---
title: "Investing in about 50 minutes | Merja Mähkä, Esa Juntunen | Negotiator 214"
titleOriginal: "Sijoittaminen noin 50 minuutissa | Merja Mähkä Esa Juntunen | Neuvottelija 214"
episodeNumber: "214"
guest: "Merja Mähkä, Esa Juntunen"
datePublished: 2023-10-05
duration: "55:07"
youtube: "https://www.youtube.com/watch?v=DhctsdsdDhg"
originalLanguage: "fi"
topics: ["investing_markets"]
subtitleMethod: "none"
provenance: "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and the publisher's own chapter marks, translated one for one; their spacing is irregular and matches the recording. No transcript is published here — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. Both guests are promoting books published the same autumn and all three participants discuss their own portfolios; nothing in the episode is investment advice, which the long-form write-up in the Neuvottelija AI editions states."
fiCanonical: "https://www.neuvottelija.fi/fi/episodes/325-sijoittaminen-noin-50-minuutissa-merja-mahka-esa-juntunen-ne"
canonical: https://www.neuvottelija.com/podcast/episodes/ep214-sijoittaminen-noin-50-minuutissa-merja-mahka-esa-juntunen/
---
# Investing in about 50 minutes | Merja Mähkä, Esa Juntunen | Negotiator 214

English subtitles are not available on this page. This is an episode summary, not a curated transcript.

## Chapters

- [00:00](https://www.youtube.com/watch?v=DhctsdsdDhg&t=0s) Merja Mähkä on becoming an investor, and the market falling
- [02:55](https://www.youtube.com/watch?v=DhctsdsdDhg&t=175s) Esa Juntunen on the wise investor, self-sufficiency and behavioural economics
- [04:22](https://www.youtube.com/watch?v=DhctsdsdDhg&t=262s) Time diversification, the lure of a fallen market, and a strategy for exceptional times
- [07:01](https://www.youtube.com/watch?v=DhctsdsdDhg&t=421s) Mähkä's diversification: direct holdings weighted to the US, and a growing share of funds
- [08:30](https://www.youtube.com/watch?v=DhctsdsdDhg&t=510s) Interest rates matter again, and CAPM
- [09:20](https://www.youtube.com/watch?v=DhctsdsdDhg&t=560s) Juntunen's portfolio: employer shares, and Finnish, US and UK equities
- [10:20](https://www.youtube.com/watch?v=DhctsdsdDhg&t=620s) Ray Dalio's alpha portfolio may not work
- [11:40](https://www.youtube.com/watch?v=DhctsdsdDhg&t=700s) Rates normalising, and how it is almost pleasant when the world works again
- [12:10](https://www.youtube.com/watch?v=DhctsdsdDhg&t=730s) The strange mystery of fixed income, and the role of a mortgage
- [13:05](https://www.youtube.com/watch?v=DhctsdsdDhg&t=785s) Replacing a bank account with money market funds
- [14:20](https://www.youtube.com/watch?v=DhctsdsdDhg&t=860s) The dividend illusion: a backward-looking yield is a dangerous trap
- [16:30](https://www.youtube.com/watch?v=DhctsdsdDhg&t=990s) The psychology of dividends
- [18:30](https://www.youtube.com/watch?v=DhctsdsdDhg&t=1110s) The pain of selling Kone: you cannot control the market
- [19:20](https://www.youtube.com/watch?v=DhctsdsdDhg&t=1160s) A fast-growing economy does not guarantee fast-rising shares
- [20:10](https://www.youtube.com/watch?v=DhctsdsdDhg&t=1210s) An active fund can make sense, and the host's Russia blunder
- [22:30](https://www.youtube.com/watch?v=DhctsdsdDhg&t=1350s) Growth or value: the winners keep winning
- [23:30](https://www.youtube.com/watch?v=DhctsdsdDhg&t=1410s) Tech giants, and Bessenbinder's finding that 4 per cent of stocks make the index return
- [25:20](https://www.youtube.com/watch?v=DhctsdsdDhg&t=1520s) Low-cost ETFs as the foundation, and why starting matters most
- [30:00](https://www.youtube.com/watch?v=DhctsdsdDhg&t=1800s) Investing for a child is liberating: even a small nest egg helps
- [33:00](https://www.youtube.com/watch?v=DhctsdsdDhg&t=1980s) A mortgage is cheap leverage, even in a brutal market
- [35:50](https://www.youtube.com/watch?v=DhctsdsdDhg&t=2150s) Book-entry account against equity savings account
- [37:00](https://www.youtube.com/watch?v=DhctsdsdDhg&t=2220s) The rising-price illusion: a halved share can halve again
- [39:00](https://www.youtube.com/watch?v=DhctsdsdDhg&t=2340s) Qt and Revenio, and momentum investing
- [40:20](https://www.youtube.com/watch?v=DhctsdsdDhg&t=2420s) Valuation multiples are company-specific, and enterprise value matters
- [43:10](https://www.youtube.com/watch?v=DhctsdsdDhg&t=2590s) A defence of dividend yield for the experienced investor
- [44:20](https://www.youtube.com/watch?v=DhctsdsdDhg&t=2660s) The Seadrill case
- [45:30](https://www.youtube.com/watch?v=DhctsdsdDhg&t=2730s) Rights issues
- [46:10](https://www.youtube.com/watch?v=DhctsdsdDhg&t=2770s) Building a portfolio on a foundation, and the dangers of buy and forget
- [48:10](https://www.youtube.com/watch?v=DhctsdsdDhg&t=2890s) You are allowed to lower your risk level, and age matters
- [50:05](https://www.youtube.com/watch?v=DhctsdsdDhg&t=3005s) Kahneman's biases: confirmation bias and anchoring
- [54:40](https://www.youtube.com/watch?v=DhctsdsdDhg&t=3280s) Inner Circle: the three compare their own service providers

## Summary

Merja Mähkä and Esa Juntunen join Sami Miettinen, each with a new book on investing. It is an unusually honest beginner's guide, because both guests also tell you their own mistakes: the dividend trap, a cyclical steelmaker as a first investment during the financial crisis, the pain of selling Kone, and the host's own Russia blunder. The load-bearing claims are time diversification, costs, and Bessenbinder's finding that only a few per cent of stocks produce the index return — from which follows that a thirty-stock diversification theory is not enough. Both guests are promoting books.

## Why the diversification advice is unusual

Most beginner guidance says thirty stocks is enough. Bessenbinder's finding is the reason
it is not: only a few per cent of listed stocks produce the index return, so a small
hand-picked portfolio is likely to miss them entirely. That single result reframes the
whole case for a low-cost index fund.

## The honest part

Both guests describe their own mistakes — a cyclical steelmaker bought during the
financial crisis, the pain of selling Kone too early, the host's Russia blunder — and the
dividend trap is explained as a trap rather than a strategy: the yield you can see is
backward-looking.


## Watch

The recording lives on the Neuvottelija channel: [Sijoittaminen noin 50 minuutissa | Merja Mähkä Esa Juntunen | Neuvottelija 214](https://www.youtube.com/watch?v=DhctsdsdDhg).
A Finnish edition of this episode is published at [www.neuvottelija.fi](https://www.neuvottelija.fi/fi/episodes/325-sijoittaminen-noin-50-minuutissa-merja-mahka-esa-juntunen-ne).

## In depth

The Neuvottelija AI editions carry a long-form write-up of this episode:
[English](https://www.neuvottelija.com/ai/ep214-sijoittaminen-noin-50-minuutissa-merja-mahka-esa-juntunen/) · [suomeksi](https://www.neuvottelija.fi/economy/ep214-sijoittaminen-noin-50-minuutissa-merja-mahka-esa-juntunen/).

---

Cite as: Sami Miettinen, Neuvottelija — Investing in about 50 minutes | Merja Mähkä, Esa Juntunen | Negotiator 214, https://www.neuvottelija.com/podcast/episodes/ep214-sijoittaminen-noin-50-minuutissa-merja-mahka-esa-juntunen/, 2023-10-05. For quotes include episode 214 and timestamp.