Kauto Star on top again



Kauto Star wrote his name into racing legend by reclaiming the Cheltenham Gold Cup in emphatic style from his stablemate Denman. Having grabbed the crown in 2007, he lost it to Denman 12 months later but achieved what no other horse has ever managed to do in regaining it - and he did it in stunning fashion. Ruby Walsh always looked confident on the Paul Nicholls-trained favourite and was probably in front sooner than he wanted, but he jumped the final two fences brilliantly to reverse the order of last year, winning by 13 lengths, with Exotic Dancer third. Walsh said: "He's the greatest horse I've ever ridden. Two miles, three miles, now two Gold Cups. He's magic, he's a wonder horse. He travelled super all the way. I planned to follow Christian (Williams on Neptune Collonges) over the second-last, but he pinged four out, pinged three out and two out as well. I love him anyway. "He jumped super, travelled so well all the way and I was probably in front sooner than I wanted but he just took me there. He was brilliant two out and pinged the last - which is unusual for him - I've had an amazing week and he was the one I wanted to win with. He's a legend." Nicholls said: "He's fit, he's fresh, he was never going to get beat today, but what a race Denman ran - two weeks ago you'd have drawn stumps. It was a huge run from him and he'll be back next year. Kauto Star was fresh, very fit and the ground came right. He's a very good horse. "In my mind he was never going to get beat today and he is very good when he is like that. I enjoyed watching the race as I had every confidence in him that he would do what he did. "We know Kauto has to be fresh and we will just have three runs next season, Down Royal, Kempton and then back for a third Gold Cup. To get him here today and Denman to run as good as that will give everyone pleasure as well. What an unbelievable horse Kauto Star is." *PA Sport

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

Where to buy

Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com

Specs

Engine: 2-litre

Transmission: Eight-speed automatic

Power: 255hp

Torque: 273Nm

Price: Dh240,000