Scott Minerd on the euphoria from Davos

I am starting to consider that Davos may be a valuable contra-indicator.  While I am hesitant to jump to a conclusion, I am troubled by the euphoria undergirding the gathering here.

~ Scott Minerd, chairman of investments at Guggenheim Partners, 2018 World Economic Forum, January 22, 2018

(He notes that the sentiment is so positive that discussions at the forum will focus on just how good it can possibly get. He contrasts that with sentiment in January 2016, where the consensus was convinced that the world was on the brink of recession.)