$1.3 Trillion - Norway's Sovereign Wealth Fund: An Interview with Nicolai Tangen, CEO (FULL EPISODE)

In this podcast, we have an enlightening conversation with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund and seasoned and successful investor.
Norway’s great wealth is in large part courtesy of its oil riches, discovered in 1969. With great vision, the Government’s response to the discovery was the decision to create a separate, segregated fund, away from politicians’ grasp, to serve Norway’s current and future citizens.
Nicolai describes his education and early investing experiences at Cazenove and Egerton, before starting the extremely successful hedge fund AKO. He talks about his education, refreshed throughout his career, and his decision to become the CEO of Norway’s SWF, otherwise known as Pension Fund Global (administered by NBIM).
He talks about his immense delight in being appointed CEO, and how the investment strategy is evolving under his stewardship. He speaks about his wish to use risk in a slightly more productive way, how private assets are assessed and incorporated going forward, and how deep forensic analysis such as that undertaken in the case of Wirecard will lead them to exclude companies that might otherwise be owned as part of their ownership of 9,000 globally.
The conversation encompasses a discussion about the lofty valuations exhibited within ESG assets, the stocks excluded from their investment portfolio and shown on the website, and the tension between divesting and remaining a shareholder of companies in transition.
Nicolai explains why techniques drawn from behavioural analysis can help them assess the risks embedded within potential investments; the resilience that can be learned from top athletes, the dangers of inflation returning and the long term challenges facing investors and the world more generally.
Finally he offers some pithy Norwegian advice on cooking, sailing, endurance, charity and why introverts are such an under-utilised asset.
TOPIC BREAKDOWN:
0:00 - Intro
1:20 - Nicolai's Early Career
6:14 - Setting up AKO
12:06 - Overview of Norway's SWF
17:43 - ESG & Divesting Policy
20:05 - Private Assets Strategy
23:40 - Manager Selection
24:39 - Investment Psychology
35:02 - Performance Objectives
37:20 - Learning from Mistakes
39:15 - Managing Risk & Industry Critique
41:13 - Analysis of Inflationary Environment
43:41 - Philanthropy, Resilience & Career Tips
48:08 - Cooking & Finance Idols
51:20 - Recommended Reading & Conclusion
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[@joseph-jg2ie]

Easily one of the best channels, I feel so lucky I get to tap into this before it blows up

[@KjetilHestvik]

great interview, gotta say as a norwegian i didnt really know anything about Nicolai other than grumbling news about how he was hired, and if it was the right choice. But seeing this after youtube randomly put it up on my front page, feels like the fund is in safe hands

[@moneymazepodcast]

Thanks for watching and glad you found it interesting!

[@oddvardmyrnes9040]

Etter at Erna ble tatt i inside handel er du sikker på at Tangen er ren? Han kommer fra 'offshore banking' systemet. Verdens største vaskemaskin.

[@Nike.Crystalia]

I love this podcast, the energy, the vibes, the knowledge. thank you.

[@moneymazepodcast]

Thank you so much! We're so happy you like it :)

[@valentinac2855]

Love Nicolai. Smart as Buffet. Love his podcasts

[@gcasamiquela]

Amazing interview! Thank you both!

[@moneymazepodcast]

Thanks! Glad you enjoyed it :)

[@RoyReyes]

tthis is the blueprint to wealth generation. tthank you for sharing, big help to bounce back and recover.

[@45138449]

This is amazing!! How lucky are Norwegians?? I live in Greece, one of the most corrupted countries in EU. What Greece has is a huge debt (almost 2 times the GDP), corrupted politicians and a terrible money culture, which all create poverty. Believe me Norwegians, you are really blessed!!!!!

[@diazinth]

We've had some pretty great politicians for most of our recent stint of existance. Obviously they've made mistakes, and I don't agree with everybody, but in general they've been pretty decent to great. Also, this is fueled by us actually paying our taxes. ;)

[@45138449]

@@diazinth Of course politicians alone cannot do it! People (culture) are crucial!

[@haraldbj.thunem1572]

VERY interesting conversation

[@MonicaAraya]

This was great, thank you!

[@moneymazepodcast]

Glad you enjoyed it!

[@williampope3503]

These are absolutely brilliant

[@moneymazepodcast]

Thanks, appreciate the positive feedback!

[@JoaquinB-mf9ue]

Heard the podcast today, was the book on Professional Conversation finally published in English?

[@moneymazepodcast]

It's English title is - 'A Guide to the Professional Interview: A Research-Based Interview Methodology for People Who Ask Questions', by Asbjørn Rachlew, Geir-Egil Løken & Svein Tore Bergestuen

[@JoaquinB-mf9ue]

@@moneymazepodcast Thank you!!

[@user-cv5kq9hy7x]

អរគុណ

[@erkkiboy]

Very cool

[@moneymazepodcast]

Thank you!

[@fosterwhales1027]

Investment is the upper hemisphere of wealth. This is one more reason why you must save and invest to ensure profit and ensure success.

[@martinsriggs2441]

If you don't mind sharing, I think the market deserves the reward, and I know it's real, but how can it be?

[@fosterwhales1027]

There are many RIAs out there, but finding a trustworthy person to help seems to be a big problem. That's why I'm working with Larry Kent Nick and so far it's been worth it. Larry Kent Nick doesn't go back on his words and unlike most financial advisors he isn't after your money but to make sure he serves you better.

[@martinsriggs2441]

I did some research. Cryptocurrency is one of the best and fastest growing investments right now, are you accepting new students? I am interested, how can I contact him please?

[@fosterwhales1027]

Connect with him on Instagram

[@fosterwhales1027]

@ Larry Kent Nick Trading

[@newsystem3667]

Do SWFs dabble in options?

[@Matt-fu1xz]

hey

[@griegs2001]

A prediction for 2024. Norway will give money, I mean really big amounts, from its oil fund to countries in the EU. Ukraine is already getting a lot of money. They will continue to do so in the future.

[@basslinejunkie2776]

that's not going to happen. you will need a referendum to go beyond the 3% we take from this fond a year. and very few Norwegian will give away their pension to EU countries. specially since we are a member of the EU. if a politician does this without a referendum they will be crucified

[@griegs2001]

@@basslinejunkie2776 Let us hope you are right, but I'm far from sure. I'm afraid that they will steal from future Norwegian generations when Europe really begins to suffer.

[@basslinejunkie2776]

@@griegs2001 we have the same safeguards in place thats stopped them from emptying the piggy bank on moronic environmental issues. so you should t worry

[@secretsquirrel6718]

Next time a Norwegian lectures you on climate change.....

[@philip4588]

We live in an aircastle, we norwegian have so much taxes and fees that should not be necessary in "one of the world richest countrys" fees on everything, the Fund is just an aircastle. Less fees more purchasing power.

[@philip4588]

@@la8pv737 Clinton Foundation etc have gained lot of money from Norway in Support,.

[@jeschinstad]

@@la8pv737: We get enormous payments from the fund every year, even though it's still fairly young. I bet you're an FrP voter. :)

[@jandmath]

Seems you missed a very crucial point regarding the purpose of the fund. Not really surprised, though, coming from someone using a made up word like 'aircastle'.

[@la8pv737]

@@jeschinstad Schonstad, med SCH. Tipper du er en kommunist.

[@lindasvenske5434]

And why not build better infrastrukture and schools.the norwegian goverment have sold them selves to the NWO.many norwegians have sold their pets this year necause of energi prices

[@bijuvarghese338]

My friend, worship God, not money. We understand from Psalm 33 and Jeremiah that God will preserve only those who revere Him and pray to the LORD. These are the end times as we see and hear worldwide diseases, famines, wars, and death are all coming to destroy the peace of people everywhere. (1) Repent from your sins( in thought, word, and deed)and receive the Lord Jesus as your personal Lord and Savior. (2) Jesus commands in Mark 16:16- The person who believes and is water baptized is saved: the person who believes not is condemned. (3) Join a bible based church and obey as the leaders help you. Read the new testament of the bible daily.(4) Pray to the Lord and begin a relationship with Him. Please share.

[@frodeenerstad4406]

To believe in the biggest fairytale book ever made, tells us a lot. We that live in North of Europe let that book be closed. Churches are more empty than full. It seems that we believe in life.

[@oddvardmyrnes9040]

Nicolay Tangen started his career in finance, by trading investments to tax havens like The Cayman Island, Guernsey & the other posiones places. He is, in my view, a despicable man.

[@Youtube_Stole_My_Handle_Too]

Despicable because he has shown he's able to protect himself against your favorable kleptocracy.

[@Youtube_Stole_My_Handle_Too]

@@kivats5015 Try to make sense.

[@oddvardmyrnes9040]

@@KZbin_Stole_My_Handle_Too .. Read my new comment. FYI: Three days after the Brexit vote, the UK told the EU that they would not ratify the EU 'Anti Tax evasion' legislation. What does that tell you?

[@oddvardmyrnes9040]

@@KZbin_Stole_My_Handle_Too .. Oh boy. The biggest laundry machine in the world is what you say?

[@Youtube_Stole_My_Handle_Too]

@@oddvardmyrnes9040 Whatever one must do to protect against kleptomaniacs.