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‘Americans just work harder' than Europeans, says CEO of Norway's $1.6 trillion oil fund, because they have a higher ‘general level of ambition' [Yahoo! Finance]
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Nicolai Tangen leads Nordic behemoth Norges Bank Investment Management, which governs the revenue earned by Norway's oil and gas resources, with the aim of ensuring its benefits are distributed fairly between current and future Norwegian generations. Under Tangen's management since 2020 , and over the past decade, the $1.6 trillion fund has invested more and more heavily in the U.S. instead of its closer neighbors in Europe— and it's no coincidence America's performance, particularly in innovation and performance, is "worrisome" in contrast to Europe, Tangen told the Financial Times. Part of comes down to mindset, Tangen added, and how accepting each continent is of mistakes and risk: "You go bust in America, you get another chance. In Europe, you're dead,” he said. But it goes deeper than that—there's a difference in the "general level of ambition," he added. "We are not very ambitious. I should be careful about talking about work-life balance, but the Americans just work ha
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