RWH038: The $2.6 Trillion Man w/ Rick Rieder

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 24 December 2023

⏱️ 114 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this rare, in-depth interview, William Green chats with super investor Rick Rieder, who oversees about $2.6 trillion at BlackRock, the world’s largest asset manager. Rick, who probably manages more money than any other investor on Earth, has an enormous range of responsibilities: he’s BlackRock’s chief investment officer of Global Fixed Income, head of the firm’s Global Allocation Investment Team, and chairman of the firm-wide BlackRock investment council. A true titan of the investing world, he recently won Morningstar’s 2023 award for Outstanding Portfolio Manager. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 05:57 - What Rick Rieder learned from a disastrous early investment. 24:43 - Why he focuses relentlessly on leverage, liquidity, & cashflow. 40:13 - How access to vast amounts of data gives him an edge. 43:27 - How he distinguishes meaningful news from meaningless noise. 49:13 - Why he gets grumpy in bull markets & relishes periods of dislocation. 55:49 - What great investors like Ray Dalio & David Tepper have in common. 57:46 - How Rick views the current economic outlook. 1:03:16 - How to take advantage of the “incredible blessing” of high bond yields. 1:13:31 - How he operates on 4 ½ hours of sleep. 1:16:00 - Why he loves to trade in the middle of the night. 1:19:34 - How he handles extreme levels of stress & responsibility. 1:24:40 - How he’s maintained a happy family life, despite a fanatical work ethic. 1:30:36 - Why his hero is Cal Ripken, the Iron Man of baseball. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Rick Rieder’s article on “The Fixed Income Opportunity for 2024”. Rick Rieder’s Strategic Income Opportunities Fund. Rick Rieder’s Total Return Fund. Follow Rick Rieder on X (AKA Twitter). William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. William Green’s podcast interview with Ray Dalio | YouTube video. Follow William Green on X (AKA Twitter). Check out all the books mentioned and discussed in our podcast episodes here. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River AlphaSense Wise NetSuite American Express Business Gold Card Toyota Ka'Chava Babbel Glengoyne Whisky Efani Noble Gold Investments Salesforce Vanta Alto Shopify Masterclass HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to TIP.
0:03.0	Hi there, welcome back to the Richer Weiser Happier podcast.
0:06.0	Today's episode is a special treat.
0:09.0	Our guest is Rick Reader, who's one of the world's most important investors. Rick is responsible for a
0:14.8	staggering 2.6 trillion dollars in assets at Black Rock which means that he might
0:20.3	actually be managing more money than any other investor on earth.
0:24.0	He has an enormous range of responsibilities at Black Rock, which is the world's largest asset manager.
0:29.8	Among other things, he's the firm's chief investment officer of global fixed income, overseeing
0:35.0	a team of something like 350 people.
0:38.2	He's also head of the firm's global allocation investment team.
0:42.1	He's a member of Blackrock's Global Executive Committee and he's
0:45.2	chairman of the Firm Wide Blackrock Investment Council.
0:48.9	He also manages some colossal funds, including the $18 billion total return fund, and the $36 billion strategic
0:56.5	income opportunities fund.
0:58.3	In case you're wondering, his investment performance has been so strong that Morningstar recently awarded him its
1:04.5	2023 Outstanding Portfolio Manager Award. What kind of person could
1:09.4	actually handle this amount of responsibility and pressure and stay on top of it all.
1:15.0	Well, as you'll hear in this conversation, Rick is extraordinarily intense,
1:20.0	even by the standards of the world's most successful investors.
1:23.4	After something like 36 years of working on Wall Street,
1:26.9	his level of energy and his sheer will to succeed
1:30.7	are as strong as ever. This is a guy who as you'll hear prides himself on getting up at
	...

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