(https://www.marketwatch.com/story/blackrock-profits-jump-as-assets-under-management-hit-a-record-15-trillion-8e6fd54b?mod=mw_rss_topstories) and Wall Street is cheering. Nobody's asking the uncomfortable question: at what asset level do passive flows become a liability instead of a moat? JPM reported in revenue and in net income, but the structural risk isn't margin expansion—it's what happens when the flow regime reverses.

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