BlackRock's Earnings Hide a $1.53-Per-Share Mystery

BlackRock's reported profit was $14.06 per share, but strip out one-time gains from investments and tax breaks, and it drops to $12.53—a 12% gap. That missing $1.53 came from investment gains or tax windfalls, not from running the business. Without knowing which, investors can't fairly judge whether the company's core money-making is holding up.