It’s hard to imagine that I would have gotten to know, for example, Fodelia and Relais without Inderes’ investment research, which allows you to form a pretty good idea of the company’s vibe in an hour.
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There are so many ways to invest! Old man has long since outsourced all “research” to close relatives, Inde professionals, and now also to this forum 
Most recently, the acquisition, monitoring, and eventual sale decision of Qt has been entirely outsourced to the forum’s Qt-guru Aston 
So what does the old man do himself? Hangs around the forum and gets rich 
Uncle Masse, FA, disclaimer: this was not an investment recommendation 
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Exactly! It doesn’t matter what your style is, as long as you’re happy with it that applies to a lot of other things besides investing
The old man outsourced all “research” a long time ago
(a fool does a lot of work, a wise man does less - wasn’t that some old folk saying 
)
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This was exactly the right interpretation. None of us live in a bubble, and unfortunately, I haven’t had many genuinely new ideas about investing – though I’m still waiting for incredible ideas that no one has ever come up with before. Rather, everything is information gathered from outside, from which I have picked what I consider most essential and applied it to my own style.
It’s worth listening to everyone, especially those who disagree, and you can learn from everyone. At the same time, source criticism is increasingly important. There is so much information and data, however, that ultimately the ability to filter out essential things and form one’s own view is most important. That is, that you assemble your own puzzle from all the external bits of information, and are not just a pawn while others play.
That situation seems quite rare, but it’s certainly possible. Not that we agree on all cases, but perhaps I’m more picky about buying 
The bigger question, however, is that situations are not the same. Perhaps the easiest example is that a position has performed extremely well, and a third of all sales would go directly to taxes. Well, in that case, there must be a lot of margin and, on the other hand, a new attractive investment opportunity in sight, so that after taxes, the whole thing remains financially profitable. A bit different situation than if the position were, say, at a loss. This is one of the reasons why general investment placements and wealth management are different things.
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This might be a bit off-topic, but in my own reflections, I’ve ended up, or am in the process of ending up, using Professor Emeritus Ilkka Niiniluoto’s (1988) idea of the nature of knowledge and ways of knowing for making purchase decisions, as well as selling decisions. In foreign research literature, this has been referred to, if I recall correctly, by the term hierarchy of knowledge.
Niiniluoto divided knowledge into data, which we understand as numbers, and information, which is already somewhat processed data or something similar. In addition to these, Niiniluoto suggested that there is epistemological knowledge, which is a more refined stage of information, and which is well-justified and true. Finally, Niiniluoto suggested that the highest degree of knowledge is wisdom.
The following is my own deduction and reflection, but I will share it nonetheless. If we start to examine the above in the context of investing, for example, buying or selling decisions, then any of us can collect data and process it into information alone. It’s easy and doesn’t require much. Numbers from an interim report into a spreadsheet and conclusions drawn from them. Whether such data or information is sufficient for a good investment decision is another question.
However, if and when the aim is to reach more valuable knowledge in the hierarchy, it quickly becomes apparent that other people are needed for this. To reach epistemological knowledge, let alone wisdom, more collective thinking and exchange and challenging of ideas are needed, as Juha has often pointed out. This interaction holds the added value that an investor gains by discussing, for example, in this forum. By sharing different information together, we have the opportunity to reach a higher level of knowledge, but it cannot be achieved alone. In my conclusions, wisdom is always the outcome of successful cooperation and interaction.
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Everyone benefits, of course, but some can benefit more from the same information.
Gotta put the fresh corona panic ramblings in this thread 
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“I’m not currently looking for “quick wins” in the market; I am genuinely a long-term investor. Of course, we all were before the crisis, but in reality, quite a few investors seem to be thinking more about potential daily price movements right now than about long-term return expectations.”
Completely agree with Juha on this, after reading this forum for the past few weeks.
Hopefully, Juha’s words will calm down at least a few of the panic-stricken 
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There’s not much left to panic about here. Those who cleared their portfolios have already done so, and it’s probably too late to start now. Day trading amidst this volatility is its own extreme sport, and there might be small bursts of panic in the air occasionally. Of course, if the situation significantly worsens in the news, it might stir emotions, but…
The biggest panic might strike when trying to keep nascent FOMO in check, so that the cash pile doesn’t disappear too quickly when the situation is still far from solid ground
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Excellent writing.
I understand well why you haven’t mentioned companies here, but it would still be extremely interesting to hear which companies from the Helsinki stock exchange you see in this situation (without addressing the price) as having these qualities:
“1) defensiveness amidst a demand shock, 2) business continuity, 3) balance sheet and financing sustainability, 4) strong competitive advantages, and 5) a strong long-term outlook.”
and especially the reasons why! Because these are precisely the factors that a large number of investors are likely trying to figure out right now. I’ve encountered my own ignorance here; it’s an unfamiliar situation, and it has revealed so many questions in companies that I don’t know the answers to, which makes assessing risk challenging. Revenio seems clear, but it’s more complicated with others. It’s easier to pick out the ones to avoid.
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So, if you’re against naming companies on principle, what numbers/things/valuation multiples do you look at yourself when hunting for companies with the five characteristics listed by @Iiiks?
All in all, another first-class piece from Jorina Kinnunen. At some point, we need to get a “Jorina Kinnunen Monologue” podcast, similar to what Sarasvuo did for a few years on Yle.
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“Yölinja” (Night Line) by Tai Kinnunen, where Juha takes calls from anxious investors 
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This “Kinnunen’s Ramblings” thread will become Inderes’ best forum thread ever!! YES
Whenever Juha says even something on Inderes’ official side, i.e., the “Kinnunen’s Ramblings” blog, this forum just explodes 
Uncle Masse, FA, Who founded this thread anyway? Hmmm… 
(five-point hint: scroll to the beginning, editor’s note)
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That feeling when you see Kinnunen writing a reply to Kinnunen’s Yarns… 
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Kinnunen is mumbling a reply*
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I deleted my comment…
Hello, and thank you for your feedback and questions!
I’ll try to elaborate on the potential effects of this crisis to provide @Iiiks with some additional support for their considerations. There are no direct answers here, apologies for that, but hopefully something useful nonetheless. I’ve intentionally taken a relatively bleak approach here, so you can outline the threats and consider their probabilities yourself. However, the situation is constantly evolving. By understanding the overall picture, you can probably consider potential investment targets yourself.
The biggest sufferers of this direct demand shock are, of course, tourism (airlines, cruise ships, accommodation, restaurants) and other service companies directly affected by emergency measures (restaurants, events, concerts, cafes, beauty and wellness, shopping centers). Without strong action, a knockout competition will begin here quite quickly. The government’s role is critical here; the more viable companies that collapse, the less hope there is for a quick recovery. This is, of course, because along with the companies, capital, jobs, trust in the future, and thus consumption, will also disappear. This negative spiral should be broken during the crisis.
Above are mainly companies that will experience direct impacts. There’s no real need to even predict with them, as the effects are already visible and unavoidable. Cars, electronics, furniture, and other comforts will also suffer significantly if and when discretionary spending freezes for at least some time. People now have other priorities. Here, everything depends on the cost structure and operating model. High fixed costs are now easily fatal, as are high debt levels.
Furthermore, significant investments and large projects are likely on hold until the exceptional situation caused by the coronavirus is over. This will, of course, affect all companies related to investment goods, but it’s not a “level playing field” here. For example, some engineering workshops have a strong and long order book, which is critical in the current situation. In addition, defensive and continuous service business is now very important and offers that defensiveness and continuity. More broadly, the technology industry has many problems of varying degrees. IT service companies are partly here too. At this stage, it’s worth looking for support in what happened during the financial crisis – there was also a complete sudden stop in the economy then.
Since no one is directly hidden from an economic collapse, the indirectly affected are last. For example, 90% of Talenom’s revenue is recurring, and the need for accounting is not going anywhere – unless customers disappear. In the very sad scenario where a wave of bankruptcies sweeps through the SME sector, there is no hiding place for those serving the sector either. However, I would say that for a company like Talenom, truly dramatic things would have to happen before major impacts. If even indirect effects cannot be accepted, you practically cannot invest.
In addition to all this “goodness,” the debt markets are currently in turmoil. I am not at all convinced that the financial markets will function rationally throughout the crisis. All sorts of oddities have been created in a zero-interest rate world, some of which may now unravel ugly. Debt, which has been your friend for the last 5 years, is suddenly a big challenge. Too much debt leverage can indeed be fatal when an unexpected and very widespread shock occurs. A strong balance sheet is a big advantage at the moment, as it will also open up very good opportunities, for example, on the M&A front for the brave. At the same time, I would point out that debt does not automatically mean problems. For example, I dared to give Fortum a buy recommendation, even though the company has a lot of debt. However, relative to cash flows, the debt is under control, unless much bigger problems arise. Let’s just say that if Fortum collapses, things have already gone really wrong earlier.
And in the midst of all this, I urge you to be an optimist. I understand if you think that’s crazy. But think about it five years from now: will life continue roughly in the same style as before? If the products or services of your investment target are needed, and the company survives this ordeal, it has likely gained market share and emerged stronger. The more losers there are in the market, the more room there will be for winners when recovery occurs. If you have correctly assessed the company’s competitive advantage, it will likely have performed reasonably well even in weaker economic development. All drastic changes are ultimately also opportunities for those who have been in a position to take advantage of them.
Then everything comes down to the right acceptable valuation, at what price these risks are worth bearing. We at Inderes are constantly trying to figure them out, and updates are released daily. I can promise that we do our best every day.
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Of course we do!
Crazies save the world
Uncle Masse, FA, paranoid optimist among other nuts 
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Warm thanks for the optimism! It’s great that the situation report of this hullabaloo is being opened up in a bit more detail. It’s hard to disagree, even though I’d really like to object. Sampo, Fortum, Revenio, and Talenom seem to be gaining fandom now. Add the operators, and it’ll be good. And the indexes.
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With a slight delay, I’m also sharing the latest InderesPod here. It partly refers to earlier scribblings and how my own thoughts have evolved in recent weeks.
The big picture, of course, remains the same – I’m still optimistic in the long run, but I haven’t participated in this latest rally with my own purchases, and I’ve even made some sales. But towards the end of the podcast, Sauli and I go through how we currently see the market and what we ourselves have done. Individual investment targets are not mentioned much there, but a few are. It’s better for everyone to make their own investment decisions.
My pace in the Pod is even slower than usual, which I blame on remote recording, as both of us try to avoid talking over each other. But then again, my thinking might have slowed down, and cabin fever might have set in, as I’ve been at home for many weeks already 
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