The most impressive thing I saw in Norway was not the fjords.
It was their GPFG (Government Pension Fund Global) - basically an "Oil Fund".
In 1969, they found one of the world’s largest offshore oilfields in the North Sea.
They could have spent it like lottery winners.
Instead, they built this fund.
Today, it is roughly $2T , owns around 1.5% of all public equities globally, and around 25% of Norway’s yearly budget comes from the fund’s returns.
Not by draining the principal.
By following a simple rule: spend around the expected real return, and preserve the fund for future generations.
That part broke my brain a little.
Most countries turn natural resources into budgets. Norway turned theirs into an intergenerational index fund.
The closest analogs I found are Kuwait’s Future Generations Fund, Abu Dhabi’s ADIA, and Alaska’s Permanent Fund.
Do you wish you were Norwegian?