Smart money is still wary of the equity rally

Whatever the conspiracy theorists tell you, no one plugs a microchip in to your brain at the registration desk at the World Economic Forum in Davos to ensure perfect harmony of thought.

It is possible the microchips were inserted this year at the Global Collaboration Village — a “purpose-driven metaverse” — just up the main street from the conference centre, but sadly, this correspondent’s schedule did not permit time to find…