Davos’s Global Elite Are Laggards in Stock-Market Performance
- Portfolio of companies attending in 2019 underperform S&P 500
- Banks and miners over-represented, tech companies stay away
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The global 1% once again have ascended the Swiss Alps to breathe the rarefied air in Davos, but in the stock market they’re anything but elite.
An equally weighted portfolio of 436 publicly traded companies identified by Bloomberg as represented at the conference in 2019 underperformed the S&P 500 Index by about 10 percentage points since the delegates last met. It also did worse than the Stoxx Europe 600 and a global basket of shares.