---
title: "The capital shortage holding Finland back | Sami Miettinen on Puheenaihe 618"
summary: "Sami Miettinen's first solo appearance on Puheenaihe, hosted by Leevi Leivo. The argument is arithmetic: a household with €150,000 has nothing left to invest after the flat, while a €270bn pension complex quite logically wants large foreign targets. Founding a company without capital is hard. The angriest section is the YEL mess — entrepreneurs' pensions were never funded, the state carries a €600m expense, and the fix sits with a vague working group. The second half covers rates, tariffs, the dollar and his own portfolio: cash weight, bitcoin and gold."
datePublished: 2025-08-29
dateModified: 2025-08-29
originalLang: en
section: economy
sections: ["economy","society"]
authors: ["Sami Miettinen"]
tags: []
canonical: https://ai.neuvottelija.com/puheenaihe-618-paaomien-puute-leevi-leivo/
---
# The capital shortage holding Finland back | Sami Miettinen on Puheenaihe 618

# The capital shortage holding Finland back | Sami Miettinen on Puheenaihe 618

> **Summary:**
> Sami Miettinen's first solo appearance on Puheenaihe, hosted by Leevi Leivo. The argument is arithmetic: a household with €150,000 has nothing left to invest after the flat, while a €270bn pension complex quite logically wants large foreign targets. Founding a company without capital is hard. The angriest section is the YEL mess — entrepreneurs' pensions were never funded, the state carries a €600m expense, and the fix sits with a vague working group. The second half covers rates, tariffs, the dollar and his own portfolio: cash weight, bitcoin and gold.

---

## Key Themes

* **The investment banking business:** Discussed from 0:00 onward.
* **The capital shortage:** Discussed from 4:42 onward.
* **Pension funds:** Discussed from 8:46 onward.
* **Where the Finnish economy stands:** Discussed from 15:51 onward.
* **The YEL catastrophe:** Discussed from 20:33 onward.
* **Regressive pension contributions:** Discussed from 27:30 onward.
* **Equity markets:** Discussed from 30:26 onward.
* **Interest rates:** Discussed from 33:10 onward.
* **The dollar's position:** Discussed from 40:12 onward.
* **Cash weight in the portfolio:** Discussed from 52:15 onward.
* **Bitcoin and gold:** Discussed from 56:37 onward.
* **Sami's podcasting career:** Discussed from 1:01:17 onward.