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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 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  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 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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.

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.

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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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.

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.

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.

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.

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.

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.

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.

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.

This week, the focus is on diversification—and why it’s getting harder to achieve. Portfolio Strategist Natalie Gill explains how the “diversification mirage,” a key theme in BII’s 2026 outlook, is now showing up in real time. A small set of megaforces is increasingly dictating equity performance, meaning traditional attempts to diversify—whether toward equal-weighted indices or new regions—can amount to larger active positions than many investors realize. Natalie also breaks down how rising developed-market bond yields challenge the long-held assumption that long-term bonds reliably balance portfolios. Fiscal strains, shifting central bank stances, and policy divergence between the U.S. and other economies further complicate the diversification picture. As bond volatility rises and a small number of equity drivers dominate returns, investors may need to reconsider how and where true diversification can be found. The episode also highlights the growing disconnect between the Federal Reserve’s policy posture and the more hawkish tone across Australia, Canada, and Japan—where fiscal dynamics and reopening risks are influencing long-term rates. These divergences, paired with delayed U.S. labor data and inflation considerations, shape the macro backdrop as markets enter the new year. Key Insights ·      Diversification is increasingly difficult as a handful of megaforces drive global equity performance. ·      Traditional diversifiers—such as long-term government bonds—provide less balance amid rising yields. ·      Policy divergence between the U.S. and other major central banks is creating new cross-market risks. ·      Fiscal concerns are influencing yield curves, particularly in Japan and the UK. ·      Portfolios may require more deliberate, active decisions and alternative sources of return to achieve true diversification.   diversification, megaforces, capital markets, macro trends, bond yields, portfolio balance, market outlook 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.

As The Bid takes a short break for the holidays, we’re introducing listeners to Market Take, the weekly macro podcast from the BlackRock Investment Institute. Market Take offers fast, digestible insights on what’s moving markets - and this week, the focus is squarely on the labor market. Senior Economist Nicholas Fawcett breaks down why softer U.S. labor data is reinforcing expectations for another potential Federal Reserve rate cut. With hiring and labor supply both cooling, policymakers are watching these trends closely as they navigate the balance between inflation control and economic resilience. Nicholas also explores how delayed jobs data complicates the Fed’s visibility into the economy, what markets are pricing in ahead of the December meeting, and how fiscal dynamics in the UK are shaping long-term bond views. Whether you’re tracking monetary policy, macro signals, or broader capital markets trends, this short episode offers a concise view of the forces shaping the economic backdrop. Key Insights ·      The U.S. labor market is softening, raising the likelihood of another Fed rate cut. ·      Payrolls show a “no hiring, no firing” pattern as labor demand and supply slow. ·      Delayed jobs data may create noise, but markets still expect a quarter-point cut. ·      Fiscal tightening in the UK influences gilt valuations and long-term yield dynamics. ·      Labor market trends, inflation, and rates continue to guide broader market sentiment labor market, inflation, interest rates, Federal Reserve, capital markets, macro trends, market commentary, economic outlook 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.