Ray Dalio says CEOs mourning the rules-based order must accept that change is here for good

“I think we are just tuning out of all that noise a little. Did he say anything we didn’t expect? Was there anything new?” He continued: “We are focusing on our investments, on the AI transition, on security, on our three-to-five-year plans.” He had been at a dinner the night before and that was also “the mood of the table,” American and European. 

There is only so long you can maintain your risk antenna at 11 on the dial—even as a chief executive. I sense the mood here at Davos was respectful of Trump but resolute in its sense that there are other pressing issues to consider. 

Fortune hosted a series of panels at USA House, America’s “home base” for the duration of the World Economic Forum. We heard from Novartis CEO Vas Narasimhan; Robin Vince, chief executive of BNY; Kellyanne Conway, former counsellor to the president; Mark Penn, CEO of Stagwell; and Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates. 

Dalio, leaning on his decades of investment experience, urged business leaders to step back from the day-to-day and focus on the trends—conflict, indebted western governments, and major technology shifts. Trump may be playing in some of those lanes, but not in all of them. 

“But when you have the president of France saying that we are flirting with a world without rules, surely that will strike fear into leadership teams?” I asked him. Businesses need to sharpen up, he responded, and realize that change is with us for good. 

On the global stage, Europe can often appear to speak with one voice. But it is more nuanced than that. At our event at USA House, Nigel Farage, leader of the Reform party in the U.K., spoke about the reaction against globalization—a reaction he supports—and said that Trump was a success. Farage’s party is ahead in the polls. 

Yes, Farage did urge the president to remember the sacrifices of NATO members such as Denmark in U.S.-led conflicts in, for example, Afghanistan. And that self-determination for Greenland was the same as the American desire for freedom from Britain 250 years ago. 

Davos is about the nuances. It can be easy to ridicule. But for that CEO I bumped into, off to yet another dinner to discuss the transformational nature of AI, the hunt for the signal over the noise continues.—Kamal Ahmed

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top news

President Trump, the dealmaker

President Trump has taken a strong business approach to his second term, making unprecedented deals with private-sector leaders like Nvidia and institutions like Columbia University. One year into his presidency, Fortune digs deep into Trump’s record as “CEO-in-Chief.”

Inside Eric Trump’s American Bitcoin

Last spring, Eric Trump launched American Bitcoin, a mining venture he says is designed to help the U.S. become “the crypto capital of the world.” Fortune went inside the massive data center behind the operation to learn more about the newest arm of the Trump crypto empire.

Walmart’s e-commerce play

Walmart promoted David Guggina, the head of its U.S. e-commerce business, to lead its U.S. operations last week. Despite the candidate having no experience in merchandising or leading a retail store, his background in e-commerce and supply chain operations reveals where the retail giant sees its future.

The markets

S&P 500 futures are up 0.61% this morning. The last session closed up 1.16%. STOXX Europe 600 was up 1.34% in early trading. The U.K.’s FTSE 100 was up 0.79% in early trading. Japan’s Nikkei 225 was up 1.73%. China’s CSI 300 was flat. The South Korea KOSPI was up 0.87%. India’s NIFTY 50 was up 0.53%. Bitcoin was at $90K.

Around the watercooler

6 months later, Amazon CEO Andy Jassy sings a different tune on tariffs, saying the pain of higher prices is coming soon in 2026 by Jacqueline Munis

Jamie Dimon says government should have power to intervene in AI-driven mass layoffs by Ruth Umoh

Why Coinbase split with Andreessen Horowitz and the crypto industry on a key bill—and what’s next for the Clarity Act by Leo Schwartz

Thailand’s oldest cement firm turns to 3D printing to revolutionize its business by Angelica Ang

Nearly 400 millionaires and billionaires across 24 countries are demanding Davos leaders to tax them more: ‘Tax us. Tax the super rich’ by Emma Burleigh

CEO Daily is compiled and edited by Joey Abrams, Claire Zillman and Lee Clifford.