Analyst Change

[Iiizi]

Thanks to Petri and fair winds for the future! P.S. There would have been openings for strong expertise in a couple of Aktia’s (Aktia) small-cap funds too, and a smooth talker in the media wouldn’t hurt either Or is Heikkilä (Heikkilä) taking people with him from here too..

I believe it will be challenging to find a replacement for Marimekko (Marimekko). Not only a highly skilled analyst, but also someone who understands the certain winds and trends of fashion. Petri (Petri) has had this eye, and it’s hard to replace.

[JuhaS]

Thank you @Petri_Kajaani for your excellent and valuable work for Inderes and its community.

The Inderes culture now has a wonderful opportunity through you to spread wider into the Finnish business world. I believe that Inderes, together with the future “Inderes Alumni Network”, will be one of Finland’s growth catalysts.

I think Inderes is much more than a company. I also interpret it as an innovative culture, an inspiring community, a virtual team, and a societal economic catalyst. Through alumni ambassadors, Inderes’ quality, values, and culture will gain a foothold more widely. I believe that the potential of the alumni network will be significant internationally in the future.

I wish you success in all areas of your life! Wonderful and inspiring moments in the next phases!

[Iltsu]

Can’t say anything but hat’s off

Big thanks, Petri. I’ve enjoyed your style of discussing companies, and you’ve taught me great things about investing and long-term opportunities. Especially the Harvia and Marimekko analyses, which I’ve read carefully.

[nunogomes]

Nothing more to say than hats off

My investment style is probably closest to the so-called Lynchian style, or rather, should I say, the Kajaanian style. Because of this, Petri’s passing (not pun intended) particularly hits hard. In addition, of course, my favorite child from my own portfolio, Harvia, whose analyst has also become my favorite through this, and whose writings I have read/listened to with particular attention over the years. Kamux, on the other hand, always brings Kajaani to mind first.

I have never based my final investment decisions on target prices or analyses, but they help immensely in keeping track of the overall situations of companies, in the big picture. Of course, this community also has its own invaluable impact as a conveyor of timely and relevant information.

We don’t ask, we demand, @Inderes: Bring @Saapasjalkakissa as the new Kajaani in @Petri_Kajaani’s place to alleviate the pain of loss!

Big thanks and good luck for the future! You could come and do a cameo role on Inderes’ YouTube channel next autumn when Harvia breaks the €100 milestone.

[Saapasjalkakissa]

Thanks @Petri_Kajaani!

It has been great to have excellent discussions, especially in the Harvia thread, and to challenge earnings estimates a bit sometimes. Let’s make sure that the next Harvia analyst here at Haaremi (Harvia) is challenged just as well.

Petri’s analyses have been pure gold for me, as they often concern companies that align with the number one rule of my investment plan:

1. Only invest in companies whose operations you understand.

Tight lines for the future, and I hope we’ll be back soon for an exclusive €100 hat episode.

[IiBee]

Better late than never, so a big thank you from me too @Petri_Kajaani and good luck with your new challenges!

Petri’s analyses, forum posts, and many Inderes podcasts have clearly influenced my own thinking and investment philosophy, and the best successes in my own portfolio have also come from Petri’s companies (not surprisingly, led by Harvia).

Remember to keep writing on the forum and especially to Haarumi in the future. “Waiting for the 100€ hat-eating live stream!”

[Petri_Kajaani]

Yesterday was my last workday at Inderes, as we successfully transferred my last portfolio company to its new home. All my old companies have now found new, corresponding analysts and are in good hands.

Here are the names and companies:

I’m now going on vacation for a week, and the next time I write on the forum, I’ll just be Investor-Petri among the rest of you. The analyst hat has now fallen off.

Wishing all forum members success in the (vigorously started) investment year 2022!

[Vara-Paavi]

Nice to hear that you’re staying here among us mortals after all Have a good holiday!

[Joonas_Korkiakoski]

Hello everyone!

The past year or so has been a mentally and, consequently, professionally challenging period for me. The reasons for this, as with everything in life, are manifold and multifaceted. The outcome, however, has been clear in my opinion, and most likely visible to some extent. I have wrestled with the meaningfulness of work and my values and way of thinking, at times significantly deviating from my set quality goals. This, in turn, has led me to feel that I have underperformed both as a member of our community and as a colleague. I am sincerely sorry for all the aforementioned points, but especially for the last two. Our investor and work communities are wonderful entities, composed of diverse personalities, expertise, and a great deal of shared passion. Both communities, in my opinion, are greater than the sum of their parts, but to truly function and develop, they need and, above all, deserve the best version of each of their members.

Based on these observations and thoughts, I have had several discussions with myself, my close circle, and people I respect about how I could be happier, feel better, and how I could get much more out of myself than currently. These discussions and exchanges of ideas have led to a job opportunity outside of Inderes and completely outside of equity research. From all perspectives, this is fantastic, and honestly, it would be sheer madness not to seize it. Therefore, I have decided to move on to new and exciting challenges, which, in current hockey terms, of course means that my games in the Inderes jersey are coming to an end. I will start my next endeavors during the autumn, so this is not a quick exit (fortunately or unfortunately). Inderes has treated me incredibly fairly since my first day of work, and I feel that enabling a calm and controlled transition process is the least I can do for our company in this situation. The companies I have been following will be transferred to the following analysts:

I first opened our office door for a job interview on September 14, 2018. A lot of pleasant things have happened between then and now. I have been able to combine work and hobbies, delve into several different business models, strategies, and industries, discuss these with investors who have done their homework exceptionally well (@Mauri, @JHeiskanen, and @Crazy_Train deserve special mention), and above all, get to know excellent people both within our company and in the companies I follow. Of course, there have also been a number of wrong conclusions and thus company reports that went astray. I am grateful for everything I have experienced, and I believe, or at least hope, that I have managed to forge lifelong friendships along the way. A collective thank you again to the entire stakeholder choir, I wish everyone nothing but the best!

[JHeiskanen]

Oh, damn it. You were the analyst, out of all of them, who spoke my language the most, whose analyses I understood best, and with whom I had the best discussions here on the forums. You were my Petrikajaani! I might even say that for a Kärpät fan, you’re a pretty good guy.

Good luck, Joonas, with your new challenges. I hope you find what you’re looking for in your new job, and remember to be kind to yourself.

Pukk Party Never Stops!

[Mauri]

@Joonas_Korkiakoski

Collective thanks again to the entire stakeholder choir, I wish everyone nothing but the best!

Oh dear. That was an announcement that truly made me feel sad.

I have genuinely appreciated the thorough analytical work you have carried out while wearing the Inderes jersey. I have often been genuinely surprised by how thoroughly you have delved into my questions and wonderings, and how time-consuming and even essay-like, reflective answers you have given. I have learned a lot from you and, in my opinion, as an analyst, you have represented that famous new generation that sets quality standards slightly higher than the top performers of previous years.

Your diligent and humble attitude has, of course, also made a particular impression. Your analysis has shown forward-moving evolution, and one could always expect new observations, new perspectives, the application of new learnings, and new conclusions from even old data. Instead, unnecessary fuss, empty talk, and groundless incitement of the stock market crowd have been maturely absent. The older one gets, the more one appreciates kindness and behavior striving for the common good. These adjectives, in my opinion, suit you perfectly.

If, in addition to the aforementioned, the man also understands cross-country skiing championships and other armchair sports, then I can only wish you all the best for the future! I hope you find new enthusiasm and energy for life in your future career challenges. Remember, however, to be merciful to yourself, for happiness is like a shadow that flees its pursuer.

I will keep my promise, and when we meet again someday, the first couple of pints are on me.

Thanking you for everything,
Mauri

[Crazy_Train]

Good luck in the future, Joonas, and thank you for everything so far!

In my opinion, you’ve done a wonderful job all along, both with reports and interviews. But above all, what has made an impression are precisely these longer writings mentioned by Mauri here on the forum, which clearly always involved a lot of time and thought. From memory, for example, Incap’s history, competitive advantages and competitiveness in Tecnotree’s chain, and of course, explaining Boreo’s entire business model with its many nuances, just to mention a few. Your communication is excellent, and your language and metaphors are full of versatility; your texts have been a pleasure to read and your stories enjoyable to listen to.

From this side of the screen, one can sense your wonderful attitude in everything you do. In a word, you seem like a top-notch person in every way.

[Leminesko]

I agree with Hullu Juna. A shame, indeed. But the young man will find new challenges. Thanks for the good analyses and good luck with whatever comes next.

[Tume1]

Thanks for the great analyses over the years and good luck in the future!

It was always nice to watch the interview videos when there was a smiling, cheerful guy on the other side of the screen speaking the Oulu dialect, I hope you continue in the same vein

Finally, I would suggest that the famous sweater be raffled off among the fans.

[Harvasepaiva]

Inderes and the forum are certainly losing a significant personality. Joonas has a great ability to bring new perspectives to analyst interviews and to glean deeper information from company management. I highly appreciate this work, and above all, the fact that Joonas was able to explain the affairs and industries of various companies in a way that everyone could understand.

Thank you again for your in-depth dedication to various companies, both in analyses and on the forum. And good luck and success in the future!

[Olli_Vilppo]

Hello fellow investors!

My coverage portfolio is being transferred to other analysts, as I am taking a two-year study leave from Inderes.

KH Group and Rapala will move to Thomas, while Terveystalo and Pihlajalinna will move to Roni. Coverage of Puuilo, Tokmanni, Kesko, and Verkkis will be taken over by Inderes’ newest analyst starting in a week, who already has prior experience in analyst work. He will be able to introduce himself more thoroughly when he starts. I am confident that I am leaving the coverage of these companies to very capable and hungry colleagues!

Why study leave? First of all, I want to state that Inderes has been a dream job for me from the start, as I’ve been able to pursue my passion for company analysis and test my mettle daily against the stock market regarding the accuracy of my analysis. Over the past six years, I have learned a lot from the best colleagues in the industry, in meetings with the management of listed companies, and especially from my own successes and mistakes. Sometimes it feels like I’ve even been analyzing some company in my sleep when the desire to be right has been so strong.

The year 2022, in particular, was taxing for me when, after Russia’s invasion of Ukraine, all forecasts and valuations had to be redone. At the same time, my child, who had started daycare, was in a recurring cycle of the flu every other week. We got through this with a disciplined daily routine. By focusing on the essential tasks—analysis and childcare—my own well-being, relationship, and seeing friends were kept to a minimum, and the decision to take a break from professional life began to take root.

Next week, I will begin studying my high school passion, mathematics, at the University of Helsinki. I haven’t set any major goals for myself for the next two years. The course topics seemed interesting (e.g., probability, game theory, and machine learning), which I have wanted to delve into more deeply. At the same time, study leave offers me the much-needed freedom to regulate my own energy and use of time, as unexpected press releases will no longer upend my daily plans. With my child still being small, I also suspect that I will look back on this break from work later as one of my best decisions.

Of course, the decision was not easy and required long consideration, as I have worked so closely with the companies over the years that it almost felt like I was taking a study leave from nine companies. Usually, we analysts don’t hear feedback from the company’s side, as independence is at the core of everything we do. But when I told the companies I was leaving, I received such good feedback from the management of the listed companies that I wrote it down, just in case I feel like I need a bit of a confidence boost while grinding through my studies.

I intend to continue managing my own portfolio’s investments, and if any of our investors are studying on campus, feel free to come and chat about investing or anything else. The plan is to return as an analyst in two years, but of course, plans can still evolve. If the return happens, I’ll likely start learning a new portfolio from the Swedish side, whose analysis field Inderes will hopefully have properly broken into by then.

Thanks to everyone!

[Pesukarhusijoittaja]

You will be missed as an analyst. However, I understand the decision well (as a father of two young children myself). I think you have prioritized things correctly at this point.

A big thank you for the excellent work so far and best of luck with your future endeavors!

[Matias_Arola]

Hello forum members,

Starting in early November, I will be moving on from Inderes to take up a role in equity portfolio management. Today is my last day working as an analyst. I have been lucky to work with wonderful colleagues for the past 4.5 years and to learn so much from them about both the stock markets and company analysis. Inderes has been a flexible, supportive, and empowering employer, and it has been an excellent place to grow and develop.

During October, I have focused on onboarding my successors to my companies to ensure the transitions go as smoothly as possible. In the future, @Frans-Mikael_Rostedt will be responsible for Inderes’ coverage of the real estate sector (Toivo Group, Asuntosalkku, Investors House, and Ovaro). The banking sector (Nordea, Aktia, OmaSp, Alisa Pankki) will be covered by @Kasper_Mellas. A natural home for Honkarakenne was found with @Olli_Koponen, who already covers the construction sector.

Thank you also to all of you forum members for the great discussions here!

[Erkki_Vesola]

Dear investor community,

After approximately thirty years of analysis, I have made a significant decision, at least for myself, to leave Inderes and start looking at life and the world from a slightly broader perspective than an analyst’s responsibilities have allowed. I am not changing jobs, nor do I currently have very clear plans for the future. Fortunately, my situation allows me not to be under any particular pressure to find paid employment. I also don’t expect recruitment consultants to throng my doorstep, as I will turn 60 in a couple of months. I will therefore spend the near future paying off the temporal debt I have accumulated towards myself, my family, other loved ones, and my friends. In the longer term – who knows?

I have been at Inderes for about eight years now, and I can honestly say that it has been my best analyst workplace in terms of the way things are done, the balance of responsibility and freedom, the drive, and above all, my colleagues. The mere fact that I was taken into the group without batting an eyelid even at the age of 51 speaks volumes about the strong positive underlying current in Inderes’ culture. I will certainly miss this company. At the same time, I firmly believe that the analytical responsibility for the companies I follow will transfer to hands at least as capable as my own. For my part, I have strived to ensure that the transfer of responsibility is seamless and that as much key information for analysis as possible is passed on to my successors. The table below lists the transfers we have agreed upon so far:

My last working day at Inderes is Friday, February 14th. I want to thank all members of the community for your interest in my reports and comments, as well as for the good challenges and discussions. And of course, I am not disappearing completely; I will continue to follow Inderes’ activities and publications/videos and remain a member of the community – now, however, without an analyst’s hat. You might also encounter me on the Forum in various contexts in the future. Although the last five years have been unusually murky in the stock markets due to the pandemic, Russia’s war of aggression, and most recently Trump’s election, I still have enough faith at this stage of my life that stocks remain the superior investment vehicle. I sometimes have to remind myself of both the importance of diversification and the beauty of long-term investing: by investing a fixed amount every month, economic cycles or timing have little significance. I wish the community members a future characterized by rising stock prices and growing dividend streams, and I believe Inderes’ products will provide their own support for this. For my part, I say goodbye for now.

Regards, Eki

[Ju-ha-ni]

Thank you for your informative, insightful, and very well-written analyses, Erkki! I have read quite a lot of them over the years – and always with great pleasure (e.g., Wärtsilä, Kone, Konecranes, Metso).

As someone of the same age, on the other hand, I completely understand your desire to do something else for a while / still. I hope you’ll have time to visit the forum occasionally in the future too!