The ubiquitous car park. In a city where we all spend so much time in our cars and therefore, also in car parks, you have to give Dubai’s Design District a massive thumbs up for what they have done to their underground car park. They commissioned graphic artist Marwan Shakarchi, who is also known as myneandyours, to produce this giant mural to line 16 walls of the entrance to the parking area. It took him over a month to complete, putting in 740 man hours and covering 1840 square metres with 288 litres of paint.
The mural is titled The Greatest of Mysteries, which is part of a quote from an American astronomer called Carl Sagan who said: “The Cosmos is all that is or was or ever will be. Our feeblest contemplations of the Cosmos stir us -- there is a tingling in the spine, a catch in the voice, a faint sensation, as if a distant memory, of falling from a height. We know we are approaching the greatest of mysteries.”
The artist said that this art piece, “in the most unlikely of places sent me past the vast emptiness of space and time, and deep into the unknown.”
It contains images of planetary structures, made of Shakarchi’s trademark cloud symbol, which he uses to instill a sense of optimism in his viewers. It also contains a central image of an astronaut with clouds filling his facemask as well as thousands of stars adorning the ceiling and walls. It is a mammoth art work that deserves to be seen in the flesh. Find it at the entrance to the car park of D3’s building 6, opposite to building 9.
Search for the artist on social media @myneandyours or check out his website www.myneandyours.com
aseaman@thenational.ae
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Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
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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.
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