The father of mortgage-backed securities, unsurprisingly, puts his faith in the power of markets.
Larry Fink last week released his perennially anticipated shareholder letter. This year, he focused on his concerns about global retirement safety against the backdrop of rising life expectancies and inadequate savings.
But he also offered his thoughts on investment market structure. Fink said the advances in the depth and sophistication of US capital and securities markets over the past 40 years had diminished the influence of the banking sector in capital allocation.
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