The capo dei capi of money managers doesn’t like these young guns (and, in one notable case, not so young) spreading a lot of damned nonsense and nuisance in pursuit of their short-term goals. If this was not made clear enough in his letter to S&P500 CEOs (because Larry’s the kind of guy who writes letters to S&P500 CEOs) last month, allow him to clarify his disdain.
Larry Fink, BlackRock chief executive, said its retail and institutional investors continued adding to their portfolios during the past several months of volatility, suggesting recent swings might not translate into long-term market moves.
“Long-term investors have not been spooked by this volatility, but shown remarkable resilience in attitude,” he said. “Much of the volatility was fast-money hedge funds repositioning their trades.”
Mr Fink said technology stocks had borne the brunt of the selling because of their high valuations and oversize positions in the sector of a small number of hedge funds, neither of which would give a guide to the future performance of the shares.