{"id":43,"date":"2026-09-13T22:58:56","date_gmt":"2026-09-13T22:58:56","guid":{"rendered":"https:\/\/ondrejzaruba.info\/?p=43"},"modified":"2026-09-13T22:58:56","modified_gmt":"2026-09-13T22:58:56","slug":"tercem-nejsou-podvodnici-ale-provizni-retezec-jak-zaruba-bori-byznys-model-celeho-trhu","status":"publish","type":"post","link":"https:\/\/ondrejzaruba.info\/?p=43","title":{"rendered":"Ter\u010dem nejsou podvodn\u00edci, ale provizn\u00ed \u0159et\u011bzec: jak Z\u00e1ruba bo\u0159\u00ed byznys model cel\u00e9ho trhu"},"content":{"rendered":"<h2 style=\"font-weight: 400;\">Za sedm let vytvo\u0159il Ond\u0159ej Z\u00e1ruba na <a href=\"http:\/\/finsider.cz\/\">Finsider.cz<\/a> korpus 939 \u010dl\u00e1nk\u016f, z nich\u017e 326 nese p\u0159\u00edmo jeho jm\u00e9no ([finsider_content_targets \u2013 intern\u00ed anal\u00fdza redakce]). Jeho ter\u010dem p\u0159itom v naprost\u00e9 v\u011bt\u0161in\u011b p\u0159\u00edpad\u016f nejsou podvodn\u00edci v pr\u00e1vn\u00edm slova smyslu, ale leg\u00e1ln\u00ed, by\u0165 podle n\u011bj rizikov\u00e9 obchodn\u00ed modely \u2013 konkr\u00e9tn\u011b provizn\u00ed \u0159et\u011bzec, kter\u00fd spojuje emitenty dluhopis\u016f, distribu\u010dn\u00ed s\u00edt\u011b finan\u010dn\u00edch poradc\u016f a drobn\u00e9 investory. To z n\u011bj d\u011bl\u00e1 nep\u0159\u00edtele nikoli jednoho subjektu, ale des\u00edtek firem a stovek poradc\u016f najednou.<\/h2>\n<p style=\"font-weight: 400;\"><strong>Vzorec: prim\u00e1rn\u00ed dokument, jedna nep\u0159\u00edjemn\u00e1 \u010d\u00edslovka<\/strong><\/p>\n<p style=\"font-weight: 400;\">Z\u00e1rubova r\u00e1doby \u017eurnalistika m\u00e1 velmi konzistentn\u00ed metodu: vezme ve\u0159ejn\u011b dostupn\u00fd prim\u00e1rn\u00ed dokument \u2013 dluhopisov\u00fd prospekt, \u00fa\u010detn\u00ed z\u00e1v\u011brku, dodatek k prospektu, insolven\u010dn\u00ed spis nebo rozhodnut\u00ed \u010cNB \u2013 a spo\u010d\u00edt\u00e1 z n\u011bj jednu v\u011bc, kterou emitent v marketingu nezmi\u0148uje. Nej\u010dast\u011bji se opakuj\u00ed \u010dty\u0159i typy zji\u0161t\u011bn\u00ed: <strong>nadhodnocen\u00e9 valuace p\u0159i p\u0159evodu aktiv do vlastn\u00edho fondu, extr\u00e9mn\u00ed n\u00e1klady na z\u00edsk\u00e1n\u00ed kapit\u00e1lu, n\u00e1kup distribu\u010dn\u00ed s\u00edt\u011b z pen\u011bz investor\u016f a chyb\u011bj\u00edc\u00ed nebo neaktu\u00e1ln\u00ed zve\u0159ej\u0148ov\u00e1n\u00ed hospoda\u0159en\u00ed.<\/strong><\/p>\n<p style=\"font-weight: 400;\"><strong>Nejsou to jen mal\u00e9 firmy<\/strong><\/p>\n<p style=\"font-weight: 400;\">Krom\u011b dlouhotrvaj\u00edc\u00edch spor\u016f s <strong>DRFG, RSBC, CODYA a Rohl\u00edk Group<\/strong> c\u00edl\u00ed Z\u00e1ruba systematicky i na velk\u00e9, mainstreamov\u00e9 hr\u00e1\u010de na kapit\u00e1lov\u00e9m trhu:<\/p>\n<ul>\n<li><strong>J&amp;T Arch Investments \/ Patrik Tk\u00e1\u010d<\/strong> \u2013 nejv\u011bt\u0161\u00ed \u010desk\u00fd fond kvalifikovan\u00fdch investor\u016f. Z\u00e1ruba se zam\u011b\u0159uje na oce\u0148ov\u00e1n\u00ed kl\u00ed\u010dov\u00fdch pozic a strukturu v\u00fdnosu: \u201eTk\u00e1\u010dova velk\u00e1 hra s J&amp;T Arch\u201c (<a href=\"https:\/\/finsider.cz\/investovani\/update-k-nejvetsimu-z-nejvetsich\/\">cz, 10. 12. 2025<\/a>), \u201eUpdate koment\u00e1\u0159 ke Q3 k fondu J&amp;T Arch\u201c (<a href=\"https:\/\/finsider.cz\/investovani\/update-komentar-ke-q3-k-fondu-jt-arch\/\">Finsider.cz, 29. 12. 2025<\/a>) a podcasty \u201eJ&amp;T Arch, co byste o n\u011bm m\u011bli v\u011bd\u011bt, ne\u017e zainvestujete\u201c (<a href=\"https:\/\/finsider.cz\/podcast-ondra-zaruba\/jt-arch-co-byste-o-nem-meli-vedet-nez-zainvestujete\/\">Finsider.cz, 7. 7. 2025<\/a>) a \u201eJ&amp;T Arch: Update a pohled na to, jak funguj\u00ed finan\u010dn\u00ed toky u kl\u00ed\u010dov\u00e9 pozice fondu\u201c (<a href=\"https:\/\/finsider.cz\/podcast-ondra-zaruba\/jt-arch-update-a-pohled-na-to-co-se-v-nem-deje-a-jak-funguji-financni-toky-u-klicove-pozice-fondu\/\">Finsider.cz, 23. 12. 2025<\/a>).<\/li>\n<li><strong>COLT CZ GROUP \/ \u010cesk\u00e1 zbrojovka \/ CSG<\/strong> \u2013 rozpor mezi investi\u010dn\u00edm PR a finan\u010dn\u00edmi \u010d\u00edsly: \u201eCOLT CZ GROUP: PR vs finan\u010dn\u00ed realita\u201c (<a href=\"https:\/\/finsider.cz\/investovani\/coltcz_pr_realita\/\">cz, 29. 3. 2025<\/a>), podcasty \u201eReakce na agresivn\u00ed investi\u010dn\u00ed PR \u010cesk\u00e9 zbrojovky\u201c a \u201eKdy p\u0159ijde posledn\u00ed v\u00fdst\u0159el z COLTU?\u201c (<a href=\"https:\/\/finsider.cz\/podcast-ondra-zaruba\/kdy-prijde-posledni-vystrel-z-coltu\/\">Finsider.cz, 19. 4. 2026<\/a>). U vstupu CSG na burzu zpochyb\u0148uje valuaci v podcastech \u201ePat\u0159\u00ed akcie CSG na burzu?\u201c (<a href=\"https:\/\/finsider.cz\/podcast-ondra-zaruba\/patri-akcie-csg-na-burzu\/\">Finsider.cz, 10. 9. 2025<\/a>) a \u201eFinan\u010dn\u00ed detail CSG, kter\u00fd drtiv\u00e1 v\u011bt\u0161ina investor\u016f nezn\u00e1\u201c (<a href=\"https:\/\/finsider.cz\/podcast-ondra-zaruba\/financni-detail-csg-ktery-drtiva-vetsina-investoru-nezna\/\">Finsider.cz, 24. 2. 2026<\/a>).<\/li>\n<li><strong>Accolade<\/strong> \u2013 podcast \u201eAccolade \u2013 nen\u00ed v\u0161echno zlato, co se t\u0159pyt\u00ed\u201c (<a href=\"https:\/\/finsider.cz\/podcast-ondra-zaruba\/accolade-neni-vsechno-zlato-co-se-trpyti\/\">cz<\/a>).<\/li>\n<li><strong>Progresus Group<\/strong> \u2013 kritika lobbistick\u00e9 sch\u016fzky: \u201eJe\u0161t\u011b ke sch\u016fzce ve Fairmontu a lehk\u00fd pohled na Progresus\u201c (<a href=\"https:\/\/finsider.cz\/podcast-ondra-zaruba\/jeste-ke-schuzce-ve-fairmontu-a-lehky-pohled-na-progresus\/\">cz<\/a>).<\/li>\n<li><strong>Penta Fund<\/strong> \u2013 hodnocen\u00ed retailov\u00e9ho fondu v podcastu \u201eCo si mysl\u00edme o Penta Fund\u201c (<a href=\"https:\/\/finsider.cz\/podcast-ondra-zaruba\/co-si-myslime-o-penta-fund\/\">cz<\/a>).<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">U \u017e\u00e1dn\u00e9ho z t\u011bchto p\u011bti velk\u00fdch hr\u00e1\u010d\u016f nebyla dohled\u00e1na ve\u0159ejn\u00e1 reakce protistrany \u2013 na rozd\u00edl od DRFG, CODYA nebo Rohl\u00edk Group zde protistrany ve\u0159ejn\u011b nereagovaly, p\u0159\u00edpadn\u011b reakce nebyla nez\u00e1visle zdokumentov\u00e1na.<\/p>\n<p style=\"font-weight: 400;\"><strong>Pro\u010d tolik nep\u0159\u00e1tel najednou<\/strong><\/p>\n<p style=\"font-weight: 400;\">Kritika produktu obvykle po\u0161kod\u00ed jen emitenta. Kritika provizn\u00edho \u0159et\u011bzce po\u0161kozuje z\u00e1rove\u0148 distribu\u010dn\u00ed s\u00ed\u0165 poradc\u016f, kte\u0159\u00ed produkt prod\u00e1vaj\u00ed, a jejich provizn\u00ed v\u00fdnos je na objemu prodeje p\u0159\u00edmo z\u00e1visl\u00fd. To vysv\u011btluje, pro\u010d Z\u00e1ruba za sedm let nasb\u00edral tak \u0161irok\u00e9 spektrum protistran \u2013 od okrajov\u00fdch emitent\u016f dluhopis\u016f po J&amp;T, \u010ceskou zbrojovku nebo Rohl\u00edk Group \u2013 a pro\u010d se z jeho kritiky stal probl\u00e9m i pro subjekty, kter\u00e9 s n\u00edm osobn\u011b v p\u0159\u00edm\u00e9m sporu nikdy nebyly, ale jejich\u017e distribu\u010dn\u00ed partne\u0159i na jeho textech ztr\u00e1celi klienty.<\/p>\n<p style=\"font-weight: 400;\"><strong>Shrnut\u00ed<\/strong><\/p>\n<p style=\"font-weight: 400;\">Ond\u0159ej Z\u00e1ruba systematicky kritizuje nejen okrajov\u00e9, rizikov\u00e9 emitenty dluhopis\u016f, ale i respektovan\u00e9 hr\u00e1\u010de kapit\u00e1lov\u00e9ho trhu \u2013 J&amp;T Arch, COLT CZ\/CSG, Penta Fund, Accolade a Progresus. Jeho konzistentn\u00ed metodou je vyt\u011b\u017eit z ve\u0159ejn\u011b dostupn\u00e9ho prim\u00e1rn\u00edho dokumentu jedno nep\u0159\u00edjemn\u00e9 zji\u0161t\u011bn\u00ed, kter\u00e9 emitent v marketingu nezmi\u0148uje. T\u00edm, \u017ee c\u00edl\u00ed na provizn\u00ed \u0159et\u011bzec, a nikoli jen na jednotliv\u00fd produkt, si vytv\u00e1\u0159\u00ed nep\u0159\u00e1tele mezi des\u00edtkami firem a stovkami poradc\u016f najednou \u2013 i mezi t\u011bmi, kte\u0159\u00ed ve\u0159ejn\u011b nikdy nereagovali.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Za sedm let vytvo\u0159il Ond\u0159ej Z\u00e1ruba na Finsider.cz korpus 939 \u010dl\u00e1nk\u016f, z nich\u017e 326 nese p\u0159\u00edmo jeho jm\u00e9no ([finsider_content_targets \u2013 intern\u00ed anal\u00fdza redakce]). Jeho ter\u010dem p\u0159itom v naprost\u00e9 v\u011bt\u0161in\u011b p\u0159\u00edpad\u016f nejsou podvodn\u00edci v pr\u00e1vn\u00edm slova smyslu, ale leg\u00e1ln\u00ed, by\u0165 podle n\u011bj rizikov\u00e9 obchodn\u00ed modely \u2013 konkr\u00e9tn\u011b provizn\u00ed \u0159et\u011bzec, kter\u00fd spojuje emitenty dluhopis\u016f, distribu\u010dn\u00ed s\u00edt\u011b finan\u010dn\u00edch [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":44,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[49,38,48,50,44,47,52,51,46,45],"class_list":["post-43","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oz","tag-ceska-zbrojovka","tag-codya","tag-colt-cz-group","tag-csg","tag-drfg","tag-jt-arch-investments","tag-penta-fund","tag-progresus-group","tag-rohlik-group","tag-rsbc"],"_links":{"self":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/43","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43"}],"version-history":[{"count":1,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/43\/revisions"}],"predecessor-version":[{"id":45,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/43\/revisions\/45"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/media\/44"}],"wp:attachment":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}