Introduces Larry Fink and asks about BlackRock's recent step-function growth.
speaker1
Larry Fink
BlackRock had its best year ever with $700B net flows, driven by scale, global growth, and a unique combination of public/private markets and investment technology.
Asks if this year will be the year of a steeper yield curve.
speaker1
Larry Fink
Believes there is good justification for lowering rates due to deflationary trends from AI and China's trade surplus, which will lead to a steeper yield curve.
Larry Fink
The growth of global capital markets is accelerating, driven by countries focusing on retirement systems (Pillar 2, Pillar 3).
Larry Fink
Don't get caught up in market noise; over time, if you believe your country can grow, you will be rewarded. Believes in American exceptionalism and that America will grow above trend.
Asks if recent White House actions (controls on capital returns, home buying, etc.) and government control are concerning.
speaker1
Larry Fink
Not focusing on the noise; believes investing is safer today than a year ago due to geopolitical improvements (Gaza ceasefire, potential Ukraine settlement).
Larry Fink
We are too preoccupied with monetary policy and not enough with fiscal discipline. The national debt is over $38T and growing.
Larry Fink
Believes we are beginning a new growth agenda. If the US can grow at 3% for the next 10-15 years, the debt-to-GDP ratio would shrink.