Larry Fink

When you think about when we entered 2025, where we had a war in Gaza, we had all these different skirmishes, and we may be more nervous and focusing on all these issues,

But the reality, the world is becoming safer, not less safe in my mind.

And the last thing I want to say related to volatility, which if you look at the 10-year treasury on January 1st, 2025, April 1st, and October 1st, and then January 1st this year, if you're looking to use those four points of data at the 10-year treasury, the 10-year treasury moved three basis points.

Okay, yes, we've had a lot of volatility.

But my point is, the way I want to talk about that, when you look at those wider points, there's been no volatility.

And the key and the message that we need to be telling people who are watching, it's not about the moment.

It's not about the noise.

I mean, it is about long-term investing.

And when I think back, if you invested $1,

and the S&P on January 1st, 2000.

And a year later, you had a 30% downdraft because of the dot-com blast.

But over that 25 years, you made over an 8% compounded return, better than almost any other investment again.

I think there's just not enough narrative, not enough conversation about, we gotta just walk away from the noise.

And if you believe,

and that we can be better.

If you believe that your government, your economy is gonna grow, you need to grow with it.

I said something in one of my meetings earlier today, I don't remember which one now, and this one very powerful person in AI came up to me yesterday and he said, you're right.

And what I said was, we need to make sure if this AI transformation is real,

I think we need to make a responsibility getting more people to be investing alongside of it, not watching.

And I always say, if you believe in your country, if you believe in your country, why aren't you investing with your country?