Norges Bank 2025 Investment Conference: What Makes A Great Company?

Once again, the good people at Norges Bank have brought together a very interesting group of speakers to their 2025 Annual Investment Conference, titled “What Makes a Great Company?”

Speakers include some of the world’s leading CEOs, investors, and academics to explore the essential qualities behind enduring corporate excellence, including leaders from Goldman Sachs, Novo Nordisk, Otis, Ferrari, Nasdaq, and investment firms, offering a rare, multifaceted perspective on what sets truly great companies apart in an era of rapid change and uncertainty.

Here are the key takeaways:

• Enduring Purpose and Strong Culture Are Fundamental: Across all speakers, a clear, long-term purpose and a strong, values-driven culture were repeatedly highlighted as the foundation of great companies. For example, Goldman Sachs attributes its 156-year longevity to a culture rooted in partnership, integrity, client service, and excellence, continuously investing in these values to adapt and thrive.

• Relentless Innovation and Adaptability: Great companies don’t just preserve their core-they relentlessly innovate and adapt. Novo Nordisk’s transformation of diabetes and obesity care, Otis’s integration of AI and IoT into elevator services, and Ferrari’s blend of tradition with cutting-edge technology all illustrate the importance of continuous, purpose-driven innovation to stay ahead in changing markets.

• Operational Excellence and Discipline Drive Sustainable Results: Operational discipline, clear business models, and a focus on execution underpin sustainable growth. Otis, for example, credits its long-term success to a disciplined “flywheel” model, operational rigor, and a focus on customer-centric service, resulting in steady growth and high customer retention over decades.

• Leadership, Talent, and Culture of Learning: Leadership that fosters open communication, humility, and a learning mindset is vital. Ferrari’s CEO emphasized direct engagement at all levels, humility, and a willingness to challenge the status quo, while Nasdaq’s Adena Friedman stressed the need for “humble confidence” and constant learning in a fast-changing technological landscape.

• Long-Term Orientation and Resilience: Both investors and executives agreed that long-term thinking-rather than chasing short-term gains-is crucial. Leading investors highlighted the importance of finding companies with durable competitive advantages, barriers to entry, and resilient business models, and then holding them for the long haul to realize true value.