re: BlackRock suffered $1.6 trillion in losses in 6 months

It’s not hard to understand if you know how the equity markets are structured. There’s no liquidity because there is inelastic demand for shares that are increasingly scarce. Mostly due to retirement flows and buybacks creating a self feedback loop that shits down active funds for passive funds. Vanguard did a rebalance in their largest retirement target date fund in 2014 out of US equities and into EM equities. Wall Street woke up to blue chip equities trading at $0 because there was no market for that many shares at once. There are other examples including in Shanghai when their “markets” were limit up for weeks every single day and then it crashed to $0 all at once when the first person hits sell.