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Jim fink investing12/23/2023 Now you also have done something that a lot of people may not be aware of. I don't mind individual stock buying but you want retirement saving and you want choice, it's your place. This is where they should put their money. I mean, we have lowered our fees by 50% over the last 10 years in all our ETFs and so we're doing this with the idea that we're trying to make the entry level more easier, more successful, and that they're going to be enjoying more of the upswing of the profits.ĬRAMER: It's vital the way they have to start this way. And I do believe that is what in and one other point, we have been democratizing the cost of entry. It's their decision where to put the money and we built an organization that at one time was just a bond manager, and now we have the ability to across regions, across products from cash to private equity, you know, we're the largest ETF manager for those people who don't know iShares as part of Blackrock and so all of that is just providing choice. I mean, our our desire is to provide choice to every client. If you have certain leanings, you can tell your people how you lean and then they vote your way.įINK: Correct. You've always emphasized choice and this time you've even taken it to another level and not everybody's using it I think it's a shame. Okay, it's, these are things that BlackRock doesn't do but it's an entry level and, and that entry level then should lead to understanding and studying what, you know, what are the companies that are going to, they're going to grow and grow, you know, with America, with the world, with the globalization of the world grow together, that you're going to be able to enjoy that growth and then have enough wealth to live in dignity during retirement.ĬRAMER: You also have done something no other fund manager's done, choice. But I'm thrilled about what is what we witnessed in crypto or what we witnessed in meme stocks. Well, first of all, I am thrilled that we're seeing more people in the market and may I may disagree of their methods and the day trading and all that but let's be clear, there's room for all that too. How do we help them understand that as exciting as the markets can be, it may not be the most lucrative way to do it.įINK: No. Long-termism is something that they need to discover and be nurtured. They may and I love that okay but they may not be doing it right. There have been literally millions of new people in our markets Larry and they're in. And nothing is more long term than building day after day, week after week at a pool of money to retire in dignity.ĬRAMER: This is a great point. We're the largest in Mexico in retirement assets and number two in Great Britain. We are actually the largest manager of retirement assets in the United States. Not a penny of it is our money and it's a huge responsibility. You know, today we manage eight and a half trillion dollars.ĬRAMER: I hope you realize that that's quite, countries do not have that.įINK: No but none of it is our money. It's our commitment to our clients worldwide and a recognition. And I really do believe it's, it's the people of the firm. This is before we were a public firm and then when we were public firm building on behalf of our clients and the beneficiaries were our shareholders. And I think over time, we continue to build the organization and we built it on behalf of our clients. It's about working with clients, being a fiduciary, making sure we are never in conflict with our clients. ![]() It is not something that is freakish or something that is going to be instantaneous. It's it's a building a firm with incredible culture, making and building a team of people on the concept of long-term ism that, you know, over time, I've learned from my parents that investing over a long period of time is the best way to invest and even from the first day we started the company in 1988 and then we went public in 1999, the whole concept was about building long term wealth. As a former board member, this Exchange, you know, it's a really important part of economic history for this country and the world. It's great to be here the first week on the New York Stock Exchange. LARRY FINK: Well Jim, it's great to be on the floor. First time on "Mad Money." You've got the floor. Now many people have heard of BlackRock and they know it's the biggest, but very few people actually know how it happened and what you do that's so different from everyone else. ![]() You have created an institution like no other. JIM CRAMER: Larry first, I am absolutely thrilled during our first week that you're here. Following is the unofficial transcript of a CNBC exclusive interview with BlackRock Founder, Chairman & CEO Larry Fink on CNBC's "Mad Money" (M-F, 6PM-7PM ET) today, Wednesday, July 20 th for the first week of "Mad Money" broadcasting from the New York Stock Exchange.
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