Classic work of an original Mad Man inspired a generation



I don't care for business books. They are boring, banal and generally about business.

What's interesting about business is the people and personalities. But even biographies or autobiographies of leading figures aren't always as exciting as they could be.

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More often than not they gloss over the difficult parts and include far too much information on minor matters. You never learn how they made that great fortune. It's rather like those diagrams of how to tie a bow tie: the diagrams go from holding two ends to the finished article, without the all-important part in between.

Was there a great crime, as Balzac is supposed to have said, and if so, how did he or she pull it off?

Yet, like all rules, there is an exception. For me the classic of the genre is David Ogilvy'sConfessions of An Advertising Man, written nearly 50 years ago, partly as an advertisement for his own burgeoning business.

Ogilvy's life is almost fabulous, like something out of a movie. The son of a stockbroker, he went to Fettes College, Tony Blair's alma mater, a posh place in Edinburgh but one that extolled the Scottish work ethic. Then a scholarship to Oxford University. He was kicked out of Oxford for lack of effort. "If Oxford undergraduates were paid for their work, I would have performed miracles of scholarship and become regius professor of modern history; it wasn't until I discovered lucre on Madison Avenue that I began to work in earnest," he writes.

After university, he joined the Majestic Hotel in Paris as a chef. There he claims he learnt the importance of teamwork, order and creativity. He writes with awe of Monsieur Pitard, the head chef, who inspired such loyalty, paid his staff poorly, but "drove to work in a taxi, carried a cane with a gold head, and dressed, when off-duty, like an international banker".

Monsieur Pitard would occasionally enter the fray himself, knocking out a plat du jour or a pudding with consummate ease. "It was inspiring to work for a supreme master," Ogilvy adds. "Following chef Pitard's example, I still write occasional advertisements myself to remind my brigade of copywriters that my hand has not lost its cunning."

From there he became an Aga salesman, flogging the expensive stoves door to door. Then, improbably, a tobacco farmer in Pennsylvania, living among the Amish. After a spell at Gallup, the research firm, he opened his own agency on Madison Avenue at the end of the 1940s. "My agency was an immediate and meteoric success," he writes with no attempt at modesty. The book enhanced his reputation and helped his business grow from one office with 19 clients into a global firm, with billings in the millions and hundreds of staff. But it's not all bragging, and not without flashes of humour. "When Fortune published an article about me and titled it: 'Is David Ogilvy a Genius?' I asked my lawyer to sue for the question mark."

The book covers everything from writing copy to winning business, managing clients, how to behave as a client and even how to climb the greasy pole as an aspiring ad-man. Ogilvy was one of the original "Mad Men"; on occasions not averse to a lunchtime cocktail, claiming it stimulated creativity.

His book also includes a number of precepts on how to employ talented, creative people, recommendations that still make sense today. He thought the hiring process was crucial. "I admire people with gentle manners, who treat other people as human beings. I abhor quarrelsome people who wage paper warfare … I despise toadies who suck up to their bosses; they are generally the same people who bully their subordinates."

He would visit people at home to get a sense of how they lived. He looked for passion, creativity and a sense of style. And he was willing to pay for it. "Pay peanuts and you get monkeys" was one of his mottos. He hated committees and advisory boards. When do you ever see a statue to a committee? he asked. And he was not shy of boosting his own credentials.

"Advertising is a business of words, but advertising agencies are infested with men and women who cannot write … They are as helpless as deaf mutes on the stage of the Metropolitan Opera," he said, rather cattily.

Alan Parker, the ad-man turned film director of movies such as Mississippi Burning and Bugsy Malone, says the effect of Ogilvy's subversive tome was electric when it appeared in the 1960s. "To say it was our bible might draw Ogilvy's opprobrium for 'vacuous exhortations', but it certainly was the equivalent of the Little Red Book of Mao for my 60s ad generation."

I once went for an interview at the Ogilvy office in London. The great man had retired to a chateau in the south of France. I was shown into the large expanse where the creative director lived.

As I told him about my education and experience, he watched the Test match from Trent Bridge. I should have punched him on the nose.

David Ogilvy would have poked him with his pipe, and told him he was a toady and a hack, and certainly not a "gentleman with brains".

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5

Tales of Yusuf Tadros

Adel Esmat (translated by Mandy McClure)

Hoopoe

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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8 traditional Jamaican dishes to try at Kingston 21

  1. Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
  2. Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
  3. Mento Oxtail: flavoured oxtail stewed for five hours with herbs
  4. Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
  5. Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
  6. Jamaican beef patty: a pastry with ground beef filling
  7. Hellshire Pon di Beach: Fresh fish with pickles
  8. Out of Many: traditional sweet potato pudding
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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UAE's role in anti-extremism recognised

General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.

He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.

"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.

He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
Teams

India (playing XI): Virat Kohli (c), Ajinkya Rahane, Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Hanuma Vihari, Ravichandran Ashwin, Ravindra Jadeja, Wriddhiman Saha (wk), Ishant Sharma, Mohammed Shami

South Africa (squad): Faf du Plessis (c), Temba Bavuma, Theunis de Bruyn, Quinton de Kock, Dean Elgar, Zubayr Hamza, Keshav Maharaj, Aiden Markram, Senuran Muthusamy, Lungi Ngidi, Anrich Nortje, Vernon Philander, Dane Piedt, Kagiso Rabada, Rudi Second

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UAE currency: the story behind the money in your pockets
10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

Results

Stage 5:

1. Jonas Vingegaard (DEN) Team Jumbo-Visma  04:19:08

2. Tadej Pogacar (SLO) UAE Team Emirates  00:00:03

3. Adam Yates (GBR) Ineos Grenadiers

4. Sergio Higuita (COL) EF Education-Nippo 00:00:05

5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26

2.  Adam Yates (GBR) Ineos Grenadiers 00:00:45

3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12

4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54

5. Neilson Powless (USA) EF Education-Nippo 00:01:56

Spare

Profile

Company name: Spare

Started: March 2018

Co-founders: Dalal Alrayes and Saurabh Shah

Based: UAE

Sector: FinTech

Investment: Own savings. Going for first round of fund-raising in March 2019