Hot Reads: BlackRock’s Annual Letter Doesn’t Mention ESG

The 3 Letters Missing From BlackRock’s Letter: ESG (Barron’s) 
Larry Fink’s omission of “ESG” from his annual letter suggests a pivot, at least on the surface.  

ARK ETF Sees Biggest Inflow in Nearly 2 Years (The Wall Street Journal) 
The issuer’s flagship fund pulled in nearly $400 million Tuesday, its largest single-day inflow since 2021. 

Monitoring Volatility Regimes for Clues About Key Market Pivots (The Capital Spectator) 
It helps to manage expectations, especially in the task of deciding when and if market sentiment has gone too far in one direction or the other. 

ESG Investors’ Best Intentions Slam Into Oil Stocks (Bloomberg) 
Investing in a fund with an ESG label doesn’t necessarily preclude it holding energy companies. 

Why Silicon Valley Bank’s ‘Safe’ Investments Became a Problem (MarketWatch) 
What went wrong with SVB’s investment securities? Why it matters for markets and the Fed’s inflation fight. 

Schwab’s Sonders Expects Volatility, Rolling Recession (FA Magazine) 
The company’s chief investment strategist said her biggest concern over the next six to 12 months is contagion.