Date: Wed, 1st April 2020
Author: Hugh Son
Larry Fink [the CEO of the world’s biggest asset manager BlackRock], expressed to shareholders that the economy will be restored after the ongoing pandemic, and‘’tremendous opportunities’ will be abound once it does.
“In my 44 years in finance, I have never experienced anything like this,” Fink mentioned in an annual letter to shareholders, citing the mounting toll of the virus to human life, markets and businesses small and large.
“As dramatic as this has been, I do believe that the economy will recover steadily, in part because this situation lacks some of the obstacles to recovery of a typical financial crisis,” Fink stated.
“Central banks are moving quickly to address problems in credit markets, and governments are now acting aggressively to enact fiscal stimulus.”
President Trump signed an iconic $2 trillion stimulus bill to cushion the economic blow from the pandemic in the recent past week.
The new law extends various unemployment benefits, temporary reliefs of $1,200 \ to individuals and providing financial loans to small businesses, and includes a $500 billion Fed program to encourage business organizations. This move comes after a series of actions from the Federal Reserve to stabilize financial markets of which companies and lenders depend on.* note that every point here refers back to the new law, not the unemployment benefit.
“At BlackRock, we take a long-term view of markets, and we take a long-term view in the way we run our company,” he reported. “The world will get through this crisis. The economy will recover. For those investors who keep their eyes not on the shaky ground at our feet, but on the horizon ahead, there are tremendous opportunities to be had in today’s markets. ″
BlackRock handles $7.4 trillion of funds for clients globally and holds reputation as the industry’s largest ETF franchise.
Fink also expressed, the swift decline in stock markets this month has open up opportunities for several clients to move more into equities. He advised as a word of caution that it is “impossible” to know if markets have bottomed and if heavily indebted companies will face struggles in the upcoming weeks.
Fink also stated, “For some clients, the recent sell-off created an attractive opportunity to rebalance into equities,” “Indeed, many of our clients – even those who generally have a heavy allocation to fixed income due to their risk profiles – are looking to increase their equity allocation in this market.”
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