Ray Dalio: CEOs focused on new rules-based order must accept change is coming

Good morning. Last night, I met a European leader as he left the Davos conference center and asked about President Donald Trump’s speech.

“I think we’re just taking a break from all this noise. Did he say something that we didn’t expect? Is there anything new?” He continued: “We’re focused on our investments, our AI transformation, our security, and our three-to-five-year plan.” He had attended a dinner the night before, and that was “the mood at the table,” American and European.

Even as a CEO, you can only keep your risk antenna at 11 on the dial. I sensed that the atmosphere in Davos was one of respect for Trump, but in the sense that there were other pressing issues to consider.

wealth America’s home base, America House, hosted a series of panel discussions during the World Economic Forum. we heard Novartis Vas Narasimhan, CEO; Robin Vince, CEO, Bank of New York; Kellyanne Conway, former adviser to the president; Mark Penn, CEO Stagwell;and Ray GallioFounder of Bridgewater Associates, the world’s largest hedge fund.

Dalio draws on his decades of investing experience to urge business leaders to step back from their daily routines and Follow trends—Conflict, heavily indebted Western governments, and major technological changes. Trump may play on some of those lanes, but not all of them.

“But when the French president says we are flirting with a world without rules, surely that scares the leadership team?” I asked him. He responded that businesses need to grind and realize that change will always be with us.

On the global stage, Europe often appears to speak with one voice. But the reality is more nuanced than that. At our event at America House, British reformist leader Nigel Farage spoke about the anti-globalization reaction — which he supports — and said Trump was successful. Farage’s party leads the polls.

Yes, Farage did urge the president to remember the sacrifices made by NATO members like Denmark in conflicts like the U.S.-led Afghanistan. Greenland’s self-determination is the same as America’s desire to be free from British rule 250 years ago.

Davos is all about nuance. It’s easy to laugh at. But for the CEO I met, discussing the transformative nature of artificial intelligence at another dinner party, the process of finding signal among the noise continues.

Contact CEO Daily via Diane Brady: dianebrady@fortune.com

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