{"title": "What Moves Stocks | Verneri Pulkkinen | Negotiator 169", "titleOriginal": "Mikä liikuttaa osakkeita | Verneri Pulkkinen | Neuvottelija 169", "episodeNumber": "169", "guest": "Verneri Pulkkinen", "publishedAt": "2023-01-09", "duration": "36:37", "durationIso": "PT36M37S", "youtube": "https://www.youtube.com/watch?v=w0L1PpyaoQY", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/248-mika-liikuttaa-osakkeita-verneri-pulkkinen-neuvottelija-169", "originalLanguage": "fi", "format": "full", "topics": ["investing_markets"], "description": "Verneri Pulkkinen, head of content at the Finnish equity research house Inderes, works through why shares fell in 2022 even though company earnings rose. The answer is in monetary conditions rather than in the companies: tightening and rising rates hit growth stocks and the pandemic-era bubble hardest, and the discount rate did the work that earnings did not. The conversation runs from Howard Marks's third sea change to the Buffett indicator and on to how large a share of their wealth people are actually willing to hold in equities. Pulkkinen also weighs Germany's unexpected resilience through the energy crisis, the real risk of a wage spiral, and the collapse in technology valuations.", "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 0:44, and the second one's own text quotes a timestamp of 36:38 — 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 guest works for Inderes, which publishes equity research on companies discussed in the episode; nothing here is investment advice, and the valuation levels quoted are those of early 2023.", "coreTheses": ["2022 was a de-rating, not an earnings recession: prices fell while profits rose, so the cause sits in the discount rate.", "Rate rises are not neutral across the market — duration is what is being repriced, which is why growth took the damage.", "How much of their wealth households are willing to hold in equities is a behavioural ceiling that valuation models tend to ignore.", "Germany's resilience through the energy crisis was the year's clearest example of a consensus forecast being wrong in the optimistic direction."], "slug": "ep169-mika-liikuttaa-osakkeita-verneri-pulkkinen", "guestsCanonical": ["Verneri Pulkkinen"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/verneri-pulkkinen/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep169-mika-liikuttaa-osakkeita-verneri-pulkkinen/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep169-mika-liikuttaa-osakkeita-verneri-pulkkinen/index.md", "captions": null, "transcript": null, "videoId": "w0L1PpyaoQY", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep169-mika-liikuttaa-osakkeita-verneri-pulkkinen/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep169-mika-liikuttaa-osakkeita-verneri-pulkkinen/"}