Investors are facing one of the most challenging backdrops in recent years

amid slowing economic growth, rising inflation, and geopolitical conflicts.

I'm Allison Nathan and this is exchanges at Goldman Sachs, great investors.

In this special series, Allison Mass, chairman of our investment banking division, and Katie Koch, Chief Investment

Officer of Public Equities in our Asset Management Division, speak with the

world's most respected investors about their investing strategies, career trajectories, and their outlook for markets and economies.

I recently sat down with Katie Kach who spoke with Nikolai Tengen who was responsible for running the world's largest sovereign wealth fund.

Kitty such a fascinating conversation with Nikolai,

what would you say were some of your key takeaways?

So, Allison, this was a very fascinating conversation with the leader of the world's largest sovereign fund.

He and his team own about 1.5% of the entire public equity market.

And one thing that really struck me from this

conversation is this incredible mission that they are on to secure the

financial well-being of current and future Norwegians and just what an amazing

task that is to come and work on every day. He did warn us that the investing

environment is going to be a lot more challenging over the next decade. Returns are going to be

harder to come by and at the margin that makes him more positive on active

management. I was also really struck by the fact that he is a perpetual student who's returned to school several times to master

everything from social psychology to art history and even cooking.

So he clearly believes that learning is the key to happiness.

All sounds very fascinating.

Can't wait to hear more.

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