如何应对不确定环境？全球最大主权基金掌门人最新对话：在风浪中前行的人，先要把自己“绑在桅杆上”……

Core Viewpoint - Long-term investors must adhere to disciplined strategies and rules to navigate the current volatile global landscape, as emphasized by Nicolai Tangen, CEO of Norway's sovereign wealth fund, which manages over $1.9 trillion in assets [2][3]. Investment Strategy - The fund maintains a 70% allocation in equities and 30% in bonds, with some investments in real estate and renewable energy [3][18]. - The fund employs a pre-set mechanism for automatic rebalancing during market volatility, selling bonds and buying stocks, which has contributed to a compound annual return of 6%-7% over the past 30 years [2][20][38]. AI and Technology - Tangen highlights the importance of AI in amplifying inequality, with countries and companies that embrace AI rapidly distancing themselves from those that do not [3][42]. - Within the fund, 100% of employees use large model tools, and 65% are involved in code enhancement, indicating that technology is now central to the organization [3][50]. Asset Management Philosophy - Asset management is viewed as an apprenticeship industry, where gaining experience and credibility is crucial before managing funds independently [4][14]. - The fund's investment philosophy is close to index-based, with strategic adjustments made by specialized teams across various sectors [22][23]. Climate and Ethical Considerations - The fund advocates for clear "net-zero" pathways from companies and engages in constructive dialogue rather than aggressive activism [28][29]. - Climate risk is considered a financial risk, with the fund recognizing its systemic implications on investments and the broader economy [26][27]. Geopolitical Awareness - Tangen notes the importance of diversification and a long-term perspective in response to geopolitical changes, emphasizing that tactical adjustments based on political events are often unreliable [36][37]. - The fund does not adjust its investment strategy based on geopolitical shifts but focuses on the fundamentals of the companies it invests in [39][40]. Future of Work and AI - AI is expected to replace many white-collar jobs, enhancing efficiency in sectors like accounting and law, and will significantly impact asset management by reducing trading costs and improving analysis [55]. - The emergence of humanoid robots is anticipated in the near future, which will take over mundane tasks, further changing the nature of work [53].