Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy

In Good Company with Nicolai Tangen

Norges Bank Investment Management

In Good Company, Business, Norges Bank, Nicolai Tangen

4.8 • 186 Ratings

🗓️ 14 May 2025

⏱️ 77 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Nicolai Tangen sits down with Sir Chris Hohn, founder of The Children's Investment Fund Management, one of Europe's most successful hedge funds. The discussion highlights the critical importance of high barriers to entry in investing, the power of long-term thinking, and how intuition shapes investment decisions. Chris also shares his journey into philanthropy and his deep commitment to addressing climate change and improving children's health globally. Through his foundation, which manages over $6.5 billion, Chris gives away more than $500 million annually to create lasting impact. Tune in!

In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New full episodes every Wednesday, and don't miss our Highlight episodes every Friday.

The production team for this episode includes Isabelle Karlsson and PLAN-B's Niklas Figenschau Johansen, Sebastian Langvik-Hansen and Pål Huuse. Background research was conducted by Kristian Haga.

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Transcript

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0:00.0	Hi everyone, I'm Nikolai Tangen and today we are joined by one of the best investors of all time actually.
0:07.0	So Chris Horn, not only is this fund, TCI, one of the best and most successful funds that Europe has ever seen,
0:15.0	but also the charity is one now one of the largest in the world.
0:19.0	So Chris, you continue to have an immense positive impact on the world.
0:22.3	Thanks for coming.
0:23.1	Thank you, Nigli.
0:37.8	I think this is something a lot of people get wrong.
0:43.7	They think it's about growth often, or something new.
0:54.2	Neither of those things in themselves
0:57.0	are, to us, matter by themselves.
1:03.1	The most important thing,
1:06.5	and without which it's in,
1:20.2	in, let's say the types of investing that we do is high barriers to entry, the moats that Warren Buffett has talked about.
1:23.8	Now, can, before we dig into that, can a distressed asset of a piece of real estate that selling at half price because of a liquidation also be a good investment?
1:36.5	Yes.
1:37.4	So can there be a role for cheap average assets?
1:41.9	Yep.
1:43.5	Let's call them low quality assets, which are trading at big discounts to replacement cost.
1:50.0	Yes, that's the type of investing that can work, yeah, that I've done in my time.
1:57.0	Yep.
1:57.5	Cheap average businesses.
1:59.8	Okay.
	...

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