以下是高盛就挪威央行投资管理公司（Norges Bank Investment Management）首席执行官尼古拉·唐根（Nikolai Tangen）进行的对话的摘要，重点关注关键主题和见解： **关键主题和见解：** * **管理资本的责任：** 唐根强调了管理挪威1.7万亿美元主权财富基金的巨大责任，尤其鉴于其对国家预算的重大贡献。他强调关注“做正确的事，遵循正确的流程”，而不是被庞大的数字压垮。政治上锚定的授权和强大的团队也至关重要。 * **道德投资和多元化：** 该基金遵守财政部设定的授权，并以道德的方式运营，排除对煤炭、武器和某些国家的投资。其在全球约9000家公司的多元化投资降低了风险。 * **透明度作为核心原则：** 唐根倡导透明度，认为它对于建立与利益相关者的信任至关重要。该基金每年两次披露所有持股，并因其对透明度的承诺而获奖。 * **气候变化作为金融风险：** 气候变化被视为影响商品价格和收成产量的金融风险。挪威央行积极与公司合作，以促进具有气候意识的实践，尽管在某些地区可能会受到对此类措施的抵制。可再生能源基础设施投资正变得越来越有吸引力。 * **持续改进：** 唐根强调该基金专注于从错误中学习并提高业绩。“投资模拟器”使用历史数据为投资组合经理提供对其弱点和交易习惯的洞察力，从而促进更逆向和长期的投资策略。 * **积极的投资者参与：** 投资者对话是优先事项。挪威央行每年与投资组合公司进行超过3000次会议。解决问题的参与优于出售持股。 * **人工智能和市场集中度：** 唐根对投资空前集中在少数与人工智能相关的股票上表示担忧，这与地缘政治风险有关。由于这种集中度，他认为公共市场的风险大于私人市场。 * **私人市场：** 他讨论了私人市场，但是参与超出了他们目前的投资范围。 * **长期投资和复利：** 唐根强调了长期投资眼光和复利的力量的重要性。他认为投资于伟大的公司并长期持有是一种合理的策略，但由于市场压力而难以实现。 * **领导力课程：** 唐根的播客“In Good Company”提供了对有效领导力的见解，包括毅力、好奇心、同理心和倾听能力的重要性。他观察到，印度领导者通常将公司置于自身之上，并强调同理心对于成功执行至关重要。 * **毅力：** 毅力是解决问题的关键，但在年轻一代中可能不太强。 * **风险与创新：** 对话涉及欧洲需要培养更大的冒险精神和创新能力以参与全球竞争。唐根认为，繁重的监管环境可能会阻碍竞争力。 * **持续学习：** 唐根强调了持续学习和个人发展的重要性，并引用了他拥有的艺术史和社会心理学学位。他强调了社会心理学在理解人类行为和改善投资决策方面的价值。 * **文化与创新：** 他建议，你需要四处走动。 你想做不同的事情。 你知道，重要的是不要有太强的习惯。打破它们很重要。

Here's a summary of the conversation with Nikolai Tangen, CEO of Norges Bank Investment Management, at Goldman Sachs, focusing on key themes and insights: **Key Themes & Insights:** * **Responsibility of Stewarding Capital:** Tangen underscores the immense responsibility of managing Norway's $1.7 trillion sovereign wealth fund, especially given its significant contribution to the national budget. He emphasizes focusing on "doing the right thing, doing the right processes" rather than being overwhelmed by the sheer size of the numbers. A politically anchored mandate and a strong team are also crucial. * **Ethical Investing and Diversification:** The fund adheres to a mandate set by the Ministry of Finance and operates ethically, excluding investments in coal, weapons, and certain countries. Its diversification across roughly 9,000 companies globally mitigates risk. * **Transparency as a Core Principle:** Tangen champions transparency as essential for building trust with stakeholders. The fund discloses all holdings twice a year and has won awards for its commitment to transparency. * **Climate Change as a Financial Risk:** Climate change is viewed as a financial risk impacting commodity prices and harvest yields. Norges Bank actively engages with companies to promote climate-conscious practices, despite a potential backlash against such measures in some regions. Renewable infrastructure investments are becoming increasingly attractive. * **Continuous Improvement:** Tangen highlights the fund's focus on learning from mistakes and improving performance. An "investment simulator" uses historical data to provide portfolio managers with insights into their weaknesses and trading habits, promoting more contrarian and long-term investment strategies. * **Active Investor Engagement:** Investor dialogue is prioritized. Norges Bank engages in over 3,000 meetings annually with portfolio companies. Engagement to solve problems is preferred over selling holdings. * **AI and Market Concentration:** Tangen expresses concern about the unprecedented concentration of investments in a small number of AI-related stocks, linked to geopolitical risks. He sees greater risks in the public market than in private markets due to this concentration. * **Private Markets:** He discusses private markets, however participation is beyond their current investment parameters. * **Long-Term Investment and Compounding:** Tangen stresses the importance of a long-term investment horizon and the power of compounding. He believes that investing in great companies and holding them for extended periods is a sound strategy but difficult due to market pressures. * **Leadership Lessons:** Tangen's podcast, "In Good Company," has provided insights into effective leadership, including the importance of grit, curiosity, empathy, and listening skills. He observes that Indian leaders often prioritize the firm over themselves and emphasize empathy as crucial for successful execution. * **Grit:** Grit is key to problem solving, however, may be less strong in the younger generations. * **Risk and Innovation:** The conversation touches on Europe's need to foster greater risk-taking and innovation to compete globally. Tangen suggests that a heavy regulatory environment may hinder competitiveness. * **Continuous Learning:** Tangen emphasizes the importance of continuous learning and personal development, citing his degrees in art history and social psychology. He highlights the value of social psychology in understanding human behavior and improving investment decision-making. * **Culture and Innovation:** He suggests, you want to move around. You want to do different things. You know, it's important not to have too strong habits. It's important to break them up.