Offbeat BlackRock CEO turns to shareholders: "Huge opportunities" on the stock market

15:55  06 april  2020
15:55  06 april  2020 Source:   finanzen.net

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While the uncertainty about the consequences of the corona pandemic on the economy is still reflected in strong fluctuations on the stock market, the boss of the world's largest asset manager is already looking ahead Crisis. And the expert assesses this as more than rosy.

INDRANIL MUKHERJEE/AFP/Getty Images © Provided by Finanz.net INDRANIL MUKHERJEE / AFP / Getty Images

• BlackRock boss Fink addresses the shareholders in a letter

• The corona crisis will have fundamental consequences for the economy and people

• But the stock market offers Opportunities

In his annual letter to shareholders, the head of the world's largest asset manager BlackRock , Larry Fink, also dealt with the corona-related consequences for the global economy. Despite all the drama, the expert sees light on the horizon.

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Fundamental consequences expected

The corona crisis apparently caught a market expert like Larry Fink too. "I have never seen anything like it in my 44 years in finance. The outbreak hit the financial markets with a speed and ferocity that can normally only be observed in a classic financial crisis," writes the BlackRock CEO from his home office in his eleven-page report Letter to the shareholders.

The markets had slipped into the bear market from record levels within a few weeks; trading on the New York Stock Exchange was automatically interrupted for the first time since 1997 after important benchmarks had slipped massively. At the same time, a record-breaking level of liquidity in US government bonds has further exacerbated the situation on the market.

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And it wasn't just the stock markets that came under pressure, the crisis would also have a fundamental impact on humanity: many assumptions about the global economy now need to be re-evaluated - just-in-time supply chains or the dependence on international air traffic. In addition, the way in which people work, shop, travel and get together should be thoroughly reconsidered. "If we leave this crisis, the world will be different. Investor psychology will change. Business will change. Consumption will change. And we will be more dependent on our families and each other," said the BlackRock Boss.

Economy will recover

Despite the far-reaching consequences for the economy and people's coexistence to be expected, Fink is optimistic about the future. "As dramatic as it is, I believe that the economy will continue to recover, also because this situation lacks some of the obstacles to recovery from a typical financial crisis." Central banks would act quickly to address credit market problems, and governments would also put aggressive fiscal incentives in place. In addition, the boss of the world's largest asset manager is confident that one can now fall back on experiences from the global financial crisis in 2008.

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Enormous opportunities for long-term investors

His company has a longer-term horizon in mind, investors should also do that, he advises. "The world will weather this crisis. The economy will recover. And for those investors who don't look at the shaky ground at our feet, but at the horizon, there are enormous opportunities in today's markets."

In his view, long-term investors have a better chance of coping better with the crisis and its consequences. Some BlackRock customers had already used the sell-off in the financial markets to add to their equity portfolio. Fink emphasizes that these include customers who generally have a strong focus on fixed-income securities due to their risk profile.

However, Fink is also unable to say whether these customers have caught the right time, can see entry prices on the market and have reached their lows. This is "impossible to know". He also anticipates that highly indebted companies will still face significant challenges. He explicitly warns that the economic consequences will be disproportionately on the shoulders of the economically weakest if the governments are not careful when designing their economic stimulus programs. In order to survive this crisis, answers are needed that go beyond national borders.

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