Blackrock’s Fink Says Letter To CEOs Triggered Angry Phone Calls
Blackrock Chief Executive Larry Fink, who runs the world’s largest asset manager, said on Wednesday he has fielded angry phone calls over a letter he sent in March to S&P 500 executives that warned them about the perils of short-term thinking. at a New York investment conference hosted by Sanford Bernstein, Fink said “I’ve had some really angry phone calls,” He did not name any of the angry callers. In the March 21 letter, Fink warned against relying too much on dividends and buybacks to produce quick returns at the expense of long-term investment.
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