First of all, Larry, very welcome on to this podcast. We're absolutely thrilled an honor to have you on.

Now, I thought the Norwegian sovereign wealth fund was pretty big until I saw that you guys have

six times as much money as we have.

So how do you think about the size of BlackRock?

Well, let me start up and say, the money that you manage is all your money.

The money I manage, none of it's our money.

So I start with that foundation.

I always have started that our job is So I start with that foundation.

All of us have started that our job is to be a fiduciary to every client.

Whether that client is giving us $1,000 of their savings or a large fund that's giving us tens of billions of dollars of money to manage, we have to treat them the same.

We have to be thoughtful about, you know, what are

they looking to do? You know, we're not a firm that people are going to invest in us as they're

interested in short-term trades. That's what a hedge fund for. We have hedge funds at a firm,

but generally, I would think of Black Rock is somebody where from

small investors to large investors come to Black Rock with the idea that we could give them

better contextual knowledge to help them formulate a decision as to where do they want to put

their money and how should that be managed and organized?

But even though Larry, the funds, the assets are not yours, it gives you as a firm an enormous influence.

And how do you want to use that influence?

The last thing I ever want to do is use my personal opinions, my personal feelings on how we invest.

That's not my fiduciary responsibility.

Where we could use our knowledge is helping clients formulate a strategy, a portfolio, a desire. We believe that, let's just talk about the energy

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