Insight
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…”
Opinion
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.”
Prediction Not checkable as stated
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.”
Insight
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.”
Disclosure
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.”
Insight
Tangen: Three years is probably the maximum foreseeable investment horizon
“Three years time is probably the max you can look into the future.”
Prediction Not checkable as stated
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.”
Disclosure
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.”
Disclosure
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.”
Assertion Not checkable as stated
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.”
Insight
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.”
Disclosure
Tangen: Norway's Sovereign Wealth Fund Employs Sports Psychologists for Risk
“So here we use a sports psychologist.”
Opinion
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.”
Insight
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…”
Insight
Tangen: Changing corporate culture is a ten-year project
“I would say to change a culture is a ten-year project.”
Insight
Tangen: Speeding up culture change requires laying off people
“No, I think if you do it faster, you need to lay off people. Then you need to change the people.”
Insight
Tangen: Rapid Communication Saves Time Because Fast Replies Can Be Shorter
“You save time by being fast. So this sounds a bit strange, but you know, if you answer, if I send you an email and you answer within one minute, how long does that email need to be? Two, two words, right? And I'm impressed because you answer really quickly. If…”
Insight
Tangen: Successful investing requires combining stubbornness with changing your mind
“So I think the most important thing to have in investing is you need to be stubborn, but you need to have the ability to change your mind. Very few people have that. Somebody like Stan Druckenmiller has it. But the combination is rare. You need to be stubborn,…”
Disclosure
Tangen: Norway's sovereign fund actively manages 20% of its capital
“So we would, I would say we have 20% of the active, 20% of the capital we would run in a very active way, and the other one, the other part of the capital will do smaller tweaks.”
Assertion Supported
Tangen: Norway fund achieved 25 bps outperformance over ~30 years
“Historically, over the last close to 30 years, we've had 25 basis points of performance.”
Insight
Tangen: Investors Must Maintain Same Risk Exposure After Incurring Losses
“You know, just because you lost, you need to get back on your horse and take the same amount of risk, and it's very difficult.”
Insight
Tangen: Junior Investors Cannot Use Gut Feel Because Superiors Disbelieve It
“You can't apply it when you're young, because nobody believes in it. You can't go to your boss and he's like, hey, you know what? I think you should, you know, buy a, you know, a hundred million worth of apple. It's like, okay, well, why? Ah, it's just a gut f…”
Insight
Tangen: Overanalyzing Decisions Increases Confidence Without Improving Outcomes
“By overanalyzing, you, it doesn't, often it doesn't improve the outcome, but it makes you more confident about the outcome, which is also not always a good thing.”
Insight
Tangen: Anchoring disagreement in physical objects depersonalizes workplace dissent
“So then you put the disagreement into like a physical object, and you take it away from the person. So it's not personal.”
Nicolai Tangen