Norway's [public] pension fund is now worth over $1 trillion

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Acer wrote:
And, all investment choices are made by the state.

Wrong again, the "fund is managed by Norges Bank Investment Management (NBIM)" a set up analogous to our CALPERS. Your state, the politicians, do not pick the investments the fund puts its money in, however they do limit the areas the fund is not allowed to tread.
And you cannot get more capitalistic than the Swiss gnomes being the financial guides for the fund's investments...