Saturday, 22 October 2016
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Apr 23 2014 | 9:25am ET
The world’s biggest money manager doesn’t think much of the hedge funds he blames for selling down technology stocks.
BlackRock CEO Laurence Fink said the sell-off was driven by “fast-money hedge funds” with oversized positions and did not reflect the true value of the battered shares. Indeed, he said, it offered an opportunity to buy-and-hold investors to increase their stakes.
“Long-term investors have not been spooked by this volatility, but shown a remarkable resilience in attitude,” he told the Financial Times. “Much of the volatility was fast-money hedge funds repositioning their trades.”