144. Pia Maljanen
Sometime ago, before I had the chance to get to know Pia myself, I had heard a lot of praise about, among other things, her language skills. And this praise was given extra weight especially because the person praising her is also really good at languages. I had, of course, heard many other good things about Pia. 
Once I got to know Pia, I noticed that she possesses genius, self-confidence accompanied by a fitting amount of humility, a brilliant sense of humor, and that kind of appropriate, far-reaching optimism.
I wanted to interview Pia because she is a wonderfully wise person, and I was also interested to find out what she is like as an investor.
1. Tell us who you are in fifty words.
I am a born-and-raised Helsinki local who has moved about twenty times during her life. I share my home with my husband and two cats 
. By education, I am a Master of Arts and by horoscope a Gemini 
. My positive attitude towards life and curiosity make daily life mostly enjoyable.
2. Tell us three things that few people know about you.
- I have been writing blogs for over twenty years. I am still actively writing my latest travel-focused blog, which was born about 8 years ago
. - I love games – board games, card games, and console/computer games are all close to my heart
. - I have completed a computer driving license (ATK-ajokortti).
3. What interests and hobbies do you have besides investing?
In addition to the aforementioned games, I am a heavy consumer of books and movies 
. Traveling and culinary pleasures (I also like to cook myself) are close to my heart, and I collect cookbooks. I have enjoyed photography since childhood 
. I am no sports prodigy, but I have been alpine skiing 
since I was four years old, and it’s fun to go to the gym to pump iron 
. Spending free time in the company of friends while solving the problems of the world is perhaps the best way to relax that I know.
4. What is a regular weekday like for you?
My alarm goes off between 6:30 and 7:30 a.m. depending on how busy a morning is expected at work. After breakfast, morning TV news, and morning routines, I walk to the office (I work from home on average one day a week). During the earnings season, I might do the busiest morning tasks from home and only then move to the office.
Most mornings involve translation work related to the morning review, and once I’ve grabbed my morning coffee 
, I dive into them. The articles going into the morning review are actually the only constant element in my workday; otherwise, my tasks depend a lot on whether the earnings season is ongoing, whether there are translations of extensive reports on my desk, and so on. After the morning rush, I browse through the day’s news supply. I eat lunch between 11 a.m. and 12 p.m. and always try to find a lunch buddy. After lunch, work continues, and I usually trudge home between 3 p.m. and 5 p.m., depending on the work situation. Often, I still do work stuff at home later in the evening.
At home, the evening hours are spent with the TV 
or books, entertaining the cats, cooking dinner, and other leisure chores. We eat dinner variably between 7 p.m. and 9 p.m. On weekdays, I mostly go to sleep by eleven at the latest.
5. What are you like as an investor?
I would describe myself as an investor in one word: boring 
. I am a security-seeking investor whose strategy is buy and hold (“forget”). Of course, Inderes’ trading restrictions also affect this, as even now there are not many stocks in my portfolio that I am allowed to sell. I am also proudly a “member of the dividend party,” meaning most of my holdings are good dividend payers. I only choose companies for my portfolio whose business and earning logic I understand.
6. What is your investment history like?
I could answer this with one word too: short. Even though I started working in the financial sector back in the last millennium (yes, I am really old), my own investment journey only began after I came to work for Inderes in 2021. For years, I felt like I “didn’t know how to invest,” and therefore starting to invest felt almost overwhelming. When I finally got over my prejudices, I noticed I knew more than I thought and realized it wasn’t a very complicated thing. Now I can say I am hooked and I strive to spread the gospel of investing to my close circle as well.
7. What kind of a portfolio do you have, and what are its largest holdings?
Just over 80% of my portfolio is in direct stock investments and a little under 20% in ETFs. In direct stock investments, Inderes’ share is quite high (approx. 30%) because I have participated in our IPO and share savings programs. I also have a small pot in foreign stocks (just over 50% → Note: typo in original, translates literally: a good 5%) and the plan is to grow this share. Aside from Inderes, my largest direct stock holdings are Kesko, Mandatum, and Nordea.
8. What are your two latest stock picks, and what were your reasons for buying?
My latest stock pick was Huhtamäki. I had been eyeing the company for a while, and when the share price dropped clearly below 32 euros, I decided to strike. I believe that there will be demand for sustainable food packaging 
far into the future. Huhtamäki’s operations are international, and the company’s return on capital has been at a good level. The stock’s multiples are at an attractive level, and the dividend yield is also reasonable. Part of the reason for choosing Huhtamäki is also that I understand its business idea and earning logic.Before buying Huhtamäki, I made my first direct stock purchases from abroad, and my choice fell on two Swedish stocks: Cloetta and Scandic Hotels Group. I bought small slices of both companies because I had set myself a goal to also invest in foreign stocks during the current year. Behind these purchases was also the fact that I know what the companies do and I understand how they make a profit. In both cases, I believe that demand will be sufficient, even though they are susceptible to consumer sentiment. On the other hand, when consumers cannot afford larger purchases, many treat themselves to small things like sweets 
. Regarding Scandic 
, the idea behind it was that travel to the Nordic countries might increase as Central European summers get hotter and many avoid traveling to the United States.
9. What is your stock-picking process normally like, step by step?
I strive to make investments relatively regularly, so when the investing itch strikes, it’s time to find a suitable target. Sometimes, of course, some news or a clear price movement might trigger an investment decision. Often I already have some company in mind whose analysis I have recently read and from which I’ve got so-called good vibes. In addition to Inderes’ analyses, I familiarize myself with the company’s latest earnings releases, news flow, and key figures. However, I don’t spend endless time agonizing over an investment decision, but when I feel I have a good enough understanding of the company’s direction and potential, I ask the analyst for permission to buy and throw an offer into Nordnet. From this, one can thus deduce that, ultimately, my investment decisions are not based on a very scientific foundation.
10. What do you think is the most fun thing about investing, and why? What is the least fun aspect of investing, and why?
Definitely the most fun is seeing investment assets grow. I also find it fun to learn more about companies and their businesses. The most annoying part is of course realizing you’ve made the wrong choices and watching how some holding languishes at the bottom. I believe in the old truth “what goes down, must come up,” which of course also applies the other way around, so even large price fluctuations do not cause me panic, even though buying at the “wrong time” is momentarily annoying. In these price fluctuations, however, in the best case, one can make good purchases and sales.
11. What are your three most important sources in investing, if Inderes cannot be mentioned?
- Companies’ investor pages and releases.
- Financial media, e.g., Talouselämä, Dagens Industri, Financial Times
- Conversations with coworkers (well okay this is almost the same as Inderes, but I’ll say it anyway).
12. I have heard a lot about your brilliant language skills (of course I’ve noticed it too), how have you managed to hone your English and Swedish to be so perfect?
I have studied languages at the university and graduated from the University of Turku as a Master of Arts with a major in English translation and interpretation. I come from a bilingual home, and my childhood home language was Swedish. Learning languages has always been relatively easy for me, and I have a keen ear for languages, so for example, accents stick to my speech easily. Back in the day, I spent an exchange year in the United States, and during my studies, I also worked one summer in the States. There, an American accent 
stuck to my speech, which can still be heard in my speech.
13. You do all kinds of things in Ruoholahti, but if you had to summarize, what does your work there actually entail?
My main work consists of two blocks: translation and community building. What does this mean in practice, then…
To summarize, translation means translating Inderes’ analyses and commentaries mainly from Finnish into English, as well as proofreading English texts. In addition, I translate various companies’ earnings releases and annual reports as part of our IR offering, and of course Inderes’ own releases. I also manage our translation operations, which includes administrative tasks.
On the community building side, I am part of our three-person Swedish community team. My main task is conducting analyst and company interviews in English and Swedish. In addition, I do quite a bit of video editing and some social media work.
14. In your opinion, what are Inderes’ greatest strengths as an employer?
I have decades of work history behind me in very different workplaces (from the traditional banking world through entrepreneurship to the state and finally to Inderes) and nowhere else have I felt as at home 
as at Inderes. Here you get to self-actualize, you are given a tremendous amount of freedom in your work, as long as you also take responsibility yourself. Pay is fair, and you can genuinely influence it yourself. There is flexibility on both sides. Disciplined anarchy is not just empty talk but also works in practice. At Inderes, work is seen as part of life and not as a separate block that needs to be balanced with the rest of life. Here we talk about life balance 
, which truly resonates with my own thoughts.
15. Tell us about Inderes Femme (Inderes Femme) and how one can “follow” it.
Inderes Femme originated when two different groups at Inderes had a very similar idea at almost the same time. I was involved in developing the Finanssiflikat podcast idea with Isa Hud, Marianne Palmu, and Sara Antonacci. Around the same time, Ville Kivinen and Kaisa Vanha-Perttula, among others, had been pondering how to get more female-assumed individuals into the investment bubble. Behind both ideas was the same basic thought – the good news of investing should be taken to a broader audience and made approachable. Thus Inderes Femme was born – that good financial bubble where thoughts are shared, we learn together, and we take care that investing belongs to everyone. Under Inderes Femme you can find Femmesalkku, a podcast, events, investing-related articles, etc.
You can also find us on IG and LinkedInLisäksi foorumilla on aiheesta oma ketju
16. Jos sinun pitäisi valita viisi indeläistä hoitamaan salkkuasi seuraavat viisi vuotta, niin ketkä valitsisit ja miksi? Maksimissaan saa olla kolme analyytikkoa.
- @Marianne_Palmu: Mariannen maailmanluokan makro-osaaminen toisi kaivattua makronäkemystä salkkuuni. Sitä paitsi Mariannehan voitti viime vuonna Arvopaperin salkkukisan, joten salkku olisi aika turvallisissa käsissä.
- Erno Hilvenius: Erno on vakaa ja hötkyilemätön kaveri, jolla on laaja tietopohja. Uskon, että Erno pitäisi hyvää huolta salkustani ja voisi yllättää valinnoilla, joita en itse tekisi.
- @Sara_Antonacci: Saralla on uskomaton tietotaito mitä sijoittamiseen tulee. Hän tekee omaa analyysiä ja todella paneutuu sijoituskohteisiin. Luotan Saran salkunhoitotaitoihin sataprosenttisesti.
- @Antti_Siltanen: Antti seuraa yhtiöitä, joista minä en ymmärrä mitään. Uskon, että Antti voisi tuoda salkkuuni mielenkiintoisia riskisempiä valintoja ilman ylilyöntejä.
- @Sauli_Vilen: Saulin sijoitustyyli liippaa aika läheltä omaani, mutta hänellä on monituhatkertaisesti enemmän tietoa ja osaamista sijoittamisesta kuin minulla. Sauli pitäisi taatusti salkusta hyvää huolta ja siivoaisi pois kaikki pommit, joita salkustani saattaa löytyä.
17. Mikä työssäsi Inderesillä on parasta? (Ja EI saa vastata ”ihmiset” 
)
Monipuoliset työtehtävät, joissa saan kehittää omaa osaamistani.
Koska ei saa sanoa ihmiset sanon kohtaamiset, ja luonnollisesti toimistokoirat 
.
18. Miksi sinä sijoitat? Onko sinulla konkreettisia tavoitteita sijoittamisessa?
Sijoitan kasvattaakseni varallisuuttani ja turvatakseni tulevaisuuteni. Mitään konkreettista numeerista tavoitetta minulla ei ole, mutta toivon, että sijoittamisella saan turvattua tietynlaisen elintason myös mahdollisen eläköitymisen jälkeen.
19. Alokas osaa heikosti englantia, miten voisin kehittää sitä paremmaksi arjessani? Tuntuu ettei yksin riitä, että yritän lukea sijoitustekstiä englanniksi jne.
Kielitaidon osalta päällimmäinen neuvoni on, että käyttää rohkeasti kieltä, jota haluaa oppia. Parasta olisi, että kieltä pääsisi puhumaan, mutta myös kirjoittaminen vieraalla kielellä edesauttaa oppimista. Toki myös kieltä lukemalla ja kuuntelemalla oppii ymmärtämään sitä paremmin ja sanavarasto laajenee. Itse väittäisin jopa, että kuuntelemalla oppii paremmin kuin lukemalla, mutta tähän vaikuttaa myös oma oppimistyyli. Virheitä on turha pelätä sillä kukaan ei varmasti osaa mitään kieltä virheettömästi, ei edes äidinkieltään. Mielestäni ainoa tapa kehittää kielitaitoa on käyttää kieltä.
20. Mistä haluat kiittää Inderesiä ja Inderesin Foorumia?
Inderesiä haluan kiittää rohkeudesta palkata hyvin erilaisia ihmisiä, jotka ovat oman alansa rautaisia ammattialisia. On mahtavaa olla osa tällaista työyhteisöä, jossa voi joka päivä oppia jotain piinkovilta osaajilta ja kohdata yksilöitä, joiden elämäntilanne, ajatusmaailma, yms. poikkeaa selvästi omastani. 
Foorumia haluan kiittää todella tasokkaasta keskustelusta ja yhteisöstä, jossa voi kysyä ne tyhmätkin kysymykset ilman, että joutuu nolatuksi. Foorumilaiset ovat elintärkeä osa Inderesiä 
. Foorumilta löytää vastauksen myös niihin kysymyksiin, jota ei edes tiennyt pohtivansa.
Kiitos paljon kivoista ja antoisista vastauksista! 
Pia on todennut Arvopaperissakin hyvin tärkeän asian:
Pitkän uran rahoitusalalla tehnyt Pia Maljanen kertoo sijoitusheräämisensä tapahtuneen yllättävän myöhään: ”Olen liveä esimerkki siitä, että koskaan ei ole liian myöhäistä.”
Pian positiivisesta asenteesta on mielestäni hyvä ottaa mallia ja siitä, miten rationaalisesti ja avoimesti hän suhtautuu erilaisiin asioihin. Positiivisuutta kehiin, niin on mukavampaa itsellä ja toisilla!
Kiitos ja mukavaa viikonloppua!