Jim Cramer is considering investing in BlackRock, the largest asset manager in the world, and is adding it to our watch list.
BlackRock’s shares hit a record high after exceeding analysts’ expectations in their third-quarter earnings. The company also reported $11.5 trillion in assets, boosted by strong market inflows. CEO Larry Fink mentioned that they added $2 trillion in assets over the last five years, equating to the size of the sixth-largest asset manager.
The financial sector has started releasing quarterly earnings, with strong results from BlackRock and Wells Fargo. Morgan Stanley is reporting next week. The market has been volatile due to prolonged high-interest rates, leading to speculations about the Federal Reserves next moves.
BlackRock’s impressive results make it a candidate for investment. Despite recent gains of over 12% for BlackRock, Cramer believes there’s still potential for further growth. He expressed regret for not investing sooner while focusing on Wells Fargo and Morgan Stanley, noting that he prefers not to rush decisions.
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