Larry Fink's Annual Chairman's Letter to Investors
BlackRock's founder and CEO writes an annual letter on capital markets, retirement and corporate governance. Read it for what the largest asset manager wants companies and governments to hear.
Free to read
Larry Fink's annual letter is a statement of priorities from the firm that votes more shares than almost anyone. For years it was addressed to the CEOs of companies BlackRock invests in, and letters such as A Fundamental Reshaping of Finance (2020), on climate risk, and The Power of Capitalism (2022), on stakeholder capitalism, set off wide debate in boardrooms and in politics. More recent letters are addressed to BlackRock's own investors and focus on capital markets, infrastructure and retirement.
The 2026 letter argues that more economic value is now created in capital markets, that the gains are reaching too few people, and that broader ownership through retirement systems and modernized markets is the answer.
The letters are not research, and they double as positioning for BlackRock's business. Read them that way: each one tells you which themes BlackRock is building products and lobbying around, and the archive shows how the firm's public stance on ESG and governance shifted over a decade.
Start with
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1
Larry Fink's 2026 Annual Chairman's Letter to Investors
The current letter, on broadening ownership of capital markets.
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2
Larry Fink's 2020 Letter to CEOs: A Fundamental Reshaping of Finance
The most debated letter of the series, which put climate risk at the center of investment risk.
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3
Larry Fink's 2022 Letter to CEOs: The Power of Capitalism
Fink's defense of stakeholder capitalism at the height of the ESG debate.