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Hi everybody, I'm Nikola Tangen of the Norwegian sovereign wealth fund, and today we are hosting an investor legend, Paul Singer, who founded Elliot Asset Management and probably the most important activist

investor in the world. Paul, welcome. Thank you. What is activist investing?

Activist investing is taking a position largely in an equity security of a company and trying

to engage with the company to improve outcomes, control or

influence outcomes, better outcomes to unlock value. It could be management changes that are requested.

It could be capital structure changes, finance strategies and tactics, anything that will make the

company earn more money, be better positioned, more rationally deploy assets.

Why do you have to do this?

Don't companies do this themselves?

Well, as you know, the trend away from active investing,

and by active investing, I don't necessarily mean activist.

Active investing just means you open the mail from the company in which you invest.

You try to figure it out.

You try to understand the company's strategy,

and maybe you'll call the company up and lob in some suggestions.

But active investing is next to passive investing or index investing.

Index investing now accounts for a plurality of money that's managed, particularly

equity money around the world. What's the ratio of successful outcomes versus not so successful

outcomes? Well, since I'm going to define successful as we get a meaningful percentage of what we ask for, and the

stock reflects it, not just in 20 minutes, but I mean, you know, over a period of time,

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