Nicolai Tangen, Norway's Wealth Fund CEO, on Markets, Real Estate, AI and China

• Despite geopolitical events and inflation, Tangen observes a 'surprising lack of market dislocation,' with markets up on the year.
• Artificial Intelligence (AI) is seen as a 'deflationary effect' and a source of significant productivity gains (20% in their own business), potentially leading to job displacement in sectors like law, accounting, and consulting.
• The fund sees real estate as 'more attractive now' after a challenging period and notes 'some signs of worry' but no 'systemic stress' in private markets.
• China's rapid innovation in areas like battery technology and electric vehicles (e.g., Xiaomi) is highlighted as a significant competitive force.
• Tangen emphasizes a long-term, broadly diversified investment approach, suggesting that 'sitting still is sometimes the most difficult thing to do' but often prevents 'stupid decisions.'

Nicolai Tangen, CEO of Norway's sovereign wealth fund, notes a surprising lack of market dislocation despite geopolitical tensions and inflation. He highlights AI's deflationary impact and productivity gains, sees real estate as more attractive, and points to China's rapid innovation. Tangen advocates for a long-term, broadly diversified investment approach.