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I got the job was because i have been running capitalfor 30 years. i ve been in that business for a very long time. and also seen some ups and downs, you know? i m sure you have. running capital is sort of a jargon phrase but in essence you founded and ran a hedge fund, now that was worth billions of dollars in its own right. but we associate hedge funds with risk taking, with financial instruments, we don t necessarily associate it with the steady as she goes notion of a sovereign wealth fund. yeah. i think it s more about having the right attitude towards risk. it s not necessary taking risk as being conscious about what risk is. so during the time i ran ako capital we were running with a lot lower risk than the actual market risk. when you were appointed it s stirred a storm of controversy inside norway not least because you were seen as a candidate who hadn t officially been put before the norwegian public. there was a list of names in the shortlist, yours was on it ....
Strange, was in it? it was strange. the thing was that the invitation .net this was a fantastic seminar that i put together and it always been my dream to put together a seminar where we discussed all kinds of things from social psychology to economics and music and all kinds of things that i m interested in, art and so on. and it was planned for a couple of years in advance. the invitations went out a year and a half before. so of course had nothing to do with thatjob. the unfortunate thing is. was that for you it was knowing the job was becoming available when you flew these dignitaries to the united states. no, thejob discussion started afterwards. i should also say that one third of the people in the seminar were norweigen and two thirds were from the uk and elsewhere. there s another issue and it s aboutjudgement. i think it s one that if i may say so come up probably still norwegians ....
As themselves to this day. you seem to believe that after you got the job but before you are actually installed in the post, you seem to believe it was going to be acceptable for you to keep a substantial stake in your hedge fund company, a company that obviously owns shares in a huge number of companies, millions of dollars worth of shares. you didn t see a conflict of interest there but many norwegian politicians said that if that was the case you would be a walking conflict of interest. can you see that? it s very interesting because we made a structure which is equivalent to the type of structure you have in the uk. when politicians take a position they put their assets into some kind of blind trust of which you have no control. that works in nearly all countries and we had expected that to work in norway too. and we thought it was a completely watertight type of structure but it didn t work. so therefore we had to. wasn t there in an incident where ....
And then miraculously, it was announced that you get the job. why was it handled that way? well, in a way you have to probably ask the central bank how it was handled that way. the reason why there was controversy was because it s a very important job. and it s a job that all norwegians have a conscious relationship to. the other thing was of course, i was a completely unknown entity. nobody knew about me. not least because it was a principle of transparency yet your name was never put forward on a list of candidates. and that juast seemed very odd to norwegians. yet, it did. it also seemed odd that in the month before the competition to get the job you had flown the elite of norwegian society, including parliamentarians, some government ministers, a whole lot of important people to a special conference in the united states, private jets were supplied, sting provided the entertainment, it cost you personally millions of dollars. and lo and behold you got the job a few months later. tha ....
Spend that money, it s not my “ob. , spend that money, it s not my ob. , ., , spend that money, it s not my “ob. , , . spend that money, it s not my “ob. , ,. job. but this way, such as the strenath job. but this way, such as the strength of job. but this way, such as the strength of the job. but this way, such as the strength of the funk - job. but this way, such as the strength of the funk of - job. but this way, such as the strength of the funk of what l strength of the funk of what you call it an oilfund you call it an oil fund because its origins are in oil and gas but not much of your annual expansion comes from non oil and gas revenues of course because of the successful investment policy over many years. put it this way, norway could well now do without oil and gas, could nick? your soul prospers and your long time future is so secure you could walk away from oil and gas but you are not prepared to. i should ask your question, do you think it s a good idea tha ....