Tangen: Contrarians should do less AI and more real estate
Nicolai Tangen · The $2 Trillion Mind | Nicolai Tangen · Feb 17, 2026 · at 1:12
Nicolai Tangen, CEO of Norway's $2 trillion sovereign wealth fund, discusses contrarian asset allocation strategies with Shane Parrish.
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“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.”
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“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…”
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“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.”
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