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Speaker 1: For our Bloomberg audiences worldwide. I'm David Western and I'm

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Speaker 1: joined here once again by Larry Think. He is the

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Speaker 1: chairman and CEO of Black rereg So, Larry, thanks for

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Speaker 1: staying with us. All your earnings came out besides the

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Speaker 1: mergin of with GFPs. By the way, it's earnings that

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Speaker 1: will look pretty good. You've got a lot of influence.

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Speaker 1: You're over ten trillion dollars AUM, congratulations on that. What

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Speaker 1: do you think that tells us about the investment climate,

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Speaker 1: perhaps the overall economy right now?

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Speaker 2: Well, I would say the first and probably the most

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Speaker 2: significant fact. I mean, you know, I can't control one

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Speaker 2: quarter or another, and we had an incredible quarter.

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Speaker 3: But the fact that.

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Speaker 2: Stands out for me is well, for five years clients

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Speaker 2: were rewarded Black with one point nine trillion dollars.

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Speaker 3: This is not market movement.

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Speaker 2: This is how much new money we receive from clients worldwide,

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Speaker 2: and so clients have, over the long run, have great

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Speaker 2: needs to put money to work. We advocate only long

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Speaker 2: term strategies. We advocate that you need to be in

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Speaker 2: the market. You can't be in and out of the market.

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Speaker 2: If you're looking to do that, there are many venues

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Speaker 2: where you.

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Speaker 3: Could be doing that.

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Speaker 2: We are trying to help people build retirement savings. We

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Speaker 2: want people to have a life in retirement with dignity.

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Speaker 3: We spend so much time in.

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Speaker 2: Our world talking about how we could have healthier lives,

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Speaker 2: but we spend no time focused on can we afford

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Speaker 2: that longevity and Blackrock is a firm that tries to

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Speaker 2: provide that type of long term ism. I do believe

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Speaker 2: we spend a great deal of time about talking about

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Speaker 2: hope in a world today where we have greater hatred

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Speaker 2: and greater fear, I think there are many opportunities to

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Speaker 2: think about despite all those issues, that long term investing

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Speaker 2: is the.

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Speaker 3: Way to go.

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Speaker 2: And I believe, you know, at the moment right now,

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Speaker 2: we have trillions of dollars money sitting in the money

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Speaker 2: market funds and so there is that's just an indication

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Speaker 2: of fear. We have more money sitting in bank balance

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Speaker 2: sheets right now, in deposits, that's an indication of fear

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Speaker 2: or uncertainty. And I do believe one of the greatest

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Speaker 2: differentials between US and any country in the world is

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Speaker 2: the strength of the US capital markets. And this is

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Speaker 2: something that we at Blackrock betted on years and years

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Speaker 2: ago that we believe in and so over time, we

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Speaker 2: believe the opportunity to invest in our economy, investing in

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Speaker 2: our companies, and at times when you want to have

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Speaker 2: a more global view investing in the world. Over a

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Speaker 2: long run, you're going to outperform any bank deposit, You're

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Speaker 2: going to outperform any money market fund.

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Speaker 3: And it's our.

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Speaker 2: Job to provide the appropriate investments for our clients so

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Speaker 2: they can have that life with dignity.

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Speaker 1: The form that those investments are taking is changing, and

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Speaker 1: you also announced sort of a new architecture. I guess

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Speaker 1: is what you're calling it for black Rock really pushing

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Speaker 1: on to ets. We've had a lot of success with

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Speaker 1: I shares already, it's grown. It looks like you're doubling

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Speaker 1: down to that. Explain that move into ets. How far

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Speaker 1: does it go.

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Speaker 2: When we bought PGI in two thousand and nine, we

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Speaker 2: were ridiculed by most.

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Speaker 3: Of the financial community saying you.

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Speaker 2: Cannot marry the culture of an active investor who we

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Speaker 2: were at a passive culture, And we said, why our

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Speaker 2: clients use both products. Our job is to be agnostic

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Speaker 2: to our clients, to work with our clients to provide

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Speaker 2: a whole portfolio solution. But over time, more and more

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Speaker 2: clients started to think about how do I want to

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Speaker 2: get exposure? Do I want an exposure in this area

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Speaker 2: or this product, and I could do that through actively

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Speaker 2: investing in ets.

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Speaker 3: In twenty twelve, we said.

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Speaker 2: ATS are going to be the new engine for fixed income,

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Speaker 2: and boy did that get a lot of ridicule by

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Speaker 2: many people in the business community. And today the fixed

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Speaker 2: InCom markets are totally imbued by ATS.

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Speaker 3: And so at Blackrock.

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Speaker 2: When we bought BGI, we had two hundred and ninety

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Speaker 2: billion dollars at ETF.

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Speaker 3: Today we have three point five trillion.

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Speaker 2: And then this week alone, just yesterday, we launched the

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Speaker 2: I Shares Bitcoin ETF And so I would say to you,

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Speaker 2: if we could ETF a bitcoin, imagine what we could

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Speaker 2: do with all financial instruments. And so what we announced

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Speaker 2: in our architectural change I Shares was this business division

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Speaker 2: in itself, and we thought that's too you know, too exclusive.

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Speaker 2: We needed to include the ethos, the philosophy, the spirituality

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Speaker 2: of what I shares can provide everything we do at Blackrock,

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Speaker 2: because we believe we're just halfway there. In the ETF

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Speaker 2: revolution that everything is going to be etf' and we

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Speaker 2: needed to ensure both active products passive products digital products

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Speaker 2: are going to be used through the vehicle of ETFs.

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Speaker 3: At the same time.

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Speaker 2: In this architectural change, we're elevating the whole concept that

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Speaker 2: we are going to be curating more and more of

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Speaker 2: our performance based products too. So it's a very large

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Speaker 2: archaeo textual change. A lot of people have asked me,

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Speaker 2: I share this the most successful division within black Rock,

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Speaker 2: Look what it did.

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Speaker 3: Why are you doing this now?

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Speaker 2: And we believe it's so important to be anticipating the

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Speaker 2: next move. I would also say on the on the

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Speaker 2: beginnings of a ETF bitcoin, we believe ETFs are a

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Speaker 2: technology no different than bitcoin was a technology for an

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Speaker 2: asset storage.

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Speaker 3: We believe the next step going forward.

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Speaker 2: Will be the tokenization of financial assets, and that means

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Speaker 2: every stock, every bond will have its own basically q SIP.

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Speaker 2: It'll be on one general ledger. Every investor, you and

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Speaker 2: I will have our own number, our own identification. We

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Speaker 2: could rid ourselves of all issues around illicted activities about

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Speaker 2: bonds and stocks and digital by having a.

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Speaker 3: Tokenization.

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Speaker 2: But the most importantly thing we can customize strategies through tokenization.

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Speaker 2: That is, if it's every individual, we would have instantaneous settlement.

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Speaker 2: Think about all the costs of settling bonds and stocks,

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Speaker 2: but if you had a tokenization, everything would be immediate

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Speaker 2: because it's.

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Speaker 3: Just a line item.

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Speaker 2: And so we believe this is a technological transformation for

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Speaker 2: financial assets. I believe if you want to talk about

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Speaker 2: voting and voting, choice and all the things, if we

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Speaker 2: know every moment who is the owner of that stock

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Speaker 2: and it's now time to vote, every individual who has

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Speaker 2: ownership is identified and they could vote their own shares.

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Speaker 1: Is this the end of mutual funds?

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Speaker 3: I think, well.

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Speaker 2: A lot of people it's a rapper.

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Speaker 3: It's not the end of it.

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Speaker 2: But I would say the dominant form of bringing products

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Speaker 2: going forward will be in the form of ETFs. I

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Speaker 2: don't want to say it's the end because that's too finite,

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Speaker 2: but let's be clear of the growth of etf like

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Speaker 2: this has been this and mutual funds have been declining,

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Speaker 2: and there are going to be some product where a

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Speaker 2: mutual fund might be the best structure. But overall, I

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Speaker 2: think in everything we do and active and passive, we

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Speaker 2: are going to see in the form of ets in

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Speaker 2: the United States, it is so much more transparent. You

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Speaker 2: can buy and sell that instrument throughout the day, and

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Speaker 2: a mutual fund you have to wait till four o'clock

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Speaker 2: in the final pricing. And a mutual fund in the

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Speaker 2: United States you have a lot of tax issues around

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Speaker 2: the activity within the fund. In an ETF, you control

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Speaker 2: your tax activity. And so these are the technological changes

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Speaker 2: that gave us the idea in two thousand and seven

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Speaker 2: and then executed in two thousand and nine why we

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Speaker 2: needed to buy I shares.

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Speaker 1: All of this investment comes within a larger context, a

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Speaker 1: social and political context that really affects the investment necessarily.

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Speaker 1: We've got a lot of elections coming up this year

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Speaker 1: in the United States, but not just the United States.

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Speaker 3: Almost half the world were voting this weekend.

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Speaker 1: Yeah, there is it perceived to be a rise of

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Speaker 1: populism in the United States through a particular candidate who

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Speaker 1: was president wants to be president again. But around the

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Speaker 1: world there is what is the policy risk for investors

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Speaker 1: and for that matter, for black Rock, including for example,

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Speaker 1: with your big move into infrastruct with GIP. I'm mindful

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Speaker 1: of fact that ESG has sort of gotten a bad

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Speaker 1: political name in some parts of the country.

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Speaker 2: Well, I don't use the word esg anymore. I think

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Speaker 2: I've been quoted on that quite a bit now. But

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Speaker 2: the amount of money that is intriguing the decarbonization investing

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Speaker 2: pools is enormous.

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Speaker 3: More and more money.

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Speaker 2: We announced the Occidental Petroleum transaction where they are the

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Speaker 2: leader in air capture. Even former Governor Rick Perry wrote

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Speaker 2: a whole editorial and the power of that. So there

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Speaker 2: is going to be a lot of populism.

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Speaker 3: There's question.

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Speaker 2: Our job is to make people have a brighter financial future.

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Speaker 3: Our job is to give people more.

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Speaker 2: Certainty, and our job is to provide information so they

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Speaker 2: have better choices of what to invest.

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Speaker 3: Keep in mind, all ten trillion dollars of the money,

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Speaker 3: none of it's our us.

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Speaker 2: Our job is to be a fiduciary in behalf of

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Speaker 2: every client in the world. And if you are somebody

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Speaker 2: who does not believe in climate change, but and you

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Speaker 2: want to invest one hundred percent in hydrocarbons, where your

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Speaker 2: investment manager, we will advise you here the opportunities we see.

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Speaker 2: But if you are somebody who truly believes in new

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Speaker 2: technologies in the I would say, the venture capital of

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Speaker 2: new technologies so we could decarbonize the world. We have

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Speaker 2: a fund for you, we have a product for you.

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Speaker 2: We are we are aggressively sourcing new and interesting companies

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Speaker 2: that are being that are going to be the leaders

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Speaker 2: in the future. A couple of years ago, I wrote,

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Speaker 2: there's going to be one thousand unicorns who are going

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Speaker 2: to be these innovative companies who are going to help

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Speaker 2: help us decarbonize.

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Speaker 3: The world faster. So and I fully believe that outcome

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Speaker 3: will happen there.

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Speaker 1: You've taken black growth through some transformations. I share certainly

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Speaker 1: as one of those GIP looks like it's transformational. The

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Speaker 1: world is changing. Take us back to that world a

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Speaker 1: credit first Boston with the young bio Oganlacy and young

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Speaker 1: Larry Fink. What are those people looking forward to today,

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Speaker 1: those two who are just entering the business. How different

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Speaker 1: is it and where is it heading? Where are the

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Speaker 1: opportunities with people? What excites them?

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Speaker 2: I would say for those who have a passion, a

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Speaker 2: passion for investing, a passion to grow and learn, a

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Speaker 2: passion to do the right thing on behalf of your clients,

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Speaker 2: the opportunity today is just as great as when Bio

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Speaker 2: and I started our careers at First Boston. Obviously the

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Speaker 2: markets are entirely different. They're much larger, they're much more efficient.

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Speaker 2: But my gosh, I mean the young people that we're

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Speaker 2: bringing on board at Blackrock, those who show that imagination,

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Speaker 2: that passion, their opportunities are going to be just as

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Speaker 2: great as my opportunity that I had. And I do

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Speaker 2: believe that is the biggest differentiating between somebody who has

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Speaker 2: this great career and someone who doesn't. You need to

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Speaker 2: be in a career where you're passionate about that. Every

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Speaker 2: day you want to you have a desire to learn

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Speaker 2: something new, you have a desire to impart that to

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Speaker 2: your clients and helping your clients. And then when you

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Speaker 2: get into leadership, your job is to make everybody smarter

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Speaker 2: than you.

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Speaker 3: Your job as a leader.

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Speaker 2: Is lift more people, and as a big leader, your

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Speaker 2: job is hopefully to have more people earning more money

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Speaker 2: than you did.

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Speaker 3: That's what a leader.

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Speaker 2: Leadership is about lifting more and more people. And so

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Speaker 2: I don't think anything's changed. Obviously, how we live, our

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Speaker 2: lives have changed. The you know, you think about the

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Speaker 2: role of the capital markets. In my mind to the

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Speaker 2: two biggest firms that were so instrumental in driving the

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Speaker 2: growth of the global capital markets is our two founding

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Speaker 2: New York City companies, and that's Blackrock and Bloomberg, And

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Speaker 2: I truly believe there's a lot of similarities when we started.

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Speaker 2: I think Bloomberg started in eighty four, we started.

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Speaker 3: In eighty eight.

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Speaker 2: But the knowledge barrier, the knowledge information, expansion of the

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Speaker 2: capital markets, the globalization of the capital markets, to me,

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Speaker 2: that is what's driving the success.

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Speaker 3: David.

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Speaker 2: When I go to a country now, many times the

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Speaker 2: political leaders of the country are asking me how can

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Speaker 2: they build their retirement system and how they could build

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Speaker 2: their capital markets. They want to be more dependent in country.

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Speaker 2: They are excited by having international flows going to the

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Speaker 2: country to help that, but they know for long term

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Speaker 2: stability of their country, to have great and excellent companies,

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Speaker 2: they need to have their own capital markets and they

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Speaker 2: have to have their own retirement system. And this is

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Speaker 2: something that Blackrock can play a big role. And this

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Speaker 2: is one of the more exciting new chapters that I

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Speaker 2: see for the next ten years for Blackrock, and I

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Speaker 2: believe infrastructure will play a big role in that exciting future.

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Speaker 1: Larry, thank you so much.

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Speaker 3: For specting on today.

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Speaker 1: Really appreciate it as Larry think of blackrock