Last week, Ernests Gulbis expressed his disapproval of the Canadian fans' enthusiasm for their own in typically abrasive terms following his loss to home favourite Milos Raonic at the Rogers Cup in Montreal.
The outspoken Latvian was upset about fans clapping when he double-faulted in the quarter-finals and described their actions as "stupid".
The harsh criticism, however, did not deter the locals and they were firmly in Raonic's corner when he played Rafael Nadal in the final.
Raonic lost the title match 6-2, 6-2, but the Canadian fans will not be terribly disappointed about the result. Tennis in the country has never seen a better time.
The home fans watched two Canadians – Raonic and Vasek Pospisil make the semi-finals at an ATP Tour event for the first time since Andrew Sznajder and Martin Wosterholme made the last four in 1990 at Rio de Janeiro.
Raonic, 22, became the first Canadian to reach the final of the Rogers Cup since Robert Bedard in 1958, and his performance at the tournament catapulted him into the top 10 of men's tennis for the first time.
No Canadian has ever climbed as high, and he is the youngest player on that list.
Much more is expected from the big-serving, 1.95-metre star in the coming years, with many former greats picking him as a potential grand slam winner.
Sadly, there is no similar hope in tennis for the United States.
In the latest ATP rankings, there are five Americans in the top 100 and only one of them – the 20-year-old Jack Sock, at No 87 – is under the age of 25. James Blake (No 97) and Michael Russell (No 93) are past their 30th birthday.
John Isner, 28, the top-ranked American at No 22, is getting there fast. Sam Querry, the world No 28, will be 26 in October.
For the first time since the ratings were introduced in 1973, there is not a single American in the top 20.
There has been no US men's grand slam winner since Andy Roddick won the US Open in 2003 he was their last world No 1 as well, back in 2003.
Monday was a new abyss for a nation that boasts six men's world No 1s since 1973 and eight Davis Cup titles, more than any other country. In the Open era, a US male has triumphed at 51 grand slam finals – the next best is Sweden with 25.
Complacency, according to the great Pete Sampras, is the reason for this downwards spiral.
"I think a lot of these other countries, their best athletes are playing tennis," he said. "Our best athletes are playing other sports."
The powers that be in American tennis, then, need to wake up to this reality, or soon the country could be lamenting the absence of any men in the top 50.
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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.”
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
