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so I I told you at the top of the show the S P's 15 gain year to date nothing to sneeze at but check out this comparison since the start of 2023 Bitcoin has pulled off an absolute moonshot the crypto of record has soared 83 with a good chunk of it coming since June 15th that's when BlackRock the world's largest asset manager filed an application for a spot Bitcoin trust ETF blackrock's eye shares joins a crowd of fund managers from Arc to Invesco Vanek grayscale all these other fun companies that have been desperate to do the same but they've been turned away by the sec's bouncers namely Chief Bouncer and Gary kensler blackrock's first application actually it's already been kicked back the SEC demanded it name a surveillance partner to spot things like fraud and manipulation in late last week BlackRock and NASDAQ refiled naming coinbase as the custodial surveillance partner of the spot Bitcoin trust the crypto World pinning its hopes on BlackRock which has a track record regulator say they find too good to reject at least that's what people think blackrock's 576 ETF applications 575 have been accepted and just one has been rejected I know you're all asking which one I'll tell you later it was in 2014.
that's the entire crypto sector weights and watches joining us now in a fox business exclusive is blackrock's Chairman and CEO Larry Fink along with Charlie gasparino great to have you Larry Liz Charlie it's good to be here on a summer day yeah and we're cool in here very I know that per sec regulations you cannot get into specifics but as you look at all of your track records when it comes to ishares and approvals how do these things work out how long does it take and what do you think odds are of any of your ETFs that you float getting accepted well we we try to do what's right for the long-term investor and I think we have a good track record working with our regulators and trying to making sure we are we're thinking about all the all the issues around uh any filing and so I can't get into the specifics of this filing um but I think the chart speaks quite well we work really closely with our regulators and we want to hear from The Regulators what they what are their issues and how can and can we fix those issues around that so we hope that like in the past we could be working with our regulators and get the filing approved one day and I don't I have no idea what that one day will be but um and and so we'll see how that all plays out specifically on on bitcoin as I've said in the past um we're a believer in digitization of of of products um you know ETS was a big revolution from the mutual fund industry and it's really taking over the mutual fund industry and we do believe that if we can great more tokenization of assets and securities and that's what Bitcoin is it could revolutionize again uh finance and so we look at this as a as an opportunity to move one step further in terms of providing investors you know fractions of shares fractions of this democratizing the cost of investing you know over the last 10 years we've lowered the cost of ishares ETFs by 30 percent so what we're trying to do is make it more accessible or easy the attempt in terms of what we're trying to do with uh with uh with crypto is make it more democratized with all the crypto and making it much cheaper for investors right now the bid ask spread for crypto is very expensive it does erode a lot of the returns that you speak about because it costs a lot of money right now to transact Bitcoin and it costs a lot of money to get out of that and so we hope uh the our Regulators look at these filings as a way to democratize uh crypto and and and and we'll see in the future how that plays out you were never a crypto skeptic like Buffett I mean Buffett and and Charlie Munger come out and yeah they disable this bad stuff about it but you were kind of skeptical yeah I was skeptical because the early users were it was heavily used for let's say illicit activities and I think as it became more accessible and also I do believe the role of crypto is um it is it is it's digitizing gold in many ways it's a it's a instead of investing in gold as a hedge against inflation a hedge against the the onerous problems of any one country or or the or the devaluation of your currency whatever country you're in um let's be clear Bitcoin is an international asset it's not based on any one currency and so it it can represent a asset that people can play as an alternative I would call the the foundation of BlackRock is about hope you invest for retirement because you believe tomorrow is better than today right but it isn't but it didn't hasn't the the technology sort of diverged from the value of the digital coins I mean I don't know a lot of people who use the um the blockchain that's the Bitcoin right technology to transact I know a lot of people hold Bitcoin you don't hold Bitcoin right I don't own anything other than mutual funds yeah okay but you see what I'm saying you know there's been advancement people there's a utility it seems out of nowhere about this digital coin I don't see the utility in the underlying um technology and isn't that bad well no I actually believe the underlying technology is fantastic because because the blockchain will help you accelerate the processes of transactions the blockchain will help you identify I mean let's be clear if you have a pure blockchain and you have every you have knowledge of who the buyers and sellers are we could then you know we don't need custodians anymore we don't need you know the whole process of Finance some of the intermediaries are broken down and so this is why we're all studying but we're not there we're not close to there but it's an advancement of technology I mean it's no different than um the spirit around Ai and what Aya can do Larry as we as we look we look at our Market here right we have come out of a bank crisis of many many crisis fit or something like a little mini didn't feel many to the banks that went under three of them yes but the the very issues that put those Banks under whether it was Bank Management in relation to higher interest rates have not gone away now we've got the roller coaster coming right at Commercial Real Estate yes are there more banks that you foresee failing whether they are the Regionals we just talked to David Rubinstein at the top of the show and he he thinks maybe in a couple of years we will see some of these go away we have 4 400 Banks we are the we have more banks in the United States than any country in the world we believe in local banks so we have a strong foundational belief that local banks are good but the half 4400 maybe is too many uh it Liz you framed it perfectly I believe interest rates are going to continue to go higher I think the Federal Reserve is going to have to do minimum number two but maybe as much as four more times four more rate 25 basis points 25 base points another 100 basic points I actually believe inflation is stickier and more structural and so I I see a future of higher interest rates higher interest rates is going to create more stress and Commercial Real Estate commercial real estate is the largest asset category of regional Banks and so they there may be stresses that's a problem but the first three Banks did not have stress on credit they had stress on on their mismatch of their assets and liabilities could we move towards more of a crisis towards credit absolutely is that systemic probably not it's not it doesn't have to be systemic it's not the big Banks I mean it's not the big Banks and more importantly the economy is really strong now and getting stronger it's not getting weaker we have the three large stimulus is packages that were enacted over the last year the infrastructure act the chips Act and the IRA it's all just starting the J curve this is going to and it was a trillion dollars over many years though but of stimulus it's just entering the economy too much yes but it's it's been it's it's entering the economy cycle of spending that do you know halfway three quarters five percent what was it we just we're just starting Charlie this is just happening and so this think about how many jobs it takes to rebuild uh airports and and freeways and ports the job demand from these acts is going to be enormous and so here we are talking about commercial real estate as it may be a problem but the stimulus that we're going to see in the other parts of the economy extraordinary and owning companies that are involved in the rebuilding of our infrastructure these are going to be good long-term holds well some of that has to do with what you have been behind for many years and that's ESG environmental social we could say those words right I don't say them anymore we won't go there Mary much of the nation is broiling hot right now and we can throw up a weather map and it is pretty unbelievable a lot of Records have been broken particularly in the Southwest Texas is melting records the town of Tahoka broke a 110 year old record it's been nuts they had 116 degrees last week the state had a new record for electricity demands but what's interesting is much of that demand is conditioners are running at full full speed comes from sustainable yes so whether that's solar yes or wind yes it's filling that demand and yet the state of Texas doesn't like you guys no look it's Texas is the but people don't understand Texas is um the number one state now in Renewables it is also obviously the largest uh state in terms of um traditional energy and traditional power um and so we look at this that we need power in both traditionals and Renewables and and we're we're going to be announcing a big transaction with a traditional Energy company that's heavily in the gas and we're helping helping them move towards more sequestration and so um our job is to be working on behalf of our the asset owners I mean we're the last largest asset manager that means none of the money is ours we're working with all the asset owners and trying to help them on long-term Solutions and part of the long-term solution is working on decarbonization and hopefully we could develop new technology to bring down the cost even more let's get clear Charlie and you've seen this BlackRock has hundreds of funds with fossil fuel totally 200 billion no no no we're more than that worldwide over 380 billion correct 380 billion and it's something like there's a hundred of your funds or have at least one or two names you're the largest syn stock investor in the world well I want to call it syn stocks we have to rely on on traditional energy at the same time we need to aggressively uh build decarbonization technology to to offset the demand but that's going to take years and years and years and years and govern you know and so the question is do we have the time you're talking about record heat the thing that I focus on and we're not spending enough time on is what's going on in homeowners insurance in the State of Florida and the state of Texas State of California major major Property and Casualty companies big brands are leaving the states because it can't Elevate the price to meet their Returns on on homeowners and we're displacing you know really a large segment of America today that are not going to be able to afford homeowners insurance if they are in an area of risk to me that's where climate is investment risk and that's what I wrote about I you know why not say ESG anymore because it's been weaponized by the far left and weaponized by the far right and it it it it we lose a conversation maybe go to GSE I can't help but laugh about this because it sounds so the the the the the attacks on you are kind of absurd because I see Texas coming after you on ESG I see Republicans I see that guy from New York Lander Brad Lander to control of New York attacking us I'm not doing enough not doing enough we want you to get out of all of it and say I can't do that and we can't we can't look at our job is to do what our clients are asking them to do and we do a very good job and despite all the narrative last year we were awarded over 400 billion dollars in net new assets you guys have nine trillion now right over nine trillion yeah no one's holding a gun too no but our clients are coming to Blackrock more today than ever in the history so this despite all the narratives were because we're a fiduciary we do what our clients are asking them and we have good performance and we've been right on Market calls and that's true and and and so you know people forget your background as a bond Trader yes um as a risk management you created BlackRock nothing it was dedicated to risk management correct because of your experience in the bot and the mortgage back Market back in the day yeah and you've been really good at that for a really long time and it gets sort of it gets sort of swept away I know too much about you you look I've known you for years you look the same but you're not but you are getting older I am getting older um trust me I know that um you gonna step down anytime soon uh there's no plans I mean I'm I I love my job but at the same time we are really building a management team right it's not about one person I mean everyone thinks about okay who's that named person or name two people we're spending so much time in making sure we have a team and I'm very proud of the point right now that I actually believe when when there's a when the time is right for me to stand down that I actually believe we Elevate one or two people and I believe the majority of those leaders who are thinking they have that opportunity will be at the firm so they're at the firm it's not going to be like some people say maybe you'll bring in Greg Fleming good friend of yours no absolutely not but but what I'm trying to make sure is that when we when there's that time it's not we we anoint one or two people and three people leave I'm trying to build a team that whoever is named one and two that the remainder team wants to be part of that new team let me ask you about it that's about how to build an organization let me ask you about two competitors yeah start with Morgan Stanley there's a there's a race to place Jim James Gorman at the top Andy saperstein who runs um runs brokerage Ted pick who runs risk who do you think I wouldn't know I mean I think James has done a great job of having three people who are next in line and the key for is the same idea hopefully whoever is named the other two stay on that's what you want you want to you don't want to have what happened in GE historically when one person is annoyed it and the whole team disperses Jack told them to leave didn't he yes and I think that we will show that that was a mistake we're trying to build a team and elevating one or two people doesn't mean other people are losers and we're trying to keep continuity and making sure that we have a management team that is ready to run in and become better than what I've done but you wouldn't be that guy like Iger who I'll come back let me come back and save the day that would be a disaster why because I don't you know what I want the next team to be better than me and I I'm see very few CEO the CEOs say that no but I'm a founder and I think Founders you created this and I want this firm to do so much better than but look what's happening at Goldman this is now if you don't want to answer it I'm not gonna I'm not gonna answer it but look it's clearly a little this give and take between Lloyd blankfein the former CEO the current guy Solomon yeah and you know Lloyd going around saying he doesn't like the fact that David he does I will not be doing that uh and you know enjoying my grandchildren you will be okay but I need to ask you is that guy getting a bad rap not you I know you are but uh but David Solomon I I I think David has done a good job over time I mean it's obvious that there is a there is a Schism within the organization and uh you know I think David has led the firm properly I think he's elevated The Firm the firm is a better firm today than it was five years ago and so I'm I don't know the inner dealings I don't spend much time focusing on the other firms I spend all the time making sure we're doing the job right for our clients okay we got 30 seconds left Larry what do you think is the most important thing this country needs right now solidarity we need to bring back hope so many Americans are losing hope and the polarization of opinion is a fighting it creates more fear there's more fear in America today than in my lifetime fear about the future you're seeing that you know declining birth rates in America you're seeing that people are frightened of what you know is tomorrow going to be better than today I know when I was a child I lived I knew that the future was going to be better than it is today and I and we I built BlackRock on that belief we need that we need we need hope our stage guys are agreeing with you thank you
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