Norway's Sovereign Wealth Fund - With Nicolai Tangen, CEO (Replay)

Money Maze Podcast

Business, Investing, Management, News, Business News

4.8 • 216 Ratings

🗓️ 11 May 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this podcast, we have an enlightening conversation with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund, which manages over $1.2 trillion in assets (as of 31/12/22), making it the second largest SWF globally.

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. He talks about his immense delight in being appointed CEO, and how the investment strategy is evolving under his stewardship.

He also 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 then 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.

Episode originally released in June 2021.

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The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

Transcript

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0:00.0	I believe the two most powerful words in business are just ask.
0:04.4	From a base of 200 billion of assets, my target in five years is get us to 300.
0:09.6	We struck the oil in 69 at the day before Christmas Eve.
0:12.3	On the last attempt, bang, found the oil.
0:14.7	Welcome to the Money Maize podcast.
0:16.9	I'm Simon Brewer, and Will Campion and I have created this show to explore and unravel some of the mysteries surrounding the investment business.
0:24.9	You can keep up to date by visiting Moneymayspodcast.com, and please sign up to our newsletter to ensure you won't miss a release.
0:32.4	If you enjoy the show, please subscribe, and we'd love you to tell a friend or colleague about it.
0:37.2	Thank you for listening.
0:38.7	We're delighted to have Schroeder's as a sponsor and corporate partner.
0:42.8	Schroeder is a global investment manager whose purpose is to provide excellent investment
0:47.4	performance through active decision making.
0:50.4	For more than two centuries, Schroeder's has evolved their understanding of markets,
1:01.6	offering investment solutions across fixed income, equities, multi-asset, as well as private markets through Schroeder's capital.
1:12.0	Schroeder's actively invests in companies with responsible and durable business models. They're also a leading specialist in impact investing for clients who want to maximize positive change.
1:14.1	Capital is at risk with investing.
1:17.3	Bramont is also a sponsor of the Money Mays podcast.
1:23.1	Bramont is a British company based in Henley that was established 20 years ago by two young brothers whose dream was to design and engineer beautiful chronometers.
1:28.3	When Giles English, one of those brothers, appeared as a guest on the Money Maze podcast last year,
1:33.8	he brought to life the wonderful history of British watch baking,
1:37.5	helping to explain why the world sets its time by Greenwich Mean Time,
1:41.7	and he captured the incredible challenge of mastering the complexities involved
	...

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