20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 4 March 2024
⏱️ 46 minutes
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Summary
Nicolai Tangen is the CEO of Norges Bank Investment Management, the largest sovereign wealth fund in the world with $1.55 Trn in assets, owning on average, 1.5% of every listed company. Tangen was previously Chief Executive Officer and Chief Investment Officer in AKO Capital, which he founded in 2005. Prior to this, Tangen was a partner and senior analyst at Egerton Capital and an equity analyst at Cazenove & Co.
In Today's Episode with Nicolai Tangen We Discuss:
From Religious Town in Norway to Leading the Largest Sovereign Wealth Fund:
- What was Nicolai like as a child? How would his parents have described him?
- Why does Nicolai think that loners have a greater chance/ability to make money?
- What does Nicolai know now that he wishes he could tell a 20-year-old Nicolai?
The Top 10 Questions:
1. US Tech Firm Concentration: Is Nicolai concerned by the concentration of enterprise value in US tech firms? Have incumbents ever been as strong as they are today?
2. Impact of AI: What does Nicolai believe the impact of AI will be on society and productivity? What is his approach to investing in it moving forward?
3. Bitcoin: Why does Nicolai not want to hold Bitcoin? Why does he not understand it?
4. China: What would need to happen for China to be investable? How will the China situation play out?
5. Europe: Does Nicolai believe Europe is so far behind the US? Why? What can we do to improve?
6. Climate Change: How does Nicolai approach investing in climate? What works? What does not?
7. Sam Altman: Would Nicolai invest in Sam's new $7Trn project? What are some of Nicolai's biggest lessons from the time he has spent with Sam?
8. Investment Psychology: How does Nicolai retain a neutral investor psychology? How does he not get too up when doing well and too low when not doing well?
9. Investing Lessons: What are Nicolai's biggest investment hits and misses? What did he learn from them?
10. The Future: Why is Nicolai so optimistic about the future? What is he concerned about? How will we overcome our greatest challenges?
Transcript
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| 0:00.0 | I truly think they will be much tougher times ahead. I think it's difficult to generate returns and everybody needs to know that. What I look at is how much fair and how much greediest they're out there. When you look at the best investors in the world, they are stubborn because you need to be stubborn and you need to be able to sit with your positions. The people who fail are people who try to do too many things too fast. This is 20 VC with me, Harry Stebbings, and today's show is different. |
| 0:22.8 | We are not joined by a VC or a founder. |
| 0:25.5 | We're joined by the CEO of the largest sovereign wealth fund in the world. |
| 0:29.2 | With over $1.5 trillion in assets, they own around 1.5% of every listed company. |
| 0:36.2 | I'm very thrilled and honoured to welcome Nikolai Tangen, |
| 0:39.0 | CEO of Norgas Bank Investment Management. This was an incredible show to do live and in person |
| 0:44.0 | in London and let me know what you think on Twitter at Harry Stebbings. But before we begin, |
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