The Bid - An Investing Podcast from BlackRock

Building a balanced portfolio can feel challenging when markets are volatile, artificial intelligence is reshaping investment opportunities, and financial priorities change throughout our lives. Whether you're just starting to invest or have years of experience, understanding how to manage risk, identify opportunities and stay focused on long-term goals is an important part of investing.
In this Ask Me Anything episode of The Bid, host Oscar Pulido is joined by Kristy Akullian, Head of Global Portfolio Solutions Investment Strategy for the Americas at BlackRock, to answer investing questions submitted by listeners. From building wealth in your 20s and 30s to understanding bonds, futures and AI investing, Kristy explores the fundamentals of constructing a balanced portfolio and navigating changing market conditions.
The conversation examines why time in the market can matter more than trying to time the market, how bonds can help diversify investment risk, and what investors should consider when evaluating AI-related companies. Kristy also discusses how growing AI investment may affect other sectors of the economy and why financial discipline and diversification remain important when building a balanced portfolio.
Key moments:
00:00 Introduction
01:25 Start Early Build Wealth
03:06 Money Milestones In Your 30s
04:49 Staying Calm In Volatility
07:01 Bond Basics And Rates
09:53 Futures Explained Simply
12:32 Spotting Real AI Winners
15:00 AI Spending And Crowding Out
17:06 Biggest Investor Mistake
17:54 Wrap Up
Check out our last AMA on Inflation: https://open.spotify.com/episode/2YTm1J6svA9jQyEv2lHW3i?si=ZRtwEOWqT4-seACexh0tgA
And our AMA playlist on Spotify: https://open.spotify.com/playlist/0B8t7mrdFSHHbeio92Tmlx
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Sources: Bloomberg 2026
balanced portfolio, market volatility, investing for beginners, long-term investing, AI investing, bond investing, portfolio diversification, financial planning
Written Disclosures: 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 the names of each company mentioned is merely for explaining the investment strategy and should not be construed as investment advice or recommendation. 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.

Global equity markets have delivered strong returns in recent years, fueled by corporate earnings growth, the expansion of artificial intelligence, and trillions of dollars in technology investment. But with a relatively small group of companies accounting for much of the US stock market's performance, questions are emerging about market concentration, the sustainability of the AI rally, and the opportunities that may exist beyond technology. As investors assess the outlook for global equities, could the next phase of market growth look different from the last?
In this episode of The Bid, host Oscar Pulido is joined by Carrie King, Global Chief Investment Officer of Fundamental Equities at BlackRock, and Alex Brazier, Global Head of Investment and Portfolio Solutions at BlackRock, to explore what's driving global equity markets and how investors are approaching diversification. Together, they examine the relationship between corporate earnings and stock market returns, the scale of investment in AI infrastructure, and the changing dynamics influencing equity valuations across regions and sectors.
Key insights from this episode:
0:00 Intro - Equities Run Explained
02:12 Investor Sentiment Split
03:36 AI Trade Volatility
05:39 US Returns Drivers
07:49 Capex and ROI Proof
10:18 Diversifying Beyond AI
15:06 Value Picks Outside AI
18:15 Global and EM Angles
20:47 Portfolio Ideas and Wrap
Check out this episode with tech portfolio manager Tony Kim as he takes us inside the latest investment trends coming out of Silicon Valley: https://open.spotify.com/episode/7IhSnj8Q4YJ4Tz3AWmss8H?si=7972ef06a4d44ae2
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global equities, stock market trends, AI investing, portfolio diversification, market concentration, corporate earnings, emerging markets, capital markets
Sources: Bloomberg as of Oct 2026; Fundamental Equities analysis with monthly data from FactSet measured from Nov. 30, 2022, to Sept. 30, 2026; BlackRock Fundamental Equities Global Technology team, September 2026.
Written Disclosures In Episode Description: 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.

Retirement planning is being transformed around the world. As people live longer, traditional pension systems evolve and governments face growing financial pressures, individuals are taking on greater responsibility for their retirement savings and income. But with no single global model for retirement, what can different countries learn from one another?
In this episode of The Bid, host Oscar Pulido is joined by Casie Maurer, Head of US Defined Contribution at BlackRock, and Helen Lees-Jones, EMEA Head of Global Consultant Relations and Institutional Strategy at BlackRock. Together, they explore how retirement systems are changing across the US, UK, Germany, Australia and Mexico, and how policymakers, employers and the financial services industry are responding to the challenges of an aging population.
From the evolution of 401(k) plans and automatic enrollment to the growing importance of retirement income, the conversation examines how different markets are approaching retirement planning. Casie and Helen discuss the shift from traditional defined benefit pensions toward individual retirement responsibility, the role of capital markets in supporting long-term savings, and why the next phase of retirement innovation may be less about accumulating assets and more about providing financial security throughout retirement.
Key moments from this episode:
00:00 Introduction
02:37 Why Retirement Systems Are Changing
04:15 Individual Investors Take the Wheel
06:34 UK vs Germany Models
09:18 Lessons From Reform
10:46 Next Phase of 401k plans
13:26 Australia and Mexico Comparisons
16:03 Holistic Lifetime Planning
19:32 Personal Pension Future
21:17 Closing Thoughts
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Sources: 2026 BlackRock’s Read on Retirement survey; OECD Pensions Report 2025; “Investing In The UK Economy”, House of Commons Report 2025; “Department for Workplace Pensions”, UK Department for Work and Pensions Report 2025; UK Census 2021; United Nations population data
retirement planning, retirement income, pension systems, retirement savings, 401(k) plans, global retirement trends, capital markets, personal pensions
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.

Geopolitical tensions are increasingly reshaping the global economy. Defense spending is rising, energy security has returned to the policy agenda, and competition over artificial intelligence and critical technologies is becoming an increasingly important part of national security. At the same time, conflicts and supply chain disruptions are exposing vulnerabilities in an interconnected global system.
In this episode of The Bid, host Oscar Pulido speaks with Anna Parker, part of the Geopolitical Research and Strategy team at BlackRock, and Yasmin Meissner, portfolio manager for Thematic Strategies at BlackRock. Together, they look beyond short-term geopolitical headlines to explore what BlackRock calls the “resilience economy”—the growing focus on strengthening security and reducing strategic dependencies across energy, defense and technology.
Anna examines how geopolitical shocks are changing the global energy system and why countries are investing in greater resilience. Yasmin explores the transformation underway in defense, from autonomous systems and counter-drone technology to software and space. They also discuss the geopolitical competition surrounding AI, the push for technology sovereignty, and why strategic choke points including rare earths, semiconductors and energy infrastructure could have increasingly important implications for global markets.
Episode Chapters
00:00 Introduction
02:44 The Global Resilience Economy Thesis
05:51 Investing Across Three Pillars
08:01 Energy Shock Lessons
11:18 Building Future Energy Resilience
12:35 Defense Innovation Tour
16:32 Modernizing Military Software
17:56 AI Sovereignty and Supply Chains
22:13 Choke Points to Watch
24:56 Key Takeaways and Wrap
Key insights
· Why geopolitical fragmentation is reshaping the global economy and increasing the focus on resilience.
· How energy security is evolving as countries respond to geopolitical shocks and vulnerabilities in global supply.
· Why defense technology is changing, from autonomous systems and counter-drone capabilities to software and space.
· How AI is becoming part of geopolitical competition and driving greater focus on technology sovereignty.
· Where strategic choke points are emerging across rare earths, semiconductors and energy infrastructure.
· What the resilience economy could mean for investors as capital flows toward energy, defense and technology.
Check out our previous episode on defense with Rolf Heitmeyer: https://open.spotify.com/episode/6QebK6raugH9Vr80NHO5Oi?si=x7fzE0kqSlSvFiqpxdq3HQ
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geopolitics, defense investing, energy security, artificial intelligence, geopolitical fragmentation, resilience economy, technology sovereignty, global markets
Sources: “We can buy more weapons. We can’t buy more time,” Defense One, 2026; “Anduril, Department of War Sign Production Agreement for Surface-Launched Barracuda-500M,” Anduril, 2026; “Background Briefing on FY 2026 Defense Budget,” U.S. Department of War, 2025; “FY 2027 Defense Space Budget: Dramatic and Targeted Growth,” Center for Space Policy and Strategy, The Aerospace Corporation, 2026; “Technological Evolution on the Battlefield,” Center for Strategic and International Studies (CSIS), 2025; “Results of Ukraine’s Defense Industry in 2025: FPV Drones,” National Security and Defense Council of Ukraine, 2026; “Leonidas High-Power Microwave: Directed Energy for cUAS, cUAS Swarms, Counter Electronics,” Epirus; “Estimating the Cost of Combat Operations Against Iran,” Congressional Budget Office, 2026; “Global Data Centre Outlook 2026-50: Malaysia Key Findings,” PwC, 2026; “Cloud Computing,” European Commission, 2026; “Oil markets strain to plug the gap left by Middle East supply shortfall,” International Energy Agency (IEA), 2026; “IEA Member countries to carry out largest ever oil stock release amid market disruptions from Middle East conflict,” International Energy Agency (IEA), 2026; “Middle East Crude Oil Exports Back at Prewar Levels, Analysts Say,” The Wall Street Journal, 2026; “Why oil prices haven’t gone crazy despite 5 months of US-Iran war,” Reuters, 2026; “Sheltering from Oil Shocks: Measures to Reduce Impacts on Households and Businesses,” International Energy Agency (IEA), 2026; “Trends in World Military Expenditure, 2025,” Stockholm International Peace Research Institute (SIPRI), 2026; “Impacts of Middle East conflict set to reshape energy investment plans as disruptions put focus on security,” International Energy Agency (IEA), 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.

Tokenized cash is emerging as one of the most tangible applications of tokenization in financial markets. While much of the attention around digital assets has focused on cryptocurrencies, a broader transformation is taking place behind the scenes as blockchain technology begins to change how cash moves, settles and operates across the financial system.
In this episode of The Bid, host Oscar Pulido speaks with Beccy Milchem, Global Head of Cash Distribution and Head of the International Cash Management business at BlackRock, about what tokenized cash actually is and why it is moving from concept toward real-world use. They break down the differences between cryptocurrencies, stablecoins, tokenized deposits and tokenized money market funds — and explore why the distinction matters as digital assets become a bigger part of the financial ecosystem.
Beccy also explains how tokenization could modernize the infrastructure underpinning capital markets, from faster settlement and around-the-clock cross-border payments to programmable transactions and potentially more efficient management of working capital. The conversation explores how digital wallets could evolve as more traditional assets become tokenized, why cash is playing an early role in this transition, and how regulation, interoperability and broader adoption could determine the pace at which tokenized finance develops.
Episode chapters:
00:00 Introduction
02:31 What Is Tokenized Cash
03:47 Crypto Stablecoins Explained
07:14 Why Now For Tech Regulation
09:15 Broken Payment Plumbing
10:54 Programmable Money And AI
13:05 Digital Wallet Adoption
15:40 Global Rollout Currencies
17:05 Mainstream Tests
19:01 Wrap Up And Disclosures
Check out our previous episode on tokenization with BlackRock COO Rob Goldstein: https://open.spotify.com/episode/3U90eOH07t94CI0fw1JCtn?si=41cae3f7090d4cb5
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Tokenized cash, tokenization, stablecoins, digital wallets, money market funds, blockchain, capital markets, digital assets
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.