According to the tweet below, investors are currently not interested in defensive sectors.
Their share of the global stock market value is only about 17 percent, which is near long-term lows. Consumer staples, healthcare, and the utilities sector have clearly lagged behind, while US tech stocks have driven the markets upward in recent years.
Defensive sectors are lagging.
Good morning to the Coffee Room! I just published an economic crystal ball for next year, it might be worth sharing here too. 
Finally bought an apartment after a two-year search. I converted all my stocks to cash a year ago due to uncertain times (missed out on some returns), as I knew beforehand that the apartment purchase would require about a 20% down payment. Well, the housing deal will be finalized early next year and I have 5% more money left over than expected; now my eyes are back on the markets and looking towards 2026! 
I want these defensive stocks, but maybe Iām just an out-of-touch old-timer. Still, they feel like a good option for me right now, and I have a reasonable amount of them in my portfolio. I could use a bit more energy, though.
Does anyone know if there is an ETF for these that is as broad and low-cost as possible?
The Kobeissi Letterās point essentially concerns ādefensiveā sectors: consumer staples, health care, and utilities in the global market.
You can invest in these through these ETFs, tickers 3SUE, CBUF, XDWU:
The utilities train has actually been chugging northeast for a couple of years now (thanks for the correction @Sfinski) in the AI data center hype. Iām personally a bit wary of that sector.
Northeast?
Same here. Certain companies Iām following are currently in the over 20 P/E category, which is absolutely ridiculous for companies like that. A third would need to melt away for these to even be considered.
Whatās the Coffee Roomās take on the topic of Finnish banks and risk appetite?
ā¢ OP Uusimaa loan book ā¬18 billion
ā¢ Credit losses at this level āpositiveā
Nordeaās credit losses this year are 0.03%. And OPās corporate credit losses are 0%?!?
Could someone more knowledgeable explain this logic [of the banks]? Why does it make sense for banks to keep credit risk at a zero level? The optimal āreturn-volume-risk ratioā surely cannot be at zero in a market economy?
Or could it be that this statistic doesnāt reflect reality (lies, damned lies, and statistics)? I mean, housing funds are still closed, and at the same time, financing is on such a solid footing that risk isnāt materializing in even a single (corporate) loan? Something doesnāt add upā¦?
Or is it sensible for banks to keep this part of the business at zero risk so that in another (more profitable) part of the business, they take really big risks and the bankās average risk is at a ānormal levelā? Just like at Prisma, where the coffee aisle might occasionally run at a loss (and with high risk), but the store as a whole keeps chugging along more steadilyā¦
Or does bank regulation nowadays force/incentivize behavior where it pays to operate financing with 0 risk?
Year 20205: Bankruptcies at record levels and corporate credit losses 0%?!?
Regarding bankruptcies, this can be explained by the fact that creditors can, and in practice often do, leave the debts of an insolvent bankruptcy estate hanging. Since these must be pursued through the courts, there is no guarantee of recovering even a single euro through that process when the bankruptcy estate has no money. Such outstanding receivables can be kept at full value on the balance sheet indefinitely, inflating the companyās value on paper even when it is known that the money will never be recovered.
The text from OP does not say that there are no credit losses at all, but rather that there have been fewer than what was prepared for in the form of provisions. Similarly, Nordea reports the net impact of credit losses relative to previously made provisions.
The last trading day of the year is once again almost over. Remember to take a screenshot of your YTD return before it resets.
Once you print and frame that screenshot, youāll be able to reminisce about your heroic investing deeds of '25 for decades to come.
You can take several different versions of the YTD return screenshot. Just the YTD by itself without a benchmark looks so pretty. You can hang it on the wall. If someone asks whether there wasnāt that one big bull year in the Helsinki stock exchange in the mid-twenties when the whole market rose, another version will help.
Your own YTD looks even better when you pull another version out of the dresser drawer, where First North Finland has been chosen as the benchmark, which seems to be ending the year at a loss of about 1.5% YTD. 
If you can find the S&P 500 in euros somewhere, thatās also a really good choice for a benchmark. The dollar-denominated index is deceptive, as the USA struggles to shed its debt through its dollar devaluation efforts.
And if that someone happens to remember that First North isnāt the general index for Hesuli (Helsinki), you should also have a comparison between your own YTD and the mediaās most-used OMXHPI in the drawer.
If that someone, having followed the Inderes forum, complains that you received those dividends but they arenāt included in that PI (Price Index) indexāasking if a corresponding GI (Gross Index) exists?
There is a clever, universally applicable counter-argument for this situation: ābut those dividends have already been spent.ā That person will likely not realizeāor at least, as a polite person, wonāt bother to correct youāthat in that case, your own YTD should be adjusted to PI form by subtracting the dividend portion.
Happy New Investing Year 2026. It starts from an equal level of YTD 0.0% in every portfolio and bag.
Well, now Iām really interested in Juurikkiās YTD screenshot, Iām eagerly waiting for itā¦ Iāll post mine tomorrow, on the last day of the yearā¦ everyone is looking for good returns. Let us be suitably greedy and let others strive to be Caliph instead of the Caliph.
So. The New Year is approaching and isnāt it customary to make a resolutionā¦
As a result of some lengthy contemplation (lying on the sofa, coffee mug on the table), I intend to promiseā¦ erā¦ that isā¦
I promise: Iāll stop following the tabloids online; I just canāt take that Putin-this-Trump-that crap anymore. And Iām not interested in stories about some Erika Vikman. I believe my head will feel better for it.
Iāll try to promiseā¦ erā¦
I promise to try to move more in general. Soon Iām going to open up the bottom of the sofa and find that damn magnet.
I also promise to take better care of my loved ones; theyāve been left in a Finnish national state of neglect; if they donāt get in touch, then I wonāt either, god-xxx-mit.
And since we are on an investment polemics forumā¦
I promise not to invest in bad companies!
I was in a taxi today with a driver I know slightly, and he told me heād bought Faron on a colleagueās recommendation. Apparently, the colleague had already doubled his money with some biotech stock, and Faron was supposed to be the next one.
When we arrived, I told the driver that he shouldnāt bet the house on this idea and gave him a ten-euro tip, partly out of pity.
It is indeed customary to make New Yearās resolutions, but this year I will present a prediction or three, because I know that on this forum the threads are packed with people reading all sorts of tea leaves, such as technical analysis, @Verneri_Pulkkinenās vartti segments, interviews conducted by @Sijoittaja-alokas, or worst of all, competent-sounding writers or analysts who go at each otherās throats on the forum so uninhibitedly that their families wonāt recognize their faces after spending an hour in the Tesla thread.
I am glad to belong to such a crackpot crew, as I did, after all, predict Kamala Harrisās victory in the 2024 presidential election about a week before the election, so you know I know what Iām talking about, especially when it comes to investing, because I was and still am a big Hyzon fan and happily owned Zignsec until it too was bought for pennies by some more competent party who understands to buy a good company when itās doing poorly, and isnāt a broke retail investor suffering from FOMO who would have ended up with more money by buying Finnish Koskenkorva with the same amount and returning the bottles to the store after use. All right, ready?
I predict thatā¦
All right. Some of these are several years away and for some predictions, I hope to be wrong. Like all self-respecting oracles, I conclude my predictions with the statement that if any of them appear to be wrong, then they are wrong, and that wonāt change no matter how much you read them forwards and backwards.
Come what may in 2026, Happy New Year to everyone already, in case I happen to follow the aforementioned excellent advice tomorrow by acquiring valuable glassware for which I can get a deposit back next year too!
I myself work in customer service and until very recently have avoided talking about my Faron investments, but keeping quiet has become increasingly difficult. You see, I recently got a tip from an acquaintance who has proven to be very reliable, according to which the company has achieved quite promising results in developing a cure for death.
Actually, the only risk I see is that even though Iāve mortgaged my apartment among other things, the fabulous returns looming in the future still canāt possibly be enough for the needs of eternal life. Despite this, Happy New Year to everyone, endlessly!
The 2025 investment year is coming to an end, and as a result, the financial media is once again publishing all sorts of rankings on how well or poorly various indices, sectors, companies, or individual investors have fared during the year. Members of the Inderes Forum have been recognized for their forum success over the past year in 2022, 2023 and 2024 ā and even though I have managed to participate in discussions a bit less than usual this year, I still wanted to continue the tradition for the fourth year running.
Letās start handing out the awards. 
Most liked users of the year:
@Sijoittaja-alokas 72.2k likes
@Verneri_Pulkkinen 34.1k likes
@Pohjolan_Eka 30.2k likes
@timontti 26.7k, @CitizenJ 22.2k, @Karibu 19.0k
Likers of the year:
@Sijoittaja-alokas 30.2k likes
@CitizenJ 20.6k likes
@Tarjousnappi 16.2k likes
@Turska2 13.4k, @NukkeNukuttaja 12.6k, @Verneri_Pulkkinen 12.4k
Thread starters of the year:
@Sijoittaja-alokas 9 threads
@Hawkmountdiver 5 threads
@Verneri_Pulkkinen & @_TeemuHinkula & @xlat & @Risto_Nurkkala & @Pohjolan_Eka & @Jackfin & @karhulalainen & @Juha_H & @Mauski 3 threads
Writers of the year:
@Sijoittaja-alokas 9.8k posts
@timontti 1.2k posts
@CitizenJ & @Verneri_Pulkkinen & @JuhaR 1.1k posts
@Opa 1.0k
Thread viewers of the year:
@Sijoittaja-alokas 844 threads
@antti314 604 threads
@arne752 421 threads
@m-kh 418, @naapuri 414, @SIrJar 407
Post readers of the year:
@Slope 110k posts
@Sijoittaja-alokas 107k posts
@Mattitatti 102k posts
@YsiNollaKolme 91.2k, @Karsta 88.1k, @Jari_Punkka 86.9k
Most liked posts of the year:
@Erkki_Vesola 542 likes (read post)
@Olli_Koponen 276 likes (read post)
@Tomi_Valkeajarvi 239 likes (read post)
@Mikael_Rautanen 235 (read post), @Donaldd 224 (read post), @MobiiliVI 221 (read post)
Investment memes of the year:
@Vanerihands 218 likes (view meme)
@Vanerihands 191 likes (view meme)
@Vanerihands 190 likes (view meme)
@Vanerihands 188 (view meme), @evok 186 (view meme), @Pohjolan_Eka (view meme) & @CitizenJ 174 (view meme)
Congratulations to all the medalists, those who made the leaderboard, and all other users who make this forum the finest community in the world. 
Thank you for this year on my behalf, and good luck with your investments for 2026! 
Yours,
KuHa
I myself sold this during the course of this year at prices of 9, 10, 15, and 19 euros, and the position has dwindled by 60%.
I had 4.4K of this at the start of the year, so I didnāt learn anything from my Qt blunder, dim-witted and timid as I am. Average price for the remaining shares is <7ā¬ā¦ capital gains have certainly been nice (~ +21K) but too much was left on the table againā¦ regards, yours truly, the blockhead.
For '26, I promise even sh*ttier stuff. Youāre very welcome.
A slightly late, painful observation about spending Christmas in Finnish families 
Congratulations to @Vanerihands for crafting no fewer than the four most liked memes this year! With these merits, you are quite literally the forumās own āMemehandsā! 
A year ago, the best meme of 2024 was awarded, and I promised the same for this year as well. Iāll get back to this in February once I return to the office from parental leave. 
Thanks also to @KuHa once again for organizing the Inderes Forum Awards! 
Happy New Year to everyone! 
