- There are many export driven cyclical companies in the Finnish stock index (OMX Helsinki 25)
- Nokia, which still is one of the biggest companies by market cap, has performed poorly
- Despite of it's AAA-rating for goverment bonds Finland is still a peripheral country very far from the financial centers of the world. It seems that foreign money that left after 2008 hasn't come back to the market and even continues to flow away.
Therefore, I increased our positions in Fortum and TeliaSonera before they paid their dividend. I also established a new position in Nokia after the earnings warning they issued (wiped out some 15-20% of it's value). Fortum and TeliaSonera are solid cash cows whereas Nokia is a turnaround bet. For Finlands sake I really hope I am right. Nokia is that important - still. It's now trading close to book value and it still has quite a big pile of cash (even after colossal Q1 losses).