Nicolai Tangen embraces shareholder activism, an investment style undertaken by big investors who take a stake in a company and then pressurize management to influence the company’s direction.
Investor activism is similar to a micromanaging style with all its pros and cons. Most large fund investors attend the Company’s annual shareholder meeting, listen to the developments, vote on the appointment of board members and CEOs, and let the executives get on with running the company.


“Nicolai Tangen embraces shareholder activism, an investment style undertaken by big investors who take a stake in a company and then pressurize management to influence the company’s direction”
WEALTH TRAINING COMPANY
Nicolai Tangen embraces shareholder activism, a proactive investment style becoming popular amongst well-known investors
Bill Ackman, Paul Singer and Daniel Loeb are just a few well-known activist investors that come to mind.
But if Nicolai Tangen embraces shareholder activism, which appears he is doing, then that would make him the largest activist investor in the world.
The not-so-well-known Nicolai Tangen manages Norway’s $1.4 trillion wealth fund, making him the world’s largest stock market investor.
A few months ago, in August 2023, Nicolai Tangen urged firms to implement artificial intelligence wherever possible in their business to drive profits forward. But in the same breath, Nicolai Tangen advocated for AI to be implemented responsibly.
Norway Sovereign Fund CEO Nicolai Tangen said all firms in its investment portfolio needed to engage with AI, as it is “potentially a massive driver for productivity and efficiency.” He likened AI to becoming an everyday business tool like power, computers or the internet.

“He likened AI to becoming an everyday business tool like power, computers or the internet”
WEALTH TRAINING COMPANY
“We, of course, expect them to use AI for the best possible benefit of the business,” Tangen said in an interview. “AI is a huge opportunity for companies and society, but we need to make sure that it is used the right way,” he said.
“A company that would not engage with AI “would disqualify themselves, and they would be complete morons,” he added.
Norway’s sovereign wealth fund made a profit of 1,501 billion crowns ($143 billion) for the first half of 2023, partly due to tech companies’ growth and their development of artificial intelligence.
Nicolai Tangen embraces shareholder activism as his funds win back significant losses incurred in 2022
As noted in a recent WTI piece, “Nicolai Tangen posts record losses for 2022″ of $164.4 billion, surpassing the losses during the last financial crisis and the great recession of the 2008 market crash.
Last year, 2022, was a financial crash that was not televised, and it flew under the mainstream radar as investor portfolio losses exceeded 30 trillion dollars in stocks and bonds.
So, if we put Nicolai Tangen 2023 wins into perspective, the fund is still down over 20 billion dollars from the gigantic losses incurred last year.
“an AI-driven economy with only above-average humans of abilities and skills having a job is not inclusive” – Wealth Training Company
Nicolai Tangen embraces shareholder activism, and getting companies to implement AI is not the only time the world’s largest single-stock investor engages in shareholder activism
Indeed, in January, at a wintery 2023 World Economic Forum in Davos, Nicolai Tangen had yet another message for companies; sharpen up, stop the greed and improve diversity.
In other words, Nicolai Tangen embraces shareholder activism, promoting inclusive capitalism or sustainable capitalism.
Lynn Forester de Rothschild recently explained the concept of inclusive capitalism at the recent B20 India Summit of solving the problem of people and the planet profitably.
But these two activist investment philosophies, or styles, inclusive capitalism and promoting AI in the economy wherever possible, are counterproductive.
Think about it. Greater adoption of AI means excluding humans from the economy.
How are the activist investors going to square that circle?
Nicolai Tangen, from one side of his mouth, is telling companies to stop their greed and diversify, and the other side of his mouth says he wants companies to adopt AI, claiming they are morons if they don’t.
But an AI-driven economy with only above-average humans of abilities and skills having a job is not inclusive.
Ford workers are striking for higher pay during the worst cost of living crisis in generations.
Meanwhile, rival Tesla uses AI and smart bots in their production with few or no assembly workers.
“I believe that ESG as a term should be put in the dustbin”
– Lynn Forester de Rothschild
Who would Nicolai Tangen the world’s largest stock investor invest in?
Nicolai Tangen embraces shareholder activism, and here is his view on how AI should work
When talking to firms about responsible AI, the fund will concentrate, particularly on the healthcare, finance and large tech sectors, because their use of the technology will have an especially strong impact on consumers. Companies must explain why they are developing particular AI systems and how they are designed, trained and tested. There should also be effective human oversight and control.
That is so “people (who) are affected by the outcomes can go back to the company and ask ‘how does your algorithm work? Why did I not get the loan?'”, said Carine Smith Ihenacho, the fund’s chief governance and compliance officer.
The fund invests in 9,200 firms worldwide, for which it sets expectations on various issues, from children’s rights to climate change.
Its latest document is on consumers’ interests, focusing on AI.
Special responsibility lies with the top tech companies that develop AI technology since they are driving the change, said the fund, a top ten investor in Microsoft , Amazon , Alphabet and Nvidia.
“They have to take responsibility for their development and use of AI,” said Smith Ihenacho, adding the fund had already discussed AI with the large U.S. tech companies in its portfolio.
She welcomed recent self-regulation moves by US tech giants as “a good start”, but noted that there were “no proper regulations in place yet.”
In July, US AI companies made voluntary commitments to the White House to implement measures such as watermarking AI-generated content to make the technology safer.
“That is where there is room for investors like us to come in and fill the gap,” said Smith Ihenacho.
But is this fascist state capitalism?
Nicolai Tangen embraces shareholder activism, but investors need to tread carefully
Remember when ESG investing was the rage, only to end in huge losses for investors?
“I believe that ESG as a term should be put in the dustbin,” said Lynn Forester de Rothschild.
It seems as if the Wild West is not only confusing itself over the different genders but also about what is free market capitalism, and it is giving investors a headspin.