Wall Street Week Bloomberg Wall Street Week - November 22nd, 2024
Nov 22, 2024
Zac Brown, the Head of McLaren F1 Team, dives into the explosive growth of Formula One in the US, crediting the Netflix series 'Drive to Survive' for its popularity. He discusses how digital advancements and marketing strategies transformed F1 from an elite sport to one that's more inclusive. Brown also reveals the financial dynamics behind the sport, including the recent cost cap and sponsorship strategies that fuel team success. Join this exhilarating conversation about speed, strategy, and the future of racing.
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Sovereign Wealth Funds
- Many countries utilize sovereign wealth funds (SWFs) to invest national reserves.
- The US is considering creating its own SWF, following the example of countries like Norway and China.
Norway's SWF
- Norway discovered oil in 1969 and established its SWF in 1996.
- The fund started with $2 billion and has grown to $1.7 trillion, demonstrating successful long-term investment.
Climate Risk as Financial Risk
- Norway's SWF views climate risk as financial risk, impacting investments.
- A deteriorating climate affects harvests and drives up prices, directly impacting financial returns.