Pekka wrote that the playful competition between two experienced stock pickers was nearing its final stretch, and both portfolios would then fall short of the main indices. According to him, a large part of the returns of the indices typically comes from a small group of big winners, who are automatically included. Pekka estimated that both his and Jarmo's portfolios would have been in the red without their top performers: for Jarmo, it was EQR and for him, Intel. He noted that the stock picker's portfolio could easily lack rising stars, as they are rare. Pekka said that he and Jarmo were active traders and did not expect to beat the indices just by keeping their hands in their pockets. He expressed dissatisfaction with his stock selections for the year. Since his previous year's portfolio was full of very successful semiconductor companies, he had chosen fewer of them for this year's portfolio and did not want to enter the competition with the same selections. According to Pekka, the AI theme was also strongly present in this year's portfolio, but it had performed poorly. He observed that all the companies he had chosen had strongly executed their strategies. He added that timing could not be considered in the competition since the positions were held from the beginning to the end of the year. Pekka reported that he had significantly reduced his equity exposure last week and currently owned only Google from the companies he selected for the competition. Pekka estimated that building the super portfolio for next year would be particularly challenging, as most of his favorite stocks seemed expensive, and clearly undervalued stocks were, according to him, increasingly difficult to find. #jarmovastaanpekka2026 #osakkeet #indeksit #sijoittaminen (translated)
