The Bid

Gargi Pal Chaudhuri, Chief Investment and Portfolio Strategist for the Americas at BlackRock, teams up with Glenn Purves, Global Head of Macro at the BlackRock Investment Institute, to dissect the recent tariff announcements from President Trump. They explore how these tariffs trigger market volatility and affect global supply chains. The duo discusses strategies for investors, focusing on diversification and defensive investments. They also delve into the resilience of gold and the complexities of the bond market, revealing how to navigate uncertain economic landscapes.

When people think of how early-stage companies finance their initial growth, venture capital and private equity are often the first things that come to mind, but growth and venture debt have become increasingly prominent in the financial landscape, especially in the wake of the collapse of Silicon Valley Bank. Ross Ahlgren, a portfolio manager in the growth debt team at BlackRock, joins Oscar to help us understand the current themes driving growth and venture debt opportunities, how his team identifies and evaluates emerging trends, and the role of relationships and local presence shaping the future of this market.Go back and listen to episode 120 "Why Are These Events Different to 2008?" where we break down what happened at Silicon Valley Bank in 2023.00:00 Introduction to Venture and Growth Debt01:31 Understanding Venture and Growth Debt02:45 The Role of Venture Debt in Company Expansion04:28 Misconceptions and Risk-Reward in Venture Debt07:13 Impact of Silicon Valley Bank Collapse13:32 Regional Differences in Venture Debt15:01 Investment Opportunities and Risks18:53 Conclusion and Final ThoughtsFollow The Bid on Spotify & Apple Music, and subscribe to us on YouTube. This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosuresventure debt, debt financing, growth capital, business growth, financial support, investment capital, the bid, blackrock investment strategies, finance landscapeSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

When investors consider how to diversify their investment portfolios, traditional assets like stocks and bonds are often the first things that come to mind. But private markets have become increasingly prominent in the financial landscape. These unique investments can offer diversification benefits that are often insulated from broader economic cycles. So, what's driving this shift towards private market investments and how are these trends reshaping the strategies of investors compared to previous cycles? Paul Braude and Vidy Vairavamurthy, Portfolio managers at BlackRock, join Oscar to help us understand the current themes driving private market opportunities, how they identify and evaluate emerging trends, and how private market investments can complement public market exposures.00:00 Introduction to Diversifying Investment Portfolios00:16 The Rise of Private Markets01:44 Understanding Private Markets and Alternatives03:52 Evolution and Growth of Private Markets07:03 Challenges and Opportunities in Private Markets12:34 Emerging Private Assets16:21 Trends Driving Private Markets19:50 Conclusion and Future OutlookSources: “As companies stay private longer advisors need access to private markets”, Nasdaq, August 2022; BlackRock with data from Prequin as of April 2024; “Expanded DPO” Viewprivate markets, public markets, emerging assets, music royalties, private creditThis content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosuresSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Infrastructure investments have long been recognized as a foundation for economic growth and low carbon infrastructure is increasingly becoming an area of interest for investors in both public and private markets. But how will low carbon infrastructure play a role in the evolving energy investing landscape? Helen Jewell, Chief Investment Officer for fundamental equities at BlackRock helps us explore the significance of infrastructure from an investing perspective, the opportunities in public markets, and the long-term growth potential from investments in renewable energy.Timestamps:00:00 Introduction to Low-Carbon Infrastructure00:41 Market Insights with Helen Jewell03:45 The Role of Public Markets in Infrastructure07:47 Low Carbon Infrastructure and Energy Needs10:21 Utilities and Renewable Energy Investments16:23 Challenges in Infrastructure Investing17:57 Conclusion and Future OutlookSources: “Growth in global electricity demand is set to accelerate in coming years” in IEA, February 2025; BGF Sustainable Growth Infrastructure Fund, Fundamental Equities, BlackRock Febrruary 2025; FTSE Developed Core Infrastructure Index = 3.35%, Source: FTSE Russell as at 31 January 2025; National Grid Sell US Onshore Renewables Arm $174billion Brookfield” Reuters, February 2024; Bloomberg NEF, January 2025; Bloomberg New Energy Outlook, 2025; “How Copper Will Shape Our Future” BHP, September 2025;This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosureslow carbon investing, low carbon infrastructure, infrastructure, infrastructure investing, low carbon opportunities, copper, metals, infrastructure investments, blackrock investment insights, low-carbonSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Catherine Kress, Head of Geopolitical Research at BlackRock, and Jeff Shen, Co-head of systematic equities at BlackRock, dive into the complex interplay of AI and global politics. They discuss how rapid AI advancements are reshaping investment landscapes and influencing geopolitical power dynamics, particularly between the U.S. and China. The conversation highlights the regulatory responses to AI challenges and the evolving investment strategies necessary to navigate these shifting sands, emphasizing the need for adaptability in an uncertain world.

Jeff Shen, co-head of Systematic Active Equity at BlackRock, is a seasoned expert in thematic investing. He explores the transformative forces driving today’s investment opportunities, such as technology and demographics. Shen contrasts thematic investing with traditional strategies, stressing the significance of timing and geopolitical influences. He highlights how technology, including machine learning, enhances investment decision-making. Risks and complexities are also discussed, alongside strategies for successfully navigating this dynamic landscape of emerging themes.

In this insightful discussion, Jeff Rosenberg, a Senior Fixed Income Portfolio Manager at BlackRock, unpacks the intriguing rise in bond yields despite interest rate cuts. He analyzes the disconnect between expected and actual market behaviors, drawing on historical parallels with the Greenspan era. The conversation also delves into the post-COVID dynamics affecting interest rates and global economic indicators. Rosenberg shares strategies for navigating a shifting bond market, emphasizing the importance of bond duration and diversified portfolio construction.

Glenn Purves, Global Head of Macro at BlackRock, and Catherine Kress, Head of Geopolitical Research at BlackRock, dive deep into the recent U.S. tariffs impacting global markets. They discuss how these tariffs stir market volatility and raise inflation concerns. The duo unpacks the vital effects on U.S. companies and supply chains, while analyzing the broader geopolitical landscape, particularly U.S.-China relations. They highlight new investment opportunities amidst these changing dynamics and share insights on navigating this complex economic terrain.

Philipp Hildebrand, Vice Chairman of BlackRock, and Tom Donilon, Chairman of the BlackRock Investment Institute, join in a riveting discussion from Davos. They delve into the macroeconomic outlook for 2025, highlighting the impact of the new U.S. administration on global markets amidst inflation and geopolitical tensions like the U.S.-China rivalry. The guests also emphasize the transformative role of AI in finance and the importance of navigating investment strategies in a volatile landscape, all while keeping an eye on pivotal European elections.

Jay Jacobs, the US head of Thematic and Active ETFs at BlackRock, dives into the critical theme of revitalizing the US physical economy. He discusses the Infrastructure Investment and Jobs Act’s massive funding aimed at upgrading aging infrastructure. Jay highlights the surge in reshoring manufacturing and the pressing housing supply gap. He emphasizes the bipartisan support these initiatives receive and sheds light on demographic trends impacting the housing market. Additionally, he explores the intertwined relationship between the digital and physical economies.