This Is Sad

Bloomberg reports Norway Oil Fund Lost $52 Billion in Quarter as Crisis Roils

Norway’s sovereign wealth fund lost 284 billion kroner ($52 billion) in the third quarter, its second-worst quarterly drop, as stock markets slumped on concern Europe’s debt crisis would derail the global recovery.

Very sad.

I discussed this fund a while ago in Investing For Infinity . . . Or Insanity? when I was calling attention to the fact that back in September of 2010, it invested heavily in Greek, Spanish, Italian, and Portuguese bonds.

What the Bloomberg article doesn't mention is that this sovereign wealth fund is actually the Norwegian government pension fund.

It is exceedingly reckless, as a steward of pension obligations to its citizens, that the fund should be so cavalier. $52 billion, gone.