Illustration by Sarah Lazarovic for The National
Illustration by Sarah Lazarovic for The National
Illustration by Sarah Lazarovic for The National
Illustration by Sarah Lazarovic for The National

If knowledge is a boat built at sea, then wisdom will come too late


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Knowledge, according to a metaphor invented by Otto Neurath and made famous by the philosopher WVO Quine, is a boat that must be repaired at sea. "Where a beam is taken away a new one must at once be put there," Quine wrote, "and for this the rest of the ship is used as support. In this way, by using the old beams and driftwood, the ship can be shaped entirely anew, but only by gradual reconstruction." One can't replace the hull at a stroke, in other words, and one can't change one's mind about everything all at once.

Last Thursday a certain storm-battered vessel received some unexpected reinforcement. Richard Muller is an astrophysicist at UC Berkeley; he also has a reputation for being a climate-change sceptic and something of an intellectual buccaneer. All these qualifications must have made him an attractive candidate to lead the Berkeley Earth Surface Temperature study, a survey of the data on global temperature trends.

The project was intended to settle the argument over whether the Earth is actually getting warmer. It was partly funded by the billionaire anti-warming propagandists the Koch brothers, and received the co-operation of Anthony Watts, a former TV weatherman whose blog has co-ordinated some of the most energetic and detailed rebuttals of official research methods. Muller had commented favourably on Watts, critically on what might be called the climate science establishment, and was generally agreed to stand outside the latter. Nevertheless, his provisional findings, announced at the end of March in the US House of Representatives, pointed to an average temperature increase of 0.7 degrees Celsius since 1957.

Muller called the result "unexpected", which is a bit rich seeing that it merely corroborated the reports produced by the UK Hadley Centre, the US National Oceanic and Atmospheric Administration, and Nasa. He also affirmed that the existing body of world temperature data "has sufficient integrity to be used to determine temperature trends", a point that will have enraged Anthony Watts, who insists that too many weather stations are situated in built-up areas for their measurements to be reliable.

It will be a couple of months before Muller's team conclude their research. It will be a lot longer before the most committed sceptics (odd that this phrase no longer registers as a contradiction) accept their verdict, assuming Muller doesn't pull another volte-face before publishing.

Indeed, Muller is unusual in the climate field for having apparently changed his mind about something. He checked the data and was surprised to find it stood up. Most of the rest of us can be divided into immovable factions, and debaters on either side of the question often despair at the presumed irrationality or dishonesty of their opponents.

Of course, it is possible that either or both sides are entirely stupid or corrupt. But it is also possible that they aren't; that both are sincere seekers after truth, using the methods sanctioned by their peers and internalised as the dictates of common sense. For large questions, where it isn't only a single point of fact that is in doubt but an entire system of authority and implicit trust, shifting one's opinion may feel like trying to make a new ship from scratch, out on the open water.

This is a charitable analysis - too charitable, perhaps - but it isn't a cheerful one. What can you say to persuade someone who doesn't share your premises? In the case of climate change, the question is not idle: if the scientific consensus is correct, millions could find themselves at sea in a miserably non-figurative sense.

For myself, I respect mainstream science. I found the Stern report convincing insofar as I could judge it, and was unpersuaded by the suggestions of foul play at the University of East Anglia. I'm a warmist, to use the pejorative term, and perhaps that means there's no hope for me. Nevertheless, I welcome Muller aboard our boat, and am optimistic that his story will convince others that they don't have to rebuild the whole damn thing themselves.

ENGLAND TEAM

Alastair Cook, Mark Stoneman, James Vince, Joe Root (captain), Dawid Malan, Jonny Bairstow, Moeen Ali, Chris Woakes, Craig Overton, Stuart Broad, James Anderson

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Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

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Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)

Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)

Monday Fiorentina v Genoa (11.45pm)

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The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

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Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
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THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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.”

Results

6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m, Winner: RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)

7.05pm: Maiden (TB) Dh82,500 (D) 1,400m, Winner: Mnasek, Dane O’Neill, Doug Watson.

7.40pm: Maiden (TB) Dh82,500 (D) 1,600m, Winner: Grand Dubai, Sandro Paiva, Ali Rashid Al Raihe.

8.15pm: Handicap (TB) Dh87,500 (D) 2,200m, Winner: Meqdam, Sam Hitchcock, Doug Watson.

8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m, Winner: Thegreatcollection, Pat Cosgrave, Doug Watson.

9.25pm: Conditions (TB) Dh120,000 (D) 1,900m, Winner: Sanad Libya, Richard Mullen, Satish Seemar.

10pm: Handicap (TB) Dh92,500 (D) 1,400m, Winner: Madkhal, Adrie de Vries, Fawzi Nass.