The Bid - An Investing Podcast from BlackRock

Sports and investing can both be shaped by small margins, repeated decisions and the balance between skill and chance. From tennis points to soccer matches and basketball shot selection, elite competition offers a useful lens for thinking about decision-making in capital markets.
In this episode of The Bid, host Oscar Pulido speaks with Ronald Van Loon, Portfolio Manager in BlackRock’s Global Fixed Income Group, about the connection between sports and investing. They examine hit rates, payoff ratios, teamwork, preparation and the role of process in fixed income portfolio management.
The discussion explores why a modest edge can matter when applied consistently, how different sports change the influence of chance, and why sports and investing both reward attention to probability, payoff and repeated opportunities. They also consider market volatility, stock market trends and the importance of continuous learning.
Check out the previous episode on tennis here: https://open.spotify.com/episode/061EZSj3afpDQd7lL1FJUF?si=diYmU2axTAS26i7IxccxhA
Key moments in this episode:
00:00 Introduction
01:42 Tennis Margins Compound - How small statistical advantages can compound across repeated decisions
05:17 Winning the Big Points - Why probability and payoff need to be considered together
07:55 Soccer Skill vs Chance - Where skill and chance differ across tennis, soccer and basketball.
09:49 Teamwork in Investing - How teamwork can support decision-making across complex fixed income markets
12:58 Olympics and Process - Why preparation and continuous learning remain central to a repeatable investment process
15:20 Basketball Expected Value - How basketball’s changing shot selection illustrates the concept of expected value
17:35 Three-Part Investor Framework
18:57 Closing and Next Episode
sports and investing, capital markets, fixed income, portfolio management, investment process, market volatility, stock market trends
Sources: Van Loon, R.J.M. 2021. “Long-Term Investing and the Frequency of Investment Decisions”, The Journal of Portfolio Management 47 (8): 86-104; Van Loon, R.J.M. 2021. “Investment Skill and Consistent Long-Term Alpha”, The Journal of Portfolio Management
This 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.
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2026 market themes have been shaped by geopolitical realignment, the physical demands of artificial intelligence and changing assumptions about diversification. Across markets, investors are confronting several plausible futures rather than relying on a single base case.
Host Oscar Pulido is joined by Stevie Manns, producer of The Bid, to revisit conversations with BlackRock leaders and external guests. Together, they connect insights on geopolitics, retirement, AI infrastructure, market concentration, portfolio construction, Asia, digital assets and tokenization.
The discussion explores how these subjects form a broader story about preparation. Listeners will hear why AI investing increasingly involves energy and physical infrastructure, how concentration is changing the character of major equity indexes, and why a more dynamic and granular approach may be relevant as capital markets evolve.
Key insights:
· How geopolitical shifts are influencing markets, supply chains and economic policy
· Why AI investing depends on power, data centers and infrastructure
· How stock market concentration can affect diversification assumptions
· Why portfolio construction may require multiple scenarios
· Where Asia and digital assets are broadening the opportunity set
· How tokenization could reduce friction in financial markets
Episodes featured:
246: Macro and Geopolitical Outlook - Live from Davos
248: Retirement Realities: Ask Me Anything With Jaime Magyera
250: Powering AI 2.0: Why The AI Boom is becoming an Energy Story
257: Beyond The Magnificent Seven: Discovering Equity Opportunities in the S&P 493
258: Portfolio Construction for A Changing World: Adapting to A Market Regime Shift
259: Cryptoassets At A Crossroad: Volatility, Adoption and Changing Market Perspectives
261: Why Are Global Investors Looking To Asia As An Investment Destination
264: Is Tokenization The Next Evolution of Financial Market Infrastructure
266: Midyear Outlook: Scarcity vs Abundance in The Age of AI
268: AI's Latest Frontiers: An Investor's Perspective on Space, AI and Equity Opportunities
2026 market themes, AI investing, portfolio construction, capital markets, digital assets, tokenization, geopolitics
This 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.

AI investing continues to shape markets as artificial intelligence (AI) moves beyond software and into the physical infrastructure of the global economy. From data centers and chips to space-based compute, autonomous trucks and humanoid robotics, the AI buildout is creating new questions about scarcity, supply chains and where value may accrue next.
In this episode of The Bid, host Oscar Pulido is joined by Tony Kim, Head of the Global Technology Team within BlackRock Fundamental Equities. Fresh from his 13th annual technology tour across San Francisco and Silicon Valley, Tony shares what he heard from leading innovators and how the AI conversation has evolved from model development to compute, infrastructure, physical AI and the changing shape of the technology stack.
Tony explains why AI investing may increasingly require looking across multiple layers of the ecosystem: the physical layer of power, chips, data centers and cloud infrastructure; the intelligence layer of foundation models; and the application and services layer where disruption remains a central question. The discussion also explores how AI is creating both scarcity and abundance, why data center demand is reshaping supply chains, and how countries and companies tied to the compute build-out may be positioned differently from more service-oriented parts of the market.

Check out our previous tech tour episodes with Tony Kim:
2025 - https://open.spotify.com/episode/6ffqOgM2CDbJGEoaWjgjIP?si=418fdf5f886c4f62
2024 - https://open.spotify.com/episode/3ruCZNZ7vHghypqwnQzslg?si=e62206f037df409b

Key moments in this episode:
00:00 Introduction
01:57 AI Wave Expands - How AI investing is expanding from model development into space, robotics and physical systems.
05:28 AI Goes To Space - How low Earth orbit satellites could create new forms of AI data and, potentially, new compute architectures.
07:51 Physical AI Adoption - Why autonomous vehicles, self-driving trucks and humanoid robots are part of the broader physical AI story
10:00 Rewiring The Internet
14:38 Where To Invest Now - How the shift in market value toward compute and model-centric companies is reshaping stock market trends.
18:55 Risks And Optimism
22:38 Wrap Up And What's Next on The Bid

AI investing, artificial intelligence, technology investing, capital markets, megaforces, data centers, robotics, stock market trends
Sources: BlackRock Fundamental Equities analysis of AI-related capex spending through 2030, as of July 2026; “How much does a GW of data center capacity actually cost” Investing.com, 2025; S&P Global Indices as at July 14th 2026
This 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.

Defense investing is rapidly moving from the margins to the center of capital markets as geopolitical fragmentation, rising global tensions, and technological innovation reshape how nations allocate resources. What was once viewed as a niche or even overlooked sector is now emerging as a critical pillar of global infrastructure and security.
In this episode of The Bid, host Oscar Pulido sits down with Rolf Heitmeyer, Head of Industrials in BlackRock’s Fundamental Equities Group, to explore the forces driving this shift in defense investing. They discuss the surge in global defense spending, the changing competitive landscape between incumbent contractors and new entrants, and how innovation - from AI-enabled systems to low-cost drones - is transforming modern warfare.
As geopolitical megaforces continue to evolve and technology reshapes security priorities, defense investing is becoming an increasingly relevant theme for investors seeking to understand the intersection of global politics, innovation, and markets.
Key moments in this episode:
00:00 Introduction
01:41 AI Spending Surge Explained
04:52 Tech Industry Shakeup Ahead
07:14 Attritable vs Exquisite
09:49 Scaling the Arsenal
11:32 Startup Innovation Tour
14:39 Defense in Portfolios
16:05 A Long Supercycle
17:13 Wrap Up and Disclosures
Defense investing, capital markets, AI investing, megaforces, geopolitical risk, stock market trends, defense technology
Sources: “Venture capital investment in defense tech surges while M&A activity slows” S&P Global March 2026; “Over 11,000 munitions in 16 Days of the Iran War: ‘Command of the Reload’ Governs Endurance” RUSI, March 2026; Department of War Statistics; Data from BlackRock Fundamental Equities as of April 2026.
This 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.

Artificial intelligence continues to reshape economies and markets, but its rapid expansion is also exposing new constraints across energy, infrastructure, labor, and capital. As investors navigate an increasingly complex landscape, the debate has shifted from AI's potential to the practical realities of building the systems that support it.
In this episode of The Bid, host Oscar Pulido speaks with Jean Boivin, Head of the BlackRock Investment Institute, about BlackRock's 2026 Midyear Outlook. Together they examine the report's central theme - scarcity versus abundance - and discuss how AI, higher capital requirements, geopolitics, and structural economic changes are influencing today's investment landscape.
Jean explains why today's market environment is defined by multiple competing outcomes rather than a single base case, introducing the concept of "polyfurcation." He also explores the evolving AI investment opportunity, the importance of infrastructure, the role of tactical portfolio construction, and why investors may need to rethink traditional diversification as megaforces continue to reshape markets.
Key insights
How AI is creating both new opportunities and new economic constraints
Why scarcity has become a defining macroeconomic theme
How "polyfurcation" changes the way investors think about uncertainty
Why infrastructure is becoming central to the AI investment story
How portfolios may evolve beyond traditional asset class diversification
Where investors are focusing as AI continues to reshape global markets

AI investing, Midyear Outlook, capital markets, infrastructure investing, megaforces, stock market trends, artificial intelligence, global economy
Sources: BlackRock Investment Institute, Midyear Outlook 2026
This 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.