Reuters reported that BlackRock recently disclosed that third-party commentary on the increasing growth of index investing may hurt its business. In its latest 10-K filing, BlackRock in describing the risk writes: “…some commentators have proposed policy measures in connection with the discourse in this area, including limits on stakes managed by asset managers. If the conclusions advanced by such commentators were to gain traction or result in the enactment of policy measures that place limits on asset managers, BlackRock’s business operations, reputation or financial condition may be adversely affected.” The risk disclosure also notes that there is significant literature casting doubt on these third-party assumptions. BlackRock also cited as a primary risk new tax legislation which the company said may adversely affect its effective tax rate, business and overall financial condition. Moody’s is reporting, however, that the tax law changes could benefit large asset managers, including BlackRock.