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Tangen announces half-year results Oil Fund in Arendal on Wednesday. The fund’s value increased by NOK 1,478 billion, or 8.6%.
Oil Fund valued at NOK 10,096 billion when Nicolai Tangen leaves A long process He became the manager of the Oil Fund in September 2020. It is now 18,037 billion.
That’s 7941 billion Tangenkroner.
The extra return — how much better Tangen’s funds perform compared to other investors in the same market — gives him the following credit:
The fund generated about NOK 100 billion in excess returns from its inception until he was hired, and NOK 203 billion in excess returns during the nearly four years he managed the company.
– Are you proud?
– First of all, I didn’t create it. The stock market created a lot of it. Second: Pride is not something I do.
– You said today when presenting the half-year results that one can expect the growth of the Oil Fund to not continue with a bang. In the short term or in the long term?
– We will almost certainly be on a rampage over the next decade.
– But the fact is that those with the most money profit from recessions because they have money to invest when things improve and recovery comes?
– Yes, it is a mathematical fact. In the long run, the oil funds should benefit from it.
– What are the biggest risks we face in the near future?
– What we know is the riots related to Taiwan, which is very important for the development of world technology. Then we have wars and elections.
The volatility in the stock market in recent weeks illustrates the huge uncertainty. In just over two weeks, the value of the oil fund has fallen by about NOK 900 billion. The waterfall has been introduced again.
– How will the stock market fare if Donald Trump is elected?
– I don’t think it will make that much of a difference. It just depends on what policies are implemented later. In the United States, both parties are quite business-friendly.
He said ignorance is the fund’s worst enemy.
– The most dangerous things are what we don’t know; unexpected things can make things go very badly. The COVID-19 pandemic and the financial crisis are two good examples.
Can be defeated by AI
He believes artificial intelligence will be able to beat the oil funds.
– Yes, if you are very good at making models, you can. Some funds already do this. We won’t get that: then you have to have hundreds of PhD students and very talented people. We can’t do that, so we won’t try.
– Not very realistic
He is very afraid of the climate crisis and the heat.
When the relatively mild refugee crisis hit Europe, with even Norway affected, including over the Storskog issue, it shook several European democracies, such as France, Italy, the Netherlands, and Sweden, which have right-wing populist parties with around 20% support:
– Are these the risk scenarios you assess? Can democracies strike down democracies in Europe?
– Yes, it can have an indirect effect, because it affects migration. Jens Stoltenberg said that climate challenges often trigger conflicts in the world.
– Do you think it is realistic to achieve the climate targets for 2030 and 2050?
– I think 2030 is not very realistic. 2050 is more realistic because you have more time. And then I think we will see more and more climate impacts, which will make people realize that we have to help in this regard.
Some deep questions
What is the Oil Fund?
The Petroleum Fund, also known abroad as the Government Pension Fund, is a fund that invests Norway’s revenues from the oil and gas industry. The goal is to ensure financial stability for future generations.
Who is Nicola Tangen?
Nicolai Tangen is the head of the Oil Fund. He has held this position since September 2020 and has contributed to a significant increase in the value of the fund.
What is Artificial Intelligence (AI) and how does it impact oil funds?
Artificial intelligence (AI) is technology that can learn and perform tasks that normally require human intelligence. Tangen believes AI could become so advanced that it could beat oil funds at making good investments.
What is Arendalsuka and why is it important?
Arendal Week is an annual political festival in Arendal, where politicians, business leaders and other social actors come together to discuss important topics. It is an important venue for debate and exchange.
He said it was legally too late.
– Yes, it is true. As the climate impacts become more severe, it is conceivable that there will be some panic. It is strange that people are not more awake when we see people sitting in Athens and the whole city is burning.
Norway is one of five wealthy countries that together hold more than half of the world’s oil and gas licenses since 2000, according to an overview. The Guardian.
Norway, meanwhile, has a long way to go to achieve its own goals. Climate goals.
– Climate profiteers
Lasse Kristoffersen, CEO of Wallenius Wilhelmsen, a shipping and logistics company with more than 12,000 employees, recently said that petrostate Norway “is an irresponsible climate profiteer because we are actually earning our national wealth at the expense of the climate. But we don’t take that job ourselves.
– Christopherson is essentially saying that you sitting on a fund and that’s clear evidence that we’re irresponsible climate profiteers?
– I disagree with this, it is not irresponsible to collect hydrocarbons. We in Norway do this in the best possible way and in a more climate-friendly way than most other countries. Natural gas is especially important for the energy situation for many years to come.
– But you know: it’s too late. Do you think Norway should continue to search for oil?
– I have no problem with that. It’s energy policy.
He said the “role of the Ministry of Finance in the success of the Oil Fund has been underestimated”.
– There are 18 people in the ownership department who set the main guidelines for the fund. They do a very good job but never get promoted.
– Do you want to keep your job?
– No, I have to reapply. After five years, my term will expire next year.
He would not say whether he would apply for an extension.
Acts on fat
Announcing half-year accounts on Wednesday, he said two of the seven largest companies they were part of were pharmaceutical companies that supplied anti-obesity drugs.
– The oil fund got rich because a lot of people got fat, want to do something about it?
– Yes, that’s right. We will be richer as a result. This will also have a positive effect on society; many diseases are related to obesity; for example, heart attacks and strokes.
Art Silo
After an investment of up to NOK 1 billion by Tangen, the controversial Kristiansand Art Silo has opened and is a success.
He has the following message for critics and the minority in Kristiansand City Council that almost succeeded in overturning the plan.
– When you look at what it is now and what it was then: a hole that is now a masterpiece, it’s strange to think that it produced almost nothing. It passed the city council with the smallest possible majority.
– And then I thought, he continued:
– It’s worrying to think about how many things Norway should have achieved but didn’t.
– I’ve thought about it.
He is getting engaged now.
– I have wondered: Should a no vote count as much as a yes vote? : If you voted no on art silos, you don’t wake up every day and think “Thank God it didn’t become a silo, now I feel good because I helped prevent it.” You don’t think that.
He continued:
– But if you are interested in art, you go there every Saturday and enjoy it every Saturday. You like Art Silo for a long time. Something that the whole city can visit and be proud of has been created. In this case, should the yes votes be as important as the no votes? At least it thinks I am philosophically interesting.
Musk’s Problem
Tangen invited Elon Musk to be a guest on its podcast. Musk was invited by Tangen “Coolest dinner in Europe”.
But relations soured when the oil fund voted against Musk’s 500 billion Norwegian crown salary package.
– Will you have dinner with Elon Musk?
– Our goal is to create the best investment conference in Europe next spring. How do we attract the world’s biggest CEOs to Oslo? If we are only invited to one seminar, no one will bother to come. They are invited to 100 seminars a month; they don’t bother.
He said something else was needed.
– That’s why we also invited to a cool dinner. The Ferrari boss and I will cook. Of course, most people want to figure it out.
– But weren’t there a lot of signs that he was coming after he made it clear that he didn’t like you voting against his salary package?
– I would not be surprised if he does not come. But we have no intention of disinviting him. The important thing is to attract them to the conference, which will be completely open and will be live-streamed. I think it would be selfish to sit back and keep the information secret.
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