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welcome to episode 1127 larry fink largest money manager in the world at black rock black rock manages nine trillion dollars in 2021 and this is a really scary number this number is larger than the gdp of japan or germany this is an outline of episode 1127 macro trend overall it's it's been adjusted somewhat in some sectors of the economy that human beings and americans are living longer you have to have greater pools of savings now to live those extra years in dignity you know we we spend so much time focusing on how we can how can we live longer okay i'm going to exercise i'm not going to eat bad food i'm going to do all these good things making sure that i can live longer and yet we there's no dialogue about okay how can i afford it marie flink was born to middle class jewish family in los angeles in 1952 his father owns a shoe store his mother was an english professor after graduating from high school we earned two degrees from ucla first a bachelor degree in political science and then an mba in 1976 then he went to wall street and he worked 12 years at credit suisse first boston in the beginning he made them one billion dollars and then in 1986 he lost 100 million dollars due to a wrong interest rate bet in 1998 he co-founded blackstone financial management with four others managers in blackrock for the most part we know it now as a manager of etfs but blackrock was built as a manager of mutual funds in 1994 there was a dispute with blackstone and black rock was born 1999 black rock ipo in the new york stock exchange and raised 126 million dollars three branches of black rock three people teachers police officers nurses and many more and that's just the beginning blackrock has also developed a software platform called aladdin to perform risk analysis for its clients it receives sensitive data from banks insurance companies and other important institutions through aladdin blackrock has insights about the management of financial assets worth another 20 trillion dollars to one government today i believe it's tanamot for every government who wants to be fair and just we every government has to move forward in making sure that broadband is available to every citizen in every country because of covet we have learned that broadband is more important learning to be to educate now more we are applying medicine more so the divisions for those who don't have broadband are going to be exceptional we're going to create more inequalities for those larry thinks black rock is a growth machine since 2008 etf has become the bread and butter black rock in the asset management business the degree to which blackrock has grown some of it of course is luck being at the right place at the right time deal that blackrock did in 2009 to buy barclays global investors and get that etf business some of it was luck but most of it had to do with the fact that blackrock knew larry knew that was a hole in their portfolio and they wanted to find an etf manager that just wasn't anything available until of course barclays got into trouble and it became available now the secret of his success he wasn't in it for the money now of course he was in it for some money he's a wall street guy he came out of credit swiss first boston back in the day but he isn't what i mean by that is that he hasn't been as much in pursuit of dollars as some of his compatriots on wall street thank you for watching please subscribe and leave your questions and comments below my next video will be larry fink nine lessons wishing everyone peace and prosperity
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