natgillin/translations-raw huggingface dataset:
“The Government is proposing two important measures in the budget to help realise the value potential of increased recovery on the Norwegian continental shelf. 
- Regjeringen foreslår i budsjettet to viktig grep som vil bidra til å realisere verdipotensialet for økt utvinning på norsk sokkel.
Second, we have established a new research centre for increased recovery at the University of Stavanger, which will become fully operational in 2014. 
For det andre har vi opprettet et nytt forskningssenter for økt utvinning ved Universitetet i Stavanger som vil være i full drift fra 2014.
The centre will cooperate with the industry in the development of new methods and new knowledge to increase recovery,” says Minister of Petroleum and Energy Ola Borten Moe. 
Senteret skal i samarbeid med næringen utvikle nye metoder og ny kunnskap for økt utvinning, sier olje- og energiminister Ola Borten Moe.
The Ministry of Petroleum and Energy will provide support of NOK 10 million a year during a five-year period. 
Olje- og energidepartementet skal støtte senteret med 10 millioner kroner i året over en femårs-periode.
The centre will also receive industry funding. 
Senteret skal også medfinansieres av næringslivet.
Researchers at the centre will be tasked with helping to solve challenges involved in petroleum activities in Arctic regions. 
Forskningsmiljøet ved senteret skal bidra til å løse utfordringer for petroleumsutvinning i arktiske strøk.
Research will be conducted in collaboration with other research institutions in Norway. 
Forskningen skal foregå i samarbeid med andre forskningsmiljøer i Norge.
“The purpose of the centre is to strengthen the research community and boost recruitment to the petroleum sector in northern Norway. 
- Senteret skal styrke forskningsmiljøet og rekruttering til petroleumssektoren i nord.
The centre will provide us with greater insights into Norway’s resource base and develop methods for more environmentally friendly exploration in the Arctic,” says Minister of Petroleum and Energy Ola Borten Moe. 
Med dette senteret vil vi få økt innsikt i ressursgrunnlaget og utvikle metoder for mer miljøvennlig leting i Arktis, sier olje- og energiminister Ola Borten Moe.
St. 28 (2010–2011)), the Government stated that the primary objective of Norwegian petroleum policy is to facilitate profitable production of oil and gas in a long-term perspective. 
28 (2010-211) ”En næring for framtida”, fastslår regjeringen at hovedmålet i petroleumspolitikken er å legge til rette for lønnsom produksjon av olje og gass i et langsiktig perspektiv.
This is also identified as a priority area in the white paper on the High North (Meld. 
Dette er også et satsingsområde i Nordområdemeldingen, Meld.
St.7 (2011-2012)). 
St.7 (2011-2012).
Investment in increased oil recovery and petroleum research in northern Norway 
Satsing på økt oljeutvinning og petroleumsforskning i nord
The equity share The equity share of the strategic benchmark index is the one decision with the greatest impact on expected risk and return in the Government Pension Fund Global (GPFG). 
Aksjeandelen Aksjeandelen i den strategiske referanseindeksen er den enkeltbeslutningen som har størst betydning for forventet avkastning og risiko i Statens pensjonsfond utland (SPU).
The equity share is currently 62.5 percent. 
Andelen er i dag 62,5 prosent.
The expected return on equities is higher than on bonds, but at the same time, equities entail more risk. 
Aksjer har høyere forventet avkastning enn obligasjoner, men samtidig høyere risiko.
– The Government is proposing to increase the equity share to 70 percent, based on an overall assessment. 
– Regjeringens foreslår å øke aksjeandelen til 70 prosent på bakgrunn av en samlet vurdering av rådene vi har mottatt.
The overarching objective for the Fund is to achieve the maximum possible return, given a moderate level of risk. 
Fondet skal gi høyest mulig avkastning innenfor moderat risiko.
The Government assumes that the risk with an equity share of 70 percent will be acceptable overall. 
Regjeringen mener at risikoen med en aksjeandel på 70 prosent alt i alt vil være akseptabel.
The Government is proposing to not permit such investments at this time, says Siv Jensen, Minister of Finance. 
Regjeringen ønsker derfor ikke å åpne for investeringer i unotert infrastruktur nå, sier finansminister Siv Jensen.
The white paper discusses the special challenges involved in investing in unlisted infrastructure. 
I meldingen beskrives de særlige utfordringene ved å investere i unotert infrastruktur.
This discussion addresses political, reputational and regulatory risk based on, amongst other things, a report from McKinsey. 
Omtalen vurderer politisk, omdømmemessig og regulatorisk risiko, blant annet med utgangspunkt i en rapport fra konsulentselskapet McKinsey.
The report notes that this asset class is broad in scope, from power generation and airports to social infrastructure such as hospitals and prisons. 
I rapporten vises det til at aktivaklassen favner bredt, fra strømproduksjon og flyplasser til sosial infrastruktur som sykehus og fengsler.
It also notes that investments in unlisted infrastructure are complex, vary considerably from project to project, and require specialised expertise in several parts of the investor organisation, including at the board level. 
Det pekes også på at investeringer i unotert infrastruktur er komplekse, varierer mye fra prosjekt til prosjekt og krever spesialisert kompetanse i flere ledd i investororganisasjonen, også på styrenivå.
– There is a broad political consensus that the Fund has a financial objective and should not be used as a tool for foreign or climate policy, says Siv Jensen Minister of Finance. 
– Det er bred politisk enighet om at fondet har et finansielt formål og at det ikke skal være et virkemiddel i utenriks- eller klimapolitikken, sier finansminister Siv Jensen.
Guidelines for government bonds In its deliberation of the white paper on the management of the Fund in 2015, the Storting’s Standing Committee on Finance and Economic Affairs requested that guidelines for the Fund’s investments in government bonds be considered, as a tool for Norges Bank in its assessment of financial risk. 
Retningslinjer for statsobligasjoner Ved behandlingen av fondsmeldingen for 2015 ba Stortingets finanskomité om at det ble vurdert retningslinjer for fondets investeringer i statsobligasjoner, som et verktøy for Norges Bank i vurderingen av finansiell risiko.
Norges Bank manages the GFPG within a mandate laid down by the Ministry of Finance. 
Finansdepartementet fastsetter mandatet for Norges Banks forvaltning av SPU.
The financial risk of government bond investments is adequately addressed in the current mandate, and the Bank’s subsequent implementation. 
Hensynet til finansiell risiko ved investeringer i statsobligasjoner anses godt ivaretatt i dagens mandat, og gjennom bankens oppfølging av bestemmelsene i mandatet.
This is strengthened further by the proposed changes, says Siv Jensen, the Minister of Finance. 
Dette styrkes ytterligere med endringene som vi nå legger opp til, sier finansminister Siv Jensen.
– A primary objective for the government has been to make the Norwegian economy less dependent on oil, and more responsive to change. 
– Et hovedmål for regjeringen har vært å gjøre norsk økonomi mindre oljeavhengig og mer omstillingsdyktig.
First and foremost, this requires a qualified labour force and a productive business sector. 
Da trenger vi først og fremst en kompetent arbeidsstyrke og et produktivt næringsliv.
Divestment of the oil and gas equity holdings of the Fund is a digression, and makes us no less vulnerable to a permanent decline in petroleum revenues, says Siv Jensen, Minister of Finance. 
Å selge olje- og gassaksjene i fondet er et sidespor og gjør oss ikke mindre utsatt for et varig fall i oljeinntektene, sier finansminister Siv Jensen.
Investment strategy decisions for the GFPG 
Viktige veivalg for Statens pensjonsfond utland
Investment Strategy Summit 
Investment Strategy Summit
The Government’s ambition is to pursue a policy based on sound, long-term management of Norway’s petroleum wealth. 
The Government’s ambition is to pursue a policy based on sound, long-term management of Norway’s petroleum wealth.
Our job is to ensure that this wealth can benefit all generations, said State Secretary Hilde Singsaas. 
Our job is to ensure that this wealth can benefit all generations, said state secretary Hilde Singsaas.
Members of the Strategy Council, distinguished panellists, ladies and gentlemen, 
Members of the Strategy Council, distinguished panellists, ladies and gentlemen,
Welcome to the Investment Strategy Summit 2011. 
Welcome to the Investment Strategy Summit 2011.
The purpose of this summit is to discuss the further development of the investment strategy for the Government Pension Fund Global. 
The purpose of this summit is to discuss the further development of the investment strategy for the Government Pension Fund Global.
First, let me thank the members of the Strategy Council for their help in organising this event, and for making sure that we have interesting topics on the agenda and a panel of distinguished speakers. 
First, let me thank the members of the Strategy Council for their help in organising this event, and for making sure that we have interesting topics on the agenda and a panel of distinguished speakers.
I would also like to thank you all for coming. 
I would also like to thank you all for coming.
It is important that you are here. 
It is important that you are here.
The broad background represented in the audience tells me that there is a strong interest in how we manange our mutual savings. 
The broad background represented in the audience tells me that there is a strong interest in how we manange our mutual savings.
Engaged stakeholders is a precondition for a well informed debate about the Fund. 
Engaged stakeholders is a precondition for a well informed debate about the Fund.
Our job is to ensure that this wealth can benefit all generations. 
Our job is to ensure that this wealth can benefit all generations.
The first transfer to the Fund was made in 1996. 
The first transfer to the Fund was made in 1996.
One important experience over the last 15 years has been the importance of a well-anchored investment strategy. 
One important experience over the last 15 years has been the importance of a well-anchored investment strategy.
The burst of the dot-com bubble in the early 2000 and the financial crisis in 2008 were followed by sharp subsequent recoveries. 
The burst of the dot-com bubble in the early 2000 and the financial crisis in 2008 were followed by sharp subsequent recoveries.
If the risk level of the Fund had been reduced in 2002 or 2009, the recovery during the upturns would not have been as strong. 
If the risk level of the Fund had been reduced in 2002 or 2009, the recovery during the upturns would not have been as strong.
An important reason why we can handle substantial short term fluctuations, is the fact that the invesment strategy has been anchored in Parliament, and that there is broad political support for the main aspects of the strategy. 
An important reason why we can handle substantial short term fluctuations, is the fact that the invesment strategy has been anchored in Parliament, and that there is broad political support for the main aspects of the strategy.
Even though the reported losses in 2008 amounted to 85 billion Euros – almost a total state budget that year - there was a broad majority in parliament supporting the strategy and the ongoing increase in the equity portion. 
Even though the reported losses in 2008 amounted to 85 billion Euros – almost a total state budget that year - there was a broad majority in parliament supporting the strategy and the ongoing increase in the equity portion.
Two years later we had already regained the losses. 
Two years later we had already regained the losses.
This authumn has reminded us that significant uncertainty still attaches to the future development of the financial markets. 
This authumn has reminded us that significant uncertainty still attaches to the future development of the financial markets.
Increasing public debt levels and expectations of a weakening economy are now affecting many of the world's largest economies. 
Increasing public debt levels and expectations of a weakening economy are now affecting many of the world's largest economies.
Uncertainty about developments in the global economy has resulted in significant turmoil in the financial markets. 
Uncertainty about developments in the global economy has resulted in significant turmoil in the financial markets.
Thus, it is important to recognise that markets fluctuate widely from time to time. 
Thus, it is important to recognise that markets fluctuate widely from time to time.
The Government Pension Fund has a high capacity to absorb such fluctuations and we are not forced to sell today or tomorrow due to short-term fluctuations. 
The Government Pension Fund has a high capacity to absorb such fluctuations and we are not forced to sell today or tomorrow due to short-term fluctuations.
Furthermore, the manager Norges Bank has considerable freedom in the management of the Fund, within the overarching guidelines an risk limits set by the Minsty. 
Furthermore, the manager Norges Bank has considerable freedom in the management of the Fund, within the overarching guidelines an risk limits set by the Minsty.
This flexibility has already been used to change the composition of the Fund’s portfolio of government bonds. 
This flexibility has already been used to change the composition of the Fund’s portfolio of government bonds.
Today, we would like to turn the discussion slightly away from the day-to-day headlines in the financial press. 
Today, we would like to turn the discussion slightly away from the day-to-day headlines in the financial press.
Instead, we would like to focus on the longer-term aspects, which after all characterize this Fund. 
Instead, we would like to focus on the longer-term aspects, which after all characterize this Fund.
The chosen investment strategy for the Pension Fund is based on a clear financial goal of maximizing real returns at a moderate level of risk. 
The chosen investment strategy for the Pension Fund is based on a clear financial goal of maximizing real returns at a moderate level of risk.
The strategy is expressed in terms of a benchmark to the manager, Norges Bank. 
The strategy is expressed in terms of a benchmark to the manager, Norges Bank.
Our current strategy is based on 60 pct. invested in equities and 40 pct. in bonds. 
Our current strategy is based on 60 pct. invested in equities and 40 pct. in bonds.
Over time, 5 pct. of the Fund will be invested in Real Estate, reducing the bond portfolio to 35 pct. 
Over time, 5 pct. of the Fund will be invested in Real Estate, reducing the bond portfolio to 35 pct.
There has been a gradual evolvement in the investment strategy for the Fund since inception. 
There has been a gradual evolvement in the investment strategy for the Fund since inception.
The Ministry is constantly looking for ways to improve the trade-off between return and risk. 
The Ministry is constantly looking for ways to improve the trade-off between return and risk.
We do this by further spreading the investments. 
We do this by further spreading the investments.
We also aim to continue to build on the Fund’s special characteristics, such as its size and its long-term investment horizon. 
We also aim to continue to build on the Fund’s special characteristics, such as its size and its long-term investment horizon.
We expect the Fund to double its current size over the next ten years. 
We expect the Fund to double its current size over the next ten years.
The Fund’s strong growth and large size alone comprise an important starting point for the further development of the Fund’s management. 
The Fund’s strong growth and large size alone comprise an important starting point for the further development of the Fund’s management.
In the report on the management of the Fund presented to the Parliament in April, we said that the geographical distribution of the Fund and the long-term strategy for the fixed income portfolio are among key issues going forward. 
In the report on the management of the Fund presented to the Parliament in April, we said that the geographical distribution of the Fund and the long-term strategy for the fixed income portfolio are among key issues going forward.
Our preliminarly assessment in the report was that the current concentration on European investments seems less warranted than before. 
Our preliminarly assessment in the report was that the current concentration on European investments seems less warranted than before.
Over time, therefore, the proportion of the Fund that is invested in Europe should be reduced in favour of greater proportions in the rest of the world. 
Over time, therefore, the proportion of the Fund that is invested in Europe should be reduced in favour of greater proportions in the rest of the world.
In the latest report we also discussed the role for investments in fixed income in a portfolio such as ours. 
In the latest report we also discussed the role for investments in fixed income in a portfolio such as ours.
On the one hand, fixed income investments may contribute to diversification. 
On the one hand, fixed income investments may contribute to diversification.
On the other hand, it could be a way to enhance returns over time through collection of various long-term risk premia. 
On the other hand, it could be a way to enhance returns over time through collection of various long-term risk premia.
We are now working dedicated to follow-up advice that we have received on these issues from Norges bank, the Strategy Council and different experts. 
We are now working dedicated to follow-up advice that we have received on these issues from Norges bank, the Strategy Council and different experts.
Finding good and robust solutions is an important part of this work. 
Finding good and robust solutions is an important part of this work.
The Government has very high ambitions for the Government Pension Fund, namely that it should be the best managed fund in the world. 
The Government has very high ambitions for the Government Pension Fund, namely that it should be the best managed fund in the world.
This entails identifying leading international practice in all parts of the Fund management and striving to achieve this ourselves. 
This entails identifying leading international practice in all parts of the Fund management and striving to achieve this ourselves.
The Strategy Council plays an important role in this respect by giving expert based advice to the work we do in the Minstry on the investment strategy. 
The Strategy Council plays an important role in this respect by giving expert based advice to the work we do in the Minstry on the investment strategy.
In 2010, we asked the Strategy Council to write a report giving an overview of strategic challenges for the Fund on the aggregate level. 
In 2010, we asked the Strategy Council to write a report giving an overview of strategic challenges for the Fund on the aggregate level.
The report was presented in November last year, and the Strategy Council proposed a number of potential modifications to the strategy such as accepting higher risk and expanding exposure to more illiquid assets. 
The report was presented in November last year, and the Strategy Council proposed a number of potential modifications to the strategy such as accepting higher risk and expanding exposure to more illiquid assets.
The Council also recommended reviewing the regional weights in the Fund’s benchmark and tilting the Fund towards value strategies. 
The Council also recommended reviewing the regional weights in the Fund’s benchmark and tilting the Fund towards value strategies.
As I mentioned, these are issues which the Minstry are currently working on. 
As I mentioned, these are issues which the Minstry are currently working on.
We will get back to some of these issues in our next white paper to Parliament. 
We will get back to some of these issues in our next white paper to Parliament.
Other topics will be addressed in later reports. 
Other topics will be addressed in later reports.
This year, we have asked the Council to arrange a seminar focusing on issues that are relevant for the further development of the strategy over the coming 5-10 years. 
This year, we have asked the Council to arrange a seminar focusing on issues that are relevant for the further development of the strategy over the coming 5-10 years.
I think the Council has done a very good job in identifying interesting areas for the Fund; First the issue of emerging market investments and whether there exists a risk premium associated with such investments. 
I think the Council has done a very good job in identifying interesting areas for the Fund; First the issue of emerging market investments and whether there exists a risk premium associated with such investments.
This is also a key topic in our work on the regional allocation of the Fund. 
This is also a key topic in our work on the regional allocation of the Fund.
Furthermore, the issue of harvesting liquidity premia, which squares nicely with our work on the fixed income portfolio where we seek to clarify the different roles that risk factors should play in the bond portfolio. 
Furthermore, the issue of harvesting liquidity premia, which squares nicely with our work on the fixed income portfolio where we seek to clarify the different roles that risk factors should play in the bond portfolio.
Finally, the issue of time time-varying risk premia. 
Finally, the issue of time time-varying risk premia.
A key question in the development of the Fund’s strategy will be whether that time-variation can be captured, and how that may be organised in a fund like ours.. 
A key question in the development of the Fund’s strategy will be whether that time-variation can be captured, and how that may be organised in a fund like ours..
We hope that addressing these more long term strategic issues will trigger an open and engaged debate about the Fund going forward. 
We hope that addressing these more long term strategic issues will trigger an open and engaged debate about the Fund going forward.
This does not nessecarly mean that the Minstry share all the views of the Council, or the other contributors here today, but it underlines the importance the Ministry attaches to independent and critical advice. 
This does not nessecarly mean that the Minstry share all the views of the Council, or the other contributors here today, but it underlines the importance the Ministry attaches to independent and critical advice.
I look forward to the presentations and a fruitful discussion. 
I look forward to the presentations and a fruitful discussion.
Thank you again for taking the time to participate at this seminar. 
Thank you again for taking the time to participate at this seminar.
I will now give the word to professor Elroy Dimson. 
I will now give the word to professor Elroy Dimson.
Elroy Dimson is currently Emeritus Fellow at London Business School and a Fellow and Visiting Professor at Cambridge Judge Business School. 
Elroy Dimson is currently Emeritus Fellow at London Business School and a Fellow and Visiting Professor at Cambridge Judge Business School.
His research, writing and consulting blends the themes of long term financial market performance and endowment asset management. 
His research, writing and consulting blends the themes of long term financial market performance and endowment asset management.
He is director and Past-president of the Europen Finance Association, and is a member of the advisory boards of the CFA Institute, FTSE Group, and Russel investments. 
He is director and Past-president of the Europen Finance Association, and is a member of the advisory boards of the CFA Institute, FTSE Group, and Russel investments.
Professor Dimson chairs the Ministry of Finance’s Strategy Council for the Government Pension Fund Global. 
Professor Dimson chairs the Ministry of Finance’s Strategy Council for the Government Pension Fund Global.
Elroy Dimson, the floor is yours. 
Elroy Dimson, the floor is yours.