Larry Fink Letter: “In my 44 years in finance, I have never experienced anything like this”
1. Many of BLK’s clients are looking to increase their equity allocation in this market; “Tremendous opportunities to be had in today’s markets”

2. Reevaluating assumptions: “our infatuation with just-in-time supply chains or our reliance on international air travel. Even more profoundly, people worldwide are fundamentally rethinking the way we work, shop, travel and gather.”

3. Economy will recover but when we exit this crisis, “the world will be different. Investors’ psychology will change. Business will change. Consumption will change.”

4. On the biggest change for asset mgrs? “how we use technology. In the future, asset managers have to be as good at using technology as anything else they do – and as good at it as any tech firm”

5. BLK is “having more comprehensive conversations with wealth managers about delivering investment solutions and risk management and portfolio construction technology that can help them build portfolios at scale for their own clients”

6. During the recent turmoil, ETFs including Fixed income ETFs again proved their resilience and their ability to increase transparency and price discovery.

7. ETFs, illiquid alternatives and technology will drive BlackRock’s growth this decade.

8. China will be one of the biggest opportunities for BLK and the industry over the long-term despite uncertainty we see today

BLK