Not only did Eki possess ironclad professional expertise in analyzing engineering workshops, but he also had the courage to take a firm stance against the market. A truly iconic memory is the Sell recommendation for Kone that lasted for ages, which then finally in 2021 collapsed from its highs to the target price. Generally speaking, stock prices often lead, and analysts surf along under heavy pressure. In Eki’s case, there was no such concern.
For Inderes, the loss is significant. Thank you, Eki!
Thanks to everyone for the thanks! I repeat myself by saying that I’m not disappearing from the community anywhere. A slogan from years past (from Talouselämä magazine, if I recall correctly) went: “grey panthers stay in a vantage point”. And when talking about stock markets, I’d rather be a grey panther than a grey bear. I hope the community will give my successors a little grace during the ramp-up phase if the reports aren’t entirely perfect. For an analyst, a deeper grasp of a new company is usually at least a year-long process. I trust my successors’ abilities one hundred percent and believe that they will produce analysis that meets Inderes’ standards and is also true to their own style. And those boots aren’t that huge; the size is 44. The comment about my attire was excellent, thanks for that too! Regards, Eki
It’s time to give thanks when thanks are due. Even five years ago, I couldn’t have really imagined looking at engineering companies for my investments. Then I happened to watch a few of Eki’s excellent presentations on the sector in videos, and prompted by this, I started following the companies. Now my portfolio includes Wärtsilä, Kalmar, Metso, and Kone, all comfortably in profit. Many thanks for providing illustrative information about the sector and the companies, and as others have also thanked, for sticking to your own judgment in determining the fair value of the companies. Best of luck with your future projects, and it’s nice to hear that you remain active on the forum!
Eki’s departure will also leave the position of the dean of the analyst team to be filled. The successor is likely one of the trio @Juha_Kinnunen@Antti_Viljakainen@Rauli_Juva ???
Inderes could re-release old podcast episode 113 from 2021, in which Sauli and Erkki discuss the changes in an analyst’s work and Erkki’s experiences in stock analysis over more than 20 years, in honor of Erkki’s long career and last working day.
Content:
-Topics-
00:00 Introduction
01:26 Erkki’s career path
07:40 Which sectors has Erkki followed?
09:22 How has the engineering sector changed?
18:29 Following Nokia
24:42 Tech bubble
28:31 Changes in an analyst’s work
28:56 Information retrieval
35:12 Workday
39:54 Media
42:24 Valuation methods
45:52 Target prices
47:25 Generating excess returns
50:48 Change over time
53:11 Breadth of information
54:39 Has the need for analysts decreased?
56:18 The secret to enjoying an analyst’s work
Now I have to correct myself. The correct answer is not actually me, nor anyone from the mentioned trio, but @Antti_Siltanen who is a year older than me. Apparently youthful, however, as it didn’t occur to the questioner or even myself
I have been at Inderes for over 7 years, but now it’s time for me to move on. Over the years, I have had the privilege of being part of a great team and a wonderful investor community. However, I have now come to the conclusion that I want to take the next step in my career and move on from my work as an analyst.
Through this, I also want to thank my colleagues, the community, and clients for these years. I hope that through my work, I have been able to bring some added value or content to your investments, whether in the form of analysis, videos, social media, or podcasts.
My own interest in the stock or capital markets has not diminished. On the contrary. Therefore, I will continue to be actively involved in the investment markets, but certainly from a slightly different perspective. I will likely remain active on Twitter/X, so you can follow my next steps and continue discussions on investment topics there if you wish. I’ll probably also be lurking on the forum in some form.
Today, I closed the door at Inderes for the last time as an analyst. Time has flown by since I started at Inderes in 2017.
These years have been filled with numerous videos, reports, target prices, recommendations, and meetings, as well as many great memories with my colleagues. Along the way, there have also been long days, but above all, many lessons learned and experiences gained.
The final week still included the last earnings days, during which I aimed to share my best insights with the analysts who will continue coverage. I have strong confidence in their expertise, so the analysis will continue in capable hands, even as the person behind it changes.
I move forward with confidence, carrying with me the extensive expertise I gathered during my years at Inderes. On Monday, I will start as a portfolio manager at a pension company.
Thank you all for the cooperation, the discussions, and the journey we shared. A special thanks to my colleagues for the farewell today.
