Davos Live Talk Transcript

Every year, hundreds of the world's business and political leaders gather in the Swiss ski resort of Davos for the annual meeting of the World Economic Forum. It's an exclusive, invitation-only gathering that tries to shape the global agenda during five days of nonstop meetings, sessions, plenaries, receptions, lunches and dinners. Last year, the main topic was climate change; this year more than 2,500 delegates from 88 countries will focus on a theme entitled "The Power of Collaborative Innovation." And as always, it will be the behind-the-scenes encounters that provide the real substance—and gossip—of the gathering. NEWSWEEK Senior Editor Dan Gross joined us on Thursday, Jan. 24, to find out what the world's super-elite is saying about international politics, the declining dollar, the U.S. elections and which celebs have been seen where.

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Lexington, KY: What are all the rich folks in Davos talking about in terms of their investments? Are they selling all their stocks?
Dan Gross: People are generally tight-lipped about their portfolios. I was at a lunch yesterday with George Soros, the billionaire hedge fund manager. One of my fellow reporters asked him where it would be a good place to put money to work at this time. Soros looked at him with a glare that was about as chilly as the air outside.

One big thing I'm noticing is a pretty big global divide. Americans here are somewhat pessimistic and freaked out. The Chinese and Indians are very self-confident and optimistic.

Troy, NY: How are people there responding to the U.S. stimulus plan?
Dan Gross: We're six hours ahead, so news sort of trickles in here. But I think the consensus was that something would get down, though it's surprising it happened this quickly, given the general mood in Washington. Some of the big political types who were scheduled to be here apparently cancelled because they wanted to work on the stimulus package.