Our guest this week is Mike Pyle of BlackRock. Mike is managing director and deputy head of the Portfolio Management Group, which encompasses BlackRock’s fundamental and systematic investing teams across fixed income, equities, and multi-asset. He has also served as BlackRock’s chief investment strategist and portfolio manager of the Tactical Asset Allocation Team. Prior to and in between stints at BlackRock, Mike served extensively in government. He held economic policy roles in both the Obama and Biden administrations, participating in summits and negotiations. Mike holds degrees from Dartmouth, Yale, and Cambridge.

Background

Bio

BlackRock Global Equity Market Neutral Institutional BDMIX

Tariffs, Policy, and Hedge Funds

“US Resilience Has Been Underestimated: BlackRock’s Pyle,” video interview, Bloomberg.com, May 13, 2025.

“Global Macro Matters: The Hidden Power of Smarter Macro Hedge Fund Allocations,” by Raffaele Savi, Phil Green, Michael Pensky, Stephanie Lee, Ronald Kahn, Michael Pyle, and Shams Orr-Hruska, blackrock.com, 2025.

“More Room for Hedge Funds,” by Vivek Paul, Jeff Shen, Pierre Sarrau, Devan Nathwani, BlackRock.com, Aug. 20, 2025.

Artificial Intelligence and Dispersion

Mike Pyle’s video on AI-related investment on LinkedIn

“At the Frontier: Insight on AI Technology Stocks,” by BlackRock, advisorperspectives.com, Sept. 15, 2025.

“Equity Market Outlook: Q3 2025,” BlackRock.com.

“Alpha Reimagined: How Big Data, AI and the Human Element Can Combine to Better Pursue Consistent Alpha,” BlackRock.com.

Other

Larry Fink’s 2025 Annual Chairman’s Letter to Investors

Mike Pyle: Looking for Uncorrelated Sources of Return

The Long View