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.