"… When Fortune published its 2013 list of the world’s 50 Most Admired Companies, five among them were 25 years old or less. Four were the usual suspects from tech land: Amazon, eBay, Facebook, Google. The oddball in this party of five was BlackRock (BLK), formed in 1988 by Fink and seven partners. They’d been Wall Streeters, at First Boston and Lehman. They were sell-side bond experts, but not just any sell-side experts. They were inventors and traders of the complex asset-backed instruments–like mortgage-backed securities–then newly available. Fink’s transformative idea was that the buy-side half of a trade needed help to understand these products. So his band re-created themselves as asset managers. … … BlackRock has been a supernova stock, shooting from a 1999 IPO price of $14 a share to about $320 recently. That’s 22 times the original price, and today the company has a market value of about $53 billion. Justifiably proud of this climb, Fink is fond of pointing out that it dwarfs that of the S&P 500 (up not even one time for the same period) and also wallops that of many well-known stocks, such as Berkshire Hathaway (up three times)."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Non-fiction authors from the United StatesJournalists from the United StatesEditors from the United StatesWomen from the United States
Original Language: English
Available Languages (1)
Sources
Imported from EN Wikiquote
https://en.wikiquote.org/wiki/Carol_Loomis
Revision History
No revisions have been submitted for this quote.
Categories
Carol Loomis
3 quotes on TrueQuotesView all quotes by Carol Loomis →
Related Quotes
"It was the year of the derivative. From last spring on, as if a blockade of ice had suddenly given way, bad news abou…"
"We were playing bridge at Kay Graham's apartment in New York — over on the East Side. I think the other two players w…"
"Would you end war? Create great Peace."
"To be a god First I must be a god-maker: We are what we create."
"Hearts starve as well as bodies: Give us Bread, but give us Roses."
"Up in the heights of the evening skies I see my City of Cities float In sunset’s golden and crimson dyes: I look, and…"
"They can only set free men free... And there is no need of that: Free men set themselves free."
"Hadn't he been blowing kisses to Earth millions of years before I was born?"
"Quick as a hummingbird is my love, Dipping into the hearts of flowers—She darts so eagerly, swiftly, sweetly, Dipping…"
"We age inevitably: The old joys fade and are gone: And at last comes equanimity and the flame burning clear."