The World's Largest Money ManagerTM reported the results of its first Trumpian quarter this morning and even Carl Icahn has to admit that he's impressed with what Larry Fink and his minions just pulled off.
BlackRock, as is its wont, eviscerated market expectations by reporting an EPS of $5.25 for this quarter. That was well over the $4.89 consensus number despite BlackRock missing on revenue expectations. The House That Fink Built also humbleragged that its iShares division grabbed inflows of $64 billion for the quarter making it the biggest player in the finance hipster world of ETFs.
Fink spoke to Bloomberg TV early this morning, and we just assumed he would saunter onto set grasping a half-empty bottle of Cristal, crow about his awesomeness and tell Vanguard to "Suck it." That is not what happened.
Fink did make it clear that he was happy with the quarter and said that he wouldn't mind if they were all like this. But he was even more clear that he does not see that happening, because people are starting to notice that (despite the super long neckties) the new emperor isn't wearing any clothes...
Laurence D. Fink, chief executive officer of BlackRock Inc. said there are indications that the U.S. economy is slowing as businesses weigh whether the Trump administration will be able to pass tax reform and an infrastructure program quickly.
“The warning signs are getting darker,” said Fink, in an interview Wednesday on Bloomberg Television. Fink, who runs the world’s largest money manager, mentioned a pullback in car sales and a pause in merger and acquisition activity as indications that uncertainty is rising.
Basically, Larry Fink is saying that he really enjoyed all of this counter-logical bullish behavior but he is going to need more than seeing Trump sit next to Little Steve Schwarzman and brag about how great everything is. He needs the White House to get out there and get shit done, pass an infrastructure bill or reform the corporate tax system, just do something and show everyone that they are right to fear your power. Y'know, like BlackRock.