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BlackRock Bottom Line: BlackRock Investment Institute 2023 Midyear outlook

Wei Li
BlackRock Global Chief Investment Strategist


2023 has provided more evidence that we’re in a new, more volatile regime. As we look ahead to the rest of the year, we see abundant investment opportunities – but they’re different than those in the past.

Our 3 investment themes for the 2023 midyear outlook are: holding tight, pivoting to new opportunities and harnessing mega forces.

Holding tight is our first theme. In a world shaped by supply constraints, we see central banks being forced to keep policy tight to lean against inflationary pressures. This actually means macro might not always be our friend and this marks a shift from the low-rate environment that prevailed before the pandemic.

Our second theme is pivoting to new opportunities. Greater volatility has brought more divergent security performance relative to the broader market. We think that creates opportunities to generate returns by getting more granular with views and exposures.

The third theme is harnessing mega forces. These are structural changes we think could create big shifts in profitability across economies and sectors. They include the rise of artificial intelligence, the rewiring of globalization driven by geopolitics and the transition to a low-carbon economy, to name a few. The key here is to identify the catalysts that can supercharge them and whether all this is priced in today.

The bottom line is that, even in this more volatile regime, we think there are plenty of investment opportunities that can be captured by getting granular within asset classes and harnessing mega forces. 


This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of June 2023 and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this video content. As a result, viewers should be aware that the firm may have a conflict of interest that could affect the objectivity of this video.

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New regime, new opportunities

Wei Li, BlackRock Global Chief Investment Strategist, outlines our new investment themes that shape our investment outlook and where we see opportunities.

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