Narcissistic, self-obsessed, publicity equivalent of the Maybach Exelero and about as useful for its stated purposes too, Davos World Economic Forum is an media fest ritual that probably costs the world more trees (chopped for all the glossy publications it generates) than anything else on the global events calendar every year.
Corporates and their media love it. Journalists are awe struck by its trappings - from hotel rooms prices, to cost of basic meals, to who they bump into in the corridors. Big wigs of global business have to have it, because, apparently, they have trouble (with all their private jets and first class travel seats) meeting each other in real life in New York or London or Singapore, where they live. A handful of select, usually consensus-circling economists and pundits provide a backdrop of 'intellectualism' to the gathering. You can't tell sell-side from buy-side because it is all sell-side - sell your own image.
Yes, I am not a fan. And to explain why, let me give you this link via @CapX by @DanHannanMEP which explains the entire Davos event in its headline: http://www.capx.co/davos-is-a-corporatist-racket/.
H/T to @msgbi for highlighting the article.