The Bid - An Investing Podcast from BlackRock

By BlackRock

The Bid breaks down what’s happening in the world of investing and explores the forces changing the economy and finance. From stock market outlooks to geopolitics and technology, BlackRock speaks t

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The podcast currently has 274 episodes available.

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Number 1: 270: Sports, Markets and Investing: What Separates Skill From Good Luck
Sports and investing can both be shaped by small margins, repeated decisions and the balance between skill and chance. From tennis points to soccer matches and basketball shot selection, elite competition offers a useful lens for thinking about decision-making in capital markets. In this episode of The Bid, host Oscar Pulido speaks with Ronald Van Loon, Portfolio Manager in BlackRock’s Global Fixed Income Group, about the connection between sports and investing. They examine hit rates, payoff ratios, teamwork, preparation and the role of process in fixed income portfolio management. The discussion explores why a modest edge can matter when applied consistently, how different sports change the influence of chance, and why sports and investing both reward attention to probability, payoff and repeated opportunities. They also consider market volatility, stock market trends and the importance of continuous learning. Check out the previous episode on tennis here: https://open.spotify.com/episode/061EZSj3afpDQd7lL1FJUF?si=diYmU2axTAS26i7IxccxhA Key moments in this episode: 00:00 Introduction 01:42 Tennis Margins Compound - How small statistical advantages can compound across repeated decisions 05:17 Winning the Big Points - Why probability and payoff need to be considered together 07:55 Soccer Skill vs Chance - Where skill and chance differ across tennis, soccer and basketball. 09:49 Teamwork in Investing - How teamwork can support decision-making across complex fixed income markets 12:58 Olympics and Process - Why preparation and continuous learning remain central to a repeatable investment process 15:20 Basketball Expected Value - How basketball’s changing shot selection illustrates the concept of expected value 17:35 Three-Part Investor Framework 18:57 Closing and Next Episode sports and investing, capital markets, fixed income, portfolio management, investment process, market volatility, stock market trends Sources: Van Loon, R.J.M. 2021. “Long-Term Investing and the Frequency of Investment Decisions”, The Journal of Portfolio Management 47 (8): 86-104; Van Loon, R.J.M. 2021. “Investment Skill and Consistent Long-Term Alpha”, The Journal of Portfolio Management This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 11, 202622min
Number 2: 271: David Rubenstein, Co-Founder of The Carlyle Group, on the Business of Sports, Investing and Leadership
Sports investing has evolved as franchise values have risen, live sports have retained a powerful hold on audiences, and ownership has become an increasingly sophisticated business. Yet sports teams remain unusual assets, combining economics with competition, community identity and deeply emotional fan relationships. Host Oscar Pulido speaks with David Rubenstein, co-founder and co-chairman of The Carlyle Group and control partner of the Baltimore Orioles ownership group, about his move from private equity into sports investing. They discuss his decision to invest in his hometown team, the role franchises can play in their cities, and how leadership differs when success is measured by more than financial returns. The conversation also explores the forces influencing sports investing, from rising franchise values and broader ownership participation to live media demand, AI-powered analytics and longer-term developments across capital markets. Key moments in the episode: 00:00 Meet David Rubenstein 02:10 Sports ownership and Civic Responsibility 04:06 Camden Yards and Baltimore City Revival 06:42 What Owners Really Do 09:00 Winning Over Profits 10:24 Long Horizon Decisions 13:06 Sports as an Asset Class 15:45 AI in Sports and Moneyball 2.0 17:11 Next 20 Years of Investing 20:28 First Orioles Game Memories 21:38 Closing and Up Next 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS sports investing, David Rubenstein, Baltimore Orioles, sports ownership, business of sports, sports franchises, private equity, Carlyle Group, private markets, AI investing, artificial intelligence, baseball analytics, sports analytics, live sports, media rights, franchise valuations, leadership, sports business, institutional investing, professional sports ownership Sources: Inside The Owners Box, David Rubenstein, September 2026 This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 18, 202623min
Number 3: 272: Space, The Final Investing Frontier - How AI and Technology Are Expanding the Economy
The space economy is becoming more connected to everyday economic activity, from satellite communications and navigation to weather forecasting, defense and data. Falling launch costs, advances in satellite technology and rising demand for AI infrastructure are broadening the conversation around what space could enable. In this episode of The Bid, host Oscar Pulido speaks with Reid Menge, portfolio manager in BlackRock’s Fundamental Equity Group, about how the space economy is developing and the forces behind its growing relevance. They explore lower launch costs, satellite capabilities, national security priorities, AI infrastructure and the potential evolution of data centers. The discussion also looks beyond rockets and satellites to the broader infrastructure and capital markets ecosystem supporting space activity. Reid explains why cost and capability remain critical variables, how government spending can intersect with private-sector innovation, and why technical execution remains an important source of uncertainty as the industry develops. Episode chapters 00:00 Introduction to Space Economy 02:02 Space in Daily Life 02:37 Space Investing Goes Mainstream 04:40 Cost Capability Demand 09:22 AI Meets Orbit 11:18 Space Data Centers Explained 14:39 National Security Imperative 16:20 Where Opportunities Emerge 18:29 Risks and Reality Check 20:32 Next Decade Outlook 22:28 Wrap Up and Disclosures Key Insights from this episode: · How falling launch costs could expand the range of economically viable space activities. · Why smaller, lower-cost satellites are changing communications and Earth observation. · How AI is increasing the potential value of data collected from space. · Where national security priorities intersect with commercial space infrastructure. · Why semiconductors, communications equipment and specialty materials form part of the space ecosystem. · How execution risk and technological complexity could influence the industry’s development. 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4 🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q 🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS Sources: GPS.gov data 2026; “How geostationary small satellites are providing strategic access to space”, WEF 2025; “Big ideas, small satellites”, NASA Jet Propulsion Laboratory; “State-of-the-Art Small Spacecraft Technology” NASA report May, 2026; Department of War Budget 2027; “Servers account for 60% of the total cost of ownership of a one-gigawatt AI data center”, Epoch AI; “SpaceX IPO: Musk's firm set to launch first 'orbital data center' AI1 satellites in 2027, will put compute on Starlink craft” DCD 2026; Department of the Air Force Posture Statement Fiscal Year 2027; space economy, AI investing, infrastructure, capital markets, megaforces, satellite technology, national security, data centers This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 25, 202625min
Number 4: 269: The Biggest Themes of 2026 So Far: How AI, Geopolitics and Digital Assets Are Reshaping Portfolios
2026 market themes have been shaped by geopolitical realignment, the physical demands of artificial intelligence and changing assumptions about diversification. Across markets, investors are confronting several plausible futures rather than relying on a single base case. Host Oscar Pulido is joined by Stevie Manns, producer of The Bid, to revisit conversations with BlackRock leaders and external guests. Together, they connect insights on geopolitics, retirement, AI infrastructure, market concentration, portfolio construction, Asia, digital assets and tokenization. The discussion explores how these subjects form a broader story about preparation. Listeners will hear why AI investing increasingly involves energy and physical infrastructure, how concentration is changing the character of major equity indexes, and why a more dynamic and granular approach may be relevant as capital markets evolve. Key insights: · How geopolitical shifts are influencing markets, supply chains and economic policy · Why AI investing depends on power, data centers and infrastructure · How stock market concentration can affect diversification assumptions · Why portfolio construction may require multiple scenarios · Where Asia and digital assets are broadening the opportunity set · How tokenization could reduce friction in financial markets Episodes featured: 246: Macro and Geopolitical Outlook - Live from Davos 248: Retirement Realities: Ask Me Anything With Jaime Magyera 250: Powering AI 2.0: Why The AI Boom is becoming an Energy Story 257: Beyond The Magnificent Seven: Discovering Equity Opportunities in the S&P 493 258: Portfolio Construction for A Changing World: Adapting to A Market Regime Shift 259: Cryptoassets At A Crossroad: Volatility, Adoption and Changing Market Perspectives 261: Why Are Global Investors Looking To Asia As An Investment Destination 264: Is Tokenization The Next Evolution of Financial Market Infrastructure 266: Midyear Outlook: Scarcity vs Abundance in The Age of AI 268: AI's Latest Frontiers: An Investor's Perspective on Space, AI and Equity Opportunities 2026 market themes, AI investing, portfolio construction, capital markets, digital assets, tokenization, geopolitics This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
August 14, 202621min
Number 5: 255: The Rise of Private Markets: Access, Liquidity, and Portfolio Diversification
Private markets are moving from the sidelines of institutional portfolios into the mainstream of wealth management. As companies stay private longer and financing increasingly happens outside public exchanges, investors are beginning to rethink how broad the traditional investment universe really is. The shift is raising a new question for portfolios: should investors be looking beyond public markets to access the full range of opportunities across capital markets? In this episode of The Bid, host Oscar Pulido speaks with Jon Diorio, Head of Product and Alternatives for BlackRock’s U.S. Wealth Business, live from the Future Proof Citywide conference in Miami. Together they explore why interest in private markets has accelerated in recent years, how access for individual investors has expanded, and what’s driving greater adoption among financial advisors. They also discuss how private markets differ from public markets — including liquidity considerations, longer investment horizons, and the potential role of what’s often called an “illiquidity premium.” The conversation explores how private equity, private credit, infrastructure, and real estate investments may fit within diversified portfolios, why education and due diligence remain essential, and how the industry is evolving to integrate private assets more seamlessly into modern portfolio construction. Key insights from this episode: 00:00 Introduction 02:11 What are private markets and alternatives and Why Now? 03:09 Why companies are staying private longer 04:54 How access to private markets has expanded 06:46 Are Private Markets for Everyone? 08:33 Liquidity, time horizons, and the illiquidity premium 11:33 How advisors integrate private markets into portfolios 13:58 Challenges and due diligence in private markets 15:21 Next Steps and Wrap Up 16:59 Outro and Disclosures Sources: Bloomberg as at 12/31/2025, BlackRock US Wealth Survey Internal private markets investing, private equity, private credit, alternatives investing, portfolio diversification, capital markets, wealth management, investment strategies This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
March 27, 202618min