CHICAGO -- Just last month BlackRock’s Bob Doll told a room full of almost 2,000 advisers at the IMCA Annual Conference in Las Vegas that he believes the U.S. will continue to outperform developing markets and outperform Europe and Japan. “Investors should be overweight the U.S.” he said.

On Friday, at the Morningstar Investment Conference in Chicago the CEO of BlackRock, Laurence Fink, said U.S. economic growth could be slashed 1% a year for the next 10 years if the deficit is cut by $4 trillion as proposed. Even without deficit cuts, Fink predicts the US economy will only grow 2% to 3%, or even 1.75%, over the next five to 10 years, below the 3% to 5% expected globally. The economy has weakened, he added.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.