FILE - Liverpool's manager Kenny Dalglish reacts as he watches his team play Chelsea during the English FA Cup Final soccer match at Wembley Stadium in London, in this file photo dated Saturday, May 5, 2012. The American owners of Liverpool soccer club, Fenway Sports Group terminated Dalglish's contract on Wednesday May 16, 2012, after less than 500 days in charge of the top flight team. (AP Photo/Tim Hales, File) *** Local Caption *** Britain Soccer Liverpool Dalglish Out.JPEG-03f5f.jpg
FILE - Liverpool's manager Kenny Dalglish reacts as he watches his team play Chelsea during the English FA Cup Final soccer match at Wembley Stadium in London, in this file photo dated Saturday, May 5Show more

West Ham knock suits off the play-off final agenda



Like many a sentimental old fool, I still get a tingle up my spine when I see footballers arriving at Wembley Stadium in a smart new tailored suit.

Everyone stands prouder in a new outfit and the sight of such puffed-up specimens emerging from the team bus is a powerful reminder that playing on England's hallowed turf is a day to be savoured.

Flout this time-honoured dress code at your peril. Kenny Dalglish was criticised for failing to wear a suit for the FA Cup final against Chelsea two weeks ago, and look what happened to him.

That sartorial faux pas was not the primary cause of his dismissal by Liverpool, of course, but it was symptomatic of part of his problem. Namely, that his foul temper and apparent disdain for the modern game - and what better way to show your disdain than to turn out for the cup final like it was another wet Wednesday at the training ground? - had alienated large chunks of the media and non-Kopite public.

Even tinkering with the styling of the traditional suit can be problematic, as Liverpool (again) know only too well. Sir Alex Ferguson reckons he knew his Manchester United team had won the 1996 FA Cup final the moment he saw the Liverpool players arrive in white suits. He later said they looked like bakers, but perhaps the real problem was that they thought they looked like pop stars, and played football like them, too.

Bearing all this in mind, you might think that Sam Allardyce, the West Ham United manager, is playing with fire by banning his team from wearing suits to tomorrow's Championship play-off final against Blackpool.

On the contrary: it is absolutely the right decision, albeit reached by the wrong route.

The Hammers stalwart Mark Noble said: "We all spoke about it the other day and decided we are going to treat this game like a normal away game and so there'll be no suits, just our tracksuits to keep it low key."

That seems sensible, but the real reason you should not wear a suit to a play-off final is that West Ham finished third in the league behind Southampton and Reading, none of whose players got to strut around Wembley in sharp new threads.

The play-off system is a fun but pragmatic device to keep the league interesting for longer. Yes, it ends at Wembley but that does not make it a cup final, and it should not be treated as such.

To see the winning team celebrating third place in the Championship like first place in the Champions League, as we surely will, is shameful. They should accept their promotion to the Premier League with nothing more than an embarrassed wave. Even those who choose to wear tracksuits should still behave like gentlemen.

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The British in India: Three Centuries of Ambition and Experience

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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