[{"data":1,"prerenderedAt":314},["ShallowReactive",2],{"home":3,"disclosures-modal":106,"home-weekly-news":135},{"id":4,"title":5,"about":6,"body":15,"contact":22,"description":36,"extension":37,"hero":38,"hidden":44,"insights":45,"layout":49,"media":50,"meta":55,"navigation":56,"newsletterPrimary":57,"newsletterSecondary":62,"noindex":44,"ogImage":49,"path":66,"pressLounge":49,"seo":67,"seoTitle":68,"stem":69,"team":70,"timeline":78,"weeklyNews":99,"__hash__":105},"pages\u002Findex.md","Triangula Capital",{"heading":7,"name":8,"role":9,"photo":10,"photoAlt":8,"bio":11},"About Pietari","Pietari Laurila","Full-time Investor","\u002Fimages\u002Fpietari-laurila.webp",[12,13,14],"Pietari Laurila is a full-time investor with more than 20 years of stock market experience. He has invested in stocks since 2004 and has been a full-time investor since 2011.","Pietari joined eToro in 2020 and is now an eToro Pro Investor. More than 20,000 investors copy his portfolio, with Assets Under Copy approaching $100 million.","Pietari takes a modern approach to value investing, combining company fundamentals with macroeconomic and technical analysis. Before becoming a full-time investor, Pietari worked at Accenture and Commerzbank. He holds an M.Sc. in Computer Science from Aalto University.",{"type":16,"value":17,"toc":18},"minimark",[],{"title":19,"searchDepth":20,"depth":20,"links":21},"",3,[],{"heading":23,"body":24,"followHeading":27,"email":28,"form":29},"Contact Triangula Capital",[25,26],"Have a question about Triangula Capital or want to get in touch?","We’d be happy to hear from you.","Follow Pietari:","info@triangulacapital.com",{"firstNameLabel":30,"lastNameLabel":31,"emailLabel":32,"subjectLabel":33,"messageLabel":34,"submitLabel":35},"First Name","Last Name","Email","Subject","Message","SEND MESSAGE","Investment insights from Pietari Laurila, a full-time investor with more than 20 years of stock market experience.","md",{"title":5,"subtitle":39,"standfirst":40,"image":41,"video":42,"videoWebm":43},"A modern approach to value investing","Investment insights from Pietari Laurila, a full-time investor with more than 20 years of stock market experience","\u002Fimages\u002Fhero.jpg","\u002Fmedia\u002Fhero.mp4","\u002Fmedia\u002Fhero.webm",false,{"heading":46,"youtubeId":47,"youtubeTitle":48},"Latest Insights","8eOlbcow_ec","Latest Insights from Triangula Capital",null,{"heading":51,"body":52,"ctaLabel":53,"ctaHref":54},"In the Media","See the latest media coverage in our Press Lounge.","PRESS LOUNGE","\u002Fpress-lounge",{},true,{"heading":58,"nameLabel":59,"emailLabel":32,"consent":60,"submitLabel":61},"Investment insights, delivered to your inbox","Name","I agree to receive the Triangula Capital newsletter by email. I can unsubscribe at any time.","SUBSCRIBE",{"heading":63,"body":64,"nameLabel":59,"emailLabel":32,"consent":60,"submitLabel":61,"backdrop":65},"Follow Pietari's investment thinking","Receive Pietari’s latest market commentary and investment insights by email.","\u002Fimages\u002Fnewsletter-backdrop.webp","\u002F",{"title":5,"description":36},"Triangula Capital – Investment insights from Pietari Laurila","index",{"heading":71,"members":72},"Team",[73],{"name":74,"role":75,"photo":76,"photoAlt":74,"bio":77},"Tapio Eerikäinen","Business Development Manager","\u002Fimages\u002Ftapio-eerikainen.webp","Tapio is responsible for business development at Triangula Capital, with a focus on growing its reach, partnerships and digital presence. He also manages the company’s communications and social media.",{"label":79,"milestones":80},"Investing milestones",[81,84,87,90,93,96],{"year":82,"text":83},"2004","Started investing",{"year":85,"text":86},"2005","Microcaps",{"year":88,"text":89},"2011","Became full-time investor",{"year":91,"text":92},"2014","Developed current strategy",{"year":94,"text":95},"2020","Joined eToro",{"year":97,"text":98},"2026","Thousands of people copy Pietari on eToro",{"heading":100,"body":101,"ctaLabel":102,"ctaHref":103,"empty":104},"Weekly Update","Pietari's weekly market commentary and investment thinking, published here and delivered to subscribers by email.","MORE INSIGHTS","\u002Fblog","The first weekly update will be published here shortly. Subscribe below and it will land in your inbox as soon as it goes out.","wzK4Zawh8CUTwed5w2Yvcso7WA6Yf4anoVNJxH732Sg",{"id":107,"title":108,"about":49,"body":109,"contact":49,"description":129,"extension":37,"hero":49,"hidden":44,"insights":49,"layout":49,"media":49,"meta":130,"navigation":56,"newsletterPrimary":49,"newsletterSecondary":49,"noindex":44,"ogImage":49,"path":131,"pressLounge":49,"seo":132,"seoTitle":49,"stem":133,"team":49,"timeline":49,"weeklyNews":49,"__hash__":134},"pages\u002Fdisclosures.md","Disclosures",{"type":16,"value":110,"toc":127},[111,115,118,121,124],[112,113,114],"p",{},"Triangula Capital is not a registered investment advisor and does not offer investment advisory, fund management or wealth management services.",[112,116,117],{},"The content on the website is provided for informational and educational purposes only and does not constitute (i) an offer or solicitation to buy, hold or sell any security or other financial instrument, (ii) investment, legal, tax, accounting, or other professional advice, or (iii) a personal recommendation as defined under MiFID II.",[112,119,120],{},"Information on the website is obtained from sources believed to be reliable, but is supplied on an “as-is” basis without warranty as to accuracy or completeness. Opinions, estimates, and forward-looking statements reflect the author’s judgement as of the date of publication and are subject to change without notice.",[112,122,123],{},"Triangula Capital and affiliates may hold positions in the securities mentioned on the website and may trade them without further disclosure. No liability is accepted for any direct, indirect, or consequential loss arising from the use of this material. Readers should conduct their own independent research and consult qualified advisers before making any investment decision.",[112,125,126],{},"Past performance is not indicative of future results. All investments carry risk, including the risk of total loss.",{"title":19,"searchDepth":20,"depth":20,"links":128},[],"Important disclosures for Triangula Capital.",{},"\u002Fdisclosures",{"title":108,"description":129},"disclosures","ouLbJlrT4ndgvvXjoNqj-5a01kagnpcvHpAwogv22ow",[136,197,251],{"id":137,"title":138,"author":8,"body":139,"date":189,"description":190,"draft":44,"extension":37,"hero":19,"hidden":44,"image":19,"meta":191,"navigation":56,"noindex":44,"ogImage":19,"path":192,"seo":193,"seoTitle":19,"stem":194,"tags":195,"__hash__":196},"blog\u002Fblog\u002F2026-10-19-what-remains-scarce-when-intelligence-becomes-abundant.md","What remains scarce when intelligence becomes abundant?",{"type":16,"value":140,"toc":187},[141,144,147,150,153,156,166,169,172,175,178,181,184],[112,142,143],{},"Artificial intelligence is becoming both more capable and dramatically cheaper. According to a new Deutsche Bank report, on a like-for-like basis, the cost of AI capabilities has almost halved every quarter over the past three years.",[112,145,146],{},"If this trend continues, it could have profound consequences for the economy. Cognitive work that is expensive today because it requires highly skilled people, such as software development, engineering, scientific research and financial analysis, could become much cheaper.",[112,148,149],{},"This raises an important investment question: what happens to the rest of the economy if intelligence becomes cheap and abundant? What would remain scarce in such a world?",[112,151,152],{},"The Deutsche Bank report highlights several categories: proprietary data, regulatory permission to operate, sticky customer relationships and physical assets such as land and machinery.",[112,154,155],{},"That points to investment opportunities well beyond the technology sector:",[157,158,159,163],"ol",{},[160,161,162],"li",{},"Physical assets may become relatively more valuable. AI can design a power plant, but it cannot instantly build one. It can optimise a transport network, but it cannot create land, transmission lines, airports or roads out of thin air. Permits, electricity, raw materials and construction capacity could therefore become increasingly important bottlenecks.",[160,164,165],{},"Regulatory barriers may also become more valuable. A highly capable AI system cannot automatically acquire a banking licence, obtain approval for a new medicine or receive the right to operate regulated infrastructure. Sectors such as banking, regulated utilities and pharmaceuticals could therefore be relatively insulated from disruption because existing licences, contracts and accumulated infrastructure create barriers to entry.",[112,167,168],{},"There are thus two ways for investors to benefit from AI: 1) investing in intelligence creation itself and 2) owning scarce assets in a world where intelligence is cheap.",[112,170,171],{},"The first approach has dominated markets in recent years. Investors have focused on semiconductors, data centres, cloud providers and power-related infrastructure.",[112,173,174],{},"The second has received much less attention.",[112,176,177],{},"Yet it could favour some very traditional parts of the economy: energy, property, financial institutions, transportation infrastructure and pharmaceutical companies.",[112,179,180],{},"This is quite relevant to the way I am currently positioned.",[112,182,183],{},"My portfolio has little exposure to the companies producing AI itself. Instead, a significant part is invested in financials, infrastructure, property and energy: sectors where value is often tied to licences, physical assets, land, networks or other forms of scarcity that AI cannot easily reproduce.",[112,185,186],{},"These positions were not selected primarily because of an AI thesis. They are the result of fundamental and macroeconomic considerations. But it is interesting that many of them could also benefit from a world in which intelligence becomes abundant while physical assets and regulatory licences remain scarce.",{"title":19,"searchDepth":20,"depth":20,"links":188},[],"2026-10-19","As AI makes intelligence cheaper, scarce physical assets, regulatory licences and established networks could become more valuable.",{},"\u002Fblog\u002F2026-10-19-what-remains-scarce-when-intelligence-becomes-abundant",{"title":138,"description":190},"blog\u002F2026-10-19-what-remains-scarce-when-intelligence-becomes-abundant",[],"sOPZVykJDZ5AyojRC1Id4OjMguAPGSmBcIG4g7xku3k",{"id":198,"title":199,"author":8,"body":200,"date":243,"description":244,"draft":44,"extension":37,"hero":19,"hidden":44,"image":19,"meta":245,"navigation":56,"noindex":44,"ogImage":19,"path":246,"seo":247,"seoTitle":19,"stem":248,"tags":249,"__hash__":250},"blog\u002Fblog\u002F2026-10-12-us-midterms-ai-and-bond-yields.md","US midterms: What they mean for AI and bond yields",{"type":16,"value":201,"toc":241},[202,205,208,211,214,217,220,223,226,229,232,235,238],[112,203,204],{},"For much of this year, one theme has dominated markets: AI.",[112,206,207],{},"According to JPMorgan, a basket of just 42 AI-related stocks has generated roughly two-thirds of the S&P 500’s returns since the start of 2024, 58% of its earnings growth and more than 80% of its growth in capital spending.",[112,209,210],{},"This helps explain something that may otherwise look strange. Oil is above $100, US bond yields are above 5%, and 85% of S&P 500 constituents are down at least 10% from their all-time highs. Yet the major US indices remain close to record levels.",[112,212,213],{},"AI has simply overwhelmed everything else.",[112,215,216],{},"One possible catalyst for a change in market leadership is the US midterm election on 3 November.",[112,218,219],{},"Affordability has become an important political issue, and AI itself is increasingly part of that debate. Data centres require enormous amounts of electricity, raising concerns about power prices and grid capacity. Several election campaigns are already focusing on these issues.",[112,221,222],{},"A strong Democratic result could reduce the Trump administration's political ability to push through its broader economic agenda, including support for the rapid AI and data-centre build-out. It could also bring greater regulatory scrutiny of technology companies.",[112,224,225],{},"If the result is divided government instead, with Democrats controlling the House and Republicans retaining the Senate, fiscal policy could become more constrained, potentially easing some of the upward pressure on bond yields.",[112,227,228],{},"None of this means the AI boom will suddenly end. The underlying earnings growth is real, and AI investment could remain one of the most powerful economic trends of this decade.",[112,230,231],{},"But markets have become extraordinarily concentrated around it. When almost everyone is positioned for the same outcome, even a relatively small change in expectations can matter.",[112,233,234],{},"If the midterms weaken Republican control and contribute to lower bond yields, market leadership could start to broaden beyond AI, potentially benefiting smaller companies, REITs, financials and other cyclical sectors.",[112,236,237],{},"Alternatively, if Republicans retain control of both the House and Senate and the AI build-out continues with little political resistance, the current trend could extend well into 2027.",[112,239,240],{},"The midterms could thus determine whether AI remains the only trade that really matters.",{"title":19,"searchDepth":20,"depth":20,"links":242},[],"2026-10-12","How the US midterms could reshape AI investment, influence bond yields and broaden market leadership beyond technology.",{},"\u002Fblog\u002F2026-10-12-us-midterms-ai-and-bond-yields",{"title":199,"description":244},"blog\u002F2026-10-12-us-midterms-ai-and-bond-yields",[],"pmzEUfYp5FEa3V4HBFFl5zIyO_gjphPvIvEmK-kNd2I",{"id":252,"title":253,"author":8,"body":254,"date":306,"description":307,"draft":44,"extension":37,"hero":19,"hidden":44,"image":19,"meta":308,"navigation":56,"noindex":44,"ogImage":19,"path":309,"seo":310,"seoTitle":253,"stem":311,"tags":312,"__hash__":313},"blog\u002Fblog\u002F2026-10-06-ai-iran-and-the-case-for-contrarian-investing.md","AI, Iran and the Case for Contrarian Investing",{"type":16,"value":255,"toc":304},[256,259,262,265,268,271,274,277,280,283,286,289,292,295,298,301],[112,257,258],{},"Two macro themes have dominated markets this year: AI and the Iran war.",[112,260,261],{},"The AI boom is increasingly dividing the market into winners and losers.",[112,263,264],{},"AI infrastructure companies are expected to account for more than half of S&P 500 earnings growth in Q3, and their share prices have surged this year.",[112,266,267],{},"At the same time, the AI boom has created headwinds elsewhere. Investments in data centres, chips and power infrastructure are increasing demand for capital and keeping interest rates higher for longer.",[112,269,270],{},"That matters for more interest-rate-sensitive parts of the market, for example real estate, where higher bond yields put pressure on both valuations and financing costs.",[112,272,273],{},"The Iran war has created a second divide: that between energy exporters and importers.",[112,275,276],{},"Europe is an example of the latter. It may therefore be no surprise that the euro recently fell to a 17-month low, as high energy prices, rising bond yields and European political concerns supported the dollar.",[112,278,279],{},"So where does that leave investors?",[112,281,282],{},"I don't think the answer is simply to chase what has already worked.",[112,284,285],{},"US equities now carry very high expectations. Vanguard, for example, expects roughly 4–6% annual returns from US equities over the next decade, while some valuation-based models produce even lower estimates.",[112,287,288],{},"Europe, by contrast, remains considerably cheaper. The MSCI Europe index recently traded at around 15 times expected earnings, close to its historical average and at a substantial discount to the US.",[112,290,291],{},"There are also some tentative signs that recent macro trends may be beginning to turn.",[112,293,294],{},"Interest rates may be reaching a point where simply stopping their rise would matter. If energy markets gradually normalise, bond yields could stabilise or move lower.",[112,296,297],{},"Political risk could also become less one-sided. Marine Le Pen today presented a more fiscally conservative programme than markets previously expected, including plans for substantial spending cuts and a declining French budget deficit. French bond yields fell following the announcement.",[112,299,300],{},"The key point for contrarian investors is simple:",[112,302,303],{},"Starting valuations matter. What has performed best recently is not necessarily what will produce the best returns from here.",{"title":19,"searchDepth":20,"depth":20,"links":305},[],"2026-10-06","How AI, energy prices and interest rates are dividing markets—and why starting valuations matter for contrarian investors.",{},"\u002Fblog\u002F2026-10-06-ai-iran-and-the-case-for-contrarian-investing",{"title":253,"description":307},"blog\u002F2026-10-06-ai-iran-and-the-case-for-contrarian-investing",[],"W9V0bNa7_tDClMq77wWOWsh9uUcRWJX0rbxPpY4XHgo",1792509344221]