Norway is really awesome


#1

Although we all tire of certain member’s constant bloviating of his country’s greatness, I have to admit that this is pretty awesome:

http://money.cnn.com/2017/09/19/investing/norway-pension-fund-trillion-dollars/index.html

I don’t know the details (see the forthcoming posts for everything you’d ever want to know about this topic), but it seems like their government exercised both foresight AND taking the citizenry’s best interest into consideration when this fund was established less than 30 years ago and look at it now.

Part of me marvels at what could have been had our govt. done something similar to this in, say…the 50’s, what that thing would be worth now. But the reality is it would have probably been wasted away and “borrowed” from like our Social Security “fund” has been. On a related note:


#2

Would Norway’s pension fund be the same as US Social Security fund? If one makes during one’s work lifetime over $100000/year in the USA I think but I’m not sure the Social Security recipient will receive about $2400/month. How does Norway’s pension fund compare?


#3

All you need to know about the Norwegian Government Pension Fund Global (Also known as the Oil Fund): https://www.nbim.no/en/the-fund/

One point to make here is that Norway was a relatively rich country when oil was found and for a while was the third largest oil exporter in the world. (Not oil producer)

Because using the income from the oil & gas export to reduces taxes and subsidize everything would have over heated the domestic economy and killed all other industry, it was decided to limit the amount of money flowing to the government, or as profit for the oil companies, by investing in a sovereign fund, from which the government could only draw 4% per annum.

Could this have been copied by the US?? Hardly likely, since the situation and political reality was and is VERY different.

PS> What is maybe lesser known is that the managers of the fund is quite hamstrung in how and where they invest the money. Lots of considerations to human rights, environmental and other consideration has to be taken. These are politically set and very restrictive, based on Norwegian sensitivities and political correctness.


#4

Norwegian pensions are not paid by the so called “Pension Fund” at the moment. This is savings for the future. Pensions in Norway are paid from the Governments budget through an organization know as NAV who handles all kinds of benefits and the labour market.
Here is a short explanation of NAV’s functions: https://www.nav.no/en/Home/About+NAV/What+is+NAV


#5

Blink if he’s behind you


#6

Or use the duress word


#7

I beginning to think our biggest problem is not political, it’s the fact that no American leader in any sector seems to be able to think beyond a two year time line. We should be look to plan for what will happen in the next 20+ years not within the next 20 months.


#8

That’s the difference between politicians and statesmen.

Politicians plan for the next election.

Statesmen plan for the next generation.


#9

Look at Singapore. Planning has a 50 year perspective.


#10

And listed companies plan for the next quarterly report.


#11

And some are smarter than that…


#12

I admit I did generalize.
Yes there are some smart cookies who know how to manipulate the market and look ahead a bit beyond next quarterly report. The market in general on the other hand…

PS> Those who know the origin of Oceanrig will know about another smart cookie and multi entrepreneur who “know when to hold them and know when to fold them” and how to manipulate the market.


#13

It’s partially the American public’s fault on this one - our campaign process/spectacle/etc that we expect out of our politician invites the DB’s of the world to run and forces them (not that they need forcing) to campaign for two years prior. Its ridiculous. They are always going to be thinking about the next election. I think this last presidential election is forcing Joe Schmoe Silent Majority Dude to take a real hard look at the information we are all being fed through ALL of our news sources, and particularly, our major network news sources. So maybe this will all start to change a bit.


#14

Bingo! And here’s a great book on the topic. It was written 25 years ago but is more true today than ever: http://amzn.to/2xnOc2n


#15

yea, george of dry ships is now being investigated by SEC & Etc. I noticed the stock moving this spring and began reading forums on what was going on, He is now in trouble !!! Someone made some dough … if you had insider knowledge … like a politician !!!


#16

I keep on getting called a Norwegian “nationalist” (among other silly accusations) which I have persistently denied.
Well, I can assure you that I am also critical of a lot of things Norwegian. Among them the slow process of defining who are actually entitled to protection under the UN rules for Asylum (among many) It takes years to determine a case, just to get it wrong.

My post in another Forum:


#17

Learnt well, you have…


#18

Hmmm…here’s an author who is pro-Norway (not really pro-Norwegian though.haha)

http://www.returnofkings.com/130277/why-you-should-move-to-norway


#19

George scores:

DRYSHIPS founder and chief executive George Economou will lift his stake in the Nasdaq-listed company to almost 70% after backstopping a $100m rights issue that other stockholders steered clear of.

The offering, which expired after market closing in New York on Tuesday, raised less than $1m from outside investors, triggering an investment of $99.2m from Sierra Investments, one of Mr Economou’s private vehicles.

Mr Economou and affiliates had agreed not to exercise any rights to shares in the rights offering, other than through the backstop commitment.

DryShips has said that proceeds may be used for vessel acquisitions or repaying amounts under its credit facility with Sierra.

Following the offering, the amount outstanding under the unsecured Sierra facility is calculated to be about $73.8m and this is expected to be refinanced with a new secured loan from Sierra, the company said.

Sierra’s new investment in DryShips brings the total number of common shares controlled by Mr Economou to almost 104.3m, or 69.5% of the company.

The Greek shipowner has turned around the company in bewildering fashion over the past 12 months, expanding and diversifying the fleet to 22 bulkers, four tankers and four very large gas carriers.

Last month, DryShips took delivery of its second VLGC, which has already begun a five-year time charter with Shell that includes an optional three-year charter extension period.

The DryShips share price had mostly traded below the $2.75 per share offering price until a last-minute rally saw the stock close on Monday at $2.76 per share, one cent above the offering price.

In early trading on Wednesday, investors seemed to take the news well as the stock surged several points to well over $3 per share.


#20