157. Samuli Anttila
This evening I was able to publish a fresh interview with an Inderesian, Samuli. 
We haven’t had much time to get to know Samuli yet, but based on first impressions, he seems like a very sensible, pleasant, and enterprising guy.
Quite often, I get motivation and enthusiasm for what I do through such young, hardworking, versatile, and positive-minded people, like Samuli, for example. 
Conveniently, through this interview, I got to know Samuli, just as you will now!
1. Tell us in fifty words who you are.
Samuli Anttila, 24, originally from the Tampere region, currently working at Inderes, and in corporate finance at another company. Master’s student at Aalto University in the Department of Finance.
2. Tell us three things few people know about you.
On one of my first investments, I took about an 80% loss, I wanted to be a lawyer in high school, as a child I knew a bird book cover to cover (Note: not anymore).
3. What interests and hobbies do you have besides investing?
Sports across the board, both as a hobby and as a spectator. All kinds of technology interest me. I also enjoy traveling, outdoor activities, and cooking.
4. What is your typical weekday like?
A lot of variability, but there’s plenty of hustle with two jobs and master’s studies. An example day could be working from 7-10 in the morning, going to a lecture from 10-14, coming home and doing assignments, etc., from 14:30 - 18:00, then perhaps sports, and then working from about 21 - 22:30 in the evening. Of course, not every day is this packed, but these days do happen.
5. What kind of investor are you?
Originally, I was like many others, an emotion-first investor. During my studies, I have evolved more into a value investor with individual stock picking. I am quite pessimistic about these outperforming the market on average. However, I enjoy stock picking, so I do it anyway despite this inevitable loss.
6. What is your investment history like?
I originally started investing about five years ago, with the idea then to start saving for retirement, because, like many other twenty-somethings, I certainly have my doubts about the future level of my own pension. That’s really where it started and later developed into an interest.
7. What kind of portfolio do you have, and what are its largest holdings?
The largest weight is in index funds, and the portfolio is generally built around them. In addition to this, there are individual stock picks. Currently, I also have some cash.
8. What are your two most recent stock picks, and what were your buying criteria?
Novo and Huhtis. The idea with these was reduced valuation risks and, through them, an attractive expected return. With Novo, it’s certainly very challenging to predict what will happen, which is why I set my own target for it quite low.
9. What is your normal step-by-step stock picking process?
I often screen companies, for example, through the Inderes website or some market system. This was before I started working at Inderes. If I find a company that feels good and someone is following it, I read the report, especially the valuation and the assumptions baked into it. This gives a better idea of what the current stock price assumes will happen in the future. If the stock’s valuation is attractive even with reasonable or quite poor company performance, and this is not dependent on a single factor, then it is a potential investment for me.
10. What is your normal step-by-step stock selling process?
When considering selling, I first look at whether the company’s valuation is too high relative to my view of the company’s future. In other words, is it hard to believe that the company could perform much better than what the current valuation already assumes? If I come to this conclusion, I often sell the entire position. Of course, sales can also occur for many other reasons.
11. What insights has “rahis” given you for investing?
“Rahis” (finance studies) has provided insights such as: pricing of different asset classes (stocks, bonds, derivatives), portfolio construction and capital allocation, effects of behavioral elements, and a better understanding of the impact of various macroeconomic phenomena on asset prices and capital movements.
12. Tell us in 50 words what you think about these companies as investment targets:
These are, of course, entirely my own opinions, but:
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F-Secure: If the company is capable of some level of growth, say 2-4% annual growth, and profitability (EBITA) around 20%, then it’s at an attractive price currently. A lot to prove, though, which is also reflected in the price.
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Huhtamäki: Available at an attractive price, the price is weighed down by a poor cycle and uncertainty.
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Novo Nordisk: The valuation for me is currently quite close to where I sold. If one believes that the company will stay in the game and the prices of weight-loss drugs will not fall radically, then it is certainly still a good company. Risks are definitely present.
13. Tell us, what are the duties of the Inderes Morning Review producer?
- As the name suggests, producing the morning review, and if needed, other assisting tasks for analysts.
14. What will you be “when you grow up”… an Inderes analyst, perhaps?
- That is certainly one option I like, but generally, analyst jobs interest me. Investment-side jobs also interest me. So, hopefully, one of these.
15. What do you consider Inderes’ greatest strengths as an employer?
- Openness, authenticity, and caring about one’s work immediately come to mind for me. All the people I’ve met so far are top-notch. There’s a lot of interesting info about the organization in the Inderes playbook if you want to learn more.
16. If you had to choose four Inderesians to manage your portfolio for the next five years, who would you choose and why? A maximum of two analysts are allowed.
I can’t say much about anyone’s investment skills; I doubt anyone would go wrong, especially considering myself. I’ll choose Juha Kinnunen, Sauli Vilén, Verneri Pulkkinen, and Marianne Palmu.
(pinging you so you notice @Juha_Kinnunen, @Sauli_Vilen, @Verneri_Pulkkinen and @Marianne_Palmu t. Alokas )
17. What do you get from the Forum for investing that you don’t get anywhere else?
Genuine opinions about company situations from ordinary people.
18. Why do you invest? Do you have concrete goals in investing?
Wealth accumulation is the main reason, but also because I enjoy it. The goal is financial independence.
19. Company valuation causes difficulties for Alokas. How could he be helped to understand it better and utilize what he has learned in his investment activities?"
Of course, the first thing to do is delve into the basics of valuation and finance. Otherwise, valuation can mean many different things depending on the method used. For example, valuation can be a company’s enterprise value relative to its operating profit compared to its peer companies. In this situation, if the companies are otherwise identical, the most attractive one is that with the lowest multiples. On the other hand, it can also be the per-share present value of discounted cash flows, in which case the value is practically the best possible guess of the company’s future cash flows and the cost of capital. One should be careful about what assumptions were made to arrive at the valuation result.
20. What do you want to thank Inderes and the Inderes Forum for?
Inderes has, for its part, fueled my interest in investing, and I believe the company plays an important role in society in this regard. From the Forum, we got good tips for the Inderes stock analysis competition :).
Thanks for the great answers, Samuli! :)Samuli’s diligence, determination, and natural attitude will take him far. His down-to-earth nature and versatility are also emphasized, which comes across excellently in the interview.
This interview also sparked the thought that it’s good to be diligent, patient, and realistic, rather than a capriciously emotional know-it-all, but one shouldn’t be overly modest either. Looking in the mirror is a good practice in investing, as well as in life in general, that helps you move forward.
Thank you and a very peaceful weekend to all!