It’s great to see this First North performance compared to the main list.
Harvia and Detection Technology both beat forecasts (okay, Harvia a bit more) and both mention a little hiccup for the next quarter.
Harvia +18%
Detection Technology -10%
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Well, even in that case, the bank will with 99% certainty require a personal guarantee (guarantees) and/or a property as collateral.
It’s interesting to dig into who has been selling again. DT is certainly not a guaranteed case, but this year’s numbers are already looking quite attractive.
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Today is the Byggmästaren ROAST
A small Swedish investment company. A few risky eggs in the same basket.
Owners include Kari Stadigh, among others.
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Oh boy. Kauppalehti has made a teaser, but the article itself is, of course, behind a paywall.
It’s really annoying; I wonder how one could find out which companies those are, who should I ask?
Sorry, my sarcasm apparently isn’t coming through. I didn’t understand why the person reading the ad couldn’t just ask the AI themselves.
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Take a look at the edit history of this post. They were still visible a moment ago 
Or ask an AI to create new model portfolios. You could even use several and then cross-examine them
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I’d feel like buying Sampo, but I won’t. The dividends are a hard pill to swallow. They should use the whole sum to buy back their own shares instead.
The share price would immediately tank by 10-20% upon the announcement, given how dividend-hungry the people within Finland’s borders are. The company would get to buy back its own shares at a discount. Everything would go straight into the owner’s pocket. An enlightened owner would add more during the dip and reap an even greater benefit.
Cursed democracy messes everything up and prevents one from getting rich.
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Ugh, it’s painful when even the mainstream media starts churning out this “I prompted a chatbot, look what it answered” garbage. I don’t get it, anyone can do that themselves on their own phone. Why turn it into an article?
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Ah, sorry. I already rushed off to “Claude-it” with the following prompt. I wonder if this will win the Journalist of the Year award?
“Kauppalehti asked the Gemini 3.1 Pro AI to create model portfolios from Helsinki Stock Exchange companies for 30, 5, and 1-year periods. Create your own versions of the portfolios, and naturally, make them better than Gemini’s.”
Summary
Here are three portfolios — and with better justification than Gemini can provide. Let’s go through them:
30-Year Portfolio — “The Eternal Builders”
Philosophy: Dividend reinvestment and megatrend companies. The OMX Helsinki returned over 37% in 2025 including dividends, but in a long-term portfolio, annual performance is secondary — compound interest is what matters. KONE is a globally superior beneficiary of urbanization and aging populations. Sampo is a dividend engine that has swallowed its competitors in the Nordics. Neste is exceptional because its share price rose about 60% in 2025 after a downward spiral — and the EU mandate for SAF aviation fuel ensures demand for decades. QT Group is a pick: the price has dropped 66% from its peak a year ago, making it an attractive entry point for a long-term investor.
5-Year Portfolio — “European Re-industrialization”
Germany’s infrastructure investment package and the European defense boom are real tailwinds. Nokia has linked itself to the AI infrastructure growth story through a billion-dollar Nvidia partnership, and the Infinera acquisition changed the company’s market position in optical networks for data centers. Mandatum is interesting because its dividend yield is 12.6% — exceptional by Helsinki Stock Exchange standards. Terveystalo is in the 5-year portfolio, not the one-year, because its recovery is slow but steady: the company’s P/E ratio is around 14x while the three-year median is 25x.
1-Year Portfolio — “The Catalyst”
In a short-term portfolio, every position needs a clear driver. Nokia has risen 56% on the Helsinki Stock Exchange this year, and Bank of America raised its price target from 6.87 euros to 10.70 euros — the momentum is real. Outokumpu follows the cycle: Outokumpu’s share price strengthened by 63% including dividends in 2025 during the previous cycle, and now China’s steel import restrictions are improving the position of European steel companies. UPM-Kymmene relies on pulp prices: pulp prices have been rising over the last few weeks, especially in the Chinese market.
Why does this beat Gemini?
Gemini builds its model portfolios based on training data and cannot monitor market data in real-time. This analysis takes into account, among other things, Nokia’s BofA update from April 2026, Konecranes’ Q1 results, Mandatum’s exceptional dividend yield, and QT Group’s historical price drop as an attractive entry point — all information that Gemini 3.1 Pro cannot reach.
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Android and a Galaxy S22 series phone.
Once you tap the Inderes logo, a “to front page” (etusivulle) button appears that you can’t get rid of? Is anyone else having problems? It started today..
Nothing happens when you press that “to front page” button..
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Yeah, we spotted the same bug and a ticket is open. We’ll fix it soon! 
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What do these companies have in common?
- Dovre Group (and similar crisis companies)
- Tekova (and other high-risk growth companies)
- Tecnotree
- Atrophied small caps (the tail end of the stock exchange)
- Loss-making “promises” on the First North list
Google’s AI recommended investing in them if you want to maximize risk and minimize the potential for return. 
Not investment advice. Regarding point 3, the AI was clearly not up to date on the acquisition offer.
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Could we change the name of the “roast” for Swedish companies to something like “FIKA DARK ROAST”? It feels somewhat un-Swedish to put the opposing party through the wringer without any softening elements 
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I have to provoke a little bit, but here goes: I’ve been ETF investing for a bit over a month now and oh boy, this is wonderful!
Besides the fact that the portfolio heads “northeast” almost every day—sometimes just by small fractions of a percent and sometimes by larger ones—that diversification smooths out the volatility really nicely. It somehow gives peace of mind when it doesn’t just swing wildly up and down.
Furthermore, when you have something like 300 tech companies in your portfolio, almost every piece of tech hype coming from the hype threads can be found in the portfolio, and you can pat yourself on the back for a job well chosen 
.
(Of course, one must remember they are often there with an allocation of less than 0.1%, but one shouldn’t let that interfere 
)
I recommend trying this discipline and focusing your time on something like gardening now that it’s spring; it improves quality of life.
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I’ve been fighting with the tax authorities for 3 years now regarding working abroad. I’m demanding the application of the “six-month rule” (kuuden kuukauden sääntö). I paid my taxes to Finland, and during those six months, I was in my home country for a total of only 13 days. Now the tax office called and informed me that if they approve this and refund my taxes, I would have to pay them to the country where I worked. What the hell? I’ve already paid my taxes and I’m demanding them back. Who in their right mind would start paying them to another country at this point? How messed up is this? I was working for a Finnish company that had no entity in the country of work. I was already looking at property listings in Spain. Better to just leave this country.
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If I may ask, in which country were you working? The tax authority’s guidance wasn’t out of the ordinary in any way.
In itself, they don’t monitor whether you ultimately pay those taxes to the country of employment, as that responsibility doesn’t actually lie with them.
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Fine. Austria. The company I worked for no longer exists. I don’t intend to clarify anything at all. It just confirms that a perfectly clear rule means absolutely nothing.
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Is this the next one? The WHO doesn’t believe the virus will spread. Hmm.. heard that one before..
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