The world's largest sovereign wealth fund, the Norwegian Government Wealth Fund Global, has since its inception in 1997 had an annual average return on investments of 7.5% per year.

This is 1.9% less than the annual average increase in the price of gold, a commodity that the financial market perceives as being almost "risk free."

The fund is effectively burning capital due to the administration and politicians urge to "invest" instead of doing the boring thousands of years old tradition of saving in gold. As you see in the graph, the Norwegian government sold off all of the state's gold holdings in 2004.

And what about #bitcoin   ?

The fund owns a tiny slice of the bitcoin company Microstrategy, but that's all.

In other words:

The state's pension management is out of control, the fund has a wealth-destroying administration, and our politicians either don't understand it, or they don't give AF.

H/t Gregard Mikkelborg at Gull er Penger, who makes incredibly important graphs.