Nicolai Tangen
CEO, Norges Bank Investment Management. On 3 shows, 3 appearances. The Shows tab opens the full record on each.
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Nicolai Tangen oversees Norway's Government Pension Fund Global, the world's largest sovereign wealth fund with over $2 trillion in assets. Before joining NBIM in 2020, he founded the hedge fund AKO Capital and now hosts the interview podcast In Good Company.
3shows
3appearances
97statements
16resolved
12supported
1contradicted
75%fully supported
9said about them ↓ Everything Nicolai Tangen said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Tangen: Buying before researching creates urgency and relies on pattern recognition
“Well, I did that quite a lot, and I think it's, why do you want to do that? Well first of all, you, if your gut feel is good, and, you know, people don't believe in gut feel if you call it gut feel. If you call it pattern recognition, more people believe in it…”
Nicolai Tangen says European growth lags the US due to lower ambition
“It is, of course, holding Europe back compared to the US. Now, there are several reasons why US, why Europe is growing less fast than the US. And it struck me, I spent a month in New York in November and met with a lot of companies, and you just, there is a di…”
Tangen: Climate change is a financial risk as apolitical as gravity
“The climate is a financial risk, and when people politicize and say that climate is a political question, I just don't get it. To me, climate is as political as gravity.”
Tangen: Exploiting oil and gas resources is not unethical
“I don't think it's unethical to exploit your oil and gas resources. Not at all. It's a very important part of what makes the world tick.”
Tangen: Contrarians should do less AI and more real estate
“Well, I think the stuff to lean against if you really want to do the opposite of everybody else would be to, you know, do less AI related investments and more real estate investments.”
Tangen: Structural issues will probably keep interest rates higher
“I think there are some structural issues which mean that they probably will be A bit higher than they have been.”
Tangen: Passive investing tends to perpetuate market bubbles
“The natives is that you will, I mean, they would typically perpetuate bubbles because with more passive money, they go into, you know, stocks which have done historically well and they perpetuate the moves.”
Tangen: Norway's Fund Voted Against Musk's Pay Package Over Alignment
“Well, the team thought it was too, too big and didn't have the right alignment.”
Tangen: Three years is probably the maximum foreseeable investment horizon
“Three years time is probably the max you can look into the future.”
Nicolai Tangen predicts tougher times ahead and difficult investment returns
“I truly think there will be much tougher times ahead. I think it'll be difficult to generate returns, and we need, and everybody needs to know that.”
Tangen: Interest rates will take longer to come down
“Personally, I think it will take longer for rates to come down.”
Nicolai Tangen confirms the Norwegian sovereign wealth fund will not hold Bitcoin
“We will not hold Bitcoin. It's not in our mandate, and we have no wish to have it. I don't think. And also, I'm not quite sure I fully understand All the implications of Bitcoin, but we, but it's not an alternative for us.”
Tangen: Mega-funds must track indices because governance cannot survive big relative losses
“The problem is that you are being kicked out at the worst possible time, and typically then you would liquidate the positions and crystallize losses which shouldn't be crystallized. And that is why it's important to be close to index, because a governance stru…”
Tangen: Private equity market faces distress and will not improve soon
“Private equity companies are not having a good time. Fundraising is difficult. Exits are difficult. Financing is not easy. You have a lot of debt coming up to renewals. This market is not great. And I don't think it's going to be great for some time.”
Tangen: Big investors fleeing real estate signals better times ahead
“And I see that a lot of big investors are reducing their exposures to real estate. So that's probably a good sign, right? That there are better times ahead.”
Tangen: Norway's sovereign fund increases productivity 20% using AI
“We see in our firm we are increasing productivity probably by 20% just by utilizing it more, and we're just stuffing it in wherever we can, and it's making a huge impact.”
Tangen: AI will not replace human investors at Norway wealth fund
“I not in our place. But clearly in some places, right, you have fully automated you know, investment models in a lot of places.”
Tangen: Americans factually work much harder than Europeans
“And then of course you work much harder in America. I mean, that's just not something I think. It's just like the facts. You got less holiday and so on.”
Tangen: Predicting Global Events Is Increasingly Useless Compared to Speed and Agility
“And so I think trying to predict in this world is just more and more, you know, useless. So you, what do you need to do? You just need to work on speed and agility.”
Tangen: Norway's Sovereign Wealth Fund Employs Sports Psychologists for Risk
“So here we use a sports psychologist.”
Tangen: Young People, Nordics, and Public Sector Workers Are Hypersensitive
“I mean, young people are very, very sensitive. In, in the Nordics, we are like hypersensitive, and in the public sector, they are very, very sensitive.”
Tangen: Solo Change Triggers Organizational Immune Response
“First of all you need to execute change as a combined leader group, because if you don't have, if you don't, if you aren't a combined leader group, and you try to do something on your own, you'll trigger the immune system of the organization. You know, the org…”
Tangen: Changing corporate culture is a ten-year project
“I would say to change a culture is a ten-year project.”
The other half of the tape: Nicolai Tangen's own voice is left out of every number here. Other people bring the name up 9 times in 5 episodes across the shows. every mention, with the transcript →
Who brings them up most Casey Whalen 4Harry Stebbings 3Ted Seides 1Paula Volent 1
Every mention by year
tap a year for its mentions
Capital Allocators 6
20VC 3
2025 4 mentions in 2 episodes 2 per episode
2022 1 mention in 1 episode
One line per show, most statements first. The link opens Nicolai's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| 20VCLEDGER | CEO, Norges Bank Investment Management | 1 | 45 | 80% 4/5 | full record on 20VC → |
 KNOWLEDGE PROJECTLEDGER | CEO, Norges Bank Investment Management | 1 | 30 | 67% 2/3 | full record on the Knowledge Project → |
| CAPITAL ALLOCATORSLEDGER | CEO, Norges Bank Investment Management | 1 | 22 | 75% 6/8 | full record on Capital Allocators → |