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In this issue

“I don’t identify as powerful” - BlackRock CEO Larry Fink on overseeing more than $5 trillion.. Mexico’s Big Oil Secret - The Hacienda hedge is “the deal that all banks wait for each year”. The Math Behind Futility - An overlooked statistical concept shows why beating benchmarks is so hard. A Reformist Returns - Can Indonesia’s second-chance finance minister recharge the economy? The New Bond Kings - Exchange-traded funds are transforming the fixed-income business.

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