Jens Stoltenberg: How Norway Built the World’s Largest Fund | Podcast | In Good Company
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摘要
If anyone can tell the story of how Norway built the world's largest sovereign wealth fund, it's Jens Stoltenberg. As the fund marks its 30th anniversary, Nicolai Tangen sits down with Norway's Finance Minister and former NATO Secretary General to trace the decisions that turned oil revenues into $2 trillion in national savings. They discuss why Britain and Norway diverged so dramatically despite producing similar volumes of oil, the thinking behind the spending rule, and the risk of complacency when wealth feels guaranteed. Stoltenberg also explains his reasoning behind suspending the ethics council, the paradox of excluding defence companies Norway itself purchases from, and what he believes will matter most for the fund in the next 30 years. Tune in!
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Jens Stoltenberg, Finance Minister of Norway
0:50 How Norway and Britain managed their oil revenues differently
6:10 The Norwegian disease: too dependent on oil?
10:42 Reviewing the fund's ethical guidelines
11:46 Investing in defence companies
16:20 Tech giants make up 25% of the fund — is that a risk?
20:33 Geopolitics, trade barriers, and what it means for the fund
23:40 Is Norway using AI enough?
26:40 The most important lessons for the next 30 years
27:14 Advice to the people running the fund
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