‘I screwed up’: Larry Fink lost $100M in a single quarter, got pushed out, and built BlackRock on top of the wreckage
Larry Fink, the CEO of BlackRock, once made a costly mistake that resulted in $100 million in losses for his trading firm, First Boston Corporation. Now, BlackRock manages over $15 trillion in assets. In the second quarter of 1986, Fink's desk lost $100 million due to interest rates failing to rise as expected. This led to Fink being ousted from First Boston in 1988.
Despite this setback, Fink went on to found Blackstone in 1989, which has since become a major player in the financial industry. Fink attributes his success to a mindset of perpetual learning and improvement.
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