Another year, another Davos. Last year’s World Economic Forum was overwhelmingly about Europe’s existential crisis. But Europe has quieted down, at least for now, and so we’re entering the first non-crisis Davos in years. But that doesn’t mean things have settled into, as Mohamed El-Erian puts it, a ‘new normal.’ It remains difficult to find markets with good risk/return, or an area of the world without serious geopolitical tensions.