Nicolai Tangen posts record losses for 2022 of $164.4 billion, which surpasses the losses during the last financial crisis and the great recession market crash of 2008.
Nicolai Tangen manages Norway’s sovereign wealth fund, the world’s largest government pension wealth fund boasting over 1.2 trillion USD in assets.
Last year, 2022, was brutal for investors where there was no shelter from the central bank’s inflation-fighting rate hikes, the pin that pricked the everything bubble. In 2022,30 trillion US dollars was slashed off investment portfolios, as assets across the asset spectrum collapsed.


“Nicolai Tangen manages Norway’s sovereign wealth fund, the world’s largest government pension wealth fund boasting over 1.2 trillion USD in assets”
WEALTH TRAINING COMPANY
Even US treasuries, which have long been considered to be the safest asset, the pillar of prime collateral for investment banks to underwrite loans, had its worst year on record, even worse than the Great Depression 1929 to 1939. Hint; that is the crux of the ongoing bank liquidity crisis, the 2023 bank runs.
Last year was the crash that the mainstream did not talk about, perhaps just as well because central bank tightening has thus far succeeded in collapsing asset prices, blowing up banks, triggering mass layoffs, and destroying wealth. Put simply, the Fed and its western sidekick central banks are aligning the stars for another depression. But the inflation fire keeps burning brightly, fuelled by decades of oxygen-rich reckless monetary easing of zero, near-zero interest rate policy and QE infinity, the buying of toxic assets.
What inflation fight.

“Last year was the crash that the mainstream did not talk about”
WEALTH TRAINING COMPANY
Nicolai Tangen posts record losses, but last year’s losses could be minuscule if the Fed goes mad max to fight inflation
US annual core inflation, the data that strips out everything relevant, like food and shelter, is 5.5%. Meanwhile, the current Fed fund rate is 5%.
If the Fed were serious about fighting inflation, it would need to raise rates another 500 basis points to 10% because real inflation is in double digits. But it can’t.
So Fed chair Powell’s inflation fight is akin to stepping into the boxing ring with a world heavyweight boxing champion, bitch slapping the opponent with minuscule basis point rate hikes. It is a pitiful fight that ended before it started.
“The world order cycle is in turbulence with great power politics taking a front seat” – Wealth Training Company
Geopolitical turbulence could compound Nicolai Tangen post record losses in 2022
The world order cycle is in turbulence with great power politics taking a front seat. Anarchy reigns geopolitics in the current multipolar world where there is no higher authority and where the great powers Russia, China, and the USA are unclear about each other’s intentions and are locked in a survival struggle.
Fear amongst the great powers is rampant, risk of miscalculation with catastrophic implications for global security lies in the balance. The threat of nuclear war has never been so high as the Doomsday clock ticks close to midnight. The last remaining bilateral US-Russia nuclear treaty ended last month, in February. The war in Europe is escalating as North Korean troops enter the theatre along with German tanks with British depleted uranium shells infuriating the Russians. Using depleted uranium shells in Europe’s breadbasket and knowing the damage these weapons cause to human DNA, severe birth-defect neurological problems, and heart disease passed to the next generation is genocidal.
But these hideous weapons are being deployed because they are inexpensive to manufacture and effective in knocking out Russian tanks in the theatre of war. The struggle to survive throws morals out of the window.
Nuclear war in Europe is an inevitable trajectory unless the direction changes.
In this most challenging environment for investors, it is more about wealth preservation rather than growing wealth.
Investors who lose the least win.
“We are invested in 9,000 companies in 70 countries. There is just nowhere to hide” – Ray Dalio
Nicolai Tangen posts record losses for 2022 totaling a record loss of 1.64 trillion crowns ($164.4 billion)
The previous worst loss was 633 billion crowns in 2008.
Nicolai Tangen posts record losses end a record-breaking streak for the fund, where annual returns exceeded one trillion crowns in each of the three years from 2019 to 2021, amounting to more than four trillion crowns combined.
Global lockdown bonanza profits fuelled by central bank money creation
While the global economy was in lockdown, with the real economy collapsing, central bank money printing took a moon shot, sending asset prices with it artificially high.
Who would have thought the perverse system would end in a bang or maybe a mushroom cloud?
“Inflation remains a risk factor and, in particular, tied into what will happen when China really kicks in on the consumption side because it could drive a lot of prices globally,” Tangen told Reuters.
“And then of course we still have geopolitical hotspots.”
“We are invested in 9,000 companies in 70 countries. There is just nowhere to hide,” fund Chief Executive Nicolai Tangen told a news conference.
Thinking about the future makes us nostalgic for the past.
Do the rest of you sense that the shit is about to hit the fan moment is heading our way?