Tiger Woods hitting out of a bunker on the fifth hole during the second round of the Quicken Loans National at Congressional Country Club in Bethesda, Maryland, on June 27, 2014. Woods missed the cut and finished seven over par. Michael Reynolds / EPA
Tiger Woods hitting out of a bunker on the fifth hole during the second round of the Quicken Loans National at Congressional Country Club in Bethesda, Maryland, on June 27, 2014. Woods missed the cut Show more

Woods showing surprising lack of urgency in latest injury comeback



After a three-month lay-off following back surgery, Tiger Woods turned up to play last week at a PGA Tour event outside Washington.

Turned up, as distinguished from tuned up.

He came nowhere near to making the cut, then sent forth the sort of vague signals that have left fans to study Tiger tea leaves for most of two decades.

His message was hardly interpreted as a prediction of future success. Woods insisted that he "felt great", though he shot a four-over 75 in the second round. He clearly was addressing his physical state, because there was nothing notable about his execution.

“I missed the cut by four shots; that’s a lot,” he said. “But the fact that, what I was able to do physically, and the speed I had and distance that I was hitting the golf ball again, I had not done that in a very long time.”

Fair enough, though the degree to which the injury heals is only part of the picture.

For years, the adjectives summoned to describe his play have been some variation on reverence and awe: driven, nonpareil, unrelenting. The analytical thesaurus is well-worn.

Another term has been added of late and it is a complete shock to the system: apathetic.

It has become increasingly clear that Woods is not working as hard as he once did and that his tachometer no longer always runs near the red line.

Woods, who turns 40 next year, chopped it around the greens so badly last week he dropped 2.9 strokes per round from inside 100 yards (91 metres) when compared to the rest of the field.

It is instructive to recall that Woods earlier called the surgery a backdoor blessing, because it would allow him time to hone his short game.

He saved par on three of the 16 greens that he missed.

“I probably should have spent more time chipping over on the chipping green than I did, but that’s the way it goes,” he said, all but shrugging.

Nonchalance is anathema to our ears when it comes to Woods, who has two weeks to prepare for the British Open, which begins July 17 at Royal Liverpool, where he won in 2006. Woods has not won a major in six years.

The clock is loudly ticking in his quest to match Jack Nicklaus's record of 18 majors and, even though Hoylake is a venue where he has already soared, Woods expressed not a lick of urgency.

“Well, I’m going to take my kids on a nice little vacation, which will be nice, next week,” he said last Friday.

His holiday from the major tournament winner’s circle will likely be extended, too.

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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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