I think it’s indicative of what’s on the horizon economically.
Same reason Blackrock left all ESG BS.
They see what’s coming.
Correct - the old saw of “Well, if you need money, just sell some of the assets” having often been bad advice in the past (along the lines of ‘don’t eat the seed corn, idiot’) now has the giant added problem of the fact that under current economic conditions there’s nobody that can or will buy them and it is only going to get worse. Know someone in Australia who’s the heir to a huge fortune on paper - but it’s all tied up in real estate that cannot be sold and right now is not generating a lot of income due to economic and other (post-COVID) reasons. Lots of fun with their minimal cash flow at the current time.
Also, Blackrock is now having to make money instead of having enough to throw away - they are *hideously* exposed in the slow-motion Chinese real estate crash right now.