Research (Investicniweb.cz)
World markets  |  November 14, 2012 22:34:17

As the most successful stock investing Portfolio manager in the Czech Republic



With the right stock selection and good portfolio diversification can survive many a stock market storm. Very interesting gains in the stock market should last until the New Year, says the most successful Equity Portfolio manager in the Czech Republic and supporter of new technologies Jan Hajek of the Fund Top Stocks ISČS whose job description consists, inter alia, participation in conferences and biotechnology that as one of the few managers in the Czech Republic itself invested in a fund that controls. (SOURCE: Investor magazine)

Summer brought investors on the stock exchanges very respectable growth. What will be the fall in the markets?

Jan Hájek (JH): Investors watch primarily earnings season, both overseas and in Europe. Earnings growth is gone, which is from spring 2009 a new phenomenon. To investors must respond.

This means that the company, like many developed countries reach the poor economic condition?

JH: The corporate sector, and I'm talking primarily about companies on the stock exchanges in the U.S. and the euro area, is that unlike States after the underlying page is still very good. Many companies have also tended to be conservative in their estimates, so even this season we see positive earnings surprises. Lower profitability does not automatically mean that the shares are expensive.In my portfolio, number of shares, which even after a large growth in the equity market last year sold at a discount, a discount to the rest of the market.

And shares of Apple, also sell "discounted" when just the beginning of step by about 50%?

JH: I bought Apple last December and I still think it's a stock that has room for big growth. Specifically, the iPhone needs to be seen as a computer, not the phone, it still underestimates. A lot of people who buy the iPhone, have phone from another company buys, in addition to the compatibility gradually přikoupí an iPad or iMac. The iPhone is a big positive correlation with sales, how much it sells mobile operators, and so far there is not much. It is still not widespread in sales globally such as BlackBerry.The biggest jump in sales would cause if he got to the Chinese operator China Mobile, which used a different technology than phones from Apple, but it is already changing. It is interesting that in China iPhone yet bought a million people. Meanwhile at the same time it can only use WiFi, not the phone.

The new iPhone 5, its critics point out that the shopping mania unfounded, because mobile technology is catching up with hardly a bit better Samsung Galaxy S III.

JH: Technology Samsung may have been better, but Apple intuitiveness of use, in my opinion, full of fantasy, for software page integration with Android is also complicated. Anyway, the shares of producers of smartphones look mainly as an investor, and therefore I see room for growth for both companies.The world is currently only 500 million smartphones out of a total of 1.5 billion, so we are on the third. Although maybe Samsung will sell the most phones, but its profitability from one phone to Apple's level gets difficult.

We have forgotten the little cell phone that probably every one of us ever had - at Nokia.

JH: Nokia totally overslept time when the phones began to change in the computer. It's probably never catch up, so I would not have its shares bought for speculative reasons. My historical experience is such that when the former leader in technological transitions catch the train on time, no later chance to get back in the limelight. This is gonna sound harsh, but from my perspective, is dead by Nokia.

How selects Jan Hajek shares and what they think about pension reform, can be found on the web Investment


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