Norges Bank Investment Management

克里斯·霍恩爵士：战略投资、长期价值与目标导向的慈善事业 在本期节目中，尼古拉·坦根与欧洲最成功的对冲基金之一——儿童投资基金管理公司创始人克里斯·霍恩爵士展开对话。讨论聚焦于投资中高准入门槛的关键重要性、长期思维的力量，以及直觉如何塑造投资决策。克里斯还分享了他投身慈善事业的历程，以及应对气候变化和改善全球儿童健康的坚定承诺。通过其管理资产超过65亿美元的基金会，克里斯每年捐出逾5亿美元以创造持久影响。 《与优秀企业同行》由挪威银行投资管理公司首席执行官尼古拉·坦根主持，每周三更新。 本播客是挪威银行投资管理公司旗下节目，聚焦我们的投资领域。我们以透明方式管理基金投资。通过本播客，您将深入了解基金所投资企业的内幕。 我们的首席执行官尼古拉·坦根与全球顶尖企业领袖进行深度对话，带您洞悉他们的领导哲学、企业战略，以及如何与我们这样的大型投资者合作。您还将更全面地了解我们作为企业所有者的角色。 更多播客内容请访问：https://www.nbim.no/en/publications/podcast/

What does it take to build one of the world's most successful hedge funds, and keep innovating for nearly 30 years? Nicolai Tangen sits down with Sir Paul Marshall, co-founder of Marshall Wace, to unpack the firm's journey from a $50 million startup in 1997 to a firm managing $90 billion today. They dig into TOPS, the pioneering AlphaCapture system that reshaped how buy-side and sell-side interact, the "man plus machine beats a machine" philosophy that shapes how Marshall Wace blends human judgment with AI, and why disagreeableness and agency now matter more than a fancy degree. Paul also opens up on his Christian faith, his education charity ARK, and his ventures into media through UnHerd, GB News, and The Spectator. Tune in for an insightful conversation! 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/

Nicolai Tangen sits down with Rasmus Errboe, CEO of Ørsted, the world's largest offshore wind company, to discuss the company's evolution from a Danish oil and gas business into a pure-play renewables leader. They talk through the US government's stop-work order on an 80%-built project, the lawsuit that followed, and the record €8 billion capital raise that supported Ørsted's turnaround plan. The conversation also covers what has driven offshore wind costs up and down over the past decade, and how Errboe has approached leadership during a demanding period. He also reflects on a personal decision from earlier in his life that he later came to see differently. 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/

Kan Oljefondet forsvinne? I årets finanstale på Arendalsuka stiller oljefondsjef Nicolai Tangen spørsmålet få liker å tenke på: kan formuen vår faktisk gå tapt? 2026 er både Totalforsvarsåret og 30-årsjubileet for Oljefondet. Den 30. mai 1996 ble de første pengene satt inn. Siden har fondet vokst fra snaue 2 milliarder til over 22 000 milliarder kroner, og dekker i dag en firedel av statsbudsjettet. Men Tangen minner om at ingen stor formue har overlevd historien uskadd. Fra Arendals eget bankkrakk i 1886, via Spania og Storbritannias fall som finansmakter, til Argentinas gjentatte kriser og Nederlands «hollandske syke» — historien er full av advarsler. Han trekker også paralleller til 1920-tallet og Den store depresjonen, og spør om dagens AI-boom, handelskrig og høye markedspriser kan ende på samme måte. Et tankeeksperiment viser hva et fall på 80 prosent i aksjeverdiene faktisk ville betydd for norsk økonomi — og hvorfor mental beredskap er like viktig som hermetikken i kjelleren. Talen er holdt av Nicolai Tangen, CEO for Norges Bank Investment Management, under Arendalsuka 2026. English below: Could the fund disappear? In this year's finance speech at Arendalsuka, NBIM CEO Nicolai Tangen asks the question few like to think about: could our wealth actually be lost? 2026 marks both Norway's Total Defence Year and the 30th anniversary of the Government Pension Fund Global. The first money was deposited on 30 May 1996. Since then, the fund has grown from a modest 2 billion kroner to more than 22,000 billion kroner, and today covers a quarter of the state budget. But Tangen points out that no great fortune has survived history unscathed. From Arendal's own bank collapse in 1886, through Spain and Britain's fall as financial powers, to Argentina's repeated crises and the Netherlands' "Dutch disease," history is full of warnings. He also draws parallels to the 1920s and the Great Depression, asking whether today's AI boom, trade war, and high market valuations could end the same way. A thought experiment shows what an 80 percent drop in equity values would actually mean for the Norwegian economy, and why mental preparedness matters just as much as canned food in the basement. The speech was given by Nicolai Tangen, CEO of Norges Bank Investment Management, at Arendalsuka 2026.

I 1996 gikk de første kronene inn i Oljefondet. Nesten tre tiår senere er fondet verdens største statlige investeringsfond, fellesskapets sparegris, forvaltet for både dagens og fremtidige generasjoner. Vi markerer 30-årsjubileet med en times reise gjennom fondets historie, nåtid og fremtid. Hvordan startet det hele? Hvem forvalter fellesskapets sparepenger i dag? Og hvordan vil kunstig intelligens og ny teknologi forme forvaltningen fremover? Der det startet Æresgjest Knut Kjær, fondets første leder, i samtale om de første årene, den brede politiske enigheten og den norske idéen om å spare på tvers av generasjoner. Menneskene i fondet Emily Nathan, Simran Sahajpal og Anders Bennæs gir et innblikk i hvem som forvalter fondet i dag. Veien videre Nicolai Tangen om reisen så langt, teknologien som endrer forvaltningen, og hvordan han vil lede fondet fremover. Samtalene ledes av Cecilie Langum Becker, tidligere økonomikommentator i NRK. English below: In 1996, the first kroner were deposited into the Government Pension Fund Global. Nearly three decades later, the fund is the world's largest sovereign investment fund — the nation's savings, managed for both current and future generations. We're marking the 30th anniversary with an hour-long journey through the fund's past, present and future. How did it all begin? Who manages the nation's savings today? And how will artificial intelligence and new technology shape the fund's management going forward? Where it started Guest of honor Knut Kjær, the fund's first CEO, discusses the early years, the broad political consensus, and the Norwegian idea of saving across generations. The people behind the fund Emily Nathan, Simran Sahajpal and Anders Bennæs give insight into who manages the fund today. The road ahead Nicolai Tangen on the journey so far, the technology reshaping asset management, and how he plans to lead the fund forward. The conversations are hosted by Cecilie Langum Becker, former economics commentator at NRK.

Oljefondet fikk en avkastning på 9,4 prosent i første halvår 2026, den høyeste kroneavkastningen i et halvår noensinne, på 1 753 milliarder kroner. Aksjeinvesteringene ga 13,0 prosent avkastning, drevet særlig av asiatiske teknologiaksjer. Renteinvesteringene endte på 0,9 prosent, unotert eiendom på 3,0 prosent, mens unotert infrastruktur for fornybar energi falt 0,2 prosent. En sterkere kronekurs trakk fondets verdi ned med 427 milliarder kroner, men tilførsel av 89 milliarder kroner og god avkastning gjorde at fondet likevel økte med 1 416 milliarder kroner i første halvår. Ved utgangen av juni var fondet verdt 22 683 milliarder kroner, fordelt på 72,1 prosent aksjer, 25,8 prosent rentepapirer, 1,6 prosent unotert eiendom og 0,5 prosent unotert infrastruktur. English below: The fund returned 9.4 percent in the first half of 2026, the highest half-year krone return on record, at 1,753 billion kroner. Equity investments returned 13.0 percent, driven in particular by Asian technology stocks. Fixed income returned 0.9 percent, unlisted real estate 3.0 percent, while unlisted renewable energy infrastructure fell 0.2 percent. A stronger krone reduced the fund's value by 427 billion kroner, but inflows of 89 billion kroner combined with strong returns still pushed the fund's value up by 1,416 billion kroner for the half. At the end of June, the fund was worth 22,683 billion kroner, split between 72.1 percent equities, 25.8 percent fixed income, 1.6 percent unlisted real estate, and 0.5 percent unlisted infrastructure. Watch the press conference on the results for the first half of 2026, with NBIM CEO Nicolai Tangen.

What does it take to thrive as a quiet person in a world that rewards the loudest voice? Nicolai Tangen sits down with Susan Cain, author of the bestsellers "Quiet" and "Bittersweet", whose work gave millions of introverts a voice. They explore why authenticity will be the great advantage in the age of AI, what defines the "highly sensitive" 15 to 20 percent of the population, and how our culture shifted from valuing character to valuing personality. Susan explains why introverted leaders often deliver stronger results, the hidden cost of "toxic positivity", and how she calibrates her own days to avoid burnout. She also reflects on the bittersweet outlook, the joy found in sorrow, and her advice on how young people can rediscover who they really are. 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/

我们距离永生到底有多近？长寿已成为当今世界最受关注的话题之一——巨额投资涌入，关于延寿方法的观点层出不穷。为拨开科学迷雾与炒作泡沫，尼科莱·唐根对话文基·拉马克里希南爵士——诺贝尔化学奖得主、英国皇家学会前会长、《我们为何死去》作者。两人共同剖析：衰老的本质究竟是什么，为何人类最大寿命几乎未曾改变，细胞重编程的潜力与局限，以及长寿社会引发的伦理问题。文基还分享了最重要的简单习惯：睡眠、节制与运动。聆听这场关于生、死以及其间万物的清醒对话！ ----- 文基·拉马克里希南：长寿的科学与炒作 我们距离永生到底有多近？长寿已成为当今世界最热门的话题之一，吸引了巨额投资和无尽争论。为区分科学与炒作，尼科莱·唐根对话文基·拉马克里希南爵士——诺贝尔化学奖得主、英国皇家学会前会长、《我们为何死去》作者。他们深入探讨：衰老的本质、人类最大寿命为何几乎停滞、细胞重编程的前景与局限，以及长寿社会的伦理问题。文基还分享了最重要的简单习惯：睡眠、节制与运动。快来收听这场关于生与死的清醒对话吧！

我们离永生到底有多近？长寿已成为全球最热门的话题之一，吸引了巨额投资和无数关于如何延长寿命的观点。为了区分科学与炒作，Nicolai Tangen 邀请了诺贝尔化学奖得主、英国皇家学会前主席、《我们为何而死》作者 Venki Ramakrishnan 爵士。他们探讨了衰老的本质、人类最长寿命为何几乎未变、细胞重编程的前景与局限，以及长寿社会的伦理问题。Venki 还分享了最重要的简单习惯：睡眠、适度运动和锻炼。欢迎收听这场关于生、死及一切相关话题的清晰对话！ 《In Good Company》由挪威银行投资管理公司首席执行官 Nicolai Tangen 主持。每周三更新新一集。 播客《In Good Company》是挪威银行投资管理公司的一部分，是一档关于我们投资的播客。我们透明地展示基金的投资方式。在本播客中，您将深入了解基金所投资的公司。 我们的首席执行官 Nicolai Tangen 会与一些全球最大公司的领导者进行深度访谈。您将了解他们的领导原则、公司战略以及他们如何与我们这样的大型投资者打交道。您还将了解我们作为公司所有者的角色。 您可以在 https://www.nbim.no/en/publications/podcast/ 上了解更多关于该播客的信息。

This live recorded episode of In Good Company features Eliot Higgins, founder of Bellingcat, the world's leading open source investigative collective — a self-taught college dropout who began tracking the Syrian war from his kitchen table. Together with Nicolai Tangen, he unpacks how his team unmasked Navalny's poisoners and tracked the downing of flight MH17 using nothing but publicly available data. Eliot explains the discipline at the heart of his work: never prejudge a situation, follow the evidence before forming an opinion, and guard against your own biases. The conversation also explores why speed matters when truth competes with lies, how AI gives people "permission to deny reality," and what disinformation means for democracy. Tune in for a fascinating conversation! 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/

Canada's pension funds have become a blueprint for institutional investing worldwide, and John Graham runs the largest of them. Nicolai Tangen sits down with the CEO of CPP Investments, manager of $800 billion on behalf of 22 million Canadians, for a conversation spanning strategy and leadership. They explore the celebrated "Canadian model" and what imitators get wrong, why Graham calls diversification "an act of humility," and how CPP weighs private markets, the US, and China. A scientist before he was an investor, Graham reflects on leading through COVID, AI's uncertain role in investment decisions, and his belief that investing is "quantitative art" rather than science. 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/

Nicolai Tangen sits down with Andrew Forrest, Chairman and CEO of Fortescue, to explore one of the most remarkable stories in modern business. From building a mining giant from scratch against a 60-year duopoly, to pledging to run the entire company on zero fossil fuels by 2030 with no offsets, Forrest has never been afraid to think big. They discuss his "crazy brave Plan A" philosophy, the role of AI in running smart energy grids, and his disagreements with some of the world's most powerful people over climate policy. Andrew also opens up about the accident that reshaped his priorities, his philanthropic mission tackling modern slavery and ocean conservation, and the simple advice that guides his life: be useful, and enjoy it. 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/

What would happen to the fund if extreme weather triggered a global food shock? In our latest stress test, we estimate it could wipe around 20% off the fund's value — roughly USD 420 billion. Here's how the scenario unfolds. Extreme weather hits two major food-producing regions at the same time, causing crop failures. Global food prices spike, and supply-chain disruptions slow growth while pushing inflation higher. Higher inflation feeds through to higher yields, which weigh on bonds — an estimated 10% fall in the fixed-income portfolio. Slower growth and higher yields then hit shares and dividends, an estimated 24% fall in the equity portfolio. Combined at the fund level, that adds up to a loss of around 20%, or about USD 420 billion (around NOK 4,250 billion). To build a scenario like this, we look first at past events with similar characteristics, then anchor on studies that model how such shocks move the key economic variables. We apply those shocks to the fund as it is invested today. These scenarios are entirely hypothetical — and far simpler than the real world, where shocks rarely happen in isolation. The point isn't to predict the future. It's to understand how different risks are connected, and to be prepared if severe but plausible events were to happen. This is one of four scenarios in our 2025 stress testing, alongside an AI correction, a fragmented world and a regional debt crisis. We publish these analyses every year. We manage the fund to safeguard and build financial wealth for current and future generations in Norway — and that means planning for the difficult years, not only the good ones. 📄 Read the full stress testing report: https://www.nbim.no/contentassets/c7d3b015300d48a1ac0136f069b9bed7/gpfg_stresstesting-2025.pdf 🌍 More about the fund: https://www.nbim.no — Norges Bank Investment Management manages the Government Pension Fund Global on behalf of the people of Norway. Follow us on LinkedIn, Instagram and YouTube. #oljefondet #NBIM #stresstest

Where would the modern world be without cement? Nicolai Tangen sits down with Miljan Gutovic, CEO of Holcim, to explore the transformation underway in the global building materials industry. They discuss Europe's shortage of nearly 10 million homes and what it means for construction, how Holcim is turning sustainability into a competitive advantage, the logic behind spinning off its North American business, and the booming opportunity in Latin America. Gutovic also shares his three leadership rules: control the controllables, fight complacency, and benchmark relentlessly. Tune in for an insightful conversation! 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/

尼科莱·坦根与Snowflake首席执行官斯里达尔·拉马斯瓦米对话。Snowflake是一个数据平台，为全球一半的顶尖企业提供支持。在这次对话中，他们探讨了数据和AI领域的真实动态。 两人深入探讨了以下内容：Snowflake仅按用量收费（基于消费的定价模式），这使其与传统的软件公司截然不同。斯里达尔现在认为，AI模型公司是科技行业最大的竞争威胁——比任何其他公司都大。而AI智能体正在改变一切——从数据管道到软件工程。 斯里达尔还谈到了他的公司Neva——从创立到失败，以及他从中汲取的教训。同时，他分享了那些将他从泰米尔纳德邦带到科技行业顶峰的价值观：勤奋、适应力强和永不放弃。 一定不要错过这场精彩的对话！ —— Snowflake CEO：AI智能体将如何改变工作方式 尼科莱·坦根采访了Snowflake首席执行官斯里达尔·拉马斯瓦米。Snowflake是一个数据平台，为全球一半的最大公司提供支持。他们深入探讨了Snowflake基于消费的定价模式如何使其与传统软件模式区分开来，为什么斯里达尔现在认为AI模型公司比科技行业中的任何其他公司都更具竞争威胁，以及AI智能体如何从数据管道到软件工程本身改变一切。斯里达尔还反思了创立Neva并失败的经历，并分享了塑造他从泰米尔纳德邦到科技行业顶峰的价值观：勤奋、适应力和韧性。敬请收听这场富有洞察力的对话！

The first money was deposited on 30 May 1996, and since then the fund has grown from 2 billion kroner to a full 21,000 billion. The fund is Norway’s collective savings and is meant to benefit both current and future generations. Each year, a quarter of the national budget is covered by money from the fund. At the same time, analyses show that the years ahead will be tougher for the Norwegian economy. Spending on areas such as health, care, pensions and defence will grow faster than revenues as early as 2029. In this video, you’ll meet Minister of Finance Jens Stoltenberg, fund CEO Nicolai Tangen and Erlend Mørch from NRK in a debate about the fund and what kind of economy young Norwegians will inherit. Norges Bank Investment Management and the Ministry of Finance brought together students and teachers at Oslo Event Hub to learn more about the fund and discuss what the Norwegian economy will look like when today’s 17- and 18-year-olds enter adult life. —————————————————————————————————— Oljefondet fyller 30 år. 30. mai 1996 ble de første pengene satt inni fondet. Siden har fondet vokst fra 2 milliarder kroner til hele 21 000 milliarder. Fondet er hele Norges sparegris og skal komme både nåværende og kommende generasjoner til gode. Hvert år dekkes en firedel av statsbudsjettet med penger fra fondet. Samtidig viser analyser at det blir tøffere tak i norsk økonomi i årene som kommer. Utgifter til blant annet helse, omsorg, pensjon og forsvar vil vokse raskere enn inntektene allerede fra 2029. I denne videoen møter du finansminister Jens Stoltenberg, oljefondsjef Nicolai Tangen og Erlend Mørch fra NRK til debatt om Oljefondet og hva slags økonomi norske ungdommer vil arve i fremtiden. Norges Bank Investment Management og Finansdepartementet samlet elever og lærere på Oslo Event Hub for å lære mer om fondet og diskutere hvordan norsk økonomi ser ut når dagens 17- og 18-åringer trer inn i voksenlivet.

Nicolai Tangen sits down with Sridhar Ramaswamy, CEO of Snowflake, the data platform powering half the world's largest companies, to explore what's really happening at the frontier of data and AI. They dig into how Snowflake's consumption-based pricing sets it apart from traditional software models, why Sridhar now considers AI model companies a bigger competitive threat than anyone else in tech, and how AI agents are transforming everything from data pipelines to software engineering itself. Sridhar also reflects on the lessons learned from founding and failing with Neva, and shares the values of hard work, adaptability, and resilience that have shaped him from Tamil Nadu to the top of the tech industry. Tune in for an insightful conversation! 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/

如果有人能讲述挪威如何建立全球最大主权财富基金的故事，那一定是延斯·斯托尔滕贝格。在该基金成立30周年之际，尼古拉·坦根与挪威财政部长、前北约秘书长一同追溯了将石油收入转化为2万亿美元国家储蓄的关键决策。他们探讨了为何英国和挪威在石油产量相近的情况下发展路径截然不同、支出规则背后的考量，以及当财富看似有保障时自满情绪的风险。斯托尔滕贝格还解释了他暂停伦理委员会运作的理由、排除挪威自身采购的国防公司这一悖论，以及他认为未来30年对基金最重要的因素。敬请收听！ 《与优秀同行》由挪威银行投资管理公司首席执行官尼古拉·坦根主持。每周三更新一期。 播客《与优秀同行》是挪威银行投资管理公司旗下节目，专注于我们的投资。我们透明公开地展示基金的投资方式。在本播客中，您将深入了解基金所投资的企业。 我们的首席执行官尼古拉·坦根会与全球一些最大公司的领导者进行深度访谈。您将了解他们的领导原则、公司战略，以及他们如何应对像我们这样的大型投资者。您还将更深入地了解我们作为公司所有者的角色。 您可以在 https://www.nbim.no/en/publications/podcast/ 上了解更多关于本播客的信息。 0:00 开场 – 尼古拉会见挪威财政部长延斯·斯托尔滕贝格 0:50 挪威和英国如何以不同方式管理石油收入 6:10 挪威病：过度依赖石油？ 10:42 审视基金的道德准则 11:46 投资国防公司 16:20 科技巨头占基金25%——这是风险吗？ 20:33 地缘政治、贸易壁垒及其对基金的影响 23:40 挪威是否充分利用了人工智能？ 26:40 未来30年最重要的经验教训 27:14 给基金管理者的建议

What might happen to the fund's value in a regional debt crisis? Our 2025 stress test finds the fund could drop 32% in value — that's around 700 billion dollars. In this video, you learn more from Strategy Researchers Owen Yang and Andrea Nocera, based in our London office. A regional loss of confidence in government bonds drives up political uncertainty and long-term yields, with the shock rippling through global markets. We manage the fund with the aim of the highest possible return at moderate risk. To achieve this, we need to identify, measure and manage the risks the fund faces. We use multiple approaches: 📊 Risk metrics (tracking error and expected shortfall) 📊 Stress testing 📊 Concentration analysis 📊 Factor exposure The stress test is a collaborative effort from our Strategy Research team and our risk department, with input from our internal investment professionals. The full report is available here: https://www.nbim.no/contentassets/c7d3b015300d48a1ac0136f069b9bed7/gpfg_stresstesting-2025.pdf #oljefondet

In this episode, Nicolai Tangen speaks with Evan Spiegel, co-founder and CEO of Snap, the company behind Snapchat. Evan reflects on building Snapchat from a Stanford dorm room idea into a platform used by nearly a billion people worldwide. They discuss why Evan turned down a $3 billion offer from Mark Zuckerberg, Snap's bold bet on augmented reality glasses, and how AI is transforming software development from the inside out. Evan also shares his leadership philosophy, built around kindness, creativity, and long-term thinking. Don't miss this conversation with one of Silicon Valley's most unconventional builders. 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 Evan Spiegel, co-founder and CEO of Snap 1:34 Building Snap from scratch 2:48 Why disappearing messages — and turning down Zuckerberg's offer 4:33 Building a culture of creativity and innovation 8:57 The biggest bet: augmented reality glasses 9:59 Why Snap will succeed where others have struggled with AR 13:13 Hardware, software, and what's slowing AR down 14:12 Non-negotiable culture values 17:30 The 2022 restructuring and what it did to the culture 22:07 How Evan has changed as a leader — and how AI is transforming Snap

Today, May 30th 2026, marks 30 years since the first inflow to the Norwegian Sovereign Wealth Fund (NBIM). Erik Hilde was one of the portfolio managers handling the first ever transaction, and he still works here to this day. On a bill dated May 30 1996, it states the transfer of enmilliardnihundreogåttienmillioneretthundreogtjueåttetusenfemhundreogto. In English, that’s about 2 billion Norwegian kroner. 30 years later, the fund manages 2 trillion dollars on behalf of the people of Norway.

Nicolai Tangen与Prosus首席执行官Fabricio Bloisi对话，追溯他从平凡起点到运营全球最具雄心的科技生态系统之一的非凡旅程。Prosus旗下拥有众多知名消费品牌，如巴西的iFood、印度的Swiggy、欧洲的Just Eat，以及为新兴市场提供支付服务的PayU。他们讨论了Fabricio的“水上摩托”模式（用于快速创新）、将Just Eat大胆转型为AI优先公司，以及他为何认为AI仍被低估。Fabricio还分享了他深具企业家精神的领导哲学：聘用比你更优秀的人，充分授权他们，并永不停止质疑现状。Prosus拥有超过4万名员工，业务涵盖拉丁美洲、印度和欧洲的外卖、金融科技和生活服务，其梦想规模鲜有公司敢于想象。 《In Good Company》由挪威银行投资管理公司首席执行官Nicolai Tangen主持。每周三更新新集。 播客《In Good Company》是挪威银行投资管理公司的一部分，是一档关于我们投资的播客。我们透明地展示基金的投资方式。在本播客中，您将深入了解基金所投资的公司。 我们的首席执行官Nicolai Tangen与一些全球最大公司的领导者进行深度访谈。您将了解他们的领导原则、公司战略以及他们如何与我们这样的大型投资者打交道。您还将了解我们作为公司所有者的角色。 您可以在https://www.nbim.no/en/publications/podcast/上了解更多关于该播客的信息。 0:00 开场 – Nicolai会见Prosus首席执行官Fabricio Bloisi 1:17 什么是Prosus？在三大洲构建生态系统 3:44 创始故事 6:00 他如何将iFood从每月2万单发展到2亿单 11:16 水上摩托模式：在大公司内部运营初创企业 13:20 扩张至印度和欧洲 – 以及收购Just Eat 16:26 在试图打造欧洲大型科技公司时与欧洲监管机构抗争 18:12 为何AI被低估 – 以及Prosus如何围绕AI重建 22:48 智能体、支付以及智能体商业的未来 23:58 企业文化、通往5000亿美元之路，以及对年轻人的建议

Jesper Brodin served as Chief Executive Officer of Ingka Group, the largest IKEA retailer, from 2017 until November 2025, following a career with IKEA spanning more than 30 years. Before becoming CEO, Jesper was Managing Director at IKEA of Sweden, responsible for the development of the product range and supply chain of the IKEA brand. Jesper began his IKEA career in Pakistan in 1995 as a purchase manager, later becoming Regional Purchase Manager for Southeast Asia. In 1999, he served as assistant to both IKEA founder Ingvar Kamprad and then-CEO Anders Dahlvig. Jesper serves as Chair of The B Team and Co-Chair of the UN Global Compact, advocating for a future where purpose and profit go hand in hand. In 2024, he was named one of TIME's 100 most influential people. Jesper holds a Master's degree in Industrial Engineering from Chalmers University of Technology, Sweden.

Mr. Rubenstein is Co-Founder and Co-Chairman of the Board of Carlyle, one of the world’s largest and most diversified global investment firms. Previously, Mr. Rubenstein served as Co-Chief Executive Officer of Carlyle. Among other philanthropic endeavors, Mr. Rubenstein is Chairman of the Boards of the Council on Foreign Relations, the National Gallery of Art, the Economic Club of Washington, and the University of Chicago; a Trustee of Memorial Sloan-Kettering Cancer Center, the Institute for Advanced Study, the Brookings Institution, and the World Economic Forum; an Emeritus Trustee of Johns Hopkins Medicine; and a Director of Moderna, Inc. and the American Academy of Arts and Sciences. Mr. Rubenstein is a magna cum laude graduate of Duke University, where he was elected Phi Beta Kappa. Following Duke, Mr. Rubenstein graduated from the University of Chicago Law School, where he was an editor of the Law Review.

What does it take to build a culture that performs, not just once, but consistently over time? 🏆 At this year’s Annual Investment Conference, we explored what a winning culture really means across leadership and investing. Sustained performance is rarely about talent alone. It depends on trust, ownership and the ability to keep improving, even when results are strong. For the fund, long term thinking shapes how we invest, how we work together and how we continue to build a culture that can evolve over time 🌐 Watch the video with Anders Meland, reflecting on the habits, behaviours and leadership principles that help shape high-performing cultures over time 🎥 hashtag#Oljefondet

尼古拉·坦根（Nicolai Tangen）与辉瑞CEO阿尔伯特·布尔拉（Albert Bourla）进行了一场广泛的对话，涉及领导力、科学以及全球医疗保健的未来。布尔拉回顾了他在辉瑞领导新冠疫苗突破的过程，以及这一成就如何改变了公司。讨论还深入探讨了辉瑞向创新药物战略转型，包括在肿瘤学和肥胖症领域的大规模投资，以及数十亿美元收购背后的高风险决策。 展望未来，对话探讨了人工智能将如何改变药物发现、临床试验以及更广泛的医疗体系。布尔拉坦率地谈及全球竞争，特别是中国在生物技术领域的迅速崛起，以及像辉瑞这样的公司需要如何保持领先。除了商业，布尔拉还畅谈了领导力、如何培养韧性、建立组织信心，以及作为CEO如何不断进化。他还分享了一个关于他母亲（一位大屠杀幸存者）的深刻个人故事，以及她的视角如何塑造了他的乐观和动力。 《In Good Company》由挪威银行投资管理公司CEO尼古拉·坦根主持。每周三更新新一期。 播客《In Good Company》是挪威银行投资管理公司的一部分，这是一个关于我们投资的播客。我们透明地介绍基金的投资方式。在这个播客中，您可以深入了解基金投资的公司。 我们的CEO尼古拉·坦根对全球一些最大公司的领导人进行了深入采访。您将深入了解他们的领导原则、公司战略以及他们如何与我们这样的大型投资者打交道。您还将了解我们作为公司所有者的角色。 您可以在 https://www.nbim.no/en/publications/podcast/ 上了解更多关于该播客的信息。 0:00 开场 – 尼古拉与辉瑞董事长兼CEO阿尔伯特·布尔拉会面 1:47 新冠疫苗：8个月内研发成功 5:36 疫情后遗症：重建文化 8:30 ADC技术与抗癌斗争 11:10 肥胖症革命与GLP-1药物 18:38 人工智能如何改变药物发现 25:15 中国、地缘政治与制药主导地位 33:57 领导风格与伟大领导者的特质 37:55 阿尔伯特的领导力如何随时间演变 42:00 个人动力、母亲的故事以及对年轻人的建议

Christel Heydemann was appointed Chief Executive Officer of the Orange group on April 4, 2022. She began her career in 1999 at Alcatel, where she held various management positions. In 2011, she was promoted to Director of Human Resources and Transformation and member of the Executive Committee. Christel Heydemann joined Schneider Electric in 2014. In 2017, she became Executive Director France Operations of Schneider Electric and member of Schneider Electric’s Executive Committee. In 2021, she was named Director Europe Operations, a position she held until the beginning of 2022 when she became Chief Executive Officer of the Orange group, having served as a member of its Board of Directors since 2017. She is a graduate of École Polytechnique and École Nationale des Ponts et Chaussées. Christel Heydemann is an Officer of the French Order of Merit and a Knight of the French Legion of Honor.

Karin Rådström has been Chief Executive Officer of Daimler Truck since October 2024. She previously served as a Member of the Board of Management responsible for Mercedes-Benz Trucks from February 2021 until her appointment as CEO. She brings extensive international experience in the commercial vehicles industry and a strong track record in building customer-focused sales organisations. Prior to joining Daimler Truck, Karin spent 16 years at Scania, where she was most recently a member of the Executive Board responsible for sales and marketing. She held various managerial positions within Scania's sales and service organisation, including Head of the bus and coach business and leading the launch of the connected vehicle business. Karin serves as a Board Member of Atlas Copco since April 2024. She holds a Master of Engineering in Industrial Management from the Royal Institute of Technology in Stockholm. -- Jesper Brodin – Former Chief Executive Officer of Ingka Group Jesper Brodin served as Chief Executive Officer of Ingka Group, the largest IKEA retailer, from 2017 until November 2025, following a career with IKEA spanning more than 30 years. Before becoming CEO, Jesper was Managing Director at IKEA of Sweden, responsible for the development of the product range and supply chain of the IKEA brand. Jesper began his IKEA career in Pakistan in 1995 as a purchase manager, later becoming Regional Purchase Manager for Southeast Asia. In 1999, he served as assistant to both IKEA founder Ingvar Kamprad and then-CEO Anders Dahlvig. Jesper serves as Chair of The B Team and Co-Chair of the UN Global Compact, advocating for a future where purpose and profit go hand in hand. In 2024, he was named one of TIME's 100 most influential people. Jesper holds a Master's degree in Industrial Engineering from Chalmers University of Technology, Sweden. -- Ajay Banga has been President of the World Bank Group since June 2023, leading the institution's transformation with a new vision to create a world free of poverty on a liveable planet. Prior to joining the World Bank, Ajay was Vice Chairman at General Atlantic and, before that, President and CEO of Mastercard for 12 years, where he led a global workforce of nearly 24,000 and made financial inclusion a core part of the company's strategy. He founded the Mastercard Center for Inclusive Growth to advance equitable and sustainable economic opportunity. Earlier in his career, Ajay spent 13 years at Nestlé India and held senior leadership positions at Citigroup, including CEO of the Asia-Pacific region. Ajay served as Chairman of the International Chamber of Commerce from 2020 to 2022 and is a co-founder of the Cyber Readiness Institute. He was awarded the Padma Shri by the President of India in 2016. Ajay holds a Bachelor's degree in Economics from St. Stephen's College, University of Delhi, and an MBA from the Indian Institute of Management Ahmedabad. -- Roula Khalaf – Editor of the Financial Times Roula Khalaf has been Editor of the Financial Times since 2020. She previously served as Deputy Editor, overseeing a range of newsroom initiatives and award-winning editorial projects while leading a global network of over 100 foreign correspondents. Before becoming Deputy Editor, Roula was the FT's Foreign Editor, overseeing operations in Europe, Africa and the Middle East. As Middle East Editor, she launched a Middle East edition and led coverage of the Arab Spring. She joined the FT in 1995 as North Africa correspondent, having previously been a staff writer for Forbes magazine in New York. Roula is a Board Member of the Committee to Protect Journalists. She was named Foreign Commentator of the Year at the Editorial Intelligence Comment Awards in 2016.

CEO of Norges Bank Investment Management, Nicolai Tangen on Why culture matters

肯尼斯·格里芬（Kenneth Griffin）是城堡投资（Citadel）的创始人兼首席执行官，该公司是全球领先的另类投资公司之一，管理着超过600亿美元的资本。他还是城堡证券（Citadel Securities）的创始人兼非执行主席，该公司是全球最大的做市商之一，为全球超过1600家机构客户提供服务。 肯于1990年创立城堡投资，一年前他从哈佛大学毕业，而早在1986年，他就在宿舍里开始了投资生涯。他创立公司的信念是：卓越的人才、先进的量化分析以及强大的技术能够为全球资本市场打开机遇之门。 通过格里芬催化剂（Griffin Catalyst），肯在教育、健康科学和文化机构领域做出了变革性的慈善贡献。 肯拥有哈佛大学经济学荣誉学士学位。 -- 大卫·鲁宾斯坦（David Rubenstein）是凯雷集团（Carlyle）的联合创始人兼联合董事会主席，凯雷是全球最大、最多元化的全球投资公司之一。此前，鲁宾斯坦先生曾担任凯雷的联席首席执行官。 在其他慈善事业中，鲁宾斯坦先生担任外交关系委员会、国家美术馆、华盛顿经济俱乐部和芝加哥大学董事会主席；是纪念斯隆凯特琳癌症中心、高等研究院、布鲁金斯学会和世界经济论坛的受托人；是约翰霍普金斯医学的荣誉受托人；并担任莫德纳公司（Moderna, Inc.）和美国艺术与科学学院的董事。 鲁宾斯坦先生以优异成绩毕业于杜克大学，并被选入美国大学优等生荣誉协会（Phi Beta Kappa）。从杜克大学毕业后，他毕业于芝加哥大学法学院，并曾担任《法律评论》编辑。 -- 罗宾·格鲁（Robyn Grew）——英仕曼集团（Man Group）首席执行官 罗宾·格鲁是英仕曼集团的首席执行官，这是一家全球另类投资管理公司，管理资产超过2000亿美元，在伦敦证券交易所上市。作为首席执行官，她领导公司的执行委员会，并担任英仕曼集团董事会的执行董事。 自2010年通过收购GLG加入英仕曼集团以来，罗宾曾担任集团首席运营官、环境社会治理（ESG）主管、总法律顾问，以及最近的集团总裁。罗宾在2019年领导了英仕曼集团的重组，并一直推动公司的多元化计划。 罗宾自1994年起便投身投资行业。在此之前，她曾在伦敦、纽约和东京的投资银行担任全球高级职位，包括巴克莱资本和雷曼兄弟，以及现在的洲际交易所欧洲期货交易所（ICE Futures Europe）。她是一名合格的出庭律师，也是另类投资标准委员会（SBAI）董事会的成员。 -- 迈克尔·奥利里（Michael O’Leary）自1988年起担任瑞安航空（Ryanair DAC）董事，自1996年起担任瑞安控股（Ryanair Holdings）董事。迈克尔于1994年被任命为瑞安航空首席执行官，并于2019年4月担任集团首席执行官，此前自1988年起担任首席财务官。 在他的领导下，瑞安航空已发展成为欧洲最大的航空集团，开创了低成本模式，改变了整个欧洲大陆的航空旅行。迈克尔拥有都柏林圣三一学院商业与经济学学位。