BlackRock chief Larry Fink told CNBC on Friday that most people saving for retirement should have the bulk of their portfolios in stocks rather than bonds.
Investors even as old as 50 years old should mostly be in the stock market, he said.
Even with stocks at around record highs, people who buy into the market now will do better in equities than bonds over time, he added.
BlackRock is still “quiet bullish” on stocks at these levels, he said.
Despite that advice, investors poured into bonds in the latest quarter, Fink said.
He believes that’s happening because people are not good at market timing and therefore seek the safety of bonds.
Fink appeared on “Squawk Box” shortly after BlackRock, the largest asset manager in the world, reported better-than-expected quarterly earnings and revenue on Friday.
Total assets under management stand at nearly $6.3 trillion, slightly ahead of estimates.
Source : cnbc.com
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