More of a shame that Inderes no longer has such down-to-earth videos as they used to, so that not everything is perfectly polished 
If I may wish, Verneri, you could sometimes again go to the office to do some light interviews or videos with the analysts.
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Well, if we could just get back to that “first” and more difficult one, I’d already be quite satisfied.
I asked this at the beginning of the year, and now that Japan’s carry trade has ended, which is essentially the same thing, I still ask the same question above: how is it possible for an individual to get a loan for ten years cheaper than the state? And it’s still not a provocation.
That carry trade as a phenomenon is more modest than my question.
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Interest rates are affected by the outlook for economic growth and inflation.
For this reason, for example, right now China gets loans at a lower interest rate than Japan, which was an inconceivable idea just a few years ago. 
In Europe, and especially in Finland, the growth and inflation outlook is weaker than in the United States. Hence, lower interest rates.
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But how can an average Joe get their loan at the same rate as the state, for ten, or even decades?
Perttis and other borrowers have the object for which the loan is taken as collateral. 
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The value of Joes’ assets is strongly dependent on the economy of states, and the collateral for the states’ loans is that Joe.
Can they?
According to the Bank of Finland, the state appears to be getting a loan for ten years at an interest rate of 3.11%, how much is an average Joe’s interest rate?
So, a fixed interest rate? You can’t see the interest rate on bank websites, one would have to ask for an offer, which is too laborious just out of curiosity.
Pertti gets it either at the same price, or in some cases, a customer-specific margin is added on top, depending on the bank.
Bjorninen got the Christmas pot bubbling again in the Christmas24 and charity group. Together we’ve been awesome:christmas_tree:
You throw your almonds into the pot too:christmas_tree:
Here’s SalkunRakentaja’s article about Nordnet’s small investors’ purchases and sales in November.
“Nordnet’s trading in Finland in November represented a period of cautious additional investments. No single significant investment instrument group gained particular popularity, nor did any become subject to a wave of selling. After October, which was enlivened by the Q3 earnings season, net investments generally remained low,” says Suvi Tuppurainen, Country Manager for Nordnet Finland.
Subheadings:
- Nokia’s Comeback
- IREN and Novo Nordisk, foreign favorites
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KaljuKoon Investor Letter 2025 H2 is now out!
Over 40 topics about investment matters and a little bit more.
I recommend reading it, you can grab it for yourself from the link.
https://twitter-thread.com/t/1995759862504931363
Here is KaljuKoon’s X-account, give it a follow if these kinds of “letters” interest you.
https://x.com/KaljuKoo
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The mysterious “cent man” might have been revealed. 
Of course, if the state pays interest on that and the minimum interest is 1 cent/month, then in a month you get a 100% return on the investment, even if they pay it back in a couple of weeks. Beats Hesari. 
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I, at least, bought an electric car because powerful four-wheel-drive internal combustion engine cars and even hybrids are ridiculously expensive in Finland due to car tax. And indeed, many buy an electric car with their own money because of its features, not because of any environmental halo.
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Let’s ban remote work. Let’s also ban bringing your own packed lunches to work, because they take away business from restaurants.
At my previous workplace, the lunch service provider had suggested a ban on bringing your own packed lunches, because it unpleasantly took away sales. That ban had not received support from the factory staff.
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Next, the company’s own shuttle transport. Paid, of course. You can’t show up at the office with other means of transport 
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Morningstar article 10 Best-Performing Nordic Dividend Stocks
And number one Citycon!!
“Finnish diversified real estate company Citycon rose 35.78% in November and gained 17.77% over the past 12 months. Trading at €3.99, its stock has a forward dividend yield of 7.5%. Citycon pays investors a trailing 12-month dividend of €0.30 per share. The stock has a quantitative Morningstar Rating of 5 stars.”
10 Best-Performing Nordic Dividend Stocks | Morningstar Nordics
Had to re-check the publication time and yes, it’s Nov 2025!
The dividend yield has been exactly zero for a year and the share price increase is not due to the company’s competence but precisely to the main owner’s (IMHO cheap) tender offer. The article is indeed a good example of a typical article where the best dividend companies are screened with just numbers (and old ones at that) without any actual research into the company itself.
I was going to post this in the Citycon thread but I felt the humor value far exceeded the level of company analysis, so I put it in the coffee room instead. 
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Why stop development here?
In the style of an old Californian fruit farm, workers are paid with the farm’s own coins, which are only valid in the farm’s own store, and if you work enough overtime, you get enough food for the whole family. (source: Steinbeck - The Grapes of Wrath, which is set in the 1930s.)
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Perhaps this emphasized the honesty and quality of the management? 
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According to Jyri Häkämies, CEO of EK (Confederation of Finnish Industries), “innovations, networks, and productivity are born face-to-face.”
Here’s a picture as proof of Finns creating innovations, networks, and productivity face-to-face before the remote work boom of 2008-2020:
Mine neither. It just happened that while reading Häkämies’ quote in the Yle news, I was reminded of Finland’s lost decade preceding the remote work boom (which is now almost 20 years, though), and I couldn’t stop my inner populist.
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