Good Morning from Davos. Before I head out, let me share what I’ve learned at #WEF 2025.

1. This year’s mood at Davos was the most divided I’ve seen in my 12 years attending the WEF. Almost everyone seemed bullish on the US and bearish on the EU.

2. The American business mindset has clearly shifted, and the European elite desperately want in. The buzz is less about ESG and DEI and more about Milton Friedman’s mantra: “The business of business is business.”

3. Among Americans, the sentiment toward Trump has turned almost euphoric. Even in traditionally liberal circles like New York, there’s little pushback. Ramin Niroumand from Motive Partners mentioned this on the podcast Alles Auf Aktien. He also shared insights on an upcoming revolution in private equity and revealed just how high fixed monthly costs in the sector can run. Definitely worth a listen!

4. US banks have returned with a renewed sense of confidence. Both Bank of America and Citi had prominent offices along the prestigious Promenade. Deregulation in the US is seen as fueling "animal spirits," likely igniting dealmaking across industries—and setting banks up to rake in substantial profits.

5. AI’s impact on the workforce is becoming clearer, with agents taking center stage. This year is expected to bring a wave of agent deployments within enterprises.

6. On India: If the Bollywood party at Davos is anything to go by, the country might be worth shorting. The event was chaotic, and to top it off, drinks were cleared after just an hour.

7. Finally, Berlin’s digitalization commissioner made an appearance, which is ironic given the city’s analog reputation. I met her at the DLD party and even snapped a picture.
#WEF