The mood at Davos was the most uncertain in years. US-China trade tensions, slowing global growth, the backlash against big tech, volatile markets and political standoffs are sowing seeds of doubt with investors and business leaders. It’s a long way from the heady exuberance of last year.

Conversation was dominated not only by who was there but by who was not. Numerous political leaders stayed at home. One investor argued we are seeing the biggest political and policy uncertainty since the 1970’s.