Pääoma hylkää Suomen | Hollmen Kotamäki | #neuvottelija 365

*Capital Abandons Finland | Hollmen Kotamäki | #neuvottelija 365.* Finland’s financing and ownership are tightening as capital disperses. The public burden is already **€84,000 per private-sector employee**. Mauri Kotamäki dismantles the illusion of easy financing, Markus Hollmen emphasizes risk management, taxation, and the fragility of the ownership base. Proposed solutions include a productivity leap driven by AI, and strengthening the market economy and domestic ownership. 00:00 Mauri Kotamäki (Finnvera) and Markus Hollmen (Switzerland, wealth management) 00:30 Markus’s presentation at a private equity event and the harsh truths about Finland’s condition 00:53 Swiss inheritance tax referendum; comparison with Finland and Norway’s EXIT taxes 02:08 The fallacy: “Good projects always get funding” 02:57 Continuation of the growth company loan piloted by Finnvera 03:50 Scarcity of financing in Finland 04:15 Why diversification abroad makes sense and the role of Switzerland 05:22 Finland’s frontier market weight is under 1% 06:16 Home bias can benefit society 06:32 The pension sector increasingly invests globally 07:49 Norway’s oil fund diversification model as an example 08:10 Finland’s honorable history and strong historical returns 09:04 The boom of the 1990s 09:43 Government debt is practically not sold domestically in Finland 10:51 Public spending per private-sector employee up to €84,000 11:47 Sustainability gap and dependency ratio 13:02 €159bn in public consumption expenditure is a massive burden on Finns 14:22 Aging and healthcare costs increase the burden 14:52 Finland follows Japan in the aging wave 16:03 Productivity up and a smaller public sector 16:25 EU excessive deficit procedure 17:01 National Audit Office (VTV) report on waste by Sanna Marin’s government 18:02 Finland’s self-deception problem has been known for a long time 19:47 Ministry of Finance €3bn vs VTV €20+bn overspending under Marin’s government 20:12 Index-linked increases for the public sector are also political decisions 21:23 Finland’s weakness has continued since the financial crisis 22:09 AI brings productivity. Contribution of the aging population 23:48 The €84,000 productivity problem once again 24:47 AI for the public sector 25:11 Lessons from Japan’s bubble for Finland – gold is strong 27:31 Finland is Europe’s weakest economy after France 28:25 PIIGS countries on the rise, also supported by COVID subsidies 30:00 Javier Milei’s Argentina achieved a miracle adjustment 30:43 Finland’s ownership base is small vs foreign stock market ownership 31:33 Tightening capital taxation could destroy us 32:20 Only 8,500 Finns are euro millionaires via unlisted shares 33:57 Subsidiary economy exits from foreign capital; tax rhetoric drives them away 34:27 Tax tightening yields little and drives away taxpayers 35:18 Investment cultures of Sweden, Denmark, Norway, and Finland 36:08 Institutional allocation and real estate bias 36:33 Urbanization value pressures and wage risk 37:55 Finland’s indicators remain weak and Q3 GDP was a catastrophe 39:17 China dumping risk to Germany and Finland 40:17 AI and EU regulation – the trade-off 41:59 Silicon Valley decision-making clock speed and Draghi’s report 42:30 Permits and appeals are too expensive 44:46 Swiss franc and direct democracy 45:38 Votes on immigration and foreign labor 46:49 Back to Finland with a 25% tax via the expat law 49:16 Banking concentration: Credit Suisse as part of UBS 51:22 Seniors disengaging from banks is a trend 52:08 Cost level, Baumol effect, strong franc 53:13 Who pays taxes and pensions if AI unemployment hits 55:22 U.S. AI investment in a bubble – do others benefit? 56:54 Weak growth of large corporations 57:19 Ownership, faceless pension sector, and too few families 58:01 Inheritance tax forces excessive dividend policy 58:50 Aging reduces risk-taking 59:26 Inheritance tax toward capital gains – Sweden 1:00:16 Strengthen private ownership 1:01:16 Politics reacts late – act now #neuvottelija Behind the scenes, the technology bubble and index weightings are discussed Watch the Behind the Scenes episodes and support Sami [   / @samimiettinen  ](   / @samimiettinen  ) #neuvottelija Sami Miettinen