82. Passi, OSA 1/2 (did not fit in one message)
It’s not the quantity of tweets and messages, but the quality – this description fits this username to a tee. 
The forum is always interested in what Passi writes, because his keyboard always produces high-quality text that genuinely brings added value to investors without any forced attempts to stand out.
I think he does a lot of groundwork, perhaps even the kind that others can’t be bothered or don’t have the energy to do. And Passi clearly has the knowledge and expertise, which allows him to make observations and conclusions that contain genuinely good content without unfounded guesswork. He is able to introduce easily understandable new ideas and scenarios that complement the work done by analysts.
He also possesses genuine independent thinking, and combined with his knowledge and hard foundational work, this makes him an excellent creator of investment content. New ideas, from new perspectives, and completely free of “investment emotionalism” make him a guy whom many would gladly see writing here more often.
1. Describe who you are in thirty words.
I’m a happy father of two little girls and a husband, born in the 80s. A regular Joe who has traveled the world a lot, but occasionally yearns for the slushy homeland. Career in tech companies, nowadays a full-time manager of my own portfolio.
2. Name three things that forum members don’t know about you.
- For the past 10 years, I have lived at least a three-week boat journey away from Finland. I do visit my home country often, by airplane though.
- I have never owned an apartment, a car, or a dishwasher.
- Nowadays I try to remember to enjoy the moment, even the small things. The laughter of my own children. Food and drink in good company. Pohjanpalo scoring against Denmark. Pantera live. A smoke sauna and a hot tub with the family. As cliché as it sounds, these small and simple things are often the spice of life. No worries about yesterday or tomorrow.
3. What interests and hobbies do you have? You are not allowed to mention anything related to investing.
I like to change my sports hobby every few years. For the past couple of years, I’ve been practicing yoga diligently. Before that, it was Thai boxing. Before that, going to the gym. Maybe something new soon.
As a kid, I played football, but my enthusiasm fizzled out simply because I was too bad at it. I do follow football, though: the Huuhkajat (Eagle-owls), major tournaments, the Premier League. I also actively play Sorare, which is sort of a cross between Fantasy Premier League, Championship Manager, and collectible cards (and maybe a bit of an investment too, oops).
I enjoy good food, ranging from street food to gourmet indulgence. Likewise, alcoholic beverages, from wines to whiskies. Fortunately, the quality of the drinks has gone up and the quantity has dipped by -90% since my student days. I try to indulge in these almost weekly in good company.
Traveling. I’ve seen a lot, but there’s much more left to see. New environments are refreshing. Culture, food, landscapes, people.
4. What is a normal weekday like for you?
Waking up without an alarm clock. Breakfast. Taking the kids to daycare.
I’ve been investing full-time for the past year or two. “Workdays” fly by. Quotation marks used because investing doesn’t feel like work. There is just an insane amount to learn and follow for someone passionate about the subject. Interesting cases pop up every month. Earnings seasons. Macro. Hypes and other phenomena. Company updates and thoughts from the forum. Experts from all fields on Twitter, literature, podcasts, own analysis, etc. There are endless opportunities for self-improvement. It’s a pretty cool feeling when you open your terminal in the morning and get to research that exact company or topic you want to, and you’re excited about it. The hours often run out too fast.
Sometime during the day, a yoga class or a short run/walk. In the afternoon, picking up the kids from daycare, dinner, hanging out with the kids, evening routines, and putting the kids to bed.
The last couple of hours of the day are for lighter investment reading, an audiobook (currently The Egyptian by Mika Waltari, before that Swallow the Sun), chatting with my wife (I listen), or streaming series (currently Shogun and Yellowstone). If my partner joins in, we watch a romantic comedy or the ultimate climax of the entertainment industry akin to Sex and the City.
5. Could you describe what kind of an investor you are?
A realistic optimist. I see a lot of opportunities, but I examine them critically and with an open mind.
A concentrated portfolio whose core positions I study in depth and monitor closely.
I strive to find predictable growth cheaply. Unfortunately, there are very few such cases in Finland, so I have expanded my territory to the Nordics and also dipped my toes into the US.
Mostly small caps. However, I no longer mess with too illiquid ones. Big ones are fine too if the return expectation is right.
Often related to tech/software, because of my own background and area of interest.
I don’t buy and forget, but rather sell when the return expectation weakens due to price increases or deteriorating fundamentals. A specific company can still remain in the portfolio for years.
I am not afraid to buy a falling knife (or a surging rocket) if the fundamentals, growth runway, and valuation are in order and I know the case well. I rarely panic. On the other hand, I have learned to respect market momentum more over time.
6. Could you elaborate on what kind of investment history you have?
2000s: I got my first stocks, worth a few thousand marks, as an inheritance in the aftermath of the IT bubble in 2001. Among other things, Nokia at around 250 marks per piece, hehe. Soon I bought more stocks with my summer job money through the legendary eQ online, mostly based on the “analyses” of the Kauppalehti forum. Fortunately, Kone happened to be among them, otherwise, I would have been beaten soundly by the index. So I went with the blind monkey and dart strategy. I did try to eagerly absorb lessons and read, among others, our own Graham Seppo Saario’s opus, and I understood early on that low-cost Seligson’s OMXH25 index fund beats bank products. I still dabbled in thematic investing and funds, and bought China and India funds “because their economies are growing fast” and later in 2007-08 nuclear power and uranium funds “because electricity is going to be needed like crazy and nuclear power is the only solution.” Well, emerging economies and the need for electricity grew, but there were hardly any returns in 10 years. This was a good lesson in the difficulty of macro and thematic investing. Nowadays I focus mostly on the micro level, i.e., companies, excl. PYN Vietnam.
I recently went through old investment notes. This snippet from January 2009 tells about me as an investor and also about the investment strategy of that time: “The stock market direction continued the same as the beginning of the year and Helsinki collapsed 50% in a year. But no worries, we’ll wait for the rise and collect dividends since there’s no rush anywhere :)” Is this enough to get an invitation to Verneri’s dividend party?
2010s: Passive holding, the rest of life took over. I resorted to letting salary income sit in a bank account. The exception was entering cryptos (ETH and BTC) in 2016 after having familiarized myself with blockchains the previous year.
2020s: I got excited about stock picking again at the end of 2019. It was mind-blowing to realize that Inderes, that company represented on TV by a baby-faced CEO with his Nokia analyses, produces damn high-quality analysis for the retail investors - and for free. When I was younger, I briefly did quantitative market analyses for Finnish listed companies and immediately recognized that this is good analysis from the team. Around the same time, my friends started a stock speculation group on Whatsapp. The old passion for stock picking was reignited. Of course, there was some luck involved with the timing: from the corona dip, bubble, and hangover, I learned a lot more for the future by being actively back in the game instead of on the sidelines.
I ended up as a full-time manager of my own portfolio almost by accident. After graduating, I worked for a while in Finland and then for almost a decade in startups abroad. Bankruptcy was close at least half a dozen times, as is often the case with early-stage companies. There were no million-dollar exits, but it was fun stuff nonetheless. However, the constant grinding took its toll, and a few years ago I consciously began to reduce my workload accompanied by a minor burnout and a changed life situation. Around the same time, the reignited passion for stock picking has filled the gap left by work, and at least for now, doing occasional projects of so-called real work is enough for me.
Here on the forum, there is surprisingly little discussion about investing as a livelihood. I will continue on this for a bit.
On the positive side, I have noticed that the quality of my own work has clearly improved. Of course, it doesn’t take much common sense to conclude that the quality of work improves when you have multiples more time available to dedicate to it When you have time to ponder, mistakes decrease. Nowadays I spend significantly more time thinking about portfolio structure, risk management, modeling different scenarios, determining buy and sell levels, due diligence on new cases, and generally keeping a pulse on the market. A savvy investor can certainly do these alongside a day job and the rest of life, but not this guy. Now I have time.
I view managing my own investment portfolio just as much as entrepreneurship and a full-time job as running any other business. You do something you have a passion for, you put both time and money into it, and the goal is bringing bread to the table, a job excellently done, and making an impact that matters to you. The risks are high, but so are the rewards: monetary, mental, and control over your own time, e.g., for family. I don’t see myself unemployed, idle, or left behind by development. This is a livelihood and an arena for self-improvement just like any other job. My portfolio is not very large, and if the returns go down the drain, there is nothing that can be done about it. Then we’ll look for other jobs. The blood will likely draw me to new challenges at some point anyway.
There are downsides too, of course: Doing things alone and the lack of a physical work community, the fear of the erosion of my own skills and employability, the lack of monthly cash flow, which in turn guides me to take slightly lower risks with the portfolio. So far, however, the pluses have been much greater than the minuses.
7. What does your portfolio currently look like?
Stocks:
Qt 21%
Evolution 10%
PYN Elite 5%
Lifeline Spac 5%
Smaller watch positions, e.g., Smart Eye, Gaming Innovation Group, Spire Global, and Incap. A longer hold is Inderes, whose entrepreneurship story has been wonderful to follow. Out of these, I might raise one to a more significant weight once they release their earnings reports.
Cryptos:
Bitcoin 8%
Solana 8%
Ethereum 8%
In addition, a few so-called shitcoins and capital at work in several DeFi products and farming airdrops.
There is hardly any cash, but cash-like instruments have now accumulated to about 15% of the portfolio. I like to reduce risk/investment rate when things are going well, especially now that I don’t have regular salary income. In recent months, I have trimmed, among other things, cryptos.Many are probably wondering about my large crypto allocation. I am well aware that the market is driven by wild speculation. However, with my nearly 10 years of experience, crypto is more like playing poker with drunk people than playing the lottery. Generating excess returns in a bull market is many times easier than with stocks if you know what you are doing. Over the years, knowledge and expertise have accumulated, and because of this, it simply becomes too costly for me not to be involved in this market—provided we are in the upward phase of the cycle, like now.
I don’t believe crypto is going away as a form of gambling anytime soon. And in this case, the house always wins—for example, over a billion dollars was paid for using Ethereum in Q1, and the net profit was $370 million (token holders benefit from this through so-called buybacks). Therefore, I think it’s silly to claim that these platforms have no value—gambling and entertainment are a massive industry. As an option, if fortune smiles upon us, these platforms will enable something genuinely useful for humanity in the future. I hope for a future where the “internet of value” and our AI assistants run on open and decentralized protocols rather than Meta or Google. I want to believe!
I also admit publicly, even at the risk of being ridiculed, that I see at least a modest possibility of Bitcoin surpassing gold’s market cap in the 2030s. I see significant value in a digital currency and value-transfer network that is neutral and not controlled by any government. I expect that China—with its central bank digital currency running on its own blockchain, the movements of which the state can see and which it can freely earmark and freeze in citizens’ digital wallets—is a window to the future for many states. Not to mention government debt and the printing of fiat. Bitcoin doesn’t have to or need to replace fiat, but it can complement it.
This is by no means a recommendation to invest in cryptos; I just wanted to open up my thinking. Cryptos are a super-speculative asset class, real-life use cases are still lacking, and their value fluctuates wildly, especially with global liquidity, with 5x the volatility compared to stocks. We are clearly in the bull/hype phase of the cycle, and it is critical to be able to assess when the transition to a bear market happens. This is a momentum game in the short term and an adoption game in the long term. It is important to be aware of what game you are playing and against whom.
8. If you had to keep two stocks in your portfolio for five years, what would they be and why?
The two biggest ones, meaning Qt and Evolution. More on these below.
9. What is your stock-picking process step by step?
- Interest in a new target is sparked. I usually get excited if a company’s sales are growing rapidly, it has an interesting story, product, and team, and/or it is blatantly undervalued. Targets can sprout from anywhere. In recent years, I have gotten ideas from work, acquaintances, the Inderes forum and reports, Redeye industry reports, Twitter, and screeners, among other places. This phase of the process doesn’t have to be set in stone. An idea can come even while visiting the local grocery store.
- A 5–15 minute gut feeling about the company and its products. I glance at the website, the latest earnings report, figures, and forecasts on Tikr. Also product-segment-specific figures if available; a hidden growth rocket might be found among these. Contrary to the advice of wiser people, I also look at the valuation at this stage. Most interesting growth companies simply already have very heavy expectations loaded into them, and it’s useless to waste time on them. I often set a price alert in Nordnet as a reminder for the levels where I could imagine buying the stock. There are now hundreds of alerts set.
- If the company is still of interest, deeper research. Annual reports, earnings reports, industry analyses and insider comments, forum and Twitter comments, the team’s background and incentives, management video interviews, basic figures in a back-of-the-envelope model in a Google Sheet. Focus on pondering the company’s competitive advantages: why do customers choose their product in particular? Does the customer get significant value for their money? Is it easy for the customer to switch to another product?
- A simple base-bear-bull scenario analysis and probabilities 1–2 years out. I don’t base my decisions on DCF models. It’s really difficult to predict even my own company’s future a couple of years ahead, let alone external companies. Of course, there has to be a gut feeling about whether the company will still be in a good position in a couple of years and what multiples the market will give it then. At this stage of the process, I trust my own forecasts more than those of analysts. From the above, I form a return expectation for the case. I usually require at least a 30% annual return expectation to invest in a new case. Surprises always happen, and it’s good to have a margin of safety. For familiar cases, less is enough; knowledge of the company accumulated over the years reduces risk.
- If the return expectation is okay, I determine the position size. A sum of many factors. I often scale in slowly and get to know the company over time. If there is a risk of losing the majority of the invested capital in the bear scenario, that in itself limits the position size (e.g., Smart Eye). Sometimes opportunities arise where even the bear case has a positive return expectation. I still vividly remember a November day in 2022 when my buy order for Harvia set at 13.40 euros after the earnings report fell just a few cents short, and the stock has since risen 200%+. That was one of those opportunities.
- After entry, monitoring the case and updating scenarios as new information comes in, e.g., from earnings reports. I determine the prices at which I reduce, sell, and add (and set price alerts); otherwise, it turns into guesswork, especially during fast and large price movements. I also trim if I find a clearly better return expectation for the capital.
I have listed about 50 most interesting companies that I would like in my portfolio. Of these, I try to read the earnings reports and keep price alerts up to date. The longer the list, the more often buying opportunities open up even for quality companies.
**10. Which sectors interest you right now and why?**There are a vast number of interesting products, technologies, teams, and stories in the world. Instead of focusing on specific industries, I often approach investment targets at the company level. They are often related to software and the opportunities it brings, but exciting growth companies building hardware will certainly also emerge from the energy and healthcare sectors in the coming years. I suppose I have to add artificial intelligence as an “industry” as well.
11. What have been the worst mistakes of your investment career and what did you learn from them?
An investment that resulted in heavy losses might have been correct as a buying decision, and vice versa. Here are a few where both my decision-making and returns went down the toilet:
Not selling in 2021
Qt EV/S 30. Evolution EV/EBIT 50. Tecnotree €1.50. Millions were paid for pictures of crypto rocks. What kind of idiot doesn’t sell at this point? My portfolio dropped 50%. Fortunately, that has been recovered reasonably well, but it was an expensive lesson. Nowadays, I always set reduction and selling levels for my holdings. I have indeed pondered how one should act if and when the next bubble comes. That’s where the big returns are made. Once a certain threshold is crossed, more technical analysis and the use of stop-losses?
Letting cash sit in a bank account
Salary income accumulated in the bank account almost unnoticed for nearly a decade. Not wild sums, but over the same period, the MSCI World ETF would have nearly doubled from 2010 to 2019 (and tripled to this day).
Buying the IT services sector in the spring of 2023
I assumed that the weakening of the market was already priced in and that consultant-driven companies would be able to adjust their headcount to match weaker demand during the end of the year. Well, Midsummer 2024 is approaching soon, demand is still faltering, and supply is being adjusted. These were jumped into way too early—you shouldn’t buy into a weakening fundamental before signs of a turnaround. I do believe the sector will deliver good returns on a couple of years’ horizon from these valuation levels, but the opportunity cost (many other buying targets) has proven too high, and I have gradually sold the sector from my portfolio.
12. What are your three best traits as an investor and what is your biggest area for improvement?
Best traits:
Knowing myself. My investment strategy is based on my strengths, such as patience, rationality, analytical skills/understanding the context of numbers and drivers and predicting them, understanding the owner-operator perspective, interest in new technologies, and risk tolerance.
Generic business understanding. I don’t really know anything in depth, but I have dabbled as a product owner, in product development, production and logistics, marketing, and the financial side. I can at least fool myself into believing that this is useful when evaluating companies.
Healthy self-confidence. I believe in my own analysis and thesis if I have done the groundwork properly. The better conviction I have in a case, the better I am able to make rational decisions even if the market goes in the other direction. On the other hand, wrong decisions happen constantly, and you have to be able to deal with them and learn from them. This is one of the reasons why I share my mistakes every now and then and the contents of my portfolio once a quarter on Twitter. Public accountability forces me to own my mistakes and creates healthy pressure to perform better.
Biggest area for improvement:
When playing with loss-making growth stories, the risk of losing capital is obvious. In 2021 I stepped on a few mines, since then I haven’t, but I don’t know if this has been luck or skill. I would like to develop the capability to instinctively distinguish a low-risk but extremely promising company from a high-risk counterpart. Pattern recognition-style, immediately spotting those one-in-a-hundred cases. Subconsciously putting the puzzle pieces of the best cases into place and distinguishing what connects them. Management’s words and gestures, certain lines and patterns in the financial statements, etc.
At the macro level, I would like to learn to understand the drivers of global liquidity and the possibilities of predicting them. In Druckenmiller’s words, “it’s liquidity that moves markets.”
Sometimes I should be able to take it a bit easier and take small positions in companies that look interesting after a glance of a quarter of an hour. Everything doesn’t have to be taken so seriously and researched for a hundred hours.
13. In fifty words per company, tell me what you think of them right now?* Evolution
Valtavat vallihaudat. 20%+ kasvua yli syklien ja vahva Q1. Vuolasta kassavirtaa. Hajautunut asiakaskunta. Toimiala kasvaa pitkään. Osinkoa ja omien ostoja. EV/EBIT 15. Mitä muuta sitä tervejärkinen sijoittaja kaipaa? No on riskejäkin. Kasvu tulee jatkossa yhä enemmän Aasiasta joka on aika black box. Huippukatteita vaikea parantaa. Jenkkimarkkinoiden hidas avautuminen. Iso kuva kuitenkin huoleton. Salkussa vuodesta 2020.
- LeadDesk
Näyttää enemmän dynaamiselta startupilta kuin homehtuneelta korporaatiolta, tykkään. Kasvu hitaahkoa mutta bisnes defensiivistä ja kannattavuus paranee. Asiakaspalvelutoimialalla edessä iso muutos AI:n myötä. LeadDesk jo kehittänyt AI-ratkaisuja mutta haluan nähdä konkreettisia tuloksia. Saavatko tekoälyn avulla parannettua katteita tai lisättyä myyntiä? Kasvava SaaS-tuotetalo 1 EV/S:llä olisi kovin edullinen (nyt 1.5). - Kempower
Olen negaillut Twitterissä jo kaksi vuotta flattina pysyneestä tilauskertymästä. Haluaisin kuitenkin tätä salkkuuni. Tuote ja kannattavuus kunnossa, pitkän kasvukiitoradan toimiala, johto tekee rohkeita investointeja jotta markkinaa ehditään nurkata ennen kiinalaisia. Jenkkien valloitus kysymysmerkki. Analyytikoilla liian optimistiset kannattavuusennusteet. Ostan mieluummin kalliimmalla käänteen jälkeen kuin nykyhinnalla laskevaan fundaan. Entisenä lahtelaisena toivon Kempistä Hesulin vuosikymmenen rakettia, toivottavasti omistajana kyydissä. - Qt
Salkkuni tukipilari. Tuote ja luvut jatkuvasti väärinymmärrettyjä mikä tarjoaa veivipaikkoja. Olin aikanaan mukana rakentamassa tuotteita missä Qt sisällä; sitä on aika haastavaa alkaa kairata myöhemmin irti. Kasvun hyytymiseen rationaalisia väliaikaisia syitä, itse tuotelisenssimyynti kasvaa hienosti. Lyhyen aikavälin riskeinä mm. taantuma ja yhä lyhentyvät sopparikaudet. Pitkällä aikavälillä mm. tekoäly (miten tulee muuttamaan softakehitysprosessia) ja semi-ahne lisensointimalli (tekeekä esim. autoteollisuus omia forkkeja).
14. Mitkä ovat tärkeimmät tietolähteesi sijoittamisessa? Inderesin Foorumia ja materiaaleja ei saa mainita.
Perinteisiä: Firmojen sivut ja raportit, toimiala-analyysit, blogit, podcastit, Twitter, etenkin tietyllä alalla työskentelevien tuttujen ja muiden ammattilaisten kommentit firmoista, tuotteista, toimialan tilanteesta.
Muutaman kaverin kanssa tulee myös sparrailtua aktiivisesti mikä piristää kivasti viikoittaista tekemistä.
Vaihtoehtoista dataa kaivan mm. LinkedIn, nettisivutrafiikkia seuraavat palvelut, Google Trends, Glassdoor, G2, Stack Overflow, Github.
Välillä tulee vastaan eksoottisempiakin keinoja, esim. Incapin Intian tehtaasta ja suuresta hollantilaisesta asiakkaasta löytyy tietoa paikallisista yritysrekistereistä.
Kyselen firmojen IR:iltä jos jokin asia askarruttaa, vastaavat yleensä nopeasti.
15. Tuntuu, että olet ersi (=erilainen sijoittaja vrt. ernu), koska tuot erilaisia asioita esille ja eri näkökulmista kuin muut sijoittajat noin yleisesti ottaen, mikä on suurin eroavaisuus sinussa sijoittajana kuin muissa?
Pidan itseäni kyllä aika normibullerona
Ersi-mäisyys ehkä liittyy edellisiin vastauksiini: startup-taustaan, salkun firmojen syvään tuntemukseen, omaan näkemykseen luottamiseen.
Yrittäjätaustaisena mietin firmojen tilannetta usein yrittäjän silmin. Esimerkiksi jos firmalla menee heikommin, johtuuko tämä firman omista päätöksistä vai toimialan ongelmista? Miten firma voi reagoida ja ratkaista ongelman? Onko tämä ratkaisu ja sen vaikutus esim. kuluihin tai myyntiin hinnoiteltu vielä kurssiin? Onko johdolla historiaa oikeiden päätösten tekemisestä? Markkinalla on tapana ekstrapoloida nykytilannetta ikuisuuteen ja se väheksyy (laadukkaiden) yhtiöiden kyvykkyyttä sopeutua muuttuviin tilanteisiin.
Näen sijoittamisen myös salapoliisityönä. Sinun tulee löytää jotain mitä muut ei ole vielä huomanneet. Näitä harvoin löytyy suoraan esim. vuosikertomuksista tai Inderesin raporteista, vaan pitää kurkkia tarinan ja lukujen taakse ja koittaa löytää trendejä mitkä eivät ole vielä muille selviä. Niiden löytäminen vaatii verta, hikeä, ja välillä oluttakin.
Skannaan esimerkiksi yhtiöitä jotka ovat osoittaneet että niiden tuotteille on kasvavaa kysyntää ja joiden liiketoiminnassa on skaalaamisen elementtejä, mutta jotka ovat vielä seuraavat 6-12kk tappiollisia. Näihin ei moni uskalla koskea tai edes niitä löydä koska yhtiöitä ei voi arvottaa tulosperusteisilla kertoimilla. Esim. SaaS-softatuotteissa hyvästä tuotteesta voi olla merkkeinä korkea NRR-% (sama asiakas ostaa vuosittain yhä enemmän), alhainen churn-% (asiakkaat pysyy asiakkaina), ja korkea gross margin. Plussaa jos pienyhtiön johto kertoo tulostelcoissa jotain mitä ei itse raporteissa; harva jaksa noita kuunnella. Parhaassa tapauksessa osakkeen kurssia tulee buustaamaan triplaraketti: kasvava liikevaihto, kasvava kannattavuus, ja kasvavat kertoimet.
16. Sinun pitää valita salkkuasi hoitamaan kaksi foorumilaista, 2 twitteristiä ja 2 indeläistä, ketkä valitsisit ja miksi?
Foorumilaiset:
Olisi helpoin valita omaa sijoitustyyliäni lähellä olevia nohevia foorumilaisia kuten Mauri, timontti tai Alhanko. Välillä on kuitenkin jännittävää kokeilla jotain uutta ja valitsenkin
- @JNivala . Argumentoi eri toimialojen caseja ansiokkaasti monelta kulmalta. Näkee potentiaalin mutta ei suostu maksamaan liikaa. Voisi löytää salkkuun healthcare-puolen firmoja joista oma osaamiseni on etanan tasolla.
- @IsoValas. Suurelle yleisölle tuntematon, tosielämässä hyvä ystäväni. Foorumin Incap-ketjun avaaja. Roskakorien tonkija joka suostuu ostamaan 20% kasvua enintään 5 P/E:llä. Hajauttaa enintään kahteen firmaan ja maksimivivulla, usein onnnistuneesti.
Salkun satumaisilla ylituotoilla palkkaisin vielä P1:sen opponoimaan jokaista myynti- ja ostopäätöstä ja pitchaamaan salkkuun uusia ideoita.
Twitteristit:
- @anon34312866
- @Mikko_MakinenI listen particularly closely to the more experienced guard of Twitter users, such as Visukinttu, Uurasmaa, Friman, Kankaanpää, Virtanen, Pyysing, Heikkilä, Kaartinen, Jokinen, Kuusisto, and of course Alokas. In addition, “educational accounts” like Keskiväli, Juntunen, Pekka, and many others.
Inderes folks:
- @Antti_Luiro. Would find the top growth companies in the Nordics for a portfolio. It has been great to follow Antti’s growth from a perhaps slightly naive investor into a rock-hard analyst who thinks through cases with his own brain and looks for new ways to find the correct valuation level for loss-making growth companies. As an Inderes minor shareholder, it’s great to see Antti driving the organization forward in ways other than just through reports.
- @Verneri_Pulkkinen. In addition to his own company ideas, would roast Antti over the ROIC and dividend percentages of selected growth companies. Verneri has a fantastic understanding of company and macro-level drivers and the ability to communicate them understandably. Has achieved stellar results with his portfolio. Extra points for his Lahti roots and hearty laughter.
Almost any team member could have been chosen here. The level of quality has remained high.