Yes, Larry Fink really stepped in it when he started messaging woke Environmental Social Governance as the savior of mankind.
But this column has always sought to put his career into the context it deserves.
Fink is one of the most knowledgeable financiers on the planet, and its worth paying attention to what he says on the next crisis to hit average Americans: not having enough money for retirement.
Fink gets tarred, a bit unfairly IMHO, for proselytizing about corporate wokeism and its manifestation in so-called ESG investing, i.e. asset managers prodding companies to reduce their carbon footprint and be good citizens of the world, instead of the necessities like building shareholder value and employing people.
Truth be told, he has never been for divestiture from fossil fuels, and if you know him, hes not that woke.
Even so, he does a lot less of that stuff now as ESG has become so politically toxic.
Good thing because it also overshadowed his many achievements during his 40-plus-year career on Wall Street.
Recall, Fink is one of the fathers of so-called securitization that allows banks to make 30-year home loans, extending homeownership to the working class.
He created BlackRock literally from scratch because he saw promise in a business that helped average people tap the markets to build wealth.
Since BlackRock is now the worlds largest money manager with $10 trillion in AUM, when Larry Fink speaks, people should listen.
Thats why I pay attention to his annual Chairmans Letter think-pieces he writes about everything from current events to investing trends.
His 2024 letter, released last week, provides ample evidence that the country is on the verge of a retirement crisis unless the average American makes some much-needed changes to his or her savings diet.
Fink, of course, makes money by getting you to give yours to BlackRock, so its logical to ask whether hes talking his book with his prediction and the remedies hes calling for.
Maybe.
That said, his facts are compelling.
As Fink told me, medical advances involving cancer treatments, drugs to combat Alzheimers, even stuff like Ozempic, the weight-loss pill that could be effective in treating maladies stemming from obesity, will further expand the average life span beyond its current age of 77.
Put simply, banking on Social Security just wont cut it and many Americans will need more money not to end up in the poorhouse after they retire.
On average, were likely to live past 77, certainly more than the retirement age of 65, so we need to plan accordingly.
One way to do so, he says, is by tapping into the US capital markets, which he says is the envy of the world and provides maybe the only place to find investment returns necessary for a comfortable retirement.
To be sure, there are scammers out there (crypto bro Sam Bankman-Fried just got 25 years for ripping off people in his crypto exchange), and lots of others all over social media selling the next get-rich-quick scheme.
But theyre outliers.
Our markets, for the most part, are not just efficient, they often protect investors from theft.
Big firms are all highly regulated.
They also all offer low-cost and relatively seamless access to the stock market through index funds, exchange traded funds and individual blue-chip stocks.
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And, Fink says, market trends are in your favor if you start tapping them now.
Fink brushed aside concerns that the S&P and Dow currently in record territory are in a bubble and on the verge of popping.
There might be a correction or two or three, but Fink says advances in technology, including artificial intelligence, combined with strong corporate balance sheets have made the US economy and by extension, the markets, hyper-efficient.
The Fed may cut rates once this year or stand pat again if the data doesnt improve on prices (hes predicting a June rate cut).
Yet, he still sees no significant recession in sight.
Put all that together and hes hyper bullish on US stocks.
Im a believer in our country and Im a believer in our capitalism, he told me last week during an interview on Fox Business.
And I believe that in 10 years were going to look back and say these are good 10 years.
Thats why Fink, even past retirement age at 71, says hes fully invested 100% in stocks.
Again, he is also a billionaire, so the question becomes what do we mere mortals do?
Fink says trust the record of the stock market, and the notion of compounding, which results when you buy shares or funds holding shares of high-quality companies.
Your money will grow exponentially as these companies power the US economy.
But also verify.
Average folks need to expand their knowledge of markets and investing; they might also be forced to retire after 65 to build up their nest egg.
Above all they cant think theyre going to outsmart the pros, and they need to stick to the basics stocks of companies at the forefront of the new economic trends.
And by all means, dont get your information from dubious sources on social media or you will end up like all those bag-holding meme stock investors sitting on losses after shares fell to where they were before the irrational exuberance began.
We spend so much time on health, we spend not enough time on financial literacy, Fink tells me.
We need to have more people understand what Im talking about.
They can start by reading his latest CEO letter on BlackRock.com.
JIM ABBOTT IS sitting at his kitchen table, with his old friend Tim Mead. In the late 1980s and early 1990s, they were partners in an extraordinary exercise — and now, for the first time in decades, they are looking at a stack of letters and photographs from that period of their lives.
The letters are mostly handwritten, by children, from all over the United States and Canada, and beyond.
“Dear Mr. Abbott …”
“I have one hand too. … I don’t know any one with one hand. How do you feel about having one hand? Sometimes I feel sad and sometimes I feel okay about it. Most of the time I feel happy.”
“I am a seventh grader with a leg that is turned inwards. How do you feel about your arm? I would also like to know how you handle your problem? I would like to know, if you don’t mind, what have you been called?”
“I can’t use my right hand and most of my right side is paralyzed. … I want to become a doctor and seeing you makes me think I can be what I want to be.”
For 40 years, Mead worked in communications for the California Angels, eventually becoming vice president of media relations. His position in this department became a job like no other after the Angels drafted Abbott out of the University of Michigan in 1988.
There was a deluge of media requests. Reporters from around the world descended on Anaheim, most hoping to get one-on-one time with the young left-handed pitcher with the scorching fastball. Every Abbott start was a major event — “like the World Series,” Angels scout Bob Fontaine Jr. remembers. Abbott, with his impressive amateur résumé (he won the James E. Sullivan Award for the nation’s best amateur athlete in 1997 and an Olympic gold medal in 1988) and his boyish good looks, had star power.
That spring, he had become only the 16th player to go straight from the draft to the majors without appearing in a single minor league game. And then there was the factor that made him unique. His limb difference, although no one called it that back then. Abbott was born without a right hand, yet had developed into one of the most promising pitchers of his generation. He would go on to play in the majors for ten years, including a stint in the mid ’90s with the Yankees highlighted by a no-hitter in 1993.
Abbott, and Mead, too, knew the media would swarm. That was no surprise. There had been swarms in college, and at the Olympics, wherever and whenever Abbott pitched. Who could resist such an inspirational story? But what they hadn’t anticipated were the letters.
The steady stream of letters. Thousands of letters. So many from kids who, like Abbott, were different. Letters from their parents and grandparents. The kids hoping to connect with someone who reminded them of themselves, the first celebrity they knew of who could understand and appreciate what it was like to be them, someone who had experienced the bullying and the feelings of otherness. The parents and grandparents searching for hope and direction.
“I know you don’t consider yourself limited in what you can do … but you are still an inspiration to my wife and I as parents. Your success helps us when talking to Andy at those times when he’s a little frustrated. I’m able to point to you and assure him there’s no limit to what he can accomplish.”
In his six seasons with the Angels, Abbott was assisted by Mead in the process of organizing his responses to the letters, mailing them, and arranging face-to-face meetings with the families who had written to him. There were scores of such meetings. It was practically a full-time job for both of them.
“Thinking back on these meetings with families — and that’s the way I’d put it, it’s families, not just kids — there was every challenge imaginable,” Abbott, now 57, says. “Some accidents. Some birth defects. Some mental challenges that aren’t always visible to people when you first come across somebody. … They saw something in playing baseball with one hand that related to their own experience. I think the families coming to the ballparks were looking for hopefulness. I think they were looking for what it had been that my parents had told me, what it had been that my coaches had told me. … [With the kids] it was an interaction. It was catch. It was smiling. It was an autograph. It was a picture. With the parents, it ran deeper. With the parents, it was what had your parents said to you? What coaches made a difference? What can we expect? Most of all, I think, what can we expect?”
“It wasn’t asking for autographs,” Mead says of all those letters. “They weren’t asking for pictures. They were asking for his time. He and I had to have a conversation because this was going to be unique. You know, you could set up another player to come down and sign 15 autographs for this group or whatever. But it was people, parents, that had kids, maybe babies, just newborn babies, almost looking for an assurance that this is going to turn out all right, you know. ‘What did your parents do? How did your parents handle this?'”
One of the letters Abbott received came from an 8-year-old girl in Windsor, Ontario.
She wrote, “Dear Jim, My name is Tracey Holgate. I am age 8. I have one hand too. My grandpa gave me a picture of you today. I saw you on TV. I don’t know anyone with one hand. How do you feel about having one hand? Sometimes I feel sad and sometimes I feel okay about it. Most of the time I feel happy. I hope to see you play in Detroit and maybe meet you. Could you please send me a picture of you in uniform? Could you write back please? Here is a picture of me. Love, Tracey.”
Holgate’s letter is one of those that has remained preserved in a folder — and now Abbott is reading it again, at his kitchen table, half a lifetime after receiving it. Time has not diminished the power of the letter, and Abbott is wiping away tears.
Today, Holgate is 44 and goes by her married name, Dupuis. She is married with four children of her own. She is a teacher. When she thinks about the meaning of Jim Abbott in her life, it is about much more than the letter he wrote back to her. Or the autographed picture he sent her. It was Abbott, all those years ago, who made it possible for Tracey to dream.
“There was such a camaraderie there,” she says, “an ability to connect with somebody so far away doing something totally different than my 8-year-old self was doing, but he really allowed me to just feel that connection, to feel that I’m not alone, there’s other people that have differences and have overcome them and been successful and we all have our own crosses, we all have our own things that we’re carrying and it’s important to continue to focus on the gifts that we have, the beauty of it.
“I think sometimes differences, disabilities, all those things can be a gift in a package we would never have wanted, because they allow us to be people that have an empathetic heart, an understanding heart, and to see the pain in the people around us.”
Now, years after Abbott’s career ended, he continues to inspire.
Among those he influenced, there are professional athletes, such as Shaquem Griffin, who in 2018 became the first NFL player with one hand. Griffin, now 29, played three seasons at linebacker for the Seattle Seahawks.
Growing up in Florida, he would watch videos of Abbott pitching and fielding, over and over, on YouTube.
“The only person I really looked up to was Jim Abbott at the time,” Griffin says, “which is crazy, because I didn’t know anybody else to look up to. I didn’t know anybody else who was kind of like me. And it’s funny, because when I was really little, I used to be like, ‘Why me? Why this happen to me?’ And I used to be in my room thinking about that. And I used to think to myself, ‘I wonder if Jim Abbott had that same thought.'”
Carson Pickett was born on Sept. 15, 1993 — 11 days after Abbott’s no-hitter. Missing most of her left arm below the elbow, she became, in 2022, the first player with a limb difference to appear for the U.S. women’s national soccer team.
She, too, says that Abbott made things that others told her were impossible seem attainable.
“I knew I wanted to be a professional soccer player,” says Pickett, who is currently playing for the NWSL’s Orlando Pride. “To be able to see him compete at the highest level it gave me hope, and I think that that kind of helped me throughout my journey. … I think ‘pioneer’ would be the best word for him.”
Longtime professional MMA fighter Nick Newell is 39, old enough to have seen Abbott pitch for the Yankees. In fact, when Newell was a child he met Abbott twice, first at a fan event at the Jacob Javits Center in Manhattan and then on a game day at Yankee Stadium. Newell was one of those kids with a limb difference — like Griffin and Pickett, due to amniotic band syndrome — who idolized Abbott.
“And I didn’t really understand the gravity of what he was doing,” Newell says now, “but for me, I saw someone out there on TV that looked like I did. And I was the only other person I knew that had one hand. And I saw this guy out here playing baseball and it was good to see somebody that looked like me, and I saw him in front of the world.
“He was out there like me and he was just living his life and I think that I owe a lot of my attitude and the success that I have to Jim just going out there and being the example of, ‘Hey, you can do this. Who’s to say you can’t be a professional athlete?’ He’s out there throwing no-hitters against the best baseball players in the world. So, as I got older, ‘Why can’t I wrestle? Why can’t I fight? Why can’t I do this?’ And then it wasn’t until the internet that I heard people tell me I can’t do these things. But by then I had already been doing those things.”
Griffin.
Pickett.
Newell.
Just three of the countless kids who were inspired by Jim Abbott.
When asked if it ever felt like too much, being a role model and a hero, all the letters and face-to-face meetings, Abbott says no — but it wasn’t always easy.
“I had incredible people who helped me send the letters,” he says. “I got a lot more credit sometimes than I deserved for these interactions, to be honest with you. And that happened on every team, particularly with my friend Tim Mead. There was a nice balance to it. There really was. There was a heaviness to it. There’s no denying. There were times I didn’t want to go [to the meetings]. I didn’t want to walk out there. I didn’t want to separate from my teammates. I didn’t want to get up from the card game. I didn’t want to put my book down. I liked where I was at. I was in my environment. I was where I always wanted to be. In a big league clubhouse surrounded by big league teammates. In a big league stadium. And those reminders of being different, I slowly came to realize were never going to go away.”
But being different was the thing that made Abbott more than merely a baseball star. For many people, he has been more than a role model, more than an idol. He is the embodiment of hope and belonging.
“I think more people need to realize and understand the gift of a difference,” Dupuis says. “I think we have to just not box everybody in and allow everybody’s innate light to shine, and for whatever reasons we’ve been created to be here, [let] that light shine in a way that it touches everybody else. Because I think that’s what Jim did. He allowed his light to permeate and that light, in turn, lit all these little children’s lights all over the world, so you have this boom of brightness that’s happening and that’s uncontrollable, that’s beautiful.”
BOSTON — The Red Sox activated All-Star third baseman Alex Bregman from the 10-day injured list before Friday’s game against Tampa Bay.
Bregman, who has been sidelined since May 24 with a right quad strain, returned to his customary spot in the field and was slotted in the No. 2 spot of Boston’s lineup for the second of a four-game series against the Rays. He sustained the injury when he rounded first base and felt his quad tighten up.
A two-time World Series winner who spent the first nine seasons of his big league career with the Houston Astros, Bregman signed a $120 million, three-year contract in February. At the time of the injury, he was hitting .299 with 11 homers and 35 RBI. Those numbers led to him being named to the American League’s All-Star team for the third time since breaking into the majors with the Astros in 2016.
Bregman missed 43 games with the quad strain. Earlier this week, he told reporters that he was trending in a direction where he didn’t believe he would require a minor league rehab assignment. With three games left before the All-Star break, the Red Sox agreed the time was right to reinstate a player to a team that entered Friday in possession of one of the AL’s three wild-card berths.
“He’s going to do his part,” Red Sox manager Alex Cora said before Friday’s game. “Obviously, the timing, we’ll see where he’s at, but he’s been working hard on the swing … visualizing and watching video.”
NEW YORK — Chicago Cubs center fielder Pete Crow-Armstrong is projected to receive the largest amount from this season’s $50 million pre-arbitration bonus pool based on his regular-season statistics.
Crow-Armstrong is on track to get $1,091,102, according to WAR calculations through July 8 that Major League Baseball sent to teams, players and agents in a memo Friday that was obtained by The Associated Press.
He earned $342,128 from the pool in 2024.
“I was aware of it after last year, but I have no clue of the numbers,” he said Friday. “I haven’t looked at it one time.”
Crow-Armstrong, Skenes, Wood, Carroll, Brown, De La Cruz and Greene have been picked for Tuesday’s All-Star Game.
A total of 100 players will receive the payments, established as part of the 2022 collective bargaining agreement and aimed to get more money to players without sufficient service time for salary arbitration eligibility. The cutoff for 2025 was 2 years, 132 days of major league service.
Players who signed as foreign professionals are excluded.
Most young players have salaries just above this year’s major league minimum of $760,000. Crow-Armstrong has a $771,000 salary this year, Skenes $875,000, Wood $764,400 and Brown $807,400.
Carroll is in the third season of a $111 million, eight-year contract.
As part of the labor agreement, a management-union committee was established that determined the WAR formula used to allocate the bonuses after awards. (A player may receive only one award bonus per year, the highest one he is eligible for.) The agreement calls for an interim report to be distributed the week before the All-Star Game.
Distribution for awards was $9.85 million last year, down from $11.25 million in 2022 and $9.25 million in 2023.
A player earns $2.5 million for winning an MVP or Cy Young award, $1.75 million for finishing second, $1.5 million for third, $1 million for fourth or fifth or for making the All-MLB first team. A player can get $750,000 for winning Rookie of the Year, $500,000 for second or for making the All-MLB second team, $350,000 for third in the rookie race, $250,000 for fourth or $150,000 for fifth.
Kansas City shortstop Bobby Witt Jr. topped last year’s pre-arbitration bonus pool at $3,077,595, and Skenes was second at $2,152,057 despite not making his big league debut until May 11. Baltimore shortstop Gunnar Henderson was third at $2,007,178.