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BMY’s Acquisition Strategy: Buying the Next Generation of Revenue Before Time Runs Out

Bristol Myers Squibb has a problem that every successful pharmaceutical company eventually faces: its biggest drugs will not remain exclusive forever. For years, products such as Eliquis, Opdivo and Revlimid generated enormous amounts of revenue. In 2025 alone, Eliquis brought in $14.4 billion, Opdivo produced $10 billion and Revlimid contributed another $3 billion. Together, those three drugs accounted for well over half of Bristol Myers Squibb’s $48.2 billion in annual revenue. ( Bristol Myers Squibb ) That kind of concentration is wonderful while the patents are intact and the prescriptions keep arriving. It becomes considerably less charming when generic and biosimilar competition begins circling the calendar. Revlimid is already declining sharply following the introduction of generic competition. Eliquis, which Bristol Myers shares with Pfizer, faces an approaching loss of exclusivity later in the decade. Opdivo’s competitive position will also become more difficult to defend over...
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BlackRock’s Private-Markets Expansion Could Change the Economics of the Company

BlackRock is already the largest asset manager in the world, but its latest expansion suggests that management is no longer satisfied with being known primarily as the company behind iShares exchange-traded funds and trillions of dollars in traditional portfolios. The firm is making an aggressive move into private credit, infrastructure, alternative investments, and financial data—businesses that could produce more revenue from each dollar under management than its massive index platform. That shift matters because BlackRock’s headline asset total has never told the entire economic story. Managing trillions of dollars in low-cost index funds creates enormous scale, but it does not necessarily produce equally enormous fees. An ETF charging a few basis points may attract billions in assets while generating less revenue than a much smaller private-market fund carrying a premium management fee and a share of investment performance. BlackRock’s push into private markets could therefore chan...

BlackRock Is Becoming Financial Infrastructure, Not Just an Asset Manager

For years, the easiest way to explain BlackRock was to call it the world’s largest asset manager. That description is still accurate. It is also becoming less useful. Calling BlackRock an asset manager today is a little like calling Amazon a bookstore. The original business remains visible, important, and enormously profitable, but it no longer captures the machinery being assembled around it. BlackRock does not simply manage portfolios. It supplies exchange-traded funds, risk software, portfolio accounting tools, private-market data, infrastructure investment platforms, private-credit capabilities, and access points connecting retirement savers, financial advisers, insurers, pensions, governments, banks, and corporations. That is not just scale. It is architecture. By the first half of 2026, BlackRock’s assets under management had reportedly reached a record $15.3 trillion. At that size, the familiar debate about whether the company is “too big” almost becomes a distraction. Size is o...

BlackRock and the ETF Revolution: What Happens When Scale Becomes the Moat?

When I first began paying attention to exchange-traded funds, I viewed them as financial plumbing. They were useful, efficient, and not particularly exciting. An ETF allowed me to buy a basket of securities without selecting every stock or bond myself, and that seemed like a sensible improvement over building a portfolio one company at a time. What I did not fully appreciate was that the plumbing would eventually become some of the most valuable infrastructure in global finance. ETFs have moved from the margins of investing to the center of it. They sit in retirement accounts, brokerage portfolios, institutional strategies, model portfolios, robo-advisory platforms, and short-term trading systems. They are used by people investing $50 from a paycheck and institutions moving billions of dollars before lunch. BlackRock, through its iShares franchise, has become one of the clearest beneficiaries of this transformation. By the end of 2025, BlackRock had approximately $14 trillion in total ...

Biotech Without the Binary Bet? Why ACADIA Is an Unusual Pharmaceutical Investment

I have a complicated relationship with biotech stocks. I love the science, the unmet medical needs, and the possibility that one successful medicine can change both patients’ lives and a company’s value. I am less fond of waking up to discover that a clinical trial missed its primary endpoint and half my investment has evaporated before I have located the coffee. That is the biotech bargain. Investors are invited to study molecular targets, trial designs, competitive landscapes, safety profiles, and regulatory pathways. Then a press release arrives at 7:00 a.m. and reduces years of careful analysis to one merciless word: met or missed. This is why ACADIA Pharmaceuticals catches my attention. ACADIA, which trades under the ticker ACAD, does not fit neatly into the familiar small-biotech stereotype. It is not a pre-revenue company living from financing round to financing round while asking shareholders to remain patient for another eighteen months. It already sells two FDA-approved medic...

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