Having taken a live a little, learn a lot approach to the crisis, time to scan horizons, starting with the upcoming corporate reporting season. Five years. That’s what, in 2008, a sagacious colleague assumed it would take to get the worse behind us. So depending on which ripple defined for you the moment of impending doom, we may only be somewhere around or beyond the halfway mark. (Mine was UBS missing its numbers in August 2007, reinforced dramatically by Lehman being let go in October 2008). But there are certainly reasons to be cheerful: Germany, Asia, emerging markets in and beyond the BRIC group. Equity markets. Apple, as a proxy for discretionary spending. But many counterpoints too. If you’re looking to be encouraged, don’t look to the WEF [1], at least as they review global system risk and present vulnerability to shocks. Cool heads as they were the last couple of years, no gongs here for that leadership vibe of optimism. Not even cautiously so. Nonetheless, they earn kudos for convening the network that might evolve once the idea of ‘global governance’ to manage such shocks in the future.