Afleveringen
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Financial market infrastructure is often invisible to investors, yet it powers every trade, settlement, and ownership record across capital markets. As technology evolves, tokenization is emerging as a new way to represent and transfer financial assets, raising questions about how markets may operate in the future.
In this episode of The Bid, Oscar Pulido speaks with Rob Goldstein, Chief Operating Officer at BlackRock. They discuss what tokenization means in practice, how it differs from cryptocurrencies, and why digital assets are drawing increased attention from investors, institutions, and policymakers.
The conversation explores how tokenization could improve access, efficiency, and connectivity across financial markets. Rob also shares his perspective on the coexistence of traditional financial systems and digital assets, the role of digital wallets, and the regulatory developments that could shape adoption in the years ahead.
Key insights:
· How tokenization creates digital representations of financial assets
· Why tokenization differs from cryptocurrencies and Bitcoin
· How digital wallets could expand access to capital markets
· Why traditional finance and digital assets may coexist
· What role blockchain technology plays in financial infrastructure
· How regulation could influence the future of tokenized markets
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Key moments in this episode:
00:00 Tokenization Success Metrics
00:33 Markets Plumbing Shift
01:56 Welcome and Guest Intro
03:25 Defining Tokens and Wallets
06:07 Global Access and Wallet Growth
08:49 Traditional Finance Complexity
11:45 Bridging TradFi and Digital
13:45 Crypto vs Tokenization
16:57 Phone as Portfolio Hub
18:11 Op-Ed and Tech Evolution
22:09 Digital Assets in Portfolios
23:33 What Must Happen Next
25:08 Keep It Simple for Users
26:46 Closing Thoughts and Wrap
27:54 Outro and Disclosures
Tokenization, Digital assets, Financial market infrastructure, Capital markets, Blockchain technology, Digital wallets, Investing innovation, Financial technology
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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Asia infrastructure investing is becoming central to the global energy transition as rising demand, energy security concerns, and the need for more resilient systems accelerate capital deployment across the region. In Southeast Asia, the opportunity is not only about replacing old systems, but building new infrastructure at scale for a growing economy.
In this episode of The Bid, host Oscar Pulido speaks live from Ecosperity in Singapore with Salim Samaha, Global Head of Energy at Global Infrastructure Partners, a part of BlackRock, and Heidi Yip, Head of Sustainable and Transition Solutions for Asia Pacific at BlackRock. Together, they discuss how the infrastructure opportunity is evolving globally, why Asia’s transition differs from Western markets, and where investors are seeing momentum across renewables, grids, storage, and system flexibility.
Key insights include:
· How Asia’s infrastructure build-out differs from Western markets
· Why energy security is becoming inseparable from the energy transition
· Where capital is flowing across renewables, grids, storage, and interconnection
· How public-private partnerships can help mobilize transition finance
· Why execution bottlenecks, permitting, and offtake frameworks remain critical
· Where AI, innovation, and rising demand may reshape future infrastructure needs
Key moments:
00:00 Asia Infrastructure Boom
01:06 Live From EcoSperity
03:16 Energy Transition Now
04:20 Southeast Asia Grid Challenge
06:43 West vs Asia Reality Check
08:58 How APAC Investors Deploy Capital
11:26 Scaling Projects and Labor Crunch
13:17 Where Capital Flows and Bottlenecks
15:13 Five Year Outlook and Innovation
17:23 Wrap Up and Disclosures
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Asia infrastructure investing, energy transition, infrastructure, capital markets, megaforces, renewables, energy security, sustainable investing
Sources: IEA World Energy Investments 2025, Southeast Asia; IEA World Energy Investments 2024; IEA Global Energy Review 2026, Electricity generation mix for selected regions, 2025; IEA Integrating Solar and Wind in Southeast Asia; IEA Southeast Asia Energy Outlook 2024; IEA Global Energy Review 2026, Electricity generation mix for selected regions, 2025; Singapore Monetary Authority Press Release 2024; IEA data and charts energy investments; Urban Population in Southeast Asia, 2023-2050, IEA
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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Zijn er afleveringen die ontbreken?
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ETFs in Asia have grown significantly since the global financial crisis, but their role is changing. What began as a way to access markets is now expanding into broader portfolio applications as investors face more complex market conditions.
In this episode of The Bid, Oscar Pulido speaks with Christian Obrist, Head of iShares Distribution in Asia, and Nick Peach, Head of iShares Asia Pacific at BlackRock. They discuss how ETF usage in the region has developed and how investors are applying them across different strategies.
The conversation explores how education has shifted from fundamentals to advanced use cases, including liquidity management, tactical allocation, and operational efficiency. It also highlights the role of digital investors, the importance of local market development, and how ETFs are becoming more integrated into portfolio construction.
Key moments in this episode
00:00 Introduction
02:15 How ETF usage in Asia has moved beyond market access
03:55 Why ETF investor education is shifting toward advanced applications
05:15 Active ETFs and Efficiency
06:43 Asia Ecosystem Differences
07:40 How digital investors are influencing ETF adoption
08:59 Why local market listings matter for ETF accessibility
11:27 How ETFs are becoming more integrated into portfolio construction
13:52 Asia Weekend Travel Picks
15:05 Wrap Up and Disclosures
Sources: BlackRock client Survey May 2026
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ETFs Asia, ETF adoption, portfolio construction, Asia markets, digital investors, liquidity management, passive investing
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Asia has often been viewed as a long-term growth story, but its role in global markets is becoming more immediate. The region now represents a significant share of global GDP and listed companies, while operating across distinct economic and policy cycles.
In this episode of The Bid, Oscar Pulido speaks with Aarti Angara, Head of Global Product Solutions in Asia Pacific at BlackRock. They examine why Asia is gaining more attention from investors and how opportunities are developing across equities and fixed income.
The conversation highlights the region’s diversity across countries, sectors, and growth drivers. It also explores themes such as AI-related manufacturing, domestic consumption in emerging markets, Japan’s shift in corporate behavior, and the role of Asian bond markets in diversification
Key moments in this episode:
00:00 Introduction
02:23 How Asia’s scale is influencing its role in global portfolios
04:20 Why policy and economic cycles differ across the region
07:10 Why Japan’s corporate and inflation dynamics are drawing attention
08:36 Where AI-related manufacturing is concentrated
10:20 How domestic consumption is developing in India and Southeast Asia
12:47 How Asian fixed income behaves differently from developed markets
14:35 How to Allocate in Asia
17:42 Singapore Travel Tips
18:50 Wrap Up and Disclosures
Sources: Bloomberg May 12th 2026,
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Asia investing, APAC markets, Asian equities, Asian fixed income, Japan economy, AI supply chain, emerging Asia, portfolio diversification, Asia equity markets
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Retirement systems are undergoing a structural shift as traditional pensions decline and individuals take on greater responsibility for financial outcomes. Longer lifespans and evolving capital markets are making retirement planning more complex and consequential.
Oscar Pulido speaks with Nick Nefouse, Global Head of Retirement Solutions at BlackRock. They discuss how defined contribution plans, target date funds, and regulatory changes are reshaping how individuals save, invest, and prepare for retirement.
The conversation explores how retirement is moving from a focus on accumulation to income generation, particularly during the “retirement window.” It also highlights how global systems are converging toward similar models, and how innovation—across portfolio construction, private markets, and guaranteed income—is influencing long-term outcomes.
Key insights:
· How the shift from pensions to defined contribution plans is changing investor responsibility
· Why longevity is reshaping retirement timelines and financial planning needs
· How target date funds are simplifying access to capital markets for individuals
· What the “retirement window” reveals about diverging investor outcomes
· Where global retirement systems are converging despite regional differences
· How income generation is becoming central to retirement portfolio design
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Key moments in this episode:
00:00 Introduction to retirement trends
02:00 Shift from pensions to defined contribution plans
04:30 The role of target date funds and regulation
6:00 The retirement “window” and investor behavior
8:00 Expanding access to retirement plans
10:00 Global retirement system comparisons
14:00 Retirement vs. wealth management convergence
16:00 Market volatility and long-term investing
18:00 The future of retirement systems and innovation
Sources: BlackRock Retirement Trends Report, 2025; Federal Reserve Bank of St. Louis, “Pension or 401(k)? Retirement Plan Trends in the U.S. Workplace,” 2025
retirement trends, retirement planning, defined contribution, 401k, target date funds, longevity, financial planning, investing,
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. The views expressed by third‑party speakers are their own and do not necessarily reflect the views or positions of BlackRock, nor should they be interpreted as an endorsement by BlackRock. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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Crypto investing is at a crossroads as digital assets move from speculative beginnings toward broader institutional adoption and integration into capital markets. As volatility persists and infrastructure evolves, investors are increasingly asking not what crypto is—but what role it plays in portfolios.
Host Oscar Pulido is joined by Robbie Mitchnick, Head of Digital Assets at BlackRock, and Dan Morehead, CEO of Pantera Capital, live from Miami at BlackRock’s Latin America Investment Forum. Together, they explore how crypto investing has evolved, why institutional participation is accelerating, and how investors are reassessing digital assets within diversified portfolios. The conversation examines the dual nature of crypto as both a volatile, risk-sensitive asset and a potential long-term diversifier. Robbie outlines how bitcoin’s unique characteristics—scarcity, decentralization, and independence from sovereign systems—differentiate it from traditional assets in capital markets. Dan reflects on early conviction in crypto and why institutional adoption may still be in its early stages, despite growing awareness.
Check out our previous episode on Gold and Bitcoin as Portfolio Diversifiers: Why Interest Is Rising Now: https://open.spotify.com/episode/7LTut5pKnHVfrOdoAFM5r9
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Key moments in this episode:
00:00 Introduction
03:30 Early conviction in crypto investing
05:00 Crypto as a portfolio asset
08:00 Understanding volatility and cycles
10:10 Bitcoin vs. Ethereum and market structure
12:00 Institutional adoption trends
15:00 Crypto in Latin America
17:00 Retail vs institutional investors
19:00 Future of crypto investing and regulation
21:00 AI and blockchain convergence
23:00 Closing thoughts
Sources: Bitcoin market cap, Forbes April 19th 2026; Transforming Global Trade: Bitso Business at the Forefront of Blockchain”, Bitso Business 2025
crypto investing, bitcoin, ethereum, digital assets, blockchain
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Portfolio construction is being redefined as investors face a fundamentally different market regime. Higher inflation, shifting interest rate dynamics, and accelerating megaforces like AI and geopolitics are challenging long-held assumptions about diversification and asset allocation across capital markets.
In this episode of The Bid, host Oscar Pulido sits down with Vivek Paul, Head of Portfolio Research and UK Chief Investment Strategist at the BlackRock Investment Institute. Together, they explore why traditional portfolio construction frameworks may no longer be sufficient and how investors are adapting to a world of greater uncertainty, dispersion, and structural change. Vivek explains how megaforces such as AI investing and geopolitical fragmentation are creating unprecedented outcomes across markets, making static asset allocation less effective. He outlines why portfolio construction must become more dynamic and granular, with a deeper focus on underlying risk exposures rather than broad asset class buckets. The conversation also examines the growing importance of private markets, active strategies, and scenario analysis in navigating today’s environment.
Timestamps
00:00 Introduction
01:56 What’s driving the shift in portfolio construction
03:24 Megaforces: AI and geopolitics
06:15 Rethinking traditional asset allocation
09:27 Diversification in a new regime
12:10 Total Portfolio Approach: Private markets and active strategies
14:28 Scenario analysis and future outcomes
17:48 Risks and maintaining structure
19:00 Key takeaways
Sources: Rethinking portfolio construction during transformation, BII February 2026
portfolio construction, capital markets, AI investing, megaforces, asset allocation, private markets, stock market trends, investing strategy, diversification
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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The S&P 493 is gaining attention as investors look beyond the Magnificent Seven and reassess where growth and diversification may come from in today’s equity markets. With market concentration at historic highs, a handful of mega cap companies have driven much of the S&P 500’s returns, raising questions about what lies beneath the surface.
In this episode of The Bid, host Oscar Pulido speaks with Ibrahim Kanan, Head of the U.S. Core Equity Team within BlackRock’s Fundamental Equities Group, about the growing relevance of the S&P 493 — the broader set of companies outside the largest names. They explore how market concentration has evolved, why a $200 billion company represents only a small fraction of the index, and what that means for portfolio exposure.
The conversation highlights how earnings growth is beginning to broaden beyond mega cap stocks, supported in part by the expanding impact of AI investment across sectors. From industrials and healthcare to consumer and financials, companies are both benefiting from AI infrastructure spending and adopting AI to improve operations. As dispersion across companies increases, the discussion also examines how active investing, differentiation, and stock selection may play a larger role in navigating today’s equity market.
Key moments in this episode:
00:00 Introduction
01:24 How Unprecedented Is 40% market Concentration of Magnificent Seven?
03:35 What the S&P 493 represents
05:28 Best of the Rest Signals
07:21 Earnings Growth and Convergence Explained
08:04 AI CapEx Spreads Beyond Nvidia
10:31 AI as a Competitive Edge
13:14 Where Opportunities Show Up
14:35 Beyond AI and Idiosyncratic Picks
15:44 Diversification Mirage and Active Risk
18:04 Investor Mindset in Volatile Markets
19:56 Wrap Up
Check out this episode with Carrie King on her stock picks for 2026: https://open.spotify.com/episode/69Ndp7lM8wRRccLh7EfyPg
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S&P 493, Magnificent Seven, US equities, stock market trends, AI investing, capital markets, active investing, portfolio diversification
Sources: BlackRock Fundamental Equities with data from FactSet and Bloomberg as of 12/31/25; Yahoo Finance, Stock Prices for NVDA and HAS, US ISM Manufacturing PMI 2026; “Here's the Average Stock Market Return in the Last 15 Years and What Wall Street Expects in 2025”, Yahoo Finance January 2025; “‘Magnificent-7’ Q4 2024 Earnings Review: Growth Holds, but Rotation Awaits” LSEG March 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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures
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AI and bond markets are becoming increasingly interconnected as artificial intelligence reshapes capital demand, market structure, and investing approaches across fixed income. As inflation regimes shift and traditional diversification dynamics evolve, investors are rethinking the role bonds play in portfolios.
In this episode of The Bid, host Oscar Pulido speaks with Jeff Rosenberg, Senior Fixed Income Portfolio Manager at BlackRock Systematic, about how AI and bond markets are evolving together. They explore how the rise of artificial intelligence is driving a new wave of capital investment, influencing real interest rates, and increasing debt issuance as companies finance AI infrastructure through bond markets.
The conversation also examines how AI and bond markets intersect at the investment level. Rosenberg explains how advances in machine learning and generative AI are enhancing systematic investing, improving tools like sentiment analysis, and enabling deeper insights across thousands of issuers, central banks, and global markets.
Finally, they discuss how modernization in fixed income — including electronic trading and the growth of bond ETFs — is transforming liquidity and price discovery. Together, these shifts are creating new opportunities and challenges for investors navigating a more complex and data-driven bond market.
Key insights in this episode:
00:00 Introduction to AI and Bonds
02:20 From GFC to Post COVID - How bond markets have changed over time
03:31 Bonds Beyond Ballast
05:20 Inflation, rates, and diversification challenges
06:53 Debt issuance and AI financing trends
08:42 Generative AI Toolkit - using AI in fixed income investing
10:14 ETFs and Price Discovery
12:33 Systematic Investing and Data-Driven Strategies at Scale
14:43 The Future of Bond Markets and AI and Technology
17:04 Wrap Up and Disclosures
Sources: Stock-Bond Diversification Offers Less Protection From Market Selloffs, IMF article, February 2026; “On Secular Stagnation in the Industrialized World”, Paper released by Harvard and Bank of England, 2019; “Financing the AI boom: from cash flows to debt”, BIS Bulletin paper, January 2026; ‘AI is eating software’ and it is redefining supply chain decision-making as a result”, Supply Chain Management Review article, 2026; How AI is transforming Investing”, BlackRock 2026; The economic potential of generative AI: The next productivity frontier”, McKinsey 2026; “40 years of innovation in pursuit of alpha”, BlackRock, 2025; “Key Trends in Credit Markets for 2025” Barclays 2025
AI and bond markets, fixed income investing, AI investing, bond market trends, systematic investing, capital markets, interest rates, bond ETFs
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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Private markets are moving from the sidelines of institutional portfolios into the mainstream of wealth management. As companies stay private longer and financing increasingly happens outside public exchanges, investors are beginning to rethink how broad the traditional investment universe really is. The shift is raising a new question for portfolios: should investors be looking beyond public markets to access the full range of opportunities across capital markets?
In this episode of The Bid, host Oscar Pulido speaks with Jon Diorio, Head of Product and Alternatives for BlackRock’s U.S. Wealth Business, live from the Future Proof Citywide conference in Miami. Together they explore why interest in private markets has accelerated in recent years, how access for individual investors has expanded, and what’s driving greater adoption among financial advisors.
They also discuss how private markets differ from public markets — including liquidity considerations, longer investment horizons, and the potential role of what’s often called an “illiquidity premium.” The conversation explores how private equity, private credit, infrastructure, and real estate investments may fit within diversified portfolios, why education and due diligence remain essential, and how the industry is evolving to integrate private assets more seamlessly into modern portfolio construction.
Key insights from this episode:
00:00 Introduction
02:11 What are private markets and alternatives and Why Now?
03:09 Why companies are staying private longer
04:54 How access to private markets has expanded
06:46 Are Private Markets for Everyone?
08:33 Liquidity, time horizons, and the illiquidity premium
11:33 How advisors integrate private markets into portfolios
13:58 Challenges and due diligence in private markets
15:21 Next Steps and Wrap Up
16:59 Outro and Disclosures
Sources: Bloomberg as at 12/31/2025, BlackRock US Wealth Survey Internal
private markets investing, private equity, private credit, alternatives investing, portfolio diversification, capital markets, wealth management, investment strategies
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Alternative investing is moving from a niche allocation to a core portfolio conversation. As volatility returns, interest rates reset higher, AI accelerates capital spending, and fiscal deficits expand, investors are reassessing what diversification really means. In a world where stocks and bonds can move together and macro forces dominate markets, traditional portfolio frameworks are under pressure.
In this episode of The Bid, host Oscar Pulido revisits conversations with investors and strategists across BlackRock to explore why alternative investing is gaining renewed attention. From private equity, private credit, and infrastructure to hedge fund strategies, gold, and digital assets, the episode examines how alternatives are being used to broaden return drivers and navigate today’s regime shift in capital markets.
The discussion highlights how structural megaforces — including AI buildout, geopolitical fragmentation, and fiscal expansion — are reshaping opportunity sets. Private markets offer exposure to long-duration capital themes and potential illiquidity premia, though with liquidity tradeoffs and manager dispersion. Hedge fund strategies aim to capture rising market dispersion through flexible long/short and systematic approaches. Infrastructure sits at the center of AI-driven energy demand and essential services. Meanwhile, gold and digital assets are increasingly viewed as monetary alternatives with distinct risk-return profiles. As portfolio construction evolves beyond the traditional 60/40 model, alternative investing is becoming part of a broader shift toward expanding diversification tools in volatile markets.
Check out the previous episodes featured in this episode in this playlist on Alternative Investments: https://open.spotify.com/playlist/4Fe8VwKyG5FPYekFFSksbI
Key insights from this episode:
00:00 Introduction
01:08 Why traditional diversification has become harder in AI-driven markets
03:22 Defining Alternative Investing
04:00 How private markets have grown — and what tradeoffs they introduce
06:04 Infrastructure The AI Buildout: Where infrastructure investing connects to AI and energy demand
08:37 Liquid Alternatives & Hedge Fund Strategies
12:12 Systematic Alpha In Volatility
13:36 How gold and digital assets fit into the evolving diversification toolkit
18:38 Rethinking Portfolio Mix
19:22 Wrap Up And Next Episode
Alternative investing explained, private equity, private credit, hedge fund strategies, infrastructure investing, AI capital spending, portfolio diversification, 60/40 portfolio shift, digital assets, bitcoin investing, gold investing, capital markets outlook, alternative investing
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Emerging markets are back in focus in 2026 — not just as a cyclical trade, but as investors reassess performance leadership, diversification, and where growth is showing up in a shifting global paradigm. After a long stretch of disappointing returns, emerging markets have started the year strongly, alongside record interest from global investors. But the case for EM today is less about a single story — and more about dispersion across countries, sectors, and themes.
In this episode of The Bid, host Oscar Pulido is joined by Alex Brazier, Global Head of Investment and Portfolio Solutions, and Sam Vecht, Portfolio Manager on BlackRock’s Global Emerging Markets Equities team. Alex shares what he’s hearing from investors across the U.S. and Europe, including the role of flows, sentiment, and portfolio positioning. Sam brings a bottom-up perspective on how emerging markets have evolved over the past two decades — and why market pricing hasn’t always reflected economic progress.
Together, they explore why emerging markets may play a different role in portfolios today: providing exposure to distinct parts of the AI buildout, offering potentially different valuation and earnings dynamics than developed markets, and responding differently to U.S. dollar moves. The conversation also highlights where opportunities may be emerging beneath the surface — from under-owned regions like Latin America and parts of the Middle East, to shifting sentiment around India — while underscoring the reality that EM remains volatile, cyclical, and highly heterogeneous.
Key moments in this episode:
00:00 Introduction
01:56 Why emerging markets are drawing renewed investor attention in 2026
04:58 Two Decades of Underperformance
06:16 Explaining The Diversification Mirage
10:31 Where emerging markets can broaden portfolios — and where correlations still matter
13:00 How Investors Can Get Exposure To Emerging Markets
16:55 How dispersion across regions is driving more selective, active approaches
19:09 Conclusions and Next Episode
Sources: BlackRock, data based on 1,245 EMEA survey submissions in February 3rd rapid response client call; BlackRock calculated using Aladdin data; “World Economic Outlook, Global Economy in Flux, Prospects Remain Dim”, IMF, October 2025; Bloomberg as at Dec 2025; BlackRock, Global Business Intelligence, as at 20 Feb 2026; BlackRock, Morningstar, Aladdin. Portfolio average allocation based on 166 Europe-domiciled Morningstar moderate-risk multi-asset FoF portfolios, positioning as of 31 December 2025. Global index refers to MSCI All Country World Index.
Emerging markets, Emerging markets investing, Capital markets, Global diversification, AI investing, U.S. dollar, Latin America equities, India markets, Middle East markets, Global portfolio strategy
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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The K-shaped consumer is redefining the outlook for the U.S. economy. While overall spending remains resilient, growth is increasingly concentrated among higher-income households, creating widening gaps across income levels. As policy shifts, AI adoption, and healthcare innovations reshape behavior, the consumer landscape is becoming more uneven.
In this episode of The Bid, host Oscar Pulido is joined by Lisa Yang, Portfolio Manager and Co-Head of the Consumer Industry Group within BlackRock Fundamental Equities, to assess the state of the U.S. consumer heading into 2026. From wage growth and labor market dynamics to fiscal policy, tariffs, and immigration, Lisa explains how macro forces are influencing spending patterns — and why resilience is strongest at the high end. The conversation also explores structural shifts shaping stock market trends, including the rise of value-focused retailers, the impact of GLP-1 weight-loss drugs on food and apparel demand, and how AI-driven “agentic commerce” could transform retail media and brand discovery. As capital markets digest these changes, understanding the nuances of consumer behavior is critical for investors.
Key insights from this episode:
02:11 Introducing The "Two Speed Consumer"
04:26 Yellow Flags Ahead - Why the U.S. Consumer Remains Resilient But increasingly K-shaped
05:46 Policy Shocks 2026 - How fiscal policy and tariffs could widen income-driven spending gaps
08:45 Why Value Retailers and Discounters are Outperforming
12:01 GLP One Ripple Effects - How GLP-1 Drugs Are Reshaping Grocery, Apparel, and Beauty categories
14:40 How AI Will Change Shopping Trends - What agentic commerce means for retailers, brands, and advertising models
17:43 Other Trends Watchlist - Why Health and Wellness Remains A Durable Long-term Consumer Trend
20:02 Conclusions
K-shaped economy, U.S. consumer spending, AI in retail, GLP-1 drugs, capital markets, stock market trends, consumer investing, megaforces
Sources: “Advance Monthly Sales for Retail and Food Services” February 2026, United States Census Bureau; US Bureau of Economic Analysis (PCE data); FRED 2026, Bureau of Labor Statistics; Wage Growth Data, January 2026, Federal Reserve of Atlanta; Tax refunds per Morgan Stanley, Piper Sandler estimates; “US food outlook 2026”, Bernstein; “GLP-1 Boom Accelerates Nationwide Shift in Size Curves, Putting $5 Billion in U.S. Apparel Retail Inventory at Risk, According to New Impact Analytics Study”, Global Newswire, 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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Skilled trades are becoming one of the most important — and overlooked — drivers of the global infrastructure boom. As trillions of dollars flow into energy systems, transportation networks, telecoms, and AI data centers, the constraint is no longer just capital — it’s labor. The scale of the infrastructure buildout is historic, but delivering it depends on the availability of trained workers.
In this episode of The Bid, host Oscar Pulido is joined by Claire Chamberlain, Global Head of Social Impact and President of the BlackRock Foundation, and Sandra Lawson, Managing Director in Global Corporate Affairs, to explore why skilled trades are central to the next phase of infrastructure investing. With an estimated $85 trillion in global infrastructure investment needed over the next 15 years, demand for electricians, HVAC technicians, grid specialists and plumbers is accelerating.
Claire and Sandra explain how apprenticeship-based career pathways offer paid training, competitive wages, and the prospect of long-term financial stability — while also highlighting the growing supply-demand imbalance in the labor market. The conversation explores how philanthropy, employers, unions, schools, and policymakers can work together to expand training capacity and modernize workforce development. As megaforces like AI and infrastructure reshape capital markets, human capital will be just as critical as financial capital in determining long-term economic success.
Key moments:
00:00 Introduction and meet the guests
02:13 WWhat the $85 trillion infrastructure opportunity means for labor markets
03:54 Why AI and infrastructure are increasing demand for specialized workers
04:45 Why Are These Skilled Jobs Good Jobs?
07:15 Training Pipeline Worker Shortage
08:43 Philanthropy as Catalyst For The Infrastructure Skilled Trades Requirement
10:41 What success looks like for workforce development in an infrastructure-driven economy
12:56 Rethinking Going to College vs Apprenticeships and Skilled Trades
15:25 How collaboration among employers, unions schools, and philanthropy can expand training capacity
17:19 Wrap Up and Disclosure
Skilled trades, infrastructure investing, workforce development, capital markets, AI infrastructure, megaforces, economic growth, energy transition
Sources: “On the record: Infrastructure and the opportunity in skilled trades”, BlackRock 2026
Written Disclosures In Episode Description:
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Powering AI is no longer just a technology story — it’s an energy and infrastructure story reshaping capital markets and the global economy. As artificial intelligence scales from training to real-world inference, electricity demand is accelerating at a pace few anticipated.
In this episode of The Bid, host Oscar Pulido is joined by Will Su from BlackRock’s Fundamental Equities Group to examine how powering AI is transforming utilities, natural gas markets, renewables, and nuclear power. With data centers expanding rapidly and gigawatt-scale facilities coming online, the AI build-out is driving a structural shift in U.S. electricity demand after more than a decade of stagnation.
Will explains why the energy sector sits at the center of AI investing. From the rise of “bring your own power” models to the growing role of natural gas as a dispatchable, scalable fuel source, the infrastructure required to support AI represents one of the largest capital investment cycles in modern history. The conversation also explores renewables, battery storage, and nuclear power — including the limits of restarts and the long timeline for new reactor construction.
Key moments:
00:00 Introduction Power Is Knowledge: AI’s Exponential Energy Appetite
02:31 From Tokens to ‘Yottaflops’: Why Smarter Models Need More Electricity
05:04 Training LLMs vs. Inference: The Next Wave of AI Power Demand
06:45 Data Centers at City Scale: How Big Is the Load?
11:15 Bring Your Own Power (BYOP): Why Natural Gas Is Back in Focus
16:04 Renewables Reality Check: Solar Momentum, Wind Headwinds, and Batteries
19:14 Nuclear’s Comeback - Restarts Now, New Builds Later
21:26 Can AI Beat Humans at Investing? Man + Machine as the Edge
23:33 Wrap-Up, What’s Next
Check out Will's first episode on AI and energy on Spotify: https://open.spotify.com/episode/6wgKwkSLqmXFdG0qvW6Kov?si=I0R6YfbcSASC2BvcnhUBTw
Or watch on YouTube: https://youtu.be/_AOkSc7usYQ
Powering AI 2.0, AI investing, infrastructure, capital markets, energy transition, utilities, stock market trends, megaforces
Sources: “From CES 2026 to Yottaflops: Why the AMD Keynote Highlights a Turning Point for AI Compute”, AMD 2026; “The Industrial Revolution, coal mining, and the Felling Colliery Disaster”, Lancaster University, 2026; Bureau of Economic Analysis data 2026; “Stargate's First Data Center Site is Size of Central Park, With At Least 57 Jobs”, Bloomberg 2026; “Energy Demand from AI”, IEA 2026; “Scaling bigger, faster, cheaper data centers with smarter designs”, McKinsey 2025; EEI 2024 Review; “Data Centers Ditching the Power Grid, Mark Carney's Viral Speech, and Some Joy”, Clearview Energy; “2024 North American Energy Inventory”, IER;
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Thematic investing is increasingly shaping how investors interpret markets heading into 2026, as artificial intelligence, geopolitical fragmentation, and infrastructure constraints intersect across the global economy.
Jay Jacobs, Head of U.S. Equity ETFs at BlackRock, joins Oscar to discuss why mega forces are becoming harder to ignore—and harder to diversify away from—than in past market cycles. Their conversation explores how AI investing is evolving from a growth narrative into one focused on usage intensity, how national security considerations are reshaping the definition of defense, and why physical infrastructure is emerging as a critical market constraint.
Key insights include:
· Why thematic investing is gaining relevance alongside sector and style frameworks
· How AI usage intensity reframes the AI investment conversation
· Where infrastructure and energy constraints may influence adoption timelines
· How geopolitical fragmentation is expanding the definition of defense
· Why overlapping mega forces may shape market outcomes into 2026
Key moments in this episode:
00:00 Introduction to Thematic Investing in 2026: AI and Market Forces
00:40 The Rise of Thematic Investing
01:43 Deep Dive into AI's Market Impact
05:22 Understanding Token Consumption
07:55 Evaluating AI Investments
11:12 Geopolitical Fragmentation and Defense
13:51 Infrastructure's Evolving Role
16:42 Future of AI and Broader Implications
18:38 Conclusion and Final Thoughts
Thematic investing, AI investing, Capital markets, Infrastructure, Megaforces, Stock market trends, Geopolitical fragmentation, Defense spending
Sources: iShares Thematic Outlook, 2026
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Retirement planning is becoming more complex as careers grow less linear, lifespans extend, and financial decisions start earlier in life. From early-career savers to small business owners and those approaching retirement, people are asking how to build financial security while staying flexible in an unpredictable world.
In this Ask Me Anything episode of The Bid, host Oscar Pulido is joined by Jaime Magyera, Head of BlackRock’s U.S. Wealth Advisory and Retirement Businesses, to answer listener-submitted questions on retirement realities. Jaime shares perspectives drawn from her work with individual savers, financial advisors, and small business owners across the country.
The conversation reframes retirement as the freedom to choose what comes next, rather than a fixed end point. Jaime discusses the importance of starting early, maintaining discipline through market cycles, and building plans that can adapt as careers, families, and goals evolve. The episode also explores the role of professional advice, the challenges facing non-traditional career paths, and why preparation — not prediction — is central to long-term financial resilience.
Key insights include:
• Why retirement is best viewed as a transition, not a destination
• How starting early and staying invested can shape long-term outcomes
• Why flexible planning matters for non-linear careers and families
• What advisors should consider when working with small business owners
• How professional advice differs from social and digital guidance
• Why preparedness and emergency savings support financial resilience
Key moments in this episode:
00:00 Introduction to The Bid
00:50 Meet Jamie Magyera: Insights on Retirement Planning
01:48 Transitioning into Retirement: Key Considerations
04:05 Financial Planning for Younger Generations
06:41 Non-Traditional Retirement Timelines
09:56 Advisors and Small Business Owners: Planning for the Future
12:45 How To Build Long-Term Client Relationships
15:33 The Value of Professional Financial Advice
17:28 Conclusion and Key Takeaways
18:16 Closing Remarks and Up Next
retirement planning, financial security, wealth planning, capital markets, long-term investing,
Sources: BlackRock’s Read On Retirement Survey, 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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Hedge fund strategies are gaining renewed attention as market volatility rises and traditional stock and bond diversification becomes less reliable. With inflation uncertainty, shifting monetary policy, and growing macro instability, investors are reassessing how different sources of return and risk management show up across capital markets.
In this episode of The Bid, host Oscar Pulido speaks with Mike Pyle, Deputy Head of BlackRock’s Portfolio Management Group, about how hedge fund strategies work and why they are being re-examined in today’s environment. Mike explains what defines hedge fund strategies, how their flexibility seeks to allow managers to express views more precisely, and why they can play different roles within portfolios depending on investor objectives.
They explore common misconceptions around hedge fund strategies, including the idea that they are inherently high risk or designed solely to outperform equities. Mike outlines how these strategies span a wide range of risk profiles and can be used for diversification due to their potentially lower correlation to traditional assets. The conversation also examines why macro volatility since 2021 has created a more favorable backdrop for hedge fund strategies, and how their ability to either navigate or reduce macro exposure is shaping investor interest.
Key moments in this episode:
00:00 Introduction: Navigating Uncertainty in Today's Market
03:57 Debunking Myths About Hedge Funds
07:36 The Growing Interest in Hedge Funds Strategies
12:18 Hedge Funds vs. Other Alternatives
16:31 Evolution of the Hedge Fund Industry
18:28 Key Takeaways for Investors
19:41 Conclusion and Next Up
Key insights include:
• What hedge fund strategies are and how they differ from traditional investments
• Why lower correlation, not market outperformance, is often the core objective
• How higher volatility and macro uncertainty are reshaping portfolio construction
• How hedge fund strategies compare with other alternatives like private markets and infrastructure
• Why scale and multi-strategy platforms are changing the hedge fund landscape
hedge fund strategies, capital markets, portfolio diversification, alternatives investing, market volatility, megaforces
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Global markets are entering 2026 amid heightened geopolitical uncertainty, structural shifts in the global order, and rapid technological change. Recorded live from the World Economic Forum in Davos, this episode of The Bid examines the macroeconomic and geopolitical forces shaping the year ahead.
Host Oscar Pulido is joined by Philipp Hildebrand, Vice Chairman of BlackRock, and Tom Donilon, Vice Chairman of BlackRock and Chairman of the BlackRock Investment Institute. Drawing on conversations with political leaders, policymakers, and business executives in Davos, they reflect on an evolving geopolitical landscape and its implications for markets, governments, and global cooperation.
The discussion explores how shifts in U.S. policy are reshaping alliances — particularly between the United States and Europe — and why this period may mark a broader transition away from the post–World War II global framework. Philipp outlines the pressures facing Europe, while Tom examines how national security considerations are increasingly shaping economic policy, trade, and global investment flows.
Artificial intelligence emerges as a central theme, viewed both as an economic driver and a geopolitical force. The episode considers AI’s role in national security competition, the growing importance of data centers and energy infrastructure, and how concerns around sovereignty, critical minerals, and societal impact are elevating AI from a technological issue to a political one.
Key insights
· How current geopolitical developments are reshaping the global outlook entering 2026
· Why Davos remains a key forum for understanding policy and market sentiment
· Where Europe’s macroeconomic challenges and opportunities are most pronounced
· How AI is increasingly intersecting with geopolitics and national security
· What recent U.S.–Europe tensions reveal about future global cooperation
· How investors and policymakers are interpreting uncertainty in today’s environment
Geopolitics, global macro outlook, Europe economy, World Economic Forum Davos, AI and geopolitics, global markets, policy uncertainty
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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AI investment, evolving earnings leadership, and shifting global dynamics are redefining stock market trends as investors enter 2026. Companies are deploying unprecedented capital toward data centers, compute, and productivity-enhancing technologies, while rate cuts and supply-chain realignment reshape the macro backdrop. These forces are changing how fundamentals, valuations, and sector growth patterns show up in equity markets.
In this episode of The Bid, host Oscar Pulido speaks with Carrie King, Global CIO of BlackRock’s Fundamental Equities group, about the major drivers influencing the 2026 equity outlook. Carrie breaks down why high-level valuations may mask improved corporate quality, how AI-related investment is broadening beyond semiconductors, and why the gap between megacap earnings and the rest of the market may begin to narrow.
They also explore how global monetary easing is benefiting emerging markets, why Japan’s structural reforms continue to support its equity story, and how diversification is becoming more challenging in a market shaped by a few powerful megaforces. Carrie explains what this means for sector positioning, volatility, and where long-term investors may find underappreciated opportunities.
Key moments in this episode:
00:00 Introduction: Can Stocks Maintain Momentum in 2026?
03:29 AI's Dominance in the Market
09:34 Global Investment Trends and Opportunities
12:06 Earnings Growth and Sector Performance
15:36 Diversification Strategies for Investors
17:10 New Year's Resolutions for Investors
18:59 Conclusion and Upcoming Episodes
Key insights include:
· How AI-driven spending is reshaping earnings patterns and stock market trends
· Why equity valuations may be better anchored than headlines suggest
· Where the “other 493” may see accelerating earnings growth
· How global rate cuts and supply-chain shifts are supporting EM and Japan
· Why diversification requires new approaches in a megaforce-driven market
· Which sectors—industrials, travel, and healthcare—may offer overlooked potential
stock market trends, AI investing, megaforces, capital markets, equity markets, global investing, sector rotation
Sources:
Written Disclosures In Episode Description:
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 any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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