Most of Europe is struggling with how to reduce spending, but not Norway. It has invested the income from its oil and gas reserves so wisely that it now has what many consider to be the world’s largest sovereign wealth fund, estimated to be worth 1 trillion $ (£0.6 trillion) by 2020.
But is that too big?
They play the long game on the trading floor. When Facebook announced it was going to float on the stock market, the analysts here went to work. They assessed the pros and cons, the likely value of the company, the chance of a big loss, and of a big gain.
Then they bought Facebook shares. Like everyone else who did they lost money almost immediately. Unlike many others however they did not rush to sell them.
„We have the possibility in times of turbulence to sit through the turbulence,” says Yngve Slyngstad, the CEO of Norway’s pension fund. A billion dollars a week passes through the fund’s office in the Norwegian Central Bank building in Oslo.
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