Yep, this is what it’s come to, it makes no sense. In many cases, the job and income are more secure than those of a new employee, who nevertheless gets the loan. A bank’s job is to borrow money from the ECB and add its own margin on top. It wouldn’t strain the bank’s lending capacity when collateral is in place. So, a completely risk-free loan for the bank. Instead, someone else has to lend that money—someone whose business isn’t based on lending money. The money is taken away from consumption or a company’s investment in the future. Banks are stifling growth in the EU with these regulations.
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This same problem is something real estate agents also lament; overly strict banking regulation criteria, specifically for mortgages, are also hindering economic activity. This is where we’ve ended up since the financial crisis, as the ripples have reached all the way to Europe and Finland. Banks’ balance sheets are overflowing because they can’t lend the money out. Perttu’s example is among the most absurd.
My own real-life examples of extremes from the same bank:
Around 2006–2007ish… a debt-free cohabiting student couple in a low-income field in Päijät-Häme would have received over 200k in mortgage for an apartment—with only the apartment itself as collateral.
In 2014, a working, debt-free married couple with one child (wife permanently employed in a daycare and husband working part-time in construction) couldn’t get a 147k loan for a terraced house.
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Aki Pyysing pointed out the “capitulation” of investment writers in his blog thread.
By the way, there is a bafflingly long list of investment writers who give up direct stock investing and move at some point to practically just funds or other types of investing. Seppo Saario, Merja Mähkä, Jukka Oksaharju, Esa Juntunen…
And now even Verneri is encouraging index investing.
It might just happen that even more active investors will head towards indices, tracksuits rustling, following in the footsteps of their prophets.
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Soon the model portfolio managers will save whatever can be saved. They’ll sell everything and move into indices.
Or then they’ll sell the current stocks in the model portfolio and replace them with 100% Fortum.
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The company’s name brought some threats and opportunities to mind, but in true American style, the company had already managed to seize the opportunities. Sometimes real life is stranger than fiction 
Harvey’s announcement:
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In a way, the regulation is doing exactly what it’s supposed to do. Buying a home in Finland—at least outside of the five largest cities—is historically risky right now. Even 10 years ago, almost certain value appreciation was expected even for apartments in small towns. Now, everyone is sounding the alarm about how property values are melting away before our eyes. The worst-case scenario here is that banks lend too loosely, and that money is used to buy worthless homes. Of course, it is strange that you can’t get anything even against a guarantee.
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The larger and more vibrant US stock market likely draws them in. Sweden has much more functional capital markets than we do, and even from there, Klarna preferred to list in the United States. Conversely, one could also think that if every US state had its own stock exchanges and they had to compete against one large foreign player, there would surely be more of a pull toward the larger exchange there as well.
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To put it somewhat bluntly, I suppose no home is theoretically worthless if people live in it and pay their mortgage? The bank gets interest income, i.e., cash flow. (Granted, it looks bad on the bank’s balance sheet). In theory, it’s all the same what the home once cost, as long as the family with the mortgage lives there… the loan is personal and not tied to the house or its value; the person owes the bank, not the house, which is mainly collateral. It becomes a problem when you need to start selling that home that has decreased in value. And then people struggle somewhere near Savonlinna and drive 300 km one way to a new job, because they don’t want to/can’t move closer to the new job since no one wants to sell a ~15-year-old detached house at a ~50% loss…
Otherwise, I agree that Finland is clearly divided into areas where a property has collateral value and a large part of the country where there is only living value.
As an interesting detail, it’s not easy even in Hakunila, Vantaa, to sell a 60s-70s studio. The monthly maintenance fees and capital charges following plumbing renovations are already nearly at the level of rent. It’s not very easy for a real estate investor to make the math work. (Can be moved to another thread if necessary).
Betting isn’t usually my thing, but I have a strong hunch that Switzerland will win today, so I put down €10 to mark the occasion.
I’m playing a strong hand, let’s see if the ROI is better than the stock market average.
We’re still rooting for Finland, though. Pennanen just isn’t convincing. His track record is from ten years ago. I’d be happy to be proven wrong. Back to the top shelf, as they say.
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I encourage everyone to be an index saver, but in this matter, I haven’t followed my own advice; instead, I’m a hardened stock investor. 
In recent years, downright corrupted by Hesuli (Helsinki).
Good point from Aki, though.
The past few years have been more difficult for stock picking globally, and especially in Finland, than the years 2009–2021. It’s a sign of the times when prominent towels are being thrown into the ring.
Addition: I’ve always spoken in favor of indices, by the way, but naturally, in a job where the focus is on stock picking, this isn’t broadcasted at every turn. For example, most recently in August 2025.
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This Finnish hockey “all-star squad” is truly ridiculous. Even KalPa plays better hockey than them.
You could see this loss coming after the first 10 minutes. They started defending the 0-0 situation too much, and the same old thing happened.
At least I don’t have to watch this joke of a sport again for years.
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A loss? Maybe you should head over to sports forums to provide an analysis of the game’s final result based on the first period.
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Wow, this could actually happen. Were the odds something like ten? 
Coolbet had 4.75.
Switzerland is a pretty tough team nowadays. They’ve been in the finals twice in a row, and the squad has a bunch of NHL guys.
Canada was close to losing to the Czech Republic too. That was an entertaining game, at least.
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This is just a warm-up.
Only the spring World Championships matter.
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Based on the first period, it didn’t look good, and the second period confirmed it. Third period? Is a miracle of Milan needed?
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In my opinion, the Finnish national ice hockey team has far too many major tournaments. Every year there are the World Championships, then the Euro Hockey Tours, the 4-Nations, and the Olympics every four years on top of that. Sometimes the best players are involved, and other times it’s just second-rate squads.
If it were like football, for example, with European or World Championships every other year and the best players always participating, the competitions would be much more interesting. Now they are held so frequently that it hardly matters who wins this tournament, since there’s literally another one coming up just a few months later.
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Luckily the Skoda Cup is coming soon, then a medal around the neck from that. Let’s move forward!
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Ah, right. Yeah, I haven’t really been following it much lately.. yep, that was a close one too
Another difference is, of course, that the world’s best football leagues collectively take a break four times a year, plus a long summer break, so that players can participate in national team matches. The NHL, on the other hand, lets players go to the Olympics once every four years, and even then, there is a huge outcry every single time.
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