CEO Agenda provides unique insights into how leaders think and lead and what keeps them busy in a world of constant change. We look into the lives, minds and agendas of CEOs at the world’s most iconic companies.
Nicolai Tangen is a man who likes to ask questions. As CEO of Europe’s largest state investment fund, Tangen does so every week on his podcast, In Good Company. Elon Musk, Satya Nadella, Sam Altman, Bill Gates, Jensen Huang,… everyone who is anything in business has answered the Norwegian’s questions.
Most listeners, I reckon, will be most attentive when Tangen asks his peers about their careers or the je ne sais quoi of the iconic brands they shepherd. But having spoken to Tangen several times in places like Davos, I’m always most intrigued when he asks questions about CEO pay or corporate governance best practices, two focal points of the Norwegian investment fund.
This week, however, Tangen isn’t asking, but answering questions. What makes him tick? When does he get up? What makes him productive? What are his rituals? True to his Nordic roots, his answers are succinct and a bit mystical, and some topics are clearly off-limits – ‘leave the politics to the politicians’. As a public servant, Tangen clearly knows his limits in speaking out.
But an attentive reader will find this week’s CEO Agenda very revealing. Tangen is extremely bullish on AI, for example, and makes no effort to hide it—neither here, nor in the investments he stewards. And as a former City hedge fund manager, Tangen isn’t a 9-to-5 man either, nor are those who work for him.
This interview has been edited for brevity.
Down to business
What is the single most important project you are working on with your company?
We work on several important projects, the most important ones involve how we can use AI to reduce trading costs and improve timing.
Technology is priority one! We recently arranged Tech day to learn from each other and to get everybody up to best practice. Great fun and highly recommended! pic.twitter.com/qVcMnPRFWX
Which long-term trend are you most bullish about for society and the economy at large? Which one makes you most worried?
AI is a real productivity driver for society and is hugely exciting. I am worried about the fragmentation of the world, and also how Europe is growing less slowly than other areas.
Brave New Words: How AI Will Revolutionize Education (and Why That’s a Good Thing) Hardcover – 14 May 2024
Several people are walking along the shores of the Norwegian Sea, near the historical center of the city of Trontenes, in Norway, on November 13, 2023. The Trondenes Historical Center is displaying a collection of historical artifacts that range from the ancient Viking settlement of the region to the occupation by Nazi Germany during World War II. It also features a medieval village display that depicts the life of the Sami nation on Norwegian soil. (Photo by Jorge Mantilla/NurPhoto via Getty Images)
If you were an economic policymaker, what would be your top priority for Europe?
I will leave that to the politicians.
Being productive
What time do you get up, and what part of your morning routine sets you up for the day?
I typically wake up at 6 a.m. and then exercise or take a dip in the ocean, followed by a sauna. Then I scooter to work.
What time do you work until? Do you continue sending emails during the night and/or weekends?
I work until 10 p.m., and I send emails all the time.
I am worried about the fragmentation of the world, and also how Europe is growing less slowly than other areas.
What apps or methods do you use to be more productive?
The one thing that makes me more productive is my executive assistant, Grete. She is with me all the time, and so we can produce stuff even if we are in a taxi or on a plane.
Getting personal
What book have you read, either recently or in the past, that has inspired you?
Brave New Words by Sal Khan, about AI in education. I also recently recorded a podcast with Sal about this.
Close-up of businessman reading newspaper
If you could ask your idol one question, who would it be, and what would you ask?
I am lucky in that through our podcast In Good Company I get to ask many of my idols a lot of questions.
As a consumer, what is your favorite company and why?
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
