Alex Rodriguez will not play in baseball’s All-Star Game at Cincinnati on Tuesday. That leaves some fans happy, some sad and many ambivalent.
“A-Rod” is a deeply divisive figure. He has the statistics and the notoriety commonly associated with the greats of the game, but he also was banned for the 2014 season for his involvement in the Biogenesis performance-enhancing drugs scandal.
Rodriguez turns 40 in two weeks. Given his age and the “rust” of a year off, it was widely assumed he would fade away this season.
Instead, he has been a steady contributor for a Yankees team who lead the American League East.
He has 16 home runs with 45 runs and 47 runs driven in. His on-base average is a strong .387.
His numbers are good enough that he aspired to make his 15th appearance with the American League squad in the All-Star Game, but Nelson Cruz of the Seattle Mariners was the top vote-getter in fans balloting for the designated hitter role, and Ned Yost, manager of the AL team, chose Prince Fielder as the backup DH.
Rodriguez is out, barring an injury to one of the other two.
If not for his drugs ban, baseball likely would have found a way to get Rodriguez to the “Midsummer Classic”, because he is at a point in his career where he reaches a significant milestone every few weeks.
In May, it was his 660th home run, matching the total hit by Willie Mays, who had been No 4 on the all-time list.
In June, Rodriguez became the 29th player, from the 18,564 men who have played Major League Baseball, to reach 3,000 hits.
Unsurprisingly, given Rodriguez’s recent history, the milestones turned into more than statistical thresholds.
The 660th home run was to have brought Rodriguez a US$6 million (Dh22m) bonus, per the 10-season, $275m contract he signed in 2007.
The Yankees, eight years ago, included five such bonuses in his contract based on the assumption of marketing windfalls, but baulked at paying the money in 2015, saying A-Rod’s drugs ban had destroyed their ability to monetise his achievements.
Also, the 660th home run, hit at Fenway Park, home of the Boston Red Sox, the Yankees’ arch-rivals, was caught by a Red Sox fan who refuses to give the ball to Rodriguez, who, in turn, said he would not negotiate with the fan.
Rodriguez’s 3,000th hit, also a home run, brought more complications. That was to have been another $6m threshold.
The ball was caught by Yankees fan Zack Hample, who also declined to give the ball to Rodriguez without compensation.
The Yankees and Rodriguez agreed on one solution for two problems by giving $3.5m to charitable groups, with $150,000 going to a charity of Hample’s choosing and the fan giving the ball to Rodriguez.
The player will not pursue the second $6m bonus, but the status of the earlier bonus is unresolved.
The drama only reinforces the idea that nothing about Rodriguez is simple. “Good” things in his career often carry unpleasant complications, not least the reminders of the drug suspension and squabbles over enormous sums of money.
Rodriguez’s performance on the field this season seems to have brought him grudging respect inside the game, but most fans seem less forgiving.
Given their complicated feelings for him, it probably is better that the All-Star Game is played without him.
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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.
Klopp at the Kop
Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82
- Eighth place in Premier League in 2015/16
- Runners-up in Europa League in 2016
- Runners-up in League Cup in 2016
- Fourth place in Premier League in 2016/17
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5
Huroob Ezterari
Director: Ahmed Moussa
Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed
Three stars
APPLE IPAD MINI (A17 PRO)
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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