Nicolai Tangen: Managing the Largest Sovereign Wealth Fund in the World | E1122

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.
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Timestamps:

(00:00) Intro
(00:31) Childhood Background
(01:21) Discovering a Passion for Finance
(03:50) Biggest Needle-Moving Moment
(04:42) Advice on Pursuing an MBA for the Next Generation
(05:06) Shift to CEO Role
(07:05) Market Expectations Amid Lackluster Returns
(08:51) Investing in Unchanging Favorites
(11:02) What’s on Nicolai’s Mind?
(11:56) Challenges in Long-Term Investing
(14:24) Praises for Sovereign Wealth Fund Approaches
(15:40) Key Economic Metrics for CEOs
(19:12) Future of Data in Central Banking
(20:08) Nicolai’s Content Consumption
(22:32) US Tech Firm Concentration Insights
(25:35) Qualities of The Best Investors
(26:48) Evaluating Regulatory Concerns in Europe
(28:25) "When Will NBIM Hold Bitcoin?"
(29:43) Psychology & Confidence in Investing
(30:47) Climate Costs & Investment Strategies
(32:24) Why People Are Investing in Norway
(33:18) Work & Life Balance Insights
(34:27) Fatherhood & Parenting
(35:19) Building a Culture of Open Communication
(36:31) Most Memorable Meetings with CEOs
(40:50) Quick-Fire Round
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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?
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