Yes, future growth is priced in here. For example: Modulight, Bioretec, Talenom, Kamux, Solar Foods, Canatu, Aiforia, Admicom, Dt, EQ, Faron, Norrhydro, Summa, Revenio, etc. The list could go on and on. We do pay for growth here, but unfortunately, the growth hasn’t really materialized. A big reason for this is certainly the weakness of the Finnish economy, but the biggest reason is still that execution has fallen short due to the companies’ own operations. So we have paid way too much for realized earnings. This is my fear in Easor’s case as well, though of course Easor might prove to be an exception, as I said before. Among the list mentioned above, there may be some future winners, but the main point is that it’s generally not a good idea to be too early.
In hindsight, one can state that it wouldn’t have been smart to buy Amazon at the peak of the dot-com bubble, but rather only after a 90% drop. This is true even if someone who bought at the peak and just held would have reached a good outcome. If you are too early, you leave money on the table even if you are completely right and everyone else is wrong.
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