The ceo of BlackRock, the world’s largest asset manager: «A change in leadership is not necessary»
Your annual letter is this plea for long-term investing. At the same time, we see heightened volatility in financial markets. It’s a fraught environment in many respects. Are there reasons to be concerned about some potential moment of rupture in financial markets?
«There’s always a potential for rupture. Over the last 120 years we have had a couple wars, pandemics, financial crisis, we’ve seen huge ruptures. But over the long term, you are better off by being in the market than sitting your money in a bank account. There is no question we are witnessing some very large changes in the world today and that does create uncertainties. I look at uncertainties as opportunities, but I’m not here to suggest we’re not going to have ruptures. But ruptures to me are opportunities, not reasons for hiding. What I believe is more important than any worry about a rupture is that Italian households and corporations have over €2 trillion in cash and deposits that are generating no return.»
What do you mean?
«I worry that Italians are not growing with their country. By keeping your money in a
