{"id":396,"date":"2021-09-21T14:23:23","date_gmt":"2021-09-21T14:23:23","guid":{"rendered":"https:\/\/www.domenzavrl.com\/?p=396"},"modified":"2021-09-14T14:41:45","modified_gmt":"2021-09-14T14:41:45","slug":"7-dejstev-ki-jih-niste-vedeli-o-posojanju-vrednostnih-papirjev","status":"publish","type":"post","link":"https:\/\/www.domenzavrl.com\/sl\/7-dejstev-ki-jih-niste-vedeli-o-posojanju-vrednostnih-papirjev\/","title":{"rendered":"7 DEJSTEV, KI JIH NISTE VEDELI O POSOJANJU VREDNOSTNIH PAPIRJEV"},"content":{"rendered":"<p><span data-contrast=\"none\">Vsakdo\u00a0izmed\u00a0nas\u00a0lahko\u00a0kadarkoli\u00a0svojo\u00a0lastnino\u00a0posodi\u00a0nekomu\u00a0drugemu\u00a0in\u00a0vrednostni\u00a0papirji\u00a0v\u00a0portfelju\u00a0niso\u00a0nikakr\u0161na\u00a0izjema.\u00a0Posojanje\u00a0vrednostnih\u00a0papirjev\u00a0je\u00a0na\u00a0kapitalskih\u00a0trgih\u00a0\u017ee\u00a0dolgo\u00a0uveljavljena\u00a0praksa,\u00a0vendar\u00a0pa\u00a0je\u00a0bila\u00a0desetletja\u00a0bolj\u00a0ali\u00a0manj\u00a0omejena\u00a0na\u00a0velike\u00a0finan\u010dne\u00a0institucije,\u00a0ki so\u00a0njene\u00a0prednosti\u00a0izkori\u0161\u010dale\u00a0z\u00a0visokimi\u00a0donosi. Manj\u00a0znano\u00a0dejstvo\u00a0je, da se s\u00a0posojanjem\u00a0lahko\u00a0ukvarja\u00a0tudi\u00a0posameznik, ki je\u00a0lastnik\u00a0delnic,\u00a0obveznic\u00a0ali\u00a0ETF\u00a0(Exchange traded funds)\u00a0skladov.\u00a0Ve\u010dina\u00a0lastnikov\u00a0vrednostnih\u00a0papirjev\u00a0premalo\u00a0ve\u00a0o\u00a0tej\u00a0donosni\u00a0dejavnosti, ki\u00a0se je\u00a0razvila\u00a0v\u00a0svetovni\u00a0fenomen\u00a0z\u00a0visokimi\u00a0zneski\u00a0v\u00a0vi\u0161ini\u00a0ve\u010d\u00a0milijonov\u00a0dolarjev\u00a0na\u00a0dan. Tu je\u00a0sedem\u00a0dejstev\u00a0o\u00a0tem\u00a0zelo\u00a0zanimivem\u00a0in\u00a0pogosto\u00a0kontroverznem\u00a0podro\u010dju.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">POSOJANJE VREDNOSTNIH PAPIRJEV NI NOVOST<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Prve\u00a0formalne\u00a0transakcije\u00a0posojanja\u00a0lastni\u0161kega\u00a0kapitala\u00a0so\u00a0se\u00a0izvajale\u00a0v\u00a0londonskem\u00a0Cityju\u00a0\u017ee\u00a0v\u00a0zgodnjih\u00a0\u0161estdesetih\u00a0letih\u00a020.\u00a0stoletja, v\u00a0za\u010detku\u00a0osemdesetih\u00a0let pa so se\u00a0za\u010dele\u00a0resneje\u00a0razvijati.\u00a0Iz\u00a0ob\u010dasnega\u00a0prilo\u017enostnega\u00a0poslovanja\u00a0je to\u00a0postala\u00a0obi\u010dajna\u00a0nalo\u017e<\/span><span data-contrast=\"none\">ben<\/span><span data-contrast=\"none\">a\u00a0dejavnost, ki\u00a0pove\u010duje\u00a0donosnost\u00a0velikih\u00a0finan\u010dnih\u00a0institucij.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">TRGU PRINA\u0160A LIKVIDNOST IN U\u010cINKOVITOST<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Posojanje\u00a0vrednostnih\u00a0papirjev\u00a0ima\u00a0na\u00a0kapitalskih\u00a0trgih\u00a0pomembno\u00a0gospodarsko\u00a0funkcijo.\u00a0Trgu\u00a0prina\u0161a\u00a0ve\u010djo\u00a0likvidnost\u00a0in\u00a0u\u010dinkovitost,\u00a0olaj\u0161a\u00a0poravnavo\u00a0poslov,\u00a0spodbuja\u00a0odkrivanje\u00a0cen\u00a0in\u00a0sooblikuje\u00a0tr\u017ei\u0161\u010de.\u00a0Prav\u00a0tako\u00a0igra\u00a0klju\u010dno\u00a0vlogo\u00a0pri\u00a0trgovanju\u00a0z\u00a0izvedenimi\u00a0finan\u010d<\/span><span data-contrast=\"none\">nimi instrumenti in\u00a0<\/span><span data-contrast=\"none\">pri\u00a0nekaterih\u00a0drugih\u00a0strategijah\u00a0trgovanja,\u00a0tudi\u00a0pri\u00a0tako\u00a0imenovanih\u00a0\u201cshorterjih\u201d,\u00a0prodajalcih\u00a0na\u00a0kratko.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<div id=\"attachment_418\" style=\"width: 565px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-418\" class=\" wp-image-418\" src=\"https:\/\/www.domenzavrl.com\/wp-content\/uploads\/2021\/09\/7-ZANIMIVOSTI-KI-JIH-NISTE-VEDELI-O-POSOJANJU-VREDNOSTNIH-PAPIRJEV.jpg\" alt=\"Domen Zavrl\" width=\"555\" height=\"787\" srcset=\"https:\/\/www.domenzavrl.com\/wp-content\/uploads\/2021\/09\/7-ZANIMIVOSTI-KI-JIH-NISTE-VEDELI-O-POSOJANJU-VREDNOSTNIH-PAPIRJEV.jpg 475w, https:\/\/www.domenzavrl.com\/wp-content\/uploads\/2021\/09\/7-ZANIMIVOSTI-KI-JIH-NISTE-VEDELI-O-POSOJANJU-VREDNOSTNIH-PAPIRJEV-212x300.jpg 212w\" sizes=\"(max-width: 555px) 100vw, 555px\" \/><p id=\"caption-attachment-418\" class=\"wp-caption-text\"><a href=\"https:\/\/issuu.com\/domen-zavrl\/docs\/domen_zavrl_32_the_lending_of_securities\">7 ZANIMIVOSTI, KI JIH NISTE VEDELI O POSOJANJU VREDNOSTNIH PAPIRJEV<\/a><\/p><\/div>\n<p><b><span data-contrast=\"none\">ALFA JE MERA DONOSNOSTI<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u010ce\u00a0alfa meri\u00a0donos, ki ga\u00a0ustvari\u00a0delnica, je\u00a0posojanje\u00a0vrednostnih\u00a0papirjev\u00a0lahko\u00a0odli\u010d<\/span><span data-contrast=\"none\">en\u00a0vir alfa in na<\/span><span data-contrast=\"none\">\u010din\u00a0zaslu\u017eka\u00a0z\u00a0va\u0161im\u00a0portfeljem.\u00a0Zaslu\u017eek\u00a0od\u00a0posojanja\u00a0je\u00a0odvisen\u00a0od\u00a0stopnje\u00a0razpolo\u017eljivosti.\u00a0Bolj\u00a0dostopne\u00a0delnice\u00a0obi\u010dajno\u00a0prinesejo\u00a0ni\u017eji\u00a0donos,\u00a0vro\u010de\u00a0delnice\u00a0pa\u00a0lahko\u00a0v\u00a0nekaterih\u00a0primerih\u00a0dose\u017e<\/span><span data-contrast=\"none\">ejo\u00a0<\/span><span data-contrast=\"none\">tudi\u00a0zelo\u00a0visoke\u00a0donose, do\u00a0ve\u010d\u00a0kot\u00a0100% (10 000 bps)\u00a0letno.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">PRODAJA NA KRATKO<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Prodaja\u00a0na\u00a0kratko\u00a0je\u00a0zelo\u00a0priljubljen\u00a0na\u010din\u00a0trgovanja.\u00a0Pomeni\u00a0prodajo,\u00a0kadar\u00a0pri\u010dakujemo\u00a0padec\u00a0vrednosti\u00a0in\u00a0nakup, ko\u00a0pri\u010dakujemo\u00a0rast\u00a0vrednosti\u00a0papirjev.\u00a0\u010ce\u00a0si\u00a0borzni\u00a0vlagatelj\u00a0sposodi\u00a0vrednostne\u00a0papirje,\u00a0ker\u00a0predvideva, da\u00a0jim\u00a0bo\u00a0cena\u00a0padla,\u00a0jih\u00a0lahko\u00a0kasneje\u00a0po\u00a0ni\u017eji\u00a0ceni\u00a0odkupi\u00a0nazaj\u00a0in\u00a0vrne\u00a0posojilodajalcu,\u00a0razlika\u00a0v\u00a0ceni\u00a0pa je\u00a0njegov\u00a0dobi\u010dek. Prav\u00a0tovrstne\u00a0posle\u00a0nekateri\u00a0krivijo\u00a0za\u00a0poglabljanje\u00a0finan\u010dne\u00a0krize\u00a0in\u00a0propad\u00a0velikih\u00a0finan\u010dnih\u00a0institucij,\u00a0kot\u00a0je\u00a0je\u00a0bil\u00a0zlom\u00a0Lehman Brothers. Zato\u00a0regulatorji\u00a0z\u00a0pravili\u00a0omejujejo\u00a0zlorabe, ki bi\u00a0lahko\u00a0povzro\u010dile\u00a0\u0161pekulacije\u00a0in\u00a0posledi\u010dno\u00a0zlom\u00a0trga.\u00a0Spet\u00a0drugi\u00a0menijo, da\u00a0tovrstni\u00a0posli\u00a0spodbujajo\u00a0u\u010dinkovitost\u00a0trga\u00a0in mu\u00a0omogo\u010dajo\u00a0likvidnost.\u00a0Dejstvo\u00a0je, da se\u00a0vlagatelji\u00a0v\u010dasih\u00a0odlo\u010dijo\u00a0napa\u010dno\u00a0in\u00a0na\u00a0koncu\u00a0poslovanju\u00a0odlo\u010data\u00a0le\u00a0uspeh\u00a0in\u00a0donos.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/assets.pinterest.com\/ext\/embed.html?id=765541636665236315\" width=\"450\" height=\"560\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><b><span data-contrast=\"none\">TUDI UPRAVLJALCI SKLADOV POSOJAJO VREDNOSTNE PAPIRJE<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Ali\u00a0ste\u00a0vedeli, da\u00a0mnogi\u00a0upravljalci\u00a0skladov\u00a0pogosto\u00a0posojajo\u00a0vrednostne\u00a0papirje, da bi\u00a0pove\u010dali\u00a0uspe\u0161nost\u00a0sklada\u00a0ali\u00a0uravnali\u00a0stro\u0161ke? To je\u00a0pripomoglo\u00a0k\u00a0zni\u017eanju\u00a0stro\u0161kov\u00a0indeksnih\u00a0skladov,\u00a0kar\u00a0je\u00a0izjemno\u00a0pomembno\u00a0v\u00a0dobi\u00a0lova\u00a0na\u00a0alfo.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">BETA MERI NESTANOVITNOST<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u010ce\u00a0alfa meri\u00a0donosnost\u00a0vrednostnega\u00a0papirja, meri beta\u00a0njegovo\u00a0nestanovitnost\u00a0ali\u00a0sistemati\u010dno\u00a0tveganje\u00a0vrednostnega\u00a0papirja\u00a0oziroma\u00a0portfelja\u00a0v\u00a0primerjavi\u00a0s\u00a0trgom.\u00a0V\u00a0finan\u010dnem\u00a0svetu\u00a0sta\u00a0alfa in beta\u00a0dve\u00a0najpogosteje\u00a0uporabljeni\u00a0merili\u00a0za\u00a0ocenjevanje\u00a0uspe\u0161nosti\u00a0upraviteljev\u00a0portfeljev\u00a0glede\u00a0na\u00a0konkurenco. Na\u00a0splo\u0161no\u00a0ima\u00a0posojanje\u00a0vrednostnih\u00a0papirjev\u00a0negativen\u00a0beta glede\u00a0na\u00a0tr\u017ene\u00a0razmere. Ko\u00a0zaloge\u00a0nara\u0161\u010dajo, je\u00a0povpra\u0161evanje\u00a0po\u00a0izposoji\u00a0vrednostnih\u00a0papirjev\u00a0ni\u017eje.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">POVPRA\u0160EVANJE PO POSOJANJU ETF NARA\u0160\u010cA EKSPONENTNO<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">ETF so\u00a0indeksni\u00a0investicijski\u00a0skladi, ki so\u00a0nastali\u00a0v ZDA v\u00a0devetdesetih\u00a0letih\u00a0prej\u0161njega\u00a0stoletja.\u00a0Osnovna\u00a0ideja\u00a0je\u00a0bila\u00a0zdru\u017eiti\u00a0pozitivne\u00a0u\u010dinke\u00a0vzajemnih\u00a0skladov\u00a0in\u00a0investicijskih\u00a0dru\u017eb.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Ne glede\u00a0na\u00a0to,\u00a0ali\u00a0\u017ee\u00a0u\u017eivate\u00a0v\u00a0dodatnem\u00a0dohodku, ki ga\u00a0ustvarjate\u00a0s\u00a0svojim\u00a0portfeljem\u00a0ali\u00a0pa\u00a0zaradi\u00a0pomanjkanja\u00a0znanja\u00a0s\u00a0tem\u00a0delom\u00a0premo\u017eenja\u00a0ne\u00a0upravljate\u00a0zelo\u00a0aktivno, se za\u00a0ve\u010d\u00a0informacij\u00a0se\u00a0obrnite\u00a0na\u00a0strokovnjaka,\u00a0kot\u00a0je\u00a0<\/span><a href=\"https:\/\/www.instagram.com\/domenzavrl\/\"><span data-contrast=\"none\">Domen Zavrl<\/span><\/a><span data-contrast=\"none\">,\u00a0dvojni\u00a0doktor\u00a0ekonomskih\u00a0znanosti\u00a0z\u00a0mednarodnimi\u00a0izku\u0161njami\u00a0na\u00a0trgu\u00a0vrednostnih\u00a0papirjev.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/5iZ4fBTCDAU\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vsakdo\u00a0izmed\u00a0nas\u00a0lahko\u00a0kadarkoli\u00a0svojo\u00a0lastnino\u00a0posodi\u00a0nekomu\u00a0drugemu\u00a0in\u00a0vrednostni\u00a0papirji\u00a0v\u00a0portfelju\u00a0niso\u00a0nikakr\u0161na\u00a0izjema.\u00a0Posojanje\u00a0vrednostnih\u00a0papirjev\u00a0je\u00a0na\u00a0kapitalskih\u00a0trgih\u00a0\u017ee\u00a0dolgo\u00a0uveljavljena\u00a0praksa,\u00a0vendar\u00a0pa\u00a0je\u00a0bila\u00a0desetletja\u00a0bolj\u00a0ali\u00a0manj\u00a0omejena\u00a0na\u00a0velike\u00a0finan\u010dne\u00a0institucije,\u00a0ki so\u00a0njene\u00a0prednosti\u00a0izkori\u0161\u010dale\u00a0z\u00a0visokimi\u00a0donosi. Manj\u00a0znano\u00a0dejstvo\u00a0je, da se s\u00a0posojanjem\u00a0lahko\u00a0ukvarja\u00a0tudi\u00a0posameznik, ki je\u00a0lastnik\u00a0delnic,\u00a0obveznic\u00a0ali\u00a0ETF\u00a0(Exchange traded funds)\u00a0skladov.\u00a0Ve\u010dina\u00a0lastnikov\u00a0vrednostnih\u00a0papirjev\u00a0premalo\u00a0ve\u00a0o\u00a0tej\u00a0donosni\u00a0dejavnosti, ki\u00a0se je\u00a0razvila\u00a0v\u00a0svetovni\u00a0fenomen\u00a0z\u00a0visokimi\u00a0zneski\u00a0v\u00a0vi\u0161ini\u00a0ve\u010d\u00a0milijonov\u00a0dolarjev\u00a0na\u00a0dan. 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