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, warm 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 kind of steps do you take? Some of the steps are very prosaic. We develop ideas from a

variety of sources. Given our position in the marketplace, sometimes people bring us ideas.

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