In times like these, the executives who run Nokia talk up a uniquely Finnish quality called sisu . "The translation would be 'guts,' " says Jorma Ollila, CEO of Nokia, in an interview. (Photograph Caption: Jorma Ollila says Nokia is determined to 'overcome all obstacles.') "But it's also endurance. There is a long-term element to it. You overcome all obstacles. You need quite a lot of sisu to survive in this climate." The climate he's referring to is the bleak and bitter Nordic winters, but he might as well be talking about the competitive, erratic wireless-phone market and Nokia's travails. This sisu trait—anathema to Wall Street 's short-term outlook—says a lot about Nokia's response to its recent turmoil.