YouSaid · the spoken record

Nicolai Tangen

lines on the record: 81
first: 2024-03-04
most recent: 2024-03-04
sittings or episodes: 1
sources: podcast

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“Well, you just have to look at what's going on in society when you feel really stupid because you haven't made 100% return in the stock market, because all your friends have, then you have to start to think. It's just when things start to look really, really simple, then there is too much greed because it's just not simple to make money.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so what I look at is how much fair and how much greed is there out there? Now, how do you measure that? Well, fair, you can measure in the VIX index, the volatility index. You can measure during COVID, you can measure it in the amount of media on the bad news, to which extent specialists disagree with each other, what are the doomsday scenarios, and so on. So you can get a gauge for the fear. And gee, did we have a lot of fear at the beginning of COVID when we didn't know what it was? That's not so difficult to measure, but it's an important one to keep track on. But then, you know, greed, how do you measure that? That's much more difficult to gauge. And frothiness. And to try to get your handle on that, that's really important. And so I'm wondering now over the last two, three days, the share prices of arms up 150% or whatever is something very, very high number. And what is that? Is that some kind of peak of sentiment protection? What is it? I don't know, but I'm thinking about that.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I beg to disagree. I think the more people know the truth, the better it is. The more everybody know all the facts, the better it is.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“There are a lot of very good funds out there, right? You have the Canadians. They are very strong. They are long-term thinkers. They have good organizations. You have something like GIC in Singapore. It's very strong. I would say what I admire with advance is when they are transparent.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“That's different from thinking long term. I completely agree. Organizations which make fast decisions are generally better organizations. I have a countdown clock in my office showing how many days I've got left of my job because it's a five-year job. I've got 580 days left. Now, why do I have that? It's because I don't like my job. No, I love my job. But the thing is that when I got somebody in my office who says, yeah, we can do this next. Over the next three months, we can do it. I said, hey, listen to that. Look at this. I got 580 days left. We need to hurry up. And they say, oh gosh, yeah, you only have 580 days left. We need to do it straight away. So you completely changed the mindset and you get this urgency into thinking.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“No, absolutely not. But the thing about time, I think it's just really interesting. I don't think we haven't really nailed the whole concept of time. And now why are you more impatient when you are 28? Well, three months is a higher percentage of a life than when you are 50. You've seen a longer time. You've seen that it pays off to be long term. But if I tell myself something, my 20-year-old self, what should I learn? You've got so much time, you know, just think more long term.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So, time is really interesting. I think it's really funny. So let's say you are 20 years old. You are in such a hurry, okay? Like three months. It's an eternity. Now, you get older, I'm fifty-seven, I'm soon about to die. Suddenly I'm so patient. Why? I mean, I haven't got that many years left compared to a twenty year old, yet I'm much more patient than this young person. Why is that? It makes no sense. So your time horizon changes when it shouldn't. It should be opposite.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“But just like the everyday small tiddler things which take up too much time, too much of your thinking, not important things, and you should not be spending time on it. And there are some big things. I mean, climate, big issue, very big issue. And for sure, we are not spending enough time on it.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, just now I've been thinking a lot about we must not make small problems big. Although there are some really small problems in life and we are just making them big. But equally, there were some really big problems and we must not make them small.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Ha, well, I just think that when the brands become pretty big they will be acquired by the very large companies. And you see it, for instance, in the spirits business. So, you know, let's say you're a good-looking actor, you launch your tequila brand, Los Amagles or whatever it's called. And when it reached a billion, somebody's going to buy it”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think some companies and some products are not threatened by technology. I think, for instance, look at cosmetics. You know, women have painted themselves in the face for 2,000 years. Do you think they will stop? Do you think all women will say, listen, now we're going to have a level playing field? Nobody's ever going to use any cosmetics. I just don't think there are. And I think it's tied into vanity. So for instance, there, I don't think technology will move it. Now, an elevator company. Are we going to invent away we need to move up in the building? I just don't think so. I think we'll always need elevators.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think so. I'm not really thinking about technology because that's a bit too complicated for me. I mean, because that changes so fast and God knows who is going to be the winner in AI or chips or these kind of things. I'm more thinking about kind of steady eddy market share gainers, cosmetics company, which takes half a percent market share every year or things like that.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Are becoming more long term, by focusing in on quality companies which can compound, by looking for market share gainers, and by becoming more contrarian, so taking the opportunities that comes from volatility.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Because there are some underlying wage increases. And then when companies have to pay higher wages, they offset that by increasing their own selling prices. And then you have some climate effects. You know, there are worse harvests. You have some geopolitical effects. There is more producing things closer to home, which is more expensive. So you just have a lot of things like that pulling in the same direction.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Personally, I think it will take longer for rates to come down I think there are geopolitical tensions which add to inflation what they”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I think they like the fact that we do some expectation management. It's important to manage expectations. I truly think there will be much tougher times ahead. I think it would be difficult to generate returns, and everybody needs to know that”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. So there is a ticker on the website. It shows the real-time value of the fund. And I thought before I joined, it's just like, you know what, this is not a good idea. This makes us very short-term in our thinking. We should get this away. Now, if we had taken that away from the website, there would have been a revolution in the country. They would have hated it. It's the most watched number in the country. It's very, very important. And it's kind of cool. What it also does, it just shows how transparent the fund is. There are no secrets. Everything is open. Everything is out there.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think he's really ever hit me because it's a very large fund. But I don't think about the size of it because the size is kind of unreal.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you apply and you go through a lot of interviews. And then, of course, the local media was a bit skeptical because nobody knew me. And Harris is...”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So difficult actually because I was on my way to do something else. I had started a hedge fund, been running it for 15 years. The learning curve was a bit flatter and I had decided to kind of move on, pass on the firm to the next generation and then go back to university and study. And then this job came up in the Sovereign Wealth Fund and I thought, you know what, this is just incredible. Combining my love for asset management, organizational development, and then do something good for the country. That was not so difficult. It wasn't easy to get the job, right?”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, personally, I'm not a big believer in NBAs, except if you have some kind of job and need to change direction and you feel that I'm in the wrong place, I just need to completely do something else. Then an MBA is good. It's good as a kind of shifting mechanism. But in itself, I think not so necessary.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think it was when I started at Wharton, which is a US university specializing in finance. Because that really was a different type of ambitions. You know, Norway is the kind of place where you're not supposed to be too ambitious, at least not overtly. Then you get to America and it's just like, hey, we want to conquer the world. And you are allowed to say it when you are like 22. And I remember in class this guy said, you know, what should I do? How should I succeed? And it's just like, yeah, but what do you want to do? I just want to conquer the world and everybody applauded. And for me, it was just like a complete unreal situation.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“And this is not the schedule that we found. I don't know. I don't know what happened there, but I just became a bit more social and slightly more outgoing. I grew up in a part of Norway, which was really religious. But then I kind of changed tack a bit and I became more social gummy friends. And, you know, I just went out a bit more”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a total fallacy. The thing is that if you are not happy now, you will never be happy. They have this study where they ask students at Harvard. So do you have a good life? No, I haven't got a particular good life just now. But I will soon. It's just that now I just have got a new job. They are the same people 10 years later. It's just like, no, I'm not so happy now, but I will be soon. And 30 years later. And the thing is that if you're not happy, you will never be happy.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“He gives you some freedom to do what you want. So, what I did when I had made some money was to take time off and go back to university and I spent a couple of years studying art history. And that made me happy. So it's not the money that makes you happy, but it's just the kind of freedom it gives you. But he was an enormous amount, but I had enough to take a couple of years' break.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that was really late, actually. I didn't in my first job, which was in the city, and I did when I joined a hedge fund, and that was, you know, in like 1977. I was between 32 and 35.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Think inferiority complexes should be really celebrated. I think it's a huge thing. That is what drive us pretty much all of us. So I wanted to make some money and I started to collect empty bottles in Scandinavia. You get refunds for these kind of things. I sold flowers at restaurants. I did all these kind of things to make a bit of money.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, that was early because I was pretty keen on making money, right? So, you know what? I think I think a lot of loaners, they are keen to make money to show the world, right?”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I'm being serious. I didn't have any friends. Yeah, I thought it was pretty good to be a loner, actually. And so I probably had a bit of confidence there.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I think I was unfortunately pretty normal. I'm slightly introvert. I've read a lot. I didn't have any friends. My brother was really worried that I would perhaps never have any proper future given that I didn't socialize so much.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I truly think there will be much tougher times ahead. I think it would be difficult to generate returns, and everybody needs to know that. What I look at is how much fair and how much greedy is there out there? When you look at the best investors in the world, they are stubborn because you need to be stubborn and you need to be able to sit with the oppositions. The people who fail are people who try to do too many things too fast.”
2024-03-04 · The Twenty Minute VC · 20VC: Managing the Largest Sovereign Wealth Fund in the World: $1.55 Trn of Assets & Owning 1.5% of all Listed Companies with Nicolai Tangen, CEO @ Norges Bank Investment Management · IDENTIFIED FROM THE TRANSCRIPT · source