Founder of Vltava Fund. Nothing here is advice or recommendation. No responsibility to provide information to anyone outside existing investors.

Joined August 2010
Initial sales exceeded expectations and stocks of the book sold out quickly. A reprint has now been made, so you should be able to place your order in time for Christmas. shorturl.at/qfW7k
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I completely agree with that. There's evidence of it at every turn.
This paper answers why confident idiots run the world. Cornell University published a psychological paper that explains every terrible boss, every loud influencer, and every broken corporate hierarchy. It’s called “Unskilled and Unaware of It.” they tested participants across logic, grammar, and humor to measure the gap between actual performance and self-perception. And the results are wild. participants scoring in the bottom 12th percentile consistently believed they were operating in the 62nd percentile. they were not lying. they were literally incapable of recognizing their own incompetence. the paper revealed a brutal paradox: the exact skills required to master a domain are the exact same skills required to accurately evaluate your own competence in that domain. if you lack the skill, you inherently lack the cognitive capacity to realize you are failing. this creates a dangerous systemic loop. the incompetent are blessed with absolute, blinding certainty. their brain protects them from their own ignorance, allowing them to speak first, demand authority, and never second-guess their decisions. meanwhile, the actual experts suffer the exact inverse. top performers in the study consistently underestimated their rank. because a task was easy for them, they falsely assumed it was easy for everyone else. they hesitate. they obsess over nuance. they assume they have nothing unique to add. we are biologically wired to confuse confidence with competence. the loudest person in the room gets promoted, gets funded, and gets the microphone, not because they know what they are doing, but because they are physically incapable of seeing what they don't. the only defense mechanism is building systems that stop rewarding absolute certainty and start demanding proof of work.
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Robert Vlach napsal neobyčejně praktickou knihu o velmi obyčejných věcech – o vydělávání peněz, o jejich utrácení, o spoření, investování a zacházení s majetkem. Její největší předností je, že čtenáři nenabízí univerzální recepty, ale učí ho přemýšlet samostatně a převzít odpovědnost za vlastní finance. Peníze zde nejsou cílem, ale nástrojem svobody, stability a dobrého života. Kniha Na vysoké noze by měla být v knihovně každého, kdo chce mít svůj život více ve vlastních rukou.
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ARE WE LIVING IN A GOLDEN AGE OF ACTIVE INVESTING? Read here: shorturl.at/1nt6l
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ŽIJEME VE ZLATÉ ÉŘE AKTIVNÍHO INVESTOVÁNÍ? Text zde: shorturl.at/dpMdH
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One of the overlooked risks in today's stock market: being forced to sell a good business far below its intrinsic value. Penske Automotive is going private at $212 per share, an 8.8% premium to yesterday's closing price. Sounds good? Not necessarily. When controlling shareholders take a company private, minority investors can lose the opportunity to benefit from its long-term value creation. A premium to a depressed market price is not necessarily a fair price. For value investors, this is a particularly unpleasant risk. You can be right about the business, right about its intrinsic value, and still lose because someone else gets to buy it too cheaply. Sometimes the biggest danger isn't that the market never recognizes value. It's that someone takes that value away before it does. $PAG
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Prague Value 2026 is just round the corner. We have a fantastic line-up of investors from 15 countries. It’s a wonderful opportunity to catch up with so many friends and learn from one another.
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A market crash has already occurred in a quarter of the shares.
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A colourful autumn.
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If they were regulated by the SEC, they would get away with it.
The Man City scandal explained 💰⚽️
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TADEJ POGAČAR AND INVESTING IN STOCKS Letter to Shareholders Q3/2026 shorturl.at/RtXBD
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TADEJ POGAČAR A INVESTOVÁNÍ DO AKCIÍ Dopis akcionářům Q3/2026 shorturl.at/tnJNn
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Deep respect.
This is truly a great man. He has invested more in Ukraine than 185 countries combined. Meet Howard Buffett, Warren Buffett’s middle son. He is 71 years old. He dropped out of college three times. He drinks Dr Pepper and looks for a McDonald’s wherever he travels. Since the beginning of the war, his foundation has become the largest private donor to Ukraine: $1.4 billion. Over four years, he has personally visited Ukraine 27 times. In April 2022, he saw burned-out agricultural machinery and called the president of John Deere: “How many combines are available in Europe?” “Fifteen. All of them were supposed to go to Russia.” “I’ll take them all.” Then came all the available New Holland equipment in Europe. Altogether, more than 100 tractors and combines were provided to Ukrainian farmers. He even tested demining equipment himself - on his own farm in Illinois, detonating explosives beneath rollers. When a Ukrainian deputy minister expressed doubts, Buffett told him: “Stop counting my tractors. If necessary, I’ll blow up a thousand of them.” Andriy Stavnitser initially asked him for $1 million for Superhumans. Buffett asked how much was needed to build the entire center. “$14 million.” “Okay. And what do you expect in return?” “Nothing. Build it.” Today, his support for Superhumans has reached $77 million, and the center has treated more than 1,700 patients. But his largest area of spending is neither agricultural machinery nor prosthetics. It is food: 642 million meals. And that is only part of it: * 344,000 windows replaced after Russian attacks; * 9 bridges, 4 power plants, 2,500 generators, and 18 DNA laboratories; * Much of Bucha rebuilt with his funding. “I already have more friends in Ukraine than I do at home,” he says. He celebrates birthdays in Ukraine, comes for Christmas, and even has a Ukrainian godson. Friends, this is truly a great man - someone who understands that he cannot take all his money with him when he leaves this world. I simply want to thank him and wish him well. Whatever else one may say, this is real help from a person who had no personal obligation to Ukraine. He simply chose to help. Source: translated from the original text by Oleh Bairak.
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There's one thing that's a little strange about $BN . If management truly believes in its estimate of the company's intrinsic value and its trajectory over the next few years, why aren't the share buybacks much larger than they are?
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A very long chapter is coming to a close...
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Brookfield’s 2026 Investor Day in one sentence: the last 5 years were about building the machine; the next 5 should be about harvesting it. AUM $1.3T, insurance assets ~$200B, DE/share targeted from $2.48 to $7.15 by 2031. The key drivers: AI infrastructure, power, insurance float, carry and capital allocation. The key question is whether Brookfield can reinvest tens of billions at attractive returns while keeping risk under control. The stock price is good, and long-term predictability is relatively high. $BN
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Yesterday’s event was brilliant and very well organised. It was a great honour for me to be invited.
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INVESTOVÁNÍ DO ROPNÝCH FIREM Nový díl podcastu Investujte opatrně! shorturl.at/89HXx Ropné společnosti patří mezi nejvíc cyklické a nejméně oblíbené části trhu. Právě proto ale mohou nabízet zajímavé investiční příležitosti. V tomto dílu se podíváme na to, proč jsme se jim dlouho vyhýbali, co nás přimělo změnit názor a jak při jejich analýze přemýšlíme o ceně ropy, kapitálovém cyklu, pobídkové ceně a volném cash flow. Na příkladu Cenovus Energy ukážeme, jaké vlastnosti by podle nás měla mít ropná firma vhodná k dlouhodobé investici.
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