137. Vilho Saarela and Sami Tuuri
This time, the interviewees are the Chosen Ones of the analysis world, namely Sami and Vilho from the Student Tracking Team (Opiskelijaseurantatiimi).
Based on their analyses, other texts, and video appearances, I consider them not only capable young investors, but also smart, “down-to-earth” guys. They combine analytical thinking, genuine humility towards learning, and a “can-do” attitude.
Both are mature fellows despite their age—no rush, no hype, just well-reasoned views and a continuous desire to develop. Their way of looking at companies, applying theory to practice, and reflecting on their own work is of a remarkably high standard.
These are the kinds of people the Finnish investor community needs: skilled individuals who do things properly, yet casually and looking to the future!
VILHO:
1. Tell us in fifty words who you are.
I am Vilho Saarela, a 21-year-old Bachelor of Science in Economics and Business Administration originally from Pirkkala, nowadays settled in Turku. My major is accounting and finance, with a minor in business law. I am a passionate equity investor, and in my free time, I also like to play sports and fish at the summer cottage during the summers.
2. Tell us three things that are not generally known about you.
- My enthusiasm for investing is one of the main reasons why I ended up studying business.
- I like cooking; it serves as a good counterbalance to staring at a screen.
- I also enjoy being alone. I like doing my own things without outside disturbance, such as equity research.
3. What interests and hobbies do you have? You are not allowed to mention anything related to investing.
I practice a versatile range of sports, mainly gym, padel, and jogging. In addition to that, I follow football, ice hockey, and darts.
In the summer, I like to spend time at the cottage fishing, mainly zander, pike, and perch with jigging equipment. Being on the lake rests the mind and allows the brain to unwind from the hustle and bustle of everyday life.
I also like being just at home, as well as seeing friends and cooking together with my girlfriend.
4. What is a normal weekday like for you?
As a student, there is a big difference in the daily rhythm depending on whether we are talking about summer jobs or a pure study day. At a summer job, the rhythm is probably familiar to quite a few: work in the morning, hobbies in the evening, and then a shower, sleep, and work in the morning.
During the academic term, days are more varied. The rhythm is largely determined by lectures and other appointments. Still, I usually wake up in good time, and I tend to be at my desk around eight o’clock. I like being at home, so I often make lunch alongside my studies. During the day, in addition to studies or work, I actively follow market developments and the news flow. I aim to close the computer around six o’clock, but that varies depending on the status of my studies.
5. Could you describe what kind of an investor you are?
As an investor, I am a fairly risk-tolerant equity investor. I have made numerous different investment strategies, but they have always focused on the stock market and finding targets with a high return expectation.
With my finance studies, diversification into different markets and asset classes has also come along. Index investing brings structure and balance to the portfolio, but individual companies are still where the passion lies. I am a long-term owner, though at times I have also traded a portion of the portfolio with a shorter horizon. Some fixed-income products have also occasionally passed through my portfolio, and I have a first-time homebuyer’s ASP account.
6. Could you share what kind of investment history you have?
I started investing around the age of 15 when I gained access via online banking to accounts where my parents had saved a little money. I got excited about the compound interest phenomenon and how my savings could grow significantly over time.
7. What kind of portfolio do you have? If you had to name two stocks from your portfolio that could double this year, which ones would they be? Justify your choice.
The first purchases were traditional Finnish dividend companies. In the beginning, purchases were made with very light analysis, but at least I got a relatively early start to my investment career. Now I have about six years of investing behind me, which has included both shorter trades and longer holdings. The main emphasis has been on Nordic listed shares. It is also fun to notice that some of those very first purchases are still in the portfolio and have performed excellently, such as Harvia and Qt.
Currently, my portfolio consists of long-term stock holdings, an index portfolio, and shorter-term trading on the equity savings account side. I utilize both technical and fundamental analysis and follow market movements daily.
One of my recent successes has been Hims & Hers, which has already doubled in the portfolio several times. The company is at a relatively early stage in its story, and while opinions on the valuation may vary, the stock has strong momentum, which is why the share price can still rise considerably.
My second choice is Qt Group, which I have owned for a long time and which still deserves its place in the portfolio. I do not consider it probable that it would double in a year, but I consider it possible. As the market picks up, I also expect Qt’s revenue to start growing properly, which will eventually be reflected in profitability and valuation as well.
I am invested in Qt largely based on the same theses as Inderes, and my own confidence in the company is based on long-term prospects. In this case, too, the most important thing is to understand the business model, competitive advantage, and growth drivers, which I believe are still there.
**8. What is your stock-picking process step by step?**It completely depends on what kind of investment position it is. In shorter-term trading, I utilize various momentum indicators and technical analysis strategies. For example, I look at moving averages, RSI, volume spikes, and breakout patterns. I use TradingView and actively monitor real-time prices and news.
When buying for a longer hold, fundamental analysis becomes more prominent. I examine the company’s earnings development, growth potential, market position, and competitive advantage. I’m not afraid of valuation either if the growth prospects are in place; on the other hand, sometimes I buy mediocre businesses with a cheap price tag. Inderes’ analyses often serve as a good starting point, but I also do my own calculations on, for example, cash flows and valuation multiples. I also use screener tools to some extent to find companies globally that meet certain criteria. However, the majority of my long-term positions are from the Finnish market.
In short, I approach investing quite versatilely, but decisions are always based on some kind of data and my own view. I don’t jump into hype without a basis, but on the other hand, I’m ready to take risks if I see sense in it.
9. What is your stock selling process step by step?
I have sold from my long-term portfolio very rarely. Of course, student financial aid policies take care of this to some extent, but I haven’t felt the need to tinker with long-game positions.
In cases of blatant overpricing, I try to at least trim, but otherwise, I sit on my hands. In 2021, I sold a large portion of my investments, and recently I’ve trimmed Hims & Hers a bit as its share grew large due to the price rise. In some cases, I have let go of a company if I’ve lost faith in the management or earnings development. So far, however, sales have been few due to a very limited set of companies.
10. What are your three best traits as an investor? And what is your biggest area for improvement?
Calmness, a long time horizon, and analyzing people. I gain an advantage in the market by playing the long game with the majority of my investments. I avoid rushing, trading costs, and the agony of decision-making, although it can certainly also be said that passivity is a decision too. I brought up analyzing people because I feel I truly benefit from following the webcasts and interviews of my holdings’ management, which nowadays is readily available especially for Finnish companies, thanks to Inderes. If nothing else, those events help to better understand the factors behind the earnings, which leads to better personal analysis.
There is room for improvement in terms of understanding macroeconomics. I envy those who are able to clearly connect the dots from macroeconomic changes to the operations of specific segments of individual companies. I mostly just monitor economic growth and its forecasts, interest rates, and inflation data.
11. What is your most memorable positive experience as an investor? What is your most memorable negative experience as an investor?
What sticks in my mind are the first tender offers that hit my own portfolio, such as Ramirent and Hoivatilat. The sums were of course small at first, but receiving that redemption letter as a teenage boy was somehow a cool thing, and one didn’t think that now a good company is leaving the stock exchange and the portfolio.
On the negative side, all those failed trades that I made in the early stages of my investing career, without any particular basis, come to mind. Fortunately, that was a while ago, and the stock market no longer appears as a tool for gambling.
12. What have been the biggest lessons learned about company analysis in general, once you’ve been able to do analysis from Inderes?
Those things definitely come through the company’s financial reporting and DCF modeling. All adjustments, reporting practices, financial statement items, and building a DCF model. These have of course also been studied in business school, but concrete work has taught a lot. Now analyzing is also easier for other companies, and you don’t have to just stare at revenue and earnings from the financial statements, but you can get much deeper.
13. What are the five most important sources of information for you in investing, if Inderes and its Forum cannot be mentioned?
TradingView, because I believe that the market price already contains a lot of information and following its trends could help many investors. 2. Companies’ own materials, interim reports, 3. Webcasts and other investor events, 4. Financial news and podcasts, 5. Sparring partners and literature.
14. Make three scenarios for Inderes five years into the future: bear, norm, and bull. A maximum of 50 words can be used for each scenario.
Joint response:
We cannot answer this in detail while coverage is ongoing, but let’s ponder something now. 
Inderes has good products, competent staff, and a market need exists. Especially software-based products can make the story completely different - in a good way. As a bull case, we can consider expanding software-first, first to Europe and then globally. Our expected scenario can be read in our reports, as we do not publish separate scenarios but have strived to always present the most probable one. The bear scenario would require some internal or external shock that would pull the rug out from under Inderes’ business; so far these are not in sight.
15. How has your perception of Inderes changed once you’ve been able to analyze the company and visit Ruoholahti?
The company was already relatively familiar to me due to the content produced by Inderes. The office has a relaxed and fun atmosphere, as of course I knew how to expect. The most surprising thing has perhaps been understanding that no matter how innovative and agile a listed company might be, things do not happen in a day or a week, but always require work and preparation.
**16. Why is Inderes’ analysis side needed in this era of AI and abundant information & “information”?**It is amusing to claim that AI will take over analysts’ jobs. No matter how much AI is trained, it cannot go through the same thought process as an analyst, let alone an experienced one. Analysts bring added value to investors as processors of information flow, and we do not see this changing anytime soon. Of course, AI will also make analysts’ work more efficient.
17. What significance do you see this Forum having for Inderes?
Personally, I see it as significant, as I have been visiting here for years, almost daily. As an analyst covering Inderes, I see its significance as variable. It is a very important factor for Inderes’ success in Finland, but if we think about the strongly growing area of study, i.e., software-based products, its significance is no longer that substantial. However, the forum and community have been and will continue to be one of Inderes’ competitive advantages.
18. What are your goals in investing?
I strive for continuous learning in both investing and life. Hopefully, this leads to better decisions, which leads to better investment success and thereby brings security for the future and makes it possible to realize dreams.
19. What are your five tips on how Alokas could learn to analyze companies independently?
Analyzing companies is ultimately not challenging when you start with the basics. What does the company do? Where do its revenues come from? What are the key risks?
I would recommend getting acquainted with the company’s own materials as well as any ready-made analysis reports. Nowadays, research can also be facilitated with the help of AI, which I also use myself when researching new ideas. Also, it might not be worth spending time on all companies if they don’t seem interesting. When researching interesting businesses, you learn almost by accident when you let your own curiosity take over.
20. Who do you want to thank, Inderes and the Inderes Forum crowd?
I can thank Inderes and the people behind it for many things. First of all, for this opportunity to be part of the student tracking, for the valuable community especially here on the forum, and for all the work that has been done to democratize information. Thanks to the forum crowd for all the discussions, good team spirit, and shared knowledge over the years.
SAMI:
1. Tell us in fifty words who you are.
Sami Tuuri. 24-year-old business student from Turku, “tois pual jokke” (on the other side of the river). Originally I am from Vantaa. Like many other business students, I like to chat about investing and play golf. My bachelor’s thesis is done, and my fourth year of studies starts in the autumn.
2. Tell us three things that are generally not known about you.
- Cooking is not among my strengths. However, bread rolls are one of the few things I am good at making.
- I am a night owl, and usually, the best insights come after the ten o’clock news.
- In poker, my bluffs are revealed all too easily
3. What interests and hobbies do you have? You are not allowed to say anything related to investing.
In the summers I play golf and otherwise practice a versatile range of sports, such as tennis and going to the gym. I follow Formula 1 from time to time on Sundays.
4. What is a normal weekday like for you?
I usually wake up around 7–8 and head straight to the coffee maker. Depending on the day, I work or study. Reading Inderes’ morning report is also part of the morning routine. Usually, after closing my work computer, I move on to my studies for a bit. After work or studying, I try to exercise, for example, by working out or playing golf. My days are quite varied, and nowadays I also actively follow Inderes’ development, such as recruitments, new clients, and market sentiment.
5. Can you describe what you are like as an investor?
As an investor, I am calm and patient. I gladly leave the most volatile stocks to others.
6. Could you share what kind of investment history you have?
I started investing by participating in Harvia’s IPO. That’s where the enthusiasm started, and I began reading investment books and Inderes’ analyses. Next, I think I bought Apple and made other stock picks. A little later, ETFs also came into the picture, the first of which was the OMXH25 ETF.
7. What kind of portfolio do you have? If you had to name two stocks from your portfolio that could double this year, what would they be? Justify your choice.
The portfolio is strongly weighted towards ETF index funds. I invest a varying amount monthly in ETFs according to the market situation and my own view. There are also individual stocks included as an extra spice. Currently, all stocks are from the domestic stock exchange. However, my stock picks are conservative enough that I don’t believe they will double this year.
8. What is your step-by-step stock-picking process?
The process starts with finding an interesting company. I read X a lot, and I bounce ideas around with Vilho. If the interesting company is from the Helsinki Stock Exchange, I usually read Inderes’ materials and dive deeper into the company’s figures. If the company looks good and the figures are in order, I move on to valuation. If the valuation is too demanding, I wait for a better moment. In stock picking, I make heavy use of Inderes’ comprehensive reports, as they provide a comprehensive picture of the company and its business.
9. What is your step-by-step stock-selling process?
The sell button is pressed less often. I am a long-term investor and strive to choose stocks and ETFs for long-term holding. However, if something fundamentally changes for the worse in a company, the shares might be thrown overboard.
**10. What are your top three traits as an investor? And what is your biggest area for improvement?**Kolme parasta puoltani sijoittajana ovat pitkäjänteisyys, suunnitelmallisuus ja rauhallisuus.
Suurin kehittämisen kohde olisi riskinottohalukkuus. Monet hyvät laput ovat menneet sivu suun oman empimisen takia.
11. Mikä on mieleenpainuvin positiivinen kokemus sijoittajana? Mikä on mieleenpainuvin negatiivinen kokemus sijoittajana?
Mieleenpainuvin on ehdottomasti ensimmäinen sijoitukseni, Harvia, jota seurasikin hyvä nousuputki. Negatiivisena mieleen on jäänyt kevään 2020 koronadippi. Toki siitä palauduttiin verrattain nopeasti, ja se tarjosi hyviä ostopaikkoja.
12. Mitkä ovat olleet suurimmat oppimanne asiat yhtiöiden analysoinnista yleisesti, kun olette päässeet tekemään Inderesistä analyysia?
Suurimpia oppeja on ehdottomasti ollut tilinpäätösanalyysi ja arvonmääritys. Koulussa näitä on toki käsitelty, mutta nyt pääsee laittamaan opit käytäntöön. Tykkään pureutua yhtiöön lukujen kautta ja niistä saakin hyvän lähtökohdan analyysille. Käytännön kokemus on antanut myös arvokasta oppia ennustamisen vaikeudesta.
13. Mitkä ovat sinulle viisi tärkeintä tietolähdettä sijoittamisessa, jos Inderesiä ja sen Foorumia ei saa mainita?
Ensimmäisenä täytyy mainita sijoituskirjallisuus, joka on tarjonnut arvokasta oppia varsinkin sijoitustaipaleen alkuvaiheilla. X:sä on runsaasti hyviä kirjoituksia ja nostoja, sekä uutiset ovat saatavilla todella nopeasti. Wall Street Journalia käytän pysyäkseni perillä jenkkilän menosta. Yahoo Financesta tarjoaa tunnusluvut nopeasti. Tietysti yhtiöiden omat materiaalit ovat hyviä yhtiöihin tutustuttaessa.
14. Tee kolme skenaariota Inderesistä viiden vuoden päähän: bear, normi ja bull, jokaiseen skenaarioon saa käyttää maksimissaan 50 sanaa.
Yhteinen vastaus:
Emme voi tähän yksityiskohtaisesti vastata seurannan ollessa käynnissä, mutta pohditaan nyt jotain. Inderesillä on hyvät tuotteet, osaava henkilöstö ja markkinalla tarve olemassa. Erityisesti ohjelmistopohjaiset tuotteet voivat tehdä tarinasta aivan toisenlaisen - hyvällä tavalla. Bull-casena voidaan pitää ohjelmistot edellä laajentumista ensin Eurooppaan ja sitten globaalisti. Odottamamme skenaario on luettavissa raporteistamme, sillä emme julkaise erillisiä skenaarioita vaan olemme pyrkineet tuomaan aina sen todennäköisimmän esiin. Bear-skenaario vaatisi jotain sisäistä tai ulkoista sokkia, joka veisi Inderesin liiketoiminnalta pohjan, toistaiseksi näitä ei ole näkyvissä.
15. Miten käsityksesi on muuttunut Inderesistä, kun olette päässeet analysoimaan yhtiötä ja käymään Ruoholahdessa?
Käsitykseni Inderesistä on laajentunut huomattavasti. On myönnettävä, etten itsekään ollut täysin tietoinen siitä kuinka laaja Inderesin tuoteportfolio on ennen analyysin aloittamista. Henkilökuntaa tavatessa luotto heidän rautaiseen ammattitaitoonsa on kasvanut.
16. Mihin mielestänne Inderesin analyysipuolta tarvitaan näin tekoälyn ja runsaan tiedon & ”tiedon” aikapuolella?
Tekoäly tulee varmasti helpottamaan analyytikoiden työtä ja tehostamaan suurten tietomäärien käsittelyä. En kuitenkaan usko, että tekoäly on korvaamassa analyytikoita. Se ei pysty korvaamaan analyytikoiden kokemusta ja ajatusprosessia analyysien takana. Tekoälyllä on myös taipumus ‘hallusinoida’, eli tuottaa tietoa, joka ei välttämättä pidä paikkaansa. Tekoäly kuitenkin kehittyy jatkuvasti, ja onkin mielenkiintoista nähdä, mihin se lopulta johtaa.
17. Millaisen merkityksen näet Inderesille tämän Foorumin?
Foorumi on Inderesille merkittävä kilpailuetu Suomessa. Se tarjoaa suoran jakelukanavan analyyseillä ja mahdollistaa keskustelun foorumilaisten ja analyytikoiden välillä. Samalla se toimii myös suorana palautekanavana Inderesille.
18. Mitä tavoitteita sinulla on sijoittamisessa?
Tavoitteena on oppia paremmaksi sijoittajaksi ja perehtyä mielenkiintoisiin yhtiöihin. Toisena tavoitteena on luonnollisesti vaurastuminen. Sijoittamisen tarkoituksena on tuoda taloudellista turvaa tulevaisuutta varten ja mahdollistaa omien unelmien toteuttamisen.
19. Mitkä ovat viisi vinkkiäsi, miten Alokas oppisi itsenäisesti analysoimaan yhtiöitä?
Lähde liikkeelle perusasioista. Tutustu yhtiön liiketoimintaan ja lukuihin. Mistä yhtiön liikevaihto ja tulos muodostuvat. Mitä kilpailuetuja yhtiöllä voisi olla. Yhtiön omiin materiaaleihin kannattaa tutustua kokonaisvaltaisen kuvan saamiseksi. Myös johdon haastattelut ja webcastit ovat hyödyllisiä yhtiön näkymien selvittämisessä. Kannattaa myös hyödyntää valmiita analyysejä, jos sellaisia on saatavilla.
20. Mistä haluat kiittää Inderesiä ja Inderesin Foorumin porukkaa?
Inderesiä haluaisin kiittää hyvästä yhteistyöstä sekä tuesta tämän projektin aikana, sekä tietysti luotosta siihen, että olemme juuri oikeat tyypit tekemään opiskelijaseurantaa. Foorumin porukkaa haluaisin kiittää hyvistä nostoista ja keskusteluista eri ketjuissa. Ne ovat yleensä hyvin ajatuksia ruokkivia ja viihdyttäviä.
Kiitos erinomaisista vastauksista!
Vilhon ja Samin vastauksista huokuu aito tekemisen ilo ja rehellisyys, lisäksi tietysti myös aito kiinnostus sijoittamista kohtaan. He osaavat hyvin itsereflekoida ja siksikin heistä välittyy vahva uskottavuus.
Vastauksissa oli poikkeuksellisen hyvää yhdistelmää konkretiaa ja pohdintaa. On todettava, että heidän hyvin perusteltuja näkemyksiään on helppo arvostaa.
Mukavaa viikonloppua!