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The Bid - An Investing Podcast from BlackRock

BlackRock

The Bid breaks down what’s happening in the world of investing and explores the forces changing the economy and finance. From stock market outlooks to geopolitics and technology, BlackRock speaks to thought leaders and industry experts from around the globe about the biggest trends moving markets.

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#272
Yesterday · 24 min
272: Space, The Final Investing Frontier - How AI and Technology Are Expanding the Economy
The space economy is becoming more connected to everyday economic activity, from satellite communications and navigation to weather forecasting, defense and data. Falling launch costs, advances in satellite technology and rising demand for AI infrastructure are broadening the conversation around what space could enable. In this episode of The Bid, host Oscar Pulido speaks with Reid Menge, portfolio manager in BlackRock’s Fundamental Equity Group, about how the space economy is developing and the forces behind its growing relevance. They explore lower launch costs, satellite capabilities, national security priorities, AI infrastructure and the potential evolution of data centers. The discussion also looks beyond rockets and satellites to the broader infrastructure and capital markets ecosystem supporting space activity. Reid explains why cost and capability remain critical variables, how government spending can intersect with private-sector innovation, and why technical execution remains an important source of uncertainty as the industry develops. Episode chapters 00:00 Introduction to Space Economy 02:02 Space in Daily Life 02:37 Space Investing Goes Mainstream 04:40 Cost Capability Demand 09:22 AI Meets Orbit 11:18 Space Data Centers Explained 14:39 National Security Imperative 16:20 Where Opportunities Emerge 18:29 Risks and Reality Check 20:32 Next Decade Outlook 22:28 Wrap Up and Disclosures Key Insights from this episode: · How falling launch costs could expand the range of economically viable space activities. · Why smaller, lower-cost satellites are changing communications and Earth observation. · How AI is increasing the potential value of data collected from space. · Where national security priorities intersect with commercial space infrastructure. · Why semiconductors, communications equipment and specialty materials form part of the space ecosystem. · How execution risk and technological complexity could influence the industry’s development. 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS Sources: GPS.gov data 2026; “How geostationary small satellites are providing strategic access to space”, WEF 2025; “Big ideas, small satellites”, NASA Jet Propulsion Laboratory; “State-of-the-Art Small Spacecraft Technology” NASA report May, 2026; Department of War Budget 2027; “Servers account for 60% of the total cost of ownership of a one-gigawatt AI data center”, Epoch AI; “SpaceX IPO: Musk's firm set to launch first 'orbital data center' AI1 satellites in 2027, will put compute on Starlink craft” DCD 2026; Department of the Air Force Posture Statement Fiscal Year 2027; space economy, AI investing, infrastructure, capital markets, megaforces, satellite technology, national security, data centers This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#271
September 18 · 23 min
271: David Rubenstein, Co-Founder of The Carlyle Group, on the Business of Sports, Investing and Leadership
Sports investing has evolved as franchise values have risen, live sports have retained a powerful hold on audiences, and ownership has become an increasingly sophisticated business. Yet sports teams remain unusual assets, combining economics with competition, community identity and deeply emotional fan relationships. Host Oscar Pulido speaks with David Rubenstein, co-founder and co-chairman of The Carlyle Group and control partner of the Baltimore Orioles ownership group, about his move from private equity into sports investing. They discuss his decision to invest in his hometown team, the role franchises can play in their cities, and how leadership differs when success is measured by more than financial returns. The conversation also explores the forces influencing sports investing, from rising franchise values and broader ownership participation to live media demand, AI-powered analytics and longer-term developments across capital markets. Key moments in the episode: 00:00 Meet David Rubenstein 02:10 Sports ownership and Civic Responsibility 04:06 Camden Yards and Baltimore City Revival 06:42 What Owners Really Do 09:00 Winning Over Profits 10:24 Long Horizon Decisions 13:06 Sports as an Asset Class 15:45 AI in Sports and Moneyball 2.0 17:11 Next 20 Years of Investing 20:28 First Orioles Game Memories 21:38 Closing and Up Next 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS sports investing, David Rubenstein, Baltimore Orioles, sports ownership, business of sports, sports franchises, private equity, Carlyle Group, private markets, AI investing, artificial intelligence, baseball analytics, sports analytics, live sports, media rights, franchise valuations, leadership, sports business, institutional investing, professional sports ownership Sources: Inside The Owners Box, David Rubenstein, September 2026 This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#270
September 11 · 21 min
270: Sports, Markets and Investing: What Separates Skill From Good Luck
Sports and investing can both be shaped by small margins, repeated decisions and the balance between skill and chance. From tennis points to soccer matches and basketball shot selection, elite competition offers a useful lens for thinking about decision-making in capital markets. In this episode of The Bid, host Oscar Pulido speaks with Ronald Van Loon, Portfolio Manager in BlackRock’s Global Fixed Income Group, about the connection between sports and investing. They examine hit rates, payoff ratios, teamwork, preparation and the role of process in fixed income portfolio management. The discussion explores why a modest edge can matter when applied consistently, how different sports change the influence of chance, and why sports and investing both reward attention to probability, payoff and repeated opportunities. They also consider market volatility, stock market trends and the importance of continuous learning. Check out the previous episode on tennis here: https://open.spotify.com/episode/061EZSj3afpDQd7lL1FJUF?si=diYmU2axTAS26i7IxccxhA Key moments in this episode: 00:00 Introduction 01:42 Tennis Margins Compound - How small statistical advantages can compound across repeated decisions 05:17 Winning the Big Points - Why probability and payoff need to be considered together 07:55 Soccer Skill vs Chance - Where skill and chance differ across tennis, soccer and basketball. 09:49 Teamwork in Investing - How teamwork can support decision-making across complex fixed income markets 12:58 Olympics and Process - Why preparation and continuous learning remain central to a repeatable investment process 15:20 Basketball Expected Value - How basketball’s changing shot selection illustrates the concept of expected value 17:35 Three-Part Investor Framework 18:57 Closing and Next Episode sports and investing, capital markets, fixed income, portfolio management, investment process, market volatility, stock market trends Sources: Van Loon, R.J.M. 2021. “Long-Term Investing and the Frequency of Investment Decisions”, The Journal of Portfolio Management 47 (8): 86-104; Van Loon, R.J.M. 2021. “Investment Skill and Consistent Long-Term Alpha”, The Journal of Portfolio Management This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#269
August 14 · 20 min
269: The Biggest Themes of 2026 So Far: How AI, Geopolitics and Digital Assets Are Reshaping Portfolios
2026 market themes have been shaped by geopolitical realignment, the physical demands of artificial intelligence and changing assumptions about diversification. Across markets, investors are confronting several plausible futures rather than relying on a single base case. Host Oscar Pulido is joined by Stevie Manns, producer of The Bid, to revisit conversations with BlackRock leaders and external guests. Together, they connect insights on geopolitics, retirement, AI infrastructure, market concentration, portfolio construction, Asia, digital assets and tokenization. The discussion explores how these subjects form a broader story about preparation. Listeners will hear why AI investing increasingly involves energy and physical infrastructure, how concentration is changing the character of major equity indexes, and why a more dynamic and granular approach may be relevant as capital markets evolve. Key insights: · How geopolitical shifts are influencing markets, supply chains and economic policy · Why AI investing depends on power, data centers and infrastructure · How stock market concentration can affect diversification assumptions · Why portfolio construction may require multiple scenarios · Where Asia and digital assets are broadening the opportunity set · How tokenization could reduce friction in financial markets Episodes featured: 246: Macro and Geopolitical Outlook - Live from Davos 248: Retirement Realities: Ask Me Anything With Jaime Magyera 250: Powering AI 2.0: Why The AI Boom is becoming an Energy Story 257: Beyond The Magnificent Seven: Discovering Equity Opportunities in the S&P 493 258: Portfolio Construction for A Changing World: Adapting to A Market Regime Shift 259: Cryptoassets At A Crossroad: Volatility, Adoption and Changing Market Perspectives 261: Why Are Global Investors Looking To Asia As An Investment Destination 264: Is Tokenization The Next Evolution of Financial Market Infrastructure 266: Midyear Outlook: Scarcity vs Abundance in The Age of AI 268: AI's Latest Frontiers: An Investor's Perspective on Space, AI and Equity Opportunities 2026 market themes, AI investing, portfolio construction, capital markets, digital assets, tokenization, geopolitics This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#268
July 31 · 24 min
268: AI’s latest frontiers: An Investor’s Perspective on AI, Space and Equity opportunities
AI investing continues to shape markets as artificial intelligence (AI) moves beyond software and into the physical infrastructure of the global economy. From data centers and chips to space-based compute, autonomous trucks and humanoid robotics, the AI buildout is creating new questions about scarcity, supply chains and where value may accrue next. In this episode of The Bid, host Oscar Pulido is joined by Tony Kim, Head of the Global Technology Team within BlackRock Fundamental Equities. Fresh from his 13th annual technology tour across San Francisco and Silicon Valley, Tony shares what he heard from leading innovators and how the AI conversation has evolved from model development to compute, infrastructure, physical AI and the changing shape of the technology stack. Tony explains why AI investing may increasingly require looking across multiple layers of the ecosystem: the physical layer of power, chips, data centers and cloud infrastructure; the intelligence layer of foundation models; and the application and services layer where disruption remains a central question. The discussion also explores how AI is creating both scarcity and abundance, why data center demand is reshaping supply chains, and how countries and companies tied to the compute build-out may be positioned differently from more service-oriented parts of the market. Check out our previous tech tour episodes with Tony Kim: 2025 - https://open.spotify.com/episode/6ffqOgM2CDbJGEoaWjgjIP?si=418fdf5f886c4f62 2024 - https://open.spotify.com/episode/3ruCZNZ7vHghypqwnQzslg?si=e62206f037df409b Key moments in this episode: 00:00 Introduction 01:57 AI Wave Expands - How AI investing is expanding from model development into space, robotics and physical systems. 05:28 AI Goes To Space - How low Earth orbit satellites could create new forms of AI data and, potentially, new compute architectures. 07:51 Physical AI Adoption - Why autonomous vehicles, self-driving trucks and humanoid robots are part of the broader physical AI story 10:00 Rewiring The Internet 14:38 Where To Invest Now - How the shift in market value toward compute and model-centric companies is reshaping stock market trends. 18:55 Risks And Optimism 22:38 Wrap Up And What's Next on The Bid AI investing, artificial intelligence, technology investing, capital markets, megaforces, data centers, robotics, stock market trends Sources: BlackRock Fundamental Equities analysis of AI-related capex spending through 2030, as of July 2026; “How much does a GW of data center capacity actually cost” Investing.com, 2025; S&P Global Indices as at July 14th 2026 This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#267
July 17 · 18 min
267: Defense Investing in a New Era of Geopolitics, AI, and Global Security Transformation
Defense investing is rapidly moving from the margins to the center of capital markets as geopolitical fragmentation, rising global tensions, and technological innovation reshape how nations allocate resources. What was once viewed as a niche or even overlooked sector is now emerging as a critical pillar of global infrastructure and security. In this episode of The Bid, host Oscar Pulido sits down with Rolf Heitmeyer, Head of Industrials in BlackRock’s Fundamental Equities Group, to explore the forces driving this shift in defense investing. They discuss the surge in global defense spending, the changing competitive landscape between incumbent contractors and new entrants, and how innovation - from AI-enabled systems to low-cost drones - is transforming modern warfare. As geopolitical megaforces continue to evolve and technology reshapes security priorities, defense investing is becoming an increasingly relevant theme for investors seeking to understand the intersection of global politics, innovation, and markets. Key moments in this episode: 00:00 Introduction 01:41 AI Spending Surge Explained 04:52 Tech Industry Shakeup Ahead 07:14 Attritable vs Exquisite 09:49 Scaling the Arsenal 11:32 Startup Innovation Tour 14:39 Defense in Portfolios 16:05 A Long Supercycle 17:13 Wrap Up and Disclosures Defense investing, capital markets, AI investing, megaforces, geopolitical risk, stock market trends, defense technology Sources: “Venture capital investment in defense tech surges while M&A activity slows” S&P Global March 2026; “Over 11,000 munitions in 16 Days of the Iran War: ‘Command of the Reload’ Governs Endurance” RUSI, March 2026; Department of War Statistics; Data from BlackRock Fundamental Equities as of April 2026. This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#266
July 2 · 20 min
266: 2026 Midyear Outlook: Scarcity vs. Abundance in the Age of AI
Artificial intelligence continues to reshape economies and markets, but its rapid expansion is also exposing new constraints across energy, infrastructure, labor, and capital. As investors navigate an increasingly complex landscape, the debate has shifted from AI's potential to the practical realities of building the systems that support it. In this episode of The Bid, host Oscar Pulido speaks with Jean Boivin, Head of the BlackRock Investment Institute, about BlackRock's 2026 Midyear Outlook. Together they examine the report's central theme - scarcity versus abundance - and discuss how AI, higher capital requirements, geopolitics, and structural economic changes are influencing today's investment landscape. Jean explains why today's market environment is defined by multiple competing outcomes rather than a single base case, introducing the concept of "polyfurcation." He also explores the evolving AI investment opportunity, the importance of infrastructure, the role of tactical portfolio construction, and why investors may need to rethink traditional diversification as megaforces continue to reshape markets. Key insights How AI is creating both new opportunities and new economic constraints Why scarcity has become a defining macroeconomic theme How "polyfurcation" changes the way investors think about uncertainty Why infrastructure is becoming central to the AI investment story How portfolios may evolve beyond traditional asset class diversification Where investors are focusing as AI continues to reshape global markets AI investing, Midyear Outlook, capital markets, infrastructure investing, megaforces, stock market trends, artificial intelligence, global economy Sources: BlackRock Investment Institute, Midyear Outlook 2026 This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#265
June 26 · 22 min
265: Inflation and Investing: What Sticky Prices Mean for Portfolios Today - Ask Me Anything
Inflation and investing are once again front and center as markets assess a new mix of price pressures. In this Ask Me Anything episode of The Bid, host Oscar Pulido is joined by Helen Jewell, BlackRock’s International Chief Investment Officer for Fundamental Equities, and Tom Becker, senior portfolio manager on BlackRock’s Global Tactical Asset Allocation team. Together, they explore what is driving inflation today, from AI infrastructure demand and energy bottlenecks to fiscal spending, supply constraints, and regional differences. The conversation examines how inflation is affecting capital markets, equities, fixed income, stock market trends, and portfolio diversification. This episode also looks at the role of AI as both a near-term inflationary force and a potential longer-term productivity driver. As AI investing accelerates demand for electricity, chips, copper, data centers, and infrastructure, investors are watching how these megaforces reshape markets and the global economy. Key insights: · How AI infrastructure demand is contributing to inflation pressures · Why inflation differs across regions, including the U.S., Europe, Japan, and China · Where pricing power matters most for companies and sectors · How inflation measures like CPI, PCE, and PPI inform market views · Why sticky inflation can challenge traditional stock-bond diversification · How investors can think about inflation across equities, bonds, and multi-asset portfolios 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS Key moments in this episode: 00:00 Introduction: Why Inflation Matters 02:57 Supply Demand Basics 04:57 From Pandemic To Now 07:26 Inflation By Region 09:19 Equity Winners Losers 13:24 Which Inflation Metrics 15:23 AI And Macro Inflation 17:24 AI Bottlenecks Plays 18:58 Fixed Income And 60 40 21:03 Key Takeaways Sources: “Harry Styles Ticket Prices Spark Outrage Among Fans”, Forbes, 2026; BlackRock Fundamental Equities, June 2026, based on analysis of company statements; Blackrock Fundamental Equities, June 2026, based on data from the UK Office of National Statistics Inflation and investing, sticky inflation, AI infrastructure, fixed income, equities, portfolio diversification, capital markets, stock market trends This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#264
June 18 · 28 min
264: Is Tokenization the Next Evolution of Global Financial Market Infrastructure? Ft. Rob Goldstein, COO of BlackRock
Financial market infrastructure is often invisible to investors, yet it powers every trade, settlement, and ownership record across capital markets. As technology evolves, tokenization is emerging as a new way to represent and transfer financial assets, raising questions about how markets may operate in the future. In this episode of The Bid, Oscar Pulido speaks with Rob Goldstein, Chief Operating Officer at BlackRock. They discuss what tokenization means in practice, how it differs from cryptocurrencies, and why digital assets are drawing increased attention from investors, institutions, and policymakers. The conversation explores how tokenization could improve access, efficiency, and connectivity across financial markets. Rob also shares his perspective on the coexistence of traditional financial systems and digital assets, the role of digital wallets, and the regulatory developments that could shape adoption in the years ahead. Key insights: · How tokenization creates digital representations of financial assets · Why tokenization differs from cryptocurrencies and Bitcoin · How digital wallets could expand access to capital markets · Why traditional finance and digital assets may coexist · What role blockchain technology plays in financial infrastructure · How regulation could influence the future of tokenized markets 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS Key moments in this episode: 00:00 Tokenization Success Metrics 00:33 Markets Plumbing Shift 01:56 Welcome and Guest Intro 03:25 Defining Tokens and Wallets 06:07 Global Access and Wallet Growth 08:49 Traditional Finance Complexity 11:45 Bridging TradFi and Digital 13:45 Crypto vs Tokenization 16:57 Phone as Portfolio Hub 18:11 Op-Ed and Tech Evolution 22:09 Digital Assets in Portfolios 23:33 What Must Happen Next 25:08 Keep It Simple for Users 26:46 Closing Thoughts and Wrap 27:54 Outro and Disclosures Tokenization, Digital assets, Financial market infrastructure, Capital markets, Blockchain technology, Digital wallets, Investing innovation, Financial technology This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#263
June 12 · 18 min
263: Asia’s Infrastructure Moment: The Investment Opportunity Behind the Energy Transition
Asia infrastructure investing is becoming central to the global energy transition as rising demand, energy security concerns, and the need for more resilient systems accelerate capital deployment across the region. In Southeast Asia, the opportunity is not only about replacing old systems, but building new infrastructure at scale for a growing economy. In this episode of The Bid, host Oscar Pulido speaks live from Ecosperity in Singapore with Salim Samaha, Global Head of Energy at Global Infrastructure Partners, a part of BlackRock, and Heidi Yip, Head of Sustainable and Transition Solutions for Asia Pacific at BlackRock. Together, they discuss how the infrastructure opportunity is evolving globally, why Asia’s transition differs from Western markets, and where investors are seeing momentum across renewables, grids, storage, and system flexibility. Key insights include: · How Asia’s infrastructure build-out differs from Western markets · Why energy security is becoming inseparable from the energy transition · Where capital is flowing across renewables, grids, storage, and interconnection · How public-private partnerships can help mobilize transition finance · Why execution bottlenecks, permitting, and offtake frameworks remain critical · Where AI, innovation, and rising demand may reshape future infrastructure needs Key moments: 00:00 Asia Infrastructure Boom 01:06 Live From EcoSperity 03:16 Energy Transition Now 04:20 Southeast Asia Grid Challenge 06:43 West vs Asia Reality Check 08:58 How APAC Investors Deploy Capital 11:26 Scaling Projects and Labor Crunch 13:17 Where Capital Flows and Bottlenecks 15:13 Five Year Outlook and Innovation 17:23 Wrap Up and Disclosures 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS Asia infrastructure investing, energy transition, infrastructure, capital markets, megaforces, renewables, energy security, sustainable investing Sources: IEA World Energy Investments 2025, Southeast Asia; IEA World Energy Investments 2024; IEA Global Energy Review 2026, Electricity generation mix for selected regions, 2025; IEA Integrating Solar and Wind in Southeast Asia; IEA Southeast Asia Energy Outlook 2024; IEA Global Energy Review 2026, Electricity generation mix for selected regions, 2025; Singapore Monetary Authority Press Release 2024; IEA data and charts energy investments; Urban Population in Southeast Asia, 2023-2050, IEA This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#262
June 5 · 16 min
262: What Do ETFs in Asia Mean for Investors in Today’s Markets?
ETFs in Asia have grown significantly since the global financial crisis, but their role is changing. What began as a way to access markets is now expanding into broader portfolio applications as investors face more complex market conditions. In this episode of The Bid, Oscar Pulido speaks with Christian Obrist, Head of iShares Distribution in Asia, and Nick Peach, Head of iShares Asia Pacific at BlackRock. They discuss how ETF usage in the region has developed and how investors are applying them across different strategies. The conversation explores how education has shifted from fundamentals to advanced use cases, including liquidity management, tactical allocation, and operational efficiency. It also highlights the role of digital investors, the importance of local market development, and how ETFs are becoming more integrated into portfolio construction. Key moments in this episode 00:00 Introduction 02:15 How ETF usage in Asia has moved beyond market access 03:55 Why ETF investor education is shifting toward advanced applications 05:15 Active ETFs and Efficiency 06:43 Asia Ecosystem Differences 07:40 How digital investors are influencing ETF adoption 08:59 Why local market listings matter for ETF accessibility 11:27 How ETFs are becoming more integrated into portfolio construction 13:52 Asia Weekend Travel Picks 15:05 Wrap Up and Disclosures Sources: BlackRock client Survey May 2026 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS ETFs Asia, ETF adoption, portfolio construction, Asia markets, digital investors, liquidity management, passive investing This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#261
May 21 · 19 min
261: Why Are Global Investors Looking to Asia As An Investment Destination?
Asia has often been viewed as a long-term growth story, but its role in global markets is becoming more immediate. The region now represents a significant share of global GDP and listed companies, while operating across distinct economic and policy cycles. In this episode of The Bid, Oscar Pulido speaks with Aarti Angara, Head of Global Product Solutions in Asia Pacific at BlackRock. They examine why Asia is gaining more attention from investors and how opportunities are developing across equities and fixed income. The conversation highlights the region’s diversity across countries, sectors, and growth drivers. It also explores themes such as AI-related manufacturing, domestic consumption in emerging markets, Japan’s shift in corporate behavior, and the role of Asian bond markets in diversification Key moments in this episode: 00:00 Introduction 02:23 How Asia’s scale is influencing its role in global portfolios 04:20 Why policy and economic cycles differ across the region 07:10 Why Japan’s corporate and inflation dynamics are drawing attention 08:36 Where AI-related manufacturing is concentrated 10:20 How domestic consumption is developing in India and Southeast Asia 12:47 How Asian fixed income behaves differently from developed markets 14:35 How to Allocate in Asia 17:42 Singapore Travel Tips 18:50 Wrap Up and Disclosures Sources: Bloomberg May 12th 2026, 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS Asia investing, APAC markets, Asian equities, Asian fixed income, Japan economy, AI supply chain, emerging Asia, portfolio diversification, Asia equity markets This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#260
May 8 · 17 min
260: The Top Retirement Trends That Are Reshaping Investing, Income and Longevity
Retirement systems are undergoing a structural shift as traditional pensions decline and individuals take on greater responsibility for financial outcomes. Longer lifespans and evolving capital markets are making retirement planning more complex and consequential. Oscar Pulido speaks with Nick Nefouse, Global Head of Retirement Solutions at BlackRock. They discuss how defined contribution plans, target date funds, and regulatory changes are reshaping how individuals save, invest, and prepare for retirement. The conversation explores how retirement is moving from a focus on accumulation to income generation, particularly during the “retirement window.” It also highlights how global systems are converging toward similar models, and how innovation—across portfolio construction, private markets, and guaranteed income—is influencing long-term outcomes. Key insights: · How the shift from pensions to defined contribution plans is changing investor responsibility · Why longevity is reshaping retirement timelines and financial planning needs · How target date funds are simplifying access to capital markets for individuals · What the “retirement window” reveals about diverging investor outcomes · Where global retirement systems are converging despite regional differences · How income generation is becoming central to retirement portfolio design 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS Key moments in this episode: 00:00 Introduction to retirement trends 02:00 Shift from pensions to defined contribution plans 04:30 The role of target date funds and regulation 6:00 The retirement “window” and investor behavior 8:00 Expanding access to retirement plans 10:00 Global retirement system comparisons 14:00 Retirement vs. wealth management convergence 16:00 Market volatility and long-term investing 18:00 The future of retirement systems and innovation Sources: BlackRock Retirement Trends Report, 2025; Federal Reserve Bank of St. Louis, “Pension or 401(k)? Retirement Plan Trends in the U.S. Workplace,” 2025 retirement trends, retirement planning, defined contribution, 401k, target date funds, longevity, financial planning, investing, This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. The views expressed by third‑party speakers are their own and do not necessarily reflect the views or positions of BlackRock, nor should they be interpreted as an endorsement by BlackRock. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#259
May 1 · 23 min
259: Cryptoassets At A Crossroads: Volatility, Adoption, and Changing Investor Perspectives
Crypto investing is at a crossroads as digital assets move from speculative beginnings toward broader institutional adoption and integration into capital markets. As volatility persists and infrastructure evolves, investors are increasingly asking not what crypto is—but what role it plays in portfolios. Host Oscar Pulido is joined by Robbie Mitchnick, Head of Digital Assets at BlackRock, and Dan Morehead, CEO of Pantera Capital, live from Miami at BlackRock’s Latin America Investment Forum. Together, they explore how crypto investing has evolved, why institutional participation is accelerating, and how investors are reassessing digital assets within diversified portfolios. The conversation examines the dual nature of crypto as both a volatile, risk-sensitive asset and a potential long-term diversifier. Robbie outlines how bitcoin’s unique characteristics—scarcity, decentralization, and independence from sovereign systems—differentiate it from traditional assets in capital markets. Dan reflects on early conviction in crypto and why institutional adoption may still be in its early stages, despite growing awareness. Check out our previous episode on Gold and Bitcoin as Portfolio Diversifiers: Why Interest Is Rising Now: https://open.spotify.com/episode/7LTut5pKnHVfrOdoAFM5r9 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS Key moments in this episode: 00:00 Introduction 03:30 Early conviction in crypto investing 05:00 Crypto as a portfolio asset 08:00 Understanding volatility and cycles 10:10 Bitcoin vs. Ethereum and market structure 12:00 Institutional adoption trends 15:00 Crypto in Latin America 17:00 Retail vs institutional investors 19:00 Future of crypto investing and regulation 21:00 AI and blockchain convergence 23:00 Closing thoughts Sources: Bitcoin market cap, Forbes April 19th 2026; Transforming Global Trade: Bitso Business at the Forefront of Blockchain”, Bitso Business 2025 crypto investing, bitcoin, ethereum, digital assets, blockchain This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#258
April 24 · 21 min
258: Portfolio Construction for a Changing World: Adapting to A Market Regime Shift
Portfolio construction is being redefined as investors face a fundamentally different market regime. Higher inflation, shifting interest rate dynamics, and accelerating megaforces like AI and geopolitics are challenging long-held assumptions about diversification and asset allocation across capital markets. In this episode of The Bid, host Oscar Pulido sits down with Vivek Paul, Head of Portfolio Research and UK Chief Investment Strategist at the BlackRock Investment Institute. Together, they explore why traditional portfolio construction frameworks may no longer be sufficient and how investors are adapting to a world of greater uncertainty, dispersion, and structural change. Vivek explains how megaforces such as AI investing and geopolitical fragmentation are creating unprecedented outcomes across markets, making static asset allocation less effective. He outlines why portfolio construction must become more dynamic and granular, with a deeper focus on underlying risk exposures rather than broad asset class buckets. The conversation also examines the growing importance of private markets, active strategies, and scenario analysis in navigating today’s environment. Timestamps 00:00 Introduction 01:56 What’s driving the shift in portfolio construction 03:24 Megaforces: AI and geopolitics 06:15 Rethinking traditional asset allocation 09:27 Diversification in a new regime 12:10 Total Portfolio Approach: Private markets and active strategies 14:28 Scenario analysis and future outcomes 17:48 Risks and maintaining structure 19:00 Key takeaways Sources: Rethinking portfolio construction during transformation, BII February 2026 portfolio construction, capital markets, AI investing, megaforces, asset allocation, private markets, stock market trends, investing strategy, diversification This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#257
April 10 · 21 min
257: Beyond The Magnificent Seven: Discovering Equity Opportunities in The S&P 493
The S&P 493 is gaining attention as investors look beyond the Magnificent Seven and reassess where growth and diversification may come from in today’s equity markets. With market concentration at historic highs, a handful of mega cap companies have driven much of the S&P 500’s returns, raising questions about what lies beneath the surface. In this episode of The Bid, host Oscar Pulido speaks with Ibrahim Kanan, Head of the U.S. Core Equity Team within BlackRock’s Fundamental Equities Group, about the growing relevance of the S&P 493 — the broader set of companies outside the largest names. They explore how market concentration has evolved, why a $200 billion company represents only a small fraction of the index, and what that means for portfolio exposure. The conversation highlights how earnings growth is beginning to broaden beyond mega cap stocks, supported in part by the expanding impact of AI investment across sectors. From industrials and healthcare to consumer and financials, companies are both benefiting from AI infrastructure spending and adopting AI to improve operations. As dispersion across companies increases, the discussion also examines how active investing, differentiation, and stock selection may play a larger role in navigating today’s equity market. Key moments in this episode: 00:00 Introduction 01:24 How Unprecedented Is 40% market Concentration of Magnificent Seven? 03:35 What the S&P 493 represents 05:28 Best of the Rest Signals 07:21 Earnings Growth and Convergence Explained 08:04 AI CapEx Spreads Beyond Nvidia 10:31 AI as a Competitive Edge 13:14 Where Opportunities Show Up 14:35 Beyond AI and Idiosyncratic Picks 15:44 Diversification Mirage and Active Risk 18:04 Investor Mindset in Volatile Markets 19:56 Wrap Up Check out this episode with Carrie King on her stock picks for 2026: https://open.spotify.com/episode/69Ndp7lM8wRRccLh7EfyPg 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS S&P 493, Magnificent Seven, US equities, stock market trends, AI investing, capital markets, active investing, portfolio diversification Sources: BlackRock Fundamental Equities with data from FactSet and Bloomberg as of 12/31/25; Yahoo Finance, Stock Prices for NVDA and HAS, US ISM Manufacturing PMI 2026; “Here's the Average Stock Market Return in the Last 15 Years and What Wall Street Expects in 2025”, Yahoo Finance January 2025; “‘Magnificent-7’ Q4 2024 Earnings Review: Growth Holds, but Rotation Awaits” LSEG March 2025 This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#256
April 2 · 18 min
256: AI and Bond Markets: How Artificial Intelligence Is Reshaping Fixed Income Investing
AI and bond markets are becoming increasingly interconnected as artificial intelligence reshapes capital demand, market structure, and investing approaches across fixed income. As inflation regimes shift and traditional diversification dynamics evolve, investors are rethinking the role bonds play in portfolios. In this episode of The Bid, host Oscar Pulido speaks with Jeff Rosenberg, Senior Fixed Income Portfolio Manager at BlackRock Systematic, about how AI and bond markets are evolving together. They explore how the rise of artificial intelligence is driving a new wave of capital investment, influencing real interest rates, and increasing debt issuance as companies finance AI infrastructure through bond markets. The conversation also examines how AI and bond markets intersect at the investment level. Rosenberg explains how advances in machine learning and generative AI are enhancing systematic investing, improving tools like sentiment analysis, and enabling deeper insights across thousands of issuers, central banks, and global markets. Finally, they discuss how modernization in fixed income — including electronic trading and the growth of bond ETFs — is transforming liquidity and price discovery. Together, these shifts are creating new opportunities and challenges for investors navigating a more complex and data-driven bond market. Key insights in this episode: 00:00 Introduction to AI and Bonds 02:20 From GFC to Post COVID - How bond markets have changed over time 03:31 Bonds Beyond Ballast 05:20 Inflation, rates, and diversification challenges 06:53 Debt issuance and AI financing trends 08:42 Generative AI Toolkit - using AI in fixed income investing 10:14 ETFs and Price Discovery 12:33 Systematic Investing and Data-Driven Strategies at Scale 14:43 The Future of Bond Markets and AI and Technology 17:04 Wrap Up and Disclosures Sources: Stock-Bond Diversification Offers Less Protection From Market Selloffs, IMF article, February 2026; “On Secular Stagnation in the Industrialized World”, Paper released by Harvard and Bank of England, 2019; “Financing the AI boom: from cash flows to debt”, BIS Bulletin paper, January 2026; ‘AI is eating software’ and it is redefining supply chain decision-making as a result”, Supply Chain Management Review article, 2026; How AI is transforming Investing”, BlackRock 2026; The economic potential of generative AI: The next productivity frontier”, McKinsey 2026; “40 years of innovation in pursuit of alpha”, BlackRock, 2025; “Key Trends in Credit Markets for 2025” Barclays 2025 AI and bond markets, fixed income investing, AI investing, bond market trends, systematic investing, capital markets, interest rates, bond ETFs This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#255
March 27 · 17 min
255: The Rise of Private Markets: Access, Liquidity, and Portfolio Diversification
Private markets are moving from the sidelines of institutional portfolios into the mainstream of wealth management. As companies stay private longer and financing increasingly happens outside public exchanges, investors are beginning to rethink how broad the traditional investment universe really is. The shift is raising a new question for portfolios: should investors be looking beyond public markets to access the full range of opportunities across capital markets? In this episode of The Bid, host Oscar Pulido speaks with Jon Diorio, Head of Product and Alternatives for BlackRock’s U.S. Wealth Business, live from the Future Proof Citywide conference in Miami. Together they explore why interest in private markets has accelerated in recent years, how access for individual investors has expanded, and what’s driving greater adoption among financial advisors. They also discuss how private markets differ from public markets — including liquidity considerations, longer investment horizons, and the potential role of what’s often called an “illiquidity premium.” The conversation explores how private equity, private credit, infrastructure, and real estate investments may fit within diversified portfolios, why education and due diligence remain essential, and how the industry is evolving to integrate private assets more seamlessly into modern portfolio construction. Key insights from this episode: 00:00 Introduction 02:11 What are private markets and alternatives and Why Now? 03:09 Why companies are staying private longer 04:54 How access to private markets has expanded 06:46 Are Private Markets for Everyone? 08:33 Liquidity, time horizons, and the illiquidity premium 11:33 How advisors integrate private markets into portfolios 13:58 Challenges and due diligence in private markets 15:21 Next Steps and Wrap Up 16:59 Outro and Disclosures Sources: Bloomberg as at 12/31/2025, BlackRock US Wealth Survey Internal private markets investing, private equity, private credit, alternatives investing, portfolio diversification, capital markets, wealth management, investment strategies This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#254
March 20 · 20 min
254: Alternative Investing: Finding Diversification in Volatile AI-driven Markets
Alternative investing is moving from a niche allocation to a core portfolio conversation. As volatility returns, interest rates reset higher, AI accelerates capital spending, and fiscal deficits expand, investors are reassessing what diversification really means. In a world where stocks and bonds can move together and macro forces dominate markets, traditional portfolio frameworks are under pressure. In this episode of The Bid, host Oscar Pulido revisits conversations with investors and strategists across BlackRock to explore why alternative investing is gaining renewed attention. From private equity, private credit, and infrastructure to hedge fund strategies, gold, and digital assets, the episode examines how alternatives are being used to broaden return drivers and navigate today’s regime shift in capital markets. The discussion highlights how structural megaforces — including AI buildout, geopolitical fragmentation, and fiscal expansion — are reshaping opportunity sets. Private markets offer exposure to long-duration capital themes and potential illiquidity premia, though with liquidity tradeoffs and manager dispersion. Hedge fund strategies aim to capture rising market dispersion through flexible long/short and systematic approaches. Infrastructure sits at the center of AI-driven energy demand and essential services. Meanwhile, gold and digital assets are increasingly viewed as monetary alternatives with distinct risk-return profiles. As portfolio construction evolves beyond the traditional 60/40 model, alternative investing is becoming part of a broader shift toward expanding diversification tools in volatile markets. Check out the previous episodes featured in this episode in this playlist on Alternative Investments: https://open.spotify.com/playlist/4Fe8VwKyG5FPYekFFSksbI Key insights from this episode: 00:00 Introduction 01:08 Why traditional diversification has become harder in AI-driven markets 03:22 Defining Alternative Investing 04:00 How private markets have grown — and what tradeoffs they introduce 06:04 Infrastructure The AI Buildout: Where infrastructure investing connects to AI and energy demand 08:37 Liquid Alternatives & Hedge Fund Strategies 12:12 Systematic Alpha In Volatility 13:36 How gold and digital assets fit into the evolving diversification toolkit 18:38 Rethinking Portfolio Mix 19:22 Wrap Up And Next Episode Alternative investing explained, private equity, private credit, hedge fund strategies, infrastructure investing, AI capital spending, portfolio diversification, 60/40 portfolio shift, digital assets, bitcoin investing, gold investing, capital markets outlook, alternative investing This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
#253
March 13 · 20 min
253: Emerging Markets: How Investors are Responding to Shifting Global Paradigm
Emerging markets are back in focus in 2026 — not just as a cyclical trade, but as investors reassess performance leadership, diversification, and where growth is showing up in a shifting global paradigm. After a long stretch of disappointing returns, emerging markets have started the year strongly, alongside record interest from global investors. But the case for EM today is less about a single story — and more about dispersion across countries, sectors, and themes. In this episode of The Bid, host Oscar Pulido is joined by Alex Brazier, Global Head of Investment and Portfolio Solutions, and Sam Vecht, Portfolio Manager on BlackRock’s Global Emerging Markets Equities team. Alex shares what he’s hearing from investors across the U.S. and Europe, including the role of flows, sentiment, and portfolio positioning. Sam brings a bottom-up perspective on how emerging markets have evolved over the past two decades — and why market pricing hasn’t always reflected economic progress. Together, they explore why emerging markets may play a different role in portfolios today: providing exposure to distinct parts of the AI buildout, offering potentially different valuation and earnings dynamics than developed markets, and responding differently to U.S. dollar moves. The conversation also highlights where opportunities may be emerging beneath the surface — from under-owned regions like Latin America and parts of the Middle East, to shifting sentiment around India — while underscoring the reality that EM remains volatile, cyclical, and highly heterogeneous. Key moments in this episode: 00:00 Introduction 01:56 Why emerging markets are drawing renewed investor attention in 2026 04:58 Two Decades of Underperformance 06:16 Explaining The Diversification Mirage 10:31 Where emerging markets can broaden portfolios — and where correlations still matter 13:00 How Investors Can Get Exposure To Emerging Markets 16:55 How dispersion across regions is driving more selective, active approaches 19:09 Conclusions and Next Episode Sources: BlackRock, data based on 1,245 EMEA survey submissions in February 3rd rapid response client call; BlackRock calculated using Aladdin data; “World Economic Outlook, Global Economy in Flux, Prospects Remain Dim”, IMF, October 2025; Bloomberg as at Dec 2025; BlackRock, Global Business Intelligence, as at 20 Feb 2026; BlackRock, Morningstar, Aladdin. Portfolio average allocation based on 166 Europe-domiciled Morningstar moderate-risk multi-asset FoF portfolios, positioning as of 31 December 2025. Global index refers to MSCI All Country World Index. Emerging markets, Emerging markets investing, Capital markets, Global diversification, AI investing, U.S. dollar, Latin America equities, India markets, Middle East markets, Global portfolio strategy This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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