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  "documentTitle": "BlackRock (BLK)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona & Marco Taricco",
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  "notes": "Uses a 'before-after' framing to debunk a corporate narrative by splitting the timeline at the BGI deal announcement.",
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      "text": "BlackRock omits to say that the outperformance relative to the S&P500 stopped with the BGI deal 15 years ago.",
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      "text": "BlackRock TSR: From BGI Deal Announcement to Today",
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      "text": "Total Shareholder Return: $9,197",
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      "text": "BlackRock constantly says to have delivered since the IPO (30 Sep. 1999) outstanding returns to shareholders vs. S&P500, however BlackRock omits to say that the outperformance relative to the S&P500 stopped with the BGI deal 15 years ago.",
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      "text": "Source: 2024 BLK Investor letter, rebuilt with Bloomberg data in USD, assuming dividend re-investment in the stock, from IPO (30/09/1999) till 31/12/2023 - levels rebased to $100.",
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      "text": "The last myth on BLK over-performance: a story of two tales",
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