Norges Bank Investment Management manages the Norwegian Government Pension Fund Global, often referred to as the Oljefondet, NBIM or Statens Pensjonsfond Utland (SPU). The aim of the fund is to ensure responsible and long-term management of revenue from Norway’s oil and gas resources so that this wealth benefits both current and future generations of Norway.
Our objective as manager of the fund is to generate the highest possible return on the fund. We aim to achieve this in a safe, efficient, responsible and transparent manner, and within government guidelines.
We have offices in Oslo, London, New York and Singapore. Our global presence brings us closer to the markets we invest in and ensures stronger links with partners in different parts of the world.
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
Her good reputation already speaks for her .I’m also one of the beneficiary of Natalie Strayer. So happy I gave it a trial after being skeptic of the process.
Elizabeth Regina Nelsen has really set the standard for others to follow, we love her here in the UK as she has been really helpful and changed lots of life's
Elon was generous enough to give this man an interview early this year and in return, this man voted AGAINST Elon's pay package. Elon even accepted his dinner invitation. This man have no shame. GYF Nicolai from Norway
Speaking of professionals, have you guys heard of RPC Wealth? They've been managing my portfolio for the past couple of years, and I've seen significant growth in my investments.
Well, for starters, RPC Wealth takes a personalized approach to wealth management. They tailor their strategies to fit each client's unique financial goals and risk tolerance.
Plus, they have a team of seasoned professionals who are experts in their field. They use a combination of traditional investment strategies and cutting-edge technology to maximize returns for their clients.
3 TOUGH RULES, DESIGNED TO DETERMINE THE NORGE INVESTMENT FUND, TO START WORKING FOR THE BENEFIT OF THE NATION & ITS CITIZENS & NOT TO HELP OTHER NATIONS, TO OBTAIN IMPORTANT BENEFITS? Electors are revolted, because instead a certain part of Norwagian citizens money, shall be used in Norway, to finance specific economic activities, that can create jobs for Norwegians & in the same time, start to reduce the high cost of living, the money of Norwegian citizens, have been utilized, to help other Nations, to create jobs, develop their finance industries & generate a multitude of benefits, for their employees companies, CEOs top executives & authorities. Due to the situation gravity, I published this content, in the new media platforms, of the Norwegian prime Minister, Mr Jonas Gahr Store, the Ministry of finance, Mr Trygve Slagsvold Vedum, the leader of two opposition parties , Ms Erna Solberg & Sylvia Listhaug I also present it, in the economic & Finance platform, E24.no, Aftenposten, VG & the RU-vid channel of the Norges investment Fund, called "in good company" In all of the circumstances, I said if Norwegian electors, who are revolted, want the money of Norwegian citizens, to be utilized for the benefit of the Nation & its citizens, they must start to take specific actions. Some of them, shall be designed to determine the Minister of finance & all the ones who are responsible for the administration of the Norge investment Fund management, to apply the following 3 rules. 1) Use 15% of the Norge investment Fund, with priority, in projects that can create jobs for Norwegians, attract enough revenues from outside, while creating jobs, because like that,both local authorities & the government, can afford to eliminate abusive taxes & fees. 2) Utilize another 10% of the Norwegian citizens money, to concept new business models, that are capable to enable the country, to diversify its economy, reduce the high cost of living & in the same time, generate new business & jobs opportunities, in different regions, outside Oslo. Given that on of the major objective, is to motivate a certain part of employees & entrepreneurs who are doing business or working in Oslo, the new economic activities, shall be capable to bring high profit in a relative short term & generate a relative big number of jobs, that can be paid with more than 30%, compared to Oslo. DID YOU REALIZE WHY THE NEW ECONOMIC ACTIVITIES SHALL START TO HELP THE NATION TO REDUCE THE HIGH COST OF LIVING?. Due to the benefits that the respective business models, shall bring both for investors, entrepreneurs & employees, a certain number of entrepreneurs & employees, who are working, or doing business in the capital City , shall be motivated, to move to the new regions that shall offer the above refered be business & jobs opportunities. As a beneficial result, the cost of living in Oslo, will subestantial reduce. That is obvious, because the demand for services & products, in the capital city, will subestantial decrease. As a positive result, as I already said, companies shall be determined, to dramatically reduce prices. DID YOU REALIZE HOW THE NORGE INVESTMENT FUND CAN START TO BE USED FOR THE BENEFIT OF NORWEGIAN, CITIZENS & NOT TO HELP OTHER NATIONS TO ACHIEVE SOME OF THEIR IMPORTANT OBJECTIVES? In order to bring some other benefits, Norwegian electors who are revolted, shall take specific actions & determine the Minister of finance & the ones who are responsible for the Norge investment Fund management, to apply the following rule; 3) Use 30% of the Norge investment Fund, to build from the scratch, a finance center, & ecosystem that can be capable to compete in the global Finance market. In such a purpose the Minister of finance & its partners have obligation to start to carry on, what is necessary, so that a Norway solid & credible Finance Industry, can become capable to compete, with London & New York Finance one. Until then Norwegian electors who are revolted, shall take into consideration. instead the ones who have been managing the Norge investment Fund, continue to utilize the money of Norwegian citizens, to help London & New York Finance, to achieve some of their important objectives, 30% of the Norge investment Fund, resources, shall start to be utilized, in Norway, to build from the scratch, a strong & credible finance industry. DID YOU REALIZE WHY INSTEAD NORWAY USE ITS MONEY, TO HELP OTHER NATIONS, TO ACHIEVE SOME OF THEIR IMPORTANT OBJECTIVES, THE NORWAY MINISTER OF FINANCE & THE ONES RESPONSIBLE FOR THE MANAGEMENT OF THE FUND, SHALL BUILD FROM THE SCRATCH, IN NORWAY, A SOLID & CREDIBLE FINANCE INDUSTRY? That is possible because of the following reality; the United States & UK, finance industry, had lost credibility. Because of that, a relative big number of strategic investors, had started to avoid investing in the USA & UK. Instead they are searching for new investment opportunities, outside the United States & UK. Based on the above refered realities, the Norway minister of Finance & the ones who are responsible for the Norge investment Fund, has obligation to build from the scratch, a solid & viable Finance Industry in Norway. Due to the importance of the issue, I will bring more information about how the Norway minister of Finance & the ones who are responsible for the Norge investment Fund management, have obligation to start carry on, so that they can benefit from the above refered circumstances & start to obtain specific advantages for Norwegian citizens & the Nation economy.
3 TOUGH RULES, DESIGNED TO DETERMINE THE NORGE INVESTMENT FUND, TO START WORKING FOR THE BENEFIT OF THE NATION & ITS CITIZENS & NOT TO HELP OTHER NATIONS, TO OBTAIN IMPORTANT BENEFITS? Electors are revolted because instead Norwagian citizens money, shall be used in Norway, in specific economic activities, that can create jobs for Norwegians & in the same time, start to reduce the high cost of living, the money of Norwegian citizens, have been utilized to help other Nations, to create jobs, develop their finance industries & generate a multitude of benefits, for their employees companies, CEOs top executives & authorities. Due to the situation gravity, Due to the, situation gravity, published this content, in the new media platforms, of the Norwegian prime Minister, Mr Jonas Gahr Store, the Ministry of finance, Mr Trygve Slagsvold Vedum, the leader of two opposition parties , Ms Erna Solberg & Sylvia Listhaug I also present it, in the economic & Finance platform, E24, Aftenposten, VG & the RU-vid channel of the Norges investment Fund, called "in good company" In all of the circumstances, I said if Norwegian electors, who are revolted, want the money of Norwegian citizens, to be utilized for the benefit of the Nation & its citizens, they must start to take specific actions. Some of them, shall be designed to determine the Minister of finance & all the ones who are responsible for the administration of the Norge investment Fund management, to apply the following 3 rules. 1) Use 15% of the Norge investment Fund, with priority, in projects that can create jobs for Norwegians, attract enough revenues from outside, while creating jobs, because like that,both local authorities & the government, can afford to eliminate abusive taxes & fees. 2) Utilize another 10% of the Norwegian citizens money, to concept new business models, that are capable to enable the country, to diversify its economy, reduce the high cost of living & in the same time, generate new business & jobs opportunities, in different regions, outside Oslo. Given that on of the major objective, is to motivate a certain part of employees & entrepreneurs who are doing business or working in Oslo, the new economic activities, shall be capable to bring high profit in a relative short term & generate a relative big number of jobs, that can be paid with more than 30%, compared to Oslo. DID YOU REALIZE WHY THE NEW ECONOMIC ACTIVITIES SHALL START TO HELP THE NATION TO REDUCE THE HIGH COST OF LIVING?. Due to the benefits that the respective business models, shall bring both for investors, entrepreneurs & employees, a certain number of entrepreneurs & employees, who are working, or doing business in the capital City , shall be motivated, to move to the new regions that shall offer the above refered be business & jobs opportunities. As a beneficial result, the cost of living in Oslo, will subestantial reduce. That is obvious, because the demand for services & products, in the capital city, will subestantial decrease. As a positive result, as I already said, companies shall be determined, to dramatically reduce prices. DID YOU REALIZE HOW THE NORGE INVESTMENT FUND CAN START TO BE USED FOR THE BENEFIT OF NORWEGIAN, CITIZENS & NOT TO HELP OTHER NATIONS TO ACHIEVE SOME OF THEIR IMPORTANT OBJECTIVES? In order to bring some other benefits, Norwegian electors who are revolted, shall take specific actions & determine the Minister of finance & the ones who are responsible for the Norge investment Fund management, to apply the following rule; 3) Use 30% of the Norge investment Fund, to build from the scratch, a finance center, & ecosystem that can be capable to compete in the global Finance market. In such a purpose the Minister of finance & its partners have obligation to start to carry on, what is necessary, so that a Norway solid & credible Finance Industry, can become capable to compete, with London & New York Finance one. Until then Norwegian electors who are revolted, shall take into consideration. instead the ones who have been managing the Norge investment Fund, continue to utilize the money of Norwegian citizens, to help London & New York Finance, to achieve some of their important objectives, 30% of the Norge investment Fund, resources, shall start to be utilized, in Norway, to build from the scratch, a strong & credible finance industry. DID YOU REALIZE WHY INSTEAD NORWAY USE ITS MONEY, TO HELP OTHER NATIONS, TO ACHIEVE SOME OF THEIR IMPORTANT OBJECTIVES, THE NORWAY MINISTER OF FINANCE & THE ONES RESPONSIBLE FOR THE MANAGEMENT OF THE FUND, SHALL BUILD FROM THE SCRATCH, IN NORWAY, A SOLID & CREDIBLE FINANCE INDUSTRY? That is possible because of the following reality; the United States & UK, finance industry, had lost credibility. Because of that, a relative big number of strategic investors, had started to avoid investing in the USA & UK. Instead they are searching for new investment opportunities, outside the United States & UK. Based on the above refered realities, the Norway minister of Finance & the ones who are responsible for the Norge investment Fund, has obligation to build from the scratch, a solid & viable Finance Industry in Norway. Due to the importance of the issue, I will bring more information about how the Norway minister of Finance & the ones who are responsible for the Norge investment Fund management, have obligation to start carry on, so that they can benefit from the above refered circumstances & start to obtain specific advantages for Norwegian citizens & the Nation economy.
Uhh, people are not as unpredictable as he thinks. If he really needs a lesson in psychology, he could start in his intellectual neck of the woods: behavioral finance.
Even though Mr. Marks primarily deals with the credit markets, value equity investors can still learn a lot from him. I've always seen him as a modern-day philosopher. Also, you asked many questions that have not been asked of him before. Great interview, like all of your other ones.
Guys, technical issues are common and understandable, but whoever was operating these cameras could go to functional camera and operate it. Make it wide for both people when question time and zooming in slowly for responses. Great interview though
By YouSum Live 00:00:32 Embracing finance through accounting's symmetry. 00:02:02 Oak Tre's investment philosophy: risk control paramount. 00:02:31 Market efficiency focus, avoiding macro forecasting reliance. 00:05:00 Acknowledging limits of knowledge, randomness, and human behavior. 00:06:02 Decision quality not solely outcome-dependent, randomness acknowledged. 00:07:18 Age mellows, patience grows, wisdom values over quick action. 00:08:09 Understanding market cycles' importance in investment strategy. 00:09:14 Regression toward the mean, correcting market excesses reliably. 00:17:02 Sound risk management: not avoidance, but intelligent risk-bearing for profit. 00:18:39 Probabilistic outcomes in finance, multiple possibilities, excessive certainty cautioned. 00:23:20 Risk control is paramount in investment philosophy. 00:24:29 Card games teach risk-taking and probability for investing. 00:25:29 Financial markets viewed as a strategic, analytical gamble. 00:26:27 Intelligent bearing of risk crucial for profit in markets. 00:29:34 Contrarianism in finance is essential for successful bets. 00:30:42 Being contrarian involves deep analysis beyond consensus opposition. 00:31:47 Personality traits like contrarianism and resilience are vital. 00:32:25 Dare to be different, wrong, and withstand criticism for success. 00:37:39 Acknowledging uncertainty is crucial for sound decision-making. 00:40:40 Observing, analyzing, and critical thinking are key for success. 00:41:00 Investing requires accepting randomness and being comfortable with being wrong. By YouSum Live
What I learnt from this podcast: Investment philosophy: - Risk control - It’s easy to make money in the market, especially in good years, and most years are good years. - The challenge is to make make under risk control, in case it goes bad, it won’t turn out to be too bad. - Consistency - Market efficiency - We target only the less efficient markets - High degree on specialization - You can’t be a successful generalist, you have to know more than everybody else about a few things. - We don’t rely on macro forecasting to drive our investments - We don’t expect much from market timing Macroeconomy is unreliable, macro economist are not consistent, macroeconomist is a portfolio manager who never marks the market. Limits on knowledge Randomness/luck affects everything. In the market you are not dealing with physical laws or engineering, you are dealing with people. Market is people, history is the actions of people. The world is governed by the action of people. Processes around people can’t be predicted. Physicist Richard Feynman said “Physics would be much harder, if electrons had feelings”. People have feelings, so their behaviour is unpredictable. Quality of decision: Thanks to randomness, good decision doesn’t always work, and bad decision doesn’t always fail. You can’t tell the quality of the decision based on the outcome. Ingredients of success: Aggressiveness, timing, and skill Stupid people get rich because if you have the right amount of aggressiveness at the right time, you don’t need much skill. This can make you right once or twice, but to be consistent you need skill. Age melows you, as you age, you learn that quick action is not the answer. The world is cyclical, economy and politics are cyclical, nothing moves in straight line where people are involved. Regression towards the mean is more reliable than movement in straight line in the same direction. Why economy has cycles, people go to excess (greed and fear). Forecasting is more useful when we are at extreme Biggest mistake is people assume once the market moves in a certain direction, it will move in that direction forever. Stock market and S&P 500 in particular is a good indicator of the psychology in the market. How many good years do we have? That’s crossing the line to make prediction of the timing. “If you name a price don’t name a date, if you name a date, don’t name a price”. Currently S&P 500 is 20% over-valued (PE ratio is 21 and post-war norm is 16). Let’s agree this is right, then the question is what is the probability that the next year it will decline? It’s modest, it’s better than 50/50. It’s not 90 or 100. With time you know that when the market is considered over-priced, yet it gets more over-priced. Some people believe is AI stocks are overpriced, like every bubble, where a new thing is exciting for majority of people. Sound risk management is not avoidance, that means avoiding rewards. You shouldn’t expect to make reward just because you took risk. Risk must be taken skillfully, we call this intelligent bearing of risk for profit. The risk as to be - A risk you are aware of - A risk you can analyze - A risk you can diversify - A risk you are highly paid to take Probabilistic outcomes: Because people are involved, there is always probabilities. Elroy Dimson from LBS “Risk means more things can happen than will happen”. You should be prepared for different outcomes and you should always allow for the vagaries of the future.Mark Twain said “It ain’t what you don’t know that gets you into trouble, it’s what you know for certain that just ain’t true”. Excessive certainty is the enemy, acknowledging your limitation is your friend. In investment, risk control is everybody’s accountability. Fix income investment is a negative art, because you have to be worried about the downturn, because the 8% is the max you get. Example of recent mistakes in the market is in Dec 2023, market expected 6 rate cuts, the fed executives in the dot plot mentioned 3 rate cuts. This is an example of excessive optimism. Contrarianism means better against consensus It takes to be analytical and tough to be contrary. To be an exceptional investor, you have to dare to be different, you have to dare to be wrong, you have to dare to look wrong. Current’s market temp based on his barometer, is it’s moderate, because people are uncertain. Certainty is dangerous. He is not data driven strongly, he analyzes the market’s interpretations of the data. What people thinks is happening. He didn’t know about subprime issues and mortgage bags, but he knew the market is behaving in careless way. That warned him about the global financial crisis in 2008. Due to the randomness of the market, and probabilistic outcomes, you can’t be right all the time. If you want to be right 100% of the time, don’t become an investor. But investing is a great puzzle, with many considerations that have to be peeled. If you like responding to an intellectual puzzle and you can stand the ups and downs and the vagaries of being wrong, I think investing is a great area. You have to equip yourself philosophically, and then you have to have apprenticeship to learn from somebody else who knows how to do it.
I am so grateful that you have come out and shared your experiences and written a book. I have read all of your books and I have really benefited from them. Thank you Howard Marks.
