저자: Ben · 외국인
요약 보기
BlackRock CEO 래리 핑크의 공개서한(2022)을 중심으로 장기 지속가능 가치와 이해관계자 자본주의를 설명하는 인터뷰 영상이다. 서한 작성 배경: 래리 핑크가 10년간 서한을 써 온 이유는 시장의 단기 이익 중심 내러티브에 대한 문제의식 때문이다. 전신 수탁자(fiduciary) 책임 관점에서 기업이 장기 지속가능한 가치를 추구하도록 촉구하는 것이 목적이다. 이해관계자 자본주의: 기업은 직원, 고객, 지역사회 등 여러 이해관계자를 고려해야 장기 가치 창출이 가능하다고 본다. 이는 고객 자산을 대신 운용하는 수탁 의무를 실현하는 수단으로 제시된다. 거시변수와 지속가능성: 인플레이션, 금리, 성장률, 팬데믹이 투자 판단에 영향을 주듯, 지속가능성 리스크도 투자 리스크이자 보유 자산 가치를 좌우하는 요인이다. 블랙록은 지속가능성을 투자 프로세스의 부가 요소가 아니라 기초 요소로 취급한다고 밝혔다. 자본시장 변화와 파괴: 풍부한 자본과 인터넷으로 기업 파괴(disruption)가 가속화되고 있다. 기존 기업 CEO는 파괴의 위험을 경계하는 동시에 스스로를 혁신하는 기회를 찾아야 한다는 메시지다. 예측 발언: 대상 자산에 대한 1~3개월 가격 방향 예측은 없다. 영상은 장기 테마와 투자 철학을 다루며, 개별 자산 가격 전망은 언급되지 않았다.
다듬은 글
blackrock is the world's largest investment management business we'll be discussing some of the key investment themes that have been highlighted within blackrock ceo larry finks latest open letter to the leaders of the businesses that blackrock invests some 10 in u.s dollars of investor funds within iris these letters are more than just the musings of an investment manager it reads like a summary of some of the key investment challenges and concerns that investors are grappling with around the world and it's a request for a response from the world's business leaders can we start with your thoughts on why larry writes these letters and within this year's letter why is the concept of stakeholder capitalism so important thanks ctv and hello everyone this is the tenth year that uh larry's been writing letters and if you want to clock back uh it really stemmed from a bit of a frustration with the narrative that was in the market at these companies and that is to say that you know first and foremost were fiduciary on behalf of clients and the narrative at the time was certainly um focused on short-term profits versus long-term value and so when larry started writing these letters 10 years ago really was trying to focus uh companies to think about those long-term sustainable business practices that would benefit the clients that we manage on behalf of and to look at it through that fiduciary lens so then if you go back to the stakeholder capitalism component of the letter of this year again it's really grounded in our fiduciary objective in our fiduciary duty which is we are trying to promote long-term sustainable value on behalf of clients and in order to do that companies really do need to think about various stakeholders that they're beholden to very importantly employees we've spent the last few years uh certainly the clients and customers that they're operating you know on behalf of and finally the communities that they're operating in and so really if this concept of stakeholder value is really trying to again bring it together and promote that long-term value creation on behalf of clients and then when you and i have talked in the past we've often focused on how major economic developments like inflation interest rates economic growth rates and and the the pandemic are impacting investment decisions but larry's letter to ceos highlight some much broader and very long term themes for investments so my question for you is how does blackrock incorporate these themes and how do you incorporate these things into your decision-making about investments so i would say we incorporate them at the absolute foundational level for us sustainability risk simply is investment risk uh in much the same way that inflation interest rates and other if you will normal macroeconomic variables can impact the value of your holdings it seems very clear to us that risks around sustainability positively and negatively can impact the value of one's holdings so we think of it as absolutely foundational as part of our investment process we reject the idea of kind of having sustainability as an add-on or as an adjacent to our investment process we had it as we have it is absolutely foundational i think another aspect of larry's letter which is very interesting is the the dynamism of capital markets themselves uh the evolution we've seen over the last years and even decades by which we have come to a situation where there is frankly just so much capital uh available for entrepreneurs and that combined with i guess the internet uh has led to a situation where more and more companies are being disrupted and i think for many uh corporate ceos of let's say existing companies i think we need to be very mindful of the risks from disruption on the one hand but also of course the opportunities and the challenge i suppose is can ceos of uh existing companies that have been around for a long time can they think about how they disrupt themselves and become the next better version of the uh of the company so that disruption mindset isn't just for a couple of uh 27 year olds in the back bedroom but i think that's for all of us as we think about how we can flourish over the uh years and decades ahead thanks ben and iris and and viewers thanks for watching we've really only been able to scratch the surface on some of the major insights and investment things that blackrock identifies and is communicating on behalf of investors for people that do want to find out more larry's letters are easily found on the blackrock website and for investors here in new zealand i'm diving deeper into these issues with both iris and ben and asb's podcasts and blogs that are found on asp's website
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