– This is the dream list – E24

Oil fund manager Nicolai Tangen got his fill when he invited some of the world’s leading investors to Oslo. But, it never comes easy, he acknowledges.

– It is never easy to get big names. It’s the same as for the podcast, you always have to try many times, and you often have to go through back roads, says Tangen to E24.

The Norwegian Oil Fund’s investment conference has this year succeeded in attracting some of the world’s largest investors as speakers.

Among these, Greg Jensen from the world’s largest hedge fund, Bridgewater, Marc Rowan from one of the world’s largest private equity companies, Apollo, and Netscape founder and one of Silicon Valley’s most important investors, Marc Andreessen.

– Are there any names you would have liked to have here today, who have not had the opportunity?

– We got everyone we wanted, this is our wish list, says Tangen.

The oil fund’s second annual investment conference had a difficult birth on Tuesday, where large parts of the Norwegian financial elite were barred by protesters against the war in Gaza.

An easily pressured oil fund manager single-handedly helped to channel the gathering through Norges Bank’s inner chambers, where large quantities of Poké bowls and Caesar salad awaited.

Then the pre-recorded introduction froze on what could be the main message from today’s conference;

“A good investor combines passion with curiosity,” followed by “and persistent pursuit of truth,” as the streamed presentation came back online.

Big money

The theme of the conference is how to become a better investor, and the lectures are about accessibility to the public online.

And although the lion’s share of speakers represent hedge funds, private equity, and other investment strategies that differ from the Oil Fund, the common thread is universal – how to get better, and how to build a culture that gets better.

– We hope to achieve that people will learn to become better investors, and the whole goal here is to try to add something new to the asset management environment in Norway. We have the opportunity to get these people to Norway, and then it’s really good for us that more people get to see and listen, says Tangen.

In total, today’s speakers have around 2020 billion dollars, around NOK 22,575 billion, under management. In comparison, Tangen & Co. manages over NOK 17,300 billion alone.

The oil fund is largely managed as an index fund, where the current mandate allows up to 70 per cent in listed shares, the rest in fixed-income securities, while it is also open to some property and in unlisted shares for renewable energy.

Recently, Norges Bank refused for the fourth time to allow investments in unlisted shares, primarily through private equity. The door is nevertheless ajar, where Finance Minister Trygve Slagsvold Vedum will set up an expert council, which will assess this, as well as geopolitical risk for the fund.

– Is it important to teach the outside world, politicians, finance committee, others about the entire investment universe, not just investments in listed shares?

– I think everyone enjoys this here. We think it’s exciting, says Tangen.

– What do you think about the fact that it is not currently open for the Oil Fund to invest in unlisted shares?

– We have no view on that today, today is about the investment conference. Then we will have a hearing next week, then you are most welcome, says the oil fund manager.

Hedge fund giants

The speakers in the first session before the break included Oaktree Capital co-founder Howard Marks.

Among other things, he recommended finding out what one’s approach is, and organizing this to hunt for the best possible return. Marks also pointed out that it is very difficult to achieve superior returns, with low risk.

– I think an investor’s most important task is to manage risk, says Marks.

Greg Jensen of the American hedge fund giant, Bridgewater, which has been almost immortalized by founder Ray Dalio, was also concerned that one must have a competitive advantage.

– In the long run, you will succeed as long as you know what your advantage is, says Jensen.

Jean Hynes, who manages more than both Oaktree and Bridgewater combined, was also clear about the importance of the long term, and having a culture that constantly learns from its mistakes.

– We have normalized not being a superstar, and not always being right, says Hynes.

Jensen agrees.

– You have to help people learn, and having a log of real challenges is very important. The challenges that matter to us are the ones that prevent us from achieving our goals, says the Bridgewater top.

The ex-boss in place

Ferd owner Johan H. Andresen also participated last year, when the topic was geopolitical tensions and implications for investors.

He is back to learn more.

– It’s to learn something new, gain some insight, so I’m here with colleague Morten Borge in Ferd, so then we can talk about what we’ve heard, and do it differently and better later, says Andresen to E24.

Tangen’s predecessor, Ynge Slyngstad, is also back.

He left his job at the oil fund in 2021, and now heads the Aker group’s investment company Industry Capital Partners (ICP), which aims to become a giant in investments that can benefit from the green shift.

– It’s always nice to be here, says a smiling Slyngstad on his way in from the midway break.

– It seems as if former NBIM employees are welcomed in here, is there a good atmosphere?

– What happens at Norges Bank is always positive, says the ICP boss.

– But is it important to have such events, in order to grow the Norwegian financial environment?

– Good seminars, good events are always interesting for those who come.

Former head of trading at Oljefondet, Øyvind Schanke, is also present.

From being responsible for ensuring that all the fund’s positions are traded as efficiently and as covertly as possible, he is today investment director for Stavanger investor and Skagen founder Tor Dagfinn Sveen, focused on start-up companies.

– Do you miss your job?

– Now and then I do it. There are not that many people who manage to put this together here in Norway, and it has become huge and it is clear that it has its good things, says Schanke.

He is not surprised by the quality of the speakers, and finds the topic “extremely exciting”.

– It is difficult to say no to the world’s largest fund, I would think. It’s clear, there are many and good speakers, says the investment director.

He also does not find it unnatural that the speakers represent other parts of the investment universe than the Oil Fund’s.

– A lot of the thoughts around how to think, how to build an organisation, how to run an investment philosophy, it’s common and really independent of what you do. The themes that have come up are universal. You have to learn from what you are doing, says Schanke.