원문 보기
BlackRock shares are rising . Thanks Kevin, financials are on the rise today. The company's assets reached a record 15.5 trillion in the third quarter. The asset manager reported client inflows, revenue and adjusted profit that exceeded expectations. I also like what's happening with Aladdin, but we'll get to that later.
Larry Fink, Chairman and CEO . Hello everyone. How are you? I'm doing great. OK. Look, I can start with plus 38%. I can start with the huge amount of money that has been received. This is a huge success, but I have to say, in your conference call introduction today, there's a phrase that I'll just read out: "For the first time in my career, and this is 50 years of experience, I see a real capital shortage." Governments are running historically large budget deficits, while demand for private capital is growing across the economy.
People need funding. "It seems extremely important to me . Well, I think that's partly our success. I mean, we see demand for capital in all sectors of the economy. You know, every quarter when I'm here, I talk about the impressive nature of the U.S. capital markets. And we see more and more economic processes passing through US capital markets .
Even yesterday we announced a big deal with Humana. This is in the field of elderly care. Last week we announced a very big deal with AT&T. I know that everything related to AI and data centers is attractive, and we want to talk about it . But more and more organizations are turning to capital markets.
BlackRock is at the heart of these discussions. You know, I like to say about our quarter and our year: markets drive our assets, but our customers drive our growth. And you know, our growth this quarter—if you remember that the US stock market was stable in the third quarter and bonds fell 3% —we grew by 205 billion.
So we see more and more companies turning to us for financing. And this is the problem we are seeing. But let me take a step back and say, because I talk about this all the time . Yes, we are now at the stage where we are starting to open up access to private capital. Jim, you and I have been talking about this all the time, calling for opening up private markets, opening them up.
But at the same time, our deficits in the US, which we don't talk about enough, are starting to have a serious impact. You know, we've come a long way from an $8 trillion deficit in 2000 after 223 years. And public debt. National debt, not deficit. Yes. National debt. Now it's 40 trillion. We have grown by $32 trillion in 26 years.
So let's talk about how this greatly affects the demand for credit. Our government is demanding more and more loans. Bond auctions are getting bigger, and bigger, and bigger. At the same time, I think I said last quarter that we need to attract private capital to grow the US economy by 3%. You have the largest pool of capital in the world.
And I know that I also know that more and more international investors are coming to the US to invest. But, Larry, there is a concern that what is driving a lot of our economy and markets right now is capital spending, which is not enough. Capital expenditure figures, which should be high, have never been this low in our careers.
OK. So, what do you say about the idea that there could be a capital shortage? That some firms, maybe smaller than yours but still very large, are saying: you know, I'm already full when it comes to data center financing. And this can become a limitation. That's why I'm saying we have to find new ways to finance this.
You know, when I was young, we started with " Voltaire" in 1976. I had something called mortgage debt that no one had ever heard of. Okay, we started this and it was only a few billion dollars. Now it's 15 trillion .
Comments 0