You’re welcome, and thank you for the video of the announcement event, I would have missed it 
I bought the book myself at the investor fair from Sifter’s stand and got an autograph from the author. Greetings also to Sifter’s analyst intern, who expertly told me about the firm. I haven’t had time to read the book myself yet, only skimmed through it a bit. I do remember Kulvik from the turn of the 1980s-90s, when he was still active in Finland.
3 Likes
Hi Juha, I happened to see your feedback in this thread. The waiting lists for Helmeth (Helmet) are indeed quite long.
We have a few extra copies of the book at the office. If you’d like, I’d be happy to give you a copy as a thank you for your interest. Please send me a private message via email, and I’ll give you the address.
Santeri
23 Likes
Many thanks, @Santeri_Korpinen!
8 Likes
@Antti_Jarvenpaa has written about Sifter Global.
“Sifter Global is an equity fund founded in 2003 that invests globally in the stock market. Since its inception, it has generated an annual return of approximately nine percent and has outperformed the Morningstar benchmark index.”
"In a commercial collaboration, Inderes provides Sifter Capital with a fund page and the opportunity to distribute its own content on the platform. Inderes will not produce analysis or other evaluations of Sifter.
The Sifter fund page already features several videos, analyses, and other content produced by the fund itself, such as an analysis of the entertainment giant Disney. In addition, inderesTV’s interviews with Sifter will be posted there. You can explore the new fund page by clicking here."
6 Likes
Using a similar concept as with PYN Elite, for example, regular interviews are conducted with Sifter for inderesTV. Furthermore, Sifter’s extensive content offering can be found on their dedicated fund page. There is already a collection of company analyses and videos about the fund’s holdings. The latest one was just released. 
An interview with Sifter’s @Santeri_Korpinen is scheduled for next week, and in the future, we will also have Sifter’s analysts on for interviews to dive deeper into the companies. If you have any questions, feel free to suggest them. The plan with Santeri is to talk about investing in general, while also covering Sifter.
19 Likes
Sifter Capital analyst Karl Lidsle has analyzed West Pharmaceutical Services. Worth reading!
West Pharmaceutical Services is not a familiar name to many, but each of us has likely used the company’s products without knowing it.
With annual revenue of approximately three billion dollars, West is a Goliath in small but profitable and rapidly growing pharmaceutical markets. There are many reasons to believe that the company’s position is very strong.
The Sifter fund invested in West in June 2022. Let’s dive deeper into the reasons why we invested in West and what makes it, in our opinion, a high-quality company and thus a suitable fit for Sifter’s portfolio.
9 Likes
Thanks, the text written by Karl is indeed a summary of a fairly extensive study. A Finnish-language YouTube video can also be found there, and the English-language video is almost better West Pharmaceutical Services is a perfect example of a quality company with strong entry barriers - Sifter Fund
13 Likes
Sifter’s @Santeri_Korpinen was interviewed by @Antti_Jarvenpaa. 
Topics:
00:00 Introduction
00:23 Sifter in brief
01:27 Harmful market noise
03:18 Characteristics of a quality company
04:58 Significance of the investment process
07:06 “Money-Making Power” (case Costco)
10:10 Quality costs – almost always
11:34 Culture and principles
15:05 Market efficiency and macro
17:21 2 scenarios
12 Likes
A warm thank you again to Santeri for the book gift. The themes of the book Sijoittaja (The Investor) feel very calming and timely as the stock market currently storms restlessly. I feel that the book provides great ideas, perspectives, and ingredients for examining one’s own investment style, for example, in the light of investment-related psychology or social phenomena. It is also an interesting overview of the history of the Sifter fund, its investment philosophy, and the life stages of its founder, Hannes Kulvik.
The book interests me because I want to learn to understand Sifter’s investment strategy based on quality investing, which in a certain way sits between growth and value investing. I am inspired by the calmness, analytical approach, and long-termism that I believe are conveyed through the materials produced by Sifter. Through the book, I want to learn ideas and thought patterns through which one can develop their investment strategy in an increasingly analytical, stable, calm, and composed direction. In relation to these, I believe the book offers significant perspectives.
The book Sijoittaja is a versatile combination of investment-related psychology, philosophy, strategy, economic history, and perspectives and discoveries stemming from life experience. The book is written by author and communications entrepreneur Terho Puustinen. He has previously written about entrepreneurship, for example. The book is largely based on Hannes Kulvik’s personal history and life experience.
The perspectives related to the psychology of investing are interesting reading. The book highlights well how human factors and emotions easily influence our investment decisions, and on the other hand, how a calm, stable, and analytical investment style often works more reliably than a restless style.
Understanding the psychology of investing and the human mind is essential in order to make high-quality and stable investment decisions. The book describes how investors often act under the influence of emotions and follow the movements of the herd. However, understanding psychological underlying factors may provide calm and bring stability and analytical depth to investment decisions alongside quick intuition.
In my opinion, the book challenges one to act analytically and with a long-term perspective, and to base one’s decisions on knowledge and insight instead of acting on instincts and emotions. Fast and intuitive decision-making may be based on psychological confirmation biases and lead to errors. On the other hand, long-term and slow thinking creates opportunities for sustainable conclusions. In slow thinking, rationality and calmness are key factors. These themes, for example, are excellently examined in the book.
The book opens up a good vantage point into the background and operations of the Sifter fund. It describes in detail the fund’s history, investment philosophy, investment process, and the perspectives of the people involved.
I find the description of the investment process inspiring to read, as I appreciate the systematic nature of the process. The process begins with quantitative screening of stocks performed by algorithms and ends with qualitative deep analysis conducted by analysts, followed by decision-making. The process seems very thorough and analytical.
In the first stage, algorithms automatically screen out a significant portion from a global pool of about 65,000 companies, leaving 5,000 companies. In the second stage, a comparison made by asset managers further weeds out companies, so that only about 100 companies remain. In the final stage, the remaining companies are analyzed more closely, and some of the companies end up in a profound qualitative analysis, the concrete results of which are investment proposals by analysts, which are then presented and evaluated for decision-making. Target companies are selected based on those evaluated to have a strong business model and good future prospects according to the analysis.
The book also contains excellent lists against which one can examine their own investment style. One of the lists is Hannes Kulvik’s ten-point list of dangers that threaten an investor’s thinking. The list includes, for example, short-termism and predicting based on history. The list provides an opportunity to identify one’s own pitfalls in thinking and inspires reflection on one’s own investment style. Regarding Sifter’s investment philosophy, the book also contains seven rules in a nutshell. Examples of these include long-term ownership and investing in superior business models globally.
In my opinion, the ideas in the book calm the mind while the market storms. The book exudes calmness, stability, long-termism, and the importance of thorough background work. I think the book in a way encourages developing one’s own investment style in an increasingly considered, analytical, and calm direction, as well as examining one’s own use of time. The book also helps to identify psychological and social factors that easily cause pitfalls and errors. I believe the book inspires developing one’s own investment strategy towards ownership instead of short-term investing or guesswork.
I estimate that the book might particularly interest those investors who are ready to analytically examine their own investment style in the light of psychological, social, and time-management factors. The book is certainly also interesting for those who want to get to know Hannes Kulvik’s life stages and the related moments in Finnish economic history. On the other hand, the book is also well-suited for those who want to familiarize themselves with Sifter’s background and quality investing as an investment philosophy.
According to the book, Sifter’s values are respect, discipline, and hard work. The investment process described in the book seems to reflect these values well. I also saw these values written in English on the wall of Sifter’s office (“Respect. Discipline. Hard work.”) when I went to pick up the book. Picking up the book was, by the way, an inspiring moment, as I had the opportunity to meet CEO Santeri Korpinen. In the encounter, he conveyed a warm friendliness, and there was something empowering about the moment.
Santeri’s perspectives can also be found in the book. For example, thoughts related to how meaningful calmness is, and how important it is to protect one’s own brain from market noise.
I appreciate that the book offers numerous perspectives through which one can examine their own investment style and develop it toward a more long-term and calm ownership. The author of the book writes: “successful investors say that sustainable success requires, among other things, diligence, humility, courage, and cold discipline”. I interpret that the book as a whole inspires and encourages in this direction. An excellent book all in all.
20 Likes
Thank you Juha for your very comprehensive feedback. The best part is that you gained new ideas from the book for your own investment process. Wishing you luck and success with your investing for the upcoming year.
Santeri
13 Likes
Sifter Fund Global’s 2022 annual report has been published:
14 Likes
Alexander Järf and Pauli Kulvik from the Sifter team paid a visit. Here is the latest video.
14 Likes
Sifter has published a couple of new articles on our platform as well. Sharing both here.
Let’s start with the most topical one: banks.
And here is more reading.
15 Likes
Here is an excellent piece on ROIC by Sifter CEO Santeri Korpinen.
A company with a high ROIC reinvests a portion of its profits, thereby growing its business. This model leads to long-term earnings growth for companies and potentially higher returns for investors.
8 Likes
Sifter’s Q1 report published:
14 Likes
New content from Sifter, and a topic of the utmost importance for investors: How to identify competitive advantages?
Charlie Munger recently stated: Great businesses, they’re at least 25-35x earnings. That makes it much harder, because if something goes wrong, you can lose a lot of your investment. You gotta somehow recognize a good business before it’s recognizable as a good.
15 Likes
If I may make a request, it would be very interesting to read an analysis of the reasoning behind your investment decision regarding Applied Materials. Semiconductor equipment manufacturers are particularly interesting because Europe also appears to be investing in the sector, which will drive further demand for equipment.
P.S. How do you view the addition of Picosun, the Finnish ALD company that AMAT acquired last summer?
1 Like
Below is a tweet thread by @Karo_Hamalainen regarding Sifter’s investor event. The thread contains some quite interesting information about Sifter and other topics, such as macroeconomics.
https://twitter.com/KaroHamalainen/status/1651592575889948672
4 Likes
Sifter’s @Santeri_Korpinen has compiled interesting lessons from Warren Buffett.
In a way, they are simple things, but very important ones that we investors often fail to implement or remember to follow. 
9 Likes
Thanks Sijoittaja-alokas, and as you quite rightly noted, it’s about simple things. Nevertheless, the human mind and the investor are tempted to get involved in “more difficult/exciting” things. The hope, of course, is to beat the market. Often these detours lead to rather poor returns. Buffett’s team has for decades been able to provide good returns by honing simplicity into a competitive advantage for themselves. This is a goal for all of us.
19 Likes