Wall Street darling Larry Fink suffered a hundred million trading loss.
華爾街寵兒拉里·芬克蒙受了1億美元的交易損失。
00:11
I was so angry at myself.
我對自己非常生氣。
00:13
I was just mortified in myself.
我對自己感到非常羞愧。
00:15
Humiliated, Fink now is forced to leave the company.
羞愧的芬克現在被迫離開公司。
00:19
But upon his failure, he will build the mightiest company in the world, Blackrock.
但在他失敗之後，他將建立世界上最強大的公司——貝萊德。
00:30
Another too big to fail asset manager, which handles over $7 trillion in direct management and another $20 trillion through their proprietary software.
I mean Larry Fink, with those numbers, you can say what everyone wants, Blackrock was fantastic.
我的意思是，拉里·芬克憑藉這些數字，你可以說每個人都想說的，貝萊德太棒了。
01:08
California is on the rise to become the most populated state in America.
加州正在崛起，成為美國人口最多的州。
01:13
Like the rest of the country, the 60s was a turbulent time for California, a decade of a drastic political change.
與美國其他地區一樣，60年代對加州來說是一個動盪的時期，一個政治劇變的十年。
01:21
It was such an exciting, heady time to find out that under the official reality, there is a seething turmoil of young people, learning new music, new thoughts, new ideas, new literature, new poetry, new ways of being.
He enrolls in UCLA to pursue a political science degree, hoping one day to make impact as a politician.
他進入加州大學洛杉磯分校攻讀政治學學位，希望有一天能成為一名有影響力的政治家。
01:53
After getting an MBA degree from UCLA, Fink takes a job at a leading investment bank first Boston as a bond trader.
在獲得加州大學洛杉磯分校的MBA學位後，芬克在領先的投資銀行第一波士頓擔任債券交易員。
02:02
It was a perfect time to get into the bond business, and in the early 70s, bonds only began to be actively traded.
這是進入債券業務的完美時機，在70年代初，債券才剛開始被積極交易。
02:10
Larry Fink excels at this job.
拉里·芬克在這份工作上表現出色。
02:12
He rapidly rises through the ranks, becoming the youngest manager at his department.
他迅速晉升，成為部門中最年輕的經理。
02:17
It started first Boston 1976, I was the first Freddie Mac bond trader, and so the mortgage market was just, if it's infancy, and then in 1982, we had the ability to put a PC on our trading desk, before that you had no ability to put a computer on that trading desk.
And it was very clear to me that if we could have computing power on that trading desk, we were going to have the ability to dissect cash flows of mortgages, and we were the most profitable, component of first Boston in 83 and 84 and 85.
By 1983, the American economy had reaped down from a decade long recession.
到1983年，美國經濟已經從長達十年的衰退中復甦。
02:53
The highest order of business before the nation is to restore our economic prosperity.
當前國家最重要的任務是恢復經濟繁榮。
02:58
After taking over the presidency, Reagan worked to boost the economy.
里根就任總統後，致力於振興經濟。
03:02
He starts cutting taxes and de-regulating Wall Street, creating a perfect environment for financial innovations.
他開始減稅並放寬對華爾街的監管，為金融創新創造了完美的環境。
03:08
One of such is the mortgage-backed securities.
其中一項創新就是抵押貸款支持證券。
03:12
Simply put, they bundle millions of mortgages and turn them into securities that can be traded by any investor.
簡單來說，就是將數百萬筆抵押貸款打包，轉化為可供任何投資者交易的證券。
03:19
Larry Fink was one of the architects behind this financial innovation, which 20 years later morphed into an economic bond.
拉里·芬克是這項金融創新的設計師之一，20年後這項創新演變成經濟債券。
03:26
But in the meantime, Larry sells these newly minted securities to large investors like pension funds and endowments, generating tens of millions of fees for first Boston.
At the time, first Boston was at the top of investment banking industry, specializing in mergers and acquisitions.
當時，第一波士頓公司在投資銀行業中位居頂尖，專門從事併購業務。
03:45
After creating one billion dollar profit for the firm, Larry Fink becomes the most profitable man at first Boston.
在為公司創造了10億美元的利潤後，拉里·芬克成為第一波士頓公司最賺錢的人。
03:52
When you're at that level and you've had all of that success and you have all of this money, there's a mindset that you're almost invincible.
當你達到那個層次，取得了巨大成功，擁有了大量財富，你會覺得自己幾乎是無敵的。
04:04
But then he loses 100 million dollars in just one quarter of 1986.
但隨後在1986年的一個季度內，他損失了1億美元。
04:10
So you could work a lifetime creating wealth under certain assumptions that something can't happen.
你可能花費一生的時間在某些假設下創造財富，認為某些事情不會發生。
04:16
And then bang!
然後砰的一聲！
04:17
You lost everything for your whole life plan because you thought it couldn't happen.
你失去了你一生的計劃，因為你認為這不會發生。
04:23
That is a year before the infamous Black Monday crash.
這是在臭名昭著的黑色星期一崩盤的一年前。
04:27
And the market was still in a euphoric state because everyone was making money.
當時市場仍處於狂熱狀態，因為每個人都在賺錢。
04:32
Unless you're hedged for events like Black Monday, whatever alpha you think you're going to get, you're not going to get it.
除非你對黑色星期一這樣的事件進行了對沖，否則你認為能獲得的任何超額收益，你都無法獲得。
04:39
When you started having those types of successes, the firm gave you more capital.
當你開始取得這些成功時，公司會給你更多的資本。
04:43
We were taking bigger and bigger risks without the attended risk technology to navigate that risk.
我們承擔著越來越大的風險，卻沒有相應的風險管理技術來應對這些風險。
04:50
And in the second quarter of 1986, we lost 100 million dollars.
在1986年的第二季度，我們損失了1億美元。
04:54
Walt Street, one big loser, became raised all your winners.
華爾街，一個大輸家，卻培養出所有的贏家。
04:57
The same is true for reputation.
聲譽也是如此。
04:59
Although he was enfired, but he was sidelined, all of a sudden people don't want to be seen with him anymore.
雖然他沒有被解僱，但卻被冷落，突然間沒有人想再與他有所來往。
05:05
He becomes the untouchable.
他變成了不可接觸的人。
05:07
The message is clear, it is time to quit.
訊息很明確，是時候離開了。
05:11
The trouble is, with tarnished reputation, no investment bank will want to hire him.
問題是，聲譽受損，沒有投資銀行會想聘用他。
05:18
At age 36, Larry Fink is unemployed.
36歲的拉里·芬克失業了。
05:23
I said to myself 30 days after we lost money in that quarter, even though we had we made 130 the first quarter and lost 100 of it in the second quarter, I said I'm leaving.
But it took me a year and a half, because I never ever thought I was going to leave, but it took me a year and a half to try to determine what I wanted to do next.
但我花了一年半的時間，因為我從未想過我會離開，但我花了一年半的時間來決定下一步要做什麼。
05:41
Always a competitive man, Fink refuses to surrender, and is determined to regain his past glory by any means necessary.
一直以來都是個競爭心強的人，芬克拒絕投降，並決心不惜一切代價重拾昔日的榮耀。
05:49
This time, he will start his own business.
這次，他要自己創業。
05:53
And to do that, he will need investors.
為此，他需要投資者。
05:56
But with his reputation, it is nearly impossible to raise money.
但以他的聲譽，幾乎不可能籌到資金。
06:00
Until he meets the legendary Steve Schwartzman.
直到他遇見了傳奇人物史蒂夫·施瓦茨曼。
06:10
Steve Schwartzman, the founder of Blackstone, is one of the most powerful figures on Wall Street.
史蒂夫·施瓦茨曼，黑石集團的創始人，是華爾街最有權勢的人物之一。
06:15
In his 30 years reign, he turned Blackstone into the biggest private equity company in the world.
在他30年的統治期間，他將黑石集團打造成為世界上最大的私募股權公司。
06:21
But by 1988, Blackstone was still a lesser known consulting firm.
但到了1988年，黑石集團仍然是一家鮮為人知的諮詢公司。
06:27
And like Fink, Steve Schwartzman was a cast away.
與芬克一樣，史蒂夫·施瓦茨曼也是一個被拋棄的人。
06:30
He was a rising star in Lehman Brothers on his way to become the CEO.
他是雷曼兄弟公司的新星，正在成為CEO的路上。
06:35
But due to a nasty power struggle, he was forced to leave the company.
但由於一場激烈的權力鬥爭，他被迫離開了公司。
06:40
I saw a lot of behavior that I didn't like.
我看到很多我不喜歡的行為。
06:44
And so decided to go out and do something with my partner who had been thrown out the year before by the management that went in and ultimately blew up the company.
於是決定與我的合夥人一起出去做些事情，他一年前被管理層趕走，而這個管理層最終讓公司破產。
07:00
In 1988, Blackstone just started as a private equity business.
1988年，黑石剛剛開始作為一家私募股權公司。
07:03
And barely completed his first deal.
並剛剛完成第一筆交易。
07:06
But Steve Schwartzman is already thinking back by expanding the company to more areas and his considering a wealth management business.
但史蒂夫·施瓦茨曼已經在考慮通過擴展公司業務到更多領域來回顧過去，並考慮一項財富管理業務。
07:14
One of the reasons why Schwartzman was so successful is that he has an eye for talent.
施瓦茨曼如此成功的原因之一是他有發掘人才的眼光。
07:19
He knows how to hire the best people.
他知道如何聘用最優秀的人才。
07:21
We wanted to attract somebody to run it who was a 10 on a scale of 10.
我們想要吸引一個人來管理它，這個人在10分制中能得10分。
07:27
Because you'll find in your careers, if you're a 10, God bless you, you'll be wildly successful.
因為在你們的職業生涯中，如果你是一個10分的人，上帝保佑你，你將會非常成功。
07:33
If you attract 10s, they always make it rain, if you need rain.
如果你吸引10分的人才，他們總是能在需要時帶來成功。
07:41
And they just have an ability to sense problems, design solutions, do new things, and that's what a 10 does.
他們有能力感知問題，設計解決方案，做新的事情，這就是一個10分的人才。
07:50
And Larry Fink is a 10.
拉里·芬克就是一個10分的人才。
07:53
After meeting Fink, Schwartzman decided to start a joint venture called Blackstone Financial Management by investing $5 million with Fink.
在與芬克會面後，施瓦茨曼決定與芬克投資500萬美元，創辦一家合資企業，名為黑石金融管理公司。
08:03
It took me a year and a half to assemble my thoughts.
我花了一年半的時間來整理我的想法。
08:07
And I told the story to Steve Schwartzman and Pete Peterson.
我把這個故事講給史蒂夫·施瓦茨曼和皮特·彼得森聽。
08:12
And they loved it and they had more confidence than me than I had myself.
他們很喜歡，並且比我自己更有信心。
08:16
They wanted to go right ahead.
他們想立即行動。
08:18
And we did that and we started making money within two weeks.
我們這樣做了，並在兩週內開始賺錢。
08:24
We talked about investment company and a fund.
我們談到了投資公司和基金。
08:27
It's easy to get confused.
很容易讓人感到困惑。
08:28
In this case, Steve Schwartzman gained $5 million to start a management company, but then they have to raise money for their fund.
在這種情況下，史蒂夫·施瓦茨曼獲得了500萬美元來創辦一家管理公司，但接著他們必須為基金籌集資金。
08:39
Within five years, Fink built his fund to have $8 billion under management.
在五年內，芬克將他的基金發展到管理80億美元的資產。
08:46
Fink has learned a lesson that one should always be risk conscious.
芬克學到了一個教訓，即人應該始終具有風險意識。
08:50
One of his investment principles is that he would not put down a dime until the risk can be understood and calculated.
他的一個投資原則是，在風險可以被理解和計算之前，他不會投入一分錢。
08:59
There were so many other companies that really didn't understand the risk.
有太多其他公司實際上並不理解風險。
09:02
And most importantly, the buy side, the investors had no idea the risk they were taking.
而最重要的是，買方，即投資者，不知道他們正在承擔的風險。
09:06
And there was a great need for a company that starts off with a high concentration and the risk analytics and principally in the fixed income area.
當時非常需要一家公司，從高度集中和風險分析開始，特別是在固定收益領域。
09:14
There was a lot of analytics and equities back then, but nothing in bonds.
當時有很多股票分析，但債券領域卻沒有。
09:18
He was one of the first in the industry to rely heavily on statistics and algorithms to make investment decisions.
他是業內第一批嚴重依賴統計和演算法來做投資決策的人之一。
09:25
Fink is now back on the top.
芬克現在重回頂峰。
09:28
He recognizes that in order to grow bigger, his company needs to offer more stock options to attract talented people.
他認識到，為了進一步發展，他的公司需要提供更多股票期權來吸引人才。
09:35
He demands Schwartzman to give up some of Blackstone's ownership.
他要求施瓦茨曼放棄黑石集團的一些所有權。
09:40
To his great disappointment, Steve Schwartzman rejected his plan.
令他非常失望的是，史蒂夫·施瓦茨曼拒絕了他的計劃。
09:45
Both Steve Schwartzman and Larry Fink are highly competitive type A people, but Steve Schwartzman is an investment banker while Fink is more of a trader.
Steve Schwartzman, he's unusually conservative, actually unusually risk-averse for a successful entrepreneur investor.
史蒂夫·施瓦茨曼其實非常保守，作為一名成功的企業家投資者，他對風險異常規避。
10:04
This was a visceral thing, like a primal impulse, not to lose money.
這是一種本能的東西，就像一種原始的衝動，不想虧錢。
10:12
Two alphas are always doomed to clash from the get-go.
兩個阿爾法型人格從一開始就註定會發生衝突。
10:17
After being rejected by Steve Schwartzman's first proposal, Fink is determined to completely sever ties with the firm.
在被史蒂夫·施瓦茨曼拒絕第一個提議後，芬克決心完全與公司斷絕關係。
10:24
By finding a buyer to purchase Blackstone's ownership, as Schwartzman is going through a divorce in his personal life, the news that Fink wants to lead Blackstone sent him into a frenzy.
Ego, you show me a type of industry and I'll show you somebody with a big ego.
自我，你給我看一個行業類型，我就能給你看一個自負的人。
10:42
But a Wall Street everything has a price, including Ego.
但在華爾街，一切都有價格，包括自負。
11:01
PNC Bank stands for Pittsburgh National Corporation, a finance group with a long history and lineage.
PNC銀行代表匹茲堡國家公司，是一個歷史悠久的金融集團。
11:07
In 1991, PNC was on a buying spree, acquiring dozens of smaller firms.
1991年，PNC進行了一系列收購，收購了數十家較小的公司。
11:13
It is a perfect buyer for Fink to get rid of Blackstone's control.
這是芬克擺脫黑石控制的完美買家。
11:18
They offer hundreds of millions of dollars to buy out Blackstone's stake.
他們提供數億美元來收購黑石的股份。
11:22
Think about this, Steve Schwartzman and Fink started this business with just about $5 million.
想想看，史蒂夫·施瓦茨曼和芬克最初只用了大約500萬美元創辦這家公司。
11:27
That is a huge return in just five years.
這在短短五年內是一筆巨大的回報。
11:31
Although Steve Schwartzman is still hesitant, the money just took good to ignore.
雖然史蒂夫·施瓦茨曼仍然猶豫不決，但這筆錢實在太誘人，無法忽視。
11:35
He agrees to sell the asset management business to PNC.
他同意將資產管理業務出售給PNC。
11:39
This is the biggest mistake in Schwartzman's career.
這是施瓦茨曼職業生涯中最大的錯誤。
11:43
At the time, even he couldn't foresee that this side business of Blackstone was someday become a financial giant that doors even Blackstone itself.
當時，即使是他也無法預見，黑石的這個副業有一天會成為一個金融巨頭，甚至超越黑石本身。
11:53
1994 was a fateful year for Blackrock.
1994年是黑岩的命運之年。
11:56
After separating from Blackstone, the company was still small.
脫離黑石後，公司仍然很小。
12:00
By Wall Street standard, $8 billion, a fixed income portfolio is not considered to be big, because bonds tend to make less returns and a little bit less risky.
按華爾街的標準，80億美元的固定收益投資組合並不算大，因為債券的回報較低，風險也稍低。
12:10
Now, free to build Blackrock any way he likes, Fink is holding nothing back.
現在，芬克可以自由地按照自己的方式建設黑岩，他毫無保留。
12:14
But to win, he must find an edge that others don't have, and it will come from an unexpected place.
但要贏，他必須找到別人沒有的優勢，而這個優勢將來自一個意想不到的地方。
12:21
Yeah.
是的。
12:27
Under the leadership of Jack Welch, GE started an explosive growth.
在傑克·韋爾奇的領導下，通用電氣開始了爆炸性增長。
12:32
Filled by easy money in the mid-80s, General Electric ventured into new industries, including news and finance.
在80年代中期的寬鬆貨幣政策推動下，通用電氣進軍新行業，包括新聞和金融。
12:39
The company bought Kidder Peabody, a one's respective investment bank, but was later found guilty of insider trading and accounting fraud.
該公司收購了投資銀行 Kidder Peabody，但後來被發現犯有內線交易和會計詐欺。
12:48
Once Welch realizes how deeply in trouble his new firm is, he decides to sell it to virtually anyone willing to buy.
當韋爾奇意識到新公司陷入多大的困境後，他決定幾乎願意賣給任何願意買的人。
12:57
Pineweaver, another investment bank, is willing to acquire Peabody from GE, but not its toxic bond portfolio, which consists of $10 billion worth of CMOs, a type of mortgage securities.
These derivatives are notorious for their complexity.
這些衍生品以其複雜性而惡名昭彰。
13:14
Welch was a brilliant manager, but he was a note finance expert.
韋爾奇是一位出色的經理人，但他不是金融專家。
13:18
He frantically tries to get rid of the toxic assets left by Peabody.
他瘋狂地試圖擺脫 Peabody 留下的有毒資產。
13:23
But due to the complexity of the portfolio, note Wall Street firm wants to touch it, except Blackrock.
但由於投資組合的複雜性，沒有華爾街公司願意接手，除了黑岩。
13:29
As the pioneer of CMOs, Fink realizes if Blackrock can help GE properly evaluate the assets that he is set to make a huge profit, and it will also be a breakout moment.
But unless you have $100 million in the bank, you could never take a proper stake in this asset class.
但除非你銀行裡有1億美元，否則你永遠無法在這個資產類別中獲得適當的股份。
15:42
Until now.
直到現在。
15:44
Masterworks.il requires multi-million dollar paintings by famous artists like Basquiat and Banksy and allows anyone to invest in them, just like picking stocks online.
And they built an innovative platform that recently raised $110 million in Sears A funding at a valuation of over $1 billion.
他們建立了一個創新平台，最近在A輪融資中籌集了1.1億美元，估值超過10億美元。
16:05
The securitize each painting, filed with the SEC, and issue shares representing an investment in an art piece on their platform that investors can either hold until Masterworks sell the painting or sell to other Masterworks members on their platform.
Investors already saw a 32% analyzed price appreciation from the sale of their Banksy painting, Metaphy's.
投資者已經從班克斯的畫作《Metaphy's》的出售中看到了32%的分析價格上漲。
16:28
Now thanks to Masterworks, I'm an investor in Basquiat and I invite you to do the same.
現在多虧了Masterworks，我成為了巴斯奎特的投資者，我也邀請你這樣做。
16:34
Through the link in the description, you will skip the waitlist and get priority access to invest like me and Larry.
通過描述中的鏈接，你將跳過等待名單，並獲得優先投資權，像我和拉里一樣。
16:41
By the time it went public in 1999, BlackRock became the fifth largest publicly traded asset manager in America.
到1999年上市時，黑石已成為美國第五大上市資產管理公司。
16:50
But Fink wants to be number one.
但芬克想成為第一。
16:53
Over the next five years, BlackRock continues to grow, accumulating $400 billion assets.
在接下來的五年裡，黑石繼續成長，累積了4000億美元的資產。
17:01
In little over 10 years, Fink's BlackRock has grown to be a monster.
在短短十多年裡，芬克的黑石已經成長為一個巨頭。
17:07
And this monster only wants one thing.
而這個巨頭只想要一件事。
17:10
To get bigger.
變得更大。
17:12
In the mid-90s, the United States saw a strong economic recovery like never before.
在九十年代中期，美國見證了前所未有的強勁經濟復甦。
17:17
During Clinton's second term, unemployment failed.
在柯林頓的第二任期內，失業率下降。
17:20
The stock market surged, and America once again became the epicenter of the technological revolution.
股市飆升，美國再次成為科技革命的中心。
17:25
Razed during the turbulent 60s and the economic recession, Fink joined Wall Street.
在動盪的六十年代和經濟衰退期間，芬克加入了華爾街。
17:32
After quitting his job at first Boston, Fink started BlackRock.
在離開第一波士頓的工作後，芬克創辦了黑岩集團。
17:36
A decade later, BlackRock became the most formidable force at Wall Street, with hundreds and billions of dollars under management.
十年後，黑岩集團成為華爾街最強大的力量，管理著數千億美元的資產。
17:44
But underneath the prosperity, a crisis is brewing.
但在繁榮的表面下，危機正在醞釀。
17:47
The financial derivatives that Fink helped develop in the 80s have now transformed into a ticking time bomb.
芬克在八十年代協助開發的金融衍生品，如今已變成一顆定時炸彈。
17:53
In the summer 2000, Congress passed the Commodity Futures Modernization Act, and banned any regulation of derivatives.
在2000年的夏天，國會通過了《商品期貨現代化法案》，並禁止對衍生品進行任何監管。
18:04
Investment banks make billions through the business of securitization.
投資銀行通過證券化業務賺取數十億美元。
18:09
This business links investment banks, insurance companies, and reading agencies together, connecting trillions of dollars in mortgages and other loans with investors all over the world.
And as an expert on mortgage-backed securities, he was called in to help and to clean up.
作為抵押貸款支持證券的專家，他被召來提供幫助並清理局面。
20:02
With people like Hank Paulson and Jamie Diamond and Tim Geiner on Speed Dial, Larry Fink helped engineer a remarkable rescue for the financial industry.
The financial crisis provided the perfect opportunity for Fink to strengthen his position as the new King of Wall Street.
金融危機為芬克提供了鞏固其作為華爾街新任國王地位的絕佳機會。
20:23
After the housing crisis of 2008, issuing and trading fixed income derivatives are no longer the most desirable business to get into.
在2008年房地產危機之後，發行和交易固定收益衍生品不再是最理想的業務。
20:33
Since the early 2000s, the Internet has become widely available, enabling the growth of social networks like Facebook and YouTube.
自2000年代初以來，互聯網已廣泛普及，促進了Facebook和YouTube等社交網絡的成長。
20:42
And now we're at 100,000 people, so who knows where we're going next?
現在我們已經擁有10萬名用戶，誰知道下一步會走向哪裡？
20:46
We're hoping to have many more universities by the fall.
我們希望在秋季之前能有更多大學加入。
20:49
Social media enables virtually frictionless mass communication and a fast flow of information.
社交媒體實現了幾乎無摩擦的大眾傳播和快速的信息流動。
20:55
Fink realizes this change will fundamentally alter the finance sector.
芬克意識到這一變化將從根本上改變金融行業。
21:01
From the wreckage of the OA disaster, one business would explode, the ETFs.
在OA災難的廢墟中，一項業務將迅速崛起，即ETF（交易所交易基金）。
21:08
The best single thing you could have done, which is by an index fund.
你能做的最好的一件事，就是購買指數基金。
21:12
Statistically, this is the simplest way to build wealth for probably 99% of investors.
從統計上看，這是99%的投資者建立財富的最簡單方法。
21:18
The markets will grow over the long term.
市場將在長期內持續增長。
21:20
And so because of that, we can invest into some of these different funds that are available to us.
因此，我們可以投資於一些可用的不同基金。
21:25
Every year, it turns out that probably two-thirds of the active managers are outperformed by the index.
每年，大約有三分之二的主動型基金經理人表現不如指數。
21:33
And the third that outperform in one year are not the same as the ones who do it the next year.
而今年表現優於指數的三分之一，明年不一定是同一批人。
21:40
In his classic book, Running Walk Down Wall Street, Burton Molkeo proposes that a market is essentially random and therefore unbeatable.
在他的經典著作《漫步華爾街》中，伯頓·馬爾基爾提出市場本質上是隨機的，因此無法被擊敗。
21:48
The only rational thing to do is putting money in everything.
唯一理性的做法就是把錢投資到所有東西上。
21:52
Influenced by Molkeo, mutual fund legend John Bogo launched the first public index mutual fund in 1975.
受馬爾基爾影響，共同基金傳奇人物約翰·博格於1975年推出了第一支公開的指數共同基金。
22:00
Starting with just $11 million, this fund tracked the movement of S&P 500.
這支基金最初只有1,100萬美元，追蹤標準普爾500指數的走勢。
22:06
After that, many follow suit.
之後，許多基金紛紛效仿。
22:08
But these mutual funds did not become publicly traded until 1993, when the first ETF, SPDR, came to life.
但這些共同基金直到1993年第一支ETF（SPDR）問世後才開始公開交易。
22:18
In the aftermath of the housing crisis in 2009, BlackRock has already begun acquiring ETFs.
在2009年房地產危機過後，貝萊德已經開始收購ETF。
22:25
Starting with the ice years from Burton's Barclays Bank.
從伯頓的巴克萊銀行的iShares開始。
22:28
Through just three funds, you can get exposure to 1500 stocks with minimal fees.
透過僅僅三支基金，你就能以最低的費用接觸到1,500支股票。
22:34
Just like the fishing industry, very few people get wealthy by hunting whales.
就像漁業一樣，很少有人靠捕鯨而致富。
22:38
Most of the revenue comes from smaller fish, with large volumes.
大部分的收入來自於大量的小魚。
22:42
I guess to think he realized that the future of investing is about tapping into the pockets of smaller investors, volume over profits.
我想他意識到投資的未來在於開發小投資者的口袋，數量勝過利潤。
22:53
BlackRock soon controls nearly half of the ETFs in America.
貝萊德很快控制了美國近一半的ETF。
22:57
In 2014 alone, BlackRock raised $103 billion.
2014年，貝萊德籌集了1,030億美元。
23:02
Shortly, the firm becomes the major shareholder in almost every public company out there.
不久，該公司成為幾乎所有上市公司的主要股東。
23:09
They have $50 billion in Lockheed Martin and Northrop Grumman each, and it's been the most successful.
他們在洛克希德·馬丁和諾斯羅普·格魯曼各有500億美元的投資，並取得了巨大的成功。
23:15
It's not a bank, it's just an investment company, and it's been the most successful in the world.
它不是銀行，只是一家投資公司，卻成為世界上最成功的公司。
23:20
So it's huge, it's massive.
所以它非常龐大，規模驚人。
23:22
Larry Fink now has more potential power to influence the U.S. economy than anyone else.
拉里·芬克現在擁有比任何人都更大的潛在力量來影響美國經濟。
23:28
He is the GP Morgan of the 21st Century.
他是21世紀的J.P.摩根。
23:32
And we're the largest pension manager in Japan.
我們是日本最大的養老金管理機構。
23:34
In Mexico, where we are now becoming, we just did an acquisition, we're going to be the largest asset manager in Mexico.
在墨西哥，我們剛完成一項收購，即將成為墨西哥最大的資產管理公司。
23:40
We have one technology pipe worldwide that connects everything we do at the firm.
我們擁有一個全球性的技術管道，連接公司所有業務。
23:47
Used to remain passive, Fink now has become more involved in every company's board.
曾經保持被動，芬克現在更積極參與每家公司的董事會。
23:52
So over the last five years, we built up our corporate stewardship team, and I actually believe there was less accountability at boards than there should have been in global companies.
因此，在過去五年裡，我們建立了企業管治團隊，我實際上認為全球公司的董事會責任感不足。
24:03
And so we've now been asking companies, please describe your long-term plan.
因此，我們現在要求公司描述你們的長期計劃。
24:09
You tell us what long-term is, but most importantly, please just tell us that you reviewed your long-term strategy with your board.
由你們定義什麼是長期，但最重要的是，請告訴我們你們已與董事會審視過長期策略。
24:16
It means he's start exercising his immense power, provided by all the ETFs he controls.
這意味着他開始行使他所控制的所有ETF所賦予的巨大權力。
24:51
Thanks for watching.
感謝收看。
Larry Fink - The Most Powerful Man in Finance | A Documentary
