located in oslo and worth more than a trillion dollars, norway's sovereign wealth fund owes its existence to the country's vast reserves of oil and gas. it claims to be an ethical investor, so there was some consternation when it appointed my guest today, nicolai tangen, as its new boss. is a risk—taking, flamboyant hedge fund manager the right man to steer the world's biggest sovereign wealth fund? nicolai tangen, welcome to hardtalk. thank you very much. you currently manage a sovereign wealth fund which is worth roughly $1.1; trillion — an unimaginable sum of money which is not your money — it is actually the people of norway's money. why should they trust you to manage it for them? well, in a way, you should ask the people that hired me. but i think the reason i think i got thejob was because i have been running capital for 30 years. i've been in that business for a very long time and also seen some ups and downs, you know? i'm sure you have. running capital is sort of a jargon phrase but in essence, you founded and ran a hedge fund that was worth billions of dollars in its own