The rarified air of the Swiss Alps helped reveal a scary truth to investors attending the Davos forum last year: The elite gathered in Switzerland were wildly optimistic about the economy and markets. The catchphrase was “synchronized global recovery,” and it appeared the market bears had been vanquished. The confident mood was impossible to miss—and it offered a perfect sell signal for those paying attention. Optimism...

Source: Wall Street Journal January 21, 2019 15:11 UTC