The worst start to the year on the ASX 200 since the COVID-19 crash – the index ended the March quarter down 4.4 per cent – is easily dismissed by seasoned investors, who know these sorts of sell-offs are nothing new.

But Larry Fink, co-founding and chief executive of the $US11.6 trillion ($18.4 trillion) financial giant BlackRock, nails the reason this one feels different: capitalism itself suddenly feels under threat.