-orig-size=\"2000,1500\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"p_20211120_092659-1977929564925972597\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/catalinx.ro\/wordpress\/wp-content\/uploads\/2021\/11\/p_20211120_092659-1977929564925972597-1920x1440.jpg\" src=\"https:\/\/catalinx.ro\/wordpress\/wp-content\/uploads\/2021\/11\/p_20211120_092659-1977929564925972597-1920x1440.jpg\" alt=\"\" class=\"wp-image-21028\" srcset=\"https:\/\/catalinx.ro\/wordpress\/wp-content\/uploads\/2021\/11\/p_20211120_092659-1977929564925972597-1920x1440.jpg 1920w, https:\/\/catalinx.ro\/wordpress\/wp-content\/uploads\/2021\/11\/p_20211120_092659-1977929564925972597-480x360.jpg 480w, https:\/\/catalinx.ro\/wordpress\/wp-content\/uploads\/2021\/11\/p_20211120_092659-1977929564925972597-200x150.jpg 200w, https:\/\/catalinx.ro\/wordpress\/wp-content\/uploads\/2021\/11\/p_20211120_092659-1977929564925972597-768x576.jpg 768w, https:\/\/catalinx.ro\/wordpress\/wp-content\/uploads\/2021\/11\/p_20211120_092659-1977929564925972597-1536x1152.jpg 1536w, https:\/\/catalinx.ro\/wordpress\/wp-content\/uploads\/2021\/11\/p_20211120_092659-1977929564925972597.jpg 2000w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Am citit un pic de literatur\u0103 de investi\u021bii anum astay, c\u0103 am zis c\u0103 trebuie s\u0103 mut banii in altfel de portofele, unele din care&hellip;<\/p>\n","protected":false},"author":2,"featured_media":21027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":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","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[621,3499,1],"tags":[4671,4670],"class_list":["post-21009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articole","category-economie","category-uncategorized","tag-model-inflationist","tag-tradingul-controlat-de-calculatoare"],"views":1335,"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/catalinx.ro\/wordpress\/wp-content\/uploads\/2021\/11\/P_20211120_092659-scaled.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4Eq23-5sR","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/21009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21009"}],"version-history":[{"count":1,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/21009\/revisions"}],"predecessor-version":[{"id":21029,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/21009\/revisions\/21029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/media\/21027"}],"wp:attachment":[{"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}