The David Rubenstein Show: Nicolai Tangen

以下是将原文翻译成中文： 这次采访的对象是尼科莱·坦根（Nicolai Tangen），他是挪威央行投资管理公司（Norges Bank Investment Management）的负责人，该公司负责管理挪威主权财富基金，这是世界上最大的主权财富基金。坦根在采访中谈到了他的背景、他在基金管理中的角色，以及他对投资和人生的看法。 坦根解释说，该基金成立于1996年，建立在挪威1969年发现的石油储备收入之上。挪威政府制定了一项“支出规则”，限制了每年可以支出的金额。他领导着一支700人的团队，他们致力于管理投资并遵守基金的框架。该基金的一个关键方面是3%的支出规则，这意味着每年只有基金价值的3%可以用于国家预算，目前这占该国预算的20-25%。他强调了基金的透明度，他们的网站上有一个实时代码显示器，每秒更新13次基金的价值。 在担任这个职位之前，坦根在私营部门取得了成功的职业生涯，经营一家名为AKO Capital的对冲基金长达15年。他觉得他的学习已经达到了一个瓶颈，而这个职位提供了一个结合资产管理、组织发展和为国家服务的机会。 他分享了他对当前投资环境的看法，指出虽然特朗普的“美国优先”政策在短期内可能是有益的，但潜在的关税可能会对欧洲公司产生负面影响。他对这些政策的影响持谨慎乐观态度。 坦根强调，由于该基金规模庞大，因此需要主要进行指数化和多元化投资。他还指出，他们在公司内部实行分散的投资授权。他还表示，他们不断受到媒体的审查和批评，因为他们在某些投资中投入过多或过少，或者因为出了问题。 在投资理念方面，坦根提倡跨资产类别和地域进行长期多元化投资。他建议采取逆向思维，例如出售美国科技股，购买中国股票，以及投资于不受欢迎的资产。他承认投资团队在人工智能股票上赚了很多钱，所以他说投资人工智能股票非常棒。他还透露，一项内部调查显示，Norges的人们声称由于人工智能，他们的效率提高了15%。 关于ESG（环境、社会和治理）和DEI（多元化、公平和包容），坦根表示，尽管美国可能出现反弹，但挪威仍然致力于这些原则。他说，因为在欧洲天然气供应比例很高非常重要，并且仍然是能源供应的重要组成部分。 坦根在挪威南部长大，并在费城的沃顿商学院学习。在沃顿商学院毕业后，他为多家公司工作，之后创办了自己的对冲基金，该基金的资产增长到近200亿美元。 当被问及他如何从经营一家成功的对冲基金转变为管理挪威主权财富基金时，坦根解释说，他有足够的钱“买食物和鞋子”，他想做一些更有意义的事情。他强调，幸福来自学习，而不是积累财富。 在离开对冲基金时，他将自己的所有权股份捐给了一个慈善基金会。由于他的成功，他被纳入了捐赠誓言（Giving Pledge）。 坦根目前正在等待连任。他的薪酬虽然“待遇优厚”，但远低于他在私营部门的收入。他很谦虚，并认为如果有人更适合这份工作，他或她就应该得到这份工作。 当被问及成为一名优秀投资经理的建议时，他说“学习，学习，学习”，并且要有顽固和敏捷的结合，坚持你的信念，但也要能够改变你的想法。他强调谦逊比傲慢更重要。 他讨论了投资方面的问题以及普通人应该关心的问题。他提到了通货膨胀以及由于政府债务水平可能导致利率上升。他还强调了地缘政治风险，特别是关于台湾和人工智能相关技术的生产。他最担心的是核熔毁等意想不到的、无法建模的事件。

This interview features Nicolai Tangen, the head of Norges Bank Investment Management, which oversees the Norwegian sovereign wealth fund, the largest in the world. Tangen discusses his background, his role in managing the fund, and his perspectives on investing and life. Tangen explains the fund was established in 1996 and is built on revenue from Norway's oil reserves, discovered in 1969. The politicians created a "spending rule" which limits the amount that can be spent yearly, he oversees a staff of 700 who are dedicated to managing the investment and staying within the framework of the fund. A key aspect of the fund is the 3% spending rule, meaning that only 3% of the fund's value can be used for the state budget annually, which currently accounts for 20-25% of the country's budget. He emphasizes the transparency of the fund, with a real-time ticker on their website updating the fund's value 13 times per second. Before taking on this role, Tangen had a successful career in the private sector, running a hedge fund called AKO Capital for 15 years. He felt he had reached a point where his learning had plateaued, and this role presented the opportunity to combine asset management, organizational development, and serving his country. He shares his view on the current investment environment, noting that while Trump's "America First" policies might be beneficial in the short term, potential tariffs could negatively impact European companies. He is cautiously optimistic about the impact of those policies. Tangen highlights that since the fund is so large, it needs to be primarily indexed and diversified. He also noted they have decentralized investment mandates within the company. He also says they are constantly being scrutinized and criticized in the papers because they're too much or too little in a certain investment, or because something has gone wrong. In terms of investment ideas, Tangen advocates for long-term diversification across asset classes and geographies. He suggests a contrarian approach, such as selling US tech stocks, buying Chinese stocks, and investing in out-of-favor assets. He admits the investment team has made a lot of money on Artificial Intelligence stocks, so he says that it has been fantastic to invest in. He also revealed that an internal survey showed that people in Norgas have claimed that they are 15% more efficient due to AI. Regarding ESG (Environmental, Social, and Governance) and DEI (Diversity, Equity, and Inclusion), Tangen states that despite a potential backlash in the US, Norway remains committed to these principles. He says that because there is a high proportion of gas supply in Europe is very important and continues to be a big part of energy supply. Tangen grew up in southern Norway and went to Wharton School of Business in Philadelphia. After Wharton, he worked for several firms before starting his own hedge fund, which grew to nearly $20 billion in assets. When asked how he went from running a successful hedge fund to running the Norwegian sovereign wealth fund, Tangen explained that he had enough money to "buy food and shoes," and he wanted to do something more meaningful. He emphasized that happiness comes from learning, not accumulating wealth. Upon leaving the hedge fund he gave his ownership stake to a charitable foundation. Because of his success, he was inducted into the giving pledge. Tangen is currently up for reappointment. His compensation, while "well paid," is significantly less than what he earned in the private sector. He is humble and believes that if someone is better for the job, he or she should get the job. When asked for advice to be a good investment manager, he says "learn, learn, learn" and to have a combination of being stubborn and agile, stick with your guns but be able to change your mind. He stresses the importance of humility over arrogance. He discusses the investment concerns and what a normal person should be concerned about. He mentioned inflation and the potential for higher interest rates due to government debt levels. He also highlights geopolitical risks, particularly concerning Taiwan and the production of AI-related technologies. The biggest concerns are the unexpected and unmodeled events like nuclear meltdowns.