There is a gentleman, named Larry Fink, who is considered the undisputed king of Wall Street. In fact, he is one of the most powerful people in global finance. He has also been an advisor to US presidents and prime ministers.
A small investment house was transformed by Fink into a financial empire representing the largest wealth manager in the world.
However, like many successful people today, he had a period where he hit rock bottom and found himself on the ground. He worked in First Boston, he was really into his career, then he and his co-workers suddenly lost $100 million.
After a bad period of two years, he left that company and had to start from scratch.
How did he manage to become the King of Wall Street after that lesson?
There is a very specific reason that he to make a come back after what he learned from that failure. Continue reading while I explain this magic to you
Now trust me, stay glued to your pc or smartphone, and listen to what this man has done. An amazing life.
Born in 1952 in Brooklyn, in a very modest neighborhood of the city. Fink is the second son of two Jewish immigrants who worked hard to support their family.
His mother was a housewife and his father mopped the floors of a department store. The parents never had the money to get Larry to college, but they wanted him to go to high school anyway.
Larry insisted he wanted to go to college and found a way to make it happen. He applied for an Army Scholarship that made $100 a month available to college students.
Fink attended the City College of New York, where he graduated with a BA in Sociology in 1974 and began his career as a financial analyst at the First Boston Corporation.
In 1981, Larry Fink and his collaborators lost $100 million in a single day. It was during the Latin American debt crisis, and investors were desperately trying to get out of that situation.
Many claimed that Fink and his co-workers took too many risks. It was the first lesson Larry learned: You can’t always win.
Even if you invest well, there is always the risk of losing everything. If you’re not prepared to manage risk, then you shouldn’t invest.
After this hard lesson, Fink realized he needed to change his approach to investing. He started focusing on risk management and analyzing the companies he wanted to invest in.
Instead of focusing on potential wins, he started focusing on possible losses.
This new approach earned him a promotion to First Boston, and in 1988, he was appointed CEO of the company.
Fink had a friendship with a Shearson Lehman Hutton banker and Ralph Schlosstein
For years they had been meeting in the morning to talk about the financial markets. One evening in 1987, they found themselves on the same flight from Washington to New York. It was at that moment that they decided to start a new company.
From that meeting, they began planning the company that would become the force that models financial stocks, aggregates investment portfolios, and analyzes all related risks.
In the beginning, BlackRock was a small company with only 12 employees. Fink had called back the best of his old collaborators.
Under the leadership of Larry Fink, the company has grown like wildfire.
Today, BlackRock is one of the largest asset management companies in the world, with over $10 billion in assets under management.
Larry Fink is considered to be one of the best investors in the world, and BlackRock is one of the most powerful investment firms in the world.
He managed to get started thanks to a loan of 5 million dollars and the sale of some offices where the Blackstone Financial Management company was born.
The first few years were positive for BFM, thanks to a moving bond market and pension funds that were attracted to the team led by Fink.
Larry Fink is one of the richest men in the world, with an estimated fortune of over $15 billion.
Thanks to BlackRock, he made huge amounts of money. Today, he is considered one of the best investors in the world.
But despite his wealth, Larry Fink is still very attached to his modest origins. He said he will never forget where he came from, and that his parents were his true inspiration.
“My dad taught me the value of hard work,” Larry Fink once said. “My mother taught me the value of family and community.”
These are the words of a man who has managed to overcome adversity and build a financial empire. A real American miracle.
Often when we care too much about a result we cheat ourselves. How do we screw ourselves? By not doing everything we can to win, letting fear hold us back.
It happens whether you want to move up in your company, you want to be an entrepreneur, invest money in finance, or when you want to win over a boy or a girl.
The best condition for achieving a goal is not to be afraid of losing it totally.
Larry had experienced defeat in his life when he lost the company’s capital company and then his job. He went from 100 to ZERO.
When he was at zero he understood that life goes on, that it had been the same without material possessions or colleagues or a job. He understood that he could start over and still create something extraordinary.
When you mentally experience these failures, you become aware that they are part of the process, you become freer to act towards your goals.
It made him a better investor, with more confidence in his talents, so much so that he created a company from scratch that has become the Numero Uno on the market.
Bravo Larry Fink!
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