YouSaid · the spoken record

Larry Fink

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45
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2023-01-11
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2023-01-11
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  1. “Nikolai, thank you. And thank you everyone at Norjes for the partnership, the relationship, and I am confident there's so many things we'll be doing together in the future.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “That you can really build something and grow into something. And your first job is never your last job in most cases. Your first job should be go where you could learn the most. And the one thing I think, because this year we hired 540 young college students. When I give my speech to them, I say, if you believe your days of learning are over, it's time for you to leave BlackRock. If you don't believe you're a student and the demands on you to learn more and more now, you're mistaken. You just acquired your entry level to get into this job. Okay, you're starting at ground zero. You may have been the best in your class. You may have been a great athlete. You may have been whatever you were, but now you're starting at ground zero with so many other people. How do you differentiate yourself as being your authentic self and then being a student?”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Always focus on what you're passionate about, what makes you move and inspire you and go into that field. Never go into a field that you're doing it because your parents want you there or you might make more money or you might have more influence. The best way of making a mark is being in a field that inspires you, where you can be the most authentic. You know, as a parent, I saw my three children, same mother and father. They're so wildly different. Now I see my seven grandchildren that are wildly different. We all have a different unique spark. That's the beauty of humanity. We all have this individuality. And, you know, we all think we have to conform or do what people want. You generally are not successful there. Go into the field that totally inspires you, that gives you a smile that you can differentiate yourself.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “We're all people. I mean, we all have the same issues. We all generally have insecurities and fears. I've learned that really quickly. I'm never starstruck. I mean, I enjoy people. So I love being with people. To me, this is just part of our lives. If I had to say I was starstruck, but I was an observer. I was in the audience. I was starstruck at the majesticness of Bruce Springsteen when he did his show on Broadway and the stories around his songs and his life. You know, to me, that is a moment where I can always relish.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Yeah, because great firms are firms that mitigate problems sooner. We all are going to have problems. We all have judgment errors. We all have, we find it abroad human being. We all have an issue. The faster we zedify it, mitigate it, the better you'll be. Great firms are not firms who just make tons of money in the upside. Everybody does that. That's one of the way. The ocean rises and everybody makes more money. The key of success is mitigating problems so you can respond. And when you have problems, the amount of management at time on the problems is enormous. You don't have as much time being offensive seeing clients focusing on the next idea, the next trend. And so the faster you can mitigate a problem, the more you can be offensive again.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Think this is one thing that's culturally part of BlackRock and it's part of my DNA. When there's a problem, I want everybody running into the fire, not running away from the fire. And that's a hard thing to teach people. Our job, I want everybody, even if it's not part of their business, you know, help out, run into the fire, try to mitigate it and fix it. I don't need people to be standby watching the fire. And this is something I've always said too. I do not want observers. I don't need people sitting in the stands. I want people in the play every day using a sports analogy.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Well, what I learned was we should have been fired the quarter before when we made $140 million because we were taking way too much risk and it showed up the next quarter and we didn't have proper risk management. And so today, and this is the whole foundation of BlackRock building a whole firm on risk management. And we have now the most important risk management system in the world today. And it's on the back of my losses at First Boston. knowing your risk, managing your platform, understanding it. And keep in mind, when I first told the story, when we started the firm about this whole risk management, and they said, well, is that risk avoidance? I said, no, it's just knowing your risk means when you, if you think you can take more risk, you can add more risk. When you think you're too much, you can mitigate it. It just allows you to more properly, systematically navigate.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “If I have a bad day, if I don't own two or three new facts every day, I mean, everybody should try to learn something new every day, something. And so to me, when you stop being a student, somebody is passing you by because another person is learning. And keep in mind, I mean, I came up with that idea from my first career when I thought I knew it all and the market evolved and changed and I lost money. We all do that and I never forgave myself for what happened.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Of course not, not as well as I'm here. I mean, I'm just not. No, I'm better than I've ever imagined. You know why? Because I can't walk the hallways at home. I can't walk into somebody else's office. What's going on? I can't walk onto a trading floor. I can make phone calls. I can do Zoom calls like this. But no, you don't have. The most important conversations are not the planned conversation. The most important conversation is after the planned conversation. That's how you get translational ideas, not vertical ideas.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Working from home during the first year of COVID before a vaccination was so successful. It worked so well beyond any imagination. I mean, all our fears were shown that our fears were not necessary. And during that one year, we were able to very well work in our verticals. Everybody was proper and all that. But over time, working remotely has degraded every firm. And it's a breakdown of culture. Young people cannot learn the horizontal across the different components of the business. They don't understand the holistic components of how to do business. They're just in their little vertical.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Ownership. I don't have to vote on anything. Every asset owner through their tokenization, we know who's the beneficial owner. And that's why we are spending so much time on architecture of crypto and DeFi. So we believe the applications are going to be monstrously meaningful in the future. And we hope there's a future one day when we tokenize all bonds and stocks. We can identify every beneficial owner across the board. Everybody knows it. And the beneficial owner, whether it's that $1,000 investor, he or she could vote their shares they choose to or the big sovereign fund can do it there and we are not responsible”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Year ago, we announced something called Voting Choice. We developed the technology to give the vote back to the asset owner. And I did a recent CO letter that you received. And we are trying to expand that to retail. We want to democratize all the votes. And if we can democratize the vote, almost all the societal questions on the role of indexing and its responsibility is mitigated quite extensively. Now, one other new technology, obviously, in light of all that's going on in crypto, look at, we're not surprised at all these blow ups. We're surprised at the speed in the blow-ups. We are spending a great deal of time on the architecture of crypto because I believe the future in bonds and stocks is going to be tokenization of bonds and stocks. If we all had a DeFi ledger of every”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “And they're actively managing those exposures. You could do it with more liquidity. You can do it with more ease. And I believe the narrative is looking backwards. I believe the key today is determining how many people are using ETS for active purposes. And that's a better barometer of market sentiment than people realize. And when I then moved to the bond market, where my whole foundation is Why on earth do you want to own 3,000 bonds to replicate the Bloomberg index if you wanted to be close to that, where you could buy one or two different ETFs, one that is a credit exposure, one is a convexity exposure, one is a duration exposure, and you can get 90% of all the exposures of bonds. So you don't need to own $3,000. You can own a few ETFs and navigate around the convexity or credit or duration through using ETFs.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “I think there is a strong conversation related to that very question and all the research that we have seen is the exact opposite. But where there's more volatility in some of the indexes, there actually is probably the greatest change in the, let's use ETFs because that's what I'm really talking about, the subset of indexing. I would say to you 50 plus percent of any daily volume on any ETF is active investing. And if I'm wrong, it's probably 70%. More and more investors are looking to get their exposures, not through an individual stock. They're getting their exposures through an ETF. And they're actively managing those ETFs where they have the exposures.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “That if we want a societal change, let's do it for all companies. The problem is so much is done conveniently. It's so convenient to just do public companies and they don't want to go the extra mile. And so, and I think Europe is more at fault than the United States in this. And that is one of the reasons why I believe Europe has less innovation than the United States, which is a huge systemic problem of Europe. And privately, when I talk to political leaders in Europe, They all recognize that they won't say it publicly. Europe does not have the same innovation because there is limitations. Now, I'm very pleased what's going on in Europe with a rise of private companies and the rise of fintech and more tech companies. And maybe that's going to change. But the question, will they ever go public with that societal force on things like that?”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “I'm confident in, and I'm jealous that you did it because I want to do that one day. But I don't want to admonish and hurt public CEOs versus companies that are in their field that are private. There should be a correlation. This gets back to government policy related to ESG or government. We need to make sure, this is why I've always said I don't believe in scope three because I don't want to be the environmental police. Okay. If governments want every company to move forward on decarbonization, ask every company, but don't ask public shareholders to police these other companies on scope three. I'm perfectly responsible of identifying what my scope one and two admissions are. I'm not going to do scope three. And it's the same idea. We need to make sure that we are not admonishing just public companies.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “PhD students from Europe ultimately come to the United States and work. So I believe in free trade of capitalism. Nikolai, you ran a private fund. You know the difference between public and private.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “I believe CEO pay management pay should be totally correlated to the relationship of what you're returning to your shareholders. And when you have a bad year and your shareholders have bad years, your comp should be cut a lot. I'm very strong about that. I'm not involved in any of the voting, but our team is supposed to be correlating comp versus shareholder returns over time, looking at them and adjusting that. But we are not against high pay CEOs if the shareholders are benefiting too. Now, I believe our views are a little different than European views. So European views have a more, what I would call a socialistic view that they believe that companies, public companies COs should be much lower. My worry about Europe is more and more great companies are going to be in the United States. I mean, it's a big world out there. And, you know, there's a big reason why more high quality”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “I think we have been, but let me be clear also, I do not want an arbitrage of private companies having higher CEO pay than public companies. Once again, the problem I have is it is more advantageous to remain private or to take yourself private and you can get reaps much more benefits. I believe in public markets. I believe in the global capital markets being public. I believe we have more transparency.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “It's going to have to be sequestration and decarbonization alongside blue hydrogen. Blue hydrogen still has utterly huge potential, hard to execute, hard to do. Everybody in Europe is talking about hydrogen, but nobody wants a hydrogen electrolyzer there. And so, you know, we're going back to the same arguments. But I do believe, and this is why BlackRock is working with every energy company, we just did with our, obviously we did on behalf of our investors, we just created the biggest sequestration of carbon in the United States. And the returns for our investors is going to be in the 20% that we're doing good, and they're great investments. Because I do believe we're going to need hydrocarbons longer than people think. And the only way to mitigate the utilization of hydrocarbons is being very aggressive in the sequestration.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Epiphany was exactly that without identifying the energy company. I was with a CEO of a big energy company. He was telling me he has to divest out of an emerging world country where he has refineries. And the president of the country is begging him not to sell, begging him because who he would be selling to would be a private firm within the country that will actually degrade the force, the region more and the epiphany came to me, this is a good example of a conversation of that conversation. I said, that's where I came up with the idea we cannot divest. Divestiture doesn't change the world at zero. It just moves it from public hands to private hands. And so the insanity of forcing divestiture So private hands”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Over the last two years, if you divested of energy stocks, you underperformed dramatically. This is why I've always said you cannot divest. And let's be clear, in the United States, the energy complex is massive, and the jobs, and so you have government officials who are in those states where the energy complex is large. And that's across coal and gas and oil. And they're supporting their country, their state, their region. And I understand that. And the prominent government is too short term. They're focusing on their district. And transitions are always painful. We have a life history as human beings of transitions. Transitions are rough. They're awful. You have big winners and big losers. Today in this more real... Time just in time political cycles, news cycles, having big losers creates a noise of the people losing.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “What's on my resume right now, I'm a big, big family man. I'm a grandfather of seven people on my resume. So it's more, I would tell you something more personal about me that I'm not frightened of exposing my vulnerabilities.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Right, but that's I can read what's there. I assume the fact that I'm interviewing you, people have, they believe in your skill set for the various jobs that you're being interviewed for. I want to know about you. What makes you tick? Okay, that's always my first question. What should I know that's not on your resume?”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “So, I'm the last to interview. I don't interview a person for his or her skill sets. I assume through the interviewing process, their skill sets are good. Now, there may be one little thing that I want to ask about his or her career and their path. But the first question I'll ask you, okay, let's assume this is your resume. What is not on this that you need to tell me about? That's the first question I had”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “It's understanding the purpose of an organization. If you want to be the best in history, it's not about winning one time. It's not about winning two times. You might be, you know, a footnote in the history books by winning two champions or being a good firm for one or two years. And then you blow it out. To me, it's about this long-termism and building a culture, a team, building a principle around that and trying to carry that forward. You know, we've been doing this for 34 years. And, you know, I believe there, you know, it's about this relentless pursuit.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “Oh my gosh, I mean, you got Phil Jackson in the United States who coached the Chicago Bulls and the LA Lakers and had nine champions. And every one of those athletes were superb and every one of them were probably taught about, you know, you got to be first. You got to be first. You got to be first. Being first does not win a championship. I think basketball is where you see the greatest amount of individuality and to put those 10 people together and make it a team with regularity, to me those are the inspirational managers, leaders for me.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “That team with superlative results and winning the championship in one year, everybody could rally for a year to get that one thing done. I don't care about those coaches or managers. What I get inspired by those coaches or managers who can go in their field for five-ish years get the championship.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “The more intimate direct reports of family as a firm, it's a sports team. I spent a lot of time thinking about the management of sports. And when you think about these athletes, I don't care what field. These athletes who are best in their field, they're generally highly individual. They're generally at a young age learn that they have to be a very aggressive and it's all about them. And they don't have the skill sets generally to be a team. But it's that great manager coach who tries to blend, I would say, these individual specimens into a team and give them the confidence if you work as a team. The outcomes are far better. And the key is you can always build that.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “We strongly believe in team. We use a pronoun a we, not I. We must live our principles every day. I mean, all the founders are still friends and many of them have other careers during the years and doing other things. But we're still friends. And it's about a culture of belonging”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “And resilient, that it's thoughtful and creative. You need to create a dynastism where people want to be part of that, that they believe in the firm. They believe in the purpose of the firm. And so to me, if you don't have a strong culture, a strong purposeful organization, you're going to have bouts of success, but you're not going to have the longevity of success.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “Well, I would just say the consistency of being client centric and being principled. I mean, we've always been a really highly principled firm. Culture is another place where I spend my 30% of my time in allocation, making sure that we are culture is what we want it to be. Laps is in firms are very easy. But if you don't have a culture of identification problems, of mitigating problems and correcting problems, you generally fall down. Every firm can have a growth spurt. But growth spurts, we all know, don't last forever. You're going to have attended problems from all that growth. How are you mitigating that? How are you managing that? How are you trying to reposition? You know, we all live in a market that is very cyclical and volatile. And you need to create a culture that is robust.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “To understand the origination side of that, and then you have to understand and sell yourself to the client so they are better equipped. And that was a foundation of BlackRock when we started it.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “That was just how to sell yourself and how to be patient, especially when somebody wants to try in 12 pairs of shoes. We were always very client-centric. And keep in mind, even when my first career when I was at first Boston, setting up the mortgage industry in the late 70s, early 80s, we had to work both, this is the uniqueness of my career, not only did I run a trading desk and started a new market, but I had to then go to the originators of the mortgages. I had to sell ourself to buy those mortgages off a savings loan or insurance company. We needed to learn, we had to learn risk management to package those, and then go to the clients and tell them why this is a superior investment versus owning a, let's say, a corporate bond back then or a treasury. So all of that was probably from the foundation of starting a new market. And I think starting new markets, you have to not only understand the attended risks of what you're creating, you have”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “Was the whole foundation of the firm listen to your clients. By listening to your clients, you then have the ability to understand what their needs are. And then through that iterative process, I believe you can stay in front of the needs of clients. You cannot, if you don't understand what's on your mind or your clients or where do they believe they're taking their business, their companies, it's hard for you then to anticipate where they're going next. So I believe at least 30% of my role has to be working with clients worldwide, spending time with them, understanding. And that's how the other part of my career, my job is strategy. I understand strategy a lot more by understanding the needs of our clients worldwide.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “It's still about long termism, Nicola. It was still about long termism. What can create durable long-term profits? That's the whole foundation. And look, and it was groundbreaking and it's still hotly debated. Some people, I had a U.S. senator point his finger at me and said, stakeholder capitalism is communism. I don't think of the Nordics. They think that stakeholder capitalism is communism. I think from our visits to the Nordic, I would say almost the entire society of the Nordic believes that the responsibility of companies is beyond just their shareholders. It is their employees. It is their community. It is their clients.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “Transparency. And then as America and Europe became more divided, it was very clear to me that the role of a management team, a CEO, a board. You have to be fully connected and engaged with your employees, your clients, and your communities. If you can do that well and successfully, you then have more durable long-term profits and your shareholders are the big beneficiary of that.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “America, there is that thread, and that's the beauty of the global capital markets. And getting back to BlackRock for one second, one of the most important points why we were successful, we made a foundational belief when we started the company that the global capital markets are going to be the engine of economic prosperity. The role of banking is going to be diminished. And obviously over the last 30-odd years, and it's accelerating post financial crisis with Dodd-Frank and Basel, the role of banks have diminished worldwide extraordinarily fast. And the rise of the global capital markets is the mirror image of that. And that was one of the foundational beliefs for BlackRock that we thought that we could play our role in the global capital markets. Linking back to the letters, much of the letters in the foundational letters about long-termism, the role of the capital markets, more”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “Know what? I wouldn't say there's any one type of characteristic that I find inspiring with any, it just could be one little fact or it could be somebody who's very aberrant in the way he or she thinks. And I just found that little narrative to be really important and I write it down and just pack it away. The other thing is because I visit so many clients, Nikolai after a series of meetings, let's say eight meetings a day for a bunch of day, you can then weave a thread of what's on their mind. So having that type of convening ability of having these meetings, you really get a good foundation of what's on the mind of our clients worldwide. And it's really rare that clients in Asia are thinking much different than clients in Europe or clients in Europe.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “I think I plagiarize everybody. Most of the information I get is from conversation with clients. I mean, I've been synthesized that and write up the ideas. Yes. So the ideas are mine, but they're from a series of internal and external conversations. And I get this little kernel of information with this client, one little kernel of information with this client, and I just bring it together as the year ends.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “The letter started in 2012 when I realized that there was a huge responsibility with the indexers to making sure that our vote counts. The other thing is you look at the letters from 2012 to 15, most of the narrative was about long-termism, why short-termism is not good, especially with 54% of all the assets we manage are retirement assets or some sort. So we have this long responsibility. So the letter was just a statement to all the companies we invested about we want leadership in their boards to focus more on long-term issues. We also asked board members and management to provide more transparency. So we understand how they're moving forward. We actually asked in 2012 to 15, can we have access to talk to the board? Before that, most companies would not allow Their board members to have any conversations with their investors.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “Conversation. I mean, what I think is missing in the world today, we need to have conversation. We need to be sharing a meal with them. If we can have a conversation, I do believe we can minimize the extremes. And then we can move forward together. Now, we're not going to agree on everything. No one's going to agree on everything, but we can formulate a means to just build better consensus building. I actually believe what is the greatest thing that is missing in the world today, especially for savers, is hope. I believe there's more fear in the world, more fear from savers, what the markets did, what the bond market did, more fear. Who do I trust? What media source I should trust? And so with that backdrop of this fear, I believe BlackRock has a huge responsibility to try to be part of a conversation.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “Longer role in the decarbonization future than many people think, which means to me we are going to have to find more and more solutions towards sequestration and N carbon capture. Because I just don't believe we're going to wake up one day and find all these new technologies that can bring down the green premium and make renewable energy to be as competitive across the board. I don't want to use, as you use the word influence on anything, I don't believe that is our responsibility. Our job is to use our information that we seek, raise topical issues. Topical issues, climate risk is investment risk. Some people don't agree, some people do, but I'll use that to frame a conversation. And probably the most important thing that we want to do with every client, with every regulator, with any citizen is to have a”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “The last thing I ever want to do is use my personal opinions, my personal feelings on how we invest. That's not my fiduciary responsibility. Where we could use our knowledge is helping clients formulate a strategy, a portfolio, a desire. We believe that, let's just talk about the energy transition, which is so topical in the United States. We believe the energy transition has to be very aggressive. Aggressive in making sure we have enough hydrocarbons to have a fair and just transition, which we don't have now. At the same time, we have to rapidly have our investors invest in new technologies to find new solutions so we can bring down the green premium. Our job is to say, like, and we've always said, do not divest of hydrocarbons. We've always said that. We also said that we believe gas is going to play a...”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “Let me start off and say the money that you manage is all your money. The money I manage, none of it's our money. So I start with that foundation. I always have started that our job is to be with fiduciary to every client. Whether that client has given us $1,000 for their savings or a large fund that's giving us tens of billions of dollars of money to manage, we have to treat them the same. We have to be thoughtful about what are they looking to do. We're not affirm that people are going to invest in us if they're interested in short-term trades. That's what a hedge fund's for. I mean, we have hedge funds at a firm, but generally I would think of BlackRock as somebody where from small investors to large investors come to BlackRock with the idea that we could give them better contextual knowledge to help them formulate.”

    2023-01-11 · In Good Company with Nicolai Tangen · Larry Fink CEO of BlackRock · IDENTIFIED FROM THE TRANSCRIPT · source