I have a friend who is an independent film producer, which is another way of saying "I have a friend who is about six weeks from bankruptcy."
But he's a real friend of mine - as opposed to the hundreds of people I know in the entertainment business whom I call "friends" merely because there isn't a phrase to describe people I'm tired of despising.
But this story isn't about me. It's about my friend, the independent film producer.
Not long ago, he called up someone he's known for over 20 years. They had a meeting a few weeks ago about a project my friend was working on.
The guy he's known for such a long time is in the talent management business - although, when you get right down to it, everyone in the entertainment industry is in the talent management business - and the meeting went well: everyone was happy to see everyone else, everyone was excited about the project, everyone was going to follow up.
The meeting ended on a high note, with lots of excited and enthusiastic chirping from all sides. But the real test of any meeting in Hollywood is what happens afterwards, when the follow-up phone call is placed. When my friend did, in fact, follow up a few days later with a phone call, he expected to get his call returned.
Which it wasn't. At least not immediately. Now, what happened here isn't all that hard to understand. The follow-up phone call wasn't really all that necessary - the project in question is about six weeks away from requiring any action on the part of the talent management side - but often if you're trying to get a project off the ground and into motion, you spend a lot of time sitting around making calls and not much else. Except, of course, waiting for those calls to be returned.
When they're not, the echo chamber inside your head keeps sounding different reasons why.
Left to his own imagination, my friend conjured up all sorts of betrayal scenarios. He twisted himself up into a lather of paranoia, which gave way to wounded anger. Angry because: "Hey, this guy is my friend. Or was my friend," he shouted to me over lunch, when he was unburdening himself. "Why is he being all high and mighty and unreachable all of a sudden?"
But the anger ran deeper. My friend had suddenly learnt a very important lesson about the way Hollywood, and everywhere else, works: in life, in love, and in business, it's all about leverage.
Whoever has it, has the upper hand. Sometimes it's unclear who, exactly, has it and who doesn't. But in my friend's case, there was no confusion: if you're waiting for a guy to call you back, then that guy has the leverage.
And here's another way to tell who has the leverage: the guy who's mad doesn't have it. It didn't matter that there was a perfectly good reason why the telephone call was delayed. His friend, who is in the talent management business, was busy trying to talk one of his most successful movie star clients - many of whom are clinically insane - from investing in an underwater restaurant and iPhone app. He was busy, in other words. He had a lot of fires to put out. He'd get back to his friend when he had a spare moment.
Meanwhile, his friend was spinning himself into wilder and wilder furious torrents.
But, see, here's the challenge: eventually, you're going to get that call. Eventually, the friend of 20 years is going to call you back, and the key at that point is to drain your anger and resentment away so that the call, when it comes, can be productive. Actually, that's the challenge for almost everything - from driving on the freeway to dealing with your children - but it's hard to do, especially if you've been stewing.
What you don't want to do is sit down and dash off an angry e-mail about your old friend's rudeness, his highhandedness, his lack of loyalty, and his generally unprofessional behaviour.
"So what did you do when you thought he wasn't calling you back?" I asked my friend at lunch.
"I dashed off an angry e-mail about his rudeness, his highhandedness, his lack of loyalty, and his unprofessionalism."
"So when did he finally call you back?" I said.
"He actually had. I think my SIM card was somehow dislodged," he said. "Which was OK, because I felt so bad about it that I insisted he let me take him to lunch to apologise."
"How did that go?"
"Haven't had it yet. I'm still waiting for him to get back to me with some dates."
He could be waiting a long time.
Rob Long is a writer and producer in Hollywood
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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.”
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
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LA LIGA FIXTURES
Friday (UAE kick-off times)
Real Sociedad v Leganes (midnight)
Saturday
Alaves v Real Valladolid (4pm)
Valencia v Granada (7pm)
Eibar v Real Madrid (9.30pm)
Barcelona v Celta Vigo (midnight)
Sunday
Real Mallorca v Villarreal (3pm)
Athletic Bilbao v Levante (5pm)
Atletico Madrid v Espanyol (7pm)
Getafe v Osasuna (9.30pm)
Real Betis v Sevilla (midnight)
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents