Larry Fink's 2026 annual chairman's letter to investors

About this letter

Larry Fink, chief executive of BlackRock, writes an annual chairman's letter to investors, and this is the 2026 edition, titled Growing with your country: Thoughts from a long-term optimist. He presents it as a distillation of a year of conversations with clients, employees, world leaders, chief executives and people saving for retirement, and as part of his duty to BlackRock's shareholders and clients.

The letter is an essay rather than a results report. Fink draws on his parents' experience as modest savers in the 1950s and 1960s, his father owning a shoe store and his mother teaching English, to argue for broader ownership of financial assets. He sets out the forces behind his concern, then gives examples of ways to widen market participation, from emergency savings and accounts opened for children at birth to proposals touching Social Security and Australia's superannuation system. He also argues for energy pragmatism and closes with a section on BlackRock's own work with clients.

What to notice

1. 1

   Fink argues staying invested beats market timing, noting that missing the ten best days over two decades more than halved S&P 500 returns.