For my Blackrock shareholders 🫶🏾$BLK

Introduction:

BlackRock and T. Rowe Price are two prominent asset managers that offer both active funds and ETFs. When deciding whether to invest in these companies' stocks, their active funds or their ETFs, it is important to understand the differences and characteristics of these investment vehicles.

Shares of asset managers:

• BlackRock ( $BLK
  ): Current share price: USD 973.92. BlackRock is the world's largest asset manager with $11.6 trillion in assets under management as of the fourth quarter of 2024. The company offers a wide range of investment products, including ETFs and active funds.
• T. Rowe Price ( $TROW (-1,21 %)
  ): Current share price: USD 107.17. T. Rowe Price had USD 1.61 trillion in assets under management as of December 2024 and is known for its active investment strategies. Unlike BlackRock, T. Rowe Price does not currently offer any crypto-related products.

Active funds vs. ETFs:

• Active funds: These are actively managed by fund managers who try to outperform the market by making targeted investment decisions. Active funds usually have higher fees due to the intensive management. T. Rowe Price is known for its active funds and has recently begun to transition some of these strategies into active ETFs. Example $TTEQ
• 
  ETFs (Exchange Traded Funds): ETFs are mutual funds that trade on exchanges and typically track an index. They offer diversification and often have lower fees. BlackRock is a leading provider of ETFs, including active ETFs that have the potential to outperform the market. Example $IVV (-1,27 %) or the crypto ETFs $IBIT

Cost comparison:

• Passive ETFs: Typically below 0.20% total expense ratio (TER) for standard products.
• Active ETFs: Between 0.20% and 0.85% TER for equity ETFs.
• Active funds: Well above 1% ongoing charges.

Performance comparison:

Some studies show that actively managed funds can outperform passive ETFs in certain market phases. For example, actively managed growth funds from T. Rowe Price and Fidelity outperformed the Vanguard Growth ETF over a short period.

Bottom line:

Choosing to invest directly in BlackRock or T. Rowe Price stocks offers the benefit of participating in the success of these asset managers, including their exposure to the crypto space, particularly BlackRock. However, this comes with specific business risks. Buying ETFs from these providers allows for broader diversification but reduces direct exposure to cryptocurrencies. The choice should be made based on the investment period and risk appetite.

I would be interested to know how you see this and why you chose the exact asset you have in your portfolio?

Ps: If there are any spelling mistakes or anything else, please let me know. Should be an attempt to have a discussion at a higher level.

The geopolitical tensions between the USA and the EU and the growing discussions about an EU armyand more independence in terms of security policy make the topic of defense spending extremely exciting. I believe it is very likely that Europe will invest massively in this area over the next few years - a clear catalyst for the defense industry.

I find the S&P $SPGI (-0,29 %) Developed BMI Select Aerospace & Defense Indexwhich BlackRock $BLK launched as an ETF a year ago. Alternatives such as VanEck and HANetf also exist, although the latter Palantir
$PLTR (-3,33 %) in the portfolio - still too early for me.

Anyone looking for an opportunity to profit from Europe's rearmament and the changes within NATO should definitely keep an eye on this sector.

$DFND (-2,83 %)

Larry FinkCEO of $BLKcalled at a panel discussion at the #wef2025 the EU to open up the capital market & banking union to make Europe a single market.

"Europe is currently a myth. A beautiful myth, but it doesn't work. It doesn't work compared to the strength, innovation and entrepreneurship of the US and its ability to adapt quickly. If you look at China, you also see a spirit of innovation and development. Europe needs to catch up here"

Christine LagardePresident of the ECBreplied:

"Europe is not a myth or a lost cause. Europe is a great example of transformation. Nevertheless, I agree that it is not currently functioning as a single market."

Fink went on to explain that Europe is currently suffering from an overly pessimistic perception:

"I think it's time to invest in Europe again. There are risks in every economy, but Europe is underestimated."

On the US economy, he said:

"The US economy is bigger than any single political party or president. If we were to activate private capital faster and with less regulation, it could reduce U.S. dependence on fiscal problems."

On the subject of interest rates Finkthat the FED may still have room to cut interest rates. He predicted that the yield on 10-year US government bonds theoretically to 5,5% could rise, although it currently stands at around 4,64% currently stands at around 4.64%.

Christine Lagarde:

"I would like to emphasize what Europe is strong in. If we look at the current figures: The debt ratio is around 80% of GDP, the deficit of the eurozone as a whole is around 3%. Inflation is currently 2.4%, with strong confidence that it will continue to fall. Interest rates are at 3%. Europe has enormous talent, huge savings and a wake-up call that is driving Europeans to act. If European leaders take this wake-up call seriously, recognize the existential threats and act accordingly, then Europe has enormous potential."

She agreed with Fink with regard to the banking union:

"We need a banking union and a capital markets union. We need to keep talent and savings in Europe and perhaps also attract talent from other parts of the world."

Moderator Sara Eisen posed the question of whether President Trump's statement that the EU is treating the USA unfairly in trade is true.

Lagarde:

"One thing Europeans have learned since the Second World War is that you cannot act alone. Cooperation, mutual respect and understanding are essential. To achieve this, you sit down at a table and work together. Trade relations must be organized within a framework that creates trust between the partners. It cannot be about abolishing all rules or ignoring institutions."

Kristalina GeorgievaManaging Director of the International Monetary Fund:

"We see that countries are increasingly trading with politically like-minded states. But the most successful countries are those that work with everyone."

Tharman Shanmugaratnam, President of Singapore:

"Whether it is tariffs, subsidies or the current forms of industrial policy, these developments are driven more by political calculations than economic considerations.

driven by political calculation rather than economic considerations."

https://m.youtube.com/watch?v=k7rBsMrx094&pp=ygUNTGFnYXJkZSBGaW5rIA%3D%3D

January 20-24, 2025, Davos, Switzerland

The World Economic Forum (WEF) is an international organization founded by Klaus Schwab in Switzerland in 1971. It promotes cooperation between business, politics, science & civil society. The Annual Meeting takes place in Davos. The motto for this year:

"Cooperation in the age of intelligence"

The World Economic Forum 2025 is dedicated to a wide range of topics, including geopolitical tensions, economic growth and the transition to clean energy. At the same time, tech, AI, quantum computing & biotech also play an important role.

As always, there will be posts on all relevant topics from @HennRes & @Michael-official will be published. Under the #wef2025 you will be able to view all posts in chronological order.

Main topics:

• Rethinking growth: How can we tap into new sources of economic growth?

• How can companies respond to tech and geopolitical upheaval?

• What measures promote education, health & human capital?

• How can innovative partnerships & techs drive climate protection?

• How can cooperation be strengthened to overcome social divisions?

Participants from politics & business.

Over 350 government representatives, including 60 heads of state & government, 1600 people from the private sector, including 900 CEOs and over 170 people from NGOs, trade unions, academia and indigenous peoples are also present.

The key figures from politics are:

• 🇺🇸 Donald J. Trump(soon to be) President of the USA (via video link)
• 🇪🇺 Ursula von der Leyen, President of the European Commission
• 🇨🇳 Ding XuexiangVice Prime Minister of the People's Republic of China
• 🇦🇷 Javier MileiPresident of Argentina
• 🇩🇪 Olaf Scholz, Chancellor of Germany
• 🇿🇦 Cyril Ramaphosa, President of South Africa
• 🇪🇸 Pedro Sánchez, Prime Minister of Spain
• 🇨🇭 Karin Keller-Sutter, President of the Swiss Confederation 2025
• 🇺🇦 Volodymyr Zelenskyy, President of Ukraine

Executives from the private sector (who are expected/ not offical)

Technology sector

• 🇺🇸 $MSFT (-1,57 %) (Microsoft) - Satya Nadella, CEO
• 🇺🇸 $AMZN (-2,39 %) (Amazon) - Andy Jassy, CEO
• 🇺🇸 $IBM (-0,47 %) (IBM) - Arvind Krishna, CEO
• 🇺🇸 $MSFT (-1,57 %) (Microsoft) - Bill Gates, co-founder and head of the Bill and Melinda Gates Foundation
• 🌎 Cohere - Aidan Gomez, CEO
• 🌎 $META (-1,11 %) (Meta) - Yann LeCun, AI scientist
• 🌎 OpenAI - Sam Altman, CEO
• 🇺🇸 $TSLA (-4,32 %) (Tesla) - Elon Musk, CEO

Financial sector

• 🇪🇺 ECB - Christine Lagarde, President of the European Central Bank
• 🇫🇷 ECB - Francois Villeroy de Galhau, President of the French Central Bank
• 🇩🇪 German Bundesbank- Joachim Nagel, President
• 🇺🇸 $BLK (BlackRock) - Martin Lück, Chief Investment Strategist
• 🇳🇱 $ING (-0,3 %) (ING) - Carsten Brzeski, Chief Economist at ING Germany

Banking sector

• 🇺🇸 $JPM (-0,57 %) (JPMorgan Chase) - Jamie Dimon, CEO
• 🇨🇭 $UBSG (+0,91 %) (UBS) - Sergio Ermotti, Group CEO
• 🇨🇭 $UBSG (+0,91 %) (UBS) - Colm Kelleher, President
• 🇩🇪 $DBK (+0,12 %) (Deutsche Bank) - Christian Sewing, CEO
• 🇺🇸 $GS (-2,21 %) (Goldman Sachs) - David Solomon, Chairman and CEO
• 🇺🇸 $BAC (-0,56 %) (Bank of America) - Brian Moynihan, CEO
• 🇺🇸 $C (-1,37 %) (Citigroup) - Jane Fraser, CEO
• 🇬🇧 $HSBA (+1,02 %) (HSBC) - Mark Tucker, Group Chairman
• 🇬🇧 $HSBA (+1,02 %) (HSBC) - Michael Roberts, CEO of HSBC Bank
• 🇺🇸 $MS (-1,6 %) (Morgan Stanley) - Ted Pick, CEO
• 🇬🇧 $BARC (-0,18 %) (Barclays) - C.S. Venkatakrishnan, CEO
• 🇫🇷 $GLE (+0,52 %) (Société Générale) - Slawomir Krupa, CEO
• 🇮🇹 $UCG (-0,29 %) (UniCredit) - Andrea Orcel, CEO
• 🇦🇹 $BG (+1,34 %) (BAWAG Group) - Anja E. M. W. Schreiber, CEO
• 🇦🇹 $EBS (+1,09 %) (Erste Group) - Andreas Treichl, CEO

Industry sector

• 🇩🇪 $BAYN (+1,43 %) (Bayer) - Bill Anderson, CEO
• 🇨🇭 $NESNE (Nestlé) - Mark Schneider, CEO
• 🇬🇧 $ULVR (+0,79 %) (Unilever) - Hein Schumacher, CEO
• 🇨🇳 SHEIN - Donald Tang, Vice Chairman
• 🇮🇳 ADANIENT (Adani Enterprises) - Gautam Adani, Chairman

... and many more from the Tech, Banking, AI, Biotech, Pharma, Industrial, etc. sectors.

$BLK (-1,16 %) , $BLK

• Adj EPS: $11.93 (Est. $11.43)
• Revenue: $5.68B (Est. $5.58B)
• AUM: $11.55T; UP +7% YoY
• Long-term Net Inflows: $200.7B (Est. $159.9B)
• Total Net Inflows: $281.4B (Est. $198.4B) UP +194% YoY

Business Segments:

• Technology Services Revenue: $421.53M (UP +11.8% YoY)
• Investment Advisory Fees: $4.34B; UP +13% YoY

Operational Metrics:

• Net New Money: $550.25B for FY2024
• Operating Margin: 50.32%

CEO Commentary:

BlackRock's strong quarterly results demonstrate our resilience and ability to capitalize on opportunities in evolving markets. Our continued investment in technology and sustainable products underscores our commitment to long-term client value."

Podcast episode 69 "Buy High. Sell Low."

Subscribe to the podcast to make 2025 good.

00:00:00 Portfolio Max

00:30:00 Portfolio Juri

01:22:00 Portfolio Stephan

Spotify

https://open.spotify.com/episode/21rBlhDGjWHtKgUnAWB1Zj?si=AWdM-sIdReWRfMGyCwt0DA

YouTube

Apple Podcast

https://podcasts.apple.com/de/podcast/folge-69-jahresr%C3%BCckblick-portfolio-performance/id1695869891?i=1000681721764

$MSFT (-1,57 %)
$PLTR (-3,33 %)
$MSTR (-6,56 %)
$BTC (+0,82 %)
$AMD (-2,29 %)
$COIN (-0 %)
$NOVO B (+5,32 %)
$APP (-6,81 %)
$SNOW (-3,37 %)
$IWDA (-1,03 %)
$BLK
$SOL (+2,3 %)

"Be greedy when others are fearful and fearful when others are greedy." - Warren Buffett

The current fall in the share price of Rio Tinto ($RIO (+2,17 %) ) shows how strongly the commodities sector is characterized by uncertainty. But it is precisely moments like these that open up opportunities when the fundamental strength of a company is intact. Rio Tinto is a global player in essential industries such as iron ore, aluminum, copper and minerals, all commodities that are vital to the global economy.

Rio Tinto: A global player in essential industries

-Iron ore: Indispensable as the main ingredient for global steel production, important for infrastructure and construction projects worldwide

-AluminumFrom bauxite mining to aluminum production, Rio Tinto covers the entire value chain. Aluminum is essential for lightweight construction, the transport industry and many technological applications

-CopperCopper : A core material for electrification and renewable energy that plays a central role in the global energy transition

-MineralsMinerals : These include diamonds, titanium and borates, which are used in high-tech industries and agriculture

Strategic partners

-Sumitomo Metal Mining ($5713 (-0,46 %) )

Rio Tinto is working with Sumitomo Metal Mining on the Winu copper-gold project in Western Australia. This project secures access to raw materials that are essential for technological progress and electrification worldwide. The partnership demonstrates the strategic focus of both companies on global demand and modern technologies

-Green Lithium Refining Ltd

The cooperation with Green Lithium Refining Ltd highlights Rio Tinto's commitment to strengthen the European lithium market for the growing demand in the battery industry. The collaboration demonstrates the company's ability to support innovative solutions and sustainable projects that are critical to the future of energy

-BMW ($BMW (-0,12 %) )

Working with BMW on sustainable supply chains that include aluminum and other raw materials. This partnership underlines Rio Tinto's position as a trusted partner for some of the world's most prestigious brands. The ability to respond to BMW's high standards is a testament to the company's quality and commitment

Investor base

-Shining Prospect Pte. Ltd (14.02 percent share)

A significant strategic shareholder that supports the long-term growth and stability of Rio Tinto

-BlackRock, Inc. ($BLK ) (8.38 percent stake)

As the world's largest asset manager, BlackRock only invests in companies with a solid financial base and long-term potential. The investment underlines its confidence in Rio Tinto's management strategy and profitability

-The Capital Group Companies, Inc. ($CGHC ) (4.1 percent stake)

As one of the leading US asset managers, Capital Group stands for a long-term investment horizon. The investment in Rio Tinto shows that the company is perceived as a stable market leader even in uncertain times

This investor base shows that Rio Tinto is backed by some of the most experienced and trusted players in the financial world. Institutional investors with a clear focus on long-term value creation see the company as a reliable player in a globally critical market.

Conclusion

Rio Tinto supplies the essential raw materials that form the backbone of modern economies. Through strategic partnerships with leading companies such as BMW or Sumitomo and a strong investor base, Rio Tinto remains a key player benefiting from global trends such as electrification and infrastructure development. The current setback could be an opportunity to take a closer look at a company that is indispensable in key industries, in line with Buffett's quote.