38. JONI GRÖNQVIST
Joni is a man Verneri Pulkkinen could kiss (see the Jatkoilla Ruoholahdessa episode where Verneri was a guest). He is a nice and highly skilled analyst who, in my opinion, has an excellent understanding of not only the companies he follows but also the industry as a whole. I generally like Inderes’s way of handling the sectors of the companies they follow, and I think, for example, Joni and Frans cover the IT services sector exceptionally well, which helps a small investor like me a lot in stock picking.
In the videos, I think it shows how Joni knows how to open up even relatively difficult things so that even someone unfamiliar with the subject can get a grasp of what it’s really about. The ability to summarize and find the most essential points are his strengths, which I think is an important quality in this field, as there is “too much” information and all kinds of material available.
Experience and broad expertise are perhaps why Mr. Grönqvist is able to explain things so clearly, focusing on the most essential matters. Joni’s enthusiasm also comes across well to the listener in the videos, which certainly helps an investor learn and enjoy his videos.
In person, he is quite a funny “lyytikko” (analyst).
1. Tell us in thirty words who you are.
A father of two young girls in his late 30s. Education-wise an M.Sc. (Econ.) with a background in more traditional analysis models and also financial roles. A hybrid of a country person and a city dweller.
2. Tell us three things the forum members don’t know about you.
A mix of a potato farmer lineage from Sipoo and a small boy’s lineage that fled the war twice from Karelia.
The unofficial holder/creator of the Joni’s Famous trademark, known in Sweden as Bävergäll. It is a velvety smoky drink reminiscent of whiskey. It works well as a flavor in food and drinks. The ingredient is a beaver’s scent gland.
I do not own a Mercedes, unlike many others in analysis.
3. What interests and hobbies do you have? You can’t say anything related to investing. 
Hunting
Golf
and of course, spending time with my girls
Cooking, when there is time for it.
4. What is a typical weekday like for you?
Wake up at 7:00 a.m. at the latest, girls to daycare, and at the computer around 8:00 a.m. In addition to work, I do a check-up round (or rounds) at the office every day to ensure the atmosphere is positive. In the afternoon, picking up the ladies from daycare, and in the evening, I continue working if needed. Socializing in the evenings.
5. Could you briefly describe what kind of investor you are?
Growth stocks, medium/long horizon. I like cases where the strategy holds, which shows that the market and the company’s own strengths are under control. Small companies whose mispricing institutions cannot correct. I only invest in companies I know well or my friends know well. This way, diversification is not as critical. Leverage is always in use, but in a controlled manner.
6. Could you briefly explain your investment history?
I acquired my first shares at the age of 15. Sometimes more, sometimes fewer shares. When I was younger, a larger share of income also went to traveling and experiences. However, making deals and profits has been on my mind since I was young. Not just stocks. Apartments and land are also in the portfolio.
7. How has working as an analyst changed you as an investor? do trading restrictions bother you?
I don’t trade actively, so the restrictions of an analyst’s work don’t bother me in that sense. Of course, occasionally, if I disagree with a case and cannot sell or buy because it goes against the corresponding analyst’s recommendation, then it bothers me a bit. At such times, it’s good to get to know the company and that analyst’s view more closely to see if I still agree or if my opinion changed.
8. As an analyst, do you see the IT services sector companies you are passionate about through rose-colored glasses? How do you see this sector if we look several years ahead?
I wouldn’t say there are rose-colored glasses 
when looking at the sector’s fundamentals, the demand outlook looks good and there are also negative recommendations (and there were even more recently) in the sector.
Outlook: a very interesting sector that will be a part/central part of the operations of many other sectors. In the big picture, an attractive sector especially in the medium and long term, but due to company-specific differences and strategy phases, one must pick the right horses at any given time.
9. What kind of portfolio do you have at the moment? Which two companies in your portfolio do you trust the most right now and why?
I currently own 11 companies. Clearly, the majority of the portfolio is naturally Inderes, and other investments are relatively small.
Inderes - I trust the personnel, management, company strategy, and competitiveness.
10. How do you think about your portfolio’s diversification, or do you think about the diversification aspect at all?
Diversification in general is surely a good thing. However, my investment style involves wanting to know the companies and being able to follow them actively. Because of this, it doesn’t scare me that clearly over 90% of my shares are in Inderes.
11. Analyze these companies in 30 words per company.
- Digital Workforce
A very interesting growth company in the niche automation market. Digital Workforce has strong historical evidence of growth in the Nordics and is now seeking growth in the UK and USA. An interesting year ahead, considering growth markets, market uncertainty, a change of CEO, and a well-started focus on profitability/turnaround.
- Gofore
For years, Gofore has proven to be at the top of the Finnish listed companies in the IT services sector and is becoming comparable even to top international peers. Rarely can you get the top of the sector so affordably.
- Siili Solutions
Siili’s investment profile has strengthened into an earnings grower following a good turnaround in recent years. We estimate that earnings growth in the coming years will be driven by international operations, although there is still potential in the Finnish operations as well. After acquisitions, the company is on a clearly firmer and broader base than before and is ready to aim for the target bar set a year ago for the coming years in terms of growth and profitability.
12. What is the least nice part of an analyst’s job and why?
The correct phrasing is “least,” because generally, the majority is pleasant. Being wrong, however, is clearly the least nice part. One must then also learn from being wrong.
13. Inderes is expanding rapidly into Sweden; are there interesting companies in the IT services sector in Sweden? Has Inderes’ expansion into Sweden affected your work?
CombinedX and Knowit are, among others, interesting in Sweden. Inderes’ expansion into Sweden has affected my work in the sense that if we get analysis of IT service companies in Sweden, there are clear synergies in the work. We have been looking at Swedish companies for a while already, but now we have even more motivation to familiarize ourselves with them.
14. You have to choose two people from Inderes and two from the forum to handle your job for a year, who would you choose and why?
Frans-Mikael ”Don Franco” Rostedt already knows the IT services sector well, so he’s the first choice.
Yu ”code wizard” Gong is the second choice.
Johannes Sippola and Sijoittaja-alokas, because they are already active in discussions about IT services sector companies anyway.
PIng: @Frans-Mikael_Rostedt, @Yu_Gong and @Johannes_Sippola
15. You are a very competent analyst; what area of investing would you like to learn more about and why?
I would like to learn to know other sectors better on the side and learn from their dynamics for my own investing and analysis.
16. If we don’t count company threads in your own field, which threads do you prefer to read on the Forum?
Unfortunately, I don’t have time to read other threads that much right now due to the “busy years” (of family and career). The Forum would certainly be one good way to increase knowledge about other sectors and companies.17. Do you have any concrete goals for your investing? Are there any specific targets in euros?
I don’t have concrete goals in that regard. Probably one good metric is outperforming the market, but the starting point is that it should be a clearly superior return. One must also take other investments into account here, not just stocks.
18. Has the wealth brought by investing brought anything concrete and positive to your life?
It provides security, but the hunger remains. The use of leverage also means you have to stay alert and there must be cash flow.
19. Do you have a tip that would help Alokas pick the best IT service sector companies for their portfolio?
The top performers in the sector over recent years are likely to be good investments, at least in the medium term. In the short term, stock picking is emphasized, as valuation, the stage of the strategy, and the operational trend are important to consider.
20. What would you especially like to thank the forum members for?
For a very vibrant discussion forum with high quality, where you can find answers to almost any theme. You could say it’s the Google of investing.
Best regards,
Joni
Kiitos Joni haastattelusta!
In a way, especially through Joni and Frans’s excellent industry reviews, I’ve come to better understand the importance of “industry insight” in stock picking. I’ve learned to think more about competitors and to make better comparisons between players in the field.
It’s great when experience and enthusiasm come in the same package. He is, as Sippola said: a jättekiva (really great) analyst.
Thank you and a relaxing Friday to everyone!