{
  "title": "Quality Investing with Sifter | Santeri Korpinen | Neuvottelija 236",
  "titleOriginal": "Laatuyhtiöillä ylituottoja Sifter | Santeri Korpinen | Neuvottelija 236",
  "episodeNumber": "236",
  "dbId": null,
  "guest": "Santeri Korpinen",
  "publishedAt": "2024-02-07",
  "duration": "53:19",
  "durationIso": "PT53M19S",
  "youtube": "https://www.youtube.com/watch?v=tt_RypFStTQ",
  "videoId": "tt_RypFStTQ",
  "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/367-laatuyhtioilla-ylituottoja-sifter-korpinen-neuvottelija-236/",
  "originalLanguage": "fi",
  "format": "full",
  "topics": [
    "ownership_capital_tax",
    "leadership_governance"
  ],
  "description": "Santeri Korpinen, CEO of Sifter Capital, explains quality investing through competitive advantages, returns on capital, a five-year horizon and investment-team discipline. Examples include Microsoft, Novo Nordisk and Costco. Published on 7 February 2024 in commercial collaboration with Sifter Capital.",
  "coreTheses": [
    "Korpinen describes business-model research as the foundation for interpreting financial measures.",
    "A five-year horizon guides Sifter’s assessment of valuation, competitive position and portfolio changes.",
    "Management and ownership structures influence whether a profitable business creates lasting shareholder value.",
    "The team’s culture and discipline are central to how Korpinen describes the investment process."
  ],
  "chapters": [
    {
      "t": "00:00",
      "title": "Santeri Korpinen and commercial collaboration with Sifter",
      "seconds": 0
    },
    {
      "t": "00:17",
      "title": "One fund and a focused investment process",
      "seconds": 17
    },
    {
      "t": "00:43",
      "title": "2023 returns and international investing",
      "seconds": 43
    },
    {
      "t": "02:19",
      "title": "What is quality investing?",
      "seconds": 139
    },
    {
      "t": "03:50",
      "title": "Quality, valuation and the long term",
      "seconds": 230
    },
    {
      "t": "04:20",
      "title": "Analyst forecasts and independent research",
      "seconds": 260
    },
    {
      "t": "05:30",
      "title": "Sifter’s research process and understanding the business model",
      "seconds": 330
    },
    {
      "t": "07:20",
      "title": "Margins, returns on capital and pricing power",
      "seconds": 440
    },
    {
      "t": "09:05",
      "title": "Long holding periods and company management",
      "seconds": 545
    },
    {
      "t": "10:24",
      "title": "Novo Nordisk: quality and growth",
      "seconds": 624
    },
    {
      "t": "11:43",
      "title": "Market potential and competitive position",
      "seconds": 703
    },
    {
      "t": "12:39",
      "title": "Profitable growth and the business life cycle",
      "seconds": 759
    },
    {
      "t": "14:07",
      "title": "The core business, acquisitions and capital discipline",
      "seconds": 847
    },
    {
      "t": "15:17",
      "title": "Leadership risk and enduring corporate culture",
      "seconds": 917
    },
    {
      "t": "17:13",
      "title": "Owners, Japan and China",
      "seconds": 1033
    },
    {
      "t": "18:33",
      "title": "Cash and capital allocation in Japanese companies",
      "seconds": 1113
    },
    {
      "t": "20:00",
      "title": "Low valuations and the risk of a value trap",
      "seconds": 1200
    },
    {
      "t": "20:52",
      "title": "Lean thinking in the investment process",
      "seconds": 1252
    },
    {
      "t": "22:13",
      "title": "Microsoft, Copilot and new growth",
      "seconds": 1333
    },
    {
      "t": "25:16",
      "title": "Huhtamäki, KONE and Atlas Copco",
      "seconds": 1516
    },
    {
      "t": "26:48",
      "title": "Cyclicality and predictability",
      "seconds": 1608
    },
    {
      "t": "28:34",
      "title": "Macro trends and bottom-up analysis",
      "seconds": 1714
    },
    {
      "t": "30:41",
      "title": "When to sell and how portfolio companies are ranked",
      "seconds": 1841
    },
    {
      "t": "32:30",
      "title": "Long–short strategies and avoiding complexity",
      "seconds": 1950
    },
    {
      "t": "33:20",
      "title": "Currencies, headquarters and global business",
      "seconds": 2000
    },
    {
      "t": "34:50",
      "title": "Emerging markets and political risk",
      "seconds": 2090
    },
    {
      "t": "36:15",
      "title": "The 2022 market decline and adding to holdings",
      "seconds": 2175
    },
    {
      "t": "37:25",
      "title": "Fees, alpha, beta and the Sharpe ratio",
      "seconds": 2245
    },
    {
      "t": "40:05",
      "title": "Investor psychology and learning from mistakes",
      "seconds": 2405
    },
    {
      "t": "42:00",
      "title": "Sifter’s culture and continuity of the method",
      "seconds": 2520
    },
    {
      "t": "43:10",
      "title": "Discipline in difficult markets",
      "seconds": 2590
    },
    {
      "t": "44:32",
      "title": "Costco’s membership business model",
      "seconds": 2672
    },
    {
      "t": "49:14",
      "title": "Terho Puustinen and Hannes Kulvik’s investment thinking",
      "seconds": 2954
    },
    {
      "t": "50:50",
      "title": "Liquidity, assets under management and team efficiency",
      "seconds": 3050
    },
    {
      "t": "53:01",
      "title": "Insider 43: The Call of History",
      "seconds": 3181
    }
  ],
  "related": [],
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  "subtitleMethod": "none",
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  "qaSemanticVerdict": "full_text_review_no_full_audio_listening",
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  "aiArticleFi": "https://www.neuvottelija.fi/economy/ep236-laatuyhtioilla-ylituottoja-sifter-santeri-korpinen/",
  "provenance": "Prepared on 2 November 2026 from the exact tt_RypFStTQ video, its original publisher description, a full local Whisper large-v3 Finnish transcription and YouTube automatic Finnish captions used for comparison. Subtitle spelling and names were text-reviewed; the full audio was not listening-reviewed. Unclear passages are marked. No platform description, caption or cover upload was performed. The original description incorrectly labels the 31% return as 2022; Sifter’s official 2023 annual report identifies it as the 2023 R/I-class return. Insider 43 is linked through its explicit original description and the public main-episode ending; no members-only transcript is published.",
  "importedAt": "2026-11-02",
  "reviewedAt": "2026-11-02",
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    "alt": "Santeri Korpinen – Neuvottelija 236: Laatuyhtiöillä ylituottoja. Sifterin sijoitusmenetelmä, 2024."
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  "slug": "ep236-laatuyhtioilla-ylituottoja-sifter-santeri-korpinen",
  "guestsCanonical": [
    "Santeri Korpinen"
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}