This Man Controls $32 Trillion (And Decides If You Own Anything) скачать в хорошем качестве

This Man Controls $32 Trillion (And Decides If You Own Anything)

In March 2023, during the Silicon Valley Bank collapse, while depositors panicked and regulators scrambled, one man got a phone call from the U.S. Treasury Secretary, the Federal Reserve Chairman, and the President's economic team. All on the same day.They weren't calling to get his opinion. They were calling to get his permission. To ask him how to solve the crisis. To beg him to stabilize the markets.His name is Larry Fink. And if you've never heard of him, that's exactly how he wants it.Larry Fink controls $11.5 trillion in assets through BlackRock, the company he founded and runs. That's more than the GDP of every country on Earth except the United States and China.But the real number is higher. Much higher.Because BlackRock's Aladdin system, the risk management platform Fink created, monitors and manages over $21 trillion in global assets for other institutions.Combined, that's $32 TRILLION. That's 10% of all financial assets in the entire world flowing through systems Larry Fink controls.THE SCALE OF FINK'S POWER:When Fink makes decision about which companies to invest in, markets move. When BlackRock publishes ESG score, companies restructure entire business models to comply. When Fink writes annual letter to CEOs, it's read more carefully than government regulations because it has MORE POWER.BlackRock is largest shareholder in: Apple, Microsoft, Amazon, Tesla, Exxon, JPMorgan Chase, Bank of America, and over 18,000 other companies.BlackRock owns pieces of virtually everything you interact with every single day.And through mechanism most people don't understand: BlackRock votes the shares in YOUR 401k, YOUR pension, YOUR index funds, giving Fink control over trillions in assets he doesn't technically own but completely controls.THE FOUNDATION - 1976-1988:Laurence Douglas Fink born November 2, 1952, Los Angeles. Father owned shoe store. Didn't inherit empire - built one.Started career at First Boston 1976. Built first mortgage-backed securities trading desk. Pioneered securitization of home mortgages. This innovation later contributed to 2008 crisis.1986: Fink made $100 million trading error. Firm lost $100M in quarter. Fink devastated. Not just because of money, but because didn't understand how risk had accumulated. Securities he'd created were so complex, even he couldn't track risk in real-time.This failure planted seed that would become BlackRock's most powerful weapon: THE ALADDIN SYSTEM.1988: Fink left First Boston. With 7 partners and $5M seed funding from Blackstone, founded company that became BlackRock. One mission: build risk management system so sophisticated that nothing like 1986 loss could ever happen again.ALADDIN - THE INFORMATION WEAPON:1988-1994: BlackRock built Aladdin (Asset, Liability, Debt, and Derivative Investment Network). Could analyze thousands of securities simultaneously, track every risk exposure, model market scenarios, tell you exactly how much risk taking at any moment. No other firm had anything like it.Strategic decision that changed everything: Fink didn't just use Aladdin for BlackRock. He LICENSED IT to other institutions. Banks, pension funds, insurance companies, sovereign wealth funds all started using Aladdin.Genius of model: When you use Aladdin, BlackRock SEES your positions, risk exposures, trading patterns. Not specific details, but aggregate data.This gave BlackRock information advantage no one else had. BlackRock could see how trillions of dollars were positioned across entire financial system. Knew where risk was building before anyone else. Knew where opportunities were before markets moved.TODAY: Over $21 trillion in assets managed using Aladdin system. BlackRock manages $11.5T directly. Other $10T+ managed by other institutions using Aladdin.BlackRock has visibility into roughly $21 trillion - about 10% of global financial assets. Like having Bloomberg terminal that only you can see, showing everyone else's positions.INDEX FUND POWER - VOTING WITHOUT OWNERSHIP:1990s-2000s: BlackRock aggressively pushed index fund investing. Pitch: You can't beat market, so don't try. Just buy whole market through index fund. Cheaper, passive, easy.Worked. Trillions flowed from active management into passive index funds. BlackRock's iShares became dominant. Today, BlackRock manages over $3 trillion in index funds alone.CRITICAL MECHANISM MOST PEOPLE DON'T UNDERSTAND:When you buy index fund, BlackRock technically owns the shares, not you. You own shares of the fund. And BlackRock VOTES those shares.If you put $10K into S&P 500 index fund, BlackRock buys shares of Apple, Microsoft, Amazon on your behalf. But BlackRock VOTES those shares at shareholder meetings. You gave up your voting rights when you bought the fund.Multiply by millions of investors and trillions of dollars. BlackRock, Vanguard, and State Street (big three passive managers) collectively vote 20-25% of shares in most major corporations. Largest voting bloc in almost every major company in America.