BlackRock Inc. (BLK) is a major American investment management firm and pioneer of mortgage backed securities in the United States. As of March 31, 2009 BlackRock’s assets under management totaled $1.283 trillion across fixed income, liquidity, equity, alternative investment and real estate strategies, declining from $1.357 trillion of December 31, 2007.In 2008, BlackRock's total revenue was $4.56 billion, of which $4.41 billion came from Advisory Fees, $406 million from BlackRock Solutions, $139 million from Performance Fees, and $137 million from Distribution Fees. On June 11, 2009 BlackRock purchased Barclays investment management arm, Barclays Global Investors, creating a firm managing nearly $2.7 trillion in assets.
Lawrence Fink is a founding partner of the company in 1988.
Here are the three part interview:
Part I
In Part I, Fink assesses how the US government handled the past crisis. He considers the near-zero Fed rate is the engine behind the rally in the equity, bond and recently corporate revenue growth. He also answered a few questions from the audience on the Fed’s exit strategy and how will that impact the markets.
Part II
In Part II, Fink answers questions on financial industry regulatory reform. He is for reform but with some qualifications. He considers the public ownership of large financial institutes is a good thing and he don’t want regulatory changes change that.
In particular, he addresses the problem of “too big to fail”.
Part III
He offers his economic outlook for the next two to three years. According to him, the economy in the developed countries will be weak, growing at 2-3% per year.
He also answers questions from the audience on the financial industry reform, and he gives his outlook beyond the anemic 2-3 years, and how to turn the Asian savers into investors.
“If we can turn those savers into investors, we should be very bullish on global captilism” he says.
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