{"title": "The Market Is Going Up | Kevin van Dessel and Teemu Liila | Negotiator 164", "titleOriginal": "Pörssi nousee! | Kevin van Dessel Teemu Liila | Neuvottelija 164", "episodeNumber": "164", "guest": "Kevin van Dessel, Teemu Liila", "publishedAt": "2022-12-02", "duration": "44:27", "durationIso": "PT44M27S", "youtube": "https://www.youtube.com/watch?v=A2T6njqcwRk", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/236-porssi-nousee-kevin-van-dessel-teemu-liila-neuvottelija-164", "originalLanguage": "fi", "format": "full", "topics": ["investing_markets"], "description": "Kevin van Dessel and Teemu Liila of the Sijoituskästi podcast set out to build a bull case at a moment when most listeners were expecting further falls. The conversation covers the turn in the rate cycle, what kind of inflation this is, and why the equity market prices the real economy roughly six months ahead of it. The guests take apart the triad of growth, value and quality and argue that a high policy rate is an opportunity for a growth investor rather than an obstacle. Leverage, record cash weightings, the closed IPO window and the winner's curse all get a turn. It ends on popular capitalism, how thin Finnish household equity wealth is, and why good news does not reliably lift a share price.", "chapters": [], "sourceTranscriptType": "none", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata and the neuvottelija.fi episode record. No chapter marks are published here: the publisher's list holds only two marks, at 0:00 and 1:01, and the second one's own text quotes a timestamp of 44:27 — it is a split of the show-note text rather than a chapter list, so republishing it would assert timestamps that do not hold. No transcript is published either — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. The guests present the bull case deliberately, as a position rather than a forecast, and the episode says so; nothing in it is investment advice, and the market levels discussed are those of late 2022.", "coreTheses": ["The equity market prices the real economy about six months ahead, so a bull case built during a bad quarter is not a contradiction.", "A high policy rate hurts the price of a growth company without changing the business, which is what makes it an entry point rather than a verdict.", "Growth, value and quality are three different questions about the same company, and most arguments about style are really arguments about which one is being asked.", "Record cash weightings are a sentiment reading, not a forecast — they say what investors fear, not what happens next."], "slug": "ep164-porssi-nousee-van-dessel-liila", "guestsCanonical": ["Kevin van Dessel", "Teemu Liila"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/kevin-van-dessel/", "https://www.neuvottelija.com/podcast/guests/teemu-liila/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep164-porssi-nousee-van-dessel-liila/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep164-porssi-nousee-van-dessel-liila/index.md", "captions": null, "transcript": null, "videoId": "A2T6njqcwRk", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep164-porssi-nousee-van-dessel-liila/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep164-porssi-nousee-van-dessel-liila/"}