What makes a great company | Investment Conference 2025 | Norges Bank Investment Management | Norges Bank Investment Management

This episode explores the multifaceted nature of great companies, emphasizing the critical roles of culture, leadership, and operational excellence. Against the backdrop of market volatility and technological advancements, industry leaders share insights on sustaining long-term success. More significantly, the discussion pivots to the importance of a strong, enduring corporate culture, highlighting Goldman Sachs' partnership structure and cultural stewards program as examples of reinvestment in company values. In contrast, Novo Nordisk emphasizes innovation driven by a clear purpose and core capabilities, while Otis underscores the significance of operational discipline and a focused business model centered on service. The episode further examines the balance between preserving core values and embracing change, the necessity of a clear operating model, and the value of experimentation in driving progress, concluding that greatness is a function of deliberate choices made by leaders over time.

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What makes a great company | Investment Conference 2025 | Norges Bank Investment Management

Norges Bank Investment Management

00:00Introduction to Corporate Excellence

Introduction to Corporate Excellence

01:47The Importance of Adaptability and Continuous Improvement

The Importance of Adaptability and Continuous Improvement

08:26Culture as a Foundation for Durability at Goldman Sachs

Culture as a Foundation for Durability at Goldman Sachs

14:37Investing and Reinforcing Culture Through Difficult Times

Investing and Reinforcing Culture Through Difficult Times

20:41Client Service and the Durability of Goldman Sachs

Client Service and the Durability of Goldman Sachs

25:30Innovation Strategy and Core Capabilities at Novo Nordisk

Innovation Strategy and Core Capabilities at Novo Nordisk

31:21Examples of Innovation: GLP-1 and Weekly Insulin

Examples of Innovation: GLP-1 and Weekly Insulin

37:52Innovation, Shareholder Return, and Introduction to Operational Excellence

Innovation, Shareholder Return, and Introduction to Operational Excellence

40:15Operational Discipline and the Service Flywheel at Otis

Operational Discipline and the Service Flywheel at Otis

46:48Sustainability, Innovation, and Customer Retention at Otis

Sustainability, Innovation, and Customer Retention at Otis

52:14Ferrari: More Than a Car, It's a Dream

Ferrari: More Than a Car, It's a Dream

55:23Balancing Speed and Tradition at Ferrari

Balancing Speed and Tradition at Ferrari

1:01:06Management Style and Future Goals at Ferrari

Management Style and Future Goals at Ferrari

1:08:16Ferrari's Focus on Driving Experience and Introduction to Great Companies Research

Ferrari's Focus on Driving Experience and Introduction to Great Companies Research

1:13:32Principles of Great Companies: Preserving the Core and Driving Progress

Principles of Great Companies: Preserving the Core and Driving Progress

1:18:58Driving Progress Through Experimentation and Leadership Choices

Driving Progress Through Experimentation and Leadership Choices

1:23:33Nasdaq's Vision and the Importance of Humble Confidence

Nasdaq's Vision and the Importance of Humble Confidence

1:26:54Nasdaq's Transformation and the Importance of Integrity

Nasdaq's Transformation and the Importance of Integrity

1:31:19Separating Good Companies from Great and the Nordic Stock Markets

Separating Good Companies from Great and the Nordic Stock Markets

1:35:30Factors Driving the Success of Nordic Capital Markets

Factors Driving the Success of Nordic Capital Markets

1:40:01The Use of AI and Cloud Technologies at Nasdaq

The Use of AI and Cloud Technologies at Nasdaq

1:44:20The Trend of Companies Staying Private and the Importance of Public Markets

The Trend of Companies Staying Private and the Importance of Public Markets

1:45:24Investment Strategy: Great Companies, Concentration, Long-Termism, and Engagement

Investment Strategy: Great Companies, Concentration, Long-Termism, and Engagement

1:51:03Identifying and Sustaining Great Companies Over Time

Identifying and Sustaining Great Companies Over Time

1:53:30Infrastructure and Asset Backing as Investment Strategies

Infrastructure and Asset Backing as Investment Strategies

1:57:42Management Quality and Alignment of Interests

Management Quality and Alignment of Interests

2:00:28Aerospace and High Barriers to Entry

Aerospace and High Barriers to Entry

2:03:38Defining a Truly Great Company for EQT

Defining a Truly Great Company for EQT

2:07:31The Value of Long-Termism and the Importance of Execution

The Value of Long-Termism and the Importance of Execution

2:10:38Public vs. Private Markets and the Power of Influence

Public vs. Private Markets and the Power of Influence

2:14:25The Importance of Control and the Challenges of Private Equity

The Importance of Control and the Challenges of Private Equity

2:17:55Liquidity, Entry Price, and the Importance of a Long-Term View

Liquidity, Entry Price, and the Importance of a Long-Term View

2:20:38Conclusion of Investor Perspectives and Introduction to Leadership and Corporate Culture

Conclusion of Investor Perspectives and Introduction to Leadership and Corporate Culture

2:23:00The Importance of Crisis Leadership

The Importance of Crisis Leadership

2:27:27Building a Culture of Resiliency

Building a Culture of Resiliency

2:35:36Leadership Behaviors During Crisis

Leadership Behaviors During Crisis

2:39:18The CEO's Role: Portfolio, Structure, and Culture

The CEO's Role: Portfolio, Structure, and Culture

2:43:11Key Considerations for Investors Evaluating Culture

Key Considerations for Investors Evaluating Culture

2:48:22Changing and Shaping Culture: The Long-Term Impact of Diversity and Inclusion

Changing and Shaping Culture: The Long-Term Impact of Diversity and Inclusion