American - Journalist | June 25, 1929 -
Larry Fink, 61, tall and outgoing and passionate about his business, is the chairman, CEO, and co-founder of the largest asset-management company in the world, BlackRock.
Carol Loomis
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The speed and trajectory of BlackRock's ascent have been breathtaking.
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There is a certain oddity to Larry Fink having problems in Washington. He is a strong Democrat who has close ties to President Obama and has often been rumored as set to take a big administration job, such as Secretary of the Treasury.
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In meeting the challenges of organic growth, BlackRock has the advantage of having an executive team greatly respected for what it has accomplished.
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Carl Icahn, corporate raider by trade, is creative, a scrambler, and certainly not to be underestimated.
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Wage concessions are difficult to quantify, since their magnitude depends on many operating variables.
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The 1969 experience has been a rude awakening for many hedge-fund investors and has left some of them with strong reservations about the whole concept. For the first time in their relatively short history, the funds are not growing: in fact, some have suffered large withdrawals of capital, and a few have actually folded.
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If a company's stock is undervalued - as many managers believe theirs is - a repurchase may offer the best payoff of all.
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Approaches to determining stock values vary, but fundamentally, each company judging itself undervalued is saying that its future stream of earnings justifies a higher price than the stock market is willing to accord it.
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Some managements do not even think of buybacks as an option. The idea of shrinking their equity base repels them. Their inclination instead is to get bigger, and this often leads them to pay rich prices for acquisitions that never earn their keep.
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A buyback is itself a special kind of acquisition, made at prices that are typically a bargain compared with those a company must pay for an outside purchase.
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When they are employed wisely, derivatives make the world simpler because they give their buyers an ability to manage and transfer risk.
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