{"id":12301,"date":"2026-09-21T08:01:42","date_gmt":"2026-09-21T08:01:42","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=12301"},"modified":"2026-09-15T16:38:51","modified_gmt":"2026-09-15T16:38:51","slug":"reszvenyportfolio-milyen-cegeket-keresek","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/reszvenyportfolio-milyen-cegeket-keresek\/","title":{"rendered":"R\u00e9szv\u00e9nyportf\u00f3li\u00f3: milyen c\u00e9geket keresek?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A r\u00e9szv\u00e9nyportf\u00f3li\u00f3 \u00e9p\u00edt\u00e9s cikk m\u00e1sodik r\u00e9sz\u00e9ben az egyedi r\u00e9szv\u00e9nyeimet fogom kateg\u00f3ri\u00e1kba sorolni, de ha lemaradt\u00e1l az els\u0151 r\u00e9szr\u0151l, akkor azt itt olvashatod el:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcc8<a href=\"https:\/\/iocharts.io\/blog\/reszvenyportfolio-epites\/\" target=\"_blank\" rel=\"noreferrer noopener\">R\u00e9szv\u00e9nyportf\u00f3li\u00f3-\u00e9p\u00edt\u00e9s: alapelvek, hib\u00e1k, tanuls\u00e1gok<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Megpr\u00f3b\u00e1ltam a saj\u00e1t szubjekt\u00edv univerzumomban kateg\u00f3ri\u00e1kba sorolni a c\u00e9geket, mert ez sz\u00e1momra megk\u00f6nny\u00edti a meg\u00e9rt\u00e9st \u00e9s lereduk\u00e1lja a c\u00e9lpontokat. Az egyik alapvet\u0151 hiba, mikor r\u00e9szv\u00e9nyportf\u00f3li\u00f3t akartok \u00e9p\u00edteni, hogy t\u00fal sok c\u00e9lpontot akartok egyszerre. A c\u00e9gek 99%-a nem \u00fcti meg a megfelel\u0151 szintet, ez azt jelenti, hogy 100-b\u00f3l 1 az, ami t\u00e9nyleg beker\u00fcl a portf\u00f3li\u00f3mba.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Alapvet\u0151en olyan \u201cperpetual compounder\u201d r\u00e9szv\u00e9nyeket keresek, amelyek fel\u00fclteljes\u00edtik a piacot.<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\u261d\ufe0f<strong>A perpetual compounder egy nehezen leford\u00edthat\u00f3 kifejez\u00e9s, de nagyj\u00e1b\u00f3l azt jelenti, hogy a kamatos kamat elv\u00e9t alkalmazva a v\u00e1llalat a megtermelt k\u00e9szp\u00e9nzt visszaforgatja a saj\u00e1t \u00fczletmenet\u00e9be, \u00e9s \u00edgy egyre t\u00f6bb \u00e9rt\u00e9ket teremt, ide\u00e1lis esetben a v\u00e9gtelens\u00e9gig.<\/strong><\/mark><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Nyilv\u00e1n a fenti defin\u00edci\u00f3 egy ut\u00f3pia, hiszen egyetlen v\u00e1llalatnak sincsen v\u00e9gtelen\u00fcl hossz\u00fa id\u0151t\u00e1vja,<\/strong> k\u00fcl\u00f6n\u00f6sen \u00fagy nem, hogy k\u00f6zben a saj\u00e1t benchmarkj\u00e1t, p\u00e9ld\u00e1ul az S&amp;P 500-at, fel\u00fclteljes\u00edti. J\u00f3 p\u00e9lda erre Warren Buffett konglomer\u00e1tuma, a m\u00e1r sokszor eml\u00edtett Berkshire Hathaway, ami az elm\u00falt 10 \u00e9vben m\u00e1r nem nagyon tudta az S&amp;P 500-at megverni, egyszer\u0171en az\u00e9rt, mert ekkora p\u00e9nzt\u00f6megen magas hozamot m\u00e1r nagyon neh\u00e9z el\u00e9rni.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"726\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Berkshire-Hathaway-BRK-A-1024x726.jpg.webp\" alt=\"a Berkshire Hathaway \u00f6nmag\u00e1ban egy komplett r\u00e9szv\u00e9nyportf\u00f3li\u00f3 is lehetne a diverzifik\u00e1lts\u00e1ga miatt\" class=\"wp-image-12308 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/726;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Berkshire-Hathaway-BRK-A-1024x726.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Berkshire-Hathaway-BRK-A-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Berkshire-Hathaway-BRK-A-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Berkshire-Hathaway-BRK-A-1536x1089.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Berkshire-Hathaway-BRK-A-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>,&nbsp;a Berkshire Hathaway \u00f6nmag\u00e1ban egy komplett r\u00e9szv\u00e9nyportf\u00f3li\u00f3 is lehetne a diverzifik\u00e1lts\u00e1ga miatt<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Szint\u00e9n fontos, hogy a v\u00e1llalatok bels\u0151 megt\u00e9r\u00fcl\u00e9se &#8211; az IRR &#8211; nem egy egyenletes sz\u00e1m, hanem fluktu\u00e1l, ez\u00e9rt a pap\u00edron el\u0151re kisz\u00e1molt hozamokat biztosan nem fogod el\u00e9rni, ak\u00e1rh\u00e1ny esetet is szimul\u00e1lsz le. Vagy nem \u00fagy, nem azokkal a nevekkel \u00e9s nem olyan portf\u00f3li\u00f3s\u00falyoz\u00e1ssal, ahogyan azt el\u0151re tervezted, mert az \u00e9let sosem pont \u00fagy alakul, ahogy azt a fejedben el\u0151re meg\u00e1lmodtad.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"R\u00e9szv\u00e9nyportf\u00f3li\u00f3 kialak\u00edt\u00e1shoz a LightYear egy ide\u00e1lis diszkontbr\u00f3ker\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">A r\u00e9szv\u00e9nyportf\u00f3li\u00f3 legjobb c\u00e9gei<strong>: a pure perpetual compounder<\/strong>ek<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ezek a m\u00e1r eml\u00edtett v\u00e1llalatok, amelyek saj\u00e1t \u00fczletmenet\u00fckbe fektetik be a megtermelt szabad t\u0151k\u00e9j\u00fcket. P\u00e1r p\u00e9lda, amir\u0151l lehet tudni, hogy egy perpetual compounderr\u0151l van sz\u00f3:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83e\udd1d magas skin in the game, a kulcspoz\u00edci\u00f3ban l\u00e9v\u0151 vezet\u0151k (igazgat\u00f3s\u00e1g \u00e9s menedzsment) nagy ar\u00e1nyban tartj\u00e1k a v\u00e1llalat r\u00e9szv\u00e9nyeit,<\/li>\n\n\n\n<li>\ud83d\udc51 sokszor alap\u00edt\u00f3 vezette v\u00e1llalat,<\/li>\n\n\n\n<li>\ud83e\uddec egyedi, a konkurensekt\u0151l elt\u00e9r\u0151 v\u00e1llalati kult\u00fara, ami nem vagy nehezen reproduk\u00e1lhat\u00f3 (a Helmer-f\u00e9le Cornered Resources),<\/li>\n\n\n\n<li>\ud83c\udf31 a n\u00f6veked\u00e9s d\u00f6nt\u0151 t\u00f6bbs\u00e9ge organikus n\u00f6veked\u00e9sb\u0151l sz\u00e1rmazik,<\/li>\n\n\n\n<li>\ud83d\udcca magas ROIC, ROCE vagy egy\u00e9b bels\u0151 megt\u00e9r\u00fcl\u00e9shez kapcsol\u00f3d\u00f3 mutat\u00f3k,<\/li>\n\n\n\n<li>\ud83e\udeb6 t\u0151kek\u00f6nny\u0171 \u00fczletmenet, magas marzsok,<\/li>\n\n\n\n<li>\ud83d\udeab nem vagy csak nagyon ritk\u00e1n fizetnek osztal\u00e9kot (hiszen ezt is csak szabad k\u00e9szp\u00e9nzb\u0151l lehet kifizetni, ami ilyenkor kiker\u00fcl a k\u00e9szp\u00e9nz\u00e1ramb\u00f3l \u00e9s hi\u00e1nyozni fog a n\u00f6veked\u00e9shez),<\/li>\n\n\n\n<li>\ud83e\udd10 nincsenek vagy nagyon ritk\u00e1n vannak felv\u00e1s\u00e1rl\u00e1saik,<\/li>\n\n\n\n<li>\u267b\ufe0f opportunisztikusan v\u00e1s\u00e1rolj\u00e1k vissza a r\u00e9szv\u00e9nyeiket,<\/li>\n\n\n\n<li>\ud83d\udee1\ufe0f szinte soha nem h\u00edg\u00edtj\u00e1k a r\u00e9szv\u00e9nyeiket,<\/li>\n\n\n\n<li>\ud83d\udcb5 a menedzsment\u00f6szt\u00f6nz\u0151k jellemz\u0151en nem r\u00e9szv\u00e9nyalap\u00fa kompenz\u00e1ci\u00f3n alapulnak vagy a m\u00e9rt\u00e9ke alacsony,<\/li>\n\n\n\n<li>\ud83d\uded2 a vezet\u0151k a fizet\u00e9s k\u00e9szp\u00e9nzes r\u00e9sz\u00e9b\u0151l is veszik a v\u00e1llalat r\u00e9szv\u00e9nyeit.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"u84XkCHadT\"><a href=\"https:\/\/iocharts.io\/blog\/a-cerillion-reszveny-elemzese-szamok-novekedesi-utem-2026\/\">A Cerillion r\u00e9szv\u00e9ny elemz\u00e9se, sz\u00e1mok, n\u00f6veked\u00e9si \u00fctem 2026<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;A Cerillion r\u00e9szv\u00e9ny elemz\u00e9se, sz\u00e1mok, n\u00f6veked\u00e9si \u00fctem 2026&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/a-cerillion-reszveny-elemzese-szamok-novekedesi-utem-2026\/embed\/#?secret=hELRzZDbZ5#?secret=u84XkCHadT\" data-secret=\"u84XkCHadT\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A fenti felsorol\u00e1s az\u00e9rt is k\u00fcl\u00f6nleges, mert a r\u00e9szv\u00e9nypiacon szerepl\u0151 v\u00e1llalatok 99%-a nem ilyen. Sajnos az ilyen kvalitat\u00edv jegyekre el\u00e9g neh\u00e9z sz\u0171rni, ez\u00e9rt ezek kider\u00edt\u00e9se sok ut\u00e1naolvas\u00e1st ig\u00e9nyel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u00e9lda a r\u00e9szv\u00e9nyportf\u00f3li\u00f3 pure perpetual compoundereire: <strong>Kinsale Capital, Cerillion plc, Mastercard, Visa, Copart, Dino Polska.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Perpetual compounder, serial acquirer<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A sorozatfelv\u00e1s\u00e1rl\u00f3k a perpetual compounderek egy nagyon speci\u00e1lis fajt\u00e1ja. Igaz\u00e1b\u00f3l sz\u00e1momra a sorozatfelv\u00e1s\u00e1rl\u00f3k az ide\u00e1lis v\u00e1llalatok. Mi\u00e9rt nem csak ilyen c\u00e9geket veszek akkor? <strong>Egyr\u00e9szt az\u00e9rt, mert nagyon ritk\u00e1n olcs\u00f3k, b\u00e1r 2026-ban az\u00e9rt adott a piac sz\u00e9p sz\u00e1mmal v\u00e9teli lehet\u0151s\u00e9geket, m\u00e1sr\u00e9szt, mert a felv\u00e1s\u00e1rolhat\u00f3 c\u00e9lpontok sz\u00e1ma sok esetben v\u00e9ges.<\/strong> <\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>\ud83e\udd14<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">A harmadik faktor pedig az, hogy meglehet\u0151sen neh\u00e9z \u0151ket fundament\u00e1lisan elemezni, mert a sz\u00e1mvitel nem igaz\u00e1n tudja j\u00f3l kezelni a m\u0171k\u00f6d\u00e9s\u00fcket (ez\u00e9rt a piac f\u00e9lre is \u00e1razza a legt\u00f6bbet)<\/mark><\/strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">.<\/mark><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">P\u00e1r tipikus tulajdons\u00e1g, ami jellemz\u0151 a sorozatfelv\u00e1s\u00e1rl\u00f3kra:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83c\udfe6 az ad\u00f3ss\u00e1g kamat\u00e1t t\u0151kek\u00f6lts\u00e9g-cs\u00f6kkent\u0151 t\u00e9nyez\u0151k\u00e9nt, az ad\u00f3ss\u00e1got t\u0151ke\u00e1tt\u00e9telk\u00e9nt haszn\u00e1lj\u00e1k (ez persze m\u00e1s v\u00e1llalatokra is igaz, de itt \u00e9rhet\u0151 a legt\u00f6bbsz\u00f6r tetten),<\/li>\n\n\n\n<li>\ud83e\uddec sokszor egyedi v\u00e1llalati kult\u00far\u00e1juk van, speci\u00e1lis mutat\u00f3kat haszn\u00e1lnak,<\/li>\n\n\n\n<li>\ud83e\uddee nagyon k\u00e9nyesek a felv\u00e1s\u00e1rl\u00e1sok \u00e9rt\u00e9kelts\u00e9g\u00e9re, sokszor \u00e9p\u00edtenek be a j\u00f6v\u0151re n\u00e9zve biztos\u00edt\u00e9kokat (opci\u00f3k, earn-outok, ad\u00f3ss\u00e1g \u00e9s k\u00f6lts\u00e9g \u00e1th\u00e1r\u00edt\u00e1sa),<\/li>\n\n\n\n<li>\ud83d\udd27 ha a bels\u0151 megt\u00e9r\u00fcl\u00e9s nagy, vesztes\u00e9ges v\u00e1llalatokat is felv\u00e1s\u00e1rolnak,<\/li>\n\n\n\n<li>\ud83e\udde9 kis, monopol c\u00e9geket vesznek meg sorozatban, a mag\u00e1nt\u0151kealapokkal a versenyt ker\u00fclik,<\/li>\n\n\n\n<li>\ud83c\udfe0 szinte soha nem adnak el egyetlen felv\u00e1s\u00e1rolt v\u00e1llalatot sem (permanent home effektus).<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"ZxCDd16Gbu\"><a href=\"https:\/\/iocharts.io\/blog\/a-constellation-software-reszvenyelemzese-csu-sorozatban\/\">Constellation Software (CSU): a sorozatfelv\u00e1s\u00e1rl\u00f3 g\u00e9pezet<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Constellation Software (CSU): a sorozatfelv\u00e1s\u00e1rl\u00f3 g\u00e9pezet&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/a-constellation-software-reszvenyelemzese-csu-sorozatban\/embed\/#?secret=B3Zb1OKEtn#?secret=ZxCDd16Gbu\" data-secret=\"ZxCDd16Gbu\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A sorozatfelv\u00e1s\u00e1rl\u00f3kban az a j\u00f3, hogy am\u00edg van felv\u00e1s\u00e1rl\u00e1si c\u00e9lpont, a tev\u00e9kenys\u00e9g\u00fck folyamatosan bels\u0151 diverzifik\u00e1ci\u00f3t val\u00f3s\u00edt meg, <\/strong>ez\u00e9rt a r\u00e9szv\u00e9nyportf\u00f3li\u00f3 ide\u00e1lis alanyai. A Constellation Software p\u00e9ld\u00e1ul 1600 v\u00e1llalatot tartalmaz, ha egy bed\u0151l, nem t\u00f6rt\u00e9nik semmi. Ha t\u00falzottan nagyra n\u0151nek, akkor pedig lev\u00e1lasztanak egy r\u00e9szegys\u00e9get magukr\u00f3l, ez a spin-off, amely k\u00fcl\u00f6n v\u00e1llalatk\u00e9nt folytatja az alaptev\u00e9kenys\u00e9get. A legjobb hasonlat, amit hallottam a sorozatfelv\u00e1s\u00e1rl\u00f3kra, a mit\u00f3zis, vagyis a sejtoszt\u00f3d\u00e1s, \u00e9s tulajdonk\u00e9ppen t\u00e9nyleg ezt csin\u00e1lj\u00e1k.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"778\" height=\"381\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/image-16.png.webp\" alt=\"a sorozatfelv\u00e1s\u00e1rl\u00f3k m\u0171k\u00f6d\u00e9se, olyan mint a sejtoszt\u00f3d\u00e1s, \u00edgy egy r\u00e9szv\u00e9nyportf\u00f3li\u00f3 ide\u00e1lis alanyai lehetnek\" class=\"wp-image-12310 lazyload\" style=\"--smush-placeholder-width: 778px; --smush-placeholder-aspect-ratio: 778\/381;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/image-16.png.webp 778w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/image-16-414x203.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/image-16-768x376.png.webp 768w\" data-sizes=\"(max-width: 778px) 100vw, 778px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/www.hermitresearch.com\/p\/75-recurring-revenue-75-upside-a\" target=\"_blank\" rel=\"noreferrer noopener\">Hermit Research<\/a>, a sorozatfelv\u00e1s\u00e1rl\u00f3k m\u0171k\u00f6d\u00e9se, olyan, mint a sejtoszt\u00f3d\u00e1s, \u00edgy egy r\u00e9szv\u00e9nyportf\u00f3li\u00f3 ide\u00e1lis alanyai lehetnek<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">P\u00e9lda a r\u00e9szv\u00e9nyportf\u00f3li\u00f3 perpetual compounder, serial acquirer v\u00e1llalataira: <strong>Constellation Software\/Topicus\/Lumine, Kelly Partners Group, R\u00f6ko AB, Computer Modelling Group.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Perpetual compounder, spawner<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ha ilyen j\u00f3k a sorozatfelv\u00e1s\u00e1rl\u00f3k, mi\u00e9rt nem csak ilyen v\u00e1llalatokat v\u00e1s\u00e1rolok? <strong>Az\u00e9rt, mert a c\u00e9lpontok sz\u00e1ma v\u00e9ges, \u00e9s ahhoz, hogy egy ilyen c\u00e9g folyamatosan n\u0151j\u00f6n, egyre t\u00f6bb vagy egyre nagyobb v\u00e1llalatot kell felv\u00e1s\u00e1rolniuk, ami cs\u00f6kkenti a bels\u0151 megt\u00e9r\u00fcl\u00e9st, \u00e9s nyilv\u00e1n nem tarthat a v\u00e9gtelens\u00e9gig.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"wPWoOzCYte\"><a href=\"https:\/\/iocharts.io\/blog\/amazon-amzn-a-digitalis-gazdasag-svajci-bicskaja\/\">Amazon (AMZN): n\u00f6veked\u00e9si g\u00e9pezet avagy a t\u0151kefal\u00f3 \u00f3ri\u00e1s<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Amazon (AMZN): n\u00f6veked\u00e9si g\u00e9pezet avagy a t\u0151kefal\u00f3 \u00f3ri\u00e1s&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/amazon-amzn-a-digitalis-gazdasag-svajci-bicskaja\/embed\/#?secret=OcsD0vJ4O9#?secret=wPWoOzCYte\" data-secret=\"wPWoOzCYte\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Itt j\u00f6nnek a k\u00e9pbe a spawner vagy m\u00e1s n\u00e9ven ikr\u00e1z\u00f3 v\u00e1llalatok, amelyek a sok megtermelt k\u00e9szp\u00e9nzt nemcsak felv\u00e1s\u00e1rl\u00e1sokra, hanem \u00faj \u00fczlet\u00e1gak l\u00e9trehoz\u00e1s\u00e1ra \u00e9s ezek megfinansz\u00edroz\u00e1s\u00e1ra is k\u00f6ltik. Min\u00e9l t\u00f6bb ilyen startup jelleg\u0171 v\u00e1llalatot hoznak l\u00e9tre, ann\u00e1l t\u00f6bb ingyenjegyet kapnak a k\u00f6vetkez\u0151 nagy m\u00e1ni\u00e1ban val\u00f3 r\u00e9szv\u00e9telhez. A spawner v\u00e1llalatok jellemz\u0151i:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udc51 saj\u00e1t ter\u00fclet\u00fck\u00f6n oligopol\/duopol poz\u00edci\u00f3, akkor is, ha az egy horizont\u00e1lis piac, mint a szoftver,<\/li>\n\n\n\n<li>\u2694\ufe0f a konkurenseket vagy felv\u00e1s\u00e1rolj\u00e1k vagy elveszik organikus n\u00f6veked\u00e9ssel a piacukat,<\/li>\n\n\n\n<li>\ud83c\udf31 rengeteg startupot finansz\u00edroznak, ezek tipikus low-hanging fruitok,<\/li>\n\n\n\n<li>\ud83c\udf0d egyre t\u00f6bb piacon vannak jelen, az alap\u00fczletmenet\u00fck id\u0151vel megv\u00e1ltozik,<\/li>\n\n\n\n<li>\ud83d\ude80 a t\u0151keallok\u00e1ci\u00f3juk nagy r\u00e9sz\u00e9t a n\u00f6veked\u00e9s teszi ki.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"Ad93QICUJ1\"><a href=\"https:\/\/iocharts.io\/blog\/microsoft-msft-esik-a-papir-ki-tudja-hol-all-meg-2\/\">Microsoft (MSFT) r\u00e9szv\u00e9ny 2026: es\u00e9s ut\u00e1n?<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Microsoft (MSFT) r\u00e9szv\u00e9ny 2026: es\u00e9s ut\u00e1n?&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/microsoft-msft-esik-a-papir-ki-tudja-hol-all-meg-2\/embed\/#?secret=KccOgOezOc#?secret=Ad93QICUJ1\" data-secret=\"Ad93QICUJ1\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az egyik legjobb p\u00e9lda a fentiekre az Amazon, <\/strong>ami k\u00f6nyv\u00e1ruh\u00e1zk\u00e9nt indult, ebb\u0151l egy szinte mindent \u00e1rul\u00f3 web\u00e1ruh\u00e1z lett, majd j\u00f6tt a netes streaming, a felh\u0151alap\u00fa adatt\u00e1rol\u00e1s, most meg itt a mesters\u00e9ges intelligencia. Nem v\u00e9letlen\u00fcl n\u0151ttek ezek a v\u00e1llalatok ekkor\u00e1ra, ez a spawnerl\u00e9t l\u00e9nyege.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u00e9lda a r\u00e9szv\u00e9nyportf\u00f3li\u00f3m perpetual compounder spawner v\u00e1llalataira: <strong>Meta, Alphabet, Amazon, Microsoft, Tencent.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"R\u00e9szv\u00e9nyportf\u00f3li\u00f3 kialak\u00edt\u00e1shoz a LightYear egy ide\u00e1lis diszkontbr\u00f3ker\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Perpetual compounder, self-reinforcing moat<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A self-reinforcing moat nagyj\u00e1b\u00f3l \u00f6ner\u0151s\u00edt\u0151 gazdas\u00e1gi v\u00e1r\u00e1rkot jelent. <\/strong>Mi az \u00f6ner\u0151s\u00edt\u0151 gazdas\u00e1gi v\u00e1r\u00e1rok? Vannak olyan v\u00e1llalatok, amelyek a piac olyan szegmens\u00e9ben tev\u00e9kenykednek, hogy egyszer\u0171en nem lehet \u0151ket kiker\u00fclni. Ezt szokt\u00e1k h\u00edvni fojt\u00f3pontnak is, b\u00e1rmit csin\u00e1lsz, a v\u00e9g\u00e9n hozz\u00e1juk kell menned. Ezek a c\u00e9gek jellemz\u0151en viszonylag nagy t\u0151keig\u00e9nnyel dolgoznak, ami az els\u0151 felsorol\u00e1sban kiv\u00e9telk\u00e9nt szerepelt, de ezzel a saj\u00e1t versenyel\u0151ny\u00fcket folyamatosan er\u0151s\u00edtik, a partnereiket pedig egyre s\u00falyosabb f\u00fcgg\u0151 viszonyba hozz\u00e1k. Az \u00f6ner\u0151s\u00edt\u0151 v\u00e1r\u00e1rokkal rendelkez\u0151 c\u00e9gek tipikus jegyei:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83c\udfd7\ufe0f magasabb t\u0151keig\u00e9ny, de \u00f6nmagukba fektetnek,<\/li>\n\n\n\n<li>\ud83d\udd2c nagyon er\u0151s, szinte p\u00f3tolhatatlan technol\u00f3giai versenyel\u0151ny,<\/li>\n\n\n\n<li>\ud83d\udd17 aszimmetrikusan f\u00fcgg\u0151 viszonyban vannak t\u0151l\u00fck a partnerek,<\/li>\n\n\n\n<li>\ud83d\udccb \u00e1ltal\u00e1ban hatalmas backlog, keresletalap\u00fa nyom\u00e1s a piacon,<\/li>\n\n\n\n<li>\ud83e\udd47 szinte teljes monop\u00f3lium a piacon.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"cmuCe6qMGC\"><a href=\"https:\/\/iocharts.io\/blog\/asml-reszveny-jo-befektetes-az-ai-rali-utan\/\">ASML r\u00e9szv\u00e9ny: j\u00f3 befektet\u00e9s az AI-rali ut\u00e1n?<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;ASML r\u00e9szv\u00e9ny: j\u00f3 befektet\u00e9s az AI-rali ut\u00e1n?&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/asml-reszveny-jo-befektetes-az-ai-rali-utan\/embed\/#?secret=zTdic3nFgX#?secret=cmuCe6qMGC\" data-secret=\"cmuCe6qMGC\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A legjobb p\u00e9lda a fentiekre tal\u00e1n az ASML, <\/strong>ami teljesen monopol helyzetben van a saj\u00e1t piac\u00e1n, mik\u00f6zben a chipgy\u00e1rt\u00f3 g\u00e9peit az \u00f6sszes partnernek meg kell vennie. Teljesen mindegy, hogy az Nvidia, a Google, az Amazon, az AMD, vagy ki akar chipeket tervezni, az ASML g\u00e9peivel fogj\u00e1k ezeket legy\u00e1rtani, j\u00f3 es\u00e9llyel a TSMC gy\u00e1raiban.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u00e9lda a r\u00e9szv\u00e9nyportf\u00f3li\u00f3 self-reinforcing moat v\u00e1llalataira: <strong>Taiwan Semiconductor<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Perpetual compounder, cannibal stock<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A kannib\u00e1l r\u00e9szv\u00e9nyek a sima perpetual compounder v\u00e1llalatok egyik alfaja. Nem csin\u00e1lnak m\u00e1st, csak a remek t\u0151keallok\u00e1ci\u00f3s hitvall\u00e1suknak megfelel\u0151en egyszer\u0171en visszav\u00e1s\u00e1rolj\u00e1k a saj\u00e1t r\u00e9szv\u00e9nyeiket. Jellemz\u0151ik:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u2705 minden, ami az alap perpetual compounder c\u00e9gek eset\u00e9ben,<\/li>\n\n\n\n<li>\ud83d\udeab nem nagyon fizetnek osztal\u00e9kot,<\/li>\n\n\n\n<li>\ud83c\udf7d\ufe0f a saj\u00e1t r\u00e9szv\u00e9nyeik jelent\u0151s r\u00e9sz\u00e9t opportunisztikusan visszav\u00e1s\u00e1rolj\u00e1k.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"lU2cNDWD4Y\"><a href=\"https:\/\/iocharts.io\/blog\/adobe-inc-reszvenyelemzese-nyse-adbe\/\">Adobe (ADBE) r\u00e9szv\u00e9ny elemz\u00e9s: AI-verseny \u00e9s \u00e9rt\u00e9kelts\u00e9g<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Adobe (ADBE) r\u00e9szv\u00e9ny elemz\u00e9s: AI-verseny \u00e9s \u00e9rt\u00e9kelts\u00e9g&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/adobe-inc-reszvenyelemzese-nyse-adbe\/embed\/#?secret=pFoM4Evd4y#?secret=lU2cNDWD4Y\" data-secret=\"lU2cNDWD4Y\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">P\u00e9lda a r\u00e9szv\u00e9nyportf\u00f3li\u00f3 cannibal stock v\u00e1llalataira: <strong>Adobe<\/strong>, de a kor\u00e1bbi poz\u00edci\u00f3im k\u00f6z\u00fcl a <strong>PayPal<\/strong> \u00e9s az <strong>Evolution AB<\/strong> voltak ilyenek.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>A r\u00e9szv\u00e9nyportf\u00f3li\u00f3 egy\u00e9b elemei<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A 24 elem\u0171 portf\u00f3li\u00f3mban van 5 olyan c\u00e9g, amely nem tartozik egyik kateg\u00f3ri\u00e1ba sem, de valamilyen speci\u00e1lis piaci szitu\u00e1ci\u00f3 miatt v\u00e1s\u00e1roltam bel\u0151l\u00fck. Ezek jellemz\u0151en a kiv\u00e9telt er\u0151s\u00edt\u0151 szab\u00e1ly kateg\u00f3ri\u00e1ba tartoznak, de van olyan piaci helyzet, amikor te is meg fogsz venni n\u00e9h\u00e1ny nevet, \u00e9s \u00edgy v\u00e1lnak ezek a r\u00e9szv\u00e9nyportf\u00f3li\u00f3 r\u00e9sz\u00e9v\u00e9, \u00e9s nem az\u00e9rt, mert am\u00fagy a keretrendszernek is megfelelnek. Fontos, hogy ezek extr\u00e9m kock\u00e1zat\/nyeres\u00e9g ar\u00e1ny\u00fa helyzetek, de nem ez a jellemz\u0151.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Philip Morris (melting ice cube with a phoenix option)<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">A doh\u00e1nyipari c\u00e9get szinte mindenki ismeri, \u00e9s teljesen irre\u00e1lis \u00e9rt\u00e9kelts\u00e9gen forgott 2020-ban, \u00edgy v\u00e1lt a r\u00e9szv\u00e9nyportf\u00f3li\u00f3 r\u00e9sz\u00e9v\u00e9. A f\u0151nix opci\u00f3 itt arra utal, hogy l\u00e9nyeg\u00e9ben k\u00e9pesek voltak a saj\u00e1t, hanyatl\u00f3 ipar\u00e1gukat megreform\u00e1lni a heat-not-burn technol\u00f3gi\u00e1val, \u00e9s \u00fajra felt\u00e1madni a saj\u00e1t hamvaikb\u00f3l, ami egy doh\u00e1nyipari c\u00e9gn\u00e9l szinte m\u00e1r szimbolikus. Plusz, a 80\/20-as besorol\u00e1suk miatt az osztal\u00e9kuk ut\u00e1n nagyon kev\u00e9s ad\u00f3t kell fizetnem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Megvenn\u00e9m-e jelenleg: <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">nem!<\/mark> <\/strong><\/strong> <strong>Alapvet\u0151en az \u00e9rt\u00e9kelts\u00e9gi szorz\u00f3n bukna el a dolog,<\/strong> de a jelent\u0151s ad\u00f3ss\u00e1g is zavar, ett\u0151l f\u00fcggetlen\u00fcl kiv\u00e1l\u00f3 c\u00e9gnek tartom, illetve \u00e9rdemes azt hozz\u00e1tenni, hogy kvantitat\u00edv szempontb\u00f3l viszonylag neh\u00e9z belek\u00f6tni. <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-green-cyan-color\">B\u0151 hat \u00e9v alatt +140% \u00f6sszhozamot (16.14% CAGR) hozott, erre j\u00f6n r\u00e1 az \u00e9vi 6-7% osztal\u00e9khozam (+36-42%), megverve ezzel az S&amp;P 500 154.88%-os (17.4% CAGR) hozam\u00e1t (a jelenlegi \u00e1rfolyam mellett, ett\u0151l a t\u00e1bl\u00e1zatban l\u00e9v\u0151 \u00e9rt\u00e9kek elt\u00e9rnek).<\/mark><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Simon Property Group (REIT)<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Alapvet\u0151en nem v\u00e1s\u00e1rolok ingatlankezel\u0151 v\u00e1llalatokat a t\u0151keallok\u00e1ci\u00f3juk miatt, az SPG a kiv\u00e9tel. A PM-mel egy\u00fctt ker\u00fclt a r\u00e9szv\u00e9nyportf\u00f3li\u00f3ba 2020-ban, irre\u00e1lis \u00e9rt\u00e9kelts\u00e9g \u00e9s rendk\u00edv\u00fcl magas osztal\u00e9khozam v\u00e1rakoz\u00e1sok mellett. Mivel ad\u00f3val korrig\u00e1lva is 9.9% hozamot kapok a r\u00e9szv\u00e9nyre, ami nagyj\u00e1b\u00f3l az amerikai r\u00e9szv\u00e9nyindex 120 \u00e9ves \u00e1tlaghozama, \u00edgy nem volt neh\u00e9z vele fel\u00fclteljes\u00edteni a piacot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Megvenn\u00e9m-e jelenleg: <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">nem!<\/mark> <\/strong><\/strong> <strong>Alapvet\u0151en az \u00e9rt\u00e9kelts\u00e9gi szorz\u00f3n bukna el a dolog,<\/strong> ami befoly\u00e1solja az osztal\u00e9kot is, de val\u00f3sz\u00edn\u0171leg egy\u00e9bk\u00e9nt is ez lesz az utols\u00f3 REIT a portf\u00f3li\u00f3mban. Viszont, ahogyan kor\u00e1bban is eml\u00edtettem, fundament\u00e1lis oldalr\u00f3l neh\u00e9z a v\u00e1llalatba belek\u00f6tni, a menedzsment pedig kiv\u00e9telesen j\u00f3. <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-green-cyan-color\">B\u0151 hat \u00e9v alatt +239% \u00f6sszhozamot (+22.42% CAGR) hozott, erre j\u00f6n r\u00e1 az \u00e9vi 9-10% osztal\u00e9khozam (+54-60%), agyonverve ezzel az S&amp;P 500 154.88%-os (+17.4% CAGR) hozam\u00e1t <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-green-cyan-color\">(a jelenlegi \u00e1rfolyam mellett, ett\u0151l a t\u00e1bl\u00e1zatban l\u00e9v\u0151 \u00e9rt\u00e9kek elt\u00e9rnek).<\/mark><\/strong><\/mark><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Novo Nordisk<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">A Novo Nordisk egy biotechnol\u00f3giai v\u00e1llalat, ami alapvet\u0151en kiz\u00e1r\u00f3 t\u00e9nyez\u0151 kellene, hogy legyen. Viszont a diab\u00e9teszpiacon \u00f6sszesen k\u00e9t c\u00e9g versenyez, az NVO \u00e9s az Eli Lilly, erre j\u00f6tt r\u00e1 a fogy\u00f3k\u00far\u00e1s gy\u00f3gyszerek piaca, ami ak\u00e1r a sz\u00e1zszoros\u00e1ra is n\u0151het a k\u00f6vetkez\u0151 \u00e9vekben. <strong>A Novo Nordiskra r\u00e1 lehet fogni, hogy egy perpetual compounder, <\/strong>a probl\u00e9m\u00e1ja ugyanaz, mint az \u00f6sszes gy\u00f3gyszergy\u00e1rt\u00f3nak: nem lehet tudni, mikor, milyen fejleszt\u00e9s alatt \u00e1ll\u00f3 gy\u00f3gyszer j\u00f6n be vagy lesz bukta (ezt h\u00edvj\u00e1k pipeline risknek). <strong>Erre szokt\u00e1k azt mondani, hogy boom and bust: vagy bej\u00f6n vagy nem.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Megvenn\u00e9m-e jelenleg: <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-green-cyan-color\">igen!<\/mark> <\/strong>Ez egy nagyon j\u00f3 min\u0151s\u00e9g\u0171 v\u00e1llalat agyonvert \u00e1rfolyamon. Adni kell a t\u00e9zisnek m\u00e9g id\u0151t \u00e9s az \u00e9rt\u00e9kelts\u00e9ge a cikk \u00edr\u00e1sa pillanat\u00e1ban is rendben van, igaz amikor a r\u00e9szv\u00e9nyportf\u00f3li\u00f3 eleme lett, nem v\u00e1rtam t\u0151le ekkora szenved\u00e9st. De a meggy\u0151z\u0151d\u00e9sem er\u0151s, \u00edgy nincs mi\u00e9rt eladnom, <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">viszont eddig \u221225.72% (\u221223.97% CAGR) hozamot hozott a cikk \u00edr\u00e1s\u00e1nak pillanat\u00e1ban<\/mark> <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>(a jelenlegi \u00e1rfolyam mellett, ett\u0151l a t\u00e1bl\u00e1zatban l\u00e9v\u0151 \u00e9rt\u00e9kek elt\u00e9rnek).<\/strong><\/mark><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"2wtAhJr0Ju\"><a href=\"https:\/\/iocharts.io\/blog\/novo-nordisk-reszveny-elemzese-nvo-gyorsabban-fogy-mint-fogyaszt\/\">Novo Nordisk (NVO) r\u00e9szv\u00e9ny elemz\u00e9s \u00e9s kil\u00e1t\u00e1sok<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Novo Nordisk (NVO) r\u00e9szv\u00e9ny elemz\u00e9s \u00e9s kil\u00e1t\u00e1sok&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/novo-nordisk-reszveny-elemzese-nvo-gyorsabban-fogy-mint-fogyaszt\/embed\/#?secret=pfgIdlggKP#?secret=2wtAhJr0Ju\" data-secret=\"2wtAhJr0Ju\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>BlackRock<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A BlackRock a vil\u00e1g legnagyobb alapkezel\u0151je, az ETF-ekben kezelt vagyon alapj\u00e1n a m\u00e1sodik, a Vanguard nem olyan r\u00e9gen el\u0151zte meg. A vagyonkezel\u0151kkel az a gond, hogy nagyon neh\u00e9z a t\u0151keszerkezet\u00fcket elemezni, viszonylag ciklikusak, de ami a BLK eset\u00e9ben a legnagyobb baj, hogy a saj\u00e1t m\u0171k\u00f6d\u00e9si modellje erod\u00e1lja a marzsokat. Mivel a p\u00e9nz nagy r\u00e9sze a magasabb k\u00f6lts\u00e9gekkel dolgoz\u00f3, akt\u00edvan kezelt alapokt\u00f3l az olcs\u00f3bb passz\u00edvan kezelt ETF-ek fel\u00e9 \u00e1ramlik, ez folyamatos marzsnyom\u00e1st fejt ki a BlackRockra. \u00c9ppen ez\u00e9rt v\u00e1s\u00e1rol fel akt\u00edvan kezelt alapokat tulajdonl\u00f3 c\u00e9geket, ami igaz\u00e1b\u00f3l egy k\u00e9nyszer, hogy az er\u0151s \u00e1raz\u00e1sukat fenntarts\u00e1k. Ezen fel\u00fcl a t\u00f6bbi alapkezel\u0151vel is versenyeznie kell, r\u00e1ad\u00e1sul a kapcsol\u00e1si k\u00f6lts\u00e9ge sem olyan magas, mint ahogy gondoltam.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Megvenn\u00e9m-e jelenleg: <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">nem!<\/mark> A probl\u00e9ma a c\u00e9g \u00fczletmenet\u00e9ben van,<\/strong> ami egy \u00f6ngyeng\u00edt\u0151 folyamat.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-green-cyan-color\"> <strong>B\u0151 4 \u00e9v alatt +77% hozamot hozott (+13.55% CAGR), ehhez t\u00e1rsul az \u00e9vi 2.55% osztal\u00e9k, ami durv\u00e1n 10% extra hozamot biztos\u00edtott, \u00edgy ezzel is megvertem az S&amp;P 500-at, ami ezen id\u0151szak alatt 62.7% \u00f6sszhozamot (+12.9% CAGR) jelentett<\/strong><\/mark> <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-green-cyan-color\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-green-cyan-color\">(a jelenlegi \u00e1rfolyam mellett, ett\u0151l a t\u00e1bl\u00e1zatban l\u00e9v\u0151 \u00e9rt\u00e9kek elt\u00e9rnek).<\/mark><\/strong><\/mark><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Alibaba<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az Alibaba a k\u00ednai Amazon akart lenni p\u00e1r \u00e9ve, azonban 5 \u00e9ve, ami\u00f3ta az els\u0151 poz\u00edci\u00f3mat felvettem a c\u00e9gben, l\u00e9nyeg\u00e9ben folyamatosan alulteljes\u00edt. A brut\u00e1lisan er\u0151s k\u00ednai verseny megfojtja a web\u00e1ruh\u00e1z r\u00e9szt &#8211; gondolj a Temura -, a felh\u0151szolg\u00e1ltat\u00e1sok ki\u00e9p\u00fcl\u00e9se m\u00e9g csak most indul be, van mesters\u00e9ges intelligencia ipar\u00e1guk is, de ink\u00e1bb egy nagy katyvasznak n\u00e9z ki, mint az \u00faj Google-nek. Vannak tov\u00e1bb\u00e1 speci\u00e1lis kock\u00e1zatai is a k\u00ednai v\u00e1llalatoknak, a VIE strukt\u00far\u00e1n kereszt\u00fcli r\u00e9szv\u00e9nybirtokl\u00e1s, az \u00e1llami szab\u00e1lyoz\u00e1s kisz\u00e1m\u00edthatatlans\u00e1ga, illetve az, hogy ezt a t\u00f6bbi befektet\u0151 is tudja, \u00edgy a \u201cK\u00edna-kock\u00e1zat\u201d miatt sokszor az \u00e1rfolyamban a fundament\u00e1lis javul\u00e1s egyszer\u0171en nem jelenik meg.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Megvenn\u00e9m-e jelenleg: <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">nem!<\/mark><\/strong><\/strong> <strong>A probl\u00e9ma a c\u00e9g \u00fczletmenet\u00e9ben van,<\/strong> ami egy \u00f6ngyeng\u00edt\u0151 folyamat.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-green-cyan-color\"> <\/mark><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">B\u0151 4 \u00e9v alatt \u221236% hozamot hozott (\u22129.37% CAGR), ehhez t\u00e1rsul a nem sz\u00e1mottev\u0151, 1% alatti osztal\u00e9k, \u00edgy ezzel cs\u00fany\u00e1n alulm\u00faltam az S&amp;P 500-at, ami ezen id\u0151szak alatt 62.7% \u00f6sszhozamot (+12.9% CAGR) jelentett<strong> <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>(a jelenlegi \u00e1rfolyam mellett, ett\u0151l a t\u00e1bl\u00e1zatban l\u00e9v\u0151 \u00e9rt\u00e9kek elt\u00e9rnek).<\/strong><\/mark><\/strong><\/mark><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A fentiekb\u0151l l\u00e1that\u00f3, hogy az 5 r\u00e9szv\u00e9nyb\u0151l:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcb0 2 darabot (PM, SPG) az \u00e9rt\u00e9kelts\u00e9gi szorz\u00f3 miatt nem venn\u00e9k meg (de am\u00fagy nem illik a keretrendszerembe), pedig fel\u00fclteljes\u00edtette az S&amp;P 500-at, <\/li>\n\n\n\n<li>\ud83d\udd01 1 darabot (NVO) \u00fajra megvenn\u00e9k, pedig alulteljes\u00edtette az S&amp;P 500-at, <\/li>\n\n\n\n<li>\ud83c\udfe6 1 darabot (BLK) az \u00fczletmenet miatt nem venn\u00e9k meg, pedig fel\u00fclteljes\u00edtette az S&amp;P 500-at, <\/li>\n\n\n\n<li>\ud83d\udcc9 1 darabot (BABA) az \u00fczletmenet miatt nem venn\u00e9k meg, \u00e9s ezzel cs\u00fany\u00e1n alul is teljes\u00edtettem az S&amp;P 500-at.<\/li>\n<\/ul>\n\n\n\n<pre class=\"wp-block-preformatted\">\u261d\ufe0f<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Teh\u00e1t a portf\u00f3li\u00f3\u00e9p\u00edt\u00e9s nagyon nem egy fekete-feh\u00e9r dolog, sz\u00e1mtalan oka lehet annak, hogy egy v\u00e1llalat beker\u00fcl-e vagy \u00e9ppen nem.<\/strong><\/mark><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"R\u00e9szv\u00e9nyportf\u00f3li\u00f3 kialak\u00edt\u00e1shoz a LightYear egy ide\u00e1lis diszkontbr\u00f3ker\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>A r\u00e9szv\u00e9nyportf\u00f3li\u00f3 megoszl\u00e1sa<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Jelenleg a r\u00e9szv\u00e9nyportf\u00f3li\u00f3mban 24 darab r\u00e9szv\u00e9ny van, 3 szolg\u00e1ltat\u00f3n\u00e1l, 5 k\u00fcl\u00f6nb\u00f6z\u0151 TBSZ-sz\u00e1ml\u00e1n, <\/strong>hogy cs\u00f6kkentsem az int\u00e9zm\u00e9nyi kock\u00e1zatot \u00e9s az ad\u00f3terheket. Mivel a lenti t\u00e1bl\u00e1zat csak egy pillanatnyi \u00e1llapotot t\u00fckr\u00f6z \u00e9s nem mutatja azokat a c\u00e9geket, amiket m\u00e1r kor\u00e1bban eladtam, ez\u00e9rt ebb\u0151l igaz\u00e1b\u00f3l messzemen\u0151 k\u00f6vetkeztet\u00e9seket nem lehet levonni. Viszont ennek a sorozatnak pont az a c\u00e9lja, hogy nagyj\u00e1b\u00f3l f\u00e9l\u00e9venk\u00e9nt visszatekintsek a portf\u00f3li\u00f3ra \u00e9s megosszam veled a tapasztalataimat, \u00edgy te is tudod majd k\u00f6vetni a v\u00e1ltoz\u00e1sokat.<\/p>\n\n\n\n<style>\n.io-portfolio{--io-navy:#1b2a4a;--io-orange:#e8722b;--io-line:#e2e6ec;font-family:-apple-system,BlinkMacSystemFont,\"Segoe UI\",Roboto,Arial,sans-serif;margin:2em 0;width:100%;max-width:1000px}\n.io-portfolio .io-scroll{overflow-x:auto;-webkit-overflow-scrolling:touch;border:1px solid var(--io-line);border-radius:6px}\n.io-portfolio table{border-collapse:collapse;table-layout:auto;width:100%;min-width:860px;font-size:12.5px;line-height:1.4;margin:0}\n.io-portfolio thead th{background:var(--io-navy);color:#fff !important;font-weight:600;font-size:11px;text-align:left;padding:9px 7px;vertical-align:bottom;white-space:nowrap;border:none}\n.io-portfolio thead th.num{text-align:right}\n.io-portfolio tbody td{padding:7px;border-top:1px solid var(--io-line);vertical-align:top;white-space:nowrap;overflow:visible;text-overflow:clip}\n.io-portfolio tbody tr:nth-child(even){background:#f7f9fb}\n.io-portfolio tbody tr:hover{background:#fdf1e8}\n.io-portfolio td.num{text-align:right;font-variant-numeric:tabular-nums}\n.io-portfolio td.sym{font-weight:600;color:var(--io-navy)}\n.io-portfolio td.note{white-space:normal;color:#55606f;font-size:11.5px;line-height:1.3;width:1%}\n.io-portfolio .up{color:#0f7a44;font-variant-numeric:tabular-nums}\n.io-portfolio .down{color:#c0392b;font-variant-numeric:tabular-nums}\n.io-portfolio .muted{color:#9aa3ae}\n.io-portfolio .est{color:#9aa3ae;font-style:italic}\n.io-portfolio .mv{font-weight:600;color:var(--io-orange)}\n.io-portfolio tfoot td{padding:8px 7px;border-top:2px solid var(--io-navy);font-weight:600;background:#f0f3f7;color:var(--io-navy);white-space:nowrap}\n.io-portfolio .io-foot{font-size:11.5px;color:#77808c;margin:.7em 0 0;line-height:1.6}\n<\/style>\n\n<div class=\"io-portfolio\">\n<div class=\"io-scroll\">\n<table>\n<thead>\n<tr>\n<th class=\"num\">#<\/th>\n<th>Ticker<\/th>\n<th class=\"num\">Hozam<\/th>\n<th class=\"num\">Szorz\u00f3<\/th>\n<th class=\"num\">CAGR<\/th>\n<th class=\"num\">Osztal\u00e9k<\/th>\n<th class=\"num\">On cost<\/th>\n<th class=\"num\">Portf\u00f3li\u00f3<\/th>\n<th>V\u00e1s\u00e1rl\u00e1s<\/th>\n<th class=\"num\">\u00c9v<\/th>\n<th>Megjegyz\u00e9s<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr><td class=\"num\">1<\/td><td class=\"sym\">SPG<\/td><td class=\"num up\">+245.05%<\/td><td class=\"num\">3.45x<\/td><td class=\"num up\">+22.9%<\/td><td class=\"num\">14.28%<\/td><td class=\"num\">0.51%<\/td><td class=\"num mv\">1.74%<\/td><td>2020-08-18<\/td><td class=\"num\">6.00<\/td><td class=\"note\">NEM compounder<\/td><\/tr>\n<tr><td class=\"num\">2<\/td><td class=\"sym\">PM<\/td><td class=\"num up\">+134.95%<\/td><td class=\"num\">2.35x<\/td><td class=\"num up\">+15.8%<\/td><td class=\"num\">7.44%<\/td><td class=\"num\">1.96%<\/td><td class=\"num mv\">4.62%<\/td><td>2020-10-22<\/td><td class=\"num\">5.82<\/td><td class=\"note\">melting ice cube<br>with a phoenix option<\/td><\/tr>\n<tr><td class=\"num\">3<\/td><td class=\"sym\">V<\/td><td class=\"num up\">+80.68%<\/td><td class=\"num\">1.81x<\/td><td class=\"num up\">+13.3%<\/td><td class=\"num\">1.34%<\/td><td class=\"num\">0.64%<\/td><td class=\"num mv\">1.15%<\/td><td>2021-11-19<\/td><td class=\"num\">4.74<\/td><td class=\"note\">perpetual compounder<\/td><\/tr>\n<tr><td class=\"num\">4<\/td><td class=\"sym\">META<\/td><td class=\"num up\">+143.17%<\/td><td class=\"num\">2.43x<\/td><td class=\"num up\">+21.6%<\/td><td class=\"num\">0.88%<\/td><td class=\"num\">3.20%<\/td><td class=\"num mv\">7.78%<\/td><td>2022-02-02<\/td><td class=\"num\">4.54<\/td><td class=\"note\">perpetual compounder,<br>spawner<\/td><\/tr>\n<tr><td class=\"num\">5<\/td><td class=\"sym\">BABA<\/td><td class=\"num down\">\u221233.42%<\/td><td class=\"num\">0.67x<\/td><td class=\"num down\">\u22128.7%<\/td><td class=\"num\">0.57%<\/td><td class=\"num\">3.20%<\/td><td class=\"num mv\">2.13%<\/td><td>2022-02-18<\/td><td class=\"num\">4.49<\/td><td class=\"note\">NEM compounder<\/td><\/tr>\n<tr><td class=\"num\">6<\/td><td class=\"sym\">BLK<\/td><td class=\"num up\">+76.95%<\/td><td class=\"num\">1.77x<\/td><td class=\"num up\">+13.7%<\/td><td class=\"num\">3.48%<\/td><td class=\"num\">1.05%<\/td><td class=\"num mv\">1.86%<\/td><td>2022-03-04<\/td><td class=\"num\">4.45<\/td><td class=\"note\">NEM compounder<\/td><\/tr>\n<tr><td class=\"num\">7<\/td><td class=\"sym\">TCEHY<\/td><td class=\"num up\">+19.72%<\/td><td class=\"num\">1.20x<\/td><td class=\"num up\">+4.6%<\/td><td class=\"num\">1.29%<\/td><td class=\"num\">3.49%<\/td><td class=\"num mv\">4.18%<\/td><td>2022-08-12<\/td><td class=\"num\">4.01<\/td><td class=\"note\">perpetual compounder,<br>spawner<\/td><\/tr>\n<tr><td class=\"num\">8<\/td><td class=\"sym\">MSFT<\/td><td class=\"num up\">+110.40%<\/td><td class=\"num\">2.10x<\/td><td class=\"num up\">+20.7%<\/td><td class=\"num\">1.58%<\/td><td class=\"num\">1.32%<\/td><td class=\"num mv\">2.79%<\/td><td>2022-09-01<\/td><td class=\"num\">3.96<\/td><td class=\"note\">perpetual compounder,<br>spawner<\/td><\/tr>\n<tr><td class=\"num\">9<\/td><td class=\"sym\">MA<\/td><td class=\"num up\">+87.15%<\/td><td class=\"num\">1.87x<\/td><td class=\"num up\">+17.4%<\/td><td class=\"num\">1.15%<\/td><td class=\"num\">0.68%<\/td><td class=\"num mv\">1.26%<\/td><td>2022-09-22<\/td><td class=\"num\">3.90<\/td><td class=\"note\">perpetual compounder<\/td><\/tr>\n<tr><td class=\"num\">10<\/td><td class=\"sym\">TSM<\/td><td class=\"num up\">+401.01%<\/td><td class=\"num\">5.01x<\/td><td class=\"num up\">+51.5%<\/td><td class=\"num\">5.21%<\/td><td class=\"num\">2.54%<\/td><td class=\"num mv\">12.72%<\/td><td>2022-09-30<\/td><td class=\"num\">3.88<\/td><td class=\"note\">perpetual compounder,<br>self-reinforcing moat<\/td><\/tr>\n<tr><td class=\"num\">11<\/td><td class=\"sym\">GOOGL<\/td><td class=\"num up\">+222.86%<\/td><td class=\"num\">3.23x<\/td><td class=\"num up\">+36.2%<\/td><td class=\"num\">0.83%<\/td><td class=\"num\">2.89%<\/td><td class=\"num mv\">9.34%<\/td><td>2022-11-02<\/td><td class=\"num\">3.79<\/td><td class=\"note\">perpetual compounder,<br>spawner<\/td><\/tr>\n<tr><td class=\"num\">12<\/td><td class=\"sym\">AMZN<\/td><td class=\"num up\">+99.77%<\/td><td class=\"num\">2.00x<\/td><td class=\"num up\">+20.8%<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num\">4.18%<\/td><td class=\"num mv\">8.35%<\/td><td>2022-12-19<\/td><td class=\"num\">3.66<\/td><td class=\"note\">perpetual compounder,<br>spawner<\/td><\/tr>\n<tr><td class=\"num\">13<\/td><td class=\"sym\">DNOPY<\/td><td class=\"num down\">\u22126.12%<\/td><td class=\"num\">0.94x<\/td><td class=\"num down\">\u22122.6%<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num\">2.53%<\/td><td class=\"num mv\">2.38%<\/td><td>2024-03-22<\/td><td class=\"num\">2.40<\/td><td class=\"note\">perpetual compounder<\/td><\/tr>\n<tr><td class=\"num\">14<\/td><td class=\"sym\">CMG.TO<\/td><td class=\"num down\">\u221242.23%<\/td><td class=\"num\">0.58x<\/td><td class=\"num down\">\u221236.2%<\/td><td class=\"num\">0.59%<\/td><td class=\"num\">4.03%<\/td><td class=\"num mv\">2.33%<\/td><td>2025-05-28<\/td><td class=\"num\">1.22<\/td><td class=\"note\">perpetual compounder,<br>serial acquirer<\/td><\/tr>\n<tr><td class=\"num\">15<\/td><td class=\"sym\">NVO<\/td><td class=\"num down\">\u221226.35%<\/td><td class=\"num\">0.74x<\/td><td class=\"num down\">\u221225.3%<\/td><td class=\"num\">2.93%<\/td><td class=\"num\">4.00%<\/td><td class=\"num mv\">2.95%<\/td><td>2025-07-30<\/td><td class=\"num\">1.05<\/td><td class=\"note\">NEM compounder<\/td><\/tr>\n<tr><td class=\"num\">16<\/td><td class=\"sym\">ROKO-B.ST<\/td><td class=\"num down\">\u22120.97%<\/td><td class=\"num\">0.99x<\/td><td class=\"num down\">\u22121.2%<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num\">0.66%<\/td><td class=\"num mv\">0.65%<\/td><td>2025-10-24<\/td><td class=\"num\">0.81<\/td><td class=\"note\">perpetual compounder,<br>serial acquirer<\/td><\/tr>\n<tr><td class=\"num\">17<\/td><td class=\"sym\">LMN.V<\/td><td class=\"num down\">\u22123.47%<\/td><td class=\"num\">0.97x<\/td><td class=\"num down\">\u22124.4%<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num\">3.12%<\/td><td class=\"num mv\">3.01%<\/td><td>2025-11-04<\/td><td class=\"num\">0.78<\/td><td class=\"note\">perpetual compounder,<br>serial acquirer<\/td><\/tr>\n<tr><td class=\"num\">18<\/td><td class=\"sym\">KPG.AX<\/td><td class=\"num down\">\u221210.87%<\/td><td class=\"num\">0.89x<\/td><td class=\"num down\">\u221219.4%<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num\">5.38%<\/td><td class=\"num mv\">4.79%<\/td><td>2026-02-03<\/td><td class=\"num\">0.53<\/td><td class=\"note\">perpetual compounder,<br>serial acquirer<\/td><\/tr>\n<tr><td class=\"num\">19<\/td><td class=\"sym\">TOI.V<\/td><td class=\"num down\">\u22123.86%<\/td><td class=\"num\">0.96x<\/td><td class=\"num down\">\u22127.1%<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num\">2.72%<\/td><td class=\"num mv\">2.62%<\/td><td>2026-02-03<\/td><td class=\"num\">0.53<\/td><td class=\"note\">perpetual compounder,<br>serial acquirer<\/td><\/tr>\n<tr><td class=\"num\">20<\/td><td class=\"sym\">CPRT<\/td><td class=\"num down\">\u221219.09%<\/td><td class=\"num\">0.81x<\/td><td class=\"num down\">\u221235.3%<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num\">4.45%<\/td><td class=\"num mv\">3.60%<\/td><td>2026-02-20<\/td><td class=\"num\">0.49<\/td><td class=\"note\">perpetual compounder<\/td><\/tr>\n<tr><td class=\"num\">21<\/td><td class=\"sym\">KNSL<\/td><td class=\"num up\">+7.16%<\/td><td class=\"num\">1.07x<\/td><td class=\"num est\">(+26.3%)<\/td><td class=\"num\">0.28%<\/td><td class=\"num\">3.25%<\/td><td class=\"num mv\">3.49%<\/td><td>2026-05-01<\/td><td class=\"num\">0.30<\/td><td class=\"note\">perpetual compounder<\/td><\/tr>\n<tr><td class=\"num\">22<\/td><td class=\"sym\">CSU.TO<\/td><td class=\"num up\">+6.15%<\/td><td class=\"num\">1.06x<\/td><td class=\"num est\">(+25.5%)<\/td><td class=\"num\">0.20%<\/td><td class=\"num\">7.27%<\/td><td class=\"num mv\">7.71%<\/td><td>2026-05-13<\/td><td class=\"num\">0.26<\/td><td class=\"note\">perpetual compounder,<br>serial acquirer<\/td><\/tr>\n<tr><td class=\"num\">23<\/td><td class=\"sym\">ADBE<\/td><td class=\"num up\">+27.50%<\/td><td class=\"num\">1.27x<\/td><td class=\"num est\">(+328%)<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num\">1.41%<\/td><td class=\"num mv\">1.79%<\/td><td>2026-06-17<\/td><td class=\"num\">0.17<\/td><td class=\"note\">perpetual compounder,<br>cannibal stock<\/td><\/tr>\n<tr><td class=\"num\">24<\/td><td class=\"sym\">CER.L<\/td><td class=\"num down\">\u22123.43%<\/td><td class=\"num\">0.97x<\/td><td class=\"num muted\">n.a.<\/td><td class=\"num\">1.70%<\/td><td class=\"num\">1.47%<\/td><td class=\"num mv\">1.42%<\/td><td>2026-08-13<\/td><td class=\"num\">0.01<\/td><td class=\"note\">perpetual compounder<\/td><\/tr>\n<\/tbody>\n<tfoot>\n<tr><td class=\"num\"><\/td><td>R\u00e9szv\u00e9nyek<\/td><td class=\"num up\">+43.5%<\/td><td class=\"num\">1.44x<\/td><td class=\"num\"><\/td><td class=\"num\">1.10%<\/td><td class=\"num\">65.95%<\/td><td class=\"num\">94.66%<\/td><td><\/td><td class=\"num\"><\/td><td class=\"note\">24 poz\u00edci\u00f3<\/td><\/tr>\n<tr><td class=\"num\"><\/td><td>Cash<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num muted\">\u2014<\/td><td class=\"num\">5.34%<\/td><td class=\"num\">5.34%<\/td><td><\/td><td class=\"num\"><\/td><td class=\"note\">k\u00e9szp\u00e9nz\u00e1llom\u00e1ny<\/td><\/tr>\n<tr><td class=\"num\"><\/td><td>\u00d6sszesen<\/td><td class=\"num\"><\/td><td class=\"num\"><\/td><td class=\"num\"><\/td><td class=\"num\">0.73%<\/td><td class=\"num\">71.29%<\/td><td class=\"num\">100.00%<\/td><td><\/td><td class=\"num\"><\/td><td class=\"note\">piaci \u00e9rt\u00e9k alapj\u00e1n<\/td><\/tr>\n<\/tfoot>\n<\/table>\n<\/div>\n<p class=\"io-foot\">Hozam = nem realiz\u00e1lt \u00e1rfolyamnyeres\u00e9g a beker\u00fcl\u00e9si \u00e1rhoz k\u00e9pest. Szorz\u00f3 = a poz\u00edci\u00f3 jelenlegi \u00e9rt\u00e9ke a befektetett \u00f6sszeg t\u00f6bbsz\u00f6r\u00f6sek\u00e9nt. CAGR = \u00e9ves\u00edtett hozam; z\u00e1r\u00f3jelben az egy \u00e9vn\u00e9l r\u00f6videbb tart\u00e1sok, ahol az \u00e9ves\u00edt\u00e9s matematikailag helyes, de nem informat\u00edv. Osztal\u00e9k = a jelenlegi deklar\u00e1lt osztal\u00e9kszint a beker\u00fcl\u00e9si \u00e1rra vet\u00edtve (on cost), helyi deviz\u00e1ban, brutt\u00f3, forr\u00e1sad\u00f3 n\u00e9lk\u00fcl. V\u00e1s\u00e1rl\u00e1s = az utols\u00f3 v\u00e1s\u00e1rl\u00e1s d\u00e1tuma, \u00c9v = az az\u00f3ta eltelt id\u0151. Az \u201eOn cost\u201d \u00e9s a \u201ePortf\u00f3li\u00f3\u201d oszlop nevez\u0151je egyar\u00e1nt a portf\u00f3li\u00f3 teljes piaci \u00e9rt\u00e9ke, ez\u00e9rt csak az ut\u00f3bbi \u00f6sszegz\u0151dik 100%-ra. Nem befektet\u00e9si tan\u00e1cs.<\/p>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">P\u00e1r kieg\u00e9sz\u00edt\u00e9sem az\u00e9rt van a fentiekhez:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u23f3 A tart\u00e1si id\u0151 a val\u00f3s\u00e1gban hosszabb, <\/strong>mint ami a t\u00e1bl\u00e1zatban szerepel: a d\u00e1tum az adott r\u00e9szv\u00e9nyben utolj\u00e1ra felvett poz\u00edci\u00f3t mutatja, de volt, amit 6\u201312 h\u00f3napon \u00e1t, t\u00f6bb r\u00e9szletben vettem.<\/li>\n\n\n\n<li><strong>\ud83d\udcc8 J\u00f3l l\u00e1tszik, hogy a hosszabb tart\u00e1si id\u0151 magasabb hozamot eredm\u00e9nyezett,<\/strong> vagyis a kor\u00e1bban eml\u00edtett elv, hogy el\u00e9g id\u0151 alatt a jobb min\u0151s\u00e9g val\u00f3ban be\u00e1raz\u00f3dik, ebben a portf\u00f3li\u00f3ban is megmutatkozik.<\/li>\n\n\n\n<li><strong>\u2696\ufe0f A legnagyobb pluszban a TSMC van +401%-kal, <\/strong>a legnagyobb buk\u00f3ban pedig a CMG \u221242%-kal. Ebb\u0151l l\u00e1that\u00f3 a long-only filoz\u00f3fia el\u0151nye: felfel\u00e9 az \u00e1rfolyam-emelked\u00e9sre a t\u00e9r v\u00e9gtelen, lefel\u00e9 viszont limit\u00e1lt.<\/li>\n\n\n\n<li><strong>\ud83c\udfaf A Top 5 legnagyobb poz\u00edci\u00f3m a portf\u00f3li\u00f3 45.9%-\u00e1t, teh\u00e1t k\u00f6zel a fel\u00e9t teszi ki, ha a Constellation Software-t, a Topicust \u00e9s a Lumine-t csak egy v\u00e1llalatnak veszem (egy\u00e9bk\u00e9nt 51.53%). <\/strong>El\u00e9g n\u00e9h\u00e1ny nevet eltal\u00e1lni, ami nagyot megy, nem kell, hogy mindig igazad legyen, csak kicsiket t\u00e9vedj a nagy nyer\u0151k mellett.<\/li>\n\n\n\n<li><strong>\ud83c\udfcb\ufe0f A poz\u00edci\u00f3m\u00e9ret majdnem fontosabb, mint az, hogy milyen r\u00e9szv\u00e9nyeket v\u00e1lasztasz.<\/strong> A TSMC beker\u00fcl\u00e9si k\u00f6lts\u00e9gen csak 2.54%-ot tett ki, de m\u00e1ra a portf\u00f3li\u00f3 12.72%-\u00e1t teszi ki piaci \u00e1ron.<\/li>\n\n\n\n<li><strong>\ud83d\udd17 B\u00e1r a felsorol\u00e1sban a CSU, a TOI \u00e9s az LMN k\u00fcl\u00f6n szerepel, <\/strong>az ut\u00f3bbi kett\u0151 az els\u0151 spin-offja, jelent\u0151s kereszttulajdonl\u00e1ssal, beker\u00fcl\u00e9si \u00e1ron egy\u00fctt 13.11%-ot tesznek ki.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A r\u00e9szv\u00e9nyportf\u00f3li\u00f3-\u00e9p\u00edt\u00e9s egyik sarkalatos pontja, hogy a nyer\u0151ket hagynod kell futni. A Taiwan Semiconductor poz\u00edci\u00f3mat m\u00e1r sokszor eladhattam volna, de akkor nem tudott volna az \u00f6tsz\u00f6r\u00f6s\u00e9re n\u0151ni. Az SPG \u00e9s a PM az\u00e9rt tudott ekkor\u00e1t menni, mert a COVID id\u0151szak\u00e1ban vettem \u0151ket, ami egy teljesen m\u00e1s piaci helyzet volt, mint a mostani, m\u00e9gsem ezek teljes\u00edtettek a legjobban. Volt t\u00f6bb r\u00e9szv\u00e9ny, amire menet k\u00f6zben r\u00e1vettem, emiatt a hozam l\u00e1tsz\u00f3lag cs\u00f6kkent. Ez\u00e9rt val\u00f3j\u00e1ban poz\u00edci\u00f3nk\u00e9nt kellene lebontanom a r\u00e9szv\u00e9nyeket, de akkor egy t\u00fal hossz\u00fa \u00e9s \u00e1tl\u00e1thatatlan t\u00e1bl\u00e1zat lett volna a v\u00e9ge. A fentiek alapj\u00e1n a r\u00e9szv\u00e9nyportf\u00f3li\u00f3 k\u00e9t interakt\u00edv k\u00f6rdiagramon \u00edgy n\u00e9z ki:<\/p>\n\n\n\n<style>\n.io-charts{--io-navy:#1b2a4a;font-family:-apple-system,BlinkMacSystemFont,\"Segoe UI\",Roboto,Arial,sans-serif;max-width:1000px;margin:2em 0}\n.io-charts .io-chart{margin:0 0 2.4em}\n.io-charts h4{font-size:15px;font-weight:600;color:var(--io-navy);margin:0 0 .8em}\n.io-charts .io-canvas{position:relative;width:100%;height:360px}\n.io-charts .io-legend{display:flex;flex-wrap:wrap;gap:7px 14px;font-size:11.5px;color:#55606f;margin-top:14px;line-height:1.3}\n.io-charts .io-legend span.k{display:flex;align-items:center;gap:5px;white-space:nowrap}\n.io-charts .io-legend i{width:10px;height:10px;border-radius:2px;display:inline-block;flex:0 0 auto}\n.io-charts .io-note{font-size:11.5px;color:#77808c;margin:.9em 0 0;line-height:1.6}\n@media(max-width:600px){.io-charts .io-canvas{height:300px}}\n<\/style>\n\n<div class=\"io-charts\">\n\n  <div class=\"io-chart\">\n    <h4>A r\u00e9szv\u00e9nyportf\u00f3li\u00f3 megoszl\u00e1sa poz\u00edci\u00f3nk\u00e9nt<\/h4>\n    <div class=\"io-canvas\"><canvas id=\"ioPieName\"><\/canvas><\/div>\n    <div class=\"io-legend\" id=\"ioLegName\"><\/div>\n  <\/div>\n\n  <div class=\"io-chart\">\n    <h4>A r\u00e9szv\u00e9nyportf\u00f3li\u00f3 megoszl\u00e1sa szektoronk\u00e9nt<\/h4>\n    <div class=\"io-canvas\"><canvas id=\"ioPieSector\"><\/canvas><\/div>\n    <div class=\"io-legend\" id=\"ioLegSector\"><\/div>\n  <\/div>\n\n  <p class=\"io-note\">A sz\u00e1zal\u00e9kok a portf\u00f3li\u00f3 teljes piaci \u00e9rt\u00e9k\u00e9re vet\u00fclnek, a k\u00e9szp\u00e9nz\u00e1llom\u00e1nyt is bele\u00e9rtve. Szektorbesorol\u00e1s GICS-logika szerint. Nem befektet\u00e9si tan\u00e1cs.<\/p>\n<\/div>\n\n<script>\n(function(){\n  function boot(){\n    var SURF = '#ffffff';\n\n    var nameLabels = ['TSM','GOOGL','AMZN','META','CSU.TO','Cash','KPG.AX','PM','TCEHY','CPRT','KNSL','LMN.V','NVO','MSFT','TOI.V','DNOPY','CMG.TO','BABA','BLK','ADBE','SPG','CER.L','MA','V','ROKO-B.ST'];\n    var nameData   = [12.72,9.34,8.35,7.78,7.71,5.34,4.79,4.62,4.18,3.60,3.49,3.01,2.95,2.79,2.62,2.38,2.33,2.13,1.86,1.79,1.74,1.42,1.26,1.15,0.65];\n    var palette = ['#c01515','#45d36e','#b362ed','#ad9c28','#30c9e8','#de72ac','#40c015','#4b45d3','#ed9162','#28ad7b','#d830e8','#c7de72','#156ac0','#d34562','#62ed6e','#5a28ad','#e8ab30','#72ded9','#c01595','#85d345','#6279ed','#ad3928','#30e87d','#bf72de'];\n    var p = 0;\n    var nameColors = nameLabels.map(function(n){ return n === 'Cash' ? '#8f8d87' : palette[p++]; });\n\n    var secLabels = ['Inform\u00e1ci\u00f3technol\u00f3gia','Kommunik\u00e1ci\u00f3s szolg\u00e1ltat\u00e1sok','Ciklikus fogyaszt\u00e1s','Ipar','P\u00e9nz\u00fcgy','Nem ciklikus fogyaszt\u00e1s','Cash','Eg\u00e9szs\u00e9g\u00fcgy','Ingatlan'];\n    var secData   = [34.39,21.30,10.48,9.04,7.76,7.00,5.34,2.95,1.74];\n    var secColors = ['#2a78d6','#eb6834','#1baf7a','#eda100','#4a3aa7','#e87ba4','#8f8d87','#008300','#b8452f'];\n\n    function fmt(v){ return v.toFixed(2) + '%'; }\n\n    function legend(elId, labels, data, colors){\n      document.getElementById(elId).innerHTML = labels.map(function(l, i){\n        return '<span class=\"k\"><i style=\"background:' + colors[i] + '\"><\/i>' + l + ' ' + fmt(data[i]) + '<\/span>';\n      }).join('');\n    }\n\n    function pie(canvasId, labels, data, colors, cutout){\n      new Chart(document.getElementById(canvasId), {\n        type: 'doughnut',\n        data: { labels: labels, datasets: [{ data: data, backgroundColor: colors, borderColor: SURF, borderWidth: 2 }] },\n        options: {\n          responsive: true,\n          maintainAspectRatio: false,\n          cutout: cutout,\n          plugins: {\n            legend: { display: false },\n            tooltip: { callbacks: { label: function(c){ return ' ' + c.label + ': ' + fmt(c.parsed); } } }\n          }\n        }\n      });\n    }\n\n    pie('ioPieName', nameLabels, nameData, nameColors, '40%');\n    legend('ioLegName', nameLabels, nameData, nameColors);\n    pie('ioPieSector', secLabels, secData, secColors, '52%');\n    legend('ioLegSector', secLabels, secData, secColors);\n  }\n\n  if (window.Chart) { boot(); }\n  else {\n    var s = document.createElement('script');\n    s.src = 'https:\/\/cdnjs.cloudflare.com\/ajax\/libs\/Chart.js\/4.4.1\/chart.umd.js';\n    s.onload = boot;\n    document.head.appendChild(s);\n  }\n})();\n<\/script>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>A r\u00e9szv\u00e9nyportf\u00f3li\u00f3 t\u00e1vlati c\u00e9ljai<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A fentiekben m\u00e1r eml\u00edtettem p\u00e1r nevet, amit nem venn\u00e9k meg \u00fajra, ilyen az Alibaba \u00e9s a BlackRock a c\u00e9gek m\u0171k\u00f6d\u00e9si alapelvei miatt, \u00edgy ezeket jobb \u00e9rt\u00e9kelts\u00e9g mellett el fogom adni. Az Adobe kapcs\u00e1n pedig eladtam a r\u00e9szv\u00e9nyt 363 USD-n, majd 200 USD-n visszavettem, mert irre\u00e1lisan alacsonynak tartottam az \u00e9rt\u00e9kelts\u00e9g\u00e9t.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"726\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Adobe_Inc_ADBE-1024x726.jpg.webp\" alt=\" a r\u00e9szv\u00e9nyportf\u00f3li\u00f3 egyik eleme, az Adobe egy r\u00e9szv\u00e9nyre vet\u00edtett k\u00e9szp\u00e9nze \u00e9s az \u00e1rfolyam\" class=\"wp-image-12336 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/726;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Adobe_Inc_ADBE-1024x726.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Adobe_Inc_ADBE-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Adobe_Inc_ADBE-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Adobe_Inc_ADBE-1536x1089.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Adobe_Inc_ADBE-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>,&nbsp; a r\u00e9szv\u00e9nyportf\u00f3li\u00f3 egyik eleme, az Adobe egy r\u00e9szv\u00e9nyre vet\u00edtett k\u00e9szp\u00e9nze \u00e9s az \u00e1rfolyam<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A fenti \u00e1br\u00e1n is l\u00e1tszik, hogy az \u00e1r a szabad k\u00e9szp\u00e9nzt valahol 460 USD k\u00f6r\u00fcl metszi, jelenleg pedig 292 USD k\u00f6r\u00fcl van az \u00e1r. Ha lek\u00f6vette volna az \u00e1rfolyam a fundamentumokat, akkor most 620 USD k\u00f6r\u00fcl kellene lennie az \u00e1rfolyamnak.<strong> Ha az \u00e9rt\u00e9kelts\u00e9g korrig\u00e1l\u00f3dik, elgondolkodom, hogy megv\u00e1ljak-e t\u0151le, mert alapvet\u0151en nem ilyen c\u00e9geket keresek.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A m\u00e1sik oldalon pedig ott vannak azok a nevek, amelyeket sz\u00edvesen l\u00e1tn\u00e9k a portf\u00f3li\u00f3mban (nem l\u00f6v\u00f6m le, melyek ezek), de vagy nincs k\u00e9sz az elemz\u00e9s\u00fck vagy pedig az \u00e9rt\u00e9kelts\u00e9g\u00fck nem el\u00e9g vonz\u00f3. Mit kell ilyenkor csin\u00e1lni? Semmit, t\u00fcrelmesen v\u00e1rni, am\u00edg a piac felk\u00edn\u00e1lja a lehet\u0151s\u00e9get. <\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">2027 janu\u00e1rj\u00e1ban j\u00f6v\u00f6k vissza a k\u00f6vetkez\u0151 r\u00e9sszel, megl\u00e1tjuk, hogy Piac \u00dar addig is milyen lehet\u0151s\u00e9geket tartogat.<\/mark><\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\u261d\ufe0fAddig is, am\u00edg a friss\u00edt\u00e9s meg nem \u00e9rkezik, aj\u00e1nlom a r\u00e9szv\u00e9nyportf\u00f3li\u00f3-kezel\u0151nket az oldalunkon: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts<\/a>.<\/mark><\/strong><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<style>\n.io-faq {\n  --faq-navy:      #1b3a5f;\n  --faq-accent:    #e2662c;\n  --faq-text:      #333333;\n  --faq-line:      #dfe5ec;\n  --faq-hover:     #eef4fa;\n  --faq-bg:        #f4f8fc;\n\n  background: var(--faq-bg);\n  padding: 2em 2em 1.5em 2em;\n  border-radius: 10px;\n  max-width: 100%;\n  margin: 2.5em 0;\n}\n\n.io-faq__title {\n  text-align: center;\n  color: var(--faq-navy);\n  margin: 0 0 1.5em 0;\n}\n\n.io-faq__subtitle {\n  display: flex;\n  align-items: center;\n  gap: 1.1em;\n  color: var(--faq-accent);\n  margin: 0 0 1.8em 0;\n  font-size: .95em;\n  white-space: nowrap;\n}\n\n.io-faq__subtitle::before,\n.io-faq__subtitle::after {\n  content: \"\";\n  flex: 1;\n  height: 1px;\n  opacity: .45;\n}\n\n.io-faq__subtitle::before {\n  background: linear-gradient(to right, transparent, var(--faq-accent));\n}\n\n.io-faq__subtitle::after {\n  background: linear-gradient(to left, transparent, var(--faq-accent));\n}\n\n.io-faq__intro {\n  text-align: left;\n  color: var(--faq-text);\n  line-height: 1.7;\n  margin: 0 0 2em 0;\n}\n\n.io-faq__intro p { margin: 0 0 .9em 0; }\n.io-faq__intro p:last-child { margin-bottom: 0; }\n\n.io-faq__item {\n  border-bottom: 1px solid var(--faq-line);\n}\n\n.io-faq__item:first-of-type {\n  border-top: 1px solid var(--faq-line);\n}\n\n.io-faq__q {\n  display: block;\n  padding: 18px 44px 18px 4px;\n  margin: 0;\n  cursor: pointer;\n  position: relative;\n  list-style: none;\n  transition: background .15s ease;\n}\n\n.io-faq__q::-webkit-details-marker { display: none; }\n.io-faq__q::marker { content: \"\"; }\n\n.io-faq__q:hover { background: var(--faq-hover); }\n\n.io-faq__q h3 {\n  margin: 0;\n  padding: 0;\n  font-size: 1.08em;\n  font-weight: 700;\n  line-height: 1.45;\n  color: var(--faq-navy);\n  font-family: inherit;\n  border: 0;\n}\n\n.io-faq__q::after {\n  content: \"\";\n  position: absolute;\n  right: 14px;\n  top: 50%;\n  width: 9px;\n  height: 9px;\n  border-right: 2px solid var(--faq-navy);\n  border-bottom: 2px solid var(--faq-navy);\n  transform: translateY(-70%) rotate(45deg);\n  transition: transform .25s ease;\n}\n\n.io-faq__item[open] .io-faq__q h3 { color: var(--faq-accent); }\n\n.io-faq__item[open] .io-faq__q::after {\n  border-color: var(--faq-accent);\n  transform: translateY(-25%) rotate(-135deg);\n}\n\n.io-faq__a {\n  padding: 0 44px 20px 4px;\n  color: var(--faq-text);\n  line-height: 1.7;\n}\n\n.io-faq__a p { margin: 0 0 .8em 0; }\n.io-faq__a p:last-child { margin-bottom: 0; }\n\n.io-faq__disclaimer {\n  margin: 2em 0 0 0;\n  padding: 16px 18px;\n  border-left: 3px solid var(--faq-accent);\n  background: rgba(255, 255, 255, .55);\n  border-radius: 6px;\n  color: var(--faq-text);\n  font-size: .85em;\n  font-style: italic;\n  line-height: 1.6;\n  opacity: .9;\n}\n\n.io-faq__disclaimer strong {\n  font-style: normal;\n  color: var(--faq-navy);\n}\n\n@media (max-width: 600px) {\n  .io-faq { padding: 1.5em 1.2em 1em 1.2em; }\n  .io-faq__q { padding: 15px 38px 15px 2px; }\n  .io-faq__q h3 { font-size: 1em; }\n  .io-faq__a { padding: 0 10px 16px 2px; }\n  .io-faq__disclaimer { padding: 14px; }\n}\n\n@media (max-width: 480px) {\n  .io-faq__subtitle { gap: .6em; font-size: .85em; }\n}\n<\/style>\n\n<div class=\"io-faq\">\n\n  <h2 class=\"io-faq__title\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek a r\u00e9szv\u00e9nykateg\u00f3ri\u00e1kr\u00f3l<\/h2>\n  <div class=\"io-faq__subtitle\">V\u00e1laszok a leggyakoribb k\u00e9rd\u00e9sekre<\/div>\n\n  <div class=\"io-faq__intro\">\n    <p>Ez a r\u00e9sz arr\u00f3l sz\u00f3l, hogy milyen t\u00edpus\u00fa v\u00e1llalatokat keresek, \u00e9s mi\u00e9rt \u00e9ppen ezeket. Itt t\u00f6m\u00f6r v\u00e1laszokat tal\u00e1lsz a legt\u00f6bbet k\u00e9rdezett fogalmakra: mit jelent a perpetual compounder, mit\u0151l m\u00e1s egy sorozatfelv\u00e1s\u00e1rl\u00f3, mi az a spawner \u00e9s az \u00f6ner\u0151s\u00edt\u0151 v\u00e1r\u00e1rok, mi\u00e9rt vesz vissza egy kannib\u00e1l r\u00e9szv\u00e9ny saj\u00e1t pap\u00edrt, \u00e9s mit keres a r\u00e9szv\u00e9nyportf\u00f3li\u00f3mban n\u00e9h\u00e1ny olyan c\u00e9g, ami a saj\u00e1t keretrendszeremnek sem felel meg.<\/p>\n    <p>Kattints b\u00e1rmelyik k\u00e9rd\u00e9sre, \u00e9s kiny\u00edlik a v\u00e1lasz. Ezek sz\u00e1nd\u00e9kosan r\u00f6vid \u00f6sszefoglal\u00f3k: ha a r\u00e9szletek is \u00e9rdekelnek, azokat feljebb, a cikk megfelel\u0151 fejezeteiben bontom ki b\u0151vebben. Fontos: az itt le\u00edrtak a saj\u00e1t gyakorlatomat t\u00fckr\u00f6zik, nem \u00e1ltal\u00e1nos receptet adnak.<\/p>\n  <\/div>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi az a perpetual compounder?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Nehezen leford\u00edthat\u00f3 kifejez\u00e9s, de nagyj\u00e1b\u00f3l azt jelenti, hogy a v\u00e1llalat a kamatos kamat elv\u00e9t alkalmazva a megtermelt k\u00e9szp\u00e9nzt visszaforgatja a saj\u00e1t \u00fczletmenet\u00e9be, \u00e9s \u00edgy egyre t\u00f6bb \u00e9rt\u00e9ket teremt, ide\u00e1lis esetben a v\u00e9gtelens\u00e9gig.<\/p>\n      <p>A defin\u00edci\u00f3 nyilv\u00e1n ut\u00f3pia, hiszen egyetlen v\u00e1llalatnak sincs v\u00e9gtelen\u00fcl hossz\u00fa id\u0151t\u00e1vja, k\u00fcl\u00f6n\u00f6sen \u00fagy nem, hogy k\u00f6zben a saj\u00e1t benchmarkj\u00e1t is fel\u00fclteljes\u00edti. A Berkshire Hathaway j\u00f3 p\u00e9lda erre: az elm\u00falt t\u00edz \u00e9vben m\u00e1r nem nagyon tudta megverni az S&amp;P 500-at, egyszer\u0171en az\u00e9rt, mert ekkora p\u00e9nzt\u00f6megen magas hozamot nagyon neh\u00e9z el\u00e9rni.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mir\u0151l ismerhet\u0151 fel egy perpetual compounder?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Magas skin in the game, vagyis a kulcspoz\u00edci\u00f3ban l\u00e9v\u0151 vezet\u0151k nagy ar\u00e1nyban tartj\u00e1k a v\u00e1llalat r\u00e9szv\u00e9nyeit, sokszor alap\u00edt\u00f3 vezette a c\u00e9g, egyedi \u00e9s nehezen reproduk\u00e1lhat\u00f3 v\u00e1llalati kult\u00fara, d\u00f6nt\u0151en organikus n\u00f6veked\u00e9s, magas ROIC vagy ROCE, t\u0151kek\u00f6nny\u0171 \u00fczletmenet \u00e9s magas marzsok.<\/p>\n      <p>Emellett jellemz\u0151en nem vagy csak ritk\u00e1n fizetnek osztal\u00e9kot, ritk\u00e1n v\u00e1s\u00e1rolnak fel, opportunisztikusan vesznek vissza saj\u00e1t r\u00e9szv\u00e9nyt, szinte soha nem h\u00edg\u00edtanak, \u00e9s a menedzsment \u00f6szt\u00f6nz\u0151i nem els\u0151sorban r\u00e9szv\u00e9nyalap\u00faak. A r\u00e9szv\u00e9nypiacon szerepl\u0151 v\u00e1llalatok 99%-a nem ilyen, \u00e9s ezekre a kvalitat\u00edv jegyekre neh\u00e9z sz\u0171rni, ez\u00e9rt sok ut\u00e1naolvas\u00e1st ig\u00e9nyel.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi az a sorozatfelv\u00e1s\u00e1rl\u00f3 \u00e9s mi\u00e9rt ide\u00e1lis befektet\u00e9s?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A sorozatfelv\u00e1s\u00e1rl\u00f3k a perpetual compounderek speci\u00e1lis fajt\u00e1ja: kis, monopolhelyzet\u0171 c\u00e9geket vesznek meg sorozatban, ker\u00fclik a versenyt a mag\u00e1nt\u0151kealapokkal, k\u00e9nyesek a felv\u00e1s\u00e1rl\u00e1sok \u00e9rt\u00e9kelts\u00e9g\u00e9re, \u00e9s szinte soha nem adnak el egyetlen felv\u00e1s\u00e1rolt v\u00e1llalatot sem. Az ad\u00f3ss\u00e1got t\u0151ke\u00e1tt\u00e9telk\u00e9nt, a kamatot t\u0151kek\u00f6lts\u00e9g-cs\u00f6kkent\u0151 t\u00e9nyez\u0151k\u00e9nt haszn\u00e1lj\u00e1k.<\/p>\n      <p>Az\u00e9rt ide\u00e1lisak, mert am\u00edg van felv\u00e1s\u00e1rl\u00e1si c\u00e9lpont, a tev\u00e9kenys\u00e9g\u00fck folyamatosan bels\u0151 diverzifik\u00e1ci\u00f3t val\u00f3s\u00edt meg, ez\u00e9rt egy koncentr\u00e1lt r\u00e9szv\u00e9nyportf\u00f3li\u00f3 ide\u00e1lis alanyai. A Constellation Software p\u00e9ld\u00e1ul mintegy 1600 v\u00e1llalatot tartalmaz: ha egy bed\u0151l, nem t\u00f6rt\u00e9nik semmi.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi\u00e9rt nem csak sorozatfelv\u00e1s\u00e1rl\u00f3kat veszek?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>H\u00e1rom ok miatt. Egyr\u00e9szt nagyon ritk\u00e1n olcs\u00f3k, b\u00e1r 2026-ban az\u00e9rt adott a piac sz\u00e9p sz\u00e1mmal v\u00e9teli lehet\u0151s\u00e9geket. M\u00e1sr\u00e9szt a felv\u00e1s\u00e1rolhat\u00f3 c\u00e9lpontok sz\u00e1ma sok esetben v\u00e9ges, \u00e9s ahogy a c\u00e9g n\u0151, egyre t\u00f6bb vagy egyre nagyobb v\u00e1llalatot kell megvennie, ami cs\u00f6kkenti a bels\u0151 megt\u00e9r\u00fcl\u00e9st.<\/p>\n      <p>Harmadr\u00e9szt meglehet\u0151sen neh\u00e9z \u0151ket fundament\u00e1lisan elemezni, mert a sz\u00e1mvitel nem tudja j\u00f3l kezelni a m\u0171k\u00f6d\u00e9s\u00fcket. Ez egyben lehet\u0151s\u00e9g is, hiszen emiatt a piac f\u00e9lre is \u00e1razza a legt\u00f6bbet.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi az a spin-off \u00e9s mi\u00e9rt csin\u00e1lj\u00e1k a sorozatfelv\u00e1s\u00e1rl\u00f3k?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Ha egy sorozatfelv\u00e1s\u00e1rl\u00f3 t\u00falzottan nagyra n\u0151, lev\u00e1laszt mag\u00e1r\u00f3l egy r\u00e9szegys\u00e9get, amely k\u00fcl\u00f6n v\u00e1llalatk\u00e9nt folytatja az alaptev\u00e9kenys\u00e9get. A legjobb hasonlat erre a mit\u00f3zis, vagyis a sejtoszt\u00f3d\u00e1s.<\/p>\n      <p>A r\u00e9szv\u00e9nyportf\u00f3li\u00f3mban ez konkr\u00e9tan is megjelenik: a Topicus \u00e9s a Lumine a Constellation Software spin-offjai, jelent\u0151s kereszttulajdonl\u00e1ssal. Ez\u00e9rt a h\u00e1rom n\u00e9v val\u00f3j\u00e1ban kev\u00e9sb\u00e9 f\u00fcggetlen egym\u00e1st\u00f3l, mint amennyire a list\u00e1n annak l\u00e1tszik.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi az a spawner v\u00e1llalat?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A spawner vagy ikr\u00e1z\u00f3 v\u00e1llalatok a megtermelt k\u00e9szp\u00e9nzt nemcsak felv\u00e1s\u00e1rl\u00e1sokra, hanem \u00faj \u00fczlet\u00e1gak l\u00e9trehoz\u00e1s\u00e1ra \u00e9s megfinansz\u00edroz\u00e1s\u00e1ra is k\u00f6ltik. Min\u00e9l t\u00f6bb startup jelleg\u0171 v\u00e1llalkoz\u00e1st ind\u00edtanak, ann\u00e1l t\u00f6bb ingyenjegyet kapnak a k\u00f6vetkez\u0151 nagy m\u00e1ni\u00e1ban val\u00f3 r\u00e9szv\u00e9telhez.<\/p>\n      <p>Jellemz\u0151ik: oligopol vagy duopol poz\u00edci\u00f3 a saj\u00e1t ter\u00fclet\u00fck\u00f6n, a konkurenseket felv\u00e1s\u00e1rolj\u00e1k vagy organikus n\u00f6veked\u00e9ssel veszik el a piacukat, egyre t\u00f6bb piacon vannak jelen, \u00e9s a t\u0151keallok\u00e1ci\u00f3juk nagy r\u00e9sz\u00e9t a n\u00f6veked\u00e9s teszi ki. A legjobb p\u00e9lda az Amazon, ami k\u00f6nyv\u00e1ruh\u00e1zk\u00e9nt indult, majd j\u00f6tt a web\u00e1ruh\u00e1z, a streaming, a felh\u0151alap\u00fa adatt\u00e1rol\u00e1s, most pedig a mesters\u00e9ges intelligencia.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi az az \u00f6ner\u0151s\u00edt\u0151 gazdas\u00e1gi v\u00e1r\u00e1rok (self-reinforcing moat)?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Olyan v\u00e1llalatokr\u00f3l van sz\u00f3, amelyek a piac olyan szegmens\u00e9ben tev\u00e9kenykednek, hogy egyszer\u0171en nem lehet \u0151ket kiker\u00fclni. Ezt szokt\u00e1k fojt\u00f3pontnak is h\u00edvni: b\u00e1rmit csin\u00e1lsz, a v\u00e9g\u00e9n hozz\u00e1juk kell menned. Jellemz\u0151en nagyobb t\u0151keig\u00e9nnyel dolgoznak, de ezzel a saj\u00e1t versenyel\u0151ny\u00fcket er\u0151s\u00edtik, a partnereiket pedig egyre s\u00falyosabb f\u00fcgg\u0151 viszonyba hozz\u00e1k.<\/p>\n      <p>Tipikus jegyeik: szinte p\u00f3tolhatatlan technol\u00f3giai versenyel\u0151ny, aszimmetrikus f\u00fcgg\u0151s\u00e9g a partnerek oldal\u00e1n, hatalmas backlog \u00e9s keresletalap\u00fa nyom\u00e1s. A legjobb p\u00e9lda az ASML, amelynek a g\u00e9peit minden chiptervez\u0151nek meg kell vennie, j\u00f3 es\u00e9llyel a TSMC gy\u00e1rain kereszt\u00fcl.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi az a kannib\u00e1l r\u00e9szv\u00e9ny (cannibal stock)?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A kannib\u00e1l r\u00e9szv\u00e9nyek a sima perpetual compounderek egyik alfaja. Nem csin\u00e1lnak m\u00e1st, csak a t\u0151keallok\u00e1ci\u00f3s hitvall\u00e1suknak megfelel\u0151en opportunisztikusan visszav\u00e1s\u00e1rolj\u00e1k a saj\u00e1t r\u00e9szv\u00e9nyeiket, \u00e9s jellemz\u0151en nem fizetnek osztal\u00e9kot.<\/p>\n      <p>A r\u00e9szv\u00e9nyportf\u00f3li\u00f3mban jelenleg az Adobe ilyen, a kor\u00e1bbi poz\u00edci\u00f3im k\u00f6z\u00fcl pedig a PayPal \u00e9s az Evolution AB voltak ilyenek.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi\u00e9rt van olyan c\u00e9g a portf\u00f3li\u00f3mban, ami nem illik a keretrendszerbe?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A 24 elem\u0171 r\u00e9szv\u00e9nyportf\u00f3li\u00f3ban \u00f6t olyan n\u00e9v van, amely egyik kateg\u00f3ri\u00e1ba sem tartozik, hanem valamilyen speci\u00e1lis piaci szitu\u00e1ci\u00f3 miatt ker\u00fclt be: a Philip Morris, a Simon Property Group, a Novo Nordisk, a BlackRock \u00e9s az Alibaba. Ezek extr\u00e9m kock\u00e1zat\/nyeres\u00e9g ar\u00e1ny\u00fa helyzetek voltak, nem a keretrendszer szerinti v\u00e1laszt\u00e1sok.<\/p>\n      <p>A tanuls\u00e1g vegyes. A PM-et \u00e9s az SPG-t az \u00e9rt\u00e9kelts\u00e9gi szorz\u00f3 miatt ma nem venn\u00e9m meg, pedig fel\u00fclteljes\u00edtett\u00e9k az S&amp;P 500-at. A BLK-t \u00e9s a BABA-t az \u00fczletmenet miatt nem venn\u00e9m meg, el\u0151bbi fel\u00fclteljes\u00edtett, ut\u00f3bbival cs\u00fany\u00e1n alulm\u00faltam az indexet. Egyed\u00fcl a Novo Nordiskot v\u00e1s\u00e1roln\u00e1m meg \u00fajra, pedig eddig alulteljes\u00edtett.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi\u00e9rt fontosabb a poz\u00edci\u00f3m\u00e9ret, mint a r\u00e9szv\u00e9nyv\u00e1laszt\u00e1s?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A saj\u00e1t r\u00e9szv\u00e9nyportf\u00f3li\u00f3mban ez konkr\u00e9t sz\u00e1mokban l\u00e1tszik. A Taiwan Semiconductor beker\u00fcl\u00e9si k\u00f6lts\u00e9gen csak 2.54%-ot tett ki, m\u00e1ra viszont piaci \u00e9rt\u00e9ken a portf\u00f3li\u00f3 12.72%-a. A top \u00f6t poz\u00edci\u00f3m egy\u00fctt a portf\u00f3li\u00f3 45.9%-\u00e1t adja.<\/p>\n      <p>Ebb\u0151l az k\u00f6vetkezik, hogy el\u00e9g n\u00e9h\u00e1ny nevet eltal\u00e1lni, ami nagyot megy. Nem kell mindig igazad legyen, csak kicsiket kell t\u00e9vedned a nagy nyer\u0151k mellett. Ehhez viszont hagynod kell futni a nyer\u0151ket: a TSM poz\u00edci\u00f3mat sokszor eladhattam volna, de akkor nem tudott volna az \u00f6tsz\u00f6r\u00f6s\u00e9re n\u0151ni.<\/p>\n    <\/div>\n  <\/details>\n\n  <div class=\"io-faq__disclaimer\">\n    <strong>Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer):<\/strong> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket. Az iO Charts-on megjelen\u0151 cikkek semmilyen form\u00e1ban NEM mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s NEM \u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A meghozott d\u00f6nt\u00e9seitek\u00e9rt KIZ\u00c1R\u00d3LAG TI vagytok a felel\u0151sek.\n  <\/div>\n\n<\/div>\n\n\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@graph\": [\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/reszvenyportfolio-milyen-cegeket-keresek\/#article\",\n      \"about\": {\n        \"@type\": \"Thing\",\n        \"name\": \"R\u00e9szv\u00e9nykateg\u00f3ri\u00e1k a koncentr\u00e1lt portf\u00f3li\u00f3ban\",\n        \"alternateName\": [\"perpetual compounder\", \"sorozatfelv\u00e1s\u00e1rl\u00f3\", \"serial acquirer\", \"spawner v\u00e1llalat\", \"\u00f6ner\u0151s\u00edt\u0151 gazdas\u00e1gi v\u00e1r\u00e1rok\", \"kannib\u00e1l r\u00e9szv\u00e9ny\"],\n        \"description\": \"A koncentr\u00e1lt r\u00e9szv\u00e9nyportf\u00f3li\u00f3 v\u00e1llalatainak kategoriz\u00e1l\u00e1sa: perpetual compounderek, sorozatfelv\u00e1s\u00e1rl\u00f3k, spawner v\u00e1llalatok, \u00f6ner\u0151s\u00edt\u0151 gazdas\u00e1gi v\u00e1r\u00e1rokkal rendelkez\u0151 c\u00e9gek \u00e9s kannib\u00e1l r\u00e9szv\u00e9nyek, valamint a keretrendszerbe nem ill\u0151 kiv\u00e9telek bemutat\u00e1sa egy 24 elem\u0171 portf\u00f3li\u00f3 aktu\u00e1lis \u00f6sszet\u00e9tel\u00e9n kereszt\u00fcl.\"\n      },\n      \"isPartOf\": { \"@id\": \"https:\/\/iocharts.io\/blog\/reszvenyportfolio-epites\/#article\" },\n      \"mentions\": [\n        { \"@type\": \"Corporation\", \"name\": \"Kinsale Capital Group, Inc.\", \"tickerSymbol\": \"KNSL\" },\n        { \"@type\": \"Corporation\", \"name\": \"Cerillion plc\", \"tickerSymbol\": \"CER\" },\n        { \"@type\": \"Corporation\", \"name\": \"Mastercard Incorporated\", \"tickerSymbol\": \"MA\" },\n        { \"@type\": \"Corporation\", \"name\": \"Visa Inc.\", \"tickerSymbol\": \"V\" },\n        { \"@type\": \"Corporation\", \"name\": \"Copart, Inc.\", \"tickerSymbol\": \"CPRT\" },\n        { \"@type\": \"Corporation\", \"name\": \"Dino Polska S.A.\", \"tickerSymbol\": \"DNP\" 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\"name\": \"Microsoft Corporation\", \"tickerSymbol\": \"MSFT\" },\n        { \"@type\": \"Corporation\", \"name\": \"Tencent Holdings Limited\", \"tickerSymbol\": \"TCEHY\" },\n        { \"@type\": \"Corporation\", \"name\": \"Taiwan Semiconductor Manufacturing Company Limited\", \"tickerSymbol\": \"TSM\" },\n        { \"@type\": \"Corporation\", \"name\": \"ASML Holding N.V.\", \"tickerSymbol\": \"ASML\" },\n        { \"@type\": \"Corporation\", \"name\": \"Adobe Inc.\", \"tickerSymbol\": \"ADBE\" },\n        { \"@type\": \"Corporation\", \"name\": \"PayPal Holdings, Inc.\", \"tickerSymbol\": \"PYPL\" },\n        { \"@type\": \"Corporation\", \"name\": \"Evolution AB\", \"tickerSymbol\": \"EVO\" },\n        { \"@type\": \"Corporation\", \"name\": \"Philip Morris International Inc.\", \"tickerSymbol\": \"PM\" },\n        { \"@type\": \"Corporation\", \"name\": \"Simon Property Group, Inc.\", \"tickerSymbol\": \"SPG\" },\n        { \"@type\": \"Corporation\", \"name\": \"Novo Nordisk A\/S\", \"tickerSymbol\": \"NVO\" },\n        { \"@type\": \"Corporation\", \"name\": \"Eli Lilly and Company\", \"tickerSymbol\": \"LLY\" },\n        { \"@type\": \"Corporation\", \"name\": \"BlackRock, Inc.\", \"tickerSymbol\": \"BLK\" },\n        { \"@type\": \"Corporation\", \"name\": \"Alibaba Group Holding Limited\", \"tickerSymbol\": \"BABA\" },\n        { \"@type\": \"Corporation\", \"name\": \"Berkshire Hathaway Inc.\", \"tickerSymbol\": \"BRK.A\" },\n        { \"@type\": \"Corporation\", \"name\": \"NVIDIA Corporation\", \"tickerSymbol\": \"NVDA\" },\n        { \"@type\": \"Corporation\", \"name\": \"Advanced Micro Devices, Inc.\", \"tickerSymbol\": \"AMD\" },\n        { \"@type\": \"Organization\", \"name\": \"The Vanguard Group, Inc.\" },\n        { \"@type\": \"Person\", \"name\": \"Warren Buffett\" },\n        { \"@type\": \"Person\", \"name\": \"Hamilton Helmer\" },\n        { \"@type\": \"DefinedTerm\", \"name\": \"perpetual compounder\", \"description\": \"Olyan v\u00e1llalat, amely a megtermelt k\u00e9szp\u00e9nzt a saj\u00e1t \u00fczletmenet\u00e9be forgatja vissza, \u00e9s \u00edgy a kamatos kamat elve alapj\u00e1n egyre t\u00f6bb \u00e9rt\u00e9ket teremt.\" },\n        { \"@type\": \"DefinedTerm\", \"name\": \"serial acquirer\", \"description\": \"Sorozatfelv\u00e1s\u00e1rl\u00f3: kis, monopolhelyzet\u0171 v\u00e1llalatokat vesz meg sorozatban, \u00e9s szinte soha nem ad el felv\u00e1s\u00e1rolt c\u00e9get.\" },\n        { \"@type\": \"DefinedTerm\", \"name\": \"spawner\", \"description\": \"Ikr\u00e1z\u00f3 v\u00e1llalat, amely a megtermelt k\u00e9szp\u00e9nzb\u0151l folyamatosan \u00faj \u00fczlet\u00e1gakat hoz l\u00e9tre \u00e9s finansz\u00edroz.\" },\n        { \"@type\": \"DefinedTerm\", \"name\": \"self-reinforcing moat\", \"description\": \"\u00d6ner\u0151s\u00edt\u0151 gazdas\u00e1gi v\u00e1r\u00e1rok: a v\u00e1llalat megker\u00fclhetetlen poz\u00edci\u00f3ban van a piac\u00e1n, \u00e9s a t\u0151keberuh\u00e1z\u00e1sai ezt a poz\u00edci\u00f3t tov\u00e1bb er\u0151s\u00edtik.\" },\n        { \"@type\": \"DefinedTerm\", \"name\": \"cannibal stock\", \"description\": \"Kannib\u00e1l r\u00e9szv\u00e9ny: a perpetual compounderek alfaja, amely a szabad k\u00e9szp\u00e9nzt els\u0151sorban saj\u00e1t r\u00e9szv\u00e9nyeinek opportunisztikus visszav\u00e1s\u00e1rl\u00e1s\u00e1ra ford\u00edtja.\" },\n        { \"@type\": \"DefinedTerm\", \"name\": \"Cornered Resources\", \"description\": \"A Hamilton Helmer-f\u00e9le 7 Powers keretrendszer egyik versenyel\u0151ny-t\u00edpusa: egyedi, nehezen reproduk\u00e1lhat\u00f3 er\u0151forr\u00e1s vagy kult\u00fara.\" },\n        { \"@type\": \"DefinedTerm\", \"name\": \"pipeline risk\", \"description\": \"Gy\u00f3gyszergy\u00e1rt\u00f3kn\u00e1l a fejleszt\u00e9s alatt \u00e1ll\u00f3 k\u00e9sz\u00edtm\u00e9nyek kimenetel\u00e9nek bizonytalans\u00e1g\u00e1b\u00f3l ered\u0151 kock\u00e1zat.\" }\n      ]\n    },\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/#\/schema\/person\/e285f855a6a9b806cd03c0b62f1c5831\",\n      \"alternateName\": [\"M\u00e1rton J. Bulla\", \"Don Kart\u00e1cs\"],\n      \"givenName\": \"M\u00e1rton\",\n      \"familyName\": \"Bulla\",\n      \"jobTitle\": \"Fundament\u00e1lis elemz\u0151\",\n      \"nationality\": { \"@type\": \"Country\", \"name\": \"Magyarorsz\u00e1g\" },\n      \"knowsAbout\": [\n        \"fundament\u00e1lis r\u00e9szv\u00e9nyelemz\u00e9s\",\n        \"koncentr\u00e1lt r\u00e9szv\u00e9nyportf\u00f3li\u00f3\",\n        \"perpetual compounder v\u00e1llalatok\",\n        \"sorozatfelv\u00e1s\u00e1rl\u00f3k elemz\u00e9se\",\n        \"t\u0151keallok\u00e1ci\u00f3\",\n        \"gazdas\u00e1gi v\u00e1r\u00e1rok \u00e9s versenyel\u0151ny\",\n        \"ROIC \u00e9s tulajdonosi \u00e9rt\u00e9kteremt\u00e9s\",\n        \"biztons\u00e1gi r\u00e1hagy\u00e1s \u00e9s \u00e9rt\u00e9kelts\u00e9g\"\n      ],\n      \"worksFor\": { \"@id\": \"https:\/\/iocharts.io\/blog\/#organization\" },\n      \"sameAs\": [\n        \"https:\/\/rendeljkinait.hu\/author\/jackal\/\"\n      ]\n    },\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/#organization\",\n      \"alternateName\": \"iOCharts\",\n      \"description\": \"Magyar nyelv\u0171 befektet\u00e9si elemz\u0151 blog, amely fundament\u00e1lis r\u00e9szv\u00e9nyelemz\u00e9seket, piaci h\u00edreket \u00e9s befektet\u00e9si alapismereteket publik\u00e1l.\",\n      \"knowsLanguage\": \"hu\"\n    },\n\n    {\n      \"@type\": \"FAQPage\",\n      \"@id\": \"https:\/\/iocharts.io\/blog\/reszvenyportfolio-milyen-cegeket-keresek\/#faq\",\n      \"isPartOf\": { \"@id\": \"https:\/\/iocharts.io\/blog\/reszvenyportfolio-milyen-cegeket-keresek\/\" },\n      \"inLanguage\": \"hu\",\n      \"mainEntity\": [\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi az a perpetual compounder?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Nehezen leford\u00edthat\u00f3 kifejez\u00e9s, de nagyj\u00e1b\u00f3l azt jelenti, hogy a v\u00e1llalat a kamatos kamat elv\u00e9t alkalmazva a megtermelt k\u00e9szp\u00e9nzt visszaforgatja a saj\u00e1t \u00fczletmenet\u00e9be, \u00e9s \u00edgy egyre t\u00f6bb \u00e9rt\u00e9ket teremt, ide\u00e1lis esetben a v\u00e9gtelens\u00e9gig. A defin\u00edci\u00f3 nyilv\u00e1n ut\u00f3pia, hiszen egyetlen v\u00e1llalatnak sincs v\u00e9gtelen\u00fcl hossz\u00fa id\u0151t\u00e1vja, k\u00fcl\u00f6n\u00f6sen \u00fagy nem, hogy k\u00f6zben a saj\u00e1t benchmarkj\u00e1t is fel\u00fclteljes\u00edti. A Berkshire Hathaway j\u00f3 p\u00e9lda erre: az elm\u00falt t\u00edz \u00e9vben m\u00e1r nem nagyon tudta megverni az S&P 500-at, egyszer\u0171en az\u00e9rt, mert ekkora p\u00e9nzt\u00f6megen magas hozamot nagyon neh\u00e9z el\u00e9rni.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mir\u0151l ismerhet\u0151 fel egy perpetual compounder?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Magas skin in the game, vagyis a kulcspoz\u00edci\u00f3ban l\u00e9v\u0151 vezet\u0151k nagy ar\u00e1nyban tartj\u00e1k a v\u00e1llalat r\u00e9szv\u00e9nyeit, sokszor alap\u00edt\u00f3 vezette a c\u00e9g, egyedi \u00e9s nehezen reproduk\u00e1lhat\u00f3 v\u00e1llalati kult\u00fara, d\u00f6nt\u0151en organikus n\u00f6veked\u00e9s, magas ROIC vagy ROCE, t\u0151kek\u00f6nny\u0171 \u00fczletmenet \u00e9s magas marzsok. Emellett jellemz\u0151en nem vagy csak ritk\u00e1n fizetnek osztal\u00e9kot, ritk\u00e1n v\u00e1s\u00e1rolnak fel, opportunisztikusan vesznek vissza saj\u00e1t r\u00e9szv\u00e9nyt, szinte soha nem h\u00edg\u00edtanak, \u00e9s a menedzsment \u00f6szt\u00f6nz\u0151i nem els\u0151sorban r\u00e9szv\u00e9nyalap\u00faak. A r\u00e9szv\u00e9nypiacon szerepl\u0151 v\u00e1llalatok 99%-a nem ilyen, \u00e9s ezekre a kvalitat\u00edv jegyekre neh\u00e9z sz\u0171rni, ez\u00e9rt sok ut\u00e1naolvas\u00e1st ig\u00e9nyel.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi az a sorozatfelv\u00e1s\u00e1rl\u00f3 \u00e9s mi\u00e9rt ide\u00e1lis befektet\u00e9s?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A sorozatfelv\u00e1s\u00e1rl\u00f3k a perpetual compounderek speci\u00e1lis fajt\u00e1ja: kis, monopolhelyzet\u0171 c\u00e9geket vesznek meg sorozatban, ker\u00fclik a versenyt a mag\u00e1nt\u0151kealapokkal, k\u00e9nyesek a felv\u00e1s\u00e1rl\u00e1sok \u00e9rt\u00e9kelts\u00e9g\u00e9re, \u00e9s szinte soha nem adnak el egyetlen felv\u00e1s\u00e1rolt v\u00e1llalatot sem. Az ad\u00f3ss\u00e1got t\u0151ke\u00e1tt\u00e9telk\u00e9nt, a kamatot t\u0151kek\u00f6lts\u00e9g-cs\u00f6kkent\u0151 t\u00e9nyez\u0151k\u00e9nt haszn\u00e1lj\u00e1k. Az\u00e9rt ide\u00e1lisak, mert am\u00edg van felv\u00e1s\u00e1rl\u00e1si c\u00e9lpont, a tev\u00e9kenys\u00e9g\u00fck folyamatosan bels\u0151 diverzifik\u00e1ci\u00f3t val\u00f3s\u00edt meg. A Constellation Software p\u00e9ld\u00e1ul mintegy 1600 v\u00e1llalatot tartalmaz: ha egy bed\u0151l, nem t\u00f6rt\u00e9nik semmi.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi\u00e9rt nem csak sorozatfelv\u00e1s\u00e1rl\u00f3kat veszek?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"H\u00e1rom ok miatt. Egyr\u00e9szt nagyon ritk\u00e1n olcs\u00f3k, b\u00e1r 2026-ban az\u00e9rt adott a piac sz\u00e9p sz\u00e1mmal v\u00e9teli lehet\u0151s\u00e9geket. M\u00e1sr\u00e9szt a felv\u00e1s\u00e1rolhat\u00f3 c\u00e9lpontok sz\u00e1ma sok esetben v\u00e9ges, \u00e9s ahogy a c\u00e9g n\u0151, egyre t\u00f6bb vagy egyre nagyobb v\u00e1llalatot kell megvennie, ami cs\u00f6kkenti a bels\u0151 megt\u00e9r\u00fcl\u00e9st. Harmadr\u00e9szt meglehet\u0151sen neh\u00e9z \u0151ket fundament\u00e1lisan elemezni, mert a sz\u00e1mvitel nem tudja j\u00f3l kezelni a m\u0171k\u00f6d\u00e9s\u00fcket. Ez egyben lehet\u0151s\u00e9g is, hiszen emiatt a piac f\u00e9lre is \u00e1razza a legt\u00f6bbet.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi az a spin-off \u00e9s mi\u00e9rt csin\u00e1lj\u00e1k a sorozatfelv\u00e1s\u00e1rl\u00f3k?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Ha egy sorozatfelv\u00e1s\u00e1rl\u00f3 t\u00falzottan nagyra n\u0151, lev\u00e1laszt mag\u00e1r\u00f3l egy r\u00e9szegys\u00e9get, amely k\u00fcl\u00f6n v\u00e1llalatk\u00e9nt folytatja az alaptev\u00e9kenys\u00e9get. A legjobb hasonlat erre a mit\u00f3zis, vagyis a sejtoszt\u00f3d\u00e1s. A portf\u00f3li\u00f3mban ez konkr\u00e9tan is megjelenik: a Topicus \u00e9s a Lumine a Constellation Software spin-offjai, jelent\u0151s kereszttulajdonl\u00e1ssal. Ez\u00e9rt a h\u00e1rom n\u00e9v val\u00f3j\u00e1ban kev\u00e9sb\u00e9 f\u00fcggetlen egym\u00e1st\u00f3l, mint amennyire a list\u00e1n annak l\u00e1tszik.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi az a spawner v\u00e1llalat?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A spawner vagy ikr\u00e1z\u00f3 v\u00e1llalatok a megtermelt k\u00e9szp\u00e9nzt nemcsak felv\u00e1s\u00e1rl\u00e1sokra, hanem \u00faj \u00fczlet\u00e1gak l\u00e9trehoz\u00e1s\u00e1ra \u00e9s megfinansz\u00edroz\u00e1s\u00e1ra is k\u00f6ltik. Min\u00e9l t\u00f6bb startup jelleg\u0171 v\u00e1llalkoz\u00e1st ind\u00edtanak, ann\u00e1l t\u00f6bb ingyenjegyet kapnak a k\u00f6vetkez\u0151 nagy m\u00e1ni\u00e1ban val\u00f3 r\u00e9szv\u00e9telhez. Jellemz\u0151ik: oligopol vagy duopol poz\u00edci\u00f3 a saj\u00e1t ter\u00fclet\u00fck\u00f6n, a konkurenseket felv\u00e1s\u00e1rolj\u00e1k vagy organikus n\u00f6veked\u00e9ssel veszik el a piacukat, egyre t\u00f6bb piacon vannak jelen, \u00e9s a t\u0151keallok\u00e1ci\u00f3juk nagy r\u00e9sz\u00e9t a n\u00f6veked\u00e9s teszi ki. A legjobb p\u00e9lda az Amazon, ami k\u00f6nyv\u00e1ruh\u00e1zk\u00e9nt indult, majd j\u00f6tt a web\u00e1ruh\u00e1z, a streaming, a felh\u0151alap\u00fa adatt\u00e1rol\u00e1s, most pedig a mesters\u00e9ges intelligencia.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi az az \u00f6ner\u0151s\u00edt\u0151 gazdas\u00e1gi v\u00e1r\u00e1rok (self-reinforcing moat)?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Olyan v\u00e1llalatokr\u00f3l van sz\u00f3, amelyek a piac olyan szegmens\u00e9ben tev\u00e9kenykednek, hogy egyszer\u0171en nem lehet \u0151ket kiker\u00fclni. Ezt szokt\u00e1k fojt\u00f3pontnak is h\u00edvni: b\u00e1rmit csin\u00e1lsz, a v\u00e9g\u00e9n hozz\u00e1juk kell menned. Jellemz\u0151en nagyobb t\u0151keig\u00e9nnyel dolgoznak, de ezzel a saj\u00e1t versenyel\u0151ny\u00fcket er\u0151s\u00edtik, a partnereiket pedig egyre s\u00falyosabb f\u00fcgg\u0151 viszonyba hozz\u00e1k. Tipikus jegyeik: szinte p\u00f3tolhatatlan technol\u00f3giai versenyel\u0151ny, aszimmetrikus f\u00fcgg\u0151s\u00e9g a partnerek oldal\u00e1n, hatalmas backlog \u00e9s keresletalap\u00fa nyom\u00e1s. A legjobb p\u00e9lda az ASML, amelynek a g\u00e9peit minden chiptervez\u0151nek meg kell vennie, j\u00f3 es\u00e9llyel a TSMC gy\u00e1rain kereszt\u00fcl.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi az a kannib\u00e1l r\u00e9szv\u00e9ny (cannibal stock)?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A kannib\u00e1l r\u00e9szv\u00e9nyek a sima perpetual compounderek egyik alfaja. Nem csin\u00e1lnak m\u00e1st, csak a t\u0151keallok\u00e1ci\u00f3s hitvall\u00e1suknak megfelel\u0151en opportunisztikusan visszav\u00e1s\u00e1rolj\u00e1k a saj\u00e1t r\u00e9szv\u00e9nyeiket, \u00e9s jellemz\u0151en nem fizetnek osztal\u00e9kot. A portf\u00f3li\u00f3mban jelenleg az Adobe ilyen, a kor\u00e1bbi poz\u00edci\u00f3im k\u00f6z\u00fcl pedig a PayPal \u00e9s az Evolution AB voltak ilyenek.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi\u00e9rt van olyan c\u00e9g a portf\u00f3li\u00f3mban, ami nem illik a keretrendszerbe?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A 24 elem\u0171 portf\u00f3li\u00f3ban \u00f6t olyan n\u00e9v van, amely egyik kateg\u00f3ri\u00e1ba sem tartozik, hanem valamilyen speci\u00e1lis piaci szitu\u00e1ci\u00f3 miatt ker\u00fclt be: a Philip Morris, a Simon Property Group, a Novo Nordisk, a BlackRock \u00e9s az Alibaba. Ezek extr\u00e9m kock\u00e1zat\/nyeres\u00e9g ar\u00e1ny\u00fa helyzetek voltak, nem a keretrendszer szerinti v\u00e1laszt\u00e1sok. A tanuls\u00e1g vegyes. A PM-et \u00e9s az SPG-t az \u00e9rt\u00e9kelts\u00e9gi szorz\u00f3 miatt ma nem venn\u00e9m meg, pedig fel\u00fclteljes\u00edtett\u00e9k az S&P 500-at. A BLK-t \u00e9s a BABA-t az \u00fczletmenet miatt nem venn\u00e9m meg, el\u0151bbi fel\u00fclteljes\u00edtett, ut\u00f3bbival cs\u00fany\u00e1n alulm\u00faltam az indexet. Egyed\u00fcl a Novo Nordiskot v\u00e1s\u00e1roln\u00e1m meg \u00fajra, pedig eddig alulteljes\u00edtett.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi\u00e9rt fontosabb a poz\u00edci\u00f3m\u00e9ret, mint a r\u00e9szv\u00e9nyv\u00e1laszt\u00e1s?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A saj\u00e1t portf\u00f3li\u00f3mban ez konkr\u00e9t sz\u00e1mokban l\u00e1tszik. A Taiwan Semiconductor beker\u00fcl\u00e9si k\u00f6lts\u00e9gen csak 2.54%-ot tett ki, m\u00e1ra viszont piaci \u00e9rt\u00e9ken a portf\u00f3li\u00f3 12.72%-a. A top \u00f6t poz\u00edci\u00f3m egy\u00fctt a portf\u00f3li\u00f3 45.9%-\u00e1t adja. Ebb\u0151l az k\u00f6vetkezik, hogy el\u00e9g n\u00e9h\u00e1ny nevet eltal\u00e1lni, ami nagyot megy. Nem kell mindig igazad legyen, csak kicsiket kell t\u00e9vedned a nagy nyer\u0151k mellett. Ehhez viszont hagynod kell futni a nyer\u0151ket: a TSM poz\u00edci\u00f3mat sokszor eladhattam volna, de akkor nem tudott volna az \u00f6tsz\u00f6r\u00f6s\u00e9re n\u0151ni.\"\n          }\n        }\n      ]\n    }\n\n  ]\n}\n<\/script>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>A r\u00e9szv\u00e9nyportf\u00f3li\u00f3 \u00e9p\u00edt\u00e9s cikk m\u00e1sodik r\u00e9sz\u00e9ben az egyedi r\u00e9szv\u00e9nyeimet fogom kateg\u00f3ri\u00e1kba sorolni, de ha lemaradt\u00e1l az els\u0151 r\u00e9szr\u0151l, akkor azt itt olvashatod el: Megpr\u00f3b\u00e1ltam a saj\u00e1t szubjekt\u00edv univerzumomban kateg\u00f3ri\u00e1kba sorolni a c\u00e9geket, mert ez sz\u00e1momra megk\u00f6nny\u00edti a meg\u00e9rt\u00e9st \u00e9s lereduk\u00e1lja a c\u00e9lpontokat. Az egyik alapvet\u0151 hiba, mikor r\u00e9szv\u00e9nyportf\u00f3li\u00f3t akartok \u00e9p\u00edteni, hogy t\u00fal sok c\u00e9lpontot akartok [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/reszvenyportfolio-milyen-cegeket-keresek\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":12340,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[438],"tags":[440,74,437,439],"class_list":["post-12301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reszvenyportfolio","tag-egyedi-reszvenyek","tag-portfolioblogger","tag-reszvenyportfolio","tag-reszvenyportfolio-epites"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>R\u00e9szv\u00e9nyportf\u00f3li\u00f3: milyen c\u00e9geket keresek? -<\/title>\n<meta name=\"description\" content=\"A teljes r\u00e9szv\u00e9nyportf\u00f3li\u00f3: mind a 24 r\u00e9szv\u00e9ny kateg\u00f3ri\u00e1kra bontva, a m\u00f6g\u00f6ttes logik\u00e1val \u00e9s a besz\u00e1ll\u00e1si szempontokkal egy\u00fctt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/iocharts.io\/blog\/reszvenyportfolio-milyen-cegeket-keresek\/\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"R\u00e9szv\u00e9nyportf\u00f3li\u00f3: milyen c\u00e9geket keresek? -\" \/>\n<meta property=\"og:description\" content=\"A teljes r\u00e9szv\u00e9nyportf\u00f3li\u00f3: mind a 24 r\u00e9szv\u00e9ny kateg\u00f3ri\u00e1kra bontva, a m\u00f6g\u00f6ttes logik\u00e1val \u00e9s a besz\u00e1ll\u00e1si szempontokkal egy\u00fctt.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/iocharts.io\/blog\/reszvenyportfolio-milyen-cegeket-keresek\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/iOCharts\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-21T08:01:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/08\/building-an-investment-portfolio-II-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1110\" \/>\n\t<meta property=\"og:image:height\" content=\"625\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marton J. 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