{"id":5457,"date":"2011-09-22T14:35:50","date_gmt":"2011-09-22T11:35:50","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=5457"},"modified":"2011-09-22T14:35:59","modified_gmt":"2011-09-22T11:35:59","slug":"yatirimci-tercihlerinde-degisimler","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/yatirimci-tercihlerinde-degisimler\/","title":{"rendered":"Yat\u0131r\u0131mc\u0131 Tercihlerinde De\u011fi\u015fimler"},"content":{"rendered":"<p>Bu y\u0131lki IMF-D\u00fcnya Bankas\u0131 Genel Kurulu toplant\u0131lar\u0131 i\u00e7in haz\u0131rlanan dok\u00fcmanlardan ilgi \u00e7ekenlerden biri de Finansal \u0130stikrar Raporu.<br \/>\nRaporun bir b\u00f6l\u00fcm\u00fc, d\u00fcnya ve finans piyasas\u0131nda olu\u015fan yeni ko\u015fullar \u00e7er\u00e7evesinde uzun vadeli yat\u0131r\u0131mc\u0131lar\u0131n yap\u0131s\u0131n\u0131 ve davran\u0131\u015flar\u0131ndaki de\u011fi\u015fimleri irdeliyor.<br \/>\nGerek krizin etkilerinin gerekse halen s\u00fcrmekte olan d\u00fc\u015f\u00fck faiz ortam\u0131n\u0131n yat\u0131r\u0131mc\u0131lar\u0131n g\u00f6r\u00fc\u015flerinde nas\u0131l farkl\u0131l\u0131klar yaratt\u0131\u011f\u0131n\u0131 g\u00f6zl\u00fcyorsunuz.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-178032680\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p><strong>YAPISAL DE\u011e\u0130\u015e\u0130M VAR<\/strong><br \/>\nIMF uzmanlar\u0131, T\u00fcrkiye&#8217;nin de dahil oldu\u011fu 17 OECD \u00fclkesindeki verileri kullanarak bir de\u011ferlendirme yapm\u0131\u015flar.<br \/>\n\u00d6zet sonu\u00e7lar\u0131 \u015f\u00f6yle:<br \/>\n\u25a0 Genelde uzun vadeli yat\u0131r\u0131mc\u0131lar, portf\u00f6y da\u011f\u0131l\u0131mlar\u0131n\u0131 \u00fclkeler baz\u0131nda \u00e7e\u015fitlendirmi\u015fler. Portf\u00f6ylerini globalle\u015ftirmi\u015fler.<br \/>\n\u25a0 Uzun vadeli fonlar\u0131 ellerinde tutan emeklilik fonlar\u0131 ve sigorta \u015firketlerinin a\u011f\u0131rl\u0131klar\u0131 azal\u0131rken yat\u0131r\u0131m fonlar\u0131, tasarruflar\u0131 y\u00f6nlendirmede daha fazla pay almaya ba\u015flam\u0131\u015flar.<br \/>\n17 OECD \u00fclkesinde 1995 y\u0131l\u0131nda 21.9 trilyon dolarl\u0131k b\u00fcy\u00fckl\u00fc\u011fe sahip bu \u00fc\u00e7 finansal kurum, 2009 y\u0131l sonunda portf\u00f6y tutarlar\u0131n\u0131 60.3 trilyon dolara \u00e7\u0131karm\u0131\u015flar. Bunun i\u00e7inde yat\u0131r\u0131m fonlar\u0131 24 trilyon dolarla en \u00fcstte yer al\u0131yor.<br \/>\n\u25a0 Resmi sekt\u00f6r\u00fcn gerek d\u00f6viz rezervlerini gerekse ulusal refah fonlar\u0131n\u0131 daha etkin kullanmaya ba\u015flamas\u0131 ile uzun vadeli fon piyasas\u0131ndaki \u00f6nemleri giderek art\u0131yor. Son verilere g\u00f6re ulusal refah fonlar\u0131n\u0131n elinde 4.7 trilyon dolar var. Resmi d\u00f6viz rezervlerinin toplam\u0131 ise 10 trilyon dolar.<br \/>\nT\u00fcm bu de\u011fi\u015fimlere ek olarak ya\u015fanan k\u00fcresel kriz ve d\u00fc\u015f\u00fck faiz ortam\u0131, portf\u00f6ylerin se\u00e7imindeki kriterleri de etkilemi\u015f.<br \/>\n\u00d6rne\u011fin, uzun vadeli yat\u0131r\u0131mc\u0131lar art\u0131k \u00fclkelerin pozitif b\u00fcy\u00fcme performans\u0131na ve risklerindeki d\u00fc\u015f\u00fc\u015fe bak\u0131yorlar. Bu iki fakt\u00f6r\u00fc \u00f6n plana \u00e7\u0131karm\u0131\u015f durumdalar.<br \/>\nGe\u00e7mi\u015fte en temel kriter olan faiz getirisi ya da farkl\u0131l\u0131klar\u0131 \u00f6nemini yitirmi\u015f gibi g\u00f6r\u00fcn\u00fcyor.<br \/>\nBuna kar\u015f\u0131 yat\u0131r\u0131mc\u0131lar, ge\u00e7mi\u015ften farkl\u0131 olarak olas\u0131 t\u00fcm riskleri detayl\u0131 bir \u015fekilde analiz ediyorlar. En k\u00fc\u00e7\u00fck risklerin bile zarar yaratma ihtimallerini hesapl\u0131yorlar. Piyasan\u0131n likit olup olmad\u0131\u011f\u0131na bak\u0131yorlar.<\/p>\n<p><strong>T\u00dcRK\u0130YE \u0130\u00c7\u0130N \u00d6NEM\u0130<\/strong><br \/>\nT\u00fcrkiye&#8217;nin uzun vadeli d\u0131\u015f kaynak \u00e7ekmesinin \u00f6nemini biliyoruz. Bu nedenle IMF uzmanlar\u0131n\u0131n bu bulgular\u0131, ger\u00e7ek\u00e7i bir strateji \u00e7izmemiz i\u00e7in bize yol g\u00f6steriyor.<br \/>\nBu yollar\u0131 \u015f\u00f6yle \u00f6zetleyebiliriz:<br \/>\n\u25a0 B\u00fcy\u00fcme, uzun vadeli yat\u0131r\u0131mc\u0131lar i\u00e7in en ba\u015fta gelen k\u0131stas. S\u00fcrd\u00fcr\u00fclebilir, i\u00e7 talebe dayal\u0131, dengeli ve riski az bir b\u00fcy\u00fcme performans\u0131 bu t\u00fcr yat\u0131r\u0131mc\u0131lar i\u00e7in her zaman olumlu olarak alg\u0131lan\u0131yor.<br \/>\n\u25a0 Faiz farkl\u0131l\u0131klar\u0131n\u0131n \u00f6nemini yitirmesi T\u00fcrkiye i\u00e7in bir \u015fans. Hisse senedi a\u011f\u0131rl\u0131kl\u0131 uzun vadeli yat\u0131r\u0131mc\u0131lar\u0131 bize y\u00f6nlendirmedeki bir engel b\u00f6ylece yumu\u015fuyor.<br \/>\n\u25a0 Risk fakt\u00f6r\u00fc ve bunun azalt\u0131lmas\u0131 bizim kontrol\u00fcm\u00fczde olan bir unsur. \u0130stisnas\u0131 uluslararas\u0131 kredi derecelendirme kurulu\u015flar\u0131. Onlardan BBB notunu almadan emekli ve sigorta fonlar\u0131n\u0131 \u00e7ekmek zor.<br \/>\n\u25a0 T\u00fcrkiye&#8217;nin ulusal refah fonlar\u0131 ve d\u00f6viz rezervi fazla \u00fclkeler nezdinde yo\u011fun bir bi\u00e7imde giri\u015fimde bulunmas\u0131 gerekiyor. Uzun vadeli yat\u0131r\u0131ma gidecek para buralarda.<br \/>\nIMF-D\u00fcnya Bankas\u0131 toplant\u0131lar\u0131n\u0131 izlemek i\u00e7in Washington&#8217;a geldim. Toplant\u0131 \u00f6ncesi yan etkinlikler bug\u00fcn ba\u015fl\u0131yor. Bir\u00e7ok seminer, panel ve toplant\u0131 var.<br \/>\n\u0130zlenimlerimi sizlerle payla\u015faca\u011f\u0131m.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bu y\u0131lki IMF-D\u00fcnya Bankas\u0131 Genel Kurulu toplant\u0131lar\u0131 i\u00e7in haz\u0131rlanan dok\u00fcmanlardan ilgi \u00e7ekenlerden biri de Finansal \u0130stikrar Raporu. Raporun bir b\u00f6l\u00fcm\u00fc, d\u00fcnya ve finans piyasas\u0131nda olu\u015fan&hellip;<\/p>\n","protected":false},"author":418,"featured_media":5395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/5457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/418"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=5457"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/5457\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/5395"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=5457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=5457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=5457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}