{"id":1996,"date":"2021-12-26T16:24:34","date_gmt":"2021-12-26T13:24:34","guid":{"rendered":"https:\/\/tasarrufdelileri.com\/?p=1996"},"modified":"2026-03-07T17:27:32","modified_gmt":"2026-03-07T14:27:32","slug":"ne-piyasa-ama","status":"publish","type":"post","link":"https:\/\/fonanalizi.com\/?p=1996","title":{"rendered":"Ne Piyasa Ama!"},"content":{"rendered":"\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\"><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sars\u0131c\u0131 bir hafta ya\u015fad\u0131k. Her a\u00e7\u0131dan hem de. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">18 TL&#8217; nin \u00fczerine t\u0131rmanan dolar\u0131 da, 2.300 puan\u0131n e\u015fi\u011finden d\u00f6nen BIST 100 Endeksini de ayn\u0131 haftada g\u00f6rd\u00fck hep beraber.  T\u00fcrk Liras\u0131n\u0131n bir saklama ve de\u011fer koruma arac\u0131 olarak &#8216;niteli\u011fini kaybetme riskinin&#8217; ekonomistler taraf\u0131ndan daha s\u0131k dile getirildi\u011fi bir ortamda,  ekonomi y\u00f6netimince dile getirilen &#8216;de\u011fersiz TL ile tetiklenen y\u00fcksek ihracat performans\u0131 sayesinde cari a\u00e7\u0131\u011f\u0131n kapat\u0131lmas\u0131 ve kapanan cari a\u00e7\u0131\u011f\u0131n d\u00f6vize olan e\u011filimi de t\u00f6rp\u00fcleyece\u011fi inanc\u0131na dayal\u0131 politika; piyasa dinamiklerinin yeniden konumlanmas\u0131na, deyim yerindeyse &#8216;kartlar\u0131n yeniden da\u011f\u0131t\u0131lmas\u0131na&#8217; yol a\u00e7t\u0131. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"https:\/\/tasarrufdelileri.wordpress.com\/wp-content\/uploads\/2021\/12\/resim_2021-12-26_160411.png?w=646\" alt=\"\" class=\"wp-image-2011\"\/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">De\u011fersiz TL ve a\u015f\u0131r\u0131 h\u0131zl\u0131 y\u00fckselen dolar\u0131n, dolar baz\u0131nda zaten tarihi diplerinde olan Borsa \u0130stanbul&#8217;a hareketlilik getirdi\u011fini, bu r\u00fczgar\u0131n g\u00fcc\u00fcn\u00fc arkas\u0131na alan ihracat performans\u0131 g\u00fc\u00e7l\u00fc BIST \u015firketlerinin hisse fiyatlar\u0131nda \u00f6nlenemez bir ralli yaratt\u0131\u011f\u0131na tan\u0131kl\u0131k ederken, param\u0131z\u0131n dolar kar\u015f\u0131s\u0131ndaki a\u015f\u0131r\u0131 de\u011fer kayb\u0131ndan kendini korumak isteyen, ancak spot seviyelerden do\u011frudan dolara d\u00f6nme riskini almaktan \u00e7ekinen yat\u0131r\u0131mc\u0131larda da, yat\u0131r\u0131m fonuna kar\u015f\u0131 bir ilgi art\u0131\u015f\u0131 oldu\u011funu g\u00f6zlemledik. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"https:\/\/tasarrufdelileri.wordpress.com\/wp-content\/uploads\/2021\/12\/resim_2021-12-26_160651.png?w=731\" alt=\"\" class=\"wp-image-2015\"\/><figcaption class=\"wp-element-caption\">TEFAS : T\u00fcrkiye Elektronik Fon Al\u0131m Sat\u0131m Platformu<\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Yat\u0131r\u0131m fonlar\u0131n\u0131n &#8216;d\u00f6vizdeki genel y\u00fckseli\u015f&#8217; nedeniyle \u00e7ok iyi performans yans\u0131tan getiri skalas\u0131 yat\u0131r\u0131mc\u0131lar\u0131n dikkatini son d\u00f6nemde zaten g\u00fc\u00e7l\u00fc bi\u00e7imde \u00e7ekiyor.  Bu trend daha da g\u00fc\u00e7l\u00fc hale geldi ve TL baz\u0131ndaki birikimlerin \u00f6nemli bir k\u0131sm\u0131 da, dolara kar\u015f\u0131 bir koruma sa\u011flad\u0131\u011f\u0131 i\u00e7in, yabanc\u0131 varl\u0131k ta\u015f\u0131yan yat\u0131r\u0131m fonlar\u0131nda de\u011ferlendirilir oldu.  Yat\u0131r\u0131mc\u0131lar bu evreni daha \u00e7ok tan\u0131mak, daha \u00e7ok bilgi edinmek istedi, bu fonlara y\u00f6nelerek TL kazanm\u0131\u015f olsalar bile servetlerini dolara kar\u015f\u0131 koruma \u00f6zelli\u011fi de ta\u015f\u0131yan bu fonlar sayesinde bir \u00e7e\u015fit &#8216;sigorta&#8217; sat\u0131n almak istediler ve para koruma reflekslerini sermaye piyasam\u0131za etkin \u015fekilde yans\u0131tan pozisyonlar ald\u0131lar. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped aligncenter wp-block-gallery-2 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" data-id=\"2008\" src=\"https:\/\/tasarrufdelileri.wordpress.com\/wp-content\/uploads\/2021\/12\/resim_2021-12-26_154229-1.png?w=571\" alt=\"\" class=\"wp-image-2008\"\/><\/figure>\n<figcaption class=\"blocks-gallery-caption wp-element-caption\">Kaynak: Anadolu Ajans\u0131<br><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kur Korumal\u0131 TL mevduat\u0131n &#8216;\u00e7at\u0131 unsur&#8217; olarak yer ald\u0131\u011f\u0131 ve ilave unsurlar eklenerek TL cinsi yat\u0131r\u0131m\u0131 \u00f6zendirmeyi hedefleyen bir dizi ekonomik \u00f6nlem, yaratt\u0131\u011f\u0131 sonu\u00e7larla k\u00fc\u00e7\u00fck yat\u0131r\u0131mc\u0131lar\u0131n akl\u0131ndan uzun d\u00f6nem hi\u00e7 \u00e7\u0131kmayacak &#8216;kaybedi\u015fleri de getiren&#8217; ac\u0131 bir deneyim silsilesi oldu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/tasarrufdelileri.wordpress.com\/wp-content\/uploads\/2021\/12\/resim_2021-12-26_154012.png?w=789\" alt=\"\" class=\"wp-image-2005\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u00f6vizdeki sert d\u00fc\u015f\u00fc\u015f, hisse senedi piyasas\u0131nda deprem yarat\u0131rken, dolardaki h\u0131zl\u0131 y\u00fckseli\u015f nedeniyle birikimini korumak i\u00e7in yabanc\u0131 varl\u0131k ta\u015f\u0131yan yat\u0131r\u0131m fonu tercih edenleri de etkiledi, kurdaki sert d\u00fc\u015f\u00fc\u015f, s\u00f6z\u00fc ge\u00e7en varl\u0131klarda getiri baz\u0131nda korkun\u00e7 bir erozyon yaratt\u0131. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Borsa \u0130stanbul yat\u0131r\u0131mc\u0131s\u0131 i\u00e7in, ekonomi y\u00f6netimi negatif reel faiz politikas\u0131n\u0131 en g\u00fc\u00e7l\u00fc \u015fekilde dile getirince ba\u015flayan ralli, endeksin seviyesi 15 Ekim 2021&#8217;deki 1.409 seviyesinden y\u00fckseli\u015fi ile ba\u015flad\u0131. 16 Aral\u0131k 2021&#8217;deki 18 TL&#8217;lik dolar kurunu da g\u00f6rd\u00fc\u011f\u00fcm\u00fcz g\u00fcn; 2.278 seviyesine kadar soluksuz s\u00fcrd\u00fc ki, bu ralli hisse senedi yat\u0131r\u0131mc\u0131s\u0131 i\u00e7in %60 gibi bir getiriye i\u015faret ediyor. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"https:\/\/tasarrufdelileri.wordpress.com\/wp-content\/uploads\/2021\/12\/resim_2021-12-26_161132.png?w=419\" alt=\"\" class=\"wp-image-2016\"\/><figcaption class=\"wp-element-caption\">Kaynak: Finnet Plus 2000<\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kur Korumal\u0131 Mevduat plan\u0131n\u0131n a\u00e7\u0131klanmas\u0131, BES planlar\u0131ndaki Devlet Katk\u0131s\u0131n\u0131n %30&#8217;a \u00e7\u0131kar\u0131lmas\u0131, temett\u00fc stopaj\u0131ndaki %5&#8217;lik indirim gibi haber ak\u0131\u015flar\u0131 resmi tersine \u00e7evirdi, Borsam\u0131zda bu defa &#8216;ihracat\u0131 g\u00fc\u00e7l\u00fc \u015firketlerin sert olumsuz ayr\u0131\u015ft\u0131\u011f\u0131&#8217; bir s\u00fcrece girdik. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2 ayda %60 prim yapm\u0131\u015f bir borsan\u0131n elbette d\u00fczeltme yapmas\u0131 beklenir. Kurun y\u00fckseli\u015finden korunmak ad\u0131na kendine ait olmayan parayla borsaya girme yan\u0131lg\u0131s\u0131n\u0131n faturas\u0131, hem bu \u015fekilde pozisyon alanlar\u0131 fiyatlardaki anormallikler nedeniyle &#8216;zorunlu teminat tamamlama&#8217; i\u015flemlerine, h\u0131zl\u0131 de\u011fer d\u00fc\u015f\u00fc\u015f\u00fc nedeniyle nakit de bulamad\u0131klar\u0131 i\u00e7in hisse senedini &#8216;mecburen&#8217; sat\u0131p pozisyon kapamak zorunda kalma gibi \u00e7ift y\u00f6nl\u00fc bir kayba g\u00f6t\u00fcrd\u00fc. T\u00fcm bu f\u0131rt\u0131naya algoritma bazl\u0131 pozisyon kapamalar da eklenince borsam\u0131zdaki d\u00fc\u015f\u00fc\u015f, endeksin t\u00fcm\u00fcn\u00fc etkileyen sars\u0131c\u0131 bir sat\u0131\u015f dalgas\u0131na d\u00f6n\u00fc\u015ft\u00fc.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Okuduklar\u0131mdan ve g\u00f6zlemlerimden \u00e7\u0131kar\u0131m\u0131m budur. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/tasarrufdelileri.wordpress.com\/wp-content\/uploads\/2021\/12\/youtube-kolaj2.jpg?w=1024\" alt=\"\" class=\"wp-image-2018\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yabanc\u0131 varl\u0131k i\u00e7eren <a href=\"https:\/\/twitter.com\/hashtag\/yat%C4%B1r%C4%B1mfonu?src=hashtag_click\">#yat\u0131r\u0131mfonu<\/a> yat\u0131r\u0131mc\u0131s\u0131 ise, piyasan\u0131n kapal\u0131 oldu\u011fu gece ba\u015flayan \u00e7ok sert d\u00fc\u015f\u00fc\u015f\u00fcn etkisini, fonlar ortalama %25 seviyesinde de\u011fer kaybedince ya\u015fad\u0131. Takip eden g\u00fcn devam eden %7-8&#8217;lik d\u00fc\u015f\u00fc\u015fler de buna eklenince, moraller bozuldu, y\u0131prand\u0131k, h\u0131rpaland\u0131k.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/twitter.com\/hashtag\/yat%C4%B1r%C4%B1mfonu?src=hashtag_click\">#yat\u0131r\u0131mfonu<\/a> evreninde yabanc\u0131 varl\u0131k ta\u015f\u0131yan fonlar\u0131n y\u00fckseli\u015fi, SPK&#8217;n\u0131n onay verdi\u011fi bir metodolojiye dayal\u0131. Fiyat\u0131n, fondaki yabanc\u0131 varl\u0131k de\u011ferlerinin TCMB Dolar Al\u0131\u015f Kuruyla TL&#8217;ye \u00e7evrilerek hesaplanmas\u0131 ve fon fiyat\u0131n\u0131n g\u00fcnl\u00fck olarak bu de\u011fi\u015fkenler sonras\u0131nda a\u00e7\u0131klanmas\u0131 dinami\u011finin do\u011fal sonucu.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mart 2021 g\u00f6revden almas\u0131yla beraber, TCMB Ba\u015fkan de\u011fi\u015fiminden beri dolar kuru 7,20&#8217;li seviyelerden 18&#8217;li seviyelere soluksuz bi\u00e7imde geldi. Dolar y\u00fckselince yabanc\u0131 fonlar da y\u00fckseldi. De\u011fersiz TL, y\u00fckselen <a href=\"https:\/\/twitter.com\/hashtag\/dolar?src=hashtag_click\">#dolar<\/a> efektiyle bi\u00e7imlenen son d\u00f6nemdeki &#8216;hakim&#8217; yat\u0131r\u0131m e\u011filimi, Kur Korumal\u0131 TL Mevduat a\u00e7\u0131klamas\u0131yla bir an kendini sorgular hale gelince, <a href=\"https:\/\/twitter.com\/hashtag\/BORSA?src=hashtag_click\">#BORSA<\/a> 2.278&#8217;den 1.804&#8217;e inerek nas\u0131l 4 g\u00fcnde %16 civar\u0131 d\u00fc\u015ft\u00fcyse, yat\u0131r\u0131m fonlar\u0131 da dolar kurunun sert d\u00fc\u015f\u00fc\u015f\u00fcnden ka\u00e7amad\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/twitter.com\/hashtag\/yatirim?src=hashtag_click\">#yatirim<\/a> i\u015finde ana hikaye her zaman uzun vadeli olmal\u0131d\u0131r diyor uzmanlar. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En az\u0131ndan benim okuduklar\u0131m bu y\u00f6nde. Bu hafta bunu \u00e7ok net ya\u015fad\u0131m ben de, bir \u00e7ok yat\u0131r\u0131mc\u0131 gibi. \u00d6n\u00fcm\u00fczdeki g\u00fcnlerde, bu \u015fok kay\u0131plar\u0131n zamana yay\u0131larak yerine kondu\u011fu bir s\u00fcre\u00e7 bizi bekliyor belki de. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Belki diyorum, \u00e7\u00fcnk\u00fc bilme \u015fans\u0131m yok. Sadece plan\u0131ma ba\u011fl\u0131 kalabilir, yat\u0131r\u0131m tercihlerimde, ya\u015fad\u0131\u011f\u0131m t\u00fcrb\u00fclans sonucu de\u011fi\u015fmesi gereken i\u00e7sel tercihler olabilir mi diye g\u00f6zden ge\u00e7irebilirim, ki \u015fu an i\u00e7in d\u00fc\u015f\u00fcnm\u00fcyorum. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tek bir hisse satmad\u0131m, <a href=\"https:\/\/twitter.com\/hashtag\/temett%C3%BC?src=hashtag_click\">#temett\u00fc<\/a> i\u00e7in \u00e7ok daha hevesliyim. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu pazar g\u00fcn\u00fc, ge\u00e7ti\u011fimiz haftan\u0131n &#8216;hasar raporuna&#8217; bak\u0131yorum; \u00e7ay\u0131m\u0131n e\u015fli\u011finde dersimi \u00e7al\u0131\u015f\u0131yorum. Uzun vadeli hisse senedi yat\u0131r\u0131mlar\u0131ma, <a href=\"https:\/\/twitter.com\/hashtag\/temett%C3%BC?src=hashtag_click\">#temett\u00fc<\/a> beklentisiyle bi\u00e7imlendirdi\u011fim portf\u00f6y\u00fcme, <a href=\"https:\/\/twitter.com\/hashtag\/yat%C4%B1r%C4%B1mfonu?src=hashtag_click\">#yat\u0131r\u0131mfonu<\/a> getiri performanslar\u0131ma tekrar bak\u0131yorum. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu sars\u0131c\u0131 haftan\u0131n ard\u0131ndan, daha motive oldu\u011fumu s\u00f6ylemeden ge\u00e7emeyece\u011fim. Uzun vadeli yat\u0131r\u0131mlar\u0131ma devam etme yolundan milim sapmaya da niyetim yok. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hayat, bir \u00f6\u011frenme s\u00fcreci.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Uzun vadeli strateji, nitelikli performans takibi ve sab\u0131r. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Basit planlara odaklan\u0131yorum. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Her ya\u015fanm\u0131\u015fl\u0131ktan ders almaya \u00e7al\u0131\u015f\u0131yorum. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Her \u015feyin ba\u015f\u0131, sa\u011fl\u0131k&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sars\u0131c\u0131 bir hafta ya\u015fad\u0131k. Her a\u00e7\u0131dan hem de. 18 TL&#8217; nin \u00fczerine t\u0131rmanan dolar\u0131 da, 2.300 puan\u0131n e\u015fi\u011finden d\u00f6nen BIST 100 Endeksini de ayn\u0131 haftada g\u00f6rd\u00fck hep beraber. T\u00fcrk Liras\u0131n\u0131n&hellip;<\/p>\n","protected":false},"author":1,"featured_media":661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts\/1996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1996"}],"version-history":[{"count":2,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts\/1996\/revisions"}],"predecessor-version":[{"id":4128,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts\/1996\/revisions\/4128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/media\/661"}],"wp:attachment":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}