BlackRock, every mention
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tap a year for its mentions
every year anyone David Rosenthal 19Ben Gilbert 13Ben Miller 2
Verbatim, from the transcripts: the passages where BlackRock comes up
Vanguard: The communist capitalist who saved investors a trillion dollars (Audio) · Acquired
- ▶ 1:35 Ben Gilbert Vanguard is the largest shareholder of most U.S. corporations, and together with the other big index funds like BlackRock, State Street, and Fidelity, they own 24% of the entire U.S. stock market.
- ▶ 1:06:34 Ben Gilbert That you can run this business at cost, and you don't need to pay huge sums of money to the people managing this, then our customers will demand the same from us, which is sort of right, because you can buy an S&P 500 index fund from…
- ▶ 1:25:50 David Rosenthal Vanguard, BlackRock, Fidelity, State Street, all paying them a lot of money.
- ▶ 1:56:21 Ben Gilbert Which is funny because they're not structurally incentivized to do it over at Fidelity and BlackRock and State Street and, you know, all the others that are starting to roll out these very low fee index funds.
- ▶ 2:05:46 David Rosenthal Like a year or two ago was the largest ETF in the world until it was surpassed by Vanguard and BlackRock after Jack's time.
- ▶ 2:35:44 David Rosenthal But thinking about today, now that indexing is so much bigger, if there ever were to be a problem or a failure of one of the big indexing players, Vanguard or BlackRock or Fidelity or State Street, like,
- ▶ 2:40:28 David Rosenthal For reference, the Johnson family, as we said from Fidelity, is worth about 40 or fifty billion dollars through the, you know, estimated 40% that they still own of Vanguard or Larry Fink over at BlackRock.
- ▶ 2:40:42 David Rosenthal Co-founder and CEO of BlackRock is worth about one and a half billion dollars, much smaller because he owns a much smaller percentage of the company.
- ▶ 2:41:32 David Rosenthal I used a minute ago Fidelity and BlackRock and their founders and controlling families for reference.
- ▶ 2:41:48 David Rosenthal Fidelity and BlackRock have just.
- ▶ 2:41:53 Ben Gilbert BlackRock is the largest AUM asset manager in the world with, uh, more international and institutional client base than Vanguard's US individual approach.
- ▶ 2:42:17 Ben Gilbert So I know more about Fidelity than I do about BlackRock.
- ▶ 2:48:08 David Rosenthal The BlackRock story is different, but also rooted in ETFs, and in BlackRock's case, directly rooted in ETFs.
- ▶ 2:48:18 David Rosenthal So in 2009, during the depths of the financial crisis, BlackRock made a fantastic acquisition of a business called iShares.
- ▶ 2:49:04 David Rosenthal BlackRock came in and acquired it, and it has been just like a slam dunk, huge, huge win for them.
- ▶ 2:49:46 Ben Gilbert BlackRock has tons of ETFs, right?
- ▶ 2:50:12 David Rosenthal uh, Vanguard is today the number two player in ETFs, but smaller, both number of funds and, and assets under management and BlackRock continues to kind of accelerate away from them, which again, right now the ETF market is smaller than the…
- ▶ 2:50:34 David Rosenthal Every year and BlackRock is starting to run away with it here.
- ▶ 2:50:37 Ben Gilbert And BlackRock is also very diversified.
- ▶ 2:50:40 Ben Gilbert Vanguard is a competitor with a slice of their business, but they're just in so many different sectors.
- ▶ 2:50:48 Ben Gilbert BlackRock is way more international than Vanguard is in terms of the client base that they work with.
- ▶ 2:50:54 David Rosenthal Similar again, though, to the Fidelity strategy, BlackRock's profits elsewhere in the business allow them to subsidize the ETF business and just win massive amounts of clients.
- ▶ 2:51:20 David Rosenthal Actually hold it back today, relative to Fidelity and BlackRock.
- ▶ 2:51:26 David Rosenthal When we started the process for this episode, Ben and I originally thought that the question of the episode was going to be, how do Fidelity and BlackRock continue to exist at all, despite Vanguard's, you know, obviously superior model?
- ▶ 2:51:54 David Rosenthal And we kind of had to change it here as we went through the research of, oh, actually, Fidelity and BlackRock are doing so well, is the question actually flipped?
- ▶ 2:52:11 David Rosenthal In May of 2024, Vanguard made another big CEO announcement that they were bringing on the first outside CEO in the firm's entire 50 year history, Saleem Ramji, from BlackRock, where he was, until that point in time, head of the iShares…
- ▶ 3:04:36 Ben Gilbert So they're not nearly as global as BlackRock or Invesco or Franklin Templeton.
- ▶ 3:22:07 Ben Gilbert So why would they compete if, let's say that 20% goes to 50% or 80%,
- ▶ 3:23:30 Ben Gilbert Most of the times it's suggestions of how should we vote the shares, but I get where you're going that the fund manager of, let's say one of these Vanguard or BlackRock grows to be, I don't know, 60% ownership of every company in America.
- ▶ 3:34:52 David Rosenthal Would Fidelity, would BlackRock, would State Street be charging the low, low fees that they are today on their index products?
Formula 1: Fast cars, celebrities, and B2B software (Audio) · Acquired
- ▶ 2:40:08 David Rosenthal CVC starts reselling minority pieces of F-one to other asset managers out there, including BlackRock, um, the Norwegian sovereign wealth fund, Norges Bank at increasing valuations.
Amazon Web Services · Acquired
- ▶ 7:24 Ben Miller Asset managers, BlackRock, and you don't see them taking a carried interest, right?
- ▶ 7:28 Ben Miller They have a AUM fee, but by having really good efficient systems and scale, they're a great business.
FTX with Sam Bankman-Fried & Mario Gabriele (Extended Cut) · Acquired
- ▶ 46:54 Ben Gilbert I mean, BlackRock, IVP, Sequoia Capital, uh, who else here?