WSJ, How Much New Investor Cash Did BlackRock Attract in 2017? $1 Billion a Day, Jan. 13–14, 2018

The world’s largest asset manager reached a new milestone during 2017: the equivalent of $1 billion of new client cash every day.

The annual net inflow of $367.3 billion helped BlackRock Inc. BLK 3.27% pass $6 trillion in assets for the first time, up more than $1 trillion from the end of 2016. The record haul during 2017 amounted to more than $698,000 a minute.

The pace of new investor cash into BlackRock puts it in the same league as rival Vanguard Group, which attracted a net $369.3 billion in new money last year. The two managers now oversee a combined $11.2 trillion, higher than the gross domestic product of China in 2016.

In Pursuit of the Perfect Portfolio: Eugene F. Fama

via Barry Ritholtz

  • 効率的市場仮説(efficient market hypothesis)という名称について

FAMA: A kind of bad choice though.

LO: Why do you say that?

F: Because it gets mixed with efficient portfolios. …. I don’t know what is the alternative.



デラウェア州の裁判所は,価値評価の方法について,「金融業界で受け入れられていると一般に考えられている方法」と述べた上で,価値評価の技術革新に応じて,違った価値評価の方法を受け入れている。Weinberger v. UOP, Inc., 457 A.2d 701, 713 (Del. 1983); Global GT LP v. Golden Telecom, Inc., 993 A.2d 497, 517 (Del. Ch. 2010) (Strine, V.C.), aff’d, 11 A.3d 214 (Del. 2010) (資本コストの算定に際し,かつて衡平法裁判所が採用した歴史的なエクイティ・リスク・プレミアムではなく,長期的なエクイティ・リスク・プレミアムの期待値を採用した事例。裁判所は,専門家の新たな意見を採用することの意義について言及している).

 より詳しくは、同事件におけるTestimony of Petitioners’ Expert Witness, Paul A. Gompers, 2009 WL 8399149 (Oct. 15, 2009)をご参照下さい。