Beyond Warren Buffett

Sunday, December 28, 2025

When Warren Buffett speaks, markets listen. His annual letters are dissected line by line, his investment choices treated as signals of economic truth. Yet far from the spotlight, a far larger and arguably more consequential investor shapes global capitalism with almost no noise at all. Norway’s Government Pension Fund Global — often called the world’s largest sovereign wealth fund — does not try to beat the market. It is the market.

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