Wednesday, November 11, 2009

Blackrock's Fink on CRE

Larry gets paid over $23 MILLION a year to be AVERAGE, in his own words: "We were wrong along with everyone else. I'm not any less wrong than anyone else, and I'm not any more wrong than anyone else. I'm right in there...."

One might draw the conclusion that despite an average investment performance and a susceptibility to following the herd mentality, his real value add derives from being able to secure $3.3 BILLION commitment for funding from the U.S. Government's PPIP ($1.5 billion funded to date).

In a further display of brilliance, Larry goes on to say that there is all too much talk of a bubble being created in the stock market, and that the economy is now in a period of stability. See WSJ article here....