Well, one essential reason why I stayed here was that when I Googled companies and investment-related matters, the search results led to:
familiar boomer media; articles were very sparse or behind paywalls
some other discussion forum where there was less information, etc.
websites that are good in themselves, like Salkunrakentaja or Sijoittaja.fi â good stuff for me, but only a few news items per day about a few companies or other financial topics
Inderesâ company page, from which I often backed out because I thought, âah, itâs just this basic info here.â Even the front page was a bit heavy for me then.
â And I was also directed here to the Inderes discussion forum, and why I started visiting here primarily:
there is a thread for âeveryâ company, where all essential news often appears immediately or soon; not just announcements and analyses, but everything else carted in from here and there. (it was annoying at first when you couldnât find information properly anywhere, just sparse stories late from various sources)
here there was a proper discussion atmosphere and even a quite pleasant vibe, as well as various interesting investors discussing
well, then there was the charismatic Verneri, then the economist (Marianne, obviously) had descended among us commoners, then analysts, the CEO, and the coder â involved with their own personalities. And it was also fun to notice how company representatives were present and other interesting types.
the coffee room, memes, and horrified reactions to stock prices, lighter stuff in good spirit. Trash in the trash can.
In short, the Forum is a unique place where all information arrives very quickly, and there is a great, extensive, and polite investor community reflected in the discussion. It is particularly unique that, in addition to this, there are beloved investor figures, an economist, analysts, and other experts participating in the discussion.
When the Forum has company threads with a lot of discussion, even the current Google easily directs people to the discussion forum when they search for information; in fact, somewhere here there was data on how many people end up here via Google. If the discussion forum has plenty of high-quality information and discussion about many different companies, and the best analysts and other investment professionals are involved in the conversation, thatâs quite a winning factor â investors get interested when there are many interested investors, then companies get interested too.
Thereâs all sorts of material scattered here and there, and from a laymanâs perspective, itâs difficult + it takes time to dig through. Why an active Forum? - Reasons above. How to get it? - Well, it doesnât develop by itself, so: Inderes has staff and a network, so someone might visit the Forum for the last time if there are sometimes zero messages a day and a median of a fewâmaybe the goal could be ten messages a day instead of zero or a few; itâs nice to write messages about a beloved topic. If a Swedish-speaking investor writes an excellent message in a thread and no one reacts, except maybe the same two or three faces at most, and no one answers unless asked directly, they might not necessarily enjoy talking to themselvesâespecially when they donât really get any reactions. And doesnât a separate Forum like that cost extra, too? Itâs worth utilizing.
Many things require persistent âguerrilla workâ (sissityö) and things accumulate little by little when you do the right things step by step. Inderesâ trump card has been the experts descending among us commoners in various ways, and the most important of those ways has been the Forum.
You can already see from the presentation slides what the vibe is at Inderes. The events team is high-fiving, the IR software team is closing good deals, but the stock analysis team is leaning on past investments that are barely managing to sustain new growth anymore:
The absolute level and accessibility of Inderesâ stock analysis has risen, but its relative competitiveness has declined over the years because resources are no longer being put into developing the analysis operations. And no, tinkering with the website for two years doesnât count as development work
Where is the AI Analyst that helps investors interpret company materials and analysis reports? Where is the automated robo-commentary for negative/positive profit warnings? Where are the graphic visualizations and animations that clarify the analysis and the corporate clientsâ stories? Where is the analysis development roadmap and new bold experiments? Is the plan for the analysis still in 2030 to produce .pdf reports and 10-minute YouTube videos as the flagship product?
If those in charge have already run out of ideas for developing the analysis at this stage, they should be put into job rotation, no matter how loyal and nice guys they are. Otherwise, youâll soon just become another OP or Nordea, where the positions deciding the future are occupied by sycophants, and no development happens except when forced by market forces 10 years late.
Good reflections, letâs continue on this and other topics next week after the results!
Itâs an interesting line of thought that the successes of new products chosen in the strategy would somehow be the âwrong focus.â Itâs hard to see how the success of new products would have been away from the analysis business in any way. Iâm reflecting back 5 years to when this strategy was first implemented. Of course, one can disagree with the chosen four-main-product strategy. Letâs continue next week!
Iâm not claiming that itâs a âwrong focusâ from a business perspective. Since the community and analysis operations donât generate an extra penny once the target market has been captured, according to the modern business playbook, all additional investments there must be frozen, the platformâs decline (enshittification) must begin, and investments should be directed toward new products and services.
However, this lack of investment and stagnation is clearly visible on the other side of the screen, and the behavior of a traditional tech firm doesnât necessarily fulfill Inderesâ eternal goal of being ârather small and excellent than large and mediocreâ. Hopefully, in the next quarterly report, we will hear more about the roadmap for the analysis business and what Inderesâ vision is for the future of analysis operations. In my opinion, itâs not an unfair or unreasonable question, because since you sell a continuous monthly subscription service, the assumption for customers is naturally that the service also evolves continuously. We have tried to ask you about this on several occasions, but so far we have only been told that itâs a mature product, a kind of endpoint for development
AI, or machine learning, is an interesting tool for many things. Iâve even received Copilot training myself, where you can ask Copilot how Netflixâs latest earnings release went and if there was anything special.
Copilot then provides an answer. The free version gives a weaker response, the paid version a slightly better one, but still mediocre.
You learn to approach it with a certain perspective once youâve received training on how those tools work. Microsoft is also known for its office tools, which enable trained, smart individuals to streamline and sharpen their thinking.
So, itâs quite clear that you have to check Copilotâs analysis. You canât fully trust it.
Thereâs probably no need to explain the difficulties, liability issues, and reputational damage that would arise for an analysis house like Inderesâwhich is licensed to provide investment recommendationsâfrom an AI tool that provides mediocre answers at best.
For my part, someone could explain what complications this would cause for Inderes, because I certainly donât understand them. Everyone knows itâs new and developing technology that companies are only just learning to implement, and itâs widely understood that the technology has its limitations. The ultimate responsibility always lies with the reader of the analysis.
If you want to use AI for financial analysis, you should probably use proper AI models instead of some Microsoft chatbot
For example, licensing Palmyra-Fin as a base model. If Inderes wanted to, they could have a solution up in a week and an MVP out to production in a month:
And the point of the message wasnât, of course, that Inderes should rush specifically after AI just like everyone else, but that there should be systematic improvement and development in analysis activities, just like in other subscription-based services. They donât even dare to ask the community what new development targets or ideas we would want or suggest; instead, they get angry at constructive criticism and hide from the discussion. Except, of course, for the community team whose job is to engage with the community, but the higher-level Inderes folks arenât very interested in descending from their ivory tower to converse with the common folk.
I thought those who work in investor relations professionally would come to discuss it. They didnât. Isnât investor relations one of Inderesâ business areas?
I disagree. An analysis firm has a more significant responsibility for the analysis produced by its tools than a company producing office tools.
Even if it were some US tech giant making billions.
Inderes operates in the trust business, where everything is based on the fact that the information received and disseminated is reliable and simultaneously available to everyone. Bad tools are just as unfortunate as bad analyses.
Tools are harder to fix than a single underestimating comment about Harvia (which, by the way, Inderes does systematically. The proof is the hat-eating video)
As Inderes has expanded, you have gained access to significantly more actual analyses. In my opinion, that is more beneficial to subscribers than getting more toys to use.
If Inderes were to say it is allocating development resources to, for example, automating analysis, wouldnât that sound more like the growth strategy of a company for which seeking growth by expanding markets is more difficult than increasing operational efficiency.
Wouldnât we here on the forum be the best possible beta testers for new innovations too? After all, all the analyses are proofread here daily.
And I also echo P1âs stagnation comment. As a premium subscriber, I honestly donât feel Iâm getting the best value from the analyses right now. In practice, the forum itself almost always interprets results and changed situations more concisely than what is read in official papers. More informally, sure, but we arenât looking for style points here, but results.
I think these are very good concepts for services that provide value to us forum customers. And wouldnât it be worth considering something new that could potentially serve as a profile raiser in our western neighbor as well? None of these would be a particularly heavy investment and would be quite easy to pilot. (I highlighted the robo-commentary because Iâve been thinking about and wishing for something like that myself.)
EihÀn tÀllÀ ole mitÀÀn tekemistÀ sen kanssa ettÀ tuleeko raportti tai jokin chattikommentti botin vai analyytikon kautta, nÀmÀ kierretÀÀn nytkin sillÀ yhdellÀ A4 sivulla jossa kerrotaan kaikki riskit ja muut.
TÀstÀ pÀÀstÀÀnkin sitten suoraan pitkÀÀn viestiin jonka kirjoitin jo pari viikkoa sitten, mutta hautasin pöytÀlaatikkoon.
Heitin sen kuitenkin parille henkilölle privana ja sain kannustusta laittaa koko viesti julkiseen jakoon niin laitetaan ja pilataan Inderesin vÀen viikko heti maanantaina.
Mietin pitkÀÀn jaksanko sanoa koko aiheesta yhtÀÀn mitÀÀn kun koko aihe on niin arka ja ennen kaikkea vaikea ja lopulta joku suuttuu kuitenkin.
Juha otti ja lÀhti Sotkamoon eikÀ sitÀ kautta pahemmin enÀÀ olla pÀivittÀin mukana kÀdet savessa kulttuurin edistÀmisessÀ vaikka oman tonttinsa edelleen hoitaa ja todennÀköisesti yhtiön slakissa aktiivisia edelleen ollaankin.
Sauli on ottanut kokonaan töpselin irti seinÀstÀ ja vain hÀn tietÀÀ millÀ poltteella hÀn sorvin ÀÀrelle aikanaan palaa, jatkuuko sama maaninen työn painaminen mitÀ tÀhÀn mennessÀ on tehty ympÀri taloa vai vetÀytyykö hÀnkin enemmÀn rivityöntekijÀksi, analyysin vetÀminen ja hallitushommista vetÀytyminen voi nÀyttÀÀ osviittaa.
Mikaelkin on tietyllÀ tapaa vetÀytynyt omaan norsuunluutorniinsa vaikka hÀn tÀmÀn tulee kiistÀmÀÀn , mutta puhukoon nÀmÀ pari kuvaa tÀstÀ kauppalehden jutusta puolestaan.
Otetaan tÀmÀ flywheel vielÀ tÀhÀn mukaan kun inderes sitÀ tuntuu omassa viestinÀssÀÀnkin korostavan ja ympröidÀÀn tÀmÀ yksi kohta heti alkuun.
Miten tÀmÀ nÀkyy viimeisen parin vuoden aikana? Analyysiraporttien kehittÀmiseksi on annettu foorumilla ihan selkeitÀ kehitysehdotuksia mm. @Pohjolan_Eka toimesta ja nÀmÀ on hieman ylimielisesti kuitattu liian työlÀinÀ toimenpiteinÀ ja nÀistÀ on vÀlittynyt kuva ettÀ malli on valmis ja turha on sitÀ on jatkokehittÀÀ kun se vaatisi töitÀ.
Noh mallille on ei ole mitÀÀn tehty ja raporttien ulkonÀkökin on kÀytÀnnössÀ samanlainen kuin vuoden 2019 alussa, senkö jÀlkeen ei ole mitÀÀn uutta tÀlle puolelle kehittynyt ja samalla powerpointilla vÀreineen ajetaan rotkoon?
EnemmÀn sijoittajia
TÀhÀn minulla ei ole juurikaan nÀkemystÀ, todennÀkÀistÀ ettÀ nÀin onkin maantieteellisen laajentumisen perusteella ja puhtaita silmÀpareja katsoo nykyÀÀn enemmÀn yhtiöiden webcasteja, tÀstÀ ei ole tainnut koskaan mitÀÀn julkisia lukuja ollut jaossa ettÀ kuinka paljon inderesin alustalla tehtyjÀ lÀhetyksiÀ keskimÀÀrin ihmisiÀ katsoo tai miten tÀmÀ on kehittynyt?
EnemmmÀn palveluja pörssiyhtiöille
TÀmÀn suhteen kuuluisa suuri yleisö puolestaan Inderesin suhteen nukkuu ja eikÀ siellÀ ymmÀrretÀ kuinka suurta transformaatiota yhtiö on tehnyt muutaman vuoden ajan pelkÀstÀ analyysiyhtiöistÀ kohti tuotetaloa joka tarjoaa erilaisia viestinnÀn palveluita.
Flik ja Inderesin videotuotannot ovat ÀÀrimmÀisen laadukkaita ja nÀiden suhteen on ÀÀrettömÀn vaikea nÀhdÀ kovin suurta kilpailua tulevaisuudessa kun yhtiöille on myyty isoja kokonaisuuksia ja alalle tulon kynnys on suhteellisen korkea kalliiden studioinvestointien myötÀ.
IR-softa ja tiedotusjÀrjestelmÀt tÀydentÀvÀt tÀtÀ tarjoamaan erittÀin luonnollisesti ja niiden kanssa on ilmeisesti onnistuttu kun en ole huomannut ettÀ Inderesin palveluiden piiristÀ olisi lÀhdetty vaihtelemaan ja nÀin olle asiakaspito on erittÀin kova mikÀ on sijoittajan nÀkökulmasta hieno kilpailueru.
EnemmÀn pörssiyhtiöitÀ
Suomen markkinassa penetraatio se vain jatkuu ja pitkÀÀn seurannan ulkopuolella olleet vanhat lihatalotkin on kummatkin saatu viimein seurannan piiriin ja lehtijutun mukaan Keskisuomalainen on tulossa mediatalojen puolelle, Lifelinen kautta listautuvaa Canatua unohtamatta.
Ruotsin puolella markkina uusien yhtiöasiakkaiden suhteen nÀyttÀÀ todella paljon hitaamamlta ja vaikeammalta mitÀ odotin tÀssÀ kohtaa sinne laajentumista, kivinen on ollut tie sen suhteen eikÀ sekÀÀn puoli nÀytÀ ulospÀin juuri kiihtymisen merkkejÀ, toki seurannassa olevia yhtiöitÀ alkaa ruotsistakin löytyÀ jo ihan mukava mÀÀrÀ.
Yhtiöiden suuntaanhan tÀmÀ kuitenkin nÀyttÀÀ etenevÀn kivasti niin johto voi olla tyytyvÀinen ja miksi mitÀÀn muuttamaan?
Kuvan ulkopuolelle on rajattu yhteisö tarkkailemaan tÀtÀ pyörÀÀ ja ihmettelemÀÀn miten se toimii ja luo vaurautta kuin se kuuluisa kalevalan Sampo, analyysi tuo ylituottoa ja ne yhtiön omistajat jotka InderesiÀ omistavat saavat osinkopuolueen suosikkia nousevaa osinkoa jonka osinkotuotto on noin ~5% tietÀmillÀ tÀllÀ hetkellÀ.
Noh analyysin laatu on nykyÀÀn mitÀ on ja miitissÀ kÀytyjen keskustelun perusteella en itse ollut todellakaan ainoa joka skippaa kokonaan suoraan tiettyjen analyytikkojen hengentuotteet.
Miten tÀmÀ voi olla mahdollista kerta analyysitehdas tuottaa parempia analyytikkoja kuin koskaan ja analyysin laatu on historiallisen korkea?
Joko tÀssÀ on vÀÀrÀssÀ yhteisön aktiivisin siipi tai sitten kyseiset analyytikot ovat vain huonoja analyytikkoja? TÀmÀ analyysitehdaskin ja sen oma La Masia on hieman kysymysmerkki kun talon viime vuosien parhaat uudet analyytikot ovat tulleet talon ulkopuolelta Raulin ja Antti Siltasen muodossa, ehkÀ tulevaisuudessa analyytikkoja kannattaisi hankkia entistÀ enemmÀn jo työelÀmÀn puolelta ja kenties muullakin taustalla kuin TuTa tai KTM?
MitÀ kulttuuriin muutenkin tulee niin mitÀ on nykyinen Inderesin kulttuuri?
YhtiöllÀ on hienot strategiat siitÀ kuinka vastaavaa kulttuuria pyritÀÀn istuttamaan ulkomaille ja yhtiöstÀ pyritÀÀn saamaan aidosti pohjoismainen yhtiö, miten kulttuurin istutus onnistuu kun ulkomaille lÀhetetÀÀn yksi analyytikko nuoremmasta pÀÀstÀ ja tehtÀvÀksi annetaankin niin helppo tehtÀvÀ kuin kokonaisen yrityskulttuurin luominen samalla kun hÀnenkin tÀytyy oletettavasti myös myydÀ uusille asiakakille analyysipalveluja? TÀmÀ kuulostaa valmiiksi tuomitulta epÀonnistumiselta ja aika nÀyttÀÀ tuleeko ruotsin tiimistÀ aidosti osa inderesin perhettÀ.
TÀhÀn kun vielÀ yhdistÀÀ ettÀ Inderesin startup-henkisyys vÀhenee pÀivÀ pÀivÀltÀ ja yhtiö muistuuttaa pÀivÀ pÀivÀltÀ enemmÀn korporaatiota jossa töitÀ tehdÀÀn vain fyrkan takia eikÀ rakkaudesta lajiin niin vaikeaa on nÀhdÀ ettÀ tÀmÀ suomen menestystarina saataisiin siirrettyÀ ruotsiin nykymeiningillÀ.
KilpailijakenttÀ
Ketjua lukiessa ihmettelen tÀtÀ naureskelua mitÀ sijoituskÀsti ja heidÀn palvelunsa saavat osakseen.
Vaikka SijoituskÀsti onkin suuntautunut hieman eri yleisölle on erittÀin vaarallista ylenkatsoa tÀtÀ parivaljakkoa joka on parissa vuodessa kÀÀntÀnyt kahden opiskelijan harrastelijapodin kasvavaksi liiketoiminnnaksi ja jonka yhdeksi lisÀkasvoksi on kiinnitetty Heikki KeskivÀli.
TÀmÀn suhteen oppipojasta on tullut pikemminkin uusi johtaja joka nÀyttÀÀ mihin suuntaan kannattaa kenties lÀhteÀ tai mistÀ nÀitÀ kuuluisia sijoittamisesta kiinnostuneita henkilöitÀ voisi löytyÀ.
MitÀ nÀmÀ uudet avaukset voisivat sitten puolestaan kenties olla?
Mariannen maailma jossa kÀydÀÀn maakohtaisesti lÀpi jotain tiettyÀ maata ja kenties paria pörssiyhtiötÀ? TÀmÀ vaatisi taustatöitÀ ja en tiedÀ kiinnostaisiko edes Mariannea lÀhteÀ vetÀmÀÀn tÀmmöistÀ.
Jonkinlainen vaihtuva analyytikkolive hieman kuuluisan hatunsyöntiliven tapaan? Vaihtuva analyytikko on kameran edessÀ jonkun aisaparin kanssa vaikkapa pizzakeittiössÀ tai kimblen ÀÀressÀ samalla kun yhteisöllÀ on mahdollisuus kysellÀ vaikka pidemmÀn aikavÀlin nÀkymistÀ tai analyytikon ensi talven lomakohteista ilman sen suurempaa virallista agendaa ja analyytikko pÀÀsisi nÀyttÀmÀÀn sitÀ paljon perÀÀnkuulutettua persoonaa.
Jos tÀssÀ tekstissÀ on jonkinlainen punainen lanka niin Inderes korporatioitumisen estÀminen olisi aloitettava nyt heti eikÀ vasta ensi vuonna, talo joka oli raikas uudistaja muuttuu pÀivÀ pÀivÀltÀ jÀhmemmÀksi korporaatioksi jossa töitÀ tehdÀÀn juuri tiettyjen työnkuvien ja työaikojen mukaan ja itsensÀ peliin laittaminen loistaa poissaolollaan.
Uusia yhteisönrakentajiakin yhtiö palkkaa jatkuvasti, mutta eipÀ heitÀkÀÀn juuri foorumilla nÀy kuten @Sijoittaja-alokas onkin ansiokkaasti aina vÀlillÀ hieman mukavemmin asiaa esiin nostanutkin.
Yhteisön aktiivisiin ja paras kirjoittelijasiipi kun lÀhtee omaa aktiivisuuttaan syystÀ tai toisesta vÀhentÀmÀÀn niin sitÀ porukkaa on siinÀ kohtaa erittÀin vaikea enÀÀ saada takaisin ja kuuluisa whywheel lÀhtee pyörimÀÀn ennemmin tai myöhemmin vÀÀrÀÀn suuntaan kiihtyvÀllÀ tahdilla.
Yhtiöt kiittÀvÀt, yhteisö oirehtii, jotain pitÀisi keksiÀ vielÀ kun öljylautta ei ole tulessa ja kansituoleja ei tarvitse uudelleen jÀrjestellÀ.
Hesulin mörnimisen taaksekaan on turha yrittÀÀ mennÀ sillÀ jostain syvemmÀltÀ nÀmÀ tuntemukset kumpuavat mitÀ olen suomen sijoittajakenttÀÀ kartoittanut.
There seems to be a fairly broad and long-standing consensus, at least at the community level, regarding the quality of the analysis. Vepu even conducted a poll about this in the âcoffee roomâ at some point (which I couldnât find to link here anymore). So, as a topic, this isnât a new point. The erosion of the analysis side isnât particularly surprising in itself, given that they are still operating with the same formulas and Excel models as before. The field could have been developed, but as @Pohjolan_Eka already commented, the analysis doesnât bring a single extra euro into the companyâs coffers once the target company has purchased the analysis service. The quality of the analysis has also been discussed here for a long time, so Iâll leave it at that.
I would add, however, that if even Instagram reels/TikToks/YouTube shorts could be made about the analysis itself, quarterly comments, or the market in general, it would provide a little something extra as supplementary material for the reader alongside the traditional Excel-PowerPoint analysis
Maybe we could also invest a bit more in âeducational content,â where we would delve into, for example, the outlook for a certain industry or region, and perhaps examine a couple of companies in that context that would serve as representative examples. In my opinion, Verneriâs Quarters (Vernerin vartit) have indeed implemented exactly this kind of thing, and as I understand it, the workload for creating them relative to the length of the produced video is quite high, so itâs likely largely a matter of resources as well. Perhaps if done as a pair and presented in a dialogue format, the setup could be quite optimal; the Berkshire Hathaway session by Verneri and Heikki KeskivĂ€li, for example, was really good in my opinion.
I previously wrote about the wonders of FinTwit, so letâs take a regularly recurring idea from there and harness it for Inderesâ use.
Idea: An investment case competition at regular intervals, where forum members are asked to submit their best investment ideas in written form for companies outside of Inderesâ coverage. The criteria for the competition would vary each time. A prize for the winner(s), for example, a Premium membership.
Opportunities: People might get excited about writing good pitches and discussing them â new company threads are created on the forum for unfamiliar firms â attracts new customers/users?
Risks: None. The Finnish market has already been won, so the forum now needs discussion about more than just forest industry companies, Nokiaâs price fluctuations, and Nordeaâs dividend payment date. If nobody discusses companies outside of coverage in the big picture, how is Inderes supposed to grow its coverage? New initiatives outside of Helsinki are needed from more than just @Sijoittaja-alokasâs new thread creations and @Olli_Koponenâs earnings season podcasts - both are very fresh breaths of air, but where is everyone else?
This concept is successfully implemented by random Twitter users without any prizes. There is no reason why Inderes couldnât do this better - and at the same time attract high-quality writers to bring their contributions for everyone to see.
Itâs worth looking at Fintwitter and other industry players for inspiration on how to develop analysis operations if youâre lacking your own ideas. Here are a few examples of graphics and visualizations showing how analysis could be communicated more effectively to the reader if modern tools were used:
At Inderes, the report template has certainly tidied up over the last ten years, but the basic logic is still firmly stuck in the 2010s. A massive text dump on the left side of the page and then a light blue info box with figures on the right:
And no, this isnât specifically about nitpicking this front page; itâs about a broader cultural issue within the organization. Developing these things wouldnât necessarily even require massive financial investments, but the finance industry is notoriously conservative and afraid of any kind of change. This results in spending a year in meetings about developing the analysis, and the only change made to the report is making the front-page matrix table even more confusing. When reading the reports, an outsider sometimes feels like the analyst team is just pounding away in Word all day instead of making investor communication better every year.
Iâll end on a compliment, though. Analysts seem to have become more active on the forumâs company threads in recent months, engaging in discussions about their analysis. Good work on that front
Itâs funny to see how the timing of the panic regarding the quality of Inderesâ services coincides exactly with the launch of SijoituskĂ€stiâs TikTok earnings comments
Itâs great that people here are highlighting that the look of the products needs to be kept fresh and modern. However, Iâd personally recommend keeping a cool head in these matters. A specific product, service, or report layout shouldnât be added to the offering just because someone else is doing it. The selection should be built so that the services are actually useful for investors and companies.
IMO, PDF-format âbiblesâ still have their place in the offering. They create value for those investors who really want to dive deep into companies and likely serve as DD (due diligence) material in transactions. However, commentary on quarterly releases could probably be moved to the more graphical format presented by Pohjolan Eka. Quarterly reporting commentary is typically a re-presentation of figures, and usually, nothing earth-shattering happens every three months. The benefit of the AI analyst mentioned here would be a bit questionable when you can easily do the same thing yourself with, for example, ChatGPT.
Inderes already has short-form videos on social media. Those short-form clips surely land well in the market as quarterly comments, meaning less of both the analystâs and the investorâs time is wasted on repeating quarterly results figures in text format.
In my opinion, however, there is a clear need for longer, documentary-style video material that focuses more strongly on the business itselfâwhat kind of products the company manufactures, what the production chains look like, etc.
I have to say that (promised) improvements, even to basic features, are coming very slowly. One example is the downloadable data for the stock comparison. Several key figures are missing from the new page that were available on the old one. Scandinavian characters in company names are gibberish, etc.
I brought this up in November. It was promised to be addressed in Q1, but the job is still far from done.
As for the comparison to SijoituskĂ€sti, they produce entertainment more than investment content. Their guests include former criminals, presidential candidates, and so on. Of course, there are also guests related to investing, but fewer of them. KĂ€sti ja KeskivĂ€li is a similar entertainment show, but the discussion focuses on listed companies. The Heikki KeskivĂ€li who comes across through his book and X is very different from the one appearing on YouTube. I would personally rather listen to the former; Iâve skipped the latter entirely after a few listens. The intention wasnât to badmouth the gentlemen, but to raise the question: is it worth following that kind of model?
Edit: SijoituskÀsti also has some good tweets on X occasionally.
The discussion has lately focused largely on the most visible part of Inderes that meets consumers. Investor information has indeed become mediatized, and the amount of UGC (user generated content) in this category has risen tremendously over the last decade, while various influencers have joined the game in various niches. The category has thus grown and developed.
I personally think that the community and social media presence is one pillar, but the combination of analysis, IR services, technology, and distribution channels reaching investors is the unique factor used here to gain leverage and differentiate. My understanding is that there are direct competitors for all of these individually, but not for the combination. Network effects are quite clear and represent an essential combo for companies considering an IPO. Money and continuity come mostly from corporate clients, and I donât see influencers or podcasts eating into the investor communications âbudget poolâ in amounts that should cause concern; for many firms, itâs more about âplay moneyâ used to decorate the IR communications cake. I am more surprised that shareholdersâ money is being pushed into AGM notices in Helsingin Sanomat costing 5,000â10,000 euros, when that same money could actually be used to deepen the relationship with current and future owners. It is also good to remember that the scalability of various influencer concepts is quite challenging due to personal brands.
I call for a long-term perspective here as well, because things do not happen overnight when creating a new category and seeking a position in different segments or markets. Changing market behavior and structure is the work of years, even a decade.
It would also be fruitful to consider on this forum what the industry will look like in, say, 2030, which is why the AI discussion raised by some is good reflection in this case. I would also refine it with the observation that disinformation has not yet corrupted this category, so at some point in the next wave of mediatization, there may be an unexpected demand for authorized and safe content. In such a scenario, writing on the Inderes forumâcurated by professionals and corporate IR and requiring strong authenticationâcould become very valuable. I also believe that a Nordic powerhouse for this industry will emerge, and such a specialized entity could be very profitable and valuable, with growth potential on its fringes.
I hope no one takes this personally, but in my opinion, the entire investor relations industry has long been conservative and has formed its own silo in almost all companies, remaining too far from other operations and being administrative in nature. At least the few firms I know personally do not even set actual goals for the function to evolve to the next level. I believe that investor relations should be managed with the same passion and innovative ideas as customer relations. It is clear that high-quality investor relations management has positive effects on, for example, partnerships, earned media visibility, and the employer brand.
As a seed of an idea for the business, there could be a facilitated role between professional analysts and UGC for âpractice-oriented analystsâ or industry expert types, where professionals from different sectors or people from the academic world could provide deeper insights into a companyâs industry or raise questions for the companies.
And below are my own thoughts distantly related to the discussion theme and that Swedish Forum:
, mutta puhukoon nÀmÀ pari kuvaa 
