The Bid

Jon Diorio, Head of Product and Alternatives at BlackRock U.S. Wealth, talks private markets and alternative investments in plain terms. He explains why companies stay private longer and how access has widened for individual investors. He covers liquidity differences, longer time horizons, and how private assets can be slotted into portfolios. He also flags the need for due diligence and better advisor tools.

Conversations about why traditional diversification struggles in an AI-driven, high-volatility world. Discussions of private markets, infrastructure and the tradeoffs between liquidity and long-duration opportunity. Overviews of hedge fund and systematic strategies that hunt dispersion. Exploration of gold, bitcoin and digital assets as alternative monetary diversifiers.

Sam Vecht, a BlackRock emerging markets portfolio manager with on-the-ground experience, and Alex Brazier, BlackRock’s global head of investment and portfolio solutions, discuss why emerging markets have regained investor attention in 2026. They explore dispersion across countries and sectors. They highlight under-owned regions like Latin America and parts of the Middle East, AI-related exposures, and how investors are accessing EM through selective, active approaches.

Lisa Yang, Portfolio Manager and Co-Head of BlackRock’s Consumer Industry Group, tracks retail and consumer shifts. She breaks down a K-shaped U.S. consumer with higher-income households driving growth. She highlights why discounters and affordable luxury are winning. She explores how GLP-1s change food and apparel demand. She explains AI-driven agentic commerce and its impact on retail discovery and advertising.

Sandra Lawson, BlackRock corporate affairs leader analyzing labor-market impacts of infrastructure and AI. Claire Chamberlain, BlackRock social impact chief focused on workforce development and training pathways. They discuss the $85 trillion infrastructure demand, which trades are needed, apprenticeship-based paid training, supply-demand imbalances, and how philanthropy and partners can scale pathways to skilled-trade careers.

Will Su, a BlackRock fundamental equities analyst focused on AI and energy, explains how AI’s growth is becoming an electricity and infrastructure story. He discusses why bigger models and inference drive surging power needs. He outlines data centers at city scale, the rise of bring-your-own-power and natural gas, and where renewables, storage, and nuclear fit into the build-out.

Jay Jacobs, Head of U.S. Equity ETFs at BlackRock, brings quick, market-focused perspective. He explores AI as a usage-driven story, the rising role of infrastructure and its physical constraints, and how geopolitical fragmentation is reshaping defense and supply chains. Short, sharp takes on where thematic forces may concentrate capital in 2026.

Jaime Magyera, Head of BlackRock’s U.S. Wealth Advisory and Retirement Businesses, offers practical retirement planning expertise. She reframes retirement as a transition. She stresses starting early, staying invested, and keeping plans flexible for non-linear careers. She discusses succession and retirement plans for small business owners and how professional advice differs from social media tips.

Mike Pyle, Deputy Head of BlackRock’s Portfolio Management Group and investment strategist, breaks down hedge fund strategies and their evolving role. He explains flexibility like long/short and derivatives. He debunks risk myths and highlights low correlation as a diversification tool. He also discusses why rising macro volatility and wider accessibility are driving renewed investor interest.

Global markets are entering 2026 amid heightened geopolitical uncertainty, structural shifts in the global order, and rapid technological change. Recorded live from the World Economic Forum in Davos, this episode of The Bid examines the macroeconomic and geopolitical forces shaping the year ahead.Host Oscar Pulido is joined by Philipp Hildebrand, Vice Chairman of BlackRock, and Tom Donilon, Vice Chairman of BlackRock and Chairman of the BlackRock Investment Institute. Drawing on conversations with political leaders, policymakers, and business executives in Davos, they reflect on an evolving geopolitical landscape and its implications for markets, governments, and global cooperation.The discussion explores how shifts in U.S. policy are reshaping alliances — particularly between the United States and Europe — and why this period may mark a broader transition away from the post–World War II global framework. Philipp outlines the pressures facing Europe, while Tom examines how national security considerations are increasingly shaping economic policy, trade, and global investment flows.Artificial intelligence emerges as a central theme, viewed both as an economic driver and a geopolitical force. The episode considers AI’s role in national security competition, the growing importance of data centers and energy infrastructure, and how concerns around sovereignty, critical minerals, and societal impact are elevating AI from a technological issue to a political one.Key insights·      How current geopolitical developments are reshaping the global outlook entering 2026·      Why Davos remains a key forum for understanding policy and market sentiment·      Where Europe’s macroeconomic challenges and opportunities are most pronounced·      How AI is increasingly intersecting with geopolitics and national security·      What recent U.S.–Europe tensions reveal about future global cooperation·      How investors and policymakers are interpreting uncertainty in today’s environmentGeopolitics, global macro outlook, Europe economy, World Economic Forum Davos, AI and geopolitics, global markets, policy uncertaintyThis content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.