这次采访的嘉宾是挪威银行投资管理公司（NBIM）的首席执行官，该公司是挪威主权财富基金，管理着约 1.7 万亿美元的资产，是世界上最大的基金。讨论内容涵盖基金的目的、投资策略、当前的市场关注点以及首席执行官的背景。 首席执行官解释说，他的职责包括领导投资活动、发展组织，以及遵守由董事会、政府部门、监事会和道德委员会组成的综合框架。他强调基金的双重目标是创造回报并为国家的福祉做出贡献。该基金源于 1969 年在挪威大陆架发现的石油，这促成了 NBIM 在 1996 年的成立。该基金在“支出规则”下运作，每年仅允许支出基金价值的 3%，这为挪威国家预算做出了重大贡献。 在讨论当前的投资环境时，首席执行官承认全球政策和市场趋势的复杂性。虽然有利于增长和减少监管的政策可能在短期内使美国公司受益，但潜在的关税可能会对欧洲公司产生负面影响。通胀政策的长期影响也令人担忧。 NBIM 的投资策略主要与指数对齐，持有全球约 9,000 家上市公司的股份。尽管如此，该基金的业绩始终优于其基准指数约 20 个基点，而且成本低于传统的指数基金。虽然董事会建议探索私募股权投资，但政府历来对此犹豫不决，原因是担心费用、透明度和 ESG 方面的考虑。然而，随着投资环境的变化以及在公开交易所上市的公司越来越少，对这一立场的重新评估正在进行中。 首席执行官强调，无论其他国家的趋势如何，NBIM 都致力于其环境、社会和治理 (ESG) 原则。他承认从不可再生能源中获利与倡导减缓气候变化之间存在内在的紧张关系。他强调，挪威的天然气生产对欧洲的能源安全仍然至关重要，并为挪威经济做出贡献。 这次采访还探讨了首席执行官独特的背景。他出生在挪威南部的一个小镇，他的父母并非投资经理，他的母亲在公共部门工作，他的父亲是一位企业家。在学习了俄语和商业之后，他进入费城的沃顿商学院学习。后来，他创立了 AKO Capital，这是一家成功的对冲基金，管理着略低于 200 亿美元的资产。他离开对冲基金来领导 NBIM，认为这是一个将管理专长与公共服务相结合的机会。他将自己在对冲基金中的所有权份额捐赠给了一个慈善基金会，这与他通过“捐赠誓言”承诺慈善事业的理念相符。 首席执行官将幸福描述为由学习和为比自己更伟大的事物做出贡献所驱动的。他认为真正的幸福与和朋友和家人共度时光以及学习新事物有关。他认为积累巨额财富是一种失败，更愿意专注于对社会产生积极影响。他拥有大量的北欧现代主义艺术收藏，并已将其捐赠给挪威的一家博物馆。 展望未来，他表达了长期继续学习的意愿，可能会在大学继续深造。他希望对社会做出积极贡献。至于投资建议，他建议进行多元化投资，并做与其他人相反的事情。但他警告说，有时你的表现会低于预期，人们会质疑你的理智。他还说，投资者最重要的两个品质是既灵活又固执。

This interview features the CEO of Norges Bank Investment Management (NBIM), the Norwegian Sovereign Wealth Fund, which manages approximately $1.7 trillion, making it the world's largest. The discussion covers the fund's purpose, investment strategy, current market concerns, and the CEO's background. The CEO explains that his role encompasses leading investment activities, developing the organization, and adhering to a comprehensive framework involving the board, ministry, supervisory board, and council of ethics. He emphasizes the fund's dual goal of generating returns and contributing to the country's well-being. The fund originated from oil discovered in 1969 on the Norwegian shelf, leading to the establishment of NBIM in 1996. The fund operates under a "spending rule," allowing only 3% of the fund's value to be spent annually, contributing significantly to the Norwegian state budget. Discussing the current investment environment, the CEO acknowledges the complexities of global policies and market trends. While policies favoring growth and reduced regulation could benefit American companies in the short term, potential tariffs could negatively impact European companies. The long-term implications of inflationary policies also pose a concern. NBIM's investment strategy is primarily index-aligned, owning stakes in roughly 9,000 publicly traded companies worldwide. Despite this, the fund consistently outperforms its benchmark index by approximately 20 basis points annually at a lower cost than traditional index funds. While the board has suggested exploring private equity investments, the government has historically hesitated due to concerns about fees, transparency, and ESG considerations. However, with the evolving investment landscape and fewer companies listed on public exchanges, a re-evaluation of this stance is underway. The CEO emphasizes that NBIM is committed to its environmental, social, and governance (ESG) principles, regardless of trends in other countries. He acknowledges the inherent tension between profiting from non-renewable energy sources while advocating for climate change mitigation. He stresses that Norway's gas production remains crucial for European energy security and contributes to its economy. The interview explores the CEO's unique background. He was born in a small town in southern Norway and his parents were not investment managers, his mother worked in the public sector and his father was an entrepreneur. After studying Russian and business, he attended the Wharton School in Philadelphia. He later established AKO Capital, a successful hedge fund managing just under $20 billion. He left the hedge fund to lead NBIM, viewing it as an opportunity to combine management expertise with public service. He donates his ownership stake in the hedge fund to a charitable foundation, aligning with his commitment to philanthropy through the Giving Pledge. The CEO describes happiness as driven by learning and contributing to something larger than oneself. He believes true happiness is tied to spending time with friends and family and learning new things. He views accumulating vast wealth as a failure, preferring to focus on making a positive impact on society. He has a large collection of Nordic Modernist art, which he has given to a Norwegian museum. Looking ahead, he expresses his long-term intentions to continue learning, possibly by pursuing further studies at university. He hopes to contribute positively to society. As for investment advice, he recommends diverse investments and doing the opposite of what everyone else is doing. But he warns that there will be times where you underperform and people will question your sanity. He also says that the two most important qualities in an investor are being both agile and stubborn.