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Sovereign Wealth Funds and Long-Term Investing$
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Sovereign Wealth Funds and Long-Term Investing

Joseph Stiglitz, Patrick Bolton, and Frederic Samama

Print publication date: 2011

Print ISBN-13: 9780231158633

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231158633.001.0001

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Introduction

Introduction

Chapter:
Introduction
Source:
Sovereign Wealth Funds and Long-Term Investing
Author(s):

Joseph E. Stiglitz

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231158633.003.0042

This chapter introduces the panel entitled “Managing Risk During Macroeconomic Uncertainty” by making two distinctions between the challenges facing sovereign wealth funds (SWFs) and those facing ordinary investors and ordinary asset managers. The first is that they are long-term investors, and the second is that they represent national interests. The long-term investor point is easy to understand. Long-term investors know that there are certain risks that will occur and that there will be certain business cycles; they may not know when they are going to occur, but they know that there will be, sometime in the future, economic fluctuations. The second point is that they are managing assets that are part of the national wealth. This means that when they look at the management of that asset it has to be seen in the context of all the other assets that are part of the nation's balance sheet.

Keywords:   sovereign wealth funds, SWF, long-term investors, national interests, portfolio management

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