BlackRock stock inched up about 0.7% today, a muted move for a firm that just reported one of its most powerful quarters in recent memory. The share price reaction looks cautious while the Q3 earnings story is anything but, with record revenue of US$7.8b and operating income of US$3.3b grabbing the spotlight.

For an asset manager often viewed as a slow compounder, the real headline is profitability. Operating margin expanded to 47.8% and earnings per share landed at US$15.93. That margin strength is the hinge on which the rest of this earnings story turns.

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