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In Good Company with Nicolai Tangen

Magnus Carlsen: Chess, Investing and Strategic thinking

In Good Company with Nicolai Tangen

Norges Bank Investment Management

In Good Company, Business, Norges Bank, Nicolai Tangen

4.8186 Ratings

🗓️ 7 August 2024

⏱️ 61 minutes

🧾️ Download transcript

Summary

How can strategic thinking in chess be applied to investing? In this episode Magnus Carlsen and Nicolai Tangen discuss the comparison between business investing and chess. They also talk about risk, how to recover after losses, AI in chess, strategizing against different opponents and how to always explore and stay curious. Magnus also reflects on self-doubt and the power of optimism in achieving success. Don’t miss this engaging episode with the world's greatest chess player. Tune in!

In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.

The production team for this episode includes PLAN-B's Pål Huuse and Niklas Figenschau Johansen. Background research was conducted by Sigurd Brekke and Patrick Du Plessis.





Hosted on Acast. See acast.com/privacy for more information.

Transcript

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0:00.0

Hi everybody and welcome to In Good Company.

0:03.4

Today we are incredibly honored to have a guest who needs very little introduction,

0:07.2

Magnus Carlson, the highest rated chess player in history.

0:11.4

And today we're going to talk about business,

0:13.0

or actually we're going to talk a bit about what we as investors can learn from chess

0:17.7

and from you, Magnus.

0:19.0

Very welcome.

0:20.0

Thank you very much. Thank you very much.

0:30.5

Now, during the Second World War in Britain,

0:34.6

pretty much every chess expert were recruited to the Ultra Project, which was basically

0:41.2

cracking codes used by the Nazis. And so there's been this assumption that brilliant chess minds

0:47.5

are brilliant at everything. And I was just wondering, what do you think we in business can learn from chess?

0:56.5

It's funny you should mention that because my father's parents, they were born before the war.

1:08.2

They were very much into everything that's American and English, because

1:11.9

those were sort of what they saw as the victors of the war.

1:16.9

But one of the books they had at home, which they recommended to me at an early age, I think

1:22.6

I was about 10 or 11.

1:24.5

It was a small book, but it was called Kode Ultra, I think, a translation to Norwegian,

1:30.5

about how they cracked the Enigma Code. But I didn't know until the time of the

1:38.0

imitation game movie that actually chess players were involved in that. So that angle I didn't really know.

1:48.3

I also know that at some point, I don't know exactly which, but there was at least one

1:54.6

hedge fund on Wall Street that was actively recruiting chess players.

...

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