BlackRock CEO warns: "Stock market could fall 20% but long-term it's a buying phase"

Larry Fink, CEO of BlackRock, the world's largest asset management company, said in a speech at the New York Economic Club on Monday (US time) that he would not rule out the possibility of the stock market falling another 20%, but that the current downturn is a buying opportunity rather than a selling opportunity in the long term. "There is a possibility of further declines, but in the long term I think it is more of a buying opportunity than a selling opportunity," he said, pointing out that the current situation does not pose a systemic risk (a crisis that spreads to the entire financial system).

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