It hasn’t exactly been the year of the dollar 
https://x.com/Hedgeye/status/2004575179251593447
Wolt first takes about a 30% commission from the restaurant on the price of the food, after which an approximately 5.6% “service fee” is added, and finally, they charge for delivery based on the distance. With Wolt+, you get discounts on delivery, but at the same time, loyal customers are locked in with a monthly fee.
One must also remember that not all orders are these 15-euro single orders. Every day, orders for 10–20 pizzas/burgers arrive at our office, where Wolt’s share is 50–100 euros and the driver’s share is around five euros.
Wolt stated years ago, even before the latest price increases, that they could operate profitably in a new city within the first year. The organization itself isn’t particularly expensive, after all.
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Almanakka has once again written a new post about Charlie Munger and his thoughts. 
Legendary investor and Warren Buffett’s long-time business partner Charlie Munger (1924–2023) was known not only for his investment success but also for his profound understanding of the workings of the human mind. Perhaps his most famous speech, The Psychology of Human Misjudgment, lists 25 psychological tendencies that often lead our decision-making astray. While many of these biases—such as envy or herd behavior—are almost exclusively harmful, one tendency stands out as potentially beneficial: the Curiosity Tendency.
Munger noted in his speech that mammals have an innate tendency toward curiosity, but in humans, this trait has developed to a level all its own. But what does this mean in practice, and how can we harness it for our benefit without it leading us astray?
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Cybersecurity software for boomers.
The antivirus subscription for the digital devices of my elderly and completely “tech-clueless” parents is about to expire, and it’s time to renew. What would you recommend?
Their use of digital devices is limited to online banking, news sites (like Ilta-Sanomat), and email. Even though both have been using laptops, phones, and tablets for almost 30 years now, their understanding of information technology is on par with the average pig’s understanding of silver spoons.
F-Secure offers antivirus (including scam protection) for €110/year, which is perhaps a bit too expensive. Any experiences with cheaper alternatives?
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Yes, for that kind of basic use, I think Windows Defender is enough, and a separate paid antivirus isn’t necessary. It’s already built into Windows.
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How about Linux and maybe Chrome? It’s surprisingly convenient and secure for the elderly.
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I don’t think they want to learn how to use Linux. A new browser might be fine, but not changes more complex than that.
But on the other hand, if it looks like Windows and otherwise works the same way, then maybe that could be an option after all!
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The easiest Linux distributions don’t differ much from Windows in terms of the user interface, and 95% of the same programs work. For example, Linux Mint Cinnamon, Zorin, or Ubuntu.
And Linux has this nice live USB feature, meaning you can put each one on a USB stick one by one and boot directly from the stick. You don’t need to install anything, and the trial ends when you remove the stick from the computer. So you can test all kinds of Linux versions without breaking anything and pick the one you like best. The ones mentioned above are the closest to the Windows experience.
Signed, my mom has been using Linux Mint for almost 10 years.
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Hi, give me some ideas for a charting app I could download for Android, as there are quite a few available. I’d need to whip up traditional line charts and pie charts, and bar charts wouldn’t hurt either. Just for casual use, like for the “portfolio returns” thread, since you can’t get all the graphs out of the Nordnet service… A nice feature would also be if it could calculate growth percentages between years when you input the annual value… thanks in advance, hive mind 
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I recommend F-Secure. Your parents can well afford it, and I, for my part, have F-Secure in my portfolio, and in terms of EBIT profit EV/S P/E EV/EBIT gross margin / rolling 12-month EBITDA, I am objectively thinking only and exclusively of your parents’ best interest 
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ps. My mother also has F-Secure and she has been very satisfied with it. The person who installed F-Secure on her computer muttered something like EBIT profit EV/S P/E EV/EBIT gross margin / rolling 12-month EBITDA tothemoon while installing the software.
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My wife, who hopefully is not your mother, has also used Linux for a long time. My daughter, who hopefully is not Torniojaws, and who generally is not interested in computers at all, managed—enticed by a nice potion game—to install Steam on NixOS and then buy that game.
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For my mother, the experience with Ubuntu is practically the same as with Windows. News, banking, and social media via Chrome, and emails with Mozilla Thunderbird, which was already in use on Windows before 
And indeed, it can be easily tested using a USB stick.
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I’d also give a vote for Ubuntu; if you’re mainly just using a browser and Spotify, it’s a good alternative even for older folks, and they definitely won’t even notice the difference. Even new printers and other devices work all by themselves these days—you just click through.
As long as someone who knows a bit about it sets it up once, it can be made so that it never changes or asks unnecessary questions. You won’t get those calls like “Why is this computer asking about ads and OneDrive again, where did my photos go???” whenever some new junk has been added to Windows.
At the start of the year, I’m also excitedly jumping into Valve’s new Steam Machine (SteamOS with Linux) for home use as a theater PC, which will replace some lighter games (the rest will likely still be streamed from a Windows PC if they don’t run or work otherwise). The idea of a gaming box that doesn’t run anything extra and doesn’t get unwanted updates is very appealing.
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Here are Hannu Angervuo’s comments on Helsinki’s dividends.
A total of approximately 13.3 billion euros was paid in dividends from 2024 earnings. For 2025, the dividend total is expected to decrease by a few hundred million euros, but will be approximately 13.0 billion euros.
The dividend total is expected to decrease by only about two percent. The reason for the slight decline in the 13.0 billion euro dividend total for 2025 is the drop in earnings of companies on the stock exchange’s main list for the current year.
Subheadings:
- Banks, finance, and insurance will pay the majority of the dividend total from listed companies in 2025
- The share of dividend growers among main list companies is declining
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(I’m putting this here, as my follow-up isn’t quite on-topic for that thread.)
This is exactly how it is in investing; I used to fine-tune figures and scenarios only to realize that the world around me keeps changing and the fine-tuning was quite useless. Nowadays, I’ve settled for imagining that I’m at least roughly right and focus on things I somehow understand (or leverage the expertise of others).
The weak point of my own strategy is that when the portfolio is completely different from the index, it also performs differently than the index. And this year is a “gap year” for my portfolio; the return is close to zero, while investing in the index would have yielded a nice return. This is a major pitfall—the temptation to scrap the old strategy can grow quite large; the FOMO phenomenon is psychologically powerful.
Fortunately, I’ve been in the market for so long (27 years) that my nerves are gradually developing to the point where I don’t let emotions drive my actions too much. Once the year is over, I’ll happily update another year-end’s investments into Excel and save it for the record.
PS. If I remember, I’ll post a more detailed update on the year’s returns and portfolio contents on the forum for others to look at.
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It was a shame that Pate Mustajärvi reached the end of the road. As a young boy, Popeda was a big deal, twenty years ago. My mom and dad must have wondered how I knew songs like Repet ja Lissut and Kuumat kesät word for word.
I saw Popeda live once, and they were a good live band, if I remember correctly. Even though they were already old men back then. Personally, I’d say I grew out of that Popeda phase, and it is quite “redneck” (junttia) stuff. But it’s a product of its time, and I don’t think there’s anything wrong with that. For old times’ sake, however, I watched Pate’s final gig at Ratina. I recommend others watch it too, if you’re at all interested. The band played a major role in Finnish popular culture. Next, I might just watch some old live recording from the peak years of the 80s.
All in all, I would have wished Pate a longer retirement. The retirement from Popeda was handled nicely, at least in public. He lives on in memories and the music lives on. It would have been fun to see “Prime Popeda” back in the eighties.
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My TOP 3 highlights for the investment year 2025:
In terms of returns, it’s shaping up to be the strongest investment year ever.
Over the past year, I also feel I’ve grown more as an investor than in all previous years combined. Granted, all my spare time has been spent thinking about investment stuff. According to my wife, even more than that.
The Master title!
“That’s one small step for the forum, a giant leap for my ego.”
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Good day to you.
My wife tends to get agitated every now and then when I flatly refuse her suggestions to pluck a few wild strays from my manfully bushy eyebrows. She cannot understand why my stance on the matter is so absolute (one should never yield to these types of feminine primping suggestions anyway). Why won’t I just agree to give up a couple of silly eyebrow hairs since they bother her?
I have tried to enlighten her by telling the tale of the mighty Samson, who struck down at least a thousand men and performed other powerful feats of strength (while dedicating his nights to women). Samson, however, fell when the cunning Philistines sent the maiden Delilah to him, who, once they were in the bedchamber, cut the hero’s hair, thereby draining his manly powers. So far, my wife has not shown much appreciation for this evergreen Old Testament lesson, nor does she see the similarities to the eyebrow question.
I have no (scientific) evidence that my manly powers are rooted in my hair, but I am certain that plucking one’s face with tweezers would be a giant leap on the road to ruin. How far a journey is it from such behavior to powdering oneself, painting nails, or using moisturizer? In my view, the difference between those and these notoriously destructive lifestyles for a man is but a hair’s breadth. Not a single hair should be surrendered if one intends to remain a man in this day and age.
Have a safe New Year and stay vigilant.
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Just wait until you get even older and hair starts sprouting from your ears. That’s when your masculinity is truly put to the test and even your relationship is really put to the test…
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Hannu Angervuo weighs in on whether too much is being paid out in dividends in Helsinki
In my opinion, the portion of earnings paid out as dividends has been at a high level in recent years, but not necessarily too high. Especially the dividends from Nordea and Sampo, which have grown over the past five years, have blurred the overall picture for investors and journalists.
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