You got a steal if someone sold it at that price 
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“You don’t get what you deserve, you get what you negotiate” 
EDIT: Oops, so Remedy at €13.84, 100 pcs
I seem to have bought Revenio at an average price of €23.10
It’s cognitively difficult to distinguish those two completely different companies. They should change their names to Max Payne Corp and Eyeball Tech or something! 
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Warren Buffett Prepares for Disaster | Keskiväli | #negotiator Insider 79. Filmed in connection with the episode Data Centers Energy Investments | Heikki Keskiväli | #negotiator 286. Why has Warren Buffett sold stakes in, among others, Apple? Is he preparing for the stock market’s collapse? Sami and Heikki discuss a possible new visit to Omaha in 2025.
Unfortunately, this is a so-called Insider episode, although I made a small public clip. In Finland, the National Police Board’s lottery administration does not like general support campaigns (e.g., Patreon) but rather such robust, compensatory additional content!
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Javier Milei has become a cult figure - and increasingly so in Finland. Even the Confederation of Finnish Industries (EK) has signaled for him to be put on a pedestal.
For some, Javier M is a poverty-crushing Beelzebub, and for others, a savior liberating them from state shackles. The discussion reflects this, with forums full of sharp arguments for or against him, often selectively chosen based on the presenter’s convictions. It is even difficult to find coolly analytical assessments.
In the latest Neuvottelija (Negotiator) YouTube video, Javier Milei’s economic reforms are primarily highlighted as a remedy for the undeniably extravagant Peronist policies. Although a proper accounting of his financial reforms can only be made perhaps 3-4 years from now, the beginning has been at least interesting. There are some signs of awakening in the chronically ill patient that is Argentina, even if opponents present other kinds of information.
Thanks for the video and for the interview not being a typical - in Javier Milei’s case - enthusiastic denunciation or praise, but rather information delivered calmly. It still left the impression that it was partly selective.
The interviewee strongly highlights how Javier Milei has been on Ukraine’s side in the war. This was true at first, but no longer. An example is the recent UN vote, where Javier Milei, following in Donald Trump’s footsteps, did not vote in favor of Ukraine.
The interview brought up Mercosur, the South American economic bloc, which has negotiated a free trade agreement with the EU. Javier Milei would be in favor of trade liberalization. For some reason, the most prominent issue in this context was left unmentioned: that he intends to join Donald Trump, Sudan, and Yemen in withdrawing from the Paris Agreement. This is, among other things, a requirement for the EU-Mercosur trade agreement to prevent distortion of competition. China is also reportedly not enthusiastic about JM’s intentions. Withdrawing from the Paris Agreement would be a significant obstacle for Argentina, at least in terms of trade liberalization.
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Oops, I’ve forgotten to update this. Well, there have been quite a few “sweater economist” episodes, so you probably haven’t missed anything In honor of a rising day, here’s an update from Invesdor.
Growth Investments and Interest | Lymysalo Green | #negotiator 322. Invesdor is a European investment platform that helps companies raise growth and debt investments from Finnish and international investors. Mari Lymysalo leads Invesdor. She has expertise in finance from Finland and Central Europe. Niklas Green is responsible for Invesdor’s investment activities and supports companies in capital raising. Invesdor enables financing for small and medium-sized enterprises. Additionally, investors receive interest income by offering loan-based financial instruments to companies. Commercial collaboration with Invesdor.
00:00 European capital markets, guests Mari Lymysalo and Niklas Green
00:36 Sami’s investment in Invesdor. Merger with Finnest, Kapilendo, and OnePlanetCrowd
01:09 International operations in four countries and opening investments and target companies to a wide audience
01:41 Mari Lymysalo’s career start with Jari Lauriala of Translink and transition to startup financing and consulting
02:14 Niklas Green’s background in consulting projects from China exchanges to Investment Director at Invesdor
03:28 Master English’s WordDive deal with Otava and financing small growth companies through share issues
03:59 The role of growth financing in scaling SMEs and developing them into larger players
04:32 Capital market in the EU area and the possibility to open financing rounds to multiple markets
05:03 Finnish investor’s access to share issues, convertible bonds, and corporate loans in all Invesdor operating countries
06:03 Interest-based financing for investors with quarterly interest and the typical amortizing structure for corporate loans
07:04 Difference between a bullet loan and an amortizing model and how companies manage capital repayment
08:33 Examples of realized exits such as the listings of Heeros, Siili, and Solwers
10:51 Friends&Brgrs and Coinmotion consumer market and cryptocurrencies
12:28 Importance of impact/ESG criteria and corporate responsibility
16:59 Shrinking banking sector in Finland. Offering corporate loans through Invesdor
18:37 Interest payments directly to the investor’s account and how to build a portfolio seeking regular cash flow
21:05 Importance of diversification in both growth financing and interest-bearing securities and the significance of an individual investment plan
22:39 Large wind power projects implemented in the Netherlands with bond financing and involvement of local investors
24:17 Online platform for financing rounds. Newsletters
26:56 Pricing of bond rounds - fixed price and bookbuilding
28:31 Implementing consecutive financing rounds through the Invesdor platform
30:08 Plan for a marketplace for corporate loans and shares to improve liquidity
35:48 Company valuations and investors’ interest in SaaS models in European markets
38:58 Invesdor rounds www.invesdor.fi
#negotiator Inside scoop: Mari Lymysalo and Sami discuss Austria and France
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Thanks for dropping this here, I appreciate it. Now, in my opinion, Milei has managed to stay in the good books of both the USA and Europe, even in the aftermath with the Americans. If the Mercosur deal with the EU progresses with low tariffs and Trump also approves, then Argentina could be a strong overperformer.
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I actually think this government’s mid-term review decision will boost Finnish stocks - profitability and especially growth will come as people have significantly more purchasing power due to tax moderation and interest rate cuts.
Mid-term review succeeded | Kangasharju Kujanpää | #negotiator 327. Aki Kangasharju, Managing Director of ETLA, and Emmiliina Kujanpää, tax expert at EVA, dissect the historically right-wing government’s mid-term package. It contains many treats, such as the reduction of salary progression to a maximum of 52%, an 18% corporate tax, reform of inheritance and gift tax, a 25% tax rate for elite immigrants, and many growth-supporting changes to individual legislative frameworks.
00:00 Taxation lightens! Emmiliina Kujanpää and Aki Kangasharju
00:34 Emmiliina’s Austrian School #negotiator 324
01:11 Aki Kangasharju’s Economic Apocalypse #negotiator 229
01:44 Sweater economists and ideological bias
02:37 Flattening income tax progression and positive effects
03:42 International examples from Denmark and Sweden
04:49 Finnish opinions on the fairness of earned income tax
05:25 Media’s left-leaning vs. people’s realism
06:00 Contradictions in the government program and mid-term review
06:31 Risto Murto’s report’s limitations and criticism
07:00 Planned inheritance tax relief for minors
07:57 People’s wishes and the popular nature of tax decisions
08:29 Lack of capital gains tax as a disappointment
09:00 Wealth differences between Sweden and Finland
10:04 VATT’s inheritance tax analysis: narrowness and problematic nature
11:08 Obstacles to generational changes and challenges in business acquisitions
12:33 Corporate tax reduction and its targeting effect
15:09 Bureaucratic obstacles and realities of SMEs
16:01 Tax increase risk and impact of lack of trust
16:54 Tax competitiveness comparisons: Finland, Estonia, and Sweden
18:00 Key personnel tax reduction and the status of returnees
20:35 Elite immigrants and the effectiveness of tax incentives
22:26 Career challenges for returnees and tax reform
24:04 Capital investors and the long-term nature of ownership structures
25:37 Facilitating tax treatment for foundations and funds
27:10 Housing market revitalization and upward scenario
28:39 Options, income conversion, and the importance of capital income
30:10 Dividend taxation and the situation of unlisted companies
31:41 Corporate tax vs. dividend tax – maintaining the dynamic
33:14 Political continuity and the future of dividend tax
34:40 International tax rate comparisons and the media
36:11 Underestimation of dynamic effects and research data
37:37 Education investments and expansion of the talent base
39:10 Multi-locality, side jobs, and productivity growth
40:48 Union membership fees and the logic of tax deductions
42:17 Employer contributions and fairness of tax policy
43:47 Limitations of tax organizations and precision of legislation
45:16 Optimism about Finland’s direction
#negotiator Insider tells the difference between EVA and ETLA
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Warren Buffett Taxes | Miettinen #negotiator 329. Sami visited, among others, Tähtämisessä osakkeet - Heikki Keskiväli and Dividend Engineer Jesse Viljanen at Berkshire Hathaway’s 2025 annual general meeting (AGM) in Omaha, where Warren Buffett dramatically announced his resignation from the CEO position. Short reflections from the trip. Sami’s feedback and clarifications on the more exotic tax decisions from the Mid-term Review.
00:00 Berkshire Hathaway’s AGM and with Warren Buffett in Omaha
01:17 Camera issues and the new Osmo Pocket 3
02:11 About BKS shares and Heikki Keskiväli as a travel guide
03:10 Warren Buffett’s house, “one of the best investments”
04:04 Berkshire Hathaway textile company
04:49 Wisdom learned from mistakes
05:06 Local Omaha companies and leaders
05:34 Harry Bottle was Buffett’s “Mr. Wolf”
06:00 Charlie Munger’s role and legacy
06:23 Theories on successor selections
06:41 Stock valuation levels and purchases
06:56 Division of responsibility and the trio emerging
07:25 Greg Abel and former candidates
07:53 Governance and the Churchill comparison
08:43 Questions at the AGM and Jesse Viljanen
09:03 Jesse’s reaction to the Greg Abel revelation and AGM 2025 atmosphere
10:05 Stock picks and travel news
11:12 Negotiator Merch and listener competition?
13:00 Government’s mid-term review and Paasipodi visit with Martin Paasi in the Parliament
13:48 Castren & Snellman in line with capital owners at the tax seminar
14:44 Inheritance tax reform was not carried out. Corporate tax and investment incentives
14:44 Corporate tax and investment incentives
15:25 10% cash limit increase coming for stock exchanges
16:13 ELTIF and fund structures
17:24 Limited partnership vs. limited company vs. SICAV
18:21 Private equity investors’ LP investors and tax treaties
18:48 Foundations as LP investors in the future
19:13 Pension reforms and YEL criticism
20:09 Pure investment credit being reformed
20:46 Inheritance tax reform failed again
21:44 Gift tax and the position of minors in generational changes
22:14 Still a very weak chance regarding the limited company model for family businesses?
22:42 Why is Finnish ownership important?
23:07 Episodes with Heikki Keskiväli and Jesse Viljanen coming soon
23:33 Wealth differences - an American is €370,000 richer than a Finn
24:00 Heikki Keskiväli’s feelings at Omaha airport before the return flight to Finland
32:09 Subscribe to the Negotiator channel. You matter in the Negotiator-InderesTV battle!
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The link went down for some reason, I think it was my own user error and not Russian sabotage
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Berkshire Novo Hims | Blomster Viljanen | #negotiator 330. Berkshire Hathaway’s Investments and Current State with Jesse Viljanen and Henri Blomster. Hims & Hers stock has generated a staggering +700% return for Sami since Henri’s last visit. Novo Nordisk’s and Eli Lilly’s obesity drugs are critically analyzed from the perspective of production bottlenecks and investor psychology. Investment strategies in a Trumpian world, the significance of dividend streams/buybacks, and growth company selections.
00:00 Warren Buffett, Jesse “Dividend Engineer” Viljanen and Henri Blomster, Asilo Asset Management
00:52 Hims and Hers stock’s +700% return, potency talk and the pharmaceutical angle
01:42 Buffett fandom, gym equipment, BKS mugs and merch ideas
02:30 Insider idea and BRK annual meeting memories
02:58 Heikki Keskiväli’s sherpaing, meeting experience exceeded expectations
03:52 Queuing for front-row seats, flipper Netta comments on Buffett’s real estate criticism
04:37 Investment properties, difference between Munger’s and Buffett’s investment styles
05:48 The meeting was a fan celebration, Q1 earnings softness, best holding period is forever
07:30 Greg Abel, energy unit results, anointed as leader
09:41 Coca-Cola, challenges of Buffett’s investment scale, need for strategy changes
11:20 AmEx, growth of credit card companies and ecosystem thinking
13:05 Japan investments and lack of buying opportunities
14:57 Cash flow’s motivational value for investors
16:57 Importance of dividends in investment strategy and tax implications
18:53 Berkshire’s share buybacks and book value thresholds
20:21 Investment allocation to a global index, euro vs. USA
22:08 UK–USA tariff deal and the European way of doing things
24:23 Sami’s renewed faith in European companies, Jesse’s skepticism
26:20 Novo Nordisk’s results and position relative to Eli Lilly
28:08 Differences in obesity drug efficacy and production issues
29:58 Criticism of momentum investing, Novo’s production outsourcing
31:40 Royalty question and reduction of Compounder risk from H2 onwards
33:40 New drug forms: long-acting and oral
35:19 Experimental natural science, thought models and investment psychology
37:43 Hims & Hers solutions to everyday problems, hard mints and telehealth categorization
40:09 Real options and Hims’ strategic position outside the insurance doctor complex
42:42 Volatility, B2C risk and the perspective of insurance operators
44:55 Stock price fluctuations, Hims’ competitive advantages and savings targets
50:38 Amazon/AWS comparison, AI’s role in Hims’ growth
54:59 Building verticals and scalable playbook
56:55 Oura and wellness data, personal experiences
58:19 Samsung’s competitor, Apple Watch and interest in devices
1:00:32 Henri’s “hundred-bagger” idea: flying cars and a potential industry winner
#negotiator The Insider delves into a high-risk Chinese stock of flying cars!
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Verneri’s Stock Review | Pulkkinen | #negotiator 331. Verneri Pulkkinen, host of Verneri’s Quarter, expands on the market review with Sami. They go through tariffs, the trade war, the moves of the USA, Europe, and China, and the stock market’s reactions to them. Also included is a discussion of personal investments. No investment recommendations are given in this episode.
00:00 Verneri Pulkkinen, the budding Europe optimist of Verneri’s Quarter
02:00 Trump’s tariffs and Taleb’s antifragility theory
04:00 China, USA, and Europe: Production vs. Consumption
06:00 Europe and criticism of the COVID-19 stimulus package
08:00 Affordable European bank stocks
10:00 Trump’s strengthening Europe effect, purchase of Nordea stock
12:00 Interest rate cycles and digitalization of the construction sector, Admicom
14:00 Analysts’ expectations, affordable Finnish companies
16:00 Effects of US tariffs and the collapse of port activity
19:00 Swedish quality companies and small-cap comparison with the impact of inheritance tax
21:00 Trade war, China’s cheap imports, and energy infrastructure
23:00 German stimulus and surplus. Ukraine’s impact on Europe
26:00 Europe vs. USA: Assets and Debts
29:00 Fed’s yield curve risk and market impacts
33:00 Inheritance tax, investment horizon, and Buffett’s old cigar butt philosophy
37:00 Capital, venture capital, USA’s development resources
40:00 Neste, state-owned companies, and investments
42:00 Local ownership and European regulation
44:00 Freedom of speech, USA vs Europe vs China
47:00 Capital ownership, i.e., Private equity – growth, criticism, and operating model
49:30 Stocks vs. Real Estate Charlie Munger vs Warren Buffett
51:30 Negotiator Insider: Verneri’s source pack and Mikael Rautanen’s book
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Serial Acquirer / Serial Owner / Serial Compounder. This could be a solution to the Finnish capital shortage and the fact that our companies are not very good at making acquisitions.
Tampere-based Serial Acquirer | Rauhala | #negotiator 339. The topic is serial acquirers, serial compounders, serial owners. Antti Rauhala, CEO of Auroora Yhtiöt Oyj, a serial owner, explains why this ownership model has been critical to the success of Swedes and how Finland can start the same growth path. The episode is made in commercial cooperation with Auroora.
00:00 Hello!
00:58 Mustavuori ski resort investment in Tampere, Janne Haavisto
01:22 Auroora Yhtiöt Oyj
01:57 Why Finns don’t get rich – Comparison with Sweden
02:15 Compound growth effect of inheritance tax and wealth
03:35 Statistical comparison: Finland vs. Sweden in private wealth
04:14 What is the serial acquirer model or rather the serial compounder model?
04:41 Compound interest effect in serial acquiring
05:10 Public serial acquirers in Sweden – 70 listed companies
05:30 Auroora’s growth from 0 to 200 M€ revenue
05:59 Swedish examples: Indutrade, Addtech, Lifco
07:11 Constellation Software: a massive corporate tree
08:10 Independent business operations and diversification as part of the model
09:49 Segment spin-offs and specialization
11:17 Operational profitability of Indutrade and Lifco
12:37 Importance of acquisition experience and teamwork
14:13 Acquisition processes and Due Diligence
16:01 Role of owner governance and external boards
19:05 Growth strategies and go-to-market at different stages
20:39 Playbooks and customization in SME growth
21:59 Cash allocation within the group
24:00 Private equity investors vs. serial acquirers – financing structures
25:27 Water treatment plants and own operational activities
27:11 Team backgrounds and building growth
30:11 SaaS model integration (Visma, Constellation Software)
31:53 Small company premium and stock basket logic
33:21 Ownership models: share exchange and commitment
35:03 Selling Finnish companies to Sweden – an alternative
36:27 Tax planning and competitive advantage in Finland
39:21 You can contact Auroora, e.g., in Tampere
41:13 Terminology: serial compounder, -owner, or -acquirer?
42:41 Unfamiliarity with compounder thinking in Finland
43:59 Building growth through innovation
45:53 Internationalization and export of Finnish companies
47:17 Nordic ID public takeover and Brady Corp
#negotiator Inside scoop: Antti and Sami discuss labels and RFID
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Share (Compulsory) Redemption | Wist | #negotiator 363. Finnish legal practice in share redemptions is pushing new boundaries. Tarja Wist discusses the Supreme Court’s rulings. The value of a share can be negative “golf share” (KKO:2020:99) and the fair value of the minority’s redemption price can significantly increase from the purchase offer (KKO:2025:94) “Ahlstrom-Munksjö”
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Capital Rejects Finland | Hollmen Kotamäki | #negotiator 365. Finland’s financing and ownership are tightening as capital disperses. The public burden is already €84,000 per private employee. Mauri Kotamäki dismantles the illusion of easy financing, Markus Hollmen emphasizes risk management, taxes, and the fragility of the ownership base. Solutions include a productivity leap with artificial intelligence and strengthening the market economy and domestic ownership.
00:00 Mauri Kotamäki (Finnvera) and Markus Hollmen (Switzerland, wealth management)
00:30 Markus’s presentation at a private equity investors’ event and the grim figures on Finland’s situation
00:53 Switzerland’s inheritance tax vote compared to Finland’s and Norway’s EXIT taxes
02:08 The illusion that good projects always get money
02:57 Continuation of growth company loans piloted by Finnvera
03:50 Scarcity of financing in Finland
04:15 Why it’s worth diversifying abroad and Switzerland’s role
05:22 Finland’s frontier market weighting is less than 1%
06:16 Home bias can benefit society
06:32 The pension sector is increasingly investing globally
07:49 Norway’s oil fund diversification model as an example
08:10 Finland’s glorious history and good return histories
09:04 The rise of the 1990s
09:43 Government debt is practically not sold to Finland at all
10:51 Public consumption per private employee up to €84,000
11:47 Sustainability gap and dependency ratio
13:02 €159 billion in public consumption expenditure is a massive burden on Finns
14:22 Aging and health expenditures increase the burden
14:52 Finland follows Japan in the aging wave
16:03 Increase productivity and shrink the public sector
16:25 EU’s excessive deficit procedure
17:01 National Audit Office (VTV) report on Sanna Marin’s government’s wasteful spending
18:02 Finland’s self-deception problem has been known for a long time
19:47 Ministry of Finance (VM) €3 billion vs National Audit Office (VTV) €20+ billion in Marin’s government’s overspending
20:12 Index increases for the public sector are also decisions
21:23 Finland’s weakness has continued since the financial crisis
22:09 AI brings productivity. Contribution of the elderly
23:48 The €84,000 productivity problem once again
24:47 AI for the public sector
25:11 Lessons from Japan’s bubble for Finland - gold is strong
27:31 Finland is Europe’s weakest economy after France
28:25 PIIGS countries on the rise, also with COVID support
30:00 Javier Milei’s Argentina made a miraculous adjustment
30:43 Finland’s ownership base is small vs foreign stock exchange ownership
31:33 Tightening capital gains tax can destroy us
32:20 Only 8500 Finns are euro millionaires with unlisted shares
33:57 Subsidiary economy exits from external capital, tax talk deters
34:27 Tax increases yield little and drive away taxpayers
35:18 Sweden, Denmark, Norway, and Finland investment cultures
36:08 Institutional allocation and real estate bias
36:33 Urbanization, valuation pressures, wage risk
37:55 Finland’s indicators are still weak and Q3 GDP was a disaster
39:17 China’s dumping risk to Germany and Finland
40:17 AI and EU regulation - trade-off
41:59 Silicon Valley’s decision clock speed and Draghi’s report
42:30 Permits and appeals too expensive
44:46 Swiss franc and direct democracy
45:38 Votes on immigration and foreign labor
46:49 25% tax back to Finland with the expat law
49:16 Bank concentration Credit Suisse as part of UBS
51:22 Seniors disengaging from banks trend
52:08 Cost level Baumol strong franc
53:13 Who pays taxes and pensions if AI unemployment strikes
55:22 US AI investment in a bubble - do others benefit?
56:54 Weak growth of large companies
57:19 Ownership, faceless pension sector, and dwindling families
58:01 Inheritance tax forces excessive dividend policy
58:50 Aging reduces risk-taking
59:26 Inheritance tax towards capital gains Sweden
1:00:16 Stronger private ownership
1:01:16 Politics reacts late, act now
#negotiator Insider discussion on technology bubble and index weightings
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Consumer business expert Peter Fredman | neuvottelija 366. Peter Fredman is one of Finland’s leading consumer business developers. FMCG experience, brand building, and the realism of distribution channels guide the investment decisions of the Fredman Capital family office. Consumer brand investing is difficult but strategically rewarding. Examples include Fredman Group, Fiksuruoka, Strand Properties, Bon Group, Levi Black, and Green Planet Astronauts.
00:00 Robotization of Fredman Group’s Rauma factory
01:16 neuvottelija 86 - Kasvuryhmä, EK (Confederation of Finnish Industries), and the Family Business Network (Peter Fredman)
01:42 Transformation of ownership and Fredman Group. Growth entrepreneurship, exports, and brand strategy
03:07 Freeing up capital, redirection to Finland, and family office thinking
03:40 Fredman Capital’s investments in unlisted companies
04:41 Ownership is not coupon-clipping
05:17 Why does Peter choose consumer business (B2C) instead of the easier B2B?
05:56 The difficulty of brand building and getting onto retail shelves
06:29 All business ultimately leads to the consumer
07:28 Fiksuruoka and reducing food waste, dynamic pricing, and logistics
08:20 Brick-and-mortar, outlet thinking and the limits of e-commerce, internationalization, omni-channel
09:56 Risks of private investing and early-stage challenges
10:28 Levi Black and hospitality investments
11:33 Lapland and Levi as investment targets and the region’s appeal
12:32 Impact of Swedish and Norwegian borders, rail connections, and northern logistics
13:53 Bon Group and the restaurant consolidation model
14:33 Economies of scale, university cities, and resorts like Vanajanlinna
15:45 Regional tourism as an engine for Finnish growth
16:45 Asian tourists and the importance of exoticism. Finnish Lakeland (Järvi-Suomi)
17:47 Culinarism and restaurant technology, kitchen processes
20:37 Socializing, restaurants, and the importance of encounters
22:14 Stockholm vs Helsinki and networking as a super tip for young people
24:32 Silicon Valley’s clock speed and Finland’s challenge
25:56 Owners’ responsibility and board competence
27:28 Slush spirit and the culture of growth entrepreneurship
28:18 Camel investing and long-term growth
29:21 Strand Properties and international real estate business
30:16 Technology in a conservative industry
31:14 Finland’s luxury market and global visibility
32:18 Platforms like AirBNB and Hostaway and global discoverability
33:45 The Baltic Sea as the new Mediterranean beyond seasonal variation
34:42 Slush, content, and the Finland brand
35:33 Snow, nature, and northern exoticism
36:34 Storytelling and Lapland experiences
38:12 NATO, security, and confidence in tourism
39:02 The owner–board–management triangle in practice
39:56 One A4 is enough for an owner strategy
41:00 Competencies of the board and management
41:36 Roope Hagberg as a spot-on CEO choice for a family company
43:54 Presentation of Green Planet Astronauts
45:04 Snacking and a new category of healthy snacks
46:41 Allergies, health, and internationalization
neuvottelija Insiders (Sisäpiiri) recall an F1 World Champion and a night in Levi
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More Consumer Businesses - Salvos
Cabin construction | Kurkela | neuvottelija 369. The transformation of the construction industry and effortless leisure construction. How is industrial modular construction changing leisure living? Veli-Matti Kurkela from Salvos explains why traditional construction is in trouble and how turnkey solutions make realizing cabin dreams easier. The discussion touches on accommodation needs in Lapland tourism as well as Finns’ changing requirements regarding quality and amenities. Commercial collaboration with Salvos Oy.
00:00 The general distress in the construction industry is not the whole truth
02:54 Cabin trips as a counterpoint to urbanization
05:48 Lapland tourism and the development of accommodation solutions
08:42 The meaning of the name Salvos and industrial manufacturing
11:36 Logistics, challenges, and industrial manufacturing of modular construction
14:30 Move-in ready concept and the ease of construction
17:24 Experiences in plot zoning and construction
20:18 Cabin Barometer and cabin trends among retirees
23:12 Level of equipment and the impact of remote work on cabin life
26:06 Energy efficiency and winter-habitable solutions
29:00 Financing models and budgeting for a leisure home
31:54 Improved attitudes of municipalities and the smoothness of building permits
34:48 Ecological nature of wood construction and sustainable development
37:42 Efficient use of small square footage
40:36 Outdoor saunas and outbuildings in the yard area
43:30 Salvos factory production process and quality assurance
46:24 Development of AI in material management and minimizing waste energy
49:18 Future of the construction industry and technological innovations
52:12 Importance of customer experience and the service package
55:06 Closing remarks and tips for future builders
neuvottelija In the Sisäpiiri (Inner Circle), we discuss how Salvos could utilize AI more extensively
Watch Sisäpiiri episodes and support Sami
https://www.youtube.com/channel/UCRI34L9OtDJuZpaWicbNXzg/join
neuvottelija Sami Miettinen
4 Likes
Are you bad at using Excel? Or super good, but want to automate routines and perform truly demanding analyses?
I installed Claude in Excel and, amazingly enough (?) after three decades of Excel-ing, it understood what I wanted to do with a single prompt:
Copy the stocks from my Nordnet Equity Savings Account (OST), taking into account exchange rates and acquisition costs (prompt 1)
Calculate relative valuation multiples: EV/EBITDA, EV/Sales, EV/Capital Employed (prompt 2)
Finally, Claude in Excel suggested whether we should also calculate corresponding equity ratios like P/E. From there, it was easy for me to dive into the deep end of investment banking tasks 
Watch and be amazed. Start using it if it’s part of your job description?
Claude in Excel | Sami Miettinen. Sami Miettinen demos how an Equity Savings Account (OST) is converted from a Nordnet portfolio into Excel format. In addition, key relative valuation figures EV/EBITDA, EV/Sales, and EV/Capital Employed are calculated.
00:00 Introduction and presentation of Sami Miettinen’s OST portfolio
00:39 Tax inefficiency of US stocks in an equity savings account
01:11 Opening the Claude in Excel add-in and writing the prompt
02:05 Taking exchange rates into account and estimating acquisition costs
02:52 Refining the portfolio value and considering currency rounding
03:16 Reconciling the final portfolio value
03:49 Cleaning up the table and planning additional calculations
04:41 Creating the EV/EBITDA, EV/Sales, and EV/Capital Employed table
05:17 Utilizing external data sources (e.g., Bloomberg, S&P Capital IQ)
05:49 Relative valuation and interpreting high multiples
06:22 Portfolio expensiveness, median, and average multiples
06:46 Risk profile of the equity savings account and “rara” portfolio
07:10 Claude in Excel add-in licenses and closing call to subscribe to the Neuvottelija channel
https://open.spotify.com/episode/5thsIB0gZHzPfyPObH7TTO?si=cXDr6ydQQRGfgpbG1Mmv6Q
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AI Coding at the Highest Level | Markus Hav | 371 Neuvottelija. Markus Hav describes the leading edge and intensity of AI coding. AI agents are shaping thinking, work, and learning at an accelerating pace. Hav emphasizes context, memory, and intentions, as well as “codumentation” (codumentaatio) in coding.
2026 is the turning point for AI coding, especially as Anthropic and Google roll out top-tier tools.
00:00 Anthropic’s Claude Code wipes the AI table
00:19 Markdown runs AI, but where is a good editor?
00:30 Claude Code Max token wallets: Markus €400/month vs. Sami €100/month
00:57 Lex Fridman’s boring AI episode?
01:45 Hey, we’re not crazy; the world is plunging into AI
02:06 Exponential development of AI in 2026 vs. serene 2025
02:34 Claude Code tokens perform a lot of real work
03:24 Prediction of the rise of Google and Gemini, and why it was logical a year ago
04:09 Google’s data, chips, and models combine into a superior whole
05:04 Installing Open Claw on Sami’s Mac Mini!
05:42 The significance of human risk and why the first mover doesn’t always win
06:34 Credit cards, permissions, and agents’ hunger for data
07:01 Cybersecurity reinvented
07:21 Samantha-bot helps Sami and is rewarded at HoxHunt school
09:08 Are agents loyal or do they respond to incentives?
09:54 Persistent memory makes conversation surprisingly human
10:44 The agent is no longer the same from one conversation to the next
11:26 Context window as memory and clearing it
11:57 The era of a million tokens and its limits
13:06 Compressing memory and the analogy to human memory
13:51 Second Brain and the dream of unlimited context
14:19 Memory retrieval makes an agent more efficient than a human
15:00 The Ralph Wiggum model, i.e., a stupid but persistent agent
15:45 A simple to-do list instead of orchestration
16:25 Perfectly parsing context solves almost everything
17:31 Ready-made skill.md files and the maturation of tools
18:12 You can’t try everything, and that’s okay
19:01 Small mover edge and the competitive advantage of unlearning
20:19 New employees get the most out of AI tools
21:34 The hammer problem and getting stuck in old technologies
22:12 Even Stone Age systems like Cobol are opening up to AI
23:06 The cumulative effect of small improvements in society
23:30 The power struggle of foundation models and its rapid obsolescence
24:39 One-shot coding and learning through mistakes
26:12 Self-reflection as a new model capability
27:15 The agent recognizes itself and improves itself
28:07 Resilience to errors in coding
29:20 The user interface determines the learning experience
30:12 Different error profiles of models
31:24 Google Antigravity and practical workflows
32:17 Frontend, backend, and database realism
33:15 The demo effect and frustration with new tools
34:26 Firestore vs. Supabase
35:26 Lovable as training wheels and an enabler for a fast start
36:25 The difference between documentation and specs
37:48 A good spec is a job half done
39:19 Defining intentions for controlling agents
40:05 The idea of an intention database instead of GitHub
41:24 Understand why you build, not just how
42:13 Markdown and Obsidian as the foundation of a Second Brain
43:11 Microsoft’s fumbling and Anthropic’s MS Excel PowerPoint CoWork
44:16 Anthropic in all clouds as a strategic winner
45:31 OpenAI won’t die, but its direction is becoming blurred
46:00 Elon Musk, SpaceX, and xAI’s inference in space
48:36 Simulation theory and NPC humor
50:35 Neuralink and a direct connection to AI
52:40 Unpleasant people with a massive influence
53:55 Coding will change over the next six months
54:41 Chinese models and the agentic assault
56:39 Orchestration of hundreds of millions of tokens
57:36 Cheap models enable massive swarms of agents
58:31 2026 as a turning point in human history
59:12 Practical first steps toward agentic work
1:00:04 Agentic browsers and the need for caution
1:01:23 Lovable and Firebase for a low-threshold start
1:02:13 The realization that anyone can build
1:03:35 Working together as a catalyst for learning
1:04:07 The death of user interfaces - UX is dead?
neuvottelija Inside the Inner Circle, there’s a discussion: Is the human user interface redundant code?
9 Likes
So, I started coding again after a 30-year break in late 2025. I visited the Finnish Parliament as a guest of Martin Paasi. Here is a summary of the IT stuff I was babbling about:
Kehitysympäristö ja työkalut (Development Environment and Tools)
VS Code or Google Antigravity (via the Windsurf acquisition) = IDE/code editor
In Antigravity, three windows: files/repo, terminal, AI chat prompt
GitHub / Git = version control; Sami’s repo: github.com/samiettinen (~2M lines of code)
Vibekoodi / AI-avusteinen ohjelmointi (Vibe Coding / AI-Assisted Programming)
Claude Code (Anthropic) and OpenAI Codex generate code from natural language prompts
Workflow: write the vision into the prompt → AI generates code → check for errors → paste error → “fix yourself”
Lovable (Swedish, valued at ~$7 billion) = simplified no-code/vibe-coding for beginners; automatically selects a Supabase database and builds a React frontend with HTML/CSS
Stack ja infrastruktuuri (Stack and Infrastructure)
Python / TypeScript / Node.js = programming languages
Supabase = database (white label PostgreSQL)
AWS, Azure (Microsoft), Google Firebase, Upcloud = cloud services
MCP-server = model context protocol server / interface call (e.g., Statistics Finland data)
API calls = fetching data directly without Excel (e.g., S&P Capital IQ, St. Louis Fed / FRED, Eurostat)
SSH = remote management for Mac Mini
AI-mallit ja tokenointi (AI Models and Tokenization)
Anthropic Claude (favorite), OpenAI GPT, Google Gemini, Grok (Musk) = foundation models
Tokens = unit of AI usage; Sami spends ~€300/month
Inference = the model’s thinking work/computation
Botti ja automaatio (Bot and Automation)
Samantha = Sami’s own AI bot, runs on top of Open Claw, usable via WhatsApp
Consiglieri = Sami’s personal “second brain” app, runs natively on iPhone (Xcode development)
Scripts as scheduled runs (cron-style in the cloud)
Rahoitusalan AI-sovellukset (AI Applications in Finance)
Claude in Excel and Claude in PowerPoint = Anthropic’s office integrations
DCF model, LBO model, comparable companies = by prompting into Excel or directly into code
S&P Capital IQ API integration coming soon → bypasses Excel entirely
2 Likes
Hi, I’ve now been using AI to its full potential through the best models.
Anthropic has made particularly large strides; I find Claude in Excel, Claude in PowerPoint, and especially Claude Cowork, which performs programming and analysis within a containerized folder structure, to be very effective. Claude Code Max is also good for programming, especially with the 4.6 model.
Google’s Gemini 3.1 is excellent in its reasoning capabilities, and when connected to Antigravity, the coding environment’s ability to fix errors and implement code is amazing.
OpenAI has fallen behind, but Codex really delivers difficult code from prompt to finish very well. The code can be quite complex. Also, the deal with OpenClaw founder Peter Steinberger was a major coup. Peter’s OpenClaw is a significant innovation in building AI workers. Mine is called Samantha, and I chat with it via WhatsApp.
In terms of easy UI and database building, Lovable has evolved to a level where database authentication and a beautiful, functional user interface are created with little effort. It is also excellent for building websites.
Agentic browsers save a lot of time. Today I switched to Claude’s Chrome agent browser; until now, I have been using Perplexity Pro’s agentic browser. With them, cloud-based interfaces are easily commanded, and information is easy to gather otherwise as well.
I find it very difficult to see growth in human labor. On the other hand, it’s easy to see a decline in human labor.
My concern is that since GDP = Gross DOMESTIC (PEOPLE’S) Product, when AI does the PEOPLE’S work that could be taxed, the entire idea of funding welfare state expenditures through taxes on human labor is, in my view, in great danger. Of course, AI also performs a large part of these free welfare services, so the need for tax revenue regarding the labor portion decreases. However, the pool for income transfers and pension contributions is dwindling to a trickle quite rapidly, and we are already taking on debt from abroad to near-maximum levels.
3 Likes