Nicolai Tangen manages $2 trillion as the CEO of the Norwegian Sovereign Wealth Fund. This interview explores his thoughts on AI, investing, real estate, and his decision to vote against Elon Musk's multi-billion-dollar pay package. We also explore the psychology of risk, the cultural differences in ambition between the US and Europe, and why the best investment strategy to build wealth is often to "do nothing" (the inertia analysis). Whether you want to understand macroeconomic trends, stock market investing, or the leadership strategies required to build an elite corporate culture, this masterclass has the answers. Key takeaways from this episode: • The exact framework Nicolai uses to evaluate a CEO's competence • The "Straight Puck" rule for creating a culture of healthy disagreement • Why you actually save time by responding to emails quickly • Nicolai's brilliant and surprising answer to "What does success mean to you?" Learn more at: https://fs.blog/knowledge-project-podcast/nicolai-tangen/ Thank you to the sponsors for this episode: Granola AI: The AI notepad for people in back-to-back meetings. Get 3 months free at https://www.granola.ai/shane Check out the Granola Notes for this episode: https://notes.granola.ai/d/d5565be4-666b-4e3d-a980-6182ffbce0b7 The League: Download The League App today and find your perfect match! https://click.theleague.com/qmhm/0vdzsmj5 Shopify: Upgrade your selling today at https://shopify.com/knowledgeproject Follow Nicolai Tangen: LinkedIn: https://www.linkedin.com/in/nicolai-tangen/ X: https://x.com/NicolaiTang1 *Shane Parrish* Instagram: https://www.instagram.com/farnamstreet/ X: https://x.com/ShaneParrish LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/ Books: https://fs.blog/books/ Website: https://fs.blog/ Newsletter: http://fs.blog/newsletter *The Knowledge Project* is a show featuring in-depth conversations with the top CEOs, investors, and business leaders to uncover the timeless principles that drive success. Learn more at https://fs.blog/podcast #NicolaiTangen #Investing #Finance