It seems almost a year has passed since the last portfolio reflection! The portfolio has changed quite a bit. I have combined all stocks into this pie chart, excluding Inderes, across my book-entry account, investment savings account (OST), and long-term holdings. Thus, no single portfolio actually looks like this, but overall, it gives a reasonable and accurate picture of my current stock preferences. I’m trying to color the companies in the pie chart with their characteristic brand colors, even if aesthetically it’s not exactly pleasing to the eye.
A cause for celebration in the portfolio is the sale of the worst failures and deadweights, Kamux and Boreo, last year. Investors lament Finland’s high taxation, but conversely, this also means nice tax benefits from losses. 
Personally, I don’t believe in HODLing (long-term holding) loss-making investments that aren’t moving in the right direction, but due to work, my sitting muscles have gotten a bit more training in recent years. Personally, I am a staunch supporter of cutting losses. On the success side, one can see the profitable sales of Wärtsilä and Mandatum, as well as the lightening of Qt, at least in light of current information.
During my autumn holidays, to counterbalance the sales of Boreo and Kamux, I also made some autumn dip purchases. I bought more of the Swedish Avtech, whose sales pipeline looks promising. Among Finnish stocks, I also bought more of the feel-good Nurmi, which tends to fall head over heels. For the first time in a long while, I also bought Remedy, as the stock has been heavily beaten down for my taste, and the company is not entirely worthless regarding its potential. In addition, Berner Industrier (formerly Christian Berner Tech Trade Ab), a common subject of snickering on the forum, became a target for an additional dab. Berner’s profitability turnaround has taken a new turn (downwards) in a more difficult market, but at the same time, I trust the current management’s work. Economic situations come and go, and if the long-awaited acquisition strategy were to show concrete signs of existence, I see some potential in the stock. Otherwise, it probably wouldn’t be my second largest investment.
In the spring, I also caught the falling knife of Paradox Interactive, which so far* has looked like a good move. Apparently, I ended up buying so much of it that it has become the largest investment in my portfolio. I have extensively explained my thinking regarding this niche giant in the gaming industry in the company’s thread on the forum.
And what is that Celsius? I clearly hadn’t had enough of poking falling knives, as I bought a small position in this “new-old” challenger in the energy drink market last autumn. Celsius’s stock has been crushed like a typical Helsinki Stock Exchange (Hesuli) penny stock, as the company’s main distributor, Pepsi, initially bought too much inventory and has now, in turn, been adjusting its inventory… Celsius’s growth came to an abrupt halt, and we don’t yet know if the car will stay on the road or fly into a ditch amidst the tightening competition in the energy drink market. However, I believe there’s a reasonably good chance that the company has gained a small competitive edge with its distinctive (fitness plaabababababab angle) brand, and once Pepsi’s distribution appetite returns and the market stabilizes, the company’s strong growth will continue. It’s also interesting about this company that, for historical reasons, Finland has been one of its first markets outside the United States. Just look at what your fitness friends drink daily and what cans young people are holding. I don’t doubt the company’s ability to gain a foothold elsewhere in the world.
Due to sales and, on the other hand, general market exuberance worldwide, the portfolio’s cash weighting has swelled. Furthermore, in Hesuli (Helsinki Stock Exchange), quality companies have risen in recent years. Therefore, there seems to be little to buy now. Those that look cheap and have fallen haven’t done so entirely without reason. I am also already an experienced enough amateur investor that cash doesn’t burn a hole in my pocket; instead, I sit on it until good ideas emerge. The lack of ideas is also due to less stock monitoring, but this will surely be remedied now that I’m back at the grindstone. In itself, the timing of recent years (larger purchases in late 2022 and 2023) was correct, and many picks have been good, but the market selection was wrong, and at the same time, many investments have melted in my hands like an overpriced soft-serve ice cream in Helsinki’s summer.
Last year, the portfolio’s (book-entry account + investment savings account) return ended up at a 0.99% gain. With that, it beats the entry-level boss of Hesuli (Helsinki Stock Exchange), but it won’t go down in history as a performance worth much mention.
Of the things I failed to do last autumn, Reddit annoys me the most; I was almost buying it above $50. I was also pondering the company in the forum thread at the time. Now the stock is $200. Fortunately, new opportunities always arise. 
*I like to use cautious language because as long as I am an owner in a company, the game is not yet over. And the fortunes of companies vary enormously over time, as has been seen in recent years. Today’s +200% return could be tomorrow’s -50% red line in the portfolio if one isn’t careful.