{"id":84565,"date":"2025-07-29T07:29:15","date_gmt":"2025-07-29T05:29:15","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=84565"},"modified":"2025-07-29T07:29:15","modified_gmt":"2025-07-29T05:29:15","slug":"posledni-faze-trzni-bubliny-je-tady-edward-dowd-varuje-pred-tvrdym-dopadem","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/07\/29\/posledni-faze-trzni-bubliny-je-tady-edward-dowd-varuje-pred-tvrdym-dopadem\/","title":{"rendered":"Posledn\u00ed f\u00e1ze tr\u017en\u00ed bubliny je tady: Edward Dowd varuje p\u0159ed tvrd\u00fdm dopadem"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p><span dir=\"auto\">V ned\u00e1vn\u00e9m rozhovoru s Jessem Dayem o\u00a0<\/span><em><span dir=\"auto\">komoditn\u00ed kultu\u0159e<\/span><\/em><span dir=\"auto\">\u00a0nab\u00eddl Edward Dowd, b\u00fdval\u00fd portfolio mana\u017eer spole\u010dnosti BlackRock a zakl\u00e1daj\u00edc\u00ed partner spole\u010dnosti Finance Technologies, pochmurnou anal\u00fdzu sou\u010dasn\u00e9 situace na trhu. Vych\u00e1zej\u00edc ze sv\u00fdch zku\u0161enost\u00ed se spr\u00e1vou r\u016fstov\u00e9ho akciov\u00e9ho portfolia v hodnot\u011b 14 miliard dolar\u016f a ze sv\u00fdch znalost\u00ed ve sv\u011bt\u011b financ\u00ed, Dowd varuje, \u017ee trhy se nach\u00e1zej\u00ed v nebezpe\u010dn\u00e9 bublin\u011b, jej\u00ed\u017e prasknut\u00ed je nevyhnuteln\u00e9. V tomto podrobn\u00e9m \u010dl\u00e1nku shrnujeme jeho hodnocen\u00ed a zkoum\u00e1me potenci\u00e1ln\u00ed rizika pro investory, glob\u00e1ln\u00ed ekonomiku a geopolitick\u00fd v\u00fdvoj.<\/span><\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\"><iframe loading=\"lazy\" title=\"\u201eZ\u00e1v\u011bre\u010dn\u00e1 f\u00e1ze\u201c tr\u017en\u00ed bubliny je tady \u2013 \u201eNebude to hezk\u00e9\u201c: Edward Dowd\" src=\"https:\/\/www.youtube.com\/embed\/QLFOI3-cfug?feature=oembed\" width=\"800\" height=\"450\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/figure>\n<h3 class=\"wp-block-heading\"><span dir=\"auto\">Bublina na pokraji prasknut\u00ed<\/span><\/h3>\n<p><span dir=\"auto\">Dowd za\u010d\u00edn\u00e1 jasn\u00fdm varov\u00e1n\u00edm: \u0160ir\u0161\u00ed trhy se nach\u00e1zej\u00ed v bublin\u011b charakterizovan\u00e9 extr\u00e9mn\u00edmi ocen\u011bn\u00edmi. Po kr\u00e1tkodob\u00e9 korekci po ozn\u00e1men\u00ed Trumpov\u00fdch cel se indexy jako NASDAQ a S&amp;P 500 zotavily a dos\u00e1hly nov\u00fdch historick\u00fdch maxim. Dowd v\u0161ak z\u016fst\u00e1v\u00e1 skeptick\u00fd. Poukazuje na\u00a0<\/span><em><span dir=\"auto\">Buffett\u016fv indik\u00e1tor<\/span><\/em><span dir=\"auto\">\u00a0a dal\u0161\u00ed fundament\u00e1ln\u00ed ukazatele, kter\u00e9 nazna\u010duj\u00ed, \u017ee trhy jsou masivn\u011b nadhodnocen\u00e9. Podle anal\u00fdzy zve\u0159ejn\u011bn\u00e9 spole\u010dnost\u00ed Finance Technologies jsou ocen\u011bn\u00ed na historick\u00fdch maximech, co\u017e p\u0159edpov\u00edd\u00e1 n\u00edzk\u00fd v\u00fdnos pro investory do index\u016f v p\u0159\u00ed\u0161t\u00edch deseti letech.<\/span><\/p>\n<p><span dir=\"auto\">Sou\u010dasn\u00fd r\u016fst je poh\u00e1n\u011bn hrstkou velk\u00fdch technologick\u00fdch akci\u00ed, zat\u00edmco pr\u016fm\u011brn\u00e9 akcie \u2013 nap\u0159\u00edklad v doprav\u011b nebo bydlen\u00ed \u2013 v\u00fdrazn\u011b zaost\u00e1vaj\u00ed. \u201ePouh\u00fdch deset akci\u00ed p\u0159edstavuje 38 % hodnoty indexu S&amp;P 500,\u201c zd\u016fraz\u0148uje Dowd. To p\u0159ipom\u00edn\u00e1 obdob\u00ed p\u0159ed finan\u010dn\u00ed kriz\u00ed 2007\/08, kdy trh dos\u00e1hl nov\u00fdch maxim navzdory vznikaj\u00edc\u00edm probl\u00e9m\u016fm s rizikov\u00fdmi hypot\u00e9kami, ne\u017e se nakonec zhroutil. Dowd hovo\u0159\u00ed o \u201eeskal\u00e1torov\u00e9m pohybu nahoru a v\u00fdtahu dol\u016f\u201c, kdy\u017e si trhy uv\u011bdom\u00ed, \u017ee ocen\u011bn\u00ed je neudr\u017eiteln\u00e9.<\/span><\/p>\n<p><span dir=\"auto\">Dal\u0161\u00edm varovn\u00fdm sign\u00e1lem je reakce trhu s dluhopisy. V\u00fdnosy 30let\u00fdch st\u00e1tn\u00edch dluhopis\u016f ned\u00e1vno dos\u00e1hly maxima, zat\u00edmco ceny dos\u00e1hly minima. Dowd o\u010dek\u00e1v\u00e1, \u017ee \u00farokov\u00e9 sazby v bl\u00edzk\u00e9 budoucnosti klesnou s t\u00edm, jak se sl\u00e1bnou ekonomick\u00e1 data \u2013 zejm\u00e9na v oblasti bydlen\u00ed. Sektor nemovitost\u00ed, kter\u00fd p\u0159edstavuje p\u0159ibli\u017en\u011b 20\u201325 % spot\u0159ebitelsk\u00fdch v\u00fddaj\u016f, a tedy v\u00fdznamnou \u010d\u00e1st americk\u00e9ho HDP, \u010del\u00ed recesi. \u201eNeo\u010dek\u00e1v\u00e1me syst\u00e9movou krizi, ale hlubokou recesi s obchodov\u00e1n\u00edm\u00a0<\/span><em><span dir=\"auto\">bez rizika<\/span><\/em><span dir=\"auto\">\u00a0,\u201c \u0159\u00edk\u00e1 Dowd. Feder\u00e1ln\u00ed rezervn\u00ed syst\u00e9m (Fed) bude nucen sn\u00ed\u017eit \u00farokov\u00e9 sazby, aby zm\u00edrnil sestupnou spir\u00e1lu.<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span dir=\"auto\">Role dluhov\u00fdch trh\u016f<\/span><\/h3>\n<p><span dir=\"auto\">\u00dast\u0159edn\u00edm bodem Dowdovy anal\u00fdzy je role dluhov\u00fdch trh\u016f. Kreditn\u00ed spready mezi korpor\u00e1tn\u00edmi dluhopisy, vysoce v\u00fdnosn\u00fdmi dluhopisy a st\u00e1tn\u00edmi dluhopisy jsou v sou\u010dasn\u00e9 dob\u011b extr\u00e9mn\u011b t\u011bsn\u00e9, co\u017e nazna\u010duje nebezpe\u010dnou spokojenost na trz\u00edch. \u201eSpready nemaj\u00ed kam j\u00edt, krom\u011b nahoru,\u201c varuje Dowd. To nazna\u010duje hroz\u00edc\u00ed korekci, proto\u017ee \u00fav\u011brov\u00e9 probl\u00e9my, zejm\u00e9na v sektoru komer\u010dn\u00edch nemovitost\u00ed, ji\u017e nelze skr\u00fdt. Banky v sou\u010dasn\u00e9 dob\u011b praktikuj\u00ed \u201eprodlu\u017eov\u00e1n\u00ed a p\u0159edst\u00edr\u00e1n\u00ed\u201c, tedy refinancov\u00e1n\u00ed problematick\u00fdch \u00fav\u011br\u016f m\u00edsto jejich odepisov\u00e1n\u00ed. To ale nepotrv\u00e1 dlouho.<\/span><\/p>\n<p><span dir=\"auto\">Na rozd\u00edl od krize v roce 2023, kdy Fed chr\u00e1nil banky p\u0159ed d\u016fsledky rizika durace (nap\u0159. v Silicon Valley Bank), tentokr\u00e1t nebude intervenovat, aby zm\u00edrnil ztr\u00e1ty z \u00fav\u011br\u016f. Dowd tak\u00e9 poukazuje na neobvykl\u00fd z\u00e1sah Fedu b\u011bhem pandemie koronaviru, kdy poprv\u00e9 nakoupil podnikov\u00e9 dluhopisy na podporu trh\u016f. \u201eToto je um\u011bl\u00fd trh,\u201c \u0159\u00edk\u00e1. A\u017e bublina praskne, stane se to rychle a zastihne mnoho investor\u016f nep\u0159ipraven\u00fdch.<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span dir=\"auto\">Slabost americk\u00e9ho dolaru<\/span><\/h3>\n<p><span dir=\"auto\">Dal\u0161\u00edm probl\u00e9mem je slabost americk\u00e9ho dolaru, kter\u00fd v roce 2025 v\u016f\u010di indexu DXY doposud ztratil p\u0159ibli\u017en\u011b 11 %. Dowd zde vid\u00ed n\u011bkolik faktor\u016f, kter\u00e9 ovliv\u0148uj\u00ed situaci. Trumpova administrativa prosazuje politiku slab\u00e9ho dolaru na podporu exportu. Z\u00e1rove\u0148 technick\u00e1 anal\u00fdza poukazuje na mo\u017en\u00fd bod zlomu. Dolar je od finan\u010dn\u00ed krize v roce 2008 v dlouhodob\u00e9m rostouc\u00edm trendu, ale prolomen\u00ed pod p\u0159edchoz\u00ed cyklick\u00e9 minimum 89,10 by mohlo signalizovat za\u010d\u00e1tek medv\u011bd\u00edho trendu. Dowd o\u010dek\u00e1v\u00e1, \u017ee by dolar mohl dos\u00e1hnout technick\u00e9ho minima v p\u0159\u00ed\u0161t\u00edm jednom a\u017e dvou m\u011bs\u00edc\u00edch, ale z\u016fst\u00e1v\u00e1 opatrn\u00fd: \u201ePro dolar je to citliv\u00e1 doba.\u201c<\/span><\/p>\n<p><span dir=\"auto\">Slabost dolaru m\u00e1 dalekos\u00e1hl\u00e9 d\u016fsledky pro glob\u00e1ln\u00ed ekonomiku, zejm\u00e9na pro zem\u011b siln\u011b z\u00e1visl\u00e9 na dluhu denominovan\u00e9m v dolarech. Slab\u0161\u00ed dolar by v\u0161ak mohl tak\u00e9 zv\u00fd\u0161it atraktivitu komodit, jako je zlato, co\u017e n\u00e1s p\u0159iv\u00e1d\u00ed k dal\u0161\u00edmu bodu.<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span dir=\"auto\">Zlato jako bezpe\u010dn\u00fd p\u0159\u00edstav<\/span><\/h3>\n<p><span dir=\"auto\">Dowd zd\u016fraz\u0148uje rostouc\u00ed v\u00fdznam zlata, kter\u00e9 je kv\u016fli p\u0159edpis\u016fm Basel III op\u011bt pova\u017eov\u00e1no za kapit\u00e1l Tier 1 pro banky. \u201eZlato jsou op\u011bt pen\u00edze,\u201c \u0159\u00edk\u00e1. Na rozd\u00edl od pap\u00edrov\u00e9ho zlata (nap\u0159. ETF jako GLD nebo zlat\u00e9 futures) umo\u017e\u0148uje fyzick\u00e9 zlato bank\u00e1m poskytovat \u00fav\u011bry a posiluje tak jeho roli ve finan\u010dn\u00edm syst\u00e9mu. Tento posun ji\u017e prob\u00edh\u00e1, proto\u017ee banky po cel\u00e9m sv\u011bt\u011b buduj\u00ed sv\u00e9 zlat\u00e9 rezervy. Dowd doporu\u010duje dr\u017eet fyzick\u00e9 zlato jako dlouhodob\u00e9 zaji\u0161t\u011bn\u00ed, proto\u017ee by mohlo hr\u00e1t \u00fast\u0159edn\u00ed roli v mo\u017en\u00e9m budouc\u00edm m\u011bnov\u00e9m syst\u00e9mu \u2013 nap\u0159\u00edklad v o\u017eiven\u00ed Brettonwoodsk\u00e9ho syst\u00e9mu.<\/span><\/p>\n<p><span dir=\"auto\">Dowd naopak vn\u00edm\u00e1 st\u0159\u00edbro jako spekulativn\u00ed investici. Navzdory napjat\u00e9mu pom\u011bru zlata a st\u0159\u00edbra a argument\u016fm nad\u0161enc\u016f do st\u0159\u00edbra z\u016fst\u00e1v\u00e1 opatrn\u00fd. \u201eSt\u0159\u00edbro nen\u00ed kapit\u00e1l prvn\u00ed \u00farovn\u011b. Budu se dr\u017eet bezpe\u010dn\u00e9 varianty a budu kupovat to, co kupuj\u00ed banky,\u201c \u0159\u00edk\u00e1.<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span dir=\"auto\">Krize na trhu s nemovitostmi a jej\u00ed d\u016fsledky<\/span><\/h3>\n<p><span dir=\"auto\">\u00dast\u0159edn\u00edm aspektem Dowdovy anal\u00fdzy je hroz\u00edc\u00ed pokles v americk\u00e9m realitn\u00edm sektoru, zejm\u00e9na v oblasti bytov\u00fdch\u00a0<\/span><em><span dir=\"auto\">dom\u016f<\/span><\/em><span dir=\"auto\">\u00a0. V ned\u00e1vn\u00e9 zpr\u00e1v\u011b spole\u010dnosti Finance Technologies s n\u00e1zvem \u201eDebakl s bytov\u00fdmi domy\u201c Dowd popisuje prvn\u00ed zn\u00e1mky krize. Na rozd\u00edl od finan\u010dn\u00ed krize z let 2007\/08, kterou spustily rodinn\u00e9 domy, je tentokr\u00e1t kl\u00ed\u010dov\u00fdm faktorem boom bytov\u00fdch dom\u016f. Tento boom byl podpo\u0159en masivn\u00ed imigrac\u00ed do USA, financovanou vl\u00e1dn\u00ed pomoc\u00ed. Vzhledem k pl\u00e1novan\u00e9 deportaci migrant\u016f a klesaj\u00edc\u00ed popt\u00e1vce po bydlen\u00ed Dowd o\u010dek\u00e1v\u00e1 propad cen nemovitost\u00ed a zpomalen\u00ed ekonomiky.<\/span><\/p>\n<p><span dir=\"auto\">Bydlen\u00ed krizi zhor\u0161uje n\u011bkolik faktor\u016f: Rostouc\u00ed hypote\u010dn\u00ed sazby \u010din\u00ed bydlen\u00ed pro mnoho lid\u00ed nedostupn\u00fdm a stavebn\u00ed aktivita kles\u00e1 s t\u00edm, jak roste z\u00e1soba neprodan\u00fdch nemovitost\u00ed. \u201eKupuj\u00edc\u00ed si ji\u017e nemohou dovolit m\u011bs\u00ed\u010dn\u00ed spl\u00e1tky,\u201c \u0159\u00edk\u00e1 Dowd. Vzhledem k tomu, \u017ee bydlen\u00ed tvo\u0159\u00ed p\u0159ibli\u017en\u011b 45 % indexu spot\u0159ebitelsk\u00fdch cen (CPI) v USA, pokles cen dom\u016f sn\u00ed\u017e\u00ed inflaci, co\u017e by mohlo vyvinout tlak na Fed, aby sn\u00ed\u017eil \u00farokov\u00e9 sazby rychleji, ne\u017e se o\u010dek\u00e1valo.<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span dir=\"auto\">Soci\u00e1ln\u00ed a geopolitick\u00e9 d\u016fsledky<\/span><\/h3>\n<p><span dir=\"auto\">Krom\u011b ekonomick\u00fdch v\u00fdzev Dowd tak\u00e9 zd\u016fraz\u0148uje soci\u00e1ln\u00ed a geopolitick\u00fd v\u00fdvoj, kter\u00fd by mohl situaci zhor\u0161it. V USA \u017eije 68 % populace od v\u00fdplaty k v\u00fdplat\u011b a mnoz\u00ed se uchyluj\u00ed k p\u016fj\u010dk\u00e1m typu \u201ekup te\u010f, pla\u0165 pozd\u011bji\u201c, aby pokryli z\u00e1kladn\u00ed pot\u0159eby \u2013 co\u017e je jev p\u0159ipom\u00ednaj\u00edc\u00ed Velkou hospod\u00e1\u0159skou krizi. Tato ekonomick\u00e1 t\u011b\u017ekost \u017eene lidi do n\u00e1ru\u010de extr\u00e9mn\u00edch politick\u00fdch ideologi\u00ed, jako je socialismus nebo komunismus. Dowd poukazuje na kandid\u00e1ta na starostu New Yorku Zorana Mamdaniho, kter\u00fd navrhuje radik\u00e1ln\u00ed socialistick\u00e1 opat\u0159en\u00ed, jako je vyvlastn\u011bn\u00ed majetku. Takov\u00e1 politika by mohla zhroutit newyorsk\u00fd trh s bydlen\u00edm a ekonomiku, proto\u017ee bohat\u00ed ob\u010dan\u00e9 a podniky by se p\u0159est\u011bhovali do jin\u00fdch st\u00e1t\u016f, nap\u0159\u00edklad na Floridu.<\/span><\/p>\n<p><span dir=\"auto\">Dowd vid\u00ed podobn\u00e1 nebezpe\u010d\u00ed i v Evrop\u011b. V N\u011bmecku je pobou\u0159en zat\u010den\u00edm 170 ob\u010dan\u016f za \u00fadajn\u00e9 nen\u00e1vistn\u00e9 projevy nebo ur\u00e1\u017eky politik\u016f na soci\u00e1ln\u00edch s\u00edt\u00edch. \u201eJak dlouho trv\u00e1, ne\u017e zem\u011b zapomene, \u017ee ve druh\u00e9 sv\u011btov\u00e9 v\u00e1lce bojovala proti fa\u0161ismu? V N\u011bmecku z\u0159ejm\u011b t\u0159i roky,\u201c komentuje sarkasticky. Tato cenzurn\u00ed opat\u0159en\u00ed jsou jasn\u00fdm \u00fatokem na svobodu projevu a zn\u00e1mkou \u00fapadku demokratick\u00fdch hodnot. Z\u00e1rove\u0148 pozoruje rostouc\u00ed militarizaci v Evrop\u011b, kterou vn\u00edm\u00e1 jako odveden\u00ed pozornosti od ekonomick\u00fdch probl\u00e9m\u016f, jako je st\u00e1rnouc\u00ed populace a nekryt\u00e9 penzijn\u00ed z\u00e1vazky. \u201eKdy\u017e dojdou pen\u00edze, jde se do v\u00e1lky,\u201c \u0159\u00edk\u00e1.<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span dir=\"auto\">Trhy s ropou a geopolitick\u00e9 nap\u011bt\u00ed<\/span><\/h3>\n<p><span dir=\"auto\">Ned\u00e1vn\u00e9 nap\u011bt\u00ed na Bl\u00edzk\u00e9m v\u00fdchod\u011b, zejm\u00e9na mezi Izraelem a \u00cdr\u00e1nem, kr\u00e1tce ot\u0159\u00e1slo trhy s ropou. Dowd v\u0161ak z\u016fst\u00e1v\u00e1 klidn\u00fd: \u201eTrhy s ropou n\u00e1m \u0159\u00edkaj\u00ed, \u017ee \u00cdr\u00e1n Persk\u00fd z\u00e1liv neuzav\u0159e.\u201c Po kr\u00e1tk\u00e9m n\u00e1r\u016fstu cena ropy klesla zp\u011bt na zhruba 60 dolar\u016f za barel, co\u017e je daleko od ob\u00e1van\u00fdch v\u00edce ne\u017e 100 dolar\u016f. Dowd nicm\u00e9n\u011b varuje, \u017ee obnoven\u00fd n\u00e1r\u016fst nad 80 dolar\u016f by mohl p\u0159edstavovat v\u00e1\u017en\u00fd probl\u00e9m. Ropn\u00fd \u0161ok v kombinaci s realitn\u00ed kriz\u00ed by mohl zv\u00fd\u0161it pravd\u011bpodobnost syst\u00e9mov\u00e9 krize.<\/span><\/p>\n<p><span dir=\"auto\">Z dlouhodob\u00e9ho hlediska je Dowd ohledn\u011b cen ropy pesimistick\u00fd. V recesi by se popt\u00e1vka po rop\u011b mohla zhroutit a p\u0159edpov\u00edd\u00e1, \u017ee ceny by mohly klesnout a\u017e na 30 dolar\u016f za barel, ne\u017e Fed zareaguje kvantitativn\u00edm uvol\u0148ov\u00e1n\u00edm a fisk\u00e1ln\u00edmi opat\u0159en\u00edmi.<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span dir=\"auto\">Z\u00e1v\u011br: P\u0159\u00edprava na krizi<\/span><\/h3>\n<p><span dir=\"auto\">Anal\u00fdza Edwarda Dowda vykresluje bez\u00fat\u011b\u0161n\u00fd obraz glob\u00e1ln\u00ed ekonomiky. Nadhodnocen\u00e9 akciov\u00e9 trhy, slab\u00fd americk\u00fd dolar, hroz\u00edc\u00ed krize na trhu s nemovitostmi a geopolitick\u00e9 nap\u011bt\u00ed nazna\u010duj\u00ed, \u017ee v budoucnu p\u0159ijdou turbulentn\u00ed \u010dasy. Dowd doporu\u010duje investor\u016fm, aby se zam\u011b\u0159ili na fundament\u00e1ln\u00ed anal\u00fdzu a dr\u017eeli fyzick\u00e9 zlato jako zaji\u0161t\u011bn\u00ed. Z\u00e1rove\u0148 varuje p\u0159ed riziky spekulativn\u00edch investic, jako je st\u0159\u00edbro, a zd\u016fraz\u0148uje pot\u0159ebu p\u0159ipravit se na mo\u017en\u00fd hospod\u00e1\u0159sk\u00fd pokles.<\/span><\/p>\n<p><span dir=\"auto\">Jeho firma Finance Technologies nab\u00edz\u00ed podrobn\u00e9 zpr\u00e1vy a poradensk\u00e9 slu\u017eby, kter\u00e9 investor\u016fm pomohou zorientovat se v nadch\u00e1zej\u00edc\u00ed krizi. Dowdovo poselstv\u00ed je jasn\u00e9: Posledn\u00ed f\u00e1ze tr\u017en\u00ed bubliny je tady a nebude to hezk\u00e9. Ti, kdo se nep\u0159iprav\u00ed, riskuj\u00ed, \u017ee je smete v\u00fdtah.<\/span><\/p>\n<p><strong><span dir=\"auto\">Pozn\u00e1mka<\/span><\/strong><span dir=\"auto\">\u00a0: V\u00edce informac\u00ed o anal\u00fdze Edwarda Dowda naleznete na webov\u00fdch str\u00e1nk\u00e1ch Finance Technologies (financetechnologies.com). Nejnov\u011bj\u0161\u00ed informace z\u00edsk\u00e1te na X @Edward_Dowd.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1185\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2021\/04\/kuryr-podpis.png\" alt=\"\" width=\"84\" height=\"24\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>V ned\u00e1vn\u00e9m rozhovoru s Jessem Dayem o\u00a0komoditn\u00ed kultu\u0159e\u00a0nab\u00eddl Edward Dowd, b\u00fdval\u00fd portfolio mana\u017eer spole\u010dnosti BlackRock&#8230;<\/p>\n","protected":false},"author":2,"featured_media":24512,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[1042,9558,59,9557,276],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/84565"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=84565"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/84565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/24512"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=84565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=84565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=84565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}