BlackRock

“So I believe earlier this month, NVIDIA did a huge deal with Blackstone, BlackRock, Apollo, and Goldman Sachs. And they said, listen, we want more people to buy more GPUs. We're going to underwrite for you up to 25% the value of a GPU. That if you lend money t…”

“NVIDIA is partnering with Goldman, BlackRock, and others to raise five hundred billion in AI compute.”

“Like, these, you must build these new data centers, because at some point, all of your revenue will become here, and this revenue over here in the old data center, that was asset light, high margin, is now moving to asset heavy, lower margin, big dollars, but …”

“10 trillion in software service internet, 20 trillion in Mag-Seven, 30 trillion in non-Mag-Seven compute chips hardware. That's a, I don't think people would realize that we are that compute hardware centric now. 10, 20, 30. Before AI, BCE era, it was probably…”

“In this kind of three year window, That is probably where 90 plus percent of my investment, well, ninety-ish percent, something like that, you know, the majority is going in.”

“It's very interesting when you look at these long-dated technologies. All roads converge to 2030. It's like quantum computing, utility scale, logically error-corrected, million-qubit quantum computer, twenty-thirty.”

“Do you need to have A fully figured, perfect motor function with, you know, all the hand articulation, or could you get something that can appeal to that? And I think that's possible. I think that will be a fascinating market to see. So yeah, I think that'd be…”

“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.”

“None of those other firms would be in this market or doing it in the same way if it weren't for Vanguard.”

“You can buy an S&P 500 index fund from basically anyone today at basically no cost, but also sort of wrong, because Capital Group, BlackRock, Fidelity, these are all giant profitable companies.”

“Yes, 1400 total ETFs. In aggregate totaling 3.3 trillion in ETF assets under management, which is the largest player in the market by far.”

“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.”

“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 division.”

“They have 20,000 employees, they have fifty million investors worldwide, but notably, the last thing I'll say is, a little over 90% of their investors And their investor capital is in the US. So they're not nearly as global as BlackRock or Invesco or Franklin …”

“We still had, what, almost twenty million dollars cash left in the bank, but collectively we decided the best kind of path forward was boxed, was to sell our software business. So BlackRock ended up buying that and owning that.”

“We have daily transparency on the most of it through a system we set up with BlackRock.”

“The nature of these partnerships is eventually they want to monetize and the best way to monetize is go public. This happened in all the investment banks. They've all went public. And so Yeah, I mean, they'll, most of them will eventually go public, and then t…”

“So BlackRock had put in a debt instrument into the IPO process. BlackRock believed in the team. They believe the technology, the relationships that we have built. So working with our number one customer, right? We had to make sure they were on board. That's Eo…”

“You know, basic target would say to keep the debt or keep the leverage less than 10% of ARR, and then 10% has sort of been our standard interest rate, and that's something that actually sort of came from BlackRock.”

“BlackRock, Apollo, like these, the top funds in the world are putting, they've come out publicly and said they want to tokenize every single one of their products.”

“BlackRock just bought Prequin, and they're going to be putting out private equity index products first”

“There are really six managers that dominate the market, probably have 85 plus percent of the assets. That's Vanguard, Fidelity, BlackRock, State Street, T. Rowe, and Capital Group.”

“We've had, so BlackRock, Bailey Gifford, Tamasek are all involved in the rounds, and then we have a bunch of new investors also coming into the rounds. But a lot of familiar names from Silicon Valley, and then also some maybe slightly surprising late stage cro…”

“I think last I checked, over 300,000 monthly downloads on PyPy. More GitHub stars than Jupyter Notebook for whatever that's worth. And we're used at companies like OpenAI, Hugging Face, Cloudflare, BlackRock, universities like Stanford and Berkeley.”

“BlackRock bought my biggest client, who is called Bonamex. I have this amazing friend of mine, Rodrigo, down there, we did a bunch of business together, and I lost a hundred million dollar client, because they literally bought that entire business, and then re…”

“I'll call out a Bain survey from twenty-twenty-two. Bain and company asked 418 ultra high net worth individuals. Name three firms that come to mind when you think of alternative assets and who are the providers. First answer, the biggest answer in the bubble c…”

“So BlackRock's ETF had thirty seven billion of inflows in 2024. That was the third most of any ETF In the market. And by far the largest first year launch in history.”

“BlackRock, State Street, Vanguard have 20 trillion dollars of capital. They are the single largest shareholder, 95% of the S&P 500, and they have an outsized influence with the 20 to 30% of the shares they can vote.”

“So it was five hundred millions of euros at a five billion valuation. It was Summit Partners, one of our earlier investors who sold to Sequoia Capital, BlackRock, Mubadala, and Capital G.”

“I would just go through there and count up how many times did he talk about sustainability and climate, and in twenty-twenty, it was, you know, a combined, like, 45 times almost. In twenty-twenty-one, he mentioned not only sustainability and climate, but he me…”

“I mean, they manage over a hundred fifty billion dollars. They're doing SMAs now with BlackRock and Aries and Apollo and many others, and they have a very strong position in the market, phenomenal management team, and several business lines that I think are po…”

“We were raising our Series C and that was, like, fairly going well. We had, like you know, large investors like BlackRock come in on our, that, that round.”

“Fabian Pinkhares is announcing a five hundred million, ooh, million? I was gonna say dollars, but then I caught the symbol here, five hundred million euro investment in UDU at a five billion euro valuation. Which has been led by Capital G and Sequoia Capital a…”

“There's like a cottage industry of YouTubers that just put out endless, like, hit pieces on BlackRock being like, did you know that they own everything, and they don't understand how, like, Fund to Funds or ETFs work.”

“I cannot believe BlackRock invited a bunch of influencers to their ETF launch party like it's a tequila brand.”

“Like if you actually look at, like, I think the most, it's USDT is, has more revenue on a per employee basis by like, 10 X than BlackRock.”

“So I remember, I think of Coupang, and, you know, Coupang came, went to Sequoia and said, look, it's a four billion pre BlackRock will put in a billion, right?”

“You are starting to see, obviously, people shift in fundamentally different directions, like Sequoia and C and Z becoming RIAs, maybe points towards a world where they're going to be scaling headcount, asset classes, et cetera, to the point where they start to…”

“It is very alluring when people call you and say, hey, do you want a hundred million dollars to go invest in all these small businesses? And instead I got to kind of check myself because I do have an ego and I do think I'm kind of good at this and say like, ac…”

“And that's part of the challenge with what's happened today within the, what I call the institutionalization of VC, where Andreessen and Sequoia have become such big funds, the investment managers you know, the multiple targets are different. The RR targets ha…”

“We were doing at BlackRock larger investments on the fund side, larger investments on the co-invest side and secondary side, and that part of the market has historically generated less returns, and certainly in a less risky way as well.”

“BlackRock's Bitcoin ETF became the fastest ETF to ever reach ten billion in assets.”

“He mentioned ESG a lot in 2016, relatively, and then again in 2021, a little bit in 2022, but by 2023, ESG never shows up at all.”

“We've done an investigation of BlackRock MSCI, and we've only scratched the surface. We've investigated some other some venture capital organizations, and we are, we're, Capital continues to flow even to companies that are on various federal government blackli…”

“I think these elite universities are essentially asset management businesses that have an education, the fake leaf of education wrapped around them. So they're more like BlackRock than they are like a school.”

“And so BlackRock, for example, has hundreds of ESG funds. A lot of them invest you in fossil fuels, an industry which fundamentally cannot exist in a world where we have solved climate change.”

“In the United States, if you talk to the huge asset gatherers, the Black Rocks, the Goldmans, if they get a new investment client, so they come in and they're going to have an investment advisor, and they're going to allocate their portfolio, 10% of them want …”

“BlackRock doesn't build value. They just index. They own a bunch of pieces of paper. Warren Buffett actually grows stuff.”

“BlackRock and certainly the work that they've done to acquire eFront and try to pull together Aladdin and eFront, these are all the same indicators, right? That clients no longer want their public markets data and their private markets data into separate syste…”

“We've been able to close deals with, you know, BlackRock, the largest asset manager in the world, and, you know, Meta, formerly Facebook, like we're now, especially with our Coinbase cloud business and things like that, we're now able to power things with Fort…”

“So we do think highly of them and we use them in a lot of different ways, but Rick's strategic income opportunity strategy is probably the most notable one that we use.”

“Within a fixed income allocation, It's a pretty high tracking error strategy when you think about what most fixed income strategies deliver for tracking error.”

“Then I went to Lehman, went out of Lehman to run a hedge fund, and unfortunately I did a Mayo eight, wasn't exactly perfect timing. Good timing to leave Lehman, but it wasn't a perfect time to set up a credit hedge fund. And then we had a tough oh eight. And t…”

“I'm the CIO of global fixed income. So I guess our total size of that is 2.6 trillion. We've got obviously huge I shares business, a big passive business.”

“My philosophy and fixed income Is diversify, do a lot of trades, get regime right, get the asset allocation right, and then do a lot of relative value trades. Don't make a huge bet on duration. Don't make a huge bet that's going to overwhelm the whole portfoli…”

“And you have to say the two best investors I've ever seen, Stan Druckenmiller and David Tepper, both are friends of mine. They have an ability in a much more efficient way than I do of separating out. That's not important. That's not important. This is importa…”

“If we have somebody in Europe that's trading credit, I'll let them run a piece of equity in their position because there are times where like credit spreads are too tight. And I don't want them to be sitting there doing nothing.”

“The information flow within the four walls of this organization around how many walls there are in this organization is unbelievable. And I always think like, how can they make masks? Do you think Japan will be a buyer or seller of bonds and manage a lot of mo…”

“I think where a lot of the real alpha is going to be going forward. It's bespoke investments where you functionally create the investment, whether it's in the commercial real estate or resi or a European asset finance. The term loan to an aircraft producer. Th…”

“Oftentimes today, for example, the CLO market, We like to own the lower parts of the debt stock because we'd like to own the structure.”