by = from

[Baker, John]

        Well, in fairness to BlackRock, it would also be accurate to say that iShares are "sponsored by BlackRock."  "Sponsored" is a bit vague in its precise meaning, but it generally is understood to mean that the sponsor designed and created the fund, which in this case would be an accurate statement.  I tend to think that it's more important who manages a fund than who sponsors it, but I can see the contrary argument, especially in the case of index funds such as iShares.

        I think it's fair to ask, in a case like this, what the tag line is trying to tell us.  Three possibilities come to mind:

        1.      It's purely informational, letting potential investors know of the connection between iShares and BlackRock.  While this actually is useful and neutral information, a purely informational statement probably would have used more precise language.

        2.      It's attempting to burnish the image of iShares by associating it with BlackRock.  This seems the obvious interpretation.  Still, why should the average investor care?  Since the iShares funds are index funds, they follow a mechanical and fully disclosed investment strategy that has already been locked in place.  An investor probably should just figure which index funds best match his or her investment goals, then choose whichever one of those has the lowest expenses.

        3.      It's attempting to burnish the image of BlackRock by associating it with iShares.  I wouldn't rule this one out.  BlackRock is the largest money manager in the world, with $3,512,681,000,000 under management as of December 31 (I just happen to have the latest issue of Pensions & Investments handy), but it's a relatively young firm and its public image is not commensurate with its size.

        Incidentally, that number looks unreasonably large to me.  What was the price of the Louisiana Purchase?  I feel like adding "and 16 cents," which was always part of the number whenever the value of Scrooge McDuck's fortune was stated.


John Baker



-----Original Message-----
From: American Dialect Society [mailto:ADS-L at LISTSERV.UGA.EDU] On Behalf Of Jonathan Lighter
Sent: Thursday, November 01, 2012 12:53 PM
To: ADS-L at LISTSERV.UGA.EDU
Subject: Re: by = from

So the situation is even dumber or more evil than I thought.

To say "by BlackRock" (it's so clever when they run words together) implies
(to me) that iShares is like a poem or a drama or a musical composition. A
veritable work of art.

For which BlackRock is solely responsible as designer and creator.  John
shows otherwise.

At least "*from* BlackRock" would suggest no more to the cynical ad-watcher
than that BR is somewhere in the mix when the iShares appear. Others would
simply assume that BR is entirely responsible. "Managed by BlackRock" just
sounds boring, no matter how great BR might be.

But that's show biz.

JL

On Thu, Nov 1, 2012 at 12:32 PM, Baker, John <JBAKER at stradley.com> wrote:

> ---------------------- Information from the mail header
> -----------------------
> Sender:       American Dialect Society <ADS-L at LISTSERV.UGA.EDU>
> Poster:       "Baker, John" <JBAKER at STRADLEY.COM>
> Subject:      Re: by = from
>
> -------------------------------------------------------------------------------
>
> Actually, BlackRock (specifically, BlackRock Fund Advisors, a subsidiary
> of BlackRock, Inc.) is the investment adviser to the iShares family of
> exchange-traded funds, so when the ad says "By BlackRock" it really means
> "Managed by BlackRock," not "From BlackRock."
>
> It's true that another BlackRock entity (BlackRock Investments, LLC)
> serves as the distributor to iShares, but this is irrelevant for two
> reasons.  First, investors that are not large broker-dealers buy their
> iShares shares on the open market, not through the distributor, so they
> aren't really acquired "from BlackRock."  Second, nobody gives a damn who
> the distributor of an exchange-traded fund is.
>
>
> John Baker
>
>
>
> -----Original Message-----
> From: American Dialect Society [mailto:ADS-L at LISTSERV.UGA.EDU] On Behalf
> Of Jonathan Lighter
> Sent: Thursday, November 01, 2012 8:57 AM
> To: ADS-L at LISTSERV.UGA.EDU
> Subject: by = from
>
> So far restricted to ads. I hope:
>
> "iShares. By Black Rock."
>
> JL
>
> --
> "If the truth is half as bad as I think it is, you can't handle the truth."
>
> ------------------------------------------------------------
> The American Dialect Society - http://www.americandialect.org
>
> ------------------------------------------------------------
> The American Dialect Society - http://www.americandialect.org
>



--
"If the truth is half as bad as I think it is, you can't handle the truth."

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