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Andrew here. Breaking: Larry Fink just delivered his latest letter to BlackRock shareholders. He covers a lot of ground, but to me, his most provocative point is about the economic disparity A.I. may generate.
“History suggests that transformative technologies create enormous value,” he writes. “And much of that value accrues to the companies that build and deploy them, and to the investors who own them.”
His point is measured and realistic compared with the promise by many in Silicon Valley of “an age of abundance” for all. That said, the reason not enough people can invest in and profit from the market is because they typically don’t have enough money to do so. That’s what we need to work on. More below.
Investors breathe a sigh of relief
U.S. stock futures have turned on a dime on Monday morning, now in the green after President Trump appeared to delay an ultimatum over the Strait of Hormuz.
Trump said he has postponed potential attacks on Iran’s energy infrastructure for five days, after what he described on social media as “very good and productive conversations” with Iran about a “complete and total resolution” of hostilities.
The move came after he warned on Friday that he was weighing “winding down” military operations in the Middle East, and signaled that it would be up to other countries to try to ensure the safe passage of energy exports out of the vital strait. A day later, though, he wrote on social media that Tehran had 48 hours to “FULLY OPEN” the strait — or the U.S. would begin to “hit and obliterate” Iran’s power plants.
