Larry Fink's 2015 Letter – Generating Long-Term Shareholder Value

Larry Fink’s letter to BlackRock shareholders from BlackRock’s 2015 Annual Report.

by BlackRock

Since BlackRock’s founding 28 years ago, we have earned the trust of our clients and created value for our shareholders by helping investors navigate the global markets to build better financial futures.

Investors today are facing tremendous uncertainty fueled by slowing economic growth, technological disruption and social and geopolitical instability. Particularly worrying is the adoption of negative interest rates by central banks attempting to spark economic growth. Their actions are severely punishing the world’s savers and creating incentives to reach for yield, pushing investors into less liquid asset classes and increased levels of risk, with potentially dangerous financial and economic consequences.

Markets are also still digesting the dramatic shift in...