Atte: “Then we get to practically the only company heavily involved in the semiconductor sector on the Helsinki Stock Exchange, namely Canatu.”
All those tens of Aspocomp fans who are eagerly waiting for the company’s business to be discussed on the podcast:
Fantastic, thanks already to the Inderes and Sifter teams! Nicely more quality content for the weekend 
Aspocomp, however, is only indirectly related to the semiconductor industry. Semiconductors are indeed installed on the circuit boards that Aspocomp makes, but Aspocomp does not participate in the design or manufacturing of the semiconductors themselves. So it is related to the semiconductor business only in the same way as, for example, a construction company is related to the elevator business. 
For example, Nokia is actually more connected to the field because it designs and manufactures semiconductors, although not in the hottest areas nowadays.
Aspocomp’s entire business case relies specifically on manufacturing technologically challenging printed circuit boards for major customers in the semiconductor industry, and through this, the company is tightly integrated into the semiconductor industry’s value chain. Yes, we are at the tail end of the value chain, making the products into which semiconductors are installed, so, to use your analogy, it’s like the relationship between a car manufacturer and a tire manufacturer. It would be intellectually dishonest not to tie these together. If Canatu can be considered to have pivoted from an automotive heating technology company to the stock market’s most semiconductor-industry-dependent company, then Aspocomp is a close second in dependency. Nokia’s revenue has no direct connection to the cycles of the semiconductor industry.
Addition: @Pandakarhu, the idea was to mention that in addition to Canatu, the semiconductor industry’s upcycle can also be accessed in the domestic stock market through another (quite unknown) listed company, which might interest podcast listeners as most of them focus on domestic stocks. You can even read a ready-made analysis of the company by Inderes. Previously, we also had Okmetic, but it was redeemed. At this point, there would also have been an opportunity to open up the competitiveness picture and sector linkages more broadly, i.e., which parts of the value chain are such where companies and thus investors do not make good returns, and who, in turn, rakes in the money for themselves.
I appreciate your writings on the forum, but perhaps you’re a bit off track here. The podcast discusses quite well the so-called front-end chain of the semiconductor industry. Generally, the semiconductor industry is divided into two main components: Front end and Back end. When talking about Front end manufacturing, it usually refers to wafer-side manufacturing. These are characterized by very significant moats across the entire semiconductor industry. When you mention, for example, Aspocomp, it is, in our field, a very back-end-back-end-back-end process/industry, which might have its own niche, but is quite far from the semiconductor industry’s value chain. For companies like Aspocomp, it is very typical that these can be replicated quite easily around the world, especially in Asia, and their moats are nowhere near those of Front end manufacturers.
For the weekend, again something interesting to listen to, namely the big Sampo podcast part 2!
Over the past few years, Sampo has become even more predictable and stable. Some might even find it duller, as long-speculated corporate reorganizations have materialized and major drama is hardly expected anymore. However, its operations remain high-quality year after year, and shareholders have been rewarded quite generously. OP’s Chief Analyst Antti Saari joined Analyst Sauli Vilén as a guest to go through Sampo’s latest developments.
Topics:
00:00 Introduction
01:13 Sampo Analyst Coverage
03:30 Topdanmark
22:14 Hastings
37:20 If
47:45 Mandatum
53:56 Sampo in its Current Form
57:17 View on Sampo
01:00:09 Profit Distribution
01:05:39 Audience Questions
01:23:09 Brand in the Future
ssh, nextgames, nanoform, faron, rush factory, heeros, bittium, basware, marimekko
Edit. Efecte was forgotten from the list.
Five years have passed and this lottery ticket didn’t quite hit this time 
@Sauli_Vilen The people want a new episode where a new ticket is drawn
At least 3x buy offers landed
Let’s see if we’ll do a repeat of this at some point
@Arhi_Kivilahti and @Arttu_Heikura discussed the sports retail market in this recent podcast.
Topics:
00:00 Introduction
01:15 Market
06:54 Nike
22:10 Adidas / Lululemon
27:47 Foot Locker / Dick’s
45:06 Valuation
01:02:47 Summary
Arttu hosted Mikko Merisaari from Functos.
Analyst Arttu Heikura’s guest is Mikko Merisaari from Functos. The discussion delves into leveraging data: how investors should interpret data, and what benefits or drawbacks can arise for companies from data processing.
Topics:
00:00 Introduction
00:26 Mikko Merisaari
01:33 Purpose of Data
02:30 Why Should an Investor Care?
07:32 Value Created by Data
16:30 Utilizing Data
27:35 Data Quality
31:05 Regulation and Risks
40:01 Data on the Balance Sheet
47:54 What to Pay Attention To?
51:56 New Business Models
59:40 Companies Utilizing Data
I wonder if Sami Miettinen has been on the podcast recordings, as he mentioned in the negotiator episode no. 344 (30.7.25) that he had visited Inderes… It would be nice to hear him on the pod😉
Here’s the latest Heikkilä & Vilén episode, where the boys were fired up about acquisitions.
@Iikka_Numminen’s guest was Aaron Kaartinen
Iikka Numminen’s guest on the podcast is private investor and former stock analyst Aaron Kaartinen, who opens up about his investment philosophy.
Topics:
00:00 Introduction
00:17 Aaron Kaartinen
01:06 Starting to invest
02:42 Work background
06:14 Investment process
16:36 Valuation multiples
23:39 How does personality affect investing?
28:39 Strengths and weaknesses
34:22 Portfolio diversification
41:20 Small-cap companies on the Helsinki stock exchange
46:19 Role of main owners
48:50 International investments
54:00 Verkkokauppa.com
01:02:03 Eezy
01:10:43 Tekova
01:12:18 Solteq
01:17:49 Duell
01:24:52 Digital Workforce
01:27:34 Concluding remarks
Hey @Verneri_Pulkkinen and @Heikki_Keskivali ! Is the podcast about Charlie Munger still planned? A small reminder about the topic, in case you’ve forgotten 
@Arttu_Heikura and @Arhi_Kivilahti discussed the world’s largest retail companies.
Arhi and Arttu discuss the world’s largest retail companies: Amazon, Walmart, Costco, and Home Depot.
Topics:
00:00 Introduction
00:43 Amazon
21:11 Walmart
43:00 Costco
01:04:40 Home Depot
01:17:30 As investment targets
Alright then.. I’ve only just started this two-hour piece where @Antti_Siltanen and @Frans-Mikael_Rostedt discussed how investors can generate excess returns by exploiting market inefficiencies. 
Topics:
00:00 Introduction
03:33 Efficient markets
08:02 Inefficient markets
20:42 Other approaches
24:17 Frans’s master’s thesis
32:39 Tenbaggers
44:48 Explanations for inefficiencies
01:05:40 Exploiting in investing
01:13:01 Developing expertise
01:25:49 Quantitative investing
01:42:14 Own successes and failures
Did I already answer this earlier? In any case, we didn’t talk about this last time we met (there’s so much to talk about, didn’t have time ) but it hasn’t been verbally shelved, at least.
Perhaps it’s still good to keep expectations at the same level as for a film in the script phase, for the second novel by an author who has published a successful novel, or for a computer game experiencing development difficulties.
For example, I haven’t personally read Munger’s biography directly, Wesco is relatively unfamiliar, and even Daily Journal Corp. has only been scratched on the surface. All of these should be tackled before one can open the podcast mic.
@Marianne_Palmu and Verneri interviewed Etla’s Tero Kuusi.
Topics:
00:00 Start
00:26 Tero Kuusi
01:36 Geoeconomics
07:22 International trade
23:56 China’s Five-Year Plan
27:44 Technology
35:09 Naivety regarding China
38:46 Draghi’s report
51:03 Geoeconomics from an investor’s perspective
58:19 Message to Finnish business leaders
01:04:57 Stock markets are at all-time highs
01:09:30 Is Euro crisis 2.0 coming?
01:15:07 Concluding remarks
No need to wonder what to do with your evening.
Topics:
00:00 Start
01:01 Helsinki Stock Exchange
49:50 Economy
52:31 America
01:00:20 China
01:05:19 Europe
01:17:18 Interest rates and inflation
01:30:48 Valuations