A snowman at Davos yesterday. AFP/Getty Images

Reading the FT’s live blog from Davos as I sit warm in my hotel room in Paris (it is one of life’s cosmic jokes that Davos always coincides with that ultimate in 1 per cent consumer indulgence, couture), I was struck that among the debates on income inequality, critiques of Angela Merkel’s speech, and the growing concerns of the private equity folks about the end of their special tax status, one of the few topics everyone agreed on was the importance of hats.

Indeed, before the repercussions of George Soros’s lunchtime talk were analysed, his special hat was noted, and compared with the bigger furry hat of FT columnist Martin Wolf. Personally, however, I think both pale in comparison to the enormous furry gloves worn by Sir Martin Sorrell of WPP.