Another literary whodunnit



On Tuesday next week Simon & Schuster will publish what is likely to be one of its best-selling books of 2011.

The title in question is the anonymously written O: A Presidential Novel. Little is known about its likely content, though Simon & Schuster did issue an enigmatic press release earlier this week declaring that "the author of O has been in the room with Barack Obama." Otherwise, the publisher is being deliberately coy about one of its most important new releases.

Nothing unusual there. The past is littered with examples of authors using hidden identities and, indeed, their publishers dreaming up deliciously subtle marketing campaigns to fan the flames of publicity.

By coincidence - and this would help to explain some of the attention that O has been afforded - it is almost 15 years to the day since Random House published Primary Colors, another political novel that was also written anonymously.

Famously, Primary Colors featured Jack Stanton, a fictional US governor, and a storyline that seemed to lean heavily on Bill Clinton's triumphant election campaign in 1992, although the book's preface dismissed any claims to documentary status, saying instead that "none of these events ever happened". However, six months after its arrival, the political commentator (and insider) Joe Klein was outed as the author of a book that did much to mythologise Clinton's extraordinary rise to power.

It's hard to believe O will achieve the same for President Obama - if for no other reasons than his private life lacks the colourful narrative of the Clinton household in its mid-Nineties heyday. In fact, the president himself lacks the magnetic appeal of his predecessor.

Instead, most of the chatter surrounding O is currently focused on who wrote it. Klein, for one, has ruled himself out. "I absolutely deny writing it," he told reporters last week, before adding that "I have no idea who did and have no idea what's in it." Historians will note Klein muttered something very similar when the finger pointed at him weeks after Primary Colors first emerged in 1996.

Robert Gibbs is considered the next most likely candidate. He had the requisite access to Obama, having been the White House secretary until unexpectedly announcing his resignation last week. It is, however, unlikely that he had the time to write a memoir while standing shoulder-to-shoulder with the president. Gibbs cited the demands of office as a significant contributory factor in his decision to leave his current role.

David Axelrod is another close aide about to leave office, although educated observers regard him as too disorganised to have rattled off anything more than a short staff memo in the past two years. It also seems doubly unlikely given that Axelrod is about to spearhead the president's 2012 re-election campaign. Why would he want to bite the hand that feeds?

Other names have also been suggested, including, most fancifully of all, the incumbent president himself. Like Klein he has form, having found a few spare hours to produce a children's book (Of Thee I Sing: A Letter to My Daughters) late last year. He has also "been in the room" with himself, although that would make him the most unlikely suspect of all in this fascinating literary whodunnit.

Ultimately though, it is the mystery of the author's identity that will propel the sales of O. Indeed, you should not expect to be anything but disappointed when its writer is inevitably outed. As Klein knows only too well, the tease in cases such as these is almost always more interesting than the reality. He, for one, is unlikely to forget that The Running Mate, his 2001 sequel to Primary Colors failed to match the success of its anonymous predecessor.

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Total funding: Self funded
Number of employees: 4
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Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

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COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
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Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

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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.

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

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FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

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The biog

Prefers vegetables and fish to meat and would choose salad over pizza

Walks daily as part of regular exercise routine 

France is her favourite country to visit

Has written books and manuals on women’s education, first aid and health for the family

Family: Husband, three sons and a daughter

Fathiya Nadhari's instructions to her children was to give back to the country

The children worked as young volunteers in social, education and health campaigns

Her motto is to never stop working for the country