The CEO of the world’s largest asset management firm said protectionism is a response to wealth inequality that’s ballooned under global capitalism. Fink said the solution isn’t to abandon the system, but to “democratize investing” to give more people access to the private markets. (The Logic)

Talking point: Fink’s annual letters are highly influential among corporate executives and investors. That’s made BlackRock a target for political backlash on topics Fink has championed in the past, like climate change and diversity. In this year’s address, Fink tiptoed around political issues weighing on the economy, including steep tariffs poised to throttle the business world. “Nearly every client, nearly every leader” he talks to is “more anxious about the economy than any time in recent memory,” Fink wrote. But, he added, “we have lived through moments like this before. And somehow, in the long run, we figure things out.” Fink implored private investors to fund projects that governments may back away from as they focus on lowering their deficits.